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 | 60,527 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | 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 |
Item 8.01. | Other Events |
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 November 8, 2012 | ||
99.2 | Quarterly Financial and Statistical Supplement |
BANKFINANCIAL CORPORATION | ||||||
Dated: November 8, 2012 | By: | /s/ F. Morgan Gasior | ||||
F. Morgan Gasior | ||||||
Chairman of the Board and | ||||||
Chief Executive Officer |
Exhibit No. | Description | ||
99.1 | Press Release dated November 8, 2012 | ||
99.2 | Quarterly Financial and Statistical Supplement |
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 |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income (loss) to average total assets) (1) | (1.39 | )% | 0.21 | % | 0.61 | % | (11.65 | )% | (0.46 | )% | |||||||||
Return on equity (ratio of net income (loss) to average equity) (1) | (10.20 | ) | 1.56 | 4.61 | (75.38 | ) | (3.01 | ) | |||||||||||
Net interest rate spread (1) | 3.69 | 4.04 | 4.18 | 4.19 | 4.19 | ||||||||||||||
Net interest margin (1) | 3.76 | 4.11 | 4.26 | 4.28 | 4.29 | ||||||||||||||
Efficiency ratio, less goodwill impairment | 105.04 | 87.07 | 78.00 | 90.76 | 80.32 | ||||||||||||||
Noninterest expense to average total assets, less goodwill impairment (1) | 4.26 | 3.68 | 3.49 | 4.04 | 3.54 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 123.54 | 123.50 | 122.46 | 122.86 | 122.52 | ||||||||||||||
Number of full service offices | 20 | 20 | 20 | 20 | 20 | ||||||||||||||
Employees (full time equivalents) | 347 | 350 | 353 | 357 | 360 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 19,619 | $ | 17,679 | $ | 24,037 | $ | 24,247 | $ | 15,270 | |||||||||
Interest-bearing deposits in other financial institutions | 217,110 | 203,028 | 154,043 | 96,457 | 92,898 | ||||||||||||||
Securities, at fair value | 81,748 | 75,040 | 81,241 | 92,832 | 94,880 | ||||||||||||||
Loans held-for-sale | 551 | 505 | 521 | 1,918 | 1,388 | ||||||||||||||
Loans receivable, net | 1,080,489 | 1,118,928 | 1,177,719 | 1,227,391 | 1,270,023 | ||||||||||||||
Other real estate owned | 14,994 | 17,251 | 20,189 | 22,480 | 24,278 | ||||||||||||||
Stock in Federal Home Loan Bank, at cost | 9,067 | 10,160 | 11,336 | 16,346 | 16,346 | ||||||||||||||
Premises and equipment, net | 38,555 | 38,934 | 39,044 | 39,155 | 38,948 | ||||||||||||||
Intangible assets | 3,195 | 3,351 | 3,508 | 3,671 | 26,604 | ||||||||||||||
Bank owned life insurance | 21,562 | 21,453 | 21,333 | 21,207 | 21,066 | ||||||||||||||
FDIC prepaid expense | 3,118 | 3,738 | 4,027 | 4,351 | 4,662 | ||||||||||||||
Income tax receivable | 461 | 694 | 1,353 | 1,809 | 1,445 | ||||||||||||||
Deferred taxes, net | — | — | — | — | 15,444 | ||||||||||||||
Other assets | 9,403 | 11,433 | 10,786 | 11,711 | 10,574 | ||||||||||||||
Total assets | $ | 1,499,872 | $ | 1,522,194 | $ | 1,549,137 | $ | 1,563,575 | $ | 1,633,826 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,278,196 | $ | 1,289,467 | $ | 1,320,580 | $ | 1,332,552 | $ | 1,352,808 | |||||||||
Borrowings | 6,946 | 10,081 | 9,995 | 9,322 | 9,253 | ||||||||||||||
Other liabilities | 16,733 | 19,703 | 16,451 | 21,844 | 24,663 | ||||||||||||||
Total liabilities | 1,301,875 | 1,319,251 | 1,347,026 | 1,363,718 | 1,386,724 | ||||||||||||||
Stockholders’ equity | 197,997 | 202,943 | 202,111 | 199,857 | 247,102 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,499,872 | $ | 1,522,194 | $ | 1,549,137 | $ | 1,563,575 | $ | 1,633,826 |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 14,468 | $ | 15,824 | $ | 16,634 | $ | 17,370 | $ | 17,990 | |||||||||
Total interest expense | 1,036 | 1,112 | 1,240 | 1,380 | 1,629 | ||||||||||||||
Net interest income before provision | 13,432 | 14,712 | 15,394 | 15,990 | 16,361 | ||||||||||||||
Provision for loan losses | 4,453 | 1,745 | 996 | 9,740 | 7,384 | ||||||||||||||
Net interest income | 8,979 | 12,967 | 14,398 | 6,250 | 8,977 | ||||||||||||||
Noninterest income | 1,831 | 1,418 | 1,832 | 2,004 | 1,863 | ||||||||||||||
Noninterest expense | 16,032 | 14,044 | 13,436 | 40,193 | 14,637 | ||||||||||||||
Income (loss) before income tax | (5,222 | ) | 341 | 2,794 | (31,939 | ) | (3,797 | ) | |||||||||||
Income tax expense (benefit) | — | (457 | ) | 457 | 15,110 | (1,901 | ) | ||||||||||||
Net income (loss) | $ | (5,222 | ) | $ | 798 | $ | 2,337 | $ | (47,049 | ) | $ | (1,896 | ) | ||||||
Basic earnings (loss) per common share | $ | (0.26 | ) | $ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | ||||||
Diluted earnings (loss) per common share | $ | (0.26 | ) | $ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | ||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 548 | $ | 521 | $ | 557 | $ | 657 | $ | 699 | |||||||||
Other fee income | 374 | 383 | 385 | 430 | 381 | ||||||||||||||
Insurance commissions and annuities income | 125 | 112 | 122 | 189 | 146 | ||||||||||||||
Gain on sales of loans, net | 210 | 118 | 267 | 199 | 83 | ||||||||||||||
Loss on disposition of premises and equipment | (7 | ) | (157 | ) | — | — | 1 | ||||||||||||
Loan servicing fees | 124 | 119 | 128 | 131 | 138 | ||||||||||||||
Amortization of servicing assets | (61 | ) | (67 | ) | (69 | ) | (74 | ) | (73 | ) | |||||||||
Impairment (recovery) of servicing assets | 6 | (31 | ) | (13 | ) | 17 | (32 | ) | |||||||||||
Earnings on bank owned life insurance | 109 | 120 | 126 | 141 | 165 | ||||||||||||||
Trust income | 171 | 190 | 184 | 186 | 199 | ||||||||||||||
Other | 232 | 110 | 145 | 128 | 156 | ||||||||||||||
Total noninterest income | $ | 1,831 | $ | 1,418 | $ | 1,832 | $ | 2,004 | $ | 1,863 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 6,333 | $ | 6,461 | $ | 6,659 | $ | 6,078 | $ | 6,229 | |||||||||
Office occupancy and equipment | 1,627 | 1,755 | 1,743 | 1,870 | 1,845 | ||||||||||||||
Advertising and public relations | 136 | 217 | 94 | 60 | 333 | ||||||||||||||
Information technology | 1,127 | 1,146 | 1,261 | 1,058 | 1,085 | ||||||||||||||
Supplies, telephone, and postage | 416 | 408 | 430 | 434 | 450 | ||||||||||||||
Amortization of intangibles | 156 | 157 | 163 | 367 | 470 | ||||||||||||||
Nonperforming asset management | 1,728 | 1,117 | 1,240 | 1,430 | 1,267 | ||||||||||||||
Loss (gain) on sales of other real estate owned | (42 | ) | 54 | (138 | ) | 113 | 16 | ||||||||||||
Operations of other real estate owned | 432 | 601 | 301 | 844 | 563 | ||||||||||||||
Write down of other real estate owned | 2,352 | 1,036 | 389 | 2,482 | 1,009 | ||||||||||||||
FDIC insurance premiums | 642 | 309 | 348 | 334 | 354 | ||||||||||||||
Goodwill impairment | — | — | — | 23,862 | — | ||||||||||||||
Other | 1,125 | 783 | 946 | 1,261 | 1,016 | ||||||||||||||
Total noninterest expenses | $ | 16,032 | $ | 14,044 | $ | 13,436 | $ | 40,193 | $ | 14,637 |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 134,474 | $ | 140,801 | $ | 144,182 | $ | 142,084 | $ | 138,510 | |||||||||
Savings deposits | 143,212 | 144,875 | 147,706 | 144,515 | 145,549 | ||||||||||||||
Money market accounts | 346,989 | 347,889 | 343,826 | 345,011 | 350,693 | ||||||||||||||
Interest–bearing NOW accounts | 340,425 | 336,629 | 338,269 | 336,531 | 333,188 | ||||||||||||||
Certificates of deposit – Retail | 313,096 | 319,273 | 346,597 | 364,411 | 384,769 | ||||||||||||||
Certificates of deposit – Wholesale | — | — | — | — | 99 | ||||||||||||||
Total certificates of deposit | 313,096 | 319,273 | 346,597 | 364,411 | 384,868 | ||||||||||||||
Deposits | $ | 1,278,196 | $ | 1,289,467 | $ | 1,320,580 | $ | 1,332,552 | $ | 1,352,808 | |||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 238,810 | $ | 252,034 | $ | 262,263 | $ | 272,032 | $ | 284,814 | |||||||||
Multi–family mortgage loans | 374,164 | 390,112 | 410,341 | 423,615 | 438,858 | ||||||||||||||
Nonresidential real estate loans | 288,976 | 299,567 | 308,094 | 311,641 | 322,167 | ||||||||||||||
Construction and land loans | 13,774 | 15,391 | 19,283 | 19,852 | 22,195 | ||||||||||||||
Commercial loans | 61,053 | 68,510 | 81,998 | 93,932 | 82,553 | ||||||||||||||
Commercial leases | 121,200 | 121,356 | 124,319 | 134,990 | 145,272 | ||||||||||||||
Consumer loans | 2,273 | 2,055 | 2,211 | 2,147 | 1,978 | ||||||||||||||
Total loans | 1,100,250 | 1,149,025 | 1,208,509 | 1,258,209 | 1,297,837 | ||||||||||||||
Net deferred loan origination costs | 827 | 781 | 848 | 908 | 964 | ||||||||||||||
Allowance for loan losses | (20,588 | ) | (30,878 | ) | (31,638 | ) | (31,726 | ) | (28,778 | ) | |||||||||
Loans, net | $ | 1,080,489 | $ | 1,118,928 | $ | 1,177,719 | $ | 1,227,391 | $ | 1,270,023 |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 11,334 | $ | 14,214 | $ | 11,602 | $ | 10,709 | $ | 17,123 | |||||||||
Multi–family mortgage loans | 11,501 | 12,640 | 13,264 | 14,983 | 13,140 | ||||||||||||||
Nonresidential real estate loans | 25,541 | 30,096 | 32,892 | 30,396 | 25,908 | ||||||||||||||
Construction and land loans | 3,584 | 4,005 | 3,263 | 3,263 | 3,544 | ||||||||||||||
Commercial loans | 747 | 3,533 | 3,527 | 2,940 | 4,535 | ||||||||||||||
Commercial leases | 68 | 159 | 22 | 22 | 94 | ||||||||||||||
Consumer loans | 6 | 13 | 8 | 3 | — | ||||||||||||||
Nonaccrual loans | 52,781 | 64,660 | 64,578 | 62,316 | 64,344 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 2,420 | 3,365 | 4,251 | 5,328 | 3,991 | ||||||||||||||
Multi–family real estate | 1,985 | 2,645 | 3,005 | 3,655 | 4,252 | ||||||||||||||
Nonresidential real estate | 4,244 | 4,496 | 4,756 | 4,905 | 5,947 | ||||||||||||||
Land | 1,761 | 1,665 | 1,712 | 2,237 | 3,203 | ||||||||||||||
Other real estate owned | 10,410 | 12,171 | 13,724 | 16,125 | 17,393 | ||||||||||||||
Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned) | 63,191 | 76,831 | 78,302 | 78,441 | 81,737 | ||||||||||||||
Purchased impaired loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,125 | $ | 2,297 | $ | 3,670 | $ | 3,941 | $ | 3,279 | |||||||||
Multi–family mortgage loans | 1,528 | 1,491 | 1,454 | 1,418 | 1,434 | ||||||||||||||
Nonresidential real estate loans | 2,610 | 2,661 | 3,308 | 3,375 | 3,317 | ||||||||||||||
Construction and land loans | 1,634 | 2,324 | 4,859 | 4,788 | 5,998 | ||||||||||||||
Commercial loans | 357 | 677 | 841 | 1,078 | 1,047 | ||||||||||||||
Purchased impaired loans | 8,254 | 9,450 | 14,132 | 14,600 | 15,075 | ||||||||||||||
Purchased other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate | 320 | 535 | 721 | 327 | 327 | ||||||||||||||
Nonresidential real estate | 577 | 927 | 2,264 | 2,546 | 2,771 | ||||||||||||||
Land | 3,687 | 3,618 | 3,480 | 3,482 | 3,787 | ||||||||||||||
Purchased other real estate owned | 4,584 | 5,080 | 6,465 | 6,355 | 6,885 | ||||||||||||||
Purchased impaired loans and OREO | 12,838 | 14,530 | 20,597 | 20,955 | 21,960 | ||||||||||||||
Nonperforming assets | $ | 76,029 | $ | 91,361 | $ | 98,899 | $ | 99,396 | $ | 103,697 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 5.07 | % | 6.00 | % | 6.38 | % | 6.36 | % | 6.35 | % | |||||||||
Nonperforming assets to total assets (2) | 4.21 | 5.05 | 5.05 | 5.02 | 5.00 | ||||||||||||||
Nonaccrual loans to total loans | 5.55 | 6.45 | 6.51 | 6.11 | 6.12 | ||||||||||||||
Nonaccrual loans to total loans (2) | 4.80 | 5.63 | 5.34 | 4.95 | 4.96 | ||||||||||||||
Allowance for loan losses to nonaccrual loans | 33.73 | 41.67 | 40.20 | 41.25 | 36.24 | ||||||||||||||
Allowance for loan losses to nonaccrual loans (2) | 39.01 | 47.75 | 48.99 | 50.91 | 44.73 |
(1) | Annualized |
(2) | Asset quality ratios exclude purchased impaired loans and acquired other real estate owned resulting from the Downers Grove National Bank merger. |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE | |||||||||||||||||||
30 – 59 days past due | $ | 3,810 | $ | 1,448 | $ | 14,131 | $ | 11,305 | $ | 4,676 | |||||||||
60 – 89 days past due | 230 | 108 | 157 | 2,410 | 6,256 | ||||||||||||||
Matured Loans | 7,801 | 2,553 | 10,008 | 15,582 | 10,138 | ||||||||||||||
$ | 11,841 | $ | 4,109 | $ | 24,296 | $ | 29,297 | $ | 21,070 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 30,878 | $ | 31,638 | $ | 31,726 | $ | 28,778 | $ | 22,963 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (3,145 | ) | (591 | ) | (672 | ) | (2,689 | ) | (584 | ) | |||||||||
Multi–family mortgage loans | (2,159 | ) | (135 | ) | (554 | ) | (1,893 | ) | (842 | ) | |||||||||
Nonresidential real estate loans | (5,435 | ) | (2,202 | ) | (433 | ) | (686 | ) | (12 | ) | |||||||||
Construction and land loans | (806 | ) | (185 | ) | (47 | ) | (249 | ) | (121 | ) | |||||||||
Commercial loans | (3,536 | ) | (31 | ) | (138 | ) | (1,352 | ) | — | ||||||||||
Commercial leases | (68 | ) | — | — | (72 | ) | — | ||||||||||||
Consumer loans | (72 | ) | (11 | ) | (12 | ) | (6 | ) | (70 | ) | |||||||||
(15,221 | ) | (3,155 | ) | (1,856 | ) | (6,947 | ) | (1,629 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 7 | 74 | 111 | 11 | 33 | ||||||||||||||
Multi–family mortgage loans | 11 | 96 | 384 | 1 | 3 | ||||||||||||||
Nonresidential real estate loans | 7 | 284 | 31 | 5 | 5 | ||||||||||||||
Construction and land loans | 6 | 58 | 184 | — | — | ||||||||||||||
Commercial loans | 421 | 132 | 57 | 135 | 15 | ||||||||||||||
Commercial leases | — | — | — | — | — | ||||||||||||||
Consumer loans | 26 | 6 | 5 | 3 | 4 | ||||||||||||||
478 | 650 | 772 | 155 | 60 | |||||||||||||||
Net (charge–offs) recoveries | (14,743 | ) | (2,505 | ) | (1,084 | ) | (6,792 | ) | (1,569 | ) | |||||||||
Provision for loan losses | 4,453 | 1,745 | 996 | 9,740 | 7,384 | ||||||||||||||
Ending balance | $ | 20,588 | $ | 30,878 | $ | 31,638 | $ | 31,726 | $ | 28,778 | |||||||||
Allowance for loan losses to total loans | 1.87 | % | 2.69 | % | 2.62 | % | 2.52 | % | 2.22 | % | |||||||||
Net charge–off ratio (1) | 5.24 | 0.85 | 0.35 | 2.11 | 0.48 |
(1) | Annualized |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,504,438 | $ | 1,525,626 | $ | 1,541,815 | $ | 1,614,989 | $ | 1,651,715 | |||||||||
Total average interest–earning assets | 1,419,829 | 1,440,147 | 1,454,117 | 1,483,656 | 1,513,816 | ||||||||||||||
Average loans | 1,125,600 | 1,184,803 | 1,236,234 | 1,285,153 | 1,304,805 | ||||||||||||||
Average securities | 74,260 | 77,077 | 88,448 | 95,120 | 97,984 | ||||||||||||||
Average stock in FHLB | 9,614 | 10,741 | 13,868 | 16,346 | 16,346 | ||||||||||||||
Average other interest–earning assets | 210,355 | 167,526 | 115,567 | 87,037 | 94,681 | ||||||||||||||
Total average interest–bearing liabilities | 1,149,304 | 1,166,111 | 1,187,446 | 1,207,554 | 1,235,588 | ||||||||||||||
Average interest–bearing deposits | 1,141,855 | 1,156,355 | 1,178,263 | 1,198,045 | 1,225,368 | ||||||||||||||
Average borrowings | 7,449 | 9,756 | 9,183 | 9,509 | 10,220 | ||||||||||||||
Average stockholders’ equity | 204,857 | 204,709 | 202,935 | 249,659 | 251,923 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 4.05 | % | 4.42 | % | 4.60 | % | 4.64 | % | 4.71 | % | |||||||||
Average loans | 4.94 | 5.20 | 5.24 | 5.18 | 5.28 | ||||||||||||||
Average securities | 1.83 | 2.02 | 2.01 | 2.12 | 2.29 | ||||||||||||||
Average other interest–earning assets | 0.26 | 0.28 | 0.25 | 0.27 | 0.29 | ||||||||||||||
Total average interest–bearing liabilities | 0.36 | 0.38 | 0.42 | 0.45 | 0.52 | ||||||||||||||
Average interest–bearing deposits | 0.35 | 0.38 | 0.41 | 0.45 | 0.52 | ||||||||||||||
Average borrowings | 1.39 | 1.15 | 1.14 | 1.21 | 1.40 | ||||||||||||||
Net interest rate spread | 3.69 | 4.04 | 4.18 | 4.19 | 4.19 | ||||||||||||||
Net interest margin | 3.76 | 4.11 | 4.26 | 4.28 | 4.29 |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 13.20 | % | 13.33 | % | 13.05 | % | 12.78 | % | 15.12 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 13.02 | % | 13.14 | % | 12.85 | % | 12.58 | % | 13.72 | % | |||||||||
Risk–based total capital ratio | 19.53 | % | 19.16 | % | 17.93 | % | 17.02 | % | 17.06 | % | |||||||||
Risk–based tier 1 capital ratio | 18.27 | % | 17.90 | % | 16.67 | % | 15.76 | % | 15.80 | % | |||||||||
Tier 1 leverage ratio | 12.95 | % | 13.07 | % | 12.79 | % | 12.30 | % | 12.69 | % | |||||||||
Tier 1 capital | $ | 193,517 | $ | 198,213 | $ | 197,319 | $ | 194,847 | $ | 204,282 | |||||||||
BankFinancial FSB | |||||||||||||||||||
Risk–based total capital ratio | 16.96 | % | 16.67 | % | 15.56 | % | 14.72 | % | 14.84 | % | |||||||||
Risk–based tier 1 capital ratio | 15.70 | 15.40 | 14.29 | 13.45 | 13.58 | ||||||||||||||
Tier 1 leverage ratio | 11.13 | 11.25 | 10.97 | 10.48 | 10.91 | ||||||||||||||
Tier 1 capital | $ | 166,248 | $ | 170,573 | $ | 169,242 | $ | 166,406 | $ | 175,504 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | 8.79 | 7.53 | 6.62 | 5.52 | 6.64 | ||||||||||||||
High | 9.24 | 7.56 | 7.05 | 8.89 | 8.62 | ||||||||||||||
Low | 7.31 | 5.66 | 5.25 | 5.26 | 6.51 | ||||||||||||||
Book value per share | 9.40 | 9.64 | 9.59 | 9.48 | 11.73 | ||||||||||||||
Tangible book value per share | 9.24 | 9.47 | 9.42 | 9.31 | 10.46 | ||||||||||||||
Cash dividends declared on common stock | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.07 | |||||||||
Stock repurchases | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Stock repurchases – shares | — | — | — | — | — | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income (loss) | $ | (5,222 | ) | $ | 798 | $ | 2,337 | $ | (47,049 | ) | $ | (1,896 | ) | ||||||
Average common shares outstanding | 21,072,966 | 21,072,966 | 21,072,966 | 21,072,966 | 21,072,966 | ||||||||||||||
Less: Unearned ESOP shares | (1,157,974 | ) | (1,209,023 | ) | (1,233,359 | ) | (1,257,911 | ) | (1,325,859 | ) | |||||||||
Unvested restricted stock shares | — | (3,524 | ) | (4,334 | ) | (7,866 | ) | (8,667 | ) | ||||||||||
Weighted average common shares outstanding | 19,914,992 | 19,860,419 | 19,835,273 | 19,807,189 | 19,738,440 | ||||||||||||||
Plus: Dilutive common shares equivalents | — | — | 807 | — | — | ||||||||||||||
Weighted average dilutive common shares outstanding | 19,914,992 | 19,860,419 | 19,836,080 | 19,807,189 | 19,738,440 | ||||||||||||||
Number of anti–dilutive stock options excluded from the diluted earnings per share calculation | 141,000 | 1,881,053 | 2,055,553 | 2,075,553 | 2,080,553 | ||||||||||||||
Weighted average exercise price of anti–dilutive options | $ | 17.21 | $ | 16.58 | $ | 16.53 | $ | 16.54 | $ | 16.54 | |||||||||
Basic earnings (loss) per common share | $ | (0.26 | ) | $ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | ||||||
Diluted earnings (loss) per common share | $ | (0.26 | ) | $ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||
Income (loss) before income taxes | $ | (5,222 | ) | $ | (3,797 | ) | $ | (2,087 | ) | $ | (4,382 | ) | |||
Provision for loan losses | 4,453 | 7,384 | 7,194 | 12,983 | |||||||||||
(769 | ) | 3,587 | 5,107 | 8,601 | |||||||||||
Adjustments: | |||||||||||||||
Nonperforming asset management | 1,728 | 1,267 | 4,085 | 3,001 | |||||||||||
Loss (gain) on sale of other real estate owned | (42 | ) | 16 | (126 | ) | (97 | ) | ||||||||
Operations of other real estate owned | 432 | 563 | 1,334 | 1,041 | |||||||||||
Other real estate owned write–downs | 2,352 | 1,009 | 3,777 | 1,952 | |||||||||||
Acquisition expenses | — | — | — | 1,761 | |||||||||||
Goodwill impairment | — | — | — | — | |||||||||||
Adjustments | 4,470 | 2,855 | 9,070 | 7,658 | |||||||||||
Pre–tax pre–provision earnings from core operations | $ | 3,701 | $ | 6,442 | $ | 14,177 | $ | 16,259 | |||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.98 | % | 1.56 | % | 1.24 | % | 1.33 | % |
(1) | Annualized |
2012 | 2011 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||||||
Income (loss) before income taxes | $ | (5,222 | ) | $ | 341 | $ | 2,794 | $ | (31,939 | ) | $ | (3,797 | ) | ||||||
Provision for loan losses | 4,453 | 1,745 | 996 | 9,740 | 7,384 | ||||||||||||||
(769 | ) | 2,086 | 3,790 | (22,199 | ) | 3,587 | |||||||||||||
Adjustments: | |||||||||||||||||||
Nonperforming asset management | 1,728 | 1,117 | 1,240 | 1,430 | 1,267 | ||||||||||||||
Loss (gain) on sale of other real estate owned | (42 | ) | 54 | (138 | ) | 113 | 16 | ||||||||||||
Operations of other real estate owned | 432 | 601 | 301 | 844 | 563 | ||||||||||||||
Other real estate owned write–downs | 2,352 | 1,036 | 389 | 2,482 | 1,009 | ||||||||||||||
Goodwill impairment | — | — | — | 23,862 | — | ||||||||||||||
Adjustments | 4,470 | 2,808 | 1,792 | 28,731 | 2,855 | ||||||||||||||
Pre–tax pre–provision earnings from core operations | $ | 3,701 | $ | 4,894 | $ | 5,582 | $ | 6,532 | $ | 6,442 | |||||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.98 | % | 1.28 | % | 1.45 | % | 1.62 | % | 1.56 | % |
(1) | Annualized |