FORM 8-K

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 7, 2012

 

 

BANKFINANCIAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

 

Maryland   0-51331   75-3199276

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File No.)

 

(I.R.S. Employer

Identification No.)

 

15W060 North Frontage Road, Burr Ridge, Illinois   60527
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (800) 894-6900

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01. Regulation FD Disclosure

BankFinancial Corporation (the “Company”) will review first quarter 2012 results in a conference call and webcast for stockholders and analysts on Tuesday, May 8, 2012, at 9:30 a.m. Chicago, Illinois Time. The conference call may be accessed by calling (866) 804-6921 and using participant passcode 70957217. The conference call will be simultaneously webcast at www.bankfinancial.com, under Stockholder Information.

 

Item 8.01. Other Events

On May 7, 2012, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and issued the First Quarter 2012 Quarterly Financial and Statistical Supplement for the latest five quarters. The press release also reported earnings for the quarter ended March 31, 2012. The press release and Quarterly Financial and Statistical Supplement are included as Exhibits 99.1 and 99.2 to this report.

 

Item 9.01. Financial Statements and Exhibits.

 

  (a) Not Applicable.

 

  (b) Not Applicable.

 

  (c) Not Applicable.

 

  (d) Exhibits.

 

Exhibit
No.

  

Description

99.1    Press Release dated May 7, 2012
99.2    Quarterly Financial and Statistical Supplement


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

    BANKFINANCIAL CORPORATION
Dated: May 7, 2012     By:  

/s/ F. Morgan Gasior

      F. Morgan Gasior
      Chairman of the Board and Chief Executive Officer


EXHIBIT INDEX

 

Exhibit
No.

  

Description

99.1    Press Release dated May 7, 2012
99.2    Quarterly Financial and Statistical Supplement
PRESS RELEASE

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

BankFinancial Corporation Reports Financial Results for the First Quarter 2012 and

Will Host a Conference Call and Webcast on May 8, 2012

Burr Ridge, Illinois - (May 7, 2012) BankFinancial Corporation (Nasdaq – BFIN) (“BankFinancial”) announced that it filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 on Monday, May 7, 2012. BankFinancial will file its Quarterly Financial and Statistical Supplement on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) today. BankFinancial reported net income of $2.3 million for the three months ended March 31, 2012, compared to a net loss of $777,000 for the three months ended March 31, 2011, due in substantial part to increased net interest income, lower provisions for loan losses and lower noninterest expense. Income per share of common stock for the three months ended March 31, 2012 was $0.12 per basic and fully diluted share, respectively, compared to a loss of $0.04 per basic and fully diluted share, respectively, for the three months ended March 31, 2011.

At March 31, 2012, BankFinancial had total assets of $1.549 billion, total loans of $1.178 billion, total deposits of $1.321 billion and stockholders’ equity of $202 million.

The Quarterly Report on Form 10-Q and the Quarterly Financial and Statistical Supplement will be available today on BankFinancial’s website, www.bankfinancial.com on the “Stockholder Information” page, and through the EDGAR database on the SEC’s website, www.sec.gov. The Quarterly Financial and Statistical Supplement includes comparative GAAP and non-GAAP performance data and financial measures for the most recent five quarters.

BankFinancial’s management will review first quarter 2012 results in a conference call and webcast for stockholders and analysts on Tuesday, May 8, 2012 at 9:30 a.m. Chicago Time. The conference call may be accessed by calling (866) 804-6921 and using participant passcode 70957217. The conference call will be simultaneously webcast at www.bankfinancial.com, on the “Stockholder Information” page. For those persons unable to participate in the conference call, the webcast will be archived through 5:00 p.m. Chicago Time on May 22, 2012 on our website.

BankFinancial Corporation is the holding company for BankFinancial, F.S.B., a full-service, community-oriented bank providing financial services to individuals, families and businesses through 20 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois. BankFinancial Corporation’s common stock trades on the Nasdaq Global Select Market under the symbol BFIN.

This release includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause BankFinancial’s actual results to differ from those expected at the time of this release. For a discussion of some of the factors that may cause actual results to differ from expectations, please refer to BankFinancial’s most recent Annual Report on Form 10-K as filed with the SEC. Investors are urged to review all information contained in these reports, including the risk factors discussed therein. Copies of these filings are available at no cost on the SEC’s web site at http://www.sec.gov or on BankFinancial’s web site at http://www.bankfinancial.com. Forward looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes.

 

For Further Information Contact:   

Shareholder, Analyst and Investor Inquiries:

   Media Inquiries:

Elizabeth A. Doolan

Senior Vice President – Controller

BankFinancial Corporation

Telephone: 630-242-7151

  

Gregg T. Adams

Executive Vice President – Marketing & Sales

BankFinancial, F.S.B.

Telephone: 630-242-7234

QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT

Exhibit 99.2

BANKFINANCIAL CORPORATION

FIRST QUARTER 2012

QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT

FOR THE LATEST FIVE QUARTERS

Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform to the current period’s presentation.

The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period–end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current, or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

PERFORMANCE MEASUREMENTS

          

Return on assets (ratio of net income (loss) to average total assets) (1)

     0.61     (11.65 )%      (0.46 )%      0.24     (0.20 )% 

Return on equity (ratio of net income (loss) to average equity) (1)

     4.61        (75.38     (3.01     1.62        (1.23

Net interest rate spread (1)

     4.18        4.19        4.19        4.27        3.68   

Net interest margin (1)

     4.26        4.28        4.29        4.38        3.81   

Efficiency ratio, less goodwill impairment

     78.00        90.76        80.32        77.09        95.52   

Noninterest expense to average total assets, less goodwill impairment (1)

     3.49        4.04        3.54        3.46        3.71   

Average interest–earning assets to average interest–bearing liabilities

     122.46        122.86        122.52        122.55        122.64   

Number of full service offices

     20        20        20        20        20   

Employees (full time equivalents)

     353        357        360        373        385   
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

SUMMARY STATEMENT OF FINANCIAL CONDITION

          

ASSETS

          

Cash and due from other financial institutions

   $ 24,037      $ 24,247      $ 15,270      $ 14,049      $ 14,479   

Interest-bearing deposits in other financial institutions

     154,043        96,457        92,898        100,433        109,776   

Securities, at fair value

     81,241        92,832        94,880        95,546        121,154   

Loans held-for-sale

     521        1,918        1,388        —          —     

Loans receivable, net

     1,177,719        1,227,391        1,270,023        1,291,399        1,302,313   

Other real estate owned

     20,189        22,480        24,278        27,032        22,713   

Stock in Federal Home Loan Bank, at cost

     11,336        16,346        16,346        16,346        16,346   

Premises and equipment, net

     39,044        39,155        38,948        38,745        37,650   

Intangible assets

     3,508        3,671        26,604        27,074        27,544   

Bank owned life insurance

     21,333        21,207        21,066        20,901        20,739   

FDIC prepaid expense

     4,027        4,351        4,662        5,003        5,158   

Income tax receivable

     1,353        1,809        1,445        1,862        2,523   

Deferred taxes, net

     —          —          15,444        13,232        13,112   

Other assets

     10,786        11,711        10,574        11,266        11,724   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   $ 1,549,137      $ 1,563,575      $ 1,633,826      $ 1,662,888      $ 1,705,231   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

          

Deposits

   $ 1,320,580      $ 1,332,552      $ 1,352,808      $ 1,378,331      $ 1,421,564   

Borrowings

     9,995        9,322        9,253        12,595        15,488   

Other liabilities

     16,451        21,844        24,663        21,584        17,467   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     1,347,026        1,363,718        1,386,724        1,412,510        1,454,519   

Stockholders’ equity

     202,111        199,857        247,102        250,378        250,712   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 1,549,137      $ 1,563,575      $ 1,633,826      $ 1,662,888      $ 1,705,231   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Annualized

 

Page 2


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

SUMMARY STATEMENT OF OPERATIONS

          

Total interest income

   $ 16,634      $ 17,370      $ 17,990      $ 19,000      $ 15,348   

Total interest expense

     1,240        1,380        1,629        1,910        1,996   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income before provision

     15,394        15,990        16,361        17,090        13,352   

Provision for loan losses

     996        9,740        7,384        3,175        2,424   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     14,398        6,250        8,977        13,915        10,928   

Noninterest income

     1,832        2,004        1,863        1,879        1,571   

Noninterest expense

     13,436        40,193        14,637        14,623        14,255   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income tax

     2,794        (31,939     (3,797     1,171        (1,756

Income tax expense (benefit)

     457        15,110        (1,901     145        (979
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 2,337      $ (47,049   $ (1,896   $ 1,026      $ (777
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per common share

   $ 0.12      $ (2.38   $ (0.10   $ 0.05      $ (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per common share

   $ 0.12      $ (2.38   $ (0.10   $ 0.05      $ (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

NONINTEREST INCOME AND EXPENSE

          

Noninterest Income

          

Deposit service charges and fees

   $ 557      $ 657      $ 699      $ 697      $ 614   

Other fee income

     385        430        381        405        382   

Insurance commissions and annuities income

     122        189        146        155        169   

Gain on sales of loans, net

     267        199        83        39        19   

Loss on disposition of premises and equipment

     —          —          1        (10     (10

Loan servicing fees

     128        131        138        137        132   

Amortization of servicing assets

     (69     (74     (73     (51     (54

Impairment (recovery) of servicing assets

     (13     17        (32     —          —     

Earnings on bank owned life insurance

     126        141        165        162        158   

Trust income

     184        186        199        215        76   

Other

     145        128        156        130        85   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total noninterest income

   $ 1,832      $ 2,004      $ 1,863      $ 1,879      $ 1,571   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest Expense

          

Compensation and benefits

   $ 6,659      $ 6,078      $ 6,229      $ 7,120      $ 6,600   

Office occupancy and equipment

     1,743        1,870        1,845        1,736        1,868   

Advertising and public relations

     94        60        333        260        237   

Information technology

     1,261        1,058        1,085        1,091        948   

Supplies, telephone, and postage

     430        434        450        439        375   

Amortization of intangibles

     163        367        470        470        382   

Nonperforming asset management

     1,191        1,430        1,267        1,279        455   

Loss (gain) on sales of other real estate owned

     (139     113        16        (62     (52

Operations of other real estate owned

     351        844        563        618        326   

Write down of other real estate owned

     389        2,482        1,009        299        179   

FDIC insurance premiums

     348        334        354        186        567   

Acquisition expense

     —          —          —          230        1,531   

Goodwill impairment

     —          23,862        —          —          —     

Other

     946        1,261        1,016        957        839   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total noninterest expenses

   $ 13,436      $ 40,193      $ 14,637      $ 14,623      $ 14,255   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 3


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

DEPOSITS

          

Noninterest–bearing demand

   $ 144,182      $ 142,084      $ 138,510      $ 138,805      $ 141,322   

Savings deposits

     147,706        144,515        145,549        143,880        143,865   

Money market accounts

     343,826        345,011        350,693        354,897        356,352   

Interest–bearing NOW accounts

     338,269        336,531        333,188        323,997        328,493   

Certificates of deposit – Retail

     346,597        364,411        384,769        416,653        451,433   

Certificates of deposit – Wholesale

     —          —          99        99        99   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total certificates of deposit

     346,596        364,411        384,868        416,752        451,532   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Deposits

   $ 1,320,580      $ 1,332,552      $ 1,352,808      $ 1,378,331      $ 1,421,564   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

LOANS

          

One–to–four family residential real estate loans

   $ 262,263      $ 272,032      $ 284,814      $ 291,135      $ 300,349   

Multi–family mortgage loans

     410,341        423,615        438,858        447,162        443,802   

Nonresidential real estate loans

     308,094        311,641        322,167        328,100        326,389   

Construction and land loans

     19,283        19,852        22,195        24,339        29,643   

Commercial loans

     81,998        93,932        82,553        73,622        75,137   

Commercial leases

     124,319        134,990        145,272        145,858        144,923   

Consumer loans

     2,211        2,147        1,978        3,109        3,383   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

     1,208,509        1,258,209        1,297,837        1,313,325        1,323,626   

Net deferred loan origination costs

     848        908        964        1,037        1,191   

Allowance for loan losses

     (31,638     (31,726     (28,778     (22,963     (22,504
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loans, net

   $ 1,177,719      $ 1,227,391      $ 1,270,023      $ 1,291,399      $ 1,302,313   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 4


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

CREDIT QUALITY:

          

Nonperforming Assets:

          

Nonaccrual loans:

          

One–to–four family residential real estate loans

   $ 11,602      $ 10,709      $ 17,123      $ 12,663      $ 10,649   

Multi–family mortgage loans

     13,264        14,983        13,140        12,360        13,163   

Nonresidential real estate loans

     32,892        30,396        25,908        12,393        12,830   

Construction and land loans

     3,263        3,263        3,544        504        5,331   

Commercial loans

     3,527        2,940        4,535        3,886        3,765   

Commercial leases

     22        22        94        72        72   

Consumer loans

     8        3        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonaccrual loans

     64,578        62,316        64,344        41,878        45,810   

Other real estate owned:

          

One–to–four family residential real estate

     4,251        5,328        3,991        5,659        3,053   

Multi–family real estate

     3,005        3,655        4,252        3,987        2,794   

Nonresidential real estate

     4,756        4,905        5,947        6,896        7,150   

Land

     1,712        2,237        3,203        3,218        2,174   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other real estate owned

     13,724        16,125        17,393        19,760        15,171   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned)

     78,302        78,441        81,737        61,638        60,981   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Purchased impaired loans:

          

One–to–four family residential real estate loans

   $ 3,670      $ 3,941      $ 3,279      $ 2,201      $ 732   

Multi–family mortgage loans

     1,454        1,418        1,434        1,398        1,387   

Nonresidential real estate loans

     3,308        3,375        3,317        3,369        882   

Construction and land loans

     4,859        4,788        5,998        7,759        7,739   

Commercial loans

     841        1,078        1,047        1,029        1,287   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Purchased impaired loans

     14,132        14,600        15,075        15,756        12,027   

Purchased other real estate owned:

          

One–to–four family residential real estate

     721        327        327        327        157   

Nonresidential real estate

     2,264        2,546        2,771        3,006        1,967   

Land

     3,480        3,482        3,787        3,939        5,418   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Purchased other real estate owned

     6,465        6,355        6,885        7,272        7,542   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Purchased impaired loans and OREO

     20,597        20,955        21,960        23,028        19,569   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Nonperforming assets

   $ 98,899      $ 99,396      $ 103,697      $ 84,666      $ 80,550   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset Quality Ratios

          

Nonperforming assets to total assets

     6.38     6.36     6.35     5.09     4.72

Nonperforming assets to total assets (2)

     5.05        5.02        5.00        3.71        3.58   

Nonaccrual loans to total loans

     6.51        6.11        6.12        4.39        4.37   

Nonaccrual loans to total loans (2)

     5.34        4.95        4.96        3.19        3.46   

Allowance for loan losses to nonaccrual loans

     40.20        41.25        36.24        39.84        38.91   

Allowance for loan losses to nonaccrual loans (2)

     48.99        50.91        44.73        54.83        49.12   

 

(1) Annualized
(2) Asset quality ratios exclude purchased impaired loans and acquired other real estate owned resulting from the Downers Grove National Bank merger.

 

Page 5


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE

          

30 – 59 days past due

   $ 14,131      $ 11,305      $ 4,676      $ 8,557      $ 26,357   

60 – 89 days past due

     157        2,410        6,256        6,022        3,503   

Matured Loans

     10,008        15,582        10,138        18,475        18,843   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 24,296      $ 29,297      $ 21,070      $ 33,054      $ 48,703   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

ALLOWANCE FOR LOAN LOSSES

          

Beginning balance

   $ 31,726      $ 28,778      $ 22,963      $ 22,504      $ 22,180   

Charge offs:

          

One–to–four family residential real estate loans

     (672     (2,689     (584     (415     (1,628

Multi–family mortgage loans

     (554     (1,893     (842     (542     (237

Nonresidential real estate loans

     (433     (686     (12     —          —     

Construction and land loans

     (47     (249     (121     (1,771     (378

Commercial loans

     (138     (1,352     —          (42     —     

Commercial leases

     —          (72     —          —          —     

Consumer loans

     (12     (6     (70     (1     (16
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     (1,856     (6,947     (1,629     (2,771     (2,259

Recoveries:

          

One–to–four family residential real estate loans

     111        11        33        5        2   

Multi–family mortgage loans

     384        1        3        32        89   

Nonresidential real estate loans

     31        5        5        5        58   

Construction and land loans

     184        —          —          —          —     

Commercial loans

     57        135        15        13        10   

Commercial leases

     —          —          —          —          —     

Consumer loans

     5        3        4        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     772        155        60        55        159   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (charge–offs) recoveries

     (1,084     (6,792     (1,569     (2,716     (2,100
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Provision for loan losses

     996        9,740        7,384        3,175        2,424   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

   $ 31,638      $ 31,726      $ 28,778      $ 22,963      $ 22,504   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Allowance for loan losses to total loans

     2.62     2.52     2.22     1.75     1.70

Net charge–off ratio (1)

     0.35        2.11        0.48        0.81        0.75   

 

(1) Annualized

 

Page 6


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

SELECTED AVERAGE BALANCES

          

Total average assets

   $ 1,541,815      $ 1,614,989      $ 1,651,715      $ 1,689,687      $ 1,537,726   

Total average interest–earning assets

     1,454,117        1,483,656        1,513,816        1,564,244        1,419,673   

Average loans

     1,236,234        1,285,153        1,304,805        1,334,239        1,118,256   

Average securities

     88,448        95,120        97,984        112,636        118,913   

Average stock in FHLB

     13,868        16,346        16,346        16,562        15,711   

Average other interest–earning assets

     115,567        87,037        94,681        100,807        166,793   

Total average interest–bearing liabilities

     1,187,446        1,207,554        1,235,588        1,276,390        1,157,615   

Average interest–bearing deposits

     1,178,263        1,198,045        1,225,368        1,262,883        1,139,696   

Average borrowings

     9,183        9,509        10,220        13,507        17,919   

Average stockholders’ equity

     202,935        249,659        251,923        252,874        253,420   
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

SELECTED YIELDS AND COST OF FUNDS (1):

          

Total average interest–earning assets

     4.60     4.64     4.71     4.87     4.38

Average loans

     5.24        5.18        5.28        5.46        5.23   

Average securities

     2.01        2.12        2.29        2.73        2.80   

Average other interest–earning assets

     0.25        0.27        0.29        0.29        0.26   

Total average interest–bearing liabilities

     0.42        0.45        0.52        0.60        0.70   

Average interest–bearing deposits

     0.41        0.45        0.52        0.59        0.68   

Average borrowings

     1.14        1.21        1.40        1.81        2.17   

Net interest rate spread

     4.18        4.19        4.19        4.27        3.68   

Net interest margin

     4.26        4.28        4.29        4.38        3.81   

 

(1) Annualized

 

Page 7


BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

CAPITAL RATIOS (1)

          

BankFinancial Corporation

          

Equity to total assets (end of period)

     13.05     12.78     15.12     15.06     14.70

Tangible equity to tangible total assets (end of period)

     12.85        12.58        13.72        13.65        13.30   

Risk–based total capital ratio

     17.95        17.04        17.06        17.28        17.03   

Risk–based tier 1 capital ratio

     16.68        15.77        15.80        16.19        16.06   

Tier 1 leverage ratio

     12.84        12.28        12.69        13.15        13.00   

Tier 1 capital

   $ 197,547      $ 195,075      $ 204,282      $ 213,702      $ 216,551   

BankFinancial FSB

          

Risk–based total capital ratio

     15.58        14.73        14.84        14.99        14.63   

Risk–based tier 1 capital ratio

     14.31        13.47        13.58        13.90        13.65   

Tier 1 leverage ratio

     10.98        10.50        10.91        11.28        11.05   

Tier 1 capital

   $ 169,470      $ 166,634      $ 175,504      $ 183,282      $ 184,466   
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

COMMON STOCK AND DIVIDENDS

          

Stock Prices:

          

Close

   $ 6.62      $ 5.52      $ 6.64      $ 8.47      $ 9.19   

High

     7.05        8.89        8.62        9.55        10.10   

Low

     5.25        5.26        6.51        8.10        8.42   

Book value per share

   $ 9.59      $ 9.48      $ 11.73      $ 11.88      $ 11.90   

Tangible book value per share

   $ 9.42      $ 9.31      $ 10.46      $ 10.60      $ 10.59   

Cash dividends declared on common stock

   $ 0.01      $ 0.01      $ 0.07      $ 0.07      $ 0.07   

Stock repurchases

   $ —        $ —        $ —        $ —        $ —     

Stock repurchases – shares

     —          —          —          —          —     
     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

EARNINGS PER SHARE COMPUTATIONS

          

Net income (loss)

   $ 2,337      $ (47,049   $ (1,896   $ 1,026      $ (777
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average common shares outstanding

     21,072,966        21,072,966        21,072,966        21,072,966        21,072,966   

Less: Unearned ESOP shares

     (1,233,359     (1,257,911     (1,325,859     (1,350,347     (1,374,576

Unvested restricted stock shares

     (4,334     (7,866     (8,667     (8,667     (8,667
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding

     19,835,273        19,807,189        19,738,440        19,713,952        19,689,723   

Plus: Dilutive common shares equivalents

     807        —          —          1,528        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average dilutive common shares outstanding

     19,836,080        19,807,189        19,738,440        19,715,480        19,689,723   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Number of anti–dilutive stock options excluded from the diluted earnings per share calculation

     2,055,553        2,075,553        2,080,553        2,202,553        2,287,553   

Weighted average exercise price of anti–dilutive options

   $ 16.53      $ 16.54      $ 16.54      $ 16.48      $ 16.52   

Basic earnings (loss) per common share

   $ 0.12      $ (2.38   $ (0.10   $ 0.05      $ (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per common share

   $ 0.12      $ (2.38   $ (0.10   $ 0.05      $ (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Capital calculations for March 31, 2012, December 31, 2011, and September 30, 2011 are in accordance with OCC guidance; all previous periods calculated are in accordance with OTS guidance.

 

Page 8


BANKFINANCIAL CORPORATION

NON–GAAP FINANCIAL MEASURES

BankFinancial Corporation, a Maryland corporation (“the Company”) utilizes a number of different financial measures, both GAAP and non–GAAP, in making operating, budgeting and planning decisions for future periods. Generally, a non–GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. The Company believes that the use of the non–GAAP financial measures described below provides the Board of Directors and management, and may provide some investors, with a more complete understanding of the Company’s operating results and trends, and facilitate comparisons to historical and peer performance. The Company’s non–GAAP financial measures should be considered supplemental in nature and should not be considered in isolation, or as superior to or a substitute for, financial measures that are prepared in accordance with GAAP. In addition, the Company’s non–GAAP financial measures may differ from similar non–GAAP financial measures that are used by other companies, thus limiting their usefulness as a comparative tool.

These measures include pre–tax pre–provision earnings from core operations and pre–tax pre–provision earnings from core operations to average total assets. Management believes that by excluding the provision for loan losses, other real estate owned related income and expense, nonperforming asset management expenses, acquisition expenses and goodwill impairment from noninterest expense, these measures better reflect our core operating performance.

 

Page 9


BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

(Dollars in thousands; except per share) – (Unaudited)

FOR THE LATEST FIVE QUARTERS

 

     2012     2011  
     IQ     IVQ     IIIQ     IIQ     IQ  

Pre–tax pre–provision earnings from core operations

          

Income (loss) before income taxes

   $ 2,794      $ (31,939   $ (3,797   $ 1,171      $ (1,756

Provision for loan losses

     996        9,740        7,384        3,175        2,424   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     3,790        (22,199     3,587        4,346        668   

Adjustments:

          

Nonperforming asset management

     1,191        1,430        1,267        1,279        455   

Loss (gain) on sale of other real estate owned

     (139     113        16        (62     (52

Other real estate owned write–downs

     389        2,482        1,009        300        179   

Operations of other real estate owned

     351        844        563        617        326   

Acquisition expenses

     —          —          —          230        1,531   

Goodwill impairment

     —          23,862        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments

     1,792        28,731        2,855        2,364        2,439   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Pre–tax pre–provision earnings from core operations

   $ 5,582      $ 6,532      $ 6,442      $ 6,710      $ 3,107   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Pre–tax pre–provision earnings from core operations to average total assets (1)

     1.45     1.62     1.56     1.60     0.81

 

(1) Annualized

 

Page 10