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 (Address of Principal Executive Offices) | 60527 | |
(Zip Code) |
¨ | 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 |
Item 8.01. | Other Events |
Item 9.01. | Financial Statements and Exhibits. |
(a) | Not Applicable. |
(b) | Not Applicable. |
(c) | Not Applicable. |
(d) | Exhibits. |
BANKFINANCIAL CORPORATION | |||||
Dated: | August 6, 2013 | By: | /s/ F. Morgan Gasior | ||
F. Morgan Gasior | |||||
Chairman of the Board and Chief Executive Officer |
For Further Information Contact: | ||
Shareholder, Analyst and Investor Inquiries: | Media Inquiries: | |
Elizabeth A. Doolan Senior Vice President – Finance BankFinancial Corporation Telephone: 630-242-7151 | Gregg T. Adams Executive Vice President – Marketing & Sales BankFinancial F.S.B. Telephone: 630-242-7234 |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income (loss) to average total assets) (1) | 0.02 | % | 0.19 | % | (6.66 | )% | (1.39 | )% | 0.21 | % | |||||||||
Return on equity (ratio of net income (loss) to average equity) (1) | 0.17 | 1.55 | (50.32 | ) | (10.20 | ) | 1.56 | ||||||||||||
Net interest rate spread (1) | 3.25 | 3.39 | 3.51 | 3.69 | 4.04 | ||||||||||||||
Net interest margin (1) | 3.31 | 3.45 | 3.58 | 3.76 | 4.11 | ||||||||||||||
Efficiency ratio, less goodwill impairment | 97.81 | 90.40 | 104.78 | 105.04 | 87.07 | ||||||||||||||
Noninterest expense to average total assets, less goodwill impairment (1) | 3.46 | 3.61 | 4.05 | 4.26 | 3.68 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 121.24 | 120.81 | 123.20 | 123.54 | 123.50 | ||||||||||||||
Number of full service offices | 20 | 20 | 20 | 20 | 20 | ||||||||||||||
Employees (full time equivalents) | 308 | 347 | 352 | 347 | 350 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 18,303 | $ | 17,742 | $ | 20,361 | $ | 19,619 | $ | 17,679 | |||||||||
Interest-bearing deposits in other financial institutions | 293,790 | 293,386 | 255,403 | 217,110 | 203,028 | ||||||||||||||
Securities, at fair value | 53,014 | 61,273 | 77,832 | 81,748 | 75,040 | ||||||||||||||
Loans held-for-sale | 276 | 55 | 2,166 | 551 | 505 | ||||||||||||||
Loans receivable, net | 1,012,316 | 1,004,404 | 1,030,465 | 1,080,489 | 1,118,928 | ||||||||||||||
Other real estate owned, net | 6,262 | 8,088 | 10,358 | 14,994 | 17,251 | ||||||||||||||
Stock in Federal Home Loan Bank, at cost | 6,068 | 7,566 | 8,412 | 9,067 | 10,160 | ||||||||||||||
Premises and equipment, net | 36,830 | 37,530 | 38,251 | 38,555 | 38,934 | ||||||||||||||
Intangible assets | 2,732 | 2,882 | 3,038 | 3,195 | 3,351 | ||||||||||||||
Bank owned life insurance | 21,797 | 21,715 | 21,645 | 21,562 | 21,453 | ||||||||||||||
FDIC prepaid expense | — | 2,188 | 2,658 | 3,118 | 3,738 | ||||||||||||||
Income tax receivable | — | — | 461 | 461 | 694 | ||||||||||||||
Other assets | 9,744 | 9,306 | 10,142 | 9,403 | 11,433 | ||||||||||||||
Total assets | $ | 1,461,132 | $ | 1,466,135 | $ | 1,481,192 | $ | 1,499,872 | $ | 1,522,194 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,262,096 | $ | 1,271,550 | $ | 1,282,351 | $ | 1,278,196 | $ | 1,289,467 | |||||||||
Borrowings | 2,940 | 2,740 | 5,567 | 6,946 | 10,081 | ||||||||||||||
Other liabilities | 22,867 | 18,206 | 20,384 | 16,733 | 19,703 | ||||||||||||||
Total liabilities | 1,287,903 | 1,292,496 | 1,308,302 | 1,301,875 | 1,319,251 | ||||||||||||||
Stockholders’ equity | 173,229 | 173,639 | 172,890 | 197,997 | 202,943 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,461,132 | $ | 1,466,135 | $ | 1,481,192 | $ | 1,499,872 | $ | 1,522,194 |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 12,276 | $ | 12,713 | $ | 13,801 | $ | 14,468 | $ | 15,824 | |||||||||
Total interest expense | 935 | 994 | 1,059 | 1,036 | 1,112 | ||||||||||||||
Net interest income before provision | 11,341 | 11,719 | 12,742 | 13,432 | 14,712 | ||||||||||||||
Provision for loan losses | 206 | 722 | 24,328 | 4,453 | 1,745 | ||||||||||||||
Net interest income | 11,135 | 10,997 | (11,586 | ) | 8,979 | 12,967 | |||||||||||||
Noninterest income | 1,509 | 2,866 | 1,771 | 1,831 | 1,418 | ||||||||||||||
Noninterest expense | 12,568 | 13,185 | 15,207 | 16,032 | 14,044 | ||||||||||||||
Income (loss) before income tax | 76 | 678 | (25,022 | ) | (5,222 | ) | 341 | ||||||||||||
Income tax expense (benefit) | — | — | — | — | (457 | ) | |||||||||||||
Net income (loss) | $ | 76 | $ | 678 | $ | (25,022 | ) | $ | (5,222 | ) | $ | 798 | |||||||
Basic earnings (loss) per common share | $ | — | $ | 0.03 | $ | (1.25 | ) | $ | (0.26 | ) | $ | 0.04 | |||||||
Diluted earnings (loss) per common share | $ | — | $ | 0.03 | $ | (1.25 | ) | $ | (0.26 | ) | $ | 0.04 | |||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 509 | $ | 499 | $ | 550 | $ | 548 | $ | 521 | |||||||||
Other fee income | 410 | 375 | 380 | 374 | 383 | ||||||||||||||
Insurance commissions and annuities income | 86 | 109 | 151 | 125 | 112 | ||||||||||||||
Gain on sales of loans, net | (4 | ) | 1,417 | 246 | 210 | 118 | |||||||||||||
Gain (loss) on disposition of premises and equipment | — | — | 8 | (7 | ) | (157 | ) | ||||||||||||
Loan servicing fees | 114 | 123 | 115 | 124 | 119 | ||||||||||||||
Amortization of servicing assets | (85 | ) | (59 | ) | (68 | ) | (61 | ) | (67 | ) | |||||||||
Recovery (impairment) of servicing assets | 9 | 26 | (17 | ) | 6 | (31 | ) | ||||||||||||
Earnings on bank owned life insurance | 82 | 70 | 83 | 109 | 120 | ||||||||||||||
Trust income | 183 | 181 | 188 | 171 | 190 | ||||||||||||||
Other | 205 | 125 | 135 | 232 | 110 | ||||||||||||||
Total noninterest income | $ | 1,509 | $ | 2,866 | $ | 1,771 | $ | 1,831 | $ | 1,418 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 6,686 | $ | 6,752 | $ | 6,278 | $ | 6,353 | $ | 6,481 | |||||||||
Office occupancy and equipment | 1,805 | 1,948 | 2,019 | 1,904 | 2,105 | ||||||||||||||
Advertising and public relations | 268 | 146 | 258 | 145 | 224 | ||||||||||||||
Information technology | 816 | 749 | 813 | 880 | 825 | ||||||||||||||
Supplies, telephone, and postage | 403 | 461 | 413 | 372 | 362 | ||||||||||||||
Amortization of intangibles | 150 | 156 | 156 | 156 | 157 | ||||||||||||||
Nonperforming asset management | 655 | 694 | 1,126 | 1,728 | 1,117 | ||||||||||||||
Loss (gain) on sales of other real estate owned | 49 | 69 | 379 | (42 | ) | 54 | |||||||||||||
Valuation adjustments of other real estate owned | 141 | 89 | 1,783 | 2,352 | 1,036 | ||||||||||||||
Operations of other real estate owned | 232 | 353 | 344 | 432 | 601 | ||||||||||||||
FDIC insurance premiums | 477 | 492 | 480 | 642 | 309 | ||||||||||||||
Other | 886 | 1,276 | 1,158 | 1,110 | 773 | ||||||||||||||
Total noninterest expense | $ | 12,568 | $ | 13,185 | $ | 15,207 | $ | 16,032 | $ | 14,044 |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 200,181 | $ | 209,540 | $ | 218,596 | $ | 238,810 | $ | 252,034 | |||||||||
Multi–family mortgage loans | 353,924 | 338,502 | 352,019 | 374,164 | 390,112 | ||||||||||||||
Nonresidential real estate loans | 255,429 | 261,207 | 264,672 | 288,976 | 299,567 | ||||||||||||||
Construction and land loans | 7,152 | 6,933 | 8,552 | 13,774 | 15,391 | ||||||||||||||
Commercial loans | 51,701 | 55,362 | 61,388 | 61,053 | 68,510 | ||||||||||||||
Commercial leases | 157,606 | 147,168 | 139,783 | 121,200 | 121,356 | ||||||||||||||
Consumer loans | 2,622 | 2,414 | 2,745 | 2,273 | 2,055 | ||||||||||||||
1,028,615 | 1,021,126 | 1,047,755 | 1,100,250 | 1,149,025 | |||||||||||||||
Net deferred loan origination costs | 798 | 731 | 745 | 827 | 781 | ||||||||||||||
Allowance for loan losses | (17,097 | ) | (17,453 | ) | (18,035 | ) | (20,588 | ) | (30,878 | ) | |||||||||
Loans, net | $ | 1,012,316 | $ | 1,004,404 | $ | 1,030,465 | $ | 1,080,489 | $ | 1,118,928 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 3,698 | $ | 4,601 | $ | 3,864 | $ | 3,785 | $ | 4,653 | |||||||||
Multi–family mortgage loans | 30,325 | 7,108 | 3,453 | 6,843 | 2,132 | ||||||||||||||
Nonresidential real estate loans | 5,150 | 9,298 | 10,464 | 1,253 | 7,497 | ||||||||||||||
Construction and land loans | 366 | 55 | — | 18 | 33 | ||||||||||||||
Commercial loans | 43,745 | 45,822 | 42,352 | 37,898 | 33,388 | ||||||||||||||
Commercial leases | 30,854 | 30,047 | 37,893 | 20,748 | 17,111 | ||||||||||||||
Consumer loans | 1,090 | 874 | 1,262 | 1,253 | 932 | ||||||||||||||
$ | 115,228 | $ | 97,805 | $ | 99,288 | $ | 71,798 | $ | 65,746 | ||||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 11,072 | $ | 13,365 | $ | 14,102 | $ | 13,409 | $ | 15,320 | |||||||||
Multi–family mortgage loans | 15,988 | 20,485 | 19,366 | 20,384 | 23,684 | ||||||||||||||
Nonresidential real estate loans | 10,691 | 12,318 | 20,874 | 5,808 | 13,267 | ||||||||||||||
Construction and land loans | 140 | 892 | 1,435 | 78 | 1,448 | ||||||||||||||
Commercial loans | 46,861 | 51,984 | 40,864 | 42,200 | 46,617 | ||||||||||||||
Commercial leases | 20,422 | 24,685 | 17,194 | 20,909 | 20,046 | ||||||||||||||
Consumer loans | 913 | 886 | 1,024 | 970 | 1,134 | ||||||||||||||
$ | 106,087 | $ | 124,615 | $ | 114,859 | $ | 103,758 | $ | 121,516 | ||||||||||
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 1,761 | $ | 1,362 | $ | 2,873 | $ | 2,446 | $ | 2,861 | |||||||||
Multi–family mortgage loans | 6,346 | 4,025 | 7,291 | 2,747 | 4,127 | ||||||||||||||
Nonresidential real estate loans | 5,210 | 4,913 | 10,930 | 1,661 | 7,666 | ||||||||||||||
Construction and land loans | 90 | 842 | 1,345 | 34 | 2 | ||||||||||||||
Commercial loans | 2,807 | 6,480 | 7,720 | 7,150 | 8,206 | ||||||||||||||
Commercial leases | — | — | 32 | 54 | 165 | ||||||||||||||
Consumer loans | — | 2 | 9 | 6 | 7 | ||||||||||||||
$ | 16,214 | $ | 17,624 | $ | 30,200 | $ | 14,098 | $ | 23,034 |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 5,399 | $ | 5,988 | $ | 7,299 | $ | 11,334 | $ | 14,214 | |||||||||
Multi–family mortgage loans | 12,204 | 10,822 | 3,517 | 11,501 | 12,640 | ||||||||||||||
Nonresidential real estate loans | 7,037 | 6,182 | 8,985 | 25,541 | 30,096 | ||||||||||||||
Construction and land loans | 1,601 | 1,575 | 2,210 | 3,584 | 4,005 | ||||||||||||||
Commercial loans | 689 | 883 | 256 | 747 | 3,533 | ||||||||||||||
Commercial leases | — | — | — | 68 | 159 | ||||||||||||||
Consumer loans | 1 | 11 | — | 6 | 13 | ||||||||||||||
Nonaccrual loans | 26,931 | 25,461 | 22,267 | 52,781 | 64,660 | ||||||||||||||
Loans held-for-sale | 15 | 15 | 1,752 | — | — | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 1,316 | 1,515 | 1,760 | 2,420 | 3,365 | ||||||||||||||
Multi–family real estate | — | — | 720 | 1,985 | 2,645 | ||||||||||||||
Nonresidential real estate | 1,757 | 2,896 | 3,504 | 4,244 | 4,496 | ||||||||||||||
Land | 933 | 1,144 | 1,323 | 1,761 | 1,665 | ||||||||||||||
Other real estate owned | 4,006 | 5,555 | 7,307 | 10,410 | 12,171 | ||||||||||||||
Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned) | 30,952 | 31,031 | 31,326 | 63,191 | 76,831 | ||||||||||||||
Purchased impaired loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 396 | $ | 388 | $ | 380 | $ | 2,125 | $ | 2,297 | |||||||||
Multi–family mortgage loans | — | — | — | 1,528 | 1,491 | ||||||||||||||
Nonresidential real estate loans | 1,607 | 2,554 | 2,568 | 2,610 | 2,661 | ||||||||||||||
Construction and land loans | 997 | 1,021 | 1,021 | 1,634 | 2,324 | ||||||||||||||
Commercial loans | 21 | 21 | 20 | 357 | 677 | ||||||||||||||
Purchased impaired loans | 3,021 | 3,984 | 3,989 | 8,254 | 9,450 | ||||||||||||||
Purchased other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate | 179 | 205 | 320 | 320 | 535 | ||||||||||||||
Nonresidential real estate | 372 | 372 | 462 | 577 | 927 | ||||||||||||||
Land | 1,705 | 1,956 | 2,269 | 3,687 | 3,618 | ||||||||||||||
Purchased other real estate owned | 2,256 | 2,533 | 3,051 | 4,584 | 5,080 | ||||||||||||||
Purchased impaired loans and OREO | 5,277 | 6,517 | 7,040 | 12,838 | 14,530 | ||||||||||||||
Nonperforming assets | $ | 36,229 | $ | 37,548 | $ | 38,366 | $ | 76,029 | $ | 91,361 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 2.48 | % | 2.56 | % | 2.59 | % | 5.07 | % | 6.00 | % | |||||||||
Nonperforming assets to total assets (1) | 2.12 | 2.12 | 2.11 | 4.21 | 5.05 | ||||||||||||||
Nonaccrual loans to total loans | 2.91 | 2.89 | 2.67 | 5.55 | 6.45 | ||||||||||||||
Nonaccrual loans to total loans (1) | 2.62 | 2.49 | 2.29 | 4.80 | 5.63 | ||||||||||||||
Allowance for loan losses to nonaccrual loans | 57.05 | 59.24 | 64.39 | 33.73 | 41.67 | ||||||||||||||
Allowance for loan losses to nonaccrual loans (1) | 63.45 | 68.51 | 75.09 | 39.01 | 47.75 |
(1) | Asset quality ratios exclude purchased impaired loans and acquired other real estate owned resulting from the Downers Grove National Bank merger. |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE | |||||||||||||||||||
30 – 59 days past due | $ | 2,001 | $ | 4,539 | $ | 8,100 | $ | 3,810 | $ | 1,448 | |||||||||
60 – 89 days past due | 268 | 425 | 2,652 | 230 | 108 | ||||||||||||||
Matured Loans | 1,839 | 2,670 | 3,550 | 7,801 | 2,553 | ||||||||||||||
$ | 4,108 | $ | 7,634 | $ | 14,302 | $ | 11,841 | $ | 4,109 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 17,453 | $ | 18,035 | $ | 20,588 | $ | 30,878 | $ | 31,638 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (176 | ) | (369 | ) | (7,958 | ) | (3,145 | ) | (591 | ) | |||||||||
Multi–family mortgage loans | (374 | ) | (236 | ) | (4,355 | ) | (2,159 | ) | (135 | ) | |||||||||
Nonresidential real estate loans | (153 | ) | (79 | ) | (10,097 | ) | (5,435 | ) | (2,202 | ) | |||||||||
Construction and land loans | — | (927 | ) | (3,273 | ) | (806 | ) | (185 | ) | ||||||||||
Commercial loans | (213 | ) | (19 | ) | (1,255 | ) | (3,536 | ) | (31 | ) | |||||||||
Commercial leases | — | — | (53 | ) | (68 | ) | — | ||||||||||||
Consumer loans | (12 | ) | — | (8 | ) | (72 | ) | (11 | ) | ||||||||||
(928 | ) | (1,630 | ) | (26,999 | ) | (15,221 | ) | (3,155 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 85 | 242 | 41 | 7 | 74 | ||||||||||||||
Multi–family mortgage loans | 159 | 57 | 48 | 11 | 96 | ||||||||||||||
Nonresidential real estate loans | 103 | 19 | 6 | 7 | 284 | ||||||||||||||
Construction and land loans | 1 | 2 | 2 | 6 | 58 | ||||||||||||||
Commercial loans | 16 | 5 | 16 | 421 | 132 | ||||||||||||||
Commercial leases | — | — | — | — | — | ||||||||||||||
Consumer loans | 2 | 1 | 5 | 26 | 6 | ||||||||||||||
366 | 326 | 118 | 478 | 650 | |||||||||||||||
Net charge–offs | (562 | ) | (1,304 | ) | (26,881 | ) | (14,743 | ) | (2,505 | ) | |||||||||
Provision for loan losses | 206 | 722 | 24,328 | 4,453 | 1,745 | ||||||||||||||
Ending balance | $ | 17,097 | $ | 17,453 | $ | 18,035 | $ | 20,588 | $ | 30,878 | |||||||||
Allowance for loan losses to total loans | 1.66 | % | 1.71 | % | 1.72 | % | 1.87 | % | 2.69 | % | |||||||||
Net charge–off ratio (1) | 0.22 | 0.51 | 9.97 | 5.24 | 0.85 |
(1) | Annualized |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 137,146 | $ | 131,856 | $ | 134,597 | $ | 134,474 | $ | 140,801 | |||||||||
Savings deposits | 147,758 | 148,184 | 144,726 | 143,212 | 144,875 | ||||||||||||||
Money market accounts | 340,243 | 345,591 | 349,092 | 346,989 | 347,889 | ||||||||||||||
Interest–bearing NOW accounts | 349,942 | 348,059 | 348,683 | 340,425 | 336,629 | ||||||||||||||
Certificates of deposits | 287,007 | 297,860 | 305,253 | 313,096 | 319,273 | ||||||||||||||
$ | 1,262,096 | $ | 1,271,550 | $ | 1,282,351 | $ | 1,278,196 | $ | 1,289,467 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,453,413 | $ | 1,462,119 | $ | 1,503,759 | $ | 1,504,438 | $ | 1,525,626 | |||||||||
Total average interest–earning assets | 1,373,855 | 1,379,156 | 1,416,629 | 1,419,829 | 1,440,147 | ||||||||||||||
Average loans | 1,014,591 | 1,028,907 | 1,078,708 | 1,125,600 | 1,184,803 | ||||||||||||||
Average securities | 57,022 | 73,284 | 80,485 | 74,260 | 77,077 | ||||||||||||||
Average stock in FHLB | 6,809 | 8,026 | 8,761 | 9,614 | 10,741 | ||||||||||||||
Average other interest–earning assets | 295,433 | 268,939 | 248,675 | 210,355 | 167,526 | ||||||||||||||
Total average interest–bearing liabilities | 1,133,159 | 1,141,625 | 1,149,888 | 1,149,304 | 1,166,111 | ||||||||||||||
Average interest–bearing deposits | 1,130,294 | 1,138,438 | 1,143,586 | 1,141,855 | 1,156,355 | ||||||||||||||
Average borrowings | 2,865 | 3,187 | 6,302 | 7,449 | 9,756 | ||||||||||||||
Average stockholders’ equity | 174,643 | 174,766 | 198,908 | 204,857 | 204,709 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 3.58 | % | 3.74 | % | 3.88 | % | 4.05 | % | 4.42 | % | |||||||||
Average loans | 4.69 | 4.84 | 4.91 | 4.94 | 5.20 | ||||||||||||||
Average securities | 1.54 | 1.39 | 1.55 | 1.83 | 2.02 | ||||||||||||||
Average other interest–earning assets | 0.27 | 0.27 | 0.41 | 0.26 | 0.28 | ||||||||||||||
Total average interest–bearing liabilities | 0.33 | 0.35 | 0.26 | 0.36 | 0.38 | ||||||||||||||
Average interest–bearing deposits | 0.33 | 0.35 | 0.36 | 0.35 | 0.38 | ||||||||||||||
Average borrowings | 0.28 | 1.02 | 1.52 | 1.39 | 1.15 | ||||||||||||||
Net interest rate spread | 3.25 | 3.39 | 3.51 | 3.69 | 4.04 | ||||||||||||||
Net interest margin | 3.31 | 3.45 | 3.58 | 3.76 | 4.11 |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 11.86 | % | 11.84 | % | 11.67 | % | 13.20 | % | 13.33 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 11.72 | 11.67 | 11.49 | 13.02 | 13.14 | ||||||||||||||
Risk–based total capital ratio | 18.38 | 18.59 | 18.01 | 19.53 | 19.16 | ||||||||||||||
Risk–based tier 1 capital ratio | 17.12 | 17.33 | 16.75 | 18.27 | 17.90 | ||||||||||||||
Tier 1 leverage ratio | 11.66 | 11.62 | 11.43 | 12.95 | 13.07 | ||||||||||||||
Tier 1 capital | $ | 169,823 | $ | 169,763 | $ | 168,734 | $ | 193,517 | $ | 198,213 | |||||||||
BankFinancial FSB | |||||||||||||||||||
Risk–based total capital ratio | 15.74 | % | 15.84 | % | 15.32 | % | 16.96 | % | 16.67 | % | |||||||||
Risk–based tier 1 capital ratio | 14.48 | 14.59 | 14.07 | 15.70 | 15.40 | ||||||||||||||
Tier 1 leverage ratio | 9.86 | 9.77 | 9.60 | 11.13 | 11.25 | ||||||||||||||
Tier 1 capital | $ | 143,589 | $ | 142,861 | $ | 141,629 | $ | 166,248 | $ | 170,573 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 8.50 | $ | 8.09 | $ | 7.42 | $ | 8.79 | $ | 7.53 | |||||||||
High | 8.71 | 8.40 | 8.85 | 9.24 | 7.56 | ||||||||||||||
Low | 7.19 | 7.19 | 6.62 | 7.31 | 5.66 | ||||||||||||||
Book value per share | $ | 8.21 | $ | 8.24 | $ | 8.20 | $ | 9.40 | $ | 9.64 | |||||||||
Tangible book value per share | $ | 8.08 | $ | 8.10 | $ | 8.06 | $ | 9.24 | $ | 9.47 | |||||||||
Cash dividends declared on common stock | $ | 0.02 | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||
Stock repurchases | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Stock repurchases – shares | — | — | — | — | — | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income (loss) | $ | 76 | $ | 678 | $ | (25,022 | ) | $ | (5,222 | ) | $ | 798 | |||||||
Average common shares outstanding | 21,088,263 | 21,072,966 | 21,072,966 | 21,072,966 | 21,072,966 | ||||||||||||||
Less: Unearned ESOP shares | (1,084,709 | ) | (1,108,938 | ) | (1,133,374 | ) | (1,157,974 | ) | (1,209,023 | ) | |||||||||
Unvested restricted stock shares | (13,797 | ) | — | — | — | (3,524 | ) | ||||||||||||
Weighted average common shares outstanding | 19,989,757 | 19,964,028 | 19,939,592 | 19,914,992 | 19,860,419 | ||||||||||||||
Plus: Dilutive common shares equivalents | 556 | — | — | — | — | ||||||||||||||
Weighted average dilutive common shares outstanding | 19,990,313 | 19,964,028 | 19,939,592 | 19,914,992 | 19,860,419 | ||||||||||||||
Number of anti–dilutive stock options excluded from the diluted earnings per share calculation | — | — | — | 141,000 | 1,881,053 | ||||||||||||||
Weighted average exercise price of anti–dilutive options | $ | — | $ | — | $ | — | $ | 17.21 | $ | 16.58 | |||||||||
Basic earnings (loss) per common share | $ | — | $ | 0.03 | $ | (1.25 | ) | $ | (0.26 | ) | $ | 0.04 | |||||||
Diluted earnings (loss) per common share | $ | — | $ | 0.03 | $ | (1.25 | ) | $ | (0.26 | ) | $ | 0.04 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||
Loss before income taxes | $ | 76 | $ | 341 | $ | 754 | $ | 3,135 | |||||||
Provision for loan losses | 206 | 1,745 | 928 | 2,741 | |||||||||||
282 | 2,086 | 1,682 | 5,876 | ||||||||||||
Adjustments: | |||||||||||||||
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale | (40 | ) | — | (1,340 | ) | — | |||||||||
Nonperforming asset management | 655 | 1,117 | 1,349 | 2,357 | |||||||||||
Loss on sale of other real estate owned | 49 | 54 | 118 | (84 | ) | ||||||||||
Valuation adjustments of other real estate owned | 141 | 1,036 | 230 | 1,425 | |||||||||||
Operations of other real estate owned | 232 | 601 | 585 | 902 | |||||||||||
Adjustments | 1,037 | 2,808 | 942 | 4,600 | |||||||||||
Pre–tax pre–provision earnings from core operations | $ | 1,319 | $ | 4,894 | $ | 2,624 | $ | 10,476 | |||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.36 | % | 1.28 | % | 0.36 | % | 1.37 | % |
(1) | Annualized |
2013 | 2012 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||||||
Income (loss) before income taxes | $ | 76 | $ | 678 | $ | (25,022 | ) | $ | (5,222 | ) | $ | 341 | |||||||
Provision for loan losses | 206 | 722 | 24,328 | 4,453 | 1,745 | ||||||||||||||
282 | 1,400 | (694 | ) | (769 | ) | 2,086 | |||||||||||||
Adjustments: | |||||||||||||||||||
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale | (40 | ) | (1,300 | ) | — | — | — | ||||||||||||
Nonperforming asset management | 655 | 694 | 1,126 | 1,728 | 1,117 | ||||||||||||||
Loss (gain) on sale of other real estate owned | 49 | 69 | 379 | (42 | ) | 54 | |||||||||||||
Valuation adjustments of other real estate owned | 141 | 89 | 1,783 | 2,352 | 1,036 | ||||||||||||||
Operations of other real estate owned | 232 | 353 | 344 | 432 | 601 | ||||||||||||||
1,037 | (95 | ) | 3,632 | 4,470 | 2,808 | ||||||||||||||
Pre–tax pre–provision earnings from core operations | $ | 1,319 | $ | 1,305 | $ | 2,938 | $ | 3,701 | $ | 4,894 | |||||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.36 | % | 0.36 | % | 0.78 | % | 0.98 | % | 1.28 | % |
(1) | Annualized |