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 25, 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 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 0.88 | % | 0.64 | % | 0.47 | % | 0.57 | % | 0.66 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 7.07 | 5.08 | 3.66 | 4.41 | 4.86 | ||||||||||||||
Net interest rate spread (1) | 3.10 | 3.10 | 3.15 | 3.01 | 3.23 | ||||||||||||||
Net interest margin (1) | 3.23 | 3.22 | 3.26 | 3.11 | 3.33 | ||||||||||||||
Efficiency ratio | 72.19 | 69.62 | 82.66 | 76.23 | 73.60 | ||||||||||||||
Noninterest expense to average total assets (1) | 2.51 | 2.38 | 2.82 | 2.59 | 2.62 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 131.23 | 131.33 | 132.57 | 133.71 | 134.36 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) | 238 | 247 | 242 | 246 | 242 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 10,620 | $ | 9,835 | $ | 10,247 | $ | 13,053 | $ | 9,499 | |||||||||
Interest-bearing deposits in other financial institutions | 115,041 | 71,771 | 65,219 | 83,631 | 91,031 | ||||||||||||||
Securities, at fair value | 98,787 | 109,762 | 110,230 | 107,212 | 99,899 | ||||||||||||||
Loans receivable, net | 1,335,631 | 1,335,835 | 1,319,287 | 1,312,952 | 1,241,808 | ||||||||||||||
Other real estate owned, net | 3,569 | 4,896 | 5,301 | 3,895 | 4,381 | ||||||||||||||
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost | 8,290 | 8,290 | 8,147 | 11,650 | 6,257 | ||||||||||||||
Premises and equipment, net | 30,774 | 30,889 | 31,149 | 31,413 | 31,856 | ||||||||||||||
Intangible assets | 408 | 531 | 653 | 782 | 911 | ||||||||||||||
Bank owned life insurance | 22,790 | 22,723 | 22,657 | 22,594 | 22,538 | ||||||||||||||
Deferred taxes | 20,214 | 20,676 | 22,103 | 22,411 | 23,715 | ||||||||||||||
Other assets | 8,145 | 8,210 | 8,480 | 10,444 | 8,378 | ||||||||||||||
Total assets | $ | 1,654,269 | $ | 1,623,418 | $ | 1,603,473 | $ | 1,620,037 | $ | 1,540,273 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,371,089 | $ | 1,347,887 | $ | 1,329,282 | $ | 1,339,390 | $ | 1,316,695 | |||||||||
Borrowings | 60,928 | 50,877 | 52,046 | 51,069 | 1,406 | ||||||||||||||
Other liabilities | 22,474 | 24,592 | 20,124 | 24,798 | 18,505 | ||||||||||||||
Total liabilities | 1,454,491 | 1,423,356 | 1,401,452 | 1,415,257 | 1,336,606 | ||||||||||||||
Stockholders’ equity | 199,778 | 200,062 | 202,021 | 204,780 | 203,667 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,654,269 | $ | 1,623,418 | $ | 1,603,473 | $ | 1,620,037 | $ | 1,540,273 |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 14,121 | $ | 13,649 | $ | 13,362 | $ | 12,743 | $ | 12,845 | |||||||||
Total interest expense | 1,615 | 1,456 | 1,276 | 1,148 | 1,014 | ||||||||||||||
Net interest income before provision (recovery) | 12,506 | 12,193 | 12,086 | 11,595 | 11,831 | ||||||||||||||
Provision for (recovery of) loan losses | (225 | ) | 49 | 161 | (539 | ) | (525 | ) | |||||||||||
Net interest income | 12,731 | 12,144 | 11,925 | 12,134 | 12,356 | ||||||||||||||
Noninterest income | 1,623 | 1,607 | 1,544 | 1,777 | 1,637 | ||||||||||||||
Noninterest expense | 10,200 | 9,607 | 11,266 | 10,194 | 9,912 | ||||||||||||||
Income before income tax | 4,154 | 4,144 | 2,203 | 3,717 | 4,081 | ||||||||||||||
Income tax expense | 594 | 1,572 | 322 | 1,458 | 1,573 | ||||||||||||||
Net income | $ | 3,560 | $ | 2,572 | $ | 1,881 | $ | 2,259 | $ | 2,508 | |||||||||
Basic earnings per common share | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | $ | 0.13 | |||||||||
Diluted earnings per common share | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | $ | 0.13 | |||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 584 | $ | 569 | $ | 529 | $ | 563 | $ | 583 | |||||||||
Other fee income | 523 | 490 | 481 | 574 | 478 | ||||||||||||||
Insurance commissions and annuities income | 41 | 52 | 77 | 122 | 53 | ||||||||||||||
Gain on sales of loans, net | 10 | 53 | 7 | 16 | 38 | ||||||||||||||
Gain on other assets | — | — | — | 38 | — | ||||||||||||||
Loan servicing fees | 58 | 62 | 68 | 62 | 66 | ||||||||||||||
Amortization of servicing assets | (27 | ) | (28 | ) | (31 | ) | (32 | ) | (28 | ) | |||||||||
Recovery of servicing assets | — | — | — | 16 | — | ||||||||||||||
Earnings on bank owned life insurance | 67 | 66 | 63 | 56 | 54 | ||||||||||||||
Trust income | 169 | 193 | 172 | 182 | 167 | ||||||||||||||
Other | 198 | 150 | 178 | 180 | 226 | ||||||||||||||
Total noninterest income | $ | 1,623 | $ | 1,607 | $ | 1,544 | $ | 1,777 | $ | 1,637 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 5,330 | $ | 5,110 | $ | 6,352 | $ | 5,734 | $ | 5,315 | |||||||||
Office occupancy and equipment | 1,693 | 1,599 | 1,622 | 1,611 | 1,487 | ||||||||||||||
Advertising and public relations | 167 | 259 | 381 | 252 | 144 | ||||||||||||||
Information technology | 638 | 679 | 753 | 762 | 707 | ||||||||||||||
Supplies, telephone, and postage | 337 | 358 | 332 | 346 | 345 | ||||||||||||||
Amortization of intangibles | 123 | 122 | 129 | 129 | 129 | ||||||||||||||
Nonperforming asset management | 84 | 27 | 104 | 99 | 89 | ||||||||||||||
Loss (gain) on sales of other real estate owned | 69 | 15 | 16 | (113 | ) | (15 | ) | ||||||||||||
Valuation adjustments of other real estate owned | 227 | 54 | 20 | 70 | 115 | ||||||||||||||
Operations of other real estate owned | 107 | 176 | 177 | 121 | 143 | ||||||||||||||
FDIC insurance premiums | 150 | 125 | 187 | 64 | 238 | ||||||||||||||
Other | 1,275 | 1,083 | 1,193 | 1,119 | 1,215 | ||||||||||||||
Total noninterest expense | $ | 10,200 | $ | 9,607 | $ | 11,266 | $ | 10,194 | $ | 9,912 |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 105,186 | $ | 115,659 | $ | 122,310 | $ | 135,218 | $ | 142,130 | |||||||||
Multi–family mortgage loans | 576,425 | 555,691 | 549,829 | 542,887 | 505,369 | ||||||||||||||
Nonresidential real estate loans | 176,301 | 177,436 | 179,896 | 182,152 | 186,504 | ||||||||||||||
Construction and land loans | 2,827 | 2,265 | 1,354 | 1,302 | 1,005 | ||||||||||||||
Commercial loans | 147,079 | 129,200 | 105,671 | 103,063 | 106,878 | ||||||||||||||
Commercial leases | 333,120 | 360,397 | 364,768 | 352,539 | 304,753 | ||||||||||||||
Consumer loans | 1,747 | 1,829 | 1,896 | 2,255 | 1,846 | ||||||||||||||
1,342,685 | 1,342,477 | 1,325,724 | 1,319,416 | 1,248,485 | |||||||||||||||
Net deferred loan origination costs | 1,320 | 1,480 | 1,534 | 1,663 | 1,657 | ||||||||||||||
Allowance for loan losses | (8,374 | ) | (8,122 | ) | (7,971 | ) | (8,127 | ) | (8,334 | ) | |||||||||
Loans, net | $ | 1,335,631 | $ | 1,335,835 | $ | 1,319,287 | $ | 1,312,952 | $ | 1,241,808 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 1,654 | $ | 1,708 | $ | 1,141 | $ | 1,426 | $ | 2,322 | |||||||||
Multi–family mortgage loans | 40,695 | 22,938 | 25,613 | 54,954 | 25,062 | ||||||||||||||
Nonresidential real estate loans | 2,462 | 1,577 | 8,376 | 9,033 | 3,518 | ||||||||||||||
Construction and land loans | 646 | 936 | 76 | 359 | 92 | ||||||||||||||
Commercial loans | 90,617 | 104,571 | 48,899 | 49,385 | 67,919 | ||||||||||||||
Commercial leases | 27,199 | 46,821 | 61,550 | 87,855 | 54,717 | ||||||||||||||
Consumer loans | 1,002 | 591 | 636 | 611 | 883 | ||||||||||||||
$ | 164,275 | $ | 179,142 | $ | 146,291 | $ | 203,623 | $ | 154,513 | ||||||||||
Weighted average rate | 4.77 | % | 4.96 | % | 4.18 | % | 3.79 | % | 4.07 | % | |||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 11,931 | $ | 7,528 | $ | 13,007 | $ | 8,698 | $ | 7,245 | |||||||||
Multi–family mortgage loans | 19,966 | 16,351 | 18,464 | 16,999 | 24,276 | ||||||||||||||
Nonresidential real estate loans | 3,658 | 3,954 | 9,834 | 12,697 | 8,740 | ||||||||||||||
Construction and land loans | 67 | 25 | 24 | 24 | 852 | ||||||||||||||
Commercial loans | 71,481 | 79,141 | 46,291 | 53,147 | 45,990 | ||||||||||||||
Commercial leases | 57,061 | 49,970 | 47,695 | 35,984 | 31,437 | ||||||||||||||
Consumer loans | 1,159 | 611 | 600 | 633 | 801 | ||||||||||||||
$ | 165,323 | $ | 157,580 | $ | 135,915 | $ | 128,182 | $ | 119,341 | ||||||||||
Weighted average rate | 4.30 | % | 4.39 | % | 4.09 | % | 4.31 | % | 4.18 | % |
(1) | Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals. |
(2) | Loan payments and payoffs exclude loan renewals. |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,234 | $ | 2,585 | $ | 2,296 | $ | 2,851 | $ | 2,691 | |||||||||
Multi–family mortgage loans | 371 | 371 | 106 | 185 | 508 | ||||||||||||||
Nonresidential real estate loans | — | — | — | 260 | 717 | ||||||||||||||
Nonaccrual loans | 2,605 | 2,956 | 2,402 | 3,296 | 3,916 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 1,748 | 1,946 | 1,986 | 1,565 | 2,281 | ||||||||||||||
Multi–family real estate | — | 357 | 615 | 370 | 393 | ||||||||||||||
Nonresidential real estate | 1,551 | 1,736 | 1,808 | 1,066 | 780 | ||||||||||||||
Land | 270 | 857 | 892 | 894 | 927 | ||||||||||||||
Other real estate owned | 3,569 | 4,896 | 5,301 | 3,895 | 4,381 | ||||||||||||||
Nonperforming assets | $ | 6,174 | $ | 7,852 | $ | 7,703 | $ | 7,191 | $ | 8,297 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.37 | % | 0.48 | % | 0.48 | % | 0.44 | % | 0.54 | % | |||||||||
Nonperforming loans to total loans | 0.19 | 0.22 | 0.18 | 0.25 | 0.31 | ||||||||||||||
Nonperforming commercial-related loans to total commercial-related loans (1) | 0.03 | 0.03 | 0.01 | 0.04 | 0.11 | ||||||||||||||
Nonperforming residential and consumer loans to total residential and consumer loans | 2.95 | 2.20 | 1.85 | 2.08 | 1.87 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 321.46 | 274.76 | 331.85 | 246.57 | 212.82 | ||||||||||||||
Concentrations of Credit | |||||||||||||||||||
Commercial Real Estate for FFIEC Concentration Limits | $ | 723,797 | $ | 702,476 | $ | 696,933 | $ | 690,879 | $ | 658,887 | |||||||||
% FFIEC Total Capital | 392.91 | % | 386.32 | % | 386.37 | % | 410.96 | % | 399.18 | % | |||||||||
Multi–family mortgage loans - 50% risk based capital qualified (included above) | $ | 330,181 | $ | 309,867 | $ | 308,653 | $ | 305,436 | $ | 269,641 | |||||||||
% FFIEC Total Capital | 179.24 | % | 170.41 | % | 171.11 | % | 181.68 | % | 163.36 | % | |||||||||
Commercial Leases - Investment Grade | $ | 230,931 | $ | 255,375 | $ | 279,345 | $ | 268,022 | $ | 215,237 | |||||||||
Commercial Leases - Other | 102,189 | 105,022 | 85,423 | 84,517 | 89,516 |
(1) | Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases. |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 297 | $ | 364 | $ | 726 | $ | 670 | $ | 475 | |||||||||
Multi–family mortgage loans | 480 | 487 | 769 | 1,048 | 2,119 | ||||||||||||||
Nonresidential real estate loans | 162 | 106 | 108 | 1,845 | 2,407 | ||||||||||||||
Commercial loans | 982 | 1,007 | 14 | 66 | 75 | ||||||||||||||
Consumer loans | — | 6 | — | — | — | ||||||||||||||
$ | 1,921 | $ | 1,970 | $ | 1,617 | $ | 3,629 | $ | 5,076 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 8,122 | $ | 7,971 | $ | 8,127 | $ | 8,334 | $ | 8,915 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (89 | ) | (22 | ) | (171 | ) | (30 | ) | (102 | ) | |||||||||
Multi–family mortgage loans | (7 | ) | — | (3 | ) | (28 | ) | — | |||||||||||
Nonresidential real estate loans | — | — | (165 | ) | (3 | ) | (55 | ) | |||||||||||
Consumer loans | (7 | ) | — | — | (1 | ) | (6 | ) | |||||||||||
(103 | ) | (22 | ) | (339 | ) | (62 | ) | (163 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 15 | 79 | 6 | 229 | 5 | ||||||||||||||
Multi–family mortgage loans | 11 | 40 | 11 | 6 | 10 | ||||||||||||||
Nonresidential real estate loans | 10 | — | — | — | 39 | ||||||||||||||
Commercial loans | 542 | 5 | 5 | 159 | 45 | ||||||||||||||
Commercial leases | 2 | — | — | — | 7 | ||||||||||||||
Consumer loans | — | — | — | — | 1 | ||||||||||||||
580 | 124 | 22 | 394 | 107 | |||||||||||||||
Net (charge–offs) recoveries | 477 | 102 | (317 | ) | 332 | (56 | ) | ||||||||||||
Provision for (recovery of ) loan losses | (225 | ) | 49 | 161 | (539 | ) | (525 | ) | |||||||||||
Ending balance | $ | 8,374 | $ | 8,122 | $ | 7,971 | $ | 8,127 | $ | 8,334 | |||||||||
Allowance for loan losses to total loans | 0.62 | % | 0.61 | % | 0.60 | % | 0.62 | % | 0.67 | % | |||||||||
Net (charge–off) recovery ratio (1) | 0.14 | 0.03 | (0.10 | ) | 0.11 | (0.02 | ) |
(1) | Annualized |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 231,049 | $ | 229,921 | $ | 234,415 | $ | 249,539 | $ | 234,652 | |||||||||
Savings deposits | 158,696 | 160,544 | 161,938 | 160,002 | 155,199 | ||||||||||||||
Money market accounts | 301,905 | 305,300 | 304,981 | 311,183 | 320,814 | ||||||||||||||
Interest–bearing NOW accounts | 283,411 | 286,400 | 266,157 | 267,054 | 263,286 | ||||||||||||||
Certificates of deposits - retail | 219,478 | 222,744 | 219,068 | 220,602 | 223,642 | ||||||||||||||
Certificates of deposits - wholesale | 176,550 | 142,978 | 142,723 | 131,010 | 119,102 | ||||||||||||||
$ | 1,371,089 | $ | 1,347,887 | $ | 1,329,282 | $ | 1,339,390 | $ | 1,316,695 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,624,437 | $ | 1,612,121 | $ | 1,595,191 | $ | 1,576,345 | $ | 1,511,475 | |||||||||
Total average interest–earning assets | 1,535,843 | 1,519,573 | 1,502,146 | 1,481,775 | 1,414,736 | ||||||||||||||
Average loans | 1,331,302 | 1,318,473 | 1,313,299 | 1,253,224 | 1,225,480 | ||||||||||||||
Average securities | 108,050 | 109,454 | 113,756 | 99,767 | 106,904 | ||||||||||||||
Average stock in FHLB & FRB | 8,290 | 8,250 | 9,158 | 8,133 | 6,257 | ||||||||||||||
Average other interest–earning assets | 88,201 | 83,396 | 65,933 | 120,651 | 76,095 | ||||||||||||||
Total average interest–bearing liabilities | 1,170,322 | 1,157,060 | 1,133,098 | 1,108,181 | 1,052,916 | ||||||||||||||
Average interest–bearing deposits | 1,112,210 | 1,105,881 | 1,083,792 | 1,088,265 | 1,050,935 | ||||||||||||||
Average borrowings | 58,112 | 51,179 | 49,306 | 19,916 | 1,981 | ||||||||||||||
Average stockholders’ equity | 201,420 | 202,360 | 205,379 | 205,071 | 206,237 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 3.65 | % | 3.60 | % | 3.61 | % | 3.42 | % | 3.61 | % | |||||||||
Average loans | 3.98 | 3.94 | 3.94 | 3.87 | 4.02 | ||||||||||||||
Average securities | 1.43 | 1.31 | 1.24 | 1.20 | 1.14 | ||||||||||||||
Average other interest–earning assets | 1.29 | 1.13 | 0.95 | 0.78 | 0.73 | ||||||||||||||
Total average interest–bearing liabilities | 0.55 | 0.50 | 0.46 | 0.41 | 0.38 | ||||||||||||||
Average interest–bearing deposits | 0.51 | 0.47 | 0.44 | 0.41 | 0.38 | ||||||||||||||
Average borrowings | 1.34 | 1.19 | 0.79 | 0.64 | 0.40 | ||||||||||||||
Net interest rate spread | 3.10 | 3.10 | 3.15 | 3.01 | 3.23 | ||||||||||||||
Net interest margin | 3.23 | 3.22 | 3.26 | 3.11 | 3.33 |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 12.08 | % | 12.32 | % | 12.60 | % | 12.64 | % | 13.22 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 12.05 | 12.29 | 12.56 | 12.60 | 13.17 | ||||||||||||||
Risk–based total capital ratio | 16.43 | 16.29 | 16.65 | 16.96 | 17.64 | ||||||||||||||
Common Tier 1 (CET1) | 15.71 | 15.59 | 15.96 | 16.25 | 16.87 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.71 | 15.59 | 15.96 | 16.25 | 16.87 | ||||||||||||||
Tier 1 leverage ratio | 11.36 | 11.42 | 11.58 | 11.92 | 12.28 | ||||||||||||||
Tier 1 capital | $ | 182,683 | $ | 182,088 | $ | 182,508 | $ | 185,718 | $ | 183,092 | |||||||||
BankFinancial, NA | |||||||||||||||||||
Risk–based total capital ratio | 15.85 | % | 15.57 | % | 15.76 | % | 14.72 | % | 15.21 | % | |||||||||
Common Tier 1 (CET1) | 15.13 | 14.88 | 15.06 | 14.01 | 14.44 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.13 | 14.88 | 15.06 | 14.01 | 14.44 | ||||||||||||||
Tier 1 leverage ratio | 10.94 | 10.89 | 10.94 | 10.27 | 10.51 | ||||||||||||||
Tier 1 capital | $ | 175,838 | $ | 173,717 | $ | 172,410 | $ | 159,986 | $ | 156,725 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 15.89 | $ | 14.92 | $ | 14.52 | $ | 14.82 | $ | 12.70 | |||||||||
High | 16.89 | 15.31 | 15.24 | 15.12 | 12.80 | ||||||||||||||
Low | 14.66 | 13.43 | 13.13 | 12.15 | 11.75 | ||||||||||||||
Common shares outstanding | 18,063,623 | 18,229,860 | 18,440,440 | 19,233,760 | 19,271,211 | ||||||||||||||
Book value per share | $ | 11.06 | $ | 10.97 | $ | 10.96 | $ | 10.65 | $ | 10.57 | |||||||||
Tangible book value per share | $ | 11.04 | $ | 10.95 | $ | 10.92 | $ | 10.61 | $ | 10.52 | |||||||||
Cash dividends declared on common stock | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.06 | $ | 0.05 | |||||||||
Dividend payout ratio | 35.69 | % | 49.94 | % | 61.42 | % | 51.09 | % | 38.82 | % | |||||||||
Stock repurchases | $ | 2,581 | $ | 3,188 | $ | 3,379 | $ | 520 | $ | 5,022 | |||||||||
Stock repurchases – shares | 166,237 | 216,391 | 232.045 | 37,451 | 407,486 | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 3,560 | $ | 2,572 | $ | 1,881 | $ | 2,259 | $ | 2,508 | |||||||||
Average common shares outstanding | 18,140,599 | 18,330,972 | 19,243,941 | 19,257,435 | 19,460,022 | ||||||||||||||
Less: Unearned ESOP shares | — | — | (600,947 | ) | (645,751 | ) | (670,351 | ) | |||||||||||
Unvested restricted stock shares | (940 | ) | (940 | ) | (940 | ) | (940 | ) | (940 | ) | |||||||||
Weighted average common shares outstanding | 18,139,659 | 18,330,032 | 18,642,054 | 18,610,744 | 18,788,731 | ||||||||||||||
Plus: Dilutive common shares equivalents | 450 | 423 | 5,462 | 170,683 | 323 | ||||||||||||||
Weighted average dilutive common shares outstanding | 18,140,109 | 18,330,455 | 18,647,516 | 18,781,427 | 18,789,054 | ||||||||||||||
Basic earnings per common share | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | $ | 0.13 | |||||||||
Diluted earnings per common share | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | $ | 0.13 | |||||||||
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 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Pre–tax pre–provision earnings from adjusted operations | |||||||||||||||
Income before income taxes | $ | 4,154 | $ | 4,081 | $ | 10,501 | $ | 8,483 | |||||||
Provision for (recovery of) loan losses | (225 | ) | (525 | ) | (15 | ) | 300 | ||||||||
3,929 | 3,556 | 10,486 | 8,783 | ||||||||||||
Adjustments: | |||||||||||||||
Equity-based compensation | — | 107 | 1,076 | 875 | |||||||||||
Nonperforming asset management | 84 | 89 | 215 | 300 | |||||||||||
Loss (gain) on sale of other real estate owned | 69 | (15 | ) | 100 | (15 | ) | |||||||||
Valuation adjustments of other real estate owned | 227 | 115 | 301 | 244 | |||||||||||
Operations of other real estate owned | 107 | 143 | 460 | 539 | |||||||||||
Adjustments | 487 | 439 | 2,152 | 1,943 | |||||||||||
Pre–tax pre–provision (recovery) earnings from adjusted operations | $ | 4,416 | $ | 3,995 | $ | 12,638 | $ | 10,726 | |||||||
Pre–tax pre–provision (recovery) earnings from adjusted operations to average total assets (1) | 1.09 | % | 1.06 | % | 1.05 | % | 0.95 | % |
(1) | Annualized |
2017 | 2016 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
Pre–tax pre–provision (recovery) earnings from adjusted operations | |||||||||||||||||||
Income before income taxes | $ | 4,154 | $ | 4,144 | $ | 2,203 | $ | 3,717 | $ | 4,081 | |||||||||
Provision for (recovery of) loan losses | (225 | ) | 49 | 161 | (539 | ) | (525 | ) | |||||||||||
3,929 | 4,193 | 2,364 | 3,178 | 3,556 | |||||||||||||||
Adjustments: | |||||||||||||||||||
Equity-based compensation | — | — | 1,076 | 107 | 107 | ||||||||||||||
Nonperforming asset management | 84 | 27 | 104 | 99 | 89 | ||||||||||||||
Loss (gain) on sale of other real estate owned | 69 | 15 | 16 | (113 | ) | (15 | ) | ||||||||||||
Valuation adjustments of other real estate owned | 227 | 54 | 20 | 70 | 115 | ||||||||||||||
Operations of other real estate owned | 107 | 176 | 177 | 121 | 143 | ||||||||||||||
487 | 272 | 1,393 | 284 | 439 | |||||||||||||||
Pre–tax pre–provision (recovery) earnings from adjusted operations | $ | 4,416 | $ | 4,465 | $ | 3,757 | $ | 3,462 | $ | 3,995 | |||||||||
Pre–tax pre–provision (recovery) earnings from adjusted operations to average total assets (1) | 1.09 | % | 1.11 | % | 0.94 | % | 0.88 | % | 1.06 | % |
(1) | Annualized |