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: | October 29, 2014 | By: | /s/ F. Morgan Gasior | ||
F. Morgan Gasior | |||||
Chairman of the Board, Chief Executive Officer and President |
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 |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 1.01 | % | 0.39 | % | 0.26 | % | 0.42 | % | 0.29 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 7.98 | 3.15 | 2.12 | 3.43 | 2.38 | ||||||||||||||
Net interest rate spread (1) | 3.35 | 3.37 | 3.30 | 3.25 | 3.21 | ||||||||||||||
Net interest margin (1) | 3.40 | 3.43 | 3.34 | 3.31 | 3.26 | ||||||||||||||
Efficiency ratio | 83.45 | 82.15 | 88.79 | 97.51 | 95.36 | ||||||||||||||
Noninterest expense to average total assets (1) | 3.13 | 3.04 | 3.15 | 3.53 | 3.43 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 123.12 | 122.57 | 121.85 | 121.97 | 121.95 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 20 | 20 | ||||||||||||||
Employees (full time equivalents) | 270 | 276 | 281 | 301 | 308 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 11,078 | $ | 13,715 | $ | 13,869 | $ | 15,781 | $ | 18,068 | |||||||||
Interest-bearing deposits in other financial institutions | 81,847 | 119,790 | 137,855 | 145,176 | 225,410 | ||||||||||||||
Securities, at fair value | 115,001 | 108,979 | 115,977 | 110,907 | 83,409 | ||||||||||||||
Loans held for sale | — | — | — | — | 15 | ||||||||||||||
Loans receivable, net | 1,134,442 | 1,117,593 | 1,097,888 | 1,098,077 | 1,035,331 | ||||||||||||||
Other real estate owned, net | 5,990 | 7,704 | 8,670 | 6,306 | 5,403 | ||||||||||||||
Stock in Federal Home Loan Bank, at cost | 6,257 | 6,257 | 6,068 | 6,068 | 6,068 | ||||||||||||||
Premises and equipment, net | 34,030 | 34,432 | 34,882 | 35,328 | 36,154 | ||||||||||||||
Intangible assets | 1,998 | 2,141 | 2,284 | 2,433 | 2,583 | ||||||||||||||
Bank owned life insurance | 22,140 | 22,083 | 22,022 | 21,958 | 21,881 | ||||||||||||||
Other assets | 8,150 | 9,612 | 9,027 | 11,560 | 7,626 | ||||||||||||||
Total assets | $ | 1,420,933 | $ | 1,442,306 | $ | 1,448,542 | $ | 1,453,594 | $ | 1,441,948 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,218,302 | $ | 1,237,340 | $ | 1,252,819 | $ | 1,252,708 | $ | 1,249,833 | |||||||||
Borrowings | 2,834 | 3,068 | 2,668 | 3,055 | 2,883 | ||||||||||||||
Other liabilities | 18,521 | 23,579 | 16,191 | 22,204 | 14,921 | ||||||||||||||
Total liabilities | 1,239,657 | 1,263,987 | 1,271,678 | 1,277,967 | 1,267,637 | ||||||||||||||
Stockholders’ equity | 181,276 | 178,319 | 176,864 | 175,627 | 174,311 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,420,933 | $ | 1,442,306 | $ | 1,448,542 | $ | 1,453,594 | $ | 1,441,948 |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 12,368 | $ | 12,482 | $ | 12,086 | $ | 12,296 | $ | 12,107 | |||||||||
Total interest expense | 746 | 774 | 812 | 842 | 882 | ||||||||||||||
Net interest income before provision | 11,622 | 11,708 | 11,274 | 11,454 | 11,225 | ||||||||||||||
Provision for (recovery of) loan losses | (1,413 | ) | 957 | 476 | (1,178 | ) | (437 | ) | |||||||||||
Net interest income | 13,035 | 10,751 | 10,798 | 12,632 | 11,662 | ||||||||||||||
Noninterest income | 1,748 | 1,660 | 1,532 | 1,665 | 1,737 | ||||||||||||||
Noninterest expense | 11,157 | 10,982 | 11,371 | 12,792 | 12,360 | ||||||||||||||
Income before income tax | 3,626 | 1,429 | 959 | 1,505 | 1,039 | ||||||||||||||
Income tax expense | 36 | 25 | 17 | — | — | ||||||||||||||
Net income | $ | 3,590 | $ | 1,404 | $ | 942 | $ | 1,505 | $ | 1,039 | |||||||||
Basic earnings per common share | $ | 0.17 | $ | 0.07 | $ | 0.05 | $ | 0.07 | $ | 0.05 | |||||||||
Diluted earnings per common share | $ | 0.17 | $ | 0.07 | $ | 0.05 | $ | 0.07 | $ | 0.05 | |||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 519 | $ | 465 | $ | 433 | $ | 477 | $ | 520 | |||||||||
Other fee income | 571 | 600 | 527 | 537 | 571 | ||||||||||||||
Insurance commissions and annuities income | 106 | 86 | 87 | 173 | 106 | ||||||||||||||
Gain on sales of loans, net | 39 | 44 | 24 | 24 | 32 | ||||||||||||||
Loss on sale of securities | — | — | (7 | ) | — | — | |||||||||||||
Gain (loss) on disposition of premises and equipment | — | 3 | 2 | (43 | ) | — | |||||||||||||
Loan servicing fees | 102 | 104 | 104 | 112 | 112 | ||||||||||||||
Amortization of servicing assets | (36 | ) | (38 | ) | (32 | ) | (40 | ) | (49 | ) | |||||||||
Recovery (impairment) of servicing assets | 4 | (6 | ) | (4 | ) | 24 | 6 | ||||||||||||
Earnings on bank owned life insurance | 57 | 61 | 64 | 77 | 84 | ||||||||||||||
Trust income | 171 | 170 | 164 | 175 | 172 | ||||||||||||||
Other | 215 | 171 | 170 | 149 | 183 | ||||||||||||||
Total noninterest income | $ | 1,748 | $ | 1,660 | $ | 1,532 | $ | 1,665 | $ | 1,737 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 5,492 | $ | 5,596 | $ | 5,958 | $ | 6,614 | $ | 6,143 | |||||||||
Office occupancy and equipment | 1,687 | 1,626 | 1,914 | 1,997 | 1,797 | ||||||||||||||
Advertising and public relations | 271 | 304 | 162 | 316 | 195 | ||||||||||||||
Information technology | 674 | 691 | 639 | 697 | 817 | ||||||||||||||
Supplies, telephone, and postage | 394 | 384 | 391 | 463 | 382 | ||||||||||||||
Amortization of intangibles | 143 | 143 | 149 | 150 | 149 | ||||||||||||||
Nonperforming asset management | 418 | 97 | 104 | 607 | 682 | ||||||||||||||
Loss (gain) on sales of other real estate owned | 52 | (98 | ) | 6 | (34 | ) | 64 | ||||||||||||
Valuation adjustments of other real estate owned | 315 | 33 | 44 | 79 | 241 | ||||||||||||||
Operations of other real estate owned | 127 | 474 | 207 | 159 | 171 | ||||||||||||||
FDIC insurance premiums | 208 | 470 | 479 | 468 | 476 | ||||||||||||||
Other | 1,376 | 1,262 | 1,318 | 1,276 | 1,243 | ||||||||||||||
Total noninterest expense | $ | 11,157 | $ | 10,982 | $ | 11,371 | $ | 12,792 | $ | 12,360 |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 187,318 | $ | 193,826 | $ | 197,831 | $ | 201,382 | $ | 204,205 | |||||||||
Multi–family mortgage loans | 453,720 | 439,318 | 416,356 | 396,058 | 375,786 | ||||||||||||||
Nonresidential real estate loans | 243,047 | 246,962 | 251,873 | 263,567 | 246,524 | ||||||||||||||
Construction and land loans | 2,356 | 2,882 | 3,396 | 6,570 | 6,429 | ||||||||||||||
Commercial loans | 53,962 | 45,803 | 53,661 | 54,255 | 52,978 | ||||||||||||||
Commercial leases | 203,563 | 199,908 | 185,474 | 187,112 | 161,822 | ||||||||||||||
Consumer loans | 2,458 | 2,290 | 2,476 | 2,317 | 2,561 | ||||||||||||||
1,146,424 | 1,130,989 | 1,111,067 | 1,111,261 | 1,050,305 | |||||||||||||||
Net deferred loan origination costs | 1,069 | 1,056 | 1,002 | 970 | 902 | ||||||||||||||
Allowance for loan losses | (13,051 | ) | (14,452 | ) | (14,181 | ) | (14,154 | ) | (15,876 | ) | |||||||||
Loans, net | $ | 1,134,442 | $ | 1,117,593 | $ | 1,097,888 | $ | 1,098,077 | $ | 1,035,331 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 5,584 | $ | 3,740 | $ | 2,548 | $ | 6,316 | $ | 13,425 | |||||||||
Multi–family mortgage loans | 26,342 | 40,191 | 24,419 | 37,351 | 46,675 | ||||||||||||||
Nonresidential real estate loans | 3,477 | 5,927 | 6,088 | 26,009 | 4,185 | ||||||||||||||
Construction and land loans | — | — | — | 1,118 | 1,015 | ||||||||||||||
Commercial loans | 47,332 | 45,611 | 49,659 | 56,222 | 44,811 | ||||||||||||||
Commercial leases | 32,743 | 43,266 | 22,870 | 47,101 | 27,192 | ||||||||||||||
Consumer loans | 798 | 779 | 870 | 962 | 970 | ||||||||||||||
$ | 116,276 | $ | 139,514 | $ | 106,454 | $ | 175,079 | $ | 138,273 | ||||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 10,735 | $ | 6,069 | $ | 5,811 | $ | 8,749 | $ | 9,012 | |||||||||
Multi–family mortgage loans | 12,299 | 16,072 | 6,539 | 13,966 | 23,678 | ||||||||||||||
Nonresidential real estate loans | 8,409 | 10,456 | 12,663 | 9,673 | 14,042 | ||||||||||||||
Construction and land loans | 402 | 509 | 791 | 979 | 1,376 | ||||||||||||||
Commercial loans | 42,153 | 54,471 | 48,638 | 54,744 | 43,760 | ||||||||||||||
Commercial leases | 31,354 | 26,593 | 26,097 | 19,480 | 23,402 | ||||||||||||||
Consumer loans | 902 | 950 | 1,057 | 951 | 1,036 | ||||||||||||||
$ | 106,254 | $ | 115,120 | $ | 101,596 | $ | 108,542 | $ | 116,306 | ||||||||||
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 927 | $ | 1,420 | $ | 28 | $ | 1,022 | $ | 932 | |||||||||
Multi–family mortgage loans | 829 | 6,275 | 2,724 | 1,651 | 13,311 | ||||||||||||||
Nonresidential real estate loans | 2,135 | 6,632 | 6,899 | 3,055 | 9,659 | ||||||||||||||
Construction and land loans | 263 | 407 | 748 | 926 | 1,303 | ||||||||||||||
Commercial loans | 2,569 | 2,064 | 4,441 | 6,262 | 4,079 | ||||||||||||||
Commercial leases | — | — | 26 | 35 | 26 | ||||||||||||||
Consumer loans | — | — | 2 | — | — | ||||||||||||||
$ | 6,723 | $ | 16,798 | $ | 14,868 | $ | 12,951 | $ | 29,310 |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 4,226 | $ | 5,156 | $ | 5,008 | $ | 4,641 | $ | 5,398 | |||||||||
Multi–family mortgage loans | 6,223 | 4,274 | 6,617 | 7,098 | 11,913 | ||||||||||||||
Nonresidential real estate loans | 4,384 | 4,959 | 8,715 | 4,214 | 5,335 | ||||||||||||||
Construction and land loans | 120 | 118 | 269 | 382 | 1,018 | ||||||||||||||
Commercial loans | 82 | 77 | 77 | 77 | 272 | ||||||||||||||
Commercial leases | — | 8 | 8 | — | — | ||||||||||||||
Consumer loans | 1 | — | — | 12 | 2 | ||||||||||||||
Nonaccrual loans | 15,036 | 14,592 | 20,694 | 16,424 | 23,938 | ||||||||||||||
Loans past due over 90 days, still accruing | — | 16 | — | 228 | 965 | ||||||||||||||
Loans held for sale | — | — | — | — | 15 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 945 | 979 | 1,098 | 901 | 808 | ||||||||||||||
Multi–family real estate | 1,502 | 2,572 | 3,220 | 1,921 | 195 | ||||||||||||||
Nonresidential real estate | 1,448 | 1,887 | 2,086 | 1,181 | 1,047 | ||||||||||||||
Land | 181 | 258 | 258 | 275 | 919 | ||||||||||||||
Other real estate owned | 4,076 | 5,696 | 6,662 | 4,278 | 2,969 | ||||||||||||||
Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned) | 19,112 | 20,304 | 27,356 | 20,930 | 27,887 | ||||||||||||||
Purchased impaired loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 51 | $ | 102 | $ | 101 | $ | 100 | $ | 405 | |||||||||
Nonresidential real estate loans | 161 | 157 | 153 | 1,633 | 1,611 | ||||||||||||||
Construction and land loans | — | — | — | — | — | ||||||||||||||
Commercial loans | — | — | 23 | 23 | 22 | ||||||||||||||
Purchased impaired loans | 212 | 259 | 277 | 1,756 | 2,038 | ||||||||||||||
Purchased other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate | 132 | 156 | 156 | 176 | 201 | ||||||||||||||
Nonresidential real estate | — | — | — | — | 372 | ||||||||||||||
Land | 1,782 | 1,852 | 1,852 | 1,852 | 1,861 | ||||||||||||||
Purchased other real estate owned | 1,914 | 2,008 | 2,008 | 2,028 | 2,434 | ||||||||||||||
Purchased impaired loans and OREO | 2,126 | 2,267 | 2,285 | 3,784 | 4,472 | ||||||||||||||
Nonperforming assets | $ | 21,238 | $ | 22,571 | $ | 29,641 | $ | 24,714 | $ | 32,359 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 1.49 | % | 1.56 | % | 2.05 | % | 1.70 | % | 2.24 | % | |||||||||
Nonperforming assets to total assets (1) | 1.35 | 1.41 | 1.89 | 1.44 | 1.93 | ||||||||||||||
Nonaccrual loans to total loans | 1.33 | 1.31 | 1.89 | 1.66 | 2.57 | ||||||||||||||
Nonaccrual loans to total loans (1) | 1.31 | 1.29 | 1.86 | 1.50 | 2.37 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 85.59 | 97.21 | 67.62 | 76.89 | 58.90 | ||||||||||||||
Allowance for loan losses to nonperforming loans(1) | 86.80 | 98.93 | 68.53 | 85.00 | 63.71 |
(1) | Asset quality ratios exclude purchased impaired loans and acquired other real estate owned resulting from the Downers Grove National Bank merger. |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,036 | $ | 1,691 | $ | 3,690 | $ | 2,634 | $ | 1,597 | |||||||||
Multi–family mortgage loans | 4,346 | 5,293 | 5,906 | 5,063 | 7,028 | ||||||||||||||
Nonresidential real estate loans | 6,805 | 5,360 | 7,454 | 13,645 | 15,427 | ||||||||||||||
Construction and land loans | 796 | 222 | 109 | 832 | 1,062 | ||||||||||||||
Commercial loans | 845 | 1,020 | 952 | 977 | 1,061 | ||||||||||||||
Commercial leases | — | — | 184 | 210 | — | ||||||||||||||
Consumer loans | — | — | 1 | 1 | — | ||||||||||||||
$ | 14,828 | $ | 13,586 | $ | 18,296 | $ | 23,362 | $ | 26,175 | ||||||||||
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE | |||||||||||||||||||
30 – 59 days past due | $ | 2,006 | $ | 316 | $ | 4,131 | $ | 5,574 | $ | 1,706 | |||||||||
60 – 89 days past due | 802 | 1,446 | 1,277 | 1,535 | 1,268 | ||||||||||||||
Matured Loans | 4,306 | 1,340 | 2,913 | 3,458 | 2,740 | ||||||||||||||
$ | 7,114 | $ | 3,102 | $ | 8,321 | $ | 10,567 | $ | 5,714 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 14,452 | $ | 14,181 | $ | 14,154 | $ | 15,876 | $ | 17,097 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (298 | ) | (290 | ) | (56 | ) | (432 | ) | (528 | ) | |||||||||
Multi–family mortgage loans | (97 | ) | (594 | ) | (90 | ) | (320 | ) | (902 | ) | |||||||||
Nonresidential real estate loans | (695 | ) | (186 | ) | (580 | ) | (207 | ) | (138 | ) | |||||||||
Construction and land loans | — | (1 | ) | — | — | (16 | ) | ||||||||||||
Commercial loans | (78 | ) | — | (22 | ) | (62 | ) | (131 | ) | ||||||||||
Commercial leases | (8 | ) | — | — | — | — | |||||||||||||
Consumer loans | — | (4 | ) | (6 | ) | (5 | ) | (38 | ) | ||||||||||
(1,176 | ) | (1,075 | ) | (754 | ) | (1,026 | ) | (1,753 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 26 | 97 | 11 | 12 | 108 | ||||||||||||||
Multi–family mortgage loans | 11 | 6 | 14 | 17 | 3 | ||||||||||||||
Nonresidential real estate loans | 116 | 264 | 20 | 68 | 329 | ||||||||||||||
Construction and land loans | 29 | 8 | 250 | 267 | 193 | ||||||||||||||
Commercial loans | 1,005 | 14 | 8 | 114 | 335 | ||||||||||||||
Consumer loans | 1 | — | 2 | 4 | 1 | ||||||||||||||
1,188 | 389 | 305 | 482 | 969 | |||||||||||||||
Net (charge–offs) recoveries | 12 | (686 | ) | (449 | ) | (544 | ) | (784 | ) | ||||||||||
Provision for (recovery of) loan losses | (1,413 | ) | 957 | 476 | (1,178 | ) | (437 | ) | |||||||||||
Ending balance | $ | 13,051 | $ | 14,452 | $ | 14,181 | $ | 14,154 | $ | 15,876 | |||||||||
Allowance for loan losses to total loans | 1.14 | % | 1.28 | % | 1.28 | % | 1.27 | % | 1.51 | % | |||||||||
Net charge–off ratio (1) | — | 0.25 | 0.16 | 0.20 | 0.31 |
(1) | Annualized |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 128,498 | $ | 131,775 | $ | 129,732 | $ | 126,680 | $ | 133,094 | |||||||||
Savings deposits | 152,545 | 154,263 | 156,174 | 149,602 | 146,685 | ||||||||||||||
Money market accounts | 345,331 | 349,639 | 353,656 | 347,017 | 341,175 | ||||||||||||||
Interest–bearing NOW accounts | 348,293 | 349,874 | 353,338 | 353,787 | 349,622 | ||||||||||||||
Certificates of deposits | 243,635 | 251,789 | 259,919 | 275,622 | 279,257 | ||||||||||||||
$ | 1,218,302 | $ | 1,237,340 | $ | 1,252,819 | $ | 1,252,708 | $ | 1,249,833 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,427,550 | $ | 1,444,697 | $ | 1,442,667 | $ | 1,450,403 | $ | 1,440,561 | |||||||||
Total average interest–earning assets | 1,355,436 | 1,370,391 | 1,367,225 | 1,374,544 | 1,364,625 | ||||||||||||||
Average loans | 1,127,735 | 1,119,255 | 1,114,433 | 1,061,829 | 1,019,402 | ||||||||||||||
Average securities | 114,805 | 112,691 | 115,089 | 92,223 | 68,109 | ||||||||||||||
Average stock in FHLB | 6,257 | 6,224 | 6,068 | 6,068 | 6,068 | ||||||||||||||
Average other interest–earning assets | 106,639 | 132,221 | 131,635 | 214,424 | 271,046 | ||||||||||||||
Total average interest–bearing liabilities | 1,100,947 | 1,118,088 | 1,122,027 | 1,126,973 | 1,118,967 | ||||||||||||||
Average interest–bearing deposits | 1,097,762 | 1,115,437 | 1,119,445 | 1,123,977 | 1,116,154 | ||||||||||||||
Average borrowings | 3,185 | 2,651 | 2,582 | 2,996 | 2,813 | ||||||||||||||
Average stockholders’ equity | 179,929 | 178,477 | 177,331 | 175,305 | 174,790 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 3.62 | % | 3.65 | % | 3.59 | % | 3.55 | % | 3.52 | % | |||||||||
Average loans | 4.22 | 4.33 | 4.26 | 4.44 | 4.55 | ||||||||||||||
Average securities | 0.98 | 1.02 | 1.04 | 1.17 | 1.40 | ||||||||||||||
Average other interest–earning assets | 0.36 | 0.32 | 0.27 | 0.26 | 0.27 | ||||||||||||||
Total average interest–bearing liabilities | 0.27 | 0.28 | 0.29 | 0.30 | 0.31 | ||||||||||||||
Average interest–bearing deposits | 0.27 | 0.28 | 0.29 | 0.30 | 0.31 | ||||||||||||||
Average borrowings | 0.25 | 0.15 | 0.31 | 0.26 | 0.28 | ||||||||||||||
Net interest rate spread | 3.35 | 3.37 | 3.30 | 3.25 | 3.21 | ||||||||||||||
Net interest margin | 3.40 | 3.43 | 3.34 | 3.31 | 3.26 |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 12.76 | % | 12.36 | % | 12.21 | % | 12.08 | % | 12.09 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 12.63 | 12.23 | 12.07 | 11.93 | 11.93 | ||||||||||||||
Risk–based total capital ratio | 17.65 | 17.41 | 17.52 | 17.28 | 18.15 | ||||||||||||||
Risk–based tier 1 capital ratio | 16.45 | 16.16 | 16.27 | 16.03 | 16.90 | ||||||||||||||
Tier 1 leverage ratio | 12.62 | 12.21 | 12.05 | 11.92 | 11.91 | ||||||||||||||
Tier 1 capital | $ | 178,904 | $ | 175,778 | $ | 174,580 | $ | 172,775 | $ | 171,269 | |||||||||
BankFinancial FSB | |||||||||||||||||||
Risk–based total capital ratio | 15.48 | % | 15.13 | % | 15.17 | % | 14.93 | % | 15.58 | % | |||||||||
Risk–based tier 1 capital ratio | 14.28 | 13.88 | 13.92 | 13.68 | 14.33 | ||||||||||||||
Tier 1 leverage ratio | 10.95 | 10.50 | 10.31 | 10.16 | 10.10 | ||||||||||||||
Tier 1 capital | $ | 155,208 | $ | 151,035 | $ | 148,943 | $ | 147,363 | $ | 145,203 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 10.55 | $ | 11.16 | $ | 9.98 | $ | 9.16 | $ | 8.84 | |||||||||
High | 10.69 | 11.24 | 10.33 | 9.74 | 9.40 | ||||||||||||||
Low | 10.43 | 9.40 | 9.06 | 8.70 | 8.15 | ||||||||||||||
Book value per share | $ | 8.59 | $ | 8.45 | $ | 8.38 | $ | 8.32 | $ | 8.26 | |||||||||
Tangible book value per share | $ | 8.50 | $ | 8.35 | $ | 8.27 | $ | 8.21 | $ | 8.14 | |||||||||
Cash dividends declared on common stock | $ | 0.04 | $ | 0.01 | $ | — | $ | 0.02 | $ | — | |||||||||
Dividend payout ratio | 23.50 | % | 15.05 | % | N.M. | 28.04 | % | N.M. | |||||||||||
Stock repurchases | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Stock repurchases – shares | — | — | — | — | — | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 3,590 | $ | 1,404 | $ | 942 | $ | 1,505 | $ | 1,039 | |||||||||
Average common shares outstanding | 21,101,966 | 21,101,966 | 21,101,966 | 21,101,966 | 21,101,966 | ||||||||||||||
Less: Unearned ESOP shares | (866,193 | ) | (937,585 | ) | (977,561 | ) | (1,002,041 | ) | (1,028,158 | ) | |||||||||
Unvested restricted stock shares | (16,822 | ) | (18,572 | ) | (25,750 | ) | (25,750 | ) | (25,750 | ) | |||||||||
Weighted average common shares outstanding | 20,218,951 | 20,145,809 | 20,098,655 | 20,074,175 | 20,048,058 | ||||||||||||||
Plus: Dilutive common shares equivalents | 16,456 | 14,241 | 12,045 | 9,500 | 6,034 | ||||||||||||||
Weighted average dilutive common shares outstanding | 20,235,407 | 20,160,050 | 20,110,700 | 20,083,675 | 20,054,092 | ||||||||||||||
Basic earnings per common share | $ | 0.17 | $ | 0.07 | $ | 0.05 | $ | 0.08 | $ | 0.05 | |||||||||
Diluted earnings per common share | $ | 0.17 | $ | 0.07 | $ | 0.05 | $ | 0.08 | $ | 0.05 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||
Income before income taxes | $ | 3,626 | $ | 1,039 | $ | 6,014 | $ | 1,793 | |||||||
Provision for (recovery of) loan losses | (1,413 | ) | (437 | ) | 20 | 491 | |||||||||
2,213 | 602 | 6,034 | 2,284 | ||||||||||||
Adjustments: | |||||||||||||||
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale | — | — | — | (1,340 | ) | ||||||||||
Nonperforming asset management | 418 | 682 | 619 | 2,031 | |||||||||||
Loss (gain) on sale of other real estate owned | 52 | 64 | (40 | ) | 182 | ||||||||||
Valuation adjustments of other real estate owned | 315 | 241 | 392 | 471 | |||||||||||
Operations of other real estate owned | 127 | 171 | 808 | 756 | |||||||||||
Adjustments | 912 | 1,158 | 1,779 | 2,100 | |||||||||||
Pre–tax pre–provision earnings from core operations | $ | 3,125 | $ | 1,760 | $ | 7,813 | $ | 4,384 | |||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.88 | % | 0.49 | 0.72 | % | 0.40 | % |
(1) | Annualized |
2014 | 2013 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||||||
Income before income taxes | $ | 3,626 | $ | 1,429 | $ | 959 | $ | 1,505 | $ | 1,039 | |||||||||
Provision for (recovery of) loan losses | (1,413 | ) | 957 | 476 | (1,178 | ) | (437 | ) | |||||||||||
2,213 | 2,386 | 1,435 | 327 | 602 | |||||||||||||||
Adjustments: | |||||||||||||||||||
Nonperforming asset management | 418 | 97 | 104 | 607 | 682 | ||||||||||||||
Loss (gain) on sale of other real estate owned | 52 | (98 | ) | 6 | (34 | ) | 64 | ||||||||||||
Valuation adjustments of other real estate owned | 315 | 33 | 44 | 79 | 241 | ||||||||||||||
Operations of other real estate owned | 127 | 474 | 207 | 159 | 171 | ||||||||||||||
912 | 506 | 361 | 811 | 1,158 | |||||||||||||||
Pre–tax pre–provision earnings from core operations | $ | 3,125 | $ | 2,892 | $ | 1,796 | $ | 1,138 | $ | 1,760 | |||||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.88 | % | 0.80 | % | 0.50 | % | 0.31 | % | 0.49 | % |
(1) | Annualized |