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 9.01. | Financial Statements and Exhibits. |
(a) | Not Applicable. |
(b) | Not Applicable. |
(c) | Not Applicable. |
(d) | Exhibits. |
BANKFINANCIAL CORPORATION | |||||
Dated: | January 29, 2018 | 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 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 0.24 | % | 0.88 | % | 0.64 | % | 0.47 | % | 0.57 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 1.97 | 7.07 | 5.08 | 3.66 | 4.41 | ||||||||||||||
Net interest rate spread (1) | 3.26 | 3.10 | 3.10 | 3.15 | 3.01 | ||||||||||||||
Net interest margin (1) | 3.41 | 3.23 | 3.22 | 3.26 | 3.11 | ||||||||||||||
Efficiency ratio | 62.37 | 72.19 | 69.62 | 82.66 | 76.23 | ||||||||||||||
Noninterest expense to average total assets (1) | 2.28 | 2.51 | 2.38 | 2.82 | 2.59 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 131.68 | 131.23 | 131.33 | 132.57 | 133.71 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) | 236 | 238 | 247 | 242 | 246 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 13,572 | $ | 10,620 | $ | 9,835 | $ | 10,247 | $ | 13,053 | |||||||||
Interest-bearing deposits in other financial institutions | 114,020 | 115,041 | 71,771 | 65,219 | 83,631 | ||||||||||||||
Securities, at fair value | 93,383 | 98,787 | 109,762 | 110,230 | 107,212 | ||||||||||||||
Loans receivable, net | 1,314,651 | 1,335,631 | 1,335,835 | 1,319,287 | 1,312,952 | ||||||||||||||
Other real estate owned, net | 2,351 | 3,569 | 4,896 | 5,301 | 3,895 | ||||||||||||||
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost | 8,290 | 8,290 | 8,290 | 8,147 | 11,650 | ||||||||||||||
Premises and equipment, net | 30,523 | 30,774 | 30,889 | 31,149 | 31,413 | ||||||||||||||
Intangible assets | 286 | 408 | 531 | 653 | 782 | ||||||||||||||
Bank owned life insurance | 22,859 | 22,790 | 22,723 | 22,657 | 22,594 | ||||||||||||||
Deferred taxes | 12,563 | 20,214 | 20,676 | 22,103 | 22,411 | ||||||||||||||
Other assets | 13,060 | 8,145 | 8,210 | 8,480 | 10,444 | ||||||||||||||
Total assets | $ | 1,625,558 | $ | 1,654,269 | $ | 1,623,418 | $ | 1,603,473 | $ | 1,620,037 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,340,051 | $ | 1,371,089 | $ | 1,347,887 | $ | 1,329,282 | $ | 1,339,390 | |||||||||
Borrowings | 60,768 | 60,928 | 50,877 | 52,046 | 51,069 | ||||||||||||||
Other liabilities | 27,105 | 22,474 | 24,592 | 20,124 | 24,798 | ||||||||||||||
Total liabilities | 1,427,924 | 1,454,491 | 1,423,356 | 1,401,452 | 1,415,257 | ||||||||||||||
Stockholders’ equity | 197,634 | 199,778 | 200,062 | 202,021 | 204,780 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,625,558 | $ | 1,654,269 | $ | 1,623,418 | $ | 1,603,473 | $ | 1,620,037 |
2017 | 2016 | For the years ended December 31, | |||||||||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | 2017 | 2016 | |||||||||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||
Total interest income | $ | 15,047 | $ | 14,121 | $ | 13,649 | $ | 13,362 | $ | 12,743 | $ | 56,179 | $ | 50,928 | |||||||||||||
Total interest expense | 1,742 | 1,615 | 1,456 | 1,276 | 1,148 | 6,089 | 3,970 | ||||||||||||||||||||
Net interest income before provision (recovery) | 13,305 | 12,506 | 12,193 | 12,086 | 11,595 | 50,090 | 46,958 | ||||||||||||||||||||
Provision for (recovery of) loan losses | (72 | ) | (225 | ) | 49 | 161 | (539 | ) | (87 | ) | (239 | ) | |||||||||||||||
Net interest income | 13,377 | 12,731 | 12,144 | 11,925 | 12,134 | 50,177 | 47,197 | ||||||||||||||||||||
Noninterest income | 1,634 | 1,623 | 1,607 | 1,544 | 1,777 | 6,408 | 6,545 | ||||||||||||||||||||
Noninterest expense | 9,318 | 10,200 | 9,607 | 11,266 | 10,194 | 40,391 | 41,542 | ||||||||||||||||||||
Income before income tax | 5,693 | 4,154 | 4,144 | 2,203 | 3,717 | 16,194 | 12,200 | ||||||||||||||||||||
Income tax expense (1) | 4,702 | 594 | 1,572 | 322 | 1,458 | 7,190 | 4,698 | ||||||||||||||||||||
Net income | $ | 991 | $ | 3,560 | $ | 2,572 | $ | 1,881 | $ | 2,259 | $ | 9,004 | $ | 7,502 | |||||||||||||
Basic earnings per common share | $ | 0.06 | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | $ | 0.49 | $ | 0.40 | |||||||||||||
Diluted earnings per common share | $ | 0.06 | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | $ | 0.49 | $ | 0.39 | |||||||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||
Deposit service charges and fees | $ | 568 | $ | 584 | $ | 569 | $ | 529 | $ | 563 | $ | 2,250 | $ | 2,254 | |||||||||||||
Other fee income | 535 | 523 | 490 | 481 | 574 | 2,029 | 2,052 | ||||||||||||||||||||
Insurance commissions and annuities income | 81 | 41 | 52 | 77 | 122 | 251 | 302 | ||||||||||||||||||||
Gain on sales of loans, net | 6 | 10 | 53 | 7 | 16 | 76 | 75 | ||||||||||||||||||||
Gain on sale of securities and other assets | — | — | — | — | 38 | — | 84 | ||||||||||||||||||||
Loan servicing fees | 60 | 58 | 62 | 68 | 62 | 248 | 276 | ||||||||||||||||||||
Amortization of servicing assets | (23 | ) | (27 | ) | (28 | ) | (31 | ) | (32 | ) | (109 | ) | (128 | ) | |||||||||||||
Recovery of servicing assets | — | — | — | — | 16 | — | 16 | ||||||||||||||||||||
Earnings on bank owned life insurance | 69 | 67 | 66 | 63 | 56 | 265 | 207 | ||||||||||||||||||||
Trust income | 186 | 169 | 193 | 172 | 182 | 720 | 674 | ||||||||||||||||||||
Other | 152 | 198 | 150 | 178 | 180 | 678 | 733 | ||||||||||||||||||||
Total noninterest income | $ | 1,634 | $ | 1,623 | $ | 1,607 | $ | 1,544 | $ | 1,777 | $ | 6,408 | $ | 6,545 | |||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||
Compensation and benefits | $ | 4,975 | $ | 5,330 | $ | 5,110 | $ | 6,352 | $ | 5,734 | $ | 21,767 | $ | 22,755 | |||||||||||||
Office occupancy and equipment | 1,709 | 1,693 | 1,599 | 1,622 | 1,611 | 6,623 | 6,380 | ||||||||||||||||||||
Advertising and public relations | 197 | 167 | 259 | 381 | 252 | 1,004 | 870 | ||||||||||||||||||||
Information technology | 673 | 638 | 679 | 753 | 762 | 2,743 | 2,892 | ||||||||||||||||||||
Supplies, telephone, and postage | 339 | 337 | 358 | 332 | 346 | 1,366 | 1,364 | ||||||||||||||||||||
Amortization of intangibles | 122 | 123 | 122 | 129 | 129 | 496 | 523 | ||||||||||||||||||||
Nonperforming asset management | 125 | 84 | 27 | 104 | 99 | 340 | 399 | ||||||||||||||||||||
Loss (gain) on sales of other real estate owned | (55 | ) | 69 | 15 | 16 | (113 | ) | 45 | (128 | ) | |||||||||||||||||
Valuation adjustments of other real estate owned | 32 | 227 | 54 | 20 | 70 | 333 | 314 | ||||||||||||||||||||
Operations of other real estate owned | 85 | 107 | 176 | 177 | 121 | 545 | 660 | ||||||||||||||||||||
FDIC insurance premiums | 125 | 150 | 125 | 187 | 64 | 587 | 755 | ||||||||||||||||||||
Other | 991 | 1,275 | 1,083 | 1,193 | 1,119 | 4,542 | 4,758 | ||||||||||||||||||||
Total noninterest expense | $ | 9,318 | $ | 10,200 | $ | 9,607 | $ | 11,266 | $ | 10,194 | $ | 40,391 | $ | 41,542 |
2017 | 2016 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 97,814 | $ | 105,186 | $ | 115,659 | $ | 122,310 | $ | 135,218 | |||||||||
Multi–family mortgage loans | 588,383 | 576,425 | 555,691 | 549,829 | 542,887 | ||||||||||||||
Nonresidential real estate loans | 169,971 | 176,301 | 177,436 | 179,896 | 182,152 | ||||||||||||||
Construction and land loans | 1,358 | 2,827 | 2,265 | 1,354 | 1,302 | ||||||||||||||
Commercial loans | 152,552 | 147,079 | 129,200 | 105,671 | 99,088 | ||||||||||||||
Commercial leases | 310,076 | 333,120 | 360,397 | 364,768 | 356,514 | ||||||||||||||
Consumer loans | 1,597 | 1,747 | 1,829 | 1,896 | 2,255 | ||||||||||||||
1,321,751 | 1,342,685 | 1,342,477 | 1,325,724 | 1,319,416 | |||||||||||||||
Net deferred loan origination costs | 1,266 | 1,320 | 1,480 | 1,534 | 1,663 | ||||||||||||||
Allowance for loan losses | (8,366 | ) | (8,374 | ) | (8,122 | ) | (7,971 | ) | (8,127 | ) | |||||||||
Loans, net | $ | 1,314,651 | $ | 1,335,631 | $ | 1,335,835 | $ | 1,319,287 | $ | 1,312,952 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 1,103 | $ | 1,654 | $ | 1,708 | $ | 1,141 | $ | 1,426 | |||||||||
Multi–family mortgage loans | 26,830 | 40,695 | 22,938 | 25,613 | 54,954 | ||||||||||||||
Nonresidential real estate loans | 2,311 | 2,462 | 1,577 | 8,376 | 9,033 | ||||||||||||||
Construction and land loans | — | 646 | 936 | 76 | 359 | ||||||||||||||
Commercial loans | 100,667 | 90,617 | 104,571 | 48,899 | 49,385 | ||||||||||||||
Commercial leases | 42,700 | 27,199 | 46,821 | 61,550 | 87,855 | ||||||||||||||
Consumer loans | 781 | 1,002 | 591 | 636 | 611 | ||||||||||||||
$ | 174,392 | $ | 164,275 | $ | 179,142 | $ | 146,291 | $ | 203,623 | ||||||||||
Weighted average rate | 5.12 | % | 4.77 | % | 4.96 | % | 4.18 | % | 3.79 | % | |||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 7,611 | $ | 11,931 | $ | 7,528 | $ | 13,007 | $ | 8,698 | |||||||||
Multi–family mortgage loans | 14,998 | 19,966 | 16,351 | 18,464 | 16,999 | ||||||||||||||
Nonresidential real estate loans | 9,577 | 3,658 | 3,954 | 9,834 | 12,697 | ||||||||||||||
Construction and land loans | 31 | 67 | 25 | 24 | 24 | ||||||||||||||
Commercial loans | 94,996 | 71,481 | 79,141 | 46,291 | 53,147 | ||||||||||||||
Commercial leases | 65,707 | 57,061 | 49,970 | 47,695 | 35,984 | ||||||||||||||
Consumer loans | 732 | 1,159 | 611 | 600 | 633 | ||||||||||||||
$ | 193,652 | $ | 165,323 | $ | 157,580 | $ | 135,915 | $ | 128,182 | ||||||||||
Weighted average rate | 4.67 | % | 4.30 | % | 4.39 | % | 4.09 | % | 4.31 | % |
2017 | 2016 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 2,027 | $ | 2,234 | $ | 2,585 | $ | 2,296 | $ | 2,851 | |||||||||
Multi–family mortgage loans | 363 | 371 | 371 | 106 | 185 | ||||||||||||||
Nonresidential real estate loans | — | — | — | — | 260 | ||||||||||||||
Nonaccrual loans | 2,390 | 2,605 | 2,956 | 2,402 | 3,296 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 827 | 1,748 | 1,946 | 1,986 | 1,565 | ||||||||||||||
Multi–family real estate | — | — | 357 | 615 | 370 | ||||||||||||||
Nonresidential real estate | 1,520 | 1,551 | 1,736 | 1,808 | 1,066 | ||||||||||||||
Land | 4 | 270 | 857 | 892 | 894 | ||||||||||||||
Other real estate owned | 2,351 | 3,569 | 4,896 | 5,301 | 3,895 | ||||||||||||||
Nonperforming assets | $ | 4,741 | $ | 6,174 | $ | 7,852 | $ | 7,703 | $ | 7,191 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.29 | % | 0.37 | % | 0.48 | % | 0.48 | % | 0.44 | % | |||||||||
Nonperforming loans to total loans | 0.18 | 0.19 | 0.22 | 0.18 | 0.25 | ||||||||||||||
Nonperforming commercial-related loans to total commercial-related loans (1) | 0.03 | 0.03 | 0.03 | 0.01 | 0.04 | ||||||||||||||
Nonperforming residential and consumer loans to total residential and consumer loans | 2.04 | 2.09 | 2.20 | 1.85 | 2.08 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 350.04 | 321.46 | 274.76 | 331.85 | 246.57 | ||||||||||||||
Concentrations of Credit | |||||||||||||||||||
Commercial Real Estate for FFEIC Concentration Limits | $ | 721,587 | $ | 723,797 | $ | 702,476 | $ | 696,933 | $ | 690,879 | |||||||||
% FFIEC Total Capital | 382.64 | % | 392.91 | % | 386.32 | % | 386.37 | % | 410.96 | % | |||||||||
Multi–family mortgage loans - 50% risk based capital qualified (included above) | $ | 365,713 | $ | 330,181 | $ | 309,867 | $ | 308,653 | $ | 305,436 | |||||||||
% FFIEC Total Capital | 193.93 | % | 179.24 | % | 170.41 | % | 171.11 | % | 181.68 | % | |||||||||
Commercial Leases - Investment Grade | $ | 207,460 | $ | 230,931 | $ | 255,375 | $ | 279,345 | $ | 271,972 | |||||||||
Commercial Leases - Other | 102,616 | 102,189 | 105,022 | 85,423 | 84,517 |
(1) | Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases. |
2017 | 2016 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 295 | $ | 297 | $ | 364 | $ | 726 | $ | 670 | |||||||||
Multi–family mortgage loans | 225 | 480 | 487 | 769 | 1,048 | ||||||||||||||
Nonresidential real estate loans | 154 | 162 | 106 | 108 | 1,845 | ||||||||||||||
Commercial loans | 2,248 | 982 | 1,007 | 14 | 66 | ||||||||||||||
Consumer loans | — | — | 6 | — | — | ||||||||||||||
$ | 2,922 | $ | 1,921 | $ | 1,970 | $ | 1,617 | $ | 3,629 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 8,374 | $ | 8,122 | $ | 7,971 | $ | 8,127 | $ | 8,334 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (36 | ) | (89 | ) | (22 | ) | (171 | ) | (30 | ) | |||||||||
Multi–family mortgage loans | — | (7 | ) | — | (3 | ) | (28 | ) | |||||||||||
Nonresidential real estate loans | — | — | — | (165 | ) | (3 | ) | ||||||||||||
Consumer loans | (3 | ) | (7 | ) | — | — | (1 | ) | |||||||||||
(39 | ) | (103 | ) | (22 | ) | (339 | ) | (62 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 45 | 15 | 79 | 6 | 229 | ||||||||||||||
Multi–family mortgage loans | 8 | 11 | 40 | 11 | 6 | ||||||||||||||
Nonresidential real estate loans | 7 | 10 | — | — | — | ||||||||||||||
Commercial loans | 42 | 542 | 5 | 5 | 159 | ||||||||||||||
Commercial leases | — | 2 | — | — | — | ||||||||||||||
Consumer loans | 1 | — | — | — | — | ||||||||||||||
103 | 580 | 124 | 22 | 394 | |||||||||||||||
Net (charge–offs) recoveries | 64 | 477 | 102 | (317 | ) | 332 | |||||||||||||
Provision for (recovery of) loan losses | (72 | ) | (225 | ) | 49 | 161 | (539 | ) | |||||||||||
Ending balance | $ | 8,366 | $ | 8,374 | $ | 8,122 | $ | 7,971 | $ | 8,127 | |||||||||
Allowance for loan losses to total loans | 0.63 | % | 0.62 | % | 0.61 | % | 0.60 | % | 0.62 | % | |||||||||
Net (charge–off) recovery ratio (1) | 0.02 | 0.14 | 0.03 | (0.10 | ) | 0.11 |
(1) | Annualized |
2017 | 2016 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 234,354 | $ | 231,049 | $ | 229,921 | $ | 234,415 | $ | 249,539 | |||||||||
Interest–bearing NOW accounts | 289,657 | 283,411 | 286,400 | 266,157 | 267,054 | ||||||||||||||
Money market accounts | 299,581 | 301,905 | 305,300 | 304,981 | 311,183 | ||||||||||||||
Savings deposits | 160,501 | 158,696 | 160,544 | 161,938 | 160,002 | ||||||||||||||
Certificates of deposits - retail | 224,401 | 219,478 | 222,744 | 219,068 | 220,602 | ||||||||||||||
Certificates of deposits - wholesale | 131,557 | 176,550 | 142,978 | 142,723 | 131,010 | ||||||||||||||
$ | 1,340,051 | $ | 1,371,089 | $ | 1,347,887 | $ | 1,329,282 | $ | 1,339,390 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,637,309 | $ | 1,624,437 | $ | 1,612,121 | $ | 1,595,191 | $ | 1,576,345 | |||||||||
Total average interest–earning assets | 1,549,746 | 1,535,843 | 1,519,573 | 1,502,146 | 1,481,775 | ||||||||||||||
Average loans | 1,330,276 | 1,331,302 | 1,318,473 | 1,313,299 | 1,253,224 | ||||||||||||||
Average securities | 95,065 | 108,050 | 109,454 | 113,756 | 99,767 | ||||||||||||||
Average stock in FHLB & FRB | 8,290 | 8,290 | 8,250 | 9,158 | 8,133 | ||||||||||||||
Average other interest–earning assets | 116,115 | 88,201 | 83,396 | 65,933 | 120,651 | ||||||||||||||
Total average interest–bearing liabilities | 1,176,898 | 1,170,322 | 1,157,060 | 1,133,098 | 1,108,181 | ||||||||||||||
Average interest–bearing deposits | 1,116,057 | 1,112,210 | 1,105,881 | 1,083,792 | 1,088,265 | ||||||||||||||
Average borrowings | 60,841 | 58,112 | 51,179 | 49,306 | 19,916 | ||||||||||||||
Average stockholders’ equity | 201,604 | 201,420 | 202,360 | 205,379 | 205,071 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 3.85 | % | 3.65 | % | 3.60 | % | 3.61 | % | 3.42 | % | |||||||||
Average loans | 4.22 | 3.98 | 3.94 | 3.94 | 3.87 | ||||||||||||||
Average securities | 1.58 | 1.43 | 1.31 | 1.24 | 1.20 | ||||||||||||||
Average other interest–earning assets | 1.60 | 1.29 | 1.13 | 0.95 | 0.78 | ||||||||||||||
Total average interest–bearing liabilities | 0.59 | 0.55 | 0.50 | 0.46 | 0.41 | ||||||||||||||
Average interest–bearing deposits | 0.55 | 0.51 | 0.47 | 0.44 | 0.41 | ||||||||||||||
Average borrowings | 1.35 | 1.34 | 1.19 | 0.79 | 0.64 | ||||||||||||||
Net interest rate spread | 3.26 | 3.10 | 3.10 | 3.15 | 3.01 | ||||||||||||||
Net interest margin | 3.41 | 3.23 | 3.22 | 3.26 | 3.11 |
2017 | 2016 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 12.16 | % | 12.08 | % | 12.32 | % | 12.60 | % | 12.64 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 12.14 | 12.05 | 12.29 | 12.56 | 12.60 | ||||||||||||||
Risk–based total capital ratio | 17.06 | 16.43 | 16.29 | 16.65 | 16.96 | ||||||||||||||
Common Tier 1 (CET1) | 16.33 | 15.71 | 15.59 | 15.96 | 16.25 | ||||||||||||||
Risk–based tier 1 capital ratio | 16.33 | 15.71 | 15.59 | 15.96 | 16.25 | ||||||||||||||
Tier 1 leverage ratio | 11.49 | 11.36 | 11.42 | 11.58 | 11.92 | ||||||||||||||
Tier 1 capital | $ | 187,005 | $ | 182,683 | $ | 182,088 | $ | 182,508 | $ | 185,718 | |||||||||
BankFinancial, NA | |||||||||||||||||||
Risk–based total capital ratio | 16.48 | % | 15.85 | % | 15.57 | % | 15.76 | % | 14.72 | % | |||||||||
Common Tier 1 (CET1) | 15.74 | 15.13 | 14.88 | 15.06 | 14.01 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.74 | 15.13 | 14.88 | 15.06 | 14.01 | ||||||||||||||
Tier 1 leverage ratio | 11.08 | 10.94 | 10.89 | 10.94 | 10.27 | ||||||||||||||
Tier 1 capital | $ | 180,216 | $ | 175,838 | $ | 173,717 | $ | 172,410 | $ | 159,986 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 15.34 | $ | 15.89 | $ | 14.92 | $ | 14.52 | $ | 14.82 | |||||||||
High | 17.00 | 16.89 | 15.31 | 15.24 | 15.12 | ||||||||||||||
Low | 14.79 | 14.66 | 13.43 | 13.13 | 12.15 | ||||||||||||||
Common shares outstanding | 17,958,723 | 18,063,623 | 18,229,860 | 18,440,440 | 19,233,760 | ||||||||||||||
Book value per share | $ | 11.00 | $ | 11.06 | $ | 10.97 | $ | 10.96 | $ | 10.65 | |||||||||
Tangible book value per share | $ | 10.99 | $ | 11.04 | $ | 10.95 | $ | 10.92 | $ | 10.61 | |||||||||
Cash dividends declared on common stock | $ | 0.08 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.06 | |||||||||
Dividend payout ratio | 145.59 | % | 35.69 | % | 49.94 | % | 61.42 | % | 51.09 | % | |||||||||
Stock repurchases | $ | 1,671 | $ | 2,581 | $ | 3,188 | $ | 3,379 | $ | 520 | |||||||||
Stock repurchases – shares | 104,900 | 166,237 | 216,391 | 232,045 | 37,451 | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 991 | $ | 3,560 | $ | 2,572 | $ | 1,881 | $ | 2,259 | |||||||||
Average common shares outstanding | 18,017,708 | 18,140,599 | 18,330,972 | 19,243,941 | 19,257,435 | ||||||||||||||
Less: Unearned ESOP shares | — | — | — | (600,947 | ) | (645,751 | ) | ||||||||||||
Unvested restricted stock shares | (940 | ) | (940 | ) | (940 | ) | (940 | ) | (940 | ) | |||||||||
Weighted average common shares outstanding | 18,016,768 | 18,139,659 | 18,330,032 | 18,642,054 | 18,610,744 | ||||||||||||||
Plus: Dilutive common shares equivalents | 461 | 450 | 423 | 5,462 | 170,683 | ||||||||||||||
Weighted average dilutive common shares outstanding | 18,017,229 | 18,140,109 | 18,330,455 | 18,647,516 | 18,781,427 | ||||||||||||||
Basic earnings per common share | $ | 0.06 | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 | |||||||||
Diluted earnings per common share | $ | 0.06 | $ | 0.20 | $ | 0.14 | $ | 0.10 | $ | 0.12 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Pre–tax pre–recovery earnings from adjusted operations | |||||||||||||||
Income before income taxes | $ | 5,693 | $ | 3,717 | $ | 16,194 | $ | 12,200 | |||||||
Recovery of loan losses | (72 | ) | (539 | ) | (87 | ) | (239 | ) | |||||||
5,621 | 3,178 | 16,107 | 11,961 | ||||||||||||
Adjustments: | |||||||||||||||
Equity-based compensation | — | 107 | 1,076 | 982 | |||||||||||
Nonperforming asset management | 125 | 99 | 340 | 399 | |||||||||||
Loss (gain) on sale of other real estate owned | (55 | ) | (113 | ) | 45 | (128 | ) | ||||||||
Valuation adjustments of other real estate owned | 32 | 70 | 333 | 314 | |||||||||||
Operations of other real estate owned | 85 | 121 | 545 | 660 | |||||||||||
Adjustments | 187 | 284 | 2,339 | 2,227 | |||||||||||
Pre–tax pre–recovery earnings from adjusted operations | $ | 5,808 | $ | 3,462 | $ | 18,446 | $ | 14,188 | |||||||
Pre–tax pre–recovery earnings from adjusted operations to average total assets (1) | 1.42 | % | 0.88 | % | 1.14 | % | 0.93 | % |
(1) | Annualized |
2017 | 2016 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
Pre–tax pre–provision earnings from adjusted operations | |||||||||||||||||||
Income before income taxes | $ | 5,693 | $ | 4,154 | $ | 4,144 | $ | 2,203 | $ | 3,717 | |||||||||
Provision for (recovery of) loan losses | (72 | ) | (225 | ) | 49 | 161 | (539 | ) | |||||||||||
5,621 | 3,929 | 4,193 | 2,364 | 3,178 | |||||||||||||||
Adjustments: | |||||||||||||||||||
Equity-based compensation | — | — | — | 1,076 | 107 | ||||||||||||||
Nonperforming asset management | 125 | 84 | 27 | 104 | 99 | ||||||||||||||
Loss (gain) on sale of other real estate owned | (55 | ) | 69 | 15 | 16 | (113 | ) | ||||||||||||
Valuation adjustments of other real estate owned | 32 | 227 | 54 | 20 | 70 | ||||||||||||||
Operations of other real estate owned | 85 | 107 | 176 | 177 | 121 | ||||||||||||||
187 | 487 | 272 | 1,393 | 284 | |||||||||||||||
Pre–tax pre–provision earnings from adjusted operations | $ | 5,808 | $ | 4,416 | $ | 4,465 | $ | 3,757 | $ | 3,462 | |||||||||
Pre–tax pre–provision earnings from adjusted operations to average total assets (1) | 1.42 | % | 1.09 | % | 1.11 | % | 0.94 | % | 0.88 | % |
(1) | Annualized |