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: | April 26, 2017 | 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, NA Telephone: 630-242-7234 |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 0.47 | % | 0.57 | % | 0.66 | % | 0.22 | % | 0.50 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 3.66 | 4.41 | 4.86 | 1.59 | 3.59 | ||||||||||||||
Net interest rate spread (1) | 3.15 | 3.01 | 3.23 | 3.21 | 3.30 | ||||||||||||||
Net interest margin (1) | 3.26 | 3.11 | 3.33 | 3.31 | 3.39 | ||||||||||||||
Efficiency ratio | 82.66 | 76.23 | 73.60 | 79.80 | 80.98 | ||||||||||||||
Noninterest expense to average total assets (1) | 2.82 | 2.59 | 2.62 | 2.78 | 2.89 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 132.57 | 133.71 | 134.36 | 136.17 | 136.26 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) | 242 | 246 | 242 | 253 | 255 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 10,247 | $ | 13,053 | $ | 9,499 | $ | 11,509 | $ | 10,238 | |||||||||
Interest-bearing deposits in other financial institutions | 65,219 | 83,631 | 91,031 | 74,048 | 55,705 | ||||||||||||||
Securities, at fair value | 110,230 | 107,212 | 99,899 | 105,698 | 111,386 | ||||||||||||||
Loans receivable, net | 1,319,287 | 1,312,952 | 1,241,808 | 1,207,553 | 1,232,485 | ||||||||||||||
Other real estate owned, net | 5,301 | 3,895 | 4,381 | 5,373 | 5,629 | ||||||||||||||
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost | 8,147 | 11,650 | 6,257 | 6,257 | 6,257 | ||||||||||||||
Premises and equipment, net | 31,149 | 31,413 | 31,856 | 32,021 | 32,308 | ||||||||||||||
Intangible assets | 653 | 782 | 911 | 1,040 | 1,169 | ||||||||||||||
Bank owned life insurance | 22,657 | 22,594 | 22,538 | 22,484 | 22,438 | ||||||||||||||
Deferred taxes | 22,103 | 22,411 | 23,715 | 25,187 | 25,641 | ||||||||||||||
Other assets | 8,480 | 10,444 | 8,378 | 8,661 | 8,552 | ||||||||||||||
Total assets | $ | 1,603,473 | $ | 1,620,037 | $ | 1,540,273 | $ | 1,499,831 | $ | 1,511,808 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,329,282 | $ | 1,339,390 | $ | 1,316,695 | $ | 1,268,602 | $ | 1,264,689 | |||||||||
Borrowings | 52,046 | 51,069 | 1,406 | 1,469 | 17,621 | ||||||||||||||
Other liabilities | 20,124 | 24,798 | 18,505 | 23,053 | 20,010 | ||||||||||||||
Total liabilities | 1,401,452 | 1,415,257 | 1,336,606 | 1,293,124 | 1,302,320 | ||||||||||||||
Stockholders’ equity | 202,021 | 204,780 | 203,667 | 206,707 | 209,488 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,603,473 | $ | 1,620,037 | $ | 1,540,273 | $ | 1,499,831 | $ | 1,511,808 |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 13,362 | $ | 12,743 | $ | 12,845 | $ | 12,581 | $ | 12,759 | |||||||||
Total interest expense | 1,276 | 1,148 | 1,014 | 952 | 856 | ||||||||||||||
Net interest income before provision (recovery) | 12,086 | 11,595 | 11,831 | 11,629 | 11,903 | ||||||||||||||
Provision for (recovery of) loan losses | 161 | (539 | ) | (525 | ) | 1,315 | (490 | ) | |||||||||||
Net interest income | 11,925 | 12,134 | 12,356 | 10,314 | 12,393 | ||||||||||||||
Noninterest income | 1,544 | 1,777 | 1,637 | 1,537 | 1,594 | ||||||||||||||
Noninterest expense | 11,266 | 10,194 | 9,912 | 10,506 | 10,930 | ||||||||||||||
Income before income tax | 2,203 | 3,717 | 4,081 | 1,345 | 3,057 | ||||||||||||||
Income tax expense | 322 | 1,458 | 1,573 | 514 | 1,153 | ||||||||||||||
Net income | $ | 1,881 | $ | 2,259 | $ | 2,508 | $ | 831 | $ | 1,904 | |||||||||
Basic earnings per common share | $ | 0.10 | $ | 0.12 | $ | 0.13 | $ | 0.04 | $ | 0.10 | |||||||||
Diluted earnings per common share | $ | 0.10 | $ | 0.12 | $ | 0.13 | $ | 0.04 | $ | 0.10 | |||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 529 | $ | 563 | $ | 583 | $ | 541 | $ | 567 | |||||||||
Other fee income | 481 | 574 | 478 | 505 | 495 | ||||||||||||||
Insurance commissions and annuities income | 77 | 122 | 53 | 72 | 55 | ||||||||||||||
Gain on sales of loans, net | 7 | 16 | 38 | 3 | 18 | ||||||||||||||
Gain on sale of securities | — | — | — | — | 46 | ||||||||||||||
Gain on other assets | — | 38 | — | — | — | ||||||||||||||
Loan servicing fees | 68 | 62 | 66 | 75 | 73 | ||||||||||||||
Amortization of servicing assets | (31 | ) | (32 | ) | (28 | ) | (40 | ) | (28 | ) | |||||||||
Recovery (impairment) of servicing assets | — | 16 | — | 3 | (3 | ) | |||||||||||||
Earnings on bank owned life insurance | 63 | 56 | 54 | 46 | 51 | ||||||||||||||
Trust income | 172 | 182 | 167 | 165 | 160 | ||||||||||||||
Other | 178 | 180 | 226 | 167 | 160 | ||||||||||||||
Total noninterest income | $ | 1,544 | $ | 1,777 | $ | 1,637 | $ | 1,537 | $ | 1,594 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 6,352 | $ | 5,734 | $ | 5,315 | $ | 5,713 | $ | 5,993 | |||||||||
Office occupancy and equipment | 1,622 | 1,611 | 1,487 | 1,635 | 1,647 | ||||||||||||||
Advertising and public relations | 381 | 252 | 144 | 252 | 222 | ||||||||||||||
Information technology | 753 | 762 | 707 | 699 | 724 | ||||||||||||||
Supplies, telephone, and postage | 332 | 346 | 345 | 297 | 376 | ||||||||||||||
Amortization of intangibles | 129 | 129 | 129 | 129 | 136 | ||||||||||||||
Nonperforming asset management | 104 | 99 | 89 | 127 | 84 | ||||||||||||||
Loss (gain) on sales of other real estate owned | 16 | (113 | ) | (15 | ) | (38 | ) | 38 | |||||||||||
Valuation adjustments of other real estate owned | 20 | 70 | 115 | 10 | 119 | ||||||||||||||
Operations of other real estate owned | 177 | 121 | 143 | 177 | 219 | ||||||||||||||
FDIC insurance premiums | 187 | 64 | 238 | 236 | 217 | ||||||||||||||
Other | 1,193 | 1,119 | 1,215 | 1,269 | 1,155 | ||||||||||||||
Total noninterest expense | $ | 11,266 | $ | 10,194 | $ | 9,912 | $ | 10,506 | $ | 10,930 |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 122,310 | $ | 135,218 | $ | 142,130 | $ | 147,876 | $ | 154,588 | |||||||||
Multi–family mortgage loans | 549,829 | 542,887 | 505,369 | 504,158 | 513,450 | ||||||||||||||
Nonresidential real estate loans | 179,896 | 182,152 | 186,504 | 191,685 | 219,339 | ||||||||||||||
Construction and land loans | 1,354 | 1,302 | 1,005 | 1,767 | 1,799 | ||||||||||||||
Commercial loans | 105,671 | 103,063 | 106,878 | 84,951 | 76,325 | ||||||||||||||
Commercial leases | 364,768 | 352,539 | 304,753 | 282,629 | 272,849 | ||||||||||||||
Consumer loans | 1,896 | 2,255 | 1,846 | 1,744 | 1,890 | ||||||||||||||
1,325,724 | 1,319,416 | 1,248,485 | 1,214,810 | 1,240,240 | |||||||||||||||
Net deferred loan origination costs | 1,534 | 1,663 | 1,657 | 1,658 | 1,661 | ||||||||||||||
Allowance for loan losses | (7,971 | ) | (8,127 | ) | (8,334 | ) | (8,915 | ) | (9,416 | ) | |||||||||
Loans, net | $ | 1,319,287 | $ | 1,312,952 | $ | 1,241,808 | $ | 1,207,553 | $ | 1,232,485 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 1,141 | $ | 1,426 | $ | 2,322 | $ | 2,279 | $ | 1,637 | |||||||||
Multi–family mortgage loans | 25,613 | 54,954 | 25,062 | 18,017 | 24,385 | ||||||||||||||
Nonresidential real estate loans | 8,376 | 9,033 | 3,518 | 3,587 | 5,002 | ||||||||||||||
Construction and land loans | 76 | 359 | 92 | — | 198 | ||||||||||||||
Commercial loans | 48,899 | 49,385 | 67,919 | 54,149 | 35,771 | ||||||||||||||
Commercial leases (3) | 61,550 | 87,855 | 54,717 | 54,633 | 39,303 | ||||||||||||||
Consumer loans | 636 | 611 | 883 | 1,025 | 588 | ||||||||||||||
$ | 146,291 | $ | 203,623 | $ | 154,513 | $ | 133,690 | $ | 106,884 | ||||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 12,770 | $ | 8,698 | $ | 7,245 | $ | 8,500 | $ | 6,413 | |||||||||
Multi–family mortgage loans | 18,464 | 16,999 | 24,276 | 27,188 | 17,082 | ||||||||||||||
Nonresidential real estate loans | 9,834 | 12,697 | 8,740 | 30,024 | 11,878 | ||||||||||||||
Construction and land loans | 24 | 24 | 852 | 33 | 57 | ||||||||||||||
Commercial loans | 46,291 | 53,147 | 45,990 | 45,528 | 39,030 | ||||||||||||||
Commercial leases | 47,695 | 35,984 | 31,437 | 48,774 | 31,552 | ||||||||||||||
Consumer loans | 600 | 633 | 801 | 1,080 | 664 | ||||||||||||||
$ | 135,678 | $ | 128,182 | $ | 119,341 | $ | 161,127 | $ | 106,676 | ||||||||||
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 5 | $ | 350 | $ | 220 | $ | 778 | $ | 441 | |||||||||
Multi–family mortgage loans | 770 | 1,131 | 1,155 | 4,163 | 5,117 | ||||||||||||||
Nonresidential real estate loans | 1,792 | 1,690 | 500 | 19,164 | 409 | ||||||||||||||
Construction and land loans | — | — | 828 | — | 24 | ||||||||||||||
Commercial loans | 5,941 | 5,681 | 6,037 | 12,243 | 7,861 | ||||||||||||||
Commercial leases | 498 | 177 | 203 | 197 | 194 | ||||||||||||||
$ | 9,006 | $ | 9,029 | $ | 8,943 | $ | 36,545 | $ | 14,046 |
(1) | Loan originations include draws on revolving lines of credit and exclude loan renewals. |
(2) | Loan payments and payoffs exclude loan renewals. |
(3) | Commercial lease originations include $20.4 and $55.0 million purchased investment grade commercial leases for the quarters ended March 31, 2017 and December 31, 2016, respectively. |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans (1): | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,296 | $ | 2,851 | $ | 2,691 | $ | 2,625 | $ | 3,370 | |||||||||
Multi–family mortgage loans | 106 | 185 | 508 | 1,021 | 953 | ||||||||||||||
Nonresidential real estate loans | — | 260 | 717 | 754 | 295 | ||||||||||||||
Construction and land loans | — | — | — | — | 803 | ||||||||||||||
Nonaccrual loans | 2,402 | 3,296 | 3,916 | 4,400 | 5,421 | ||||||||||||||
Loans past due over 90 days, still accruing | — | — | — | 828 | — | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 1,986 | 1,565 | 2,281 | 2,433 | 2,619 | ||||||||||||||
Multi–family real estate | 615 | 370 | 393 | 737 | 737 | ||||||||||||||
Nonresidential real estate | 1,808 | 1,066 | 780 | 1,065 | 1,135 | ||||||||||||||
Land | 892 | 894 | 927 | 1,138 | 1,138 | ||||||||||||||
Other real estate owned | 5,301 | 3,895 | 4,381 | 5,373 | 5,629 | ||||||||||||||
Nonperforming assets | $ | 7,703 | $ | 7,191 | $ | 8,297 | $ | 10,601 | $ | 11,050 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.48 | % | 0.44 | % | 0.54 | % | 0.71 | % | 0.73 | % | |||||||||
Nonperforming loans to total loans | 0.18 | 0.25 | 0.31 | 0.43 | 0.44 | ||||||||||||||
Nonperforming commercial-related loans to total commercial-related loans (2) | 0.01 | 0.04 | 0.11 | 0.24 | 0.19 | ||||||||||||||
Nonperforming residential and consumer loans to total residential and consumer loans | 1.85 | 2.08 | 1.87 | 1.75 | 2.15 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 331.85 | 246.57 | 212.82 | 170.52 | 173.69 | ||||||||||||||
Concentrations of Credit | |||||||||||||||||||
Commercial Real Estate for FFIEC Concentration Limits | $ | 696,933 | $ | 690,879 | $ | 658,887 | $ | 662,493 | $ | 685,732 | |||||||||
% FFIEC Total Capital | 386.37 | % | 410.96 | % | 399.18 | % | 410.28 | % | 392.73 | % | |||||||||
Multi–family mortgage loans - 50% risk based capital qualified (included above) | $ | 308,653 | $ | 305,436 | $ | 269,641 | $ | 246,117 | $ | 238,922 | |||||||||
% FFIEC Total Capital | 171.11 | % | 181.68 | % | 163.36 | % | 152.42 | % | 136.84 | % | |||||||||
Commercial Leases - Investment Grade | $ | 279,235 | $ | 268,022 | $ | 215,237 | $ | 199,020 | $ | 182,057 | |||||||||
Commercial Leases - Other | 85,533 | 84,517 | 89,516 | 83,609 | 90,792 |
(1) | Purchased impaired loans are combined with nonaccrual loans in the above table. |
(2) | Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases. |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 726 | $ | 670 | $ | 475 | $ | 335 | $ | 440 | |||||||||
Multi–family mortgage loans | 769 | 1,048 | 2,119 | 2,025 | 3,347 | ||||||||||||||
Nonresidential real estate loans | 108 | 1,845 | 2,407 | 3,194 | 4,981 | ||||||||||||||
Construction and land loans | — | — | — | 830 | — | ||||||||||||||
Commercial loans | 14 | 66 | 75 | 225 | 137 | ||||||||||||||
Consumer loans | — | — | — | 2 | — | ||||||||||||||
$ | 1,617 | $ | 3,629 | $ | 5,076 | $ | 6,611 | $ | 8,905 | ||||||||||
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE | |||||||||||||||||||
30 – 59 days past due | $ | 4,008 | $ | 2,237 | $ | 685 | $ | 171 | $ | 3,012 | |||||||||
60 – 89 days past due | 3 | 617 | 419 | 71 | 30 | ||||||||||||||
Matured Loans | 315 | 270 | 784 | 277 | 1,387 | ||||||||||||||
$ | 4,326 | $ | 3,124 | $ | 1,888 | $ | 519 | $ | 4,429 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 8,127 | $ | 8,334 | $ | 8,915 | $ | 9,416 | $ | 9,691 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (171 | ) | (30 | ) | (102 | ) | (355 | ) | (52 | ) | |||||||||
Multi–family mortgage loans | (3 | ) | (28 | ) | — | (6 | ) | (45 | ) | ||||||||||
Nonresidential real estate loans | (165 | ) | (3 | ) | (55 | ) | (1,657 | ) | (3 | ) | |||||||||
Consumer loans | — | (1 | ) | (6 | ) | (2 | ) | (16 | ) | ||||||||||
(339 | ) | (62 | ) | (163 | ) | (2,020 | ) | (116 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 6 | 229 | 5 | 6 | 81 | ||||||||||||||
Multi–family mortgage loans | 11 | 6 | 10 | 9 | 137 | ||||||||||||||
Nonresidential real estate loans | — | — | 39 | 161 | — | ||||||||||||||
Construction and land loans | — | — | — | — | 35 | ||||||||||||||
Commercial loans | 5 | 159 | 45 | 28 | 77 | ||||||||||||||
Commercial leases | — | — | 7 | — | — | ||||||||||||||
Consumer loans | — | — | 1 | — | 1 | ||||||||||||||
22 | 394 | 107 | 204 | 331 | |||||||||||||||
Net (charge–offs) recoveries | (317 | ) | 332 | (56 | ) | (1,816 | ) | 215 | |||||||||||
Provision for (recovery of ) loan losses | 161 | (539 | ) | (525 | ) | 1,315 | (490 | ) | |||||||||||
Ending balance | $ | 7,971 | $ | 8,127 | $ | 8,334 | $ | 8,915 | $ | 9,416 | |||||||||
Allowance for loan losses to total loans | 0.60 | % | 0.62 | % | 0.67 | % | 0.73 | % | 0.76 | % | |||||||||
Net (charge–off) recovery ratio (1) | (0.10 | ) | 0.11 | (0.02 | ) | (0.60 | ) | 0.07 |
(1) | Annualized |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 234,415 | $ | 249,539 | $ | 234,652 | $ | 231,928 | $ | 238,848 | |||||||||
Savings deposits | 161,938 | 160,002 | 155,199 | 158,669 | 161,554 | ||||||||||||||
Money market accounts | 304,981 | 311,183 | 320,814 | 315,615 | 323,197 | ||||||||||||||
Interest–bearing NOW accounts | 266,157 | 267,054 | 263,286 | 258,083 | 247,434 | ||||||||||||||
Certificates of deposits - retail | 219,068 | 220,602 | 223,642 | 223,948 | 221,101 | ||||||||||||||
Certificates of deposits - wholesale | 142,723 | 131,010 | 119,102 | 80,359 | 72,555 | ||||||||||||||
$ | 1,329,282 | $ | 1,339,390 | $ | 1,316,695 | $ | 1,268,602 | $ | 1,264,689 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,595,191 | $ | 1,576,345 | $ | 1,511,475 | $ | 1,510,115 | $ | 1,513,683 | |||||||||
Total average interest–earning assets | 1,502,146 | 1,481,775 | 1,414,736 | 1,413,161 | 1,414,008 | ||||||||||||||
Average loans | 1,313,299 | 1,253,224 | 1,225,480 | 1,210,726 | 1,238,270 | ||||||||||||||
Average securities | 113,756 | 99,767 | 106,904 | 108,865 | 118,557 | ||||||||||||||
Average stock in FHLB & FRB | 9,158 | 8,133 | 6,257 | 6,257 | 6,257 | ||||||||||||||
Average other interest–earning assets | 65,933 | 120,651 | 76,095 | 87,313 | 50,924 | ||||||||||||||
Total average interest–bearing liabilities | 1,133,098 | 1,108,181 | 1,052,916 | 1,037,781 | 1,037,730 | ||||||||||||||
Average interest–bearing deposits | 1,083,792 | 1,088,265 | 1,050,935 | 1,034,674 | 962,823 | ||||||||||||||
Average borrowings | 49,306 | 19,916 | 1,981 | 3,107 | 74,907 | ||||||||||||||
Average stockholders’ equity | 205,379 | 205,071 | 206,237 | 209,231 | 212,322 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 3.61 | % | 3.42 | % | 3.61 | % | 3.58 | % | 3.63 | % | |||||||||
Average loans | 3.94 | 3.87 | 4.02 | 4.02 | 4.01 | ||||||||||||||
Average securities | 1.24 | 1.20 | 1.14 | 1.13 | 1.07 | ||||||||||||||
Average other interest–earning assets | 0.95 | 0.78 | 0.73 | 0.75 | 0.69 | ||||||||||||||
Total average interest–bearing liabilities | 0.46 | 0.41 | 0.38 | 0.37 | 0.33 | ||||||||||||||
Average interest–bearing deposits | 0.44 | 0.41 | 0.38 | 0.37 | 0.33 | ||||||||||||||
Average borrowings | 0.79 | 0.64 | 0.40 | 0.26 | 0.37 | ||||||||||||||
Net interest rate spread | 3.15 | 3.01 | 3.23 | 3.21 | 3.30 | ||||||||||||||
Net interest margin | 3.26 | 3.11 | 3.33 | 3.31 | 3.39 |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 12.60 | % | 12.64 | % | 13.22 | % | 13.78 | % | 13.86 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 12.56 | 12.60 | 13.17 | 13.72 | 13.79 | ||||||||||||||
Risk–based total capital ratio | 16.65 | 16.96 | 17.64 | 18.09 | 17.80 | ||||||||||||||
Common Tier 1 (CET1) | 15.96 | 16.25 | 16.87 | 17.26 | 16.95 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.96 | 16.25 | 16.87 | 17.26 | 16.95 | ||||||||||||||
Tier 1 leverage ratio | 11.58 | 11.92 | 12.28 | 12.41 | 12.53 | ||||||||||||||
Tier 1 capital | $ | 182,508 | $ | 185,718 | $ | 183,092 | $ | 184,695 | $ | 186,964 | |||||||||
BankFinancial, NA | |||||||||||||||||||
Risk–based total capital ratio | 15.76 | % | 14.72 | % | 15.21 | % | 15.09 | % | 15.83 | % | |||||||||
Common Tier 1 (CET1) | 15.06 | 14.01 | 14.44 | 14.26 | 14.98 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.06 | 14.01 | 14.44 | 14.26 | 14.98 | ||||||||||||||
Tier 1 leverage ratio | 10.94 | 10.27 | 10.51 | 10.25 | 11.08 | ||||||||||||||
Tier 1 capital | $ | 172,410 | $ | 159,986 | $ | 156,725 | $ | 152,559 | $ | 165,183 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 14.52 | $ | 14.82 | $ | 12.70 | $ | 11.99 | $ | 11.82 | |||||||||
High | 15.24 | 15.12 | 12.80 | 12.89 | 13.29 | ||||||||||||||
Low | 13.13 | 12.15 | 11.75 | 11.38 | 11.42 | ||||||||||||||
Common shares outstanding | 18,440,440 | 19,233,760 | 19,271,211 | 19,678,697 | 19,939,500 | ||||||||||||||
Book value per share | $ | 10.96 | $ | 10.65 | $ | 10.57 | $ | 10.50 | $ | 10.51 | |||||||||
Tangible book value per share | $ | 10.92 | $ | 10.61 | $ | 10.52 | $ | 10.45 | $ | 10.45 | |||||||||
Cash dividends declared on common stock | $ | 0.06 | $ | 0.06 | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
Dividend payout ratio | 61.42 | % | 51.09 | % | 38.82 | % | 119.60 | % | 53.50 | % | |||||||||
Stock repurchases | $ | 3,379 | $ | 520 | $ | 5,022 | $ | 3,280 | $ | 4,393 | |||||||||
Stock repurchases – shares | 232,045 | 37,451 | 407,486 | 260,803 | 357,817 | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 1,881 | $ | 2,259 | $ | 2,508 | $ | 831 | $ | 1,904 | |||||||||
Average common shares outstanding | 19,243,941 | 19,257,435 | 19,460,022 | 19,827,581 | 20,155,541 | ||||||||||||||
Less: Unearned ESOP shares | (600,947 | ) | (645,751 | ) | (670,351 | ) | (694,773 | ) | (719,109 | ) | |||||||||
Unvested restricted stock shares | (940 | ) | (940 | ) | (940 | ) | (2,690 | ) | (7,881 | ) | |||||||||
Weighted average common shares outstanding | 18,642,054 | 18,610,744 | 18,788,731 | 19,130,118 | 19,428,551 | ||||||||||||||
Plus: Dilutive common shares equivalents | 5,462 | 170,683 | 323 | 317 | 2,939 | ||||||||||||||
Weighted average dilutive common shares outstanding | 18,647,516 | 18,781,427 | 18,789,054 | 19,130,435 | 19,431,490 | ||||||||||||||
Basic earnings per common share | $ | 0.10 | $ | 0.12 | $ | 0.13 | $ | 0.04 | $ | 0.10 | |||||||||
Diluted earnings per common share | $ | 0.10 | $ | 0.12 | $ | 0.13 | $ | 0.04 | $ | 0.10 | |||||||||
Number of anti–dilutive stock options excluded from the diluted earnings per share calculation | — | — | 536,459 | 536,459 | 1,752,156 | ||||||||||||||
Weighted average exercise price of anti–dilutive options | $ | — | $ | — | $ | 12.99 | $ | 12.99 | $ | 12.30 |
2017 | 2016 | ||||||||||||||||||
IQ | IVQ | IIIQ | IIQ | IQ | |||||||||||||||
Pre–tax pre–provision earnings from adjusted operations | |||||||||||||||||||
Income before income taxes | $ | 2,203 | $ | 3,717 | $ | 4,081 | $ | 1,345 | $ | 3,057 | |||||||||
Provision for (recovery of) loan losses | 161 | (539 | ) | (525 | ) | 1,315 | (490 | ) | |||||||||||
2,364 | 3,178 | 3,556 | 2,660 | 2,567 | |||||||||||||||
Adjustments: | |||||||||||||||||||
Equity-based compensation | 1,076 | 107 | 107 | 391 | 377 | ||||||||||||||
Nonperforming asset management | 104 | 99 | 89 | 127 | 84 | ||||||||||||||
Loss (gain) on sale of other real estate owned | 16 | (113 | ) | (15 | ) | (38 | ) | 38 | |||||||||||
Valuation adjustments of other real estate owned | 20 | 70 | 115 | 10 | 119 | ||||||||||||||
Operations of other real estate owned | 177 | 121 | 143 | 177 | 219 | ||||||||||||||
1,393 | 284 | 439 | 667 | 837 | |||||||||||||||
Pre–tax pre–provision earnings from adjusted operations | $ | 3,757 | $ | 3,462 | $ | 3,995 | $ | 3,327 | $ | 3,404 | |||||||||
Pre–tax pre–provision earnings from adjusted operations to average total assets (1) | 0.94 | % | 0.88 | % | 1.06 | % | 0.88 | % | 0.90 | % |
(1) | Annualized |