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) |
¬ |
¬ | 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 |
(a) | Not Applicable. |
(b) | Not Applicable. |
(c) | Not Applicable. |
(d) | Exhibits. |
BANKFINANCIAL CORPORATION | |||||
Date: | February 1, 2016 | 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 President – Marketing & Sales BankFinancial F.S.B. Telephone: 630-242-7234 |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 0.58 | % | 0.65 | % | 0.61 | % | 0.55 | % | 9.76 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 3.96 | 4.41 | 4.14 | 3.64 | 75.56 | ||||||||||||||
Net interest rate spread (1) | 3.35 | 3.33 | 3.36 | 3.42 | 3.39 | ||||||||||||||
Net interest margin (1) | 3.43 | 3.40 | 3.42 | 3.48 | 3.44 | ||||||||||||||
Efficiency ratio | 83.16 | 77.77 | 76.04 | 80.49 | 81.24 | ||||||||||||||
Noninterest expense to average total assets (1) | 3.08 | 2.85 | 2.77 | 2.90 | 3.08 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 138.91 | 134.89 | 131.42 | 124.76 | 124.52 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) | 251 | 264 | 264 | 267 | 269 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 13,192 | $ | 8,809 | $ | 10,591 | $ | 10,211 | $ | 9,693 | |||||||||
Interest-bearing deposits in other financial institutions | 46,185 | 52,661 | 66,835 | 56,043 | 49,888 | ||||||||||||||
Securities, at fair value | 114,753 | 104,242 | 99,137 | 114,039 | 121,174 | ||||||||||||||
Loans receivable, net | 1,232,257 | 1,162,298 | 1,156,667 | 1,153,638 | 1,172,356 | ||||||||||||||
Other real estate owned, net | 7,011 | 4,809 | 5,539 | 6,316 | 6,358 | ||||||||||||||
Stock in Federal Home Loan Bank, at cost | 6,257 | 6,257 | 6,257 | 6,257 | 6,257 | ||||||||||||||
Premises and equipment, net | 32,726 | 33,063 | 33,502 | 33,943 | 34,286 | ||||||||||||||
Intangible assets | 1,305 | 1,441 | 1,577 | 1,713 | 1,855 | ||||||||||||||
Bank owned life insurance | 22,387 | 22,335 | 22,287 | 22,242 | 22,193 | ||||||||||||||
Deferred taxes | 26,695 | 27,733 | 29,145 | 30,437 | 31,643 | ||||||||||||||
Other assets | 9,675 | 7,775 | 8,201 | 8,530 | 9,707 | ||||||||||||||
Total assets | $ | 1,512,443 | $ | 1,431,423 | $ | 1,439,738 | $ | 1,443,369 | $ | 1,465,410 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,212,919 | $ | 1,181,534 | $ | 1,200,226 | $ | 1,202,764 | $ | 1,211,713 | |||||||||
Borrowings | 64,318 | 18,048 | 3,039 | 3,217 | 12,921 | ||||||||||||||
Other liabilities | 22,842 | 18,767 | 24,725 | 19,842 | 24,655 | ||||||||||||||
Total liabilities | 1,300,079 | 1,218,349 | 1,227,990 | 1,225,823 | 1,249,289 | ||||||||||||||
Stockholders’ equity | 212,364 | 213,074 | 211,748 | 217,546 | 216,121 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,512,443 | $ | 1,431,423 | $ | 1,439,738 | $ | 1,443,369 | $ | 1,465,410 |
2015 | 2014 | For the years ended December 31, | |||||||||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | 2015 | 2014 | |||||||||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||
Total interest income | $ | 12,411 | $ | 12,147 | $ | 12,193 | $ | 12,211 | $ | 12,413 | $ | 48,962 | $ | 49,349 | |||||||||||||
Total interest expense | 738 | 699 | 691 | 686 | 714 | 2,814 | 3,046 | ||||||||||||||||||||
Net interest income before provision | 11,673 | 11,448 | 11,502 | 11,525 | 11,699 | 46,148 | 46,303 | ||||||||||||||||||||
Recovery of loan losses | (1,038 | ) | (956 | ) | (488 | ) | (724 | ) | (756 | ) | (3,206 | ) | (736 | ) | |||||||||||||
Net interest income | 12,711 | 12,404 | 11,990 | 12,249 | 12,455 | 49,354 | 47,039 | ||||||||||||||||||||
Noninterest income | 1,757 | 1,709 | 1,689 | 1,536 | 1,769 | 6,691 | 6,709 | ||||||||||||||||||||
Noninterest expense | 11,169 | 10,232 | 10,031 | 10,513 | 10,941 | 41,945 | 44,451 | ||||||||||||||||||||
Income before income tax | 3,299 | 3,881 | 3,648 | 3,272 | 3,283 | 14,100 | 9,297 | ||||||||||||||||||||
Income tax expense (benefit) | 1,183 | 1,532 | 1,424 | 1,286 | (31,395 | ) | 5,425 | (31,317 | ) | ||||||||||||||||||
Net income | $ | 2,116 | $ | 2,349 | $ | 2,224 | $ | 1,986 | $ | 34,678 | $ | 8,675 | $ | 40,614 | |||||||||||||
Basic earnings per common share | $ | 0.11 | $ | 0.12 | $ | 0.11 | $ | 0.10 | $ | 1.72 | $ | 0.44 | $ | 2.01 | |||||||||||||
Diluted earnings per common share | $ | 0.11 | $ | 0.12 | $ | 0.11 | $ | 0.10 | $ | 1.72 | $ | 0.44 | $ | 2.01 | |||||||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||
Deposit service charges and fees | $ | 603 | $ | 648 | $ | 532 | $ | 465 | $ | 530 | $ | 2,248 | $ | 1,933 | |||||||||||||
Other fee income | 505 | 502 | 601 | 535 | 561 | 2,143 | 2,264 | ||||||||||||||||||||
Insurance commissions and annuities income | 169 | 68 | 86 | 63 | 152 | 386 | 431 | ||||||||||||||||||||
Gain on sales of loans, net | 10 | 37 | 28 | 27 | 51 | 102 | 158 | ||||||||||||||||||||
Loss on sale of securities | — | — | — | — | — | — | (7 | ) | |||||||||||||||||||
Gain (loss) on disposition of premises and equipment | — | — | (1 | ) | — | — | (1 | ) | 5 | ||||||||||||||||||
Loan servicing fees | 83 | 85 | 96 | 90 | 108 | 354 | 418 | ||||||||||||||||||||
Amortization of servicing assets | (32 | ) | (35 | ) | (35 | ) | (35 | ) | (29 | ) | (137 | ) | (135 | ) | |||||||||||||
Recovery (impairment) of servicing assets | (1 | ) | (15 | ) | 3 | 10 | (2 | ) | (3 | ) | (8 | ) | |||||||||||||||
Earnings on bank owned life insurance | 52 | 48 | 45 | 49 | 53 | 194 | 235 | ||||||||||||||||||||
Trust income | 183 | 172 | 183 | 174 | 178 | 712 | 683 | ||||||||||||||||||||
Other | 185 | 199 | 151 | 158 | 167 | 693 | 732 | ||||||||||||||||||||
Total noninterest income | $ | 1,757 | $ | 1,709 | $ | 1,689 | $ | 1,536 | $ | 1,769 | $ | 6,691 | $ | 6,709 | |||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||
Compensation and benefits | $ | 6,034 | $ | 5,329 | $ | 5,278 | $ | 5,581 | $ | 5,828 | $ | 22,222 | $ | 22,874 | |||||||||||||
Office occupancy and equipment | 1,620 | 1,537 | 1,670 | 1,695 | 1,651 | 6,522 | 6,878 | ||||||||||||||||||||
Advertising and public relations | 208 | 212 | 227 | 344 | 366 | 991 | 1,100 | ||||||||||||||||||||
Information technology | 687 | 686 | 657 | 639 | 672 | 2,669 | 2,676 | ||||||||||||||||||||
Supplies, telephone, and postage | 397 | 393 | 385 | 411 | 410 | 1,586 | 1,579 | ||||||||||||||||||||
Amortization of intangibles | 136 | 136 | 136 | 142 | 143 | 550 | 578 | ||||||||||||||||||||
Nonperforming asset management | 239 | 244 | 108 | 90 | 219 | 681 | 838 | ||||||||||||||||||||
Loss (gain) on sales of other real estate owned | 33 | (11 | ) | (22 | ) | (58 | ) | 75 | (58 | ) | 35 | ||||||||||||||||
Valuation adjustments of other real estate owned | 81 | 231 | 23 | 213 | 46 | 548 | 438 | ||||||||||||||||||||
Operations of other real estate owned | 169 | 114 | 91 | 199 | 127 | 573 | 935 | ||||||||||||||||||||
FDIC insurance premiums | 205 | 202 | 262 | 235 | 259 | 904 | 1,416 | ||||||||||||||||||||
Other | 1,360 | 1,159 | 1,216 | 1,022 | 1,145 | 4,757 | 5,104 | ||||||||||||||||||||
Total noninterest expense | $ | 11,169 | $ | 10,232 | $ | 10,031 | $ | 10,513 | $ | 10,941 | $ | 41,945 | $ | 44,451 |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 159,501 | $ | 164,124 | $ | 170,146 | $ | 176,910 | $ | 180,337 | |||||||||
Multi–family mortgage loans | 506,026 | 478,057 | 480,585 | 472,432 | 480,349 | ||||||||||||||
Nonresidential real estate loans | 226,735 | 223,528 | 224,995 | 226,461 | 234,500 | ||||||||||||||
Construction and land loans | 1,313 | 1,322 | 1,442 | 1,404 | 1,885 | ||||||||||||||
Commercial loans | 79,516 | 80,216 | 61,344 | 64,953 | 66,882 | ||||||||||||||
Commercial leases | 265,405 | 221,622 | 225,676 | 219,988 | 217,143 | ||||||||||||||
Consumer loans | 1,831 | 1,927 | 1,768 | 1,747 | 2,051 | ||||||||||||||
1,240,327 | 1,170,796 | 1,165,956 | 1,163,895 | 1,183,147 | |||||||||||||||
Net deferred loan origination costs | 1,621 | 1,583 | 1,521 | 1,319 | 1,199 | ||||||||||||||
Allowance for loan losses | (9,691 | ) | (10,081 | ) | (10,810 | ) | (11,576 | ) | (11,990 | ) | |||||||||
Loans, net | $ | 1,232,257 | $ | 1,162,298 | $ | 1,156,667 | $ | 1,153,638 | $ | 1,172,356 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,657 | $ | 3,267 | $ | 3,350 | $ | 2,388 | $ | 4,119 | |||||||||
Multi–family mortgage loans | 43,110 | 16,302 | 27,822 | 13,417 | 47,929 | ||||||||||||||
Nonresidential real estate loans | 20,408 | 4,025 | 5,564 | 4,045 | 7,024 | ||||||||||||||
Commercial loans | 44,293 | 56,950 | 46,683 | 45,051 | 52,810 | ||||||||||||||
Commercial leases | 71,201 | 26,866 | 39,645 | 28,920 | 38,454 | ||||||||||||||
Consumer loans | 725 | 711 | 838 | 780 | 803 | ||||||||||||||
$ | 182,394 | $ | 108,121 | $ | 123,902 | $ | 94,601 | $ | 151,139 | ||||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 7,471 | $ | 9,963 | $ | 9,057 | $ | 6,007 | $ | 10,489 | |||||||||
Multi–family mortgage loans | 13,559 | 18,939 | 19,880 | 18,303 | 21,284 | ||||||||||||||
Nonresidential real estate loans | 12,748 | 5,523 | 6,702 | 10,593 | 13,637 | ||||||||||||||
Construction and land loans | 41 | 232 | 50 | 551 | 176 | ||||||||||||||
Commercial loans | 45,460 | 38,079 | 50,298 | 46,822 | 39,955 | ||||||||||||||
Commercial leases | 26,353 | 28,104 | 33,757 | 28,052 | 22,923 | ||||||||||||||
Consumer loans | 701 | 738 | 749 | 830 | 895 | ||||||||||||||
$ | 106,333 | $ | 101,578 | $ | 120,493 | $ | 111,158 | $ | 109,359 | ||||||||||
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 363 | $ | 1,424 | $ | 571 | $ | 1,502 | $ | 1,151 | |||||||||
Multi–family mortgage loans | 2,199 | 7,666 | 3,226 | 4,566 | 5,000 | ||||||||||||||
Nonresidential real estate loans | 784 | 335 | 2,896 | 2,823 | 5,869 | ||||||||||||||
Construction and land loans | 8 | 24 | 16 | 510 | 141 | ||||||||||||||
Commercial loans | 4,873 | 4,120 | 5,268 | 4,772 | 3,149 | ||||||||||||||
$ | 8,227 | $ | 13,569 | $ | 11,977 | $ | 14,173 | $ | 15,310 |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans (1): | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,455 | $ | 2,952 | $ | 3,468 | $ | 3,816 | $ | 4,408 | |||||||||
Multi–family mortgage loans | 821 | 1,399 | 2,382 | 3,441 | 4,481 | ||||||||||||||
Nonresidential real estate loans | 296 | 2,263 | 2,732 | 5,931 | 3,245 | ||||||||||||||
Commercial loans | — | 75 | 75 | 183 | 76 | ||||||||||||||
Consumer loans | — | — | 1 | — | 3 | ||||||||||||||
Nonaccrual loans | 3,572 | 6,689 | 8,658 | 13,371 | 12,213 | ||||||||||||||
Loans past due over 90 days, still accruing | — | — | — | — | — | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans (2) | 2,621 | 325 | 471 | 1,002 | 1,263 | ||||||||||||||
Multi–family real estate | 951 | 1,474 | 2,018 | 2,242 | 2,307 | ||||||||||||||
Nonresidential real estate | 1,747 | 1,289 | 1,240 | 1,169 | 885 | ||||||||||||||
Land (3) | 1,692 | 1,721 | 1,810 | 1,903 | 1,903 | ||||||||||||||
Other real estate owned | 7,011 | 4,809 | 5,539 | 6,316 | 6,358 | ||||||||||||||
Nonperforming assets | $ | 10,583 | $ | 11,498 | $ | 14,197 | $ | 19,687 | $ | 18,571 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.70 | % | 0.80 | % | 0.99 | % | 1.36 | % | 1.27 | % | |||||||||
Nonaccrual loans to total loans | 0.29 | 0.57 | 0.74 | 1.15 | 1.03 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 271.30 | 150.71 | 124.86 | 86.58 | 98.17 |
(1) | Purchased impaired loans are combined with nonaccrual loans in the above table. |
(2) | Other real estate owned acquired from the Downers Grove National Bank merger are included in the above tables. |
(3) | Other real estate owned (land) acquired from the Downers Grove National Bank merger totaled $1.7 million on December 31, 2015 and September 30, 2015, $1.8 million at June 30, 2015, March 31, 2015 and December 31, 2014. |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 847 | $ | 429 | $ | 1,056 | $ | 878 | $ | 2,010 | |||||||||
Multi–family mortgage loans | 5,167 | 6,254 | 4,849 | 5,897 | 3,949 | ||||||||||||||
Nonresidential real estate loans | 4,981 | 5,259 | 4,506 | 4,973 | 6,698 | ||||||||||||||
Construction and land loans | 842 | 819 | 730 | 658 | 613 | ||||||||||||||
Commercial loans | 614 | 703 | 571 | 516 | 705 | ||||||||||||||
$ | 12,451 | $ | 13,464 | $ | 11,712 | $ | 12,922 | $ | 13,975 | ||||||||||
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE | |||||||||||||||||||
30 – 59 days past due | $ | 2,036 | $ | 63 | $ | 138 | $ | 7,874 | $ | 4,265 | |||||||||
60 – 89 days past due | 926 | 816 | 648 | 255 | 1,167 | ||||||||||||||
Matured Loans | 1,467 | 224 | 38 | 491 | 553 | ||||||||||||||
$ | 4,429 | $ | 1,103 | $ | 824 | $ | 8,620 | $ | 5,985 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 10,081 | $ | 10,810 | $ | 11,576 | $ | 11,990 | $ | 13,051 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (59 | ) | (125 | ) | (99 | ) | (103 | ) | (229 | ) | |||||||||
Multi–family mortgage loans | (9 | ) | (9 | ) | (161 | ) | (19 | ) | (449 | ) | |||||||||
Nonresidential real estate loans | (102 | ) | (26 | ) | (252 | ) | (11 | ) | (266 | ) | |||||||||
Commercial loans | (54 | ) | — | — | (98 | ) | (23 | ) | |||||||||||
Consumer loans | (5 | ) | (3 | ) | (4 | ) | (4 | ) | (2 | ) | |||||||||
(229 | ) | (163 | ) | (516 | ) | (235 | ) | (969 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 407 | 16 | 219 | 60 | 284 | ||||||||||||||
Multi–family mortgage loans | 5 | 169 | 4 | 4 | 69 | ||||||||||||||
Nonresidential real estate loans | 460 | 24 | 9 | 16 | 23 | ||||||||||||||
Construction and land loans | — | 38 | — | 6 | 90 | ||||||||||||||
Commercial loans | 5 | 143 | 6 | 457 | 198 | ||||||||||||||
Commercial leases | — | — | — | 1 | — | ||||||||||||||
Consumer loans | — | — | — | 1 | — | ||||||||||||||
877 | 390 | 238 | 545 | 664 | |||||||||||||||
Net (charge–offs) recoveries | 648 | 227 | (278 | ) | 310 | (305 | ) | ||||||||||||
Recovery of loan losses | (1,038 | ) | (956 | ) | (488 | ) | (724 | ) | (756 | ) | |||||||||
Ending balance | $ | 9,691 | $ | 10,081 | $ | 10,810 | $ | 11,576 | $ | 11,990 | |||||||||
Allowance for loan losses to total loans | 0.78 | % | 0.86 | % | 0.93 | % | 0.99 | % | 1.01 | % | |||||||||
Net charge–off (recovery) ratio (1) | (0.22 | ) | (0.08 | ) | 0.10 | (0.11 | ) | 0.11 |
(1) | Annualized |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 254,830 | $ | 233,192 | $ | 190,411 | $ | 131,072 | $ | 134,129 | |||||||||
Savings deposits | 156,752 | 152,585 | 156,436 | 157,892 | 154,532 | ||||||||||||||
Money market accounts | 329,654 | 327,080 | 334,898 | 339,329 | 338,246 | ||||||||||||||
Interest–bearing NOW accounts | 248,982 | 245,780 | 290,670 | 343,949 | 351,947 | ||||||||||||||
Certificates of deposits | 222,701 | 222,897 | 227,811 | 230,522 | 232,859 | ||||||||||||||
$ | 1,212,919 | $ | 1,181,534 | $ | 1,200,226 | $ | 1,202,764 | $ | 1,211,713 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,448,857 | $ | 1,434,749 | $ | 1,449,740 | $ | 1,448,335 | $ | 1,421,804 | |||||||||
Total average interest–earning assets | 1,348,782 | 1,336,412 | 1,347,810 | 1,344,592 | 1,350,815 | ||||||||||||||
Average loans | 1,175,723 | 1,164,251 | 1,150,417 | 1,164,107 | 1,144,281 | ||||||||||||||
Average securities | 107,344 | 102,578 | 107,697 | 121,958 | 116,234 | ||||||||||||||
Average stock in FHLB | 6,257 | 6,257 | 6,257 | 6,257 | 6,257 | ||||||||||||||
Average other interest–earning assets | 59,458 | 63,326 | 83,439 | 52,270 | 84,043 | ||||||||||||||
Total average interest–bearing liabilities | 971,000 | 990,733 | 1,025,544 | 1,077,712 | 1,084,840 | ||||||||||||||
Average interest–bearing deposits | 951,631 | 981,633 | 1,022,661 | 1,074,552 | 1,081,353 | ||||||||||||||
Average borrowings | 19,369 | 9,100 | 2,883 | 3,160 | 3,487 | ||||||||||||||
Average stockholders’ equity | 213,858 | 213,061 | 215,113 | 218,459 | 183,584 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 3.65 | % | 3.61 | % | 3.63 | % | 3.68 | % | 3.65 | % | |||||||||
Average loans | 4.06 | 4.02 | 4.13 | 4.12 | 4.17 | ||||||||||||||
Average securities | 1.07 | 1.03 | 0.96 | 1.09 | 0.98 | ||||||||||||||
Average other interest–earning assets | 0.51 | 0.50 | 0.45 | 0.42 | 0.40 | ||||||||||||||
Total average interest–bearing liabilities | 0.30 | 0.28 | 0.27 | 0.26 | 0.26 | ||||||||||||||
Average interest–bearing deposits | 0.30 | 0.28 | 0.27 | 0.26 | 0.26 | ||||||||||||||
Average borrowings | 0.25 | 0.17 | 0.28 | 0.26 | 0.34 | ||||||||||||||
Net interest rate spread | 3.35 | 3.33 | 3.36 | 3.42 | 3.39 | ||||||||||||||
Net interest margin | 3.43 | 3.40 | 3.42 | 3.48 | 3.44 |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
CAPITAL RATIOS (1) | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 14.04 | % | 14.89 | % | 14.71 | % | 15.07 | % | 14.75 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 14.76 | 14.80 | 14.61 | 14.97 | 14.64 | ||||||||||||||
Risk–based total capital ratio | 17.89 | 19.10 | 18.40 | 18.40 | 18.31 | ||||||||||||||
Common Tier 1 (CET1) | 17.01 | 18.14 | 17.39 | 17.35 | N.A. | ||||||||||||||
Risk–based tier 1 capital ratio | 17.01 | 18.14 | 17.39 | 17.35 | 17.21 | ||||||||||||||
Tier 1 leverage ratio | 13.26 | 13.41 | 13.08 | 13.43 | 13.04 | ||||||||||||||
Tier 1 capital | $ | 189,044 | $ | 189,216 | $ | 186,337 | $ | 190,970 | $ | 187,290 | |||||||||
BankFinancial FSB | |||||||||||||||||||
Risk–based total capital ratio | 15.41 | % | 16.22 | % | 15.54 | % | 14.95 | % | 16.21 | % | |||||||||
Common Tier 1 (CET1) | 14.54 | 15.25 | 14.53 | 13.89 | N.A. | ||||||||||||||
Risk–based tier 1 capital ratio | 14.54 | 15.25 | 14.53 | 13.89 | 15.11 | ||||||||||||||
Tier 1 leverage ratio | 11.33 | 11.27 | 10.92 | 10.74 | 11.45 | ||||||||||||||
Tier 1 capital | $ | 161,545 | $ | 159,118 | $ | 155,586 | $ | 152,777 | $ | 164,420 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 12.63 | $ | 12.43 | $ | 11.78 | $ | 13.14 | $ | 11.86 | |||||||||
High | 13.22 | 12.48 | 13.62 | 13.16 | 12.17 | ||||||||||||||
Low | 12.10 | 11.57 | 11.47 | 11.07 | 10.24 | ||||||||||||||
Common shares outstanding | 20,297,317 | 20,501,966 | 20,501,966 | 21,101,966 | 21,101,966 | ||||||||||||||
Book value per share | $ | 10.46 | $ | 10.39 | $ | 10.33 | $ | 10.31 | $ | 10.24 | |||||||||
Tangible book value per share | $ | 10.40 | $ | 10.32 | $ | 10.25 | $ | 10.23 | $ | 10.15 | |||||||||
Cash dividends declared on common stock | $ | 0.04 | $ | 0.08 | $ | 0.04 | $ | 0.04 | $ | 0.03 | |||||||||
Dividend payout ratio | 38.59 | % | 69.82 | % | 37.95 | % | 42.50 | % | 1.83 | % | |||||||||
Stock repurchases | $ | 2,582 | $ | — | $ | 7,388 | $ | — | $ | — | |||||||||
Stock repurchases – shares | 204,649 | — | 600,000 | — | — | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 2,116 | $ | 2,349 | $ | 2,224 | $ | 1,986 | $ | 34,678 | |||||||||
Average common shares outstanding | 20,428,979 | 20,501,966 | 20,811,856 | 21,101,966 | 21,101,966 | ||||||||||||||
Less: Unearned ESOP shares | (743,659 | ) | (768,327 | ) | (792,816 | ) | (825,348 | ) | (841,526 | ) | |||||||||
Unvested restricted stock shares | (7,932 | ) | (7,932 | ) | (9,682 | ) | (16,822 | ) | (16,822 | ) | |||||||||
Weighted average common shares outstanding | 19,677,388 | 19,725,707 | 20,009,358 | 20,259,796 | 20,243,618 | ||||||||||||||
Plus: Dilutive common shares equivalents | 25,141 | 5,595 | 4,215 | 5,888 | 9,755 | ||||||||||||||
Weighted average dilutive common shares outstanding | 19,702,529 | 19,731,302 | 20,013,573 | 20,265,684 | 20,253,373 | ||||||||||||||
Number of anti–dilutive stock options excluded from the diluted earnings per share calculation | 536,459 | — | — | — | — | ||||||||||||||
Weighted average exercise price of anti–dilutive options | $ | 12.99 | $ | — | $ | — | $ | — | $ | — | |||||||||
Basic earnings per common share | $ | 0.11 | $ | 0.12 | $ | 0.11 | $ | 0.10 | $ | 1.72 | |||||||||
Diluted earnings per common share | $ | 0.11 | $ | 0.12 | $ | 0.11 | $ | 0.10 | $ | 1.72 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||
Income before income taxes | $ | 3,299 | $ | 3,283 | $ | 14,100 | $ | 9,297 | |||||||
Recovery of loan losses | (1,038 | ) | (756 | ) | (3,206 | ) | (736 | ) | |||||||
2,261 | 2,527 | 10,894 | 8,561 | ||||||||||||
Adjustments: | |||||||||||||||
Equity-based compensation | 306 | 18 | 638 | 70 | |||||||||||
Nonperforming asset management | 239 | 219 | 681 | 838 | |||||||||||
Loss (gain) on sale of other real estate owned | 33 | 75 | (58 | ) | 35 | ||||||||||
Valuation adjustments of other real estate owned | 81 | 46 | 548 | 438 | |||||||||||
Operations of other real estate owned | 169 | 127 | 573 | 935 | |||||||||||
Adjustments | 828 | 485 | 2,382 | 2,316 | |||||||||||
Pre–tax pre–provision earnings from core operations | $ | 3,089 | $ | 3,012 | $ | 13,276 | $ | 10,877 | |||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.85 | % | 0.85 | % | 0.92 | % | 0.76 | % |
(1) | Annualized |
2015 | 2014 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
Pre–tax pre–provision earnings from core operations | |||||||||||||||||||
Income before income taxes | $ | 3,299 | $ | 3,881 | $ | 3,648 | $ | 3,272 | $ | 3,283 | |||||||||
Recovery of loan losses | (1,038 | ) | (956 | ) | (488 | ) | (724 | ) | (756 | ) | |||||||||
2,261 | 2,925 | 3,160 | 2,548 | 2,527 | |||||||||||||||
Adjustments: | |||||||||||||||||||
Equity-based compensation | 306 | 297 | 17 | 17 | 18 | ||||||||||||||
Nonperforming asset management | 239 | 244 | 108 | 91 | 219 | ||||||||||||||
Loss (gain) on sale of other real estate owned | 33 | (11 | ) | (22 | ) | (58 | ) | 75 | |||||||||||
Valuation adjustments of other real estate owned | 81 | 231 | 23 | 213 | 46 | ||||||||||||||
Operations of other real estate owned | 169 | 114 | 91 | 199 | 127 | ||||||||||||||
828 | 875 | 217 | 462 | 485 | |||||||||||||||
Pre–tax pre–provision earnings from core operations | $ | 3,089 | $ | 3,800 | $ | 3,377 | $ | 3,010 | $ | 3,012 | |||||||||
Pre–tax pre–provision earnings from core operations to average total assets (1) | 0.85 | % | 1.06 | % | 0.93 | % | 0.83 | % | 0.85 | % |
(1) | Annualized |