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: | July 30, 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 |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 1.18 | % | 0.90 | % | 0.24 | % | 0.88 | % | 0.64 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 9.39 | 7.13 | 1.97 | 7.07 | 5.08 | ||||||||||||||
Net interest rate spread (1) | 3.31 | 3.38 | 3.26 | 3.10 | 3.10 | ||||||||||||||
Net interest margin (1) | 3.49 | 3.53 | 3.41 | 3.23 | 3.22 | ||||||||||||||
Efficiency ratio | 63.55 | 68.40 | 62.37 | 72.19 | 69.62 | ||||||||||||||
Noninterest expense to average total assets (1) | 2.61 | 2.52 | 2.28 | 2.51 | 2.38 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 133.62 | 132.29 | 131.68 | 131.23 | 131.33 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) (2) | 250 | 237 | 236 | 238 | 247 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 11,738 | $ | 10,613 | $ | 13,572 | $ | 10,620 | $ | 9,835 | |||||||||
Interest-bearing deposits in other financial institutions | 80,457 | 81,963 | 114,020 | 115,041 | 71,771 | ||||||||||||||
Securities, at fair value | 112,452 | 102,661 | 93,383 | 98,787 | 109,762 | ||||||||||||||
Loans receivable, net | 1,287,823 | 1,277,553 | 1,314,651 | 1,335,631 | 1,335,835 | ||||||||||||||
Other real estate owned, net | 1,187 | 1,802 | 2,351 | 3,569 | 4,896 | ||||||||||||||
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost | 8,311 | 8,290 | 8,290 | 8,290 | 8,290 | ||||||||||||||
Premises held-for-sale | — | 5,581 | 5,667 | — | — | ||||||||||||||
Premises and equipment, net | 24,441 | 24,628 | 24,856 | 30,774 | 30,889 | ||||||||||||||
Intangible assets | 143 | 164 | 286 | 408 | 531 | ||||||||||||||
Bank owned life insurance | 18,746 | 22,925 | 22,859 | 22,790 | 22,723 | ||||||||||||||
Deferred taxes | 10,199 | 11,363 | 12,563 | 20,214 | 20,676 | ||||||||||||||
Other assets | 12,001 | 12,386 | 13,060 | 8,145 | 8,210 | ||||||||||||||
Total assets | $ | 1,567,498 | $ | 1,559,929 | $ | 1,625,558 | $ | 1,654,269 | $ | 1,623,418 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,295,853 | $ | 1,278,007 | $ | 1,340,051 | $ | 1,371,089 | $ | 1,347,887 | |||||||||
Borrowings | 50,901 | 60,983 | 60,768 | 60,928 | 50,877 | ||||||||||||||
Other liabilities | 26,516 | 22,587 | 27,105 | 22,474 | 24,592 | ||||||||||||||
Total liabilities | 1,373,270 | 1,361,577 | 1,427,924 | 1,454,491 | 1,423,356 | ||||||||||||||
Stockholders’ equity | 194,228 | 198,352 | 197,634 | 199,778 | 200,062 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,567,498 | $ | 1,559,929 | $ | 1,625,558 | $ | 1,654,269 | $ | 1,623,418 |
(2) | Second quarter 2018 and 2017 full time equivalents employees include summer interns. These employees typically work from May through August. |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 15,020 | $ | 14,748 | $ | 15,047 | $ | 14,121 | $ | 13,649 | |||||||||
Total interest expense | 2,039 | 1,727 | 1,742 | 1,615 | 1,456 | ||||||||||||||
Net interest income before provision (recovery) | 12,981 | 13,021 | 13,305 | 12,506 | 12,193 | ||||||||||||||
Provision for (recovery of) loan losses | 23 | (258 | ) | (72 | ) | (225 | ) | 49 | |||||||||||
Net interest income | 12,958 | 13,279 | 13,377 | 12,731 | 12,144 | ||||||||||||||
Noninterest income | 3,094 | 1,539 | 1,634 | 1,623 | 1,607 | ||||||||||||||
Noninterest expense | 10,215 | 9,959 | 9,318 | 10,200 | 9,607 | ||||||||||||||
Income before income tax | 5,837 | 4,859 | 5,693 | 4,154 | 4,144 | ||||||||||||||
Income tax expense (1) | 1,207 | 1,300 | 4,702 | 594 | 1,572 | ||||||||||||||
Net income | $ | 4,630 | $ | 3,559 | $ | 991 | $ | 3,560 | $ | 2,572 | |||||||||
Basic earnings per common share | $ | 0.26 | $ | 0.20 | $ | 0.06 | $ | 0.20 | $ | 0.14 | |||||||||
Diluted earnings per common share | $ | 0.26 | $ | 0.20 | $ | 0.06 | $ | 0.20 | $ | 0.14 | |||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 989 | $ | 978 | $ | 989 | $ | 1,018 | $ | 996 | |||||||||
Loan fee income | 90 | 70 | 114 | 89 | 63 | ||||||||||||||
Commercial mortgage brokerage fees | 85 | 41 | — | — | — | ||||||||||||||
Residential mortgage banking fees | 24 | 30 | 43 | 41 | 87 | ||||||||||||||
Loss on sales of equity securities | (14 | ) | — | — | — | — | |||||||||||||
Gain on disposition of premises and equipment | 93 | — | — | — | — | ||||||||||||||
Trust insurance commissions and annuities income | 250 | 213 | 267 | 210 | 245 | ||||||||||||||
Earnings on bank owned life insurance | 45 | 66 | 69 | 67 | 66 | ||||||||||||||
Bank-owned life insurance death benefit | 1,389 | — | — | — | — | ||||||||||||||
Other | 143 | 141 | 152 | 198 | 150 | ||||||||||||||
Total noninterest income | $ | 3,094 | $ | 1,539 | $ | 1,634 | $ | 1,623 | $ | 1,607 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 5,790 | $ | 5,322 | $ | 4,975 | $ | 5,330 | $ | 5,110 | |||||||||
Office occupancy and equipment | 1,662 | 1,731 | 1,709 | 1,693 | 1,599 | ||||||||||||||
Advertising and public relations | 274 | 143 | 197 | 167 | 259 | ||||||||||||||
Information technology | 708 | 641 | 673 | 638 | 679 | ||||||||||||||
Supplies, telephone, and postage | 396 | 333 | 339 | 337 | 358 | ||||||||||||||
Amortization of intangibles | 21 | 122 | 122 | 123 | 122 | ||||||||||||||
Nonperforming asset management | 51 | 202 | 125 | 84 | 27 | ||||||||||||||
Loss (gain) on sales of other real estate owned | 47 | 21 | (55 | ) | 69 | 15 | |||||||||||||
Valuation adjustments of other real estate owned | 1 | 25 | 32 | 227 | 54 | ||||||||||||||
Operations of other real estate owned | 87 | 115 | 85 | 107 | 176 | ||||||||||||||
FDIC insurance premiums | 104 | 119 | 125 | 150 | 125 | ||||||||||||||
Other | 1,074 | 1,185 | 991 | 1,275 | 1,083 | ||||||||||||||
Total noninterest expense | $ | 10,215 | $ | 9,959 | $ | 9,318 | $ | 10,200 | $ | 9,607 |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate | $ | 84,048 | $ | 92,056 | $ | 97,814 | $ | 105,186 | $ | 115,659 | |||||||||
Multi–family mortgage | 571,886 | 578,144 | 588,383 | 576,425 | 555,691 | ||||||||||||||
Nonresidential real estate | 155,627 | 163,856 | 169,971 | 176,301 | 177,436 | ||||||||||||||
Construction and land | 1,316 | 1,328 | 1,358 | 2,827 | 2,265 | ||||||||||||||
Commercial loans | 163,925 | 162,564 | 152,552 | 147,079 | 129,200 | ||||||||||||||
Commercial leases | 316,555 | 285,222 | 310,076 | 333,120 | 360,397 | ||||||||||||||
Consumer | 1,469 | 1,494 | 1,597 | 1,747 | 1,829 | ||||||||||||||
1,294,826 | 1,284,664 | 1,321,751 | 1,342,685 | 1,342,477 | |||||||||||||||
Net deferred loan origination costs | 1,176 | 1,230 | 1,266 | 1,320 | 1,480 | ||||||||||||||
Allowance for loan losses | (8,179 | ) | (8,341 | ) | (8,366 | ) | (8,374 | ) | (8,122 | ) | |||||||||
Loans, net | $ | 1,287,823 | $ | 1,277,553 | $ | 1,314,651 | $ | 1,335,631 | $ | 1,335,835 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate | $ | 987 | $ | 964 | $ | 1,103 | $ | 1,654 | $ | 1,708 | |||||||||
Multi–family mortgage | 21,838 | 14,339 | 26,830 | 40,695 | 22,938 | ||||||||||||||
Nonresidential real estate | 1,310 | 2,011 | 2,311 | 2,462 | 1,577 | ||||||||||||||
Construction and land | — | — | — | 646 | 936 | ||||||||||||||
Commercial loans | 164,048 | 150,804 | 100,667 | 90,617 | 104,571 | ||||||||||||||
Commercial leases | 77,744 | 20,771 | 42,700 | 27,199 | 46,821 | ||||||||||||||
Consumer | 672 | 584 | 781 | 1,002 | 591 | ||||||||||||||
$ | 266,599 | $ | 189,473 | $ | 174,392 | $ | 164,275 | $ | 179,142 | ||||||||||
Weighted average rate | 5.62 | % | 5.61 | % | 5.12 | % | 4.77 | % | 4.96 | % | |||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate | $ | 8,959 | $ | 6,453 | $ | 7,611 | $ | 11,931 | $ | 7,528 | |||||||||
Multi–family mortgage | 27,911 | 24,524 | 14,998 | 19,966 | 16,351 | ||||||||||||||
Nonresidential real estate | 9,499 | 8,148 | 9,577 | 3,658 | 3,954 | ||||||||||||||
Construction and land | 15 | 31 | 31 | 67 | 25 | ||||||||||||||
Commercial loans | 162,544 | 140,449 | 94,996 | 71,481 | 79,141 | ||||||||||||||
Commercial leases | 47,417 | 45,790 | 65,707 | 57,061 | 49,970 | ||||||||||||||
Consumer | 704 | 631 | 732 | 1,159 | 611 | ||||||||||||||
$ | 257,049 | $ | 226,026 | $ | 193,652 | $ | 165,323 | $ | 157,580 | ||||||||||
Weighted average rate | 5.28 | % | 4.97 | % | 4.67 | % | 4.30 | % | 4.39 | % |
(1) | Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals. |
(2) | Loan payments and payoffs exclude loan renewals. |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate | $ | 1,538 | $ | 1,589 | $ | 2,027 | $ | 2,234 | $ | 2,585 | |||||||||
Multi–family mortgage | 92 | 369 | 363 | 371 | 371 | ||||||||||||||
Consumer loans | 6 | — | — | — | — | ||||||||||||||
Nonaccrual loans | 1,636 | 1,958 | 2,390 | 2,605 | 2,956 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate | 833 | 935 | 827 | 1,748 | 1,946 | ||||||||||||||
Multi–family real estate | 276 | — | — | — | 357 | ||||||||||||||
Nonresidential real estate | 74 | 863 | 1,520 | 1,551 | 1,736 | ||||||||||||||
Land | 4 | 4 | 4 | 270 | 857 | ||||||||||||||
Other real estate owned | 1,187 | 1,802 | 2,351 | 3,569 | 4,896 | ||||||||||||||
Nonperforming assets | $ | 2,823 | $ | 3,760 | $ | 4,741 | $ | 6,174 | $ | 7,852 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.18 | % | 0.24 | % | 0.29 | % | 0.37 | % | 0.48 | % | |||||||||
Nonperforming loans to total loans | 0.13 | 0.15 | 0.18 | 0.19 | 0.22 | ||||||||||||||
Nonperforming commercial-related loans to total commercial-related loans (1) | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||||
Nonperforming residential and consumer loans to total residential and consumer loans | 1.81 | 1.70 | 2.04 | 2.09 | 2.20 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 499.94 | 426.00 | 350.04 | 321.46 | 274.76 | ||||||||||||||
Concentrations of Credit | |||||||||||||||||||
Commercial Real Estate for FFIEC Concentration Limits | $ | 694,555 | $ | 706,488 | $ | 721,587 | $ | 723,797 | $ | 702,476 | |||||||||
% FFIEC Total Capital | 378.45 | % | 370.18 | % | 382.64 | % | 392.91 | % | 386.32 | % | |||||||||
Multi–family mortgage loans - 50% risk based capital qualified (included above) | $ | 299,138 | $ | 353,686 | $ | 365,713 | $ | 330,181 | $ | 309,867 | |||||||||
% FFIEC Total Capital | 162.99 | % | 185.32 | % | 193.93 | % | 179.24 | % | 170.41 | % | |||||||||
Commercial Leases - Investment Grade | $ | 197,746 | $ | 186,052 | $ | 207,460 | $ | 230,931 | $ | 255,375 | |||||||||
Commercial Leases - Other | 118,809 | 99,170 | 102,616 | 102,189 | 105,022 |
(1) | Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases. |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate | $ | 295 | $ | 362 | $ | 295 | $ | 297 | $ | 364 | |||||||||
Multi–family mortgage | 218 | 222 | 225 | 480 | 487 | ||||||||||||||
Nonresidential real estate | 100 | 149 | 154 | 162 | 106 | ||||||||||||||
Commercial loans | 3,820 | 2,258 | 2,248 | 982 | 1,007 | ||||||||||||||
Consumer | 1 | — | — | — | 6 | ||||||||||||||
$ | 4,434 | $ | 2,991 | $ | 2,922 | $ | 1,921 | $ | 1,970 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 8,341 | $ | 8,366 | $ | 8,374 | $ | 8,122 | $ | 7,971 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate | (33 | ) | (97 | ) | (36 | ) | (89 | ) | (22 | ) | |||||||||
Multi–family mortgage | (35 | ) | — | — | (7 | ) | — | ||||||||||||
Commercial loans | (140 | ) | — | — | — | — | |||||||||||||
Consumer | (1 | ) | — | (3 | ) | (7 | ) | — | |||||||||||
(209 | ) | (97 | ) | (39 | ) | (103 | ) | (22 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate | 6 | 99 | 45 | 15 | 79 | ||||||||||||||
Multi–family mortgage | 10 | 8 | 8 | 11 | 40 | ||||||||||||||
Nonresidential real estate | — | — | 7 | 10 | — | ||||||||||||||
Commercial loans | 2 | 223 | 42 | 542 | 5 | ||||||||||||||
Commercial leases | 5 | — | — | 2 | — | ||||||||||||||
Consumer | 1 | — | 1 | — | — | ||||||||||||||
24 | 330 | 103 | 580 | 124 | |||||||||||||||
Net (charge–offs) recoveries | (185 | ) | 233 | 64 | 477 | 102 | |||||||||||||
Provision for (recovery of ) loan losses | 23 | (258 | ) | (72 | ) | (225 | ) | 49 | |||||||||||
Ending balance | $ | 8,179 | $ | 8,341 | $ | 8,366 | $ | 8,374 | $ | 8,122 | |||||||||
Allowance for loan losses to total loans | 0.63 | % | 0.65 | % | 0.63 | % | 0.62 | % | 0.61 | % | |||||||||
Net (charge–off) recovery ratio (1) | (0.06 | ) | 0.07 | 0.02 | 0.14 | 0.03 |
(1) | Annualized |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 229,717 | $ | 232,593 | $ | 234,354 | $ | 231,049 | $ | 229,921 | |||||||||
Interest–bearing NOW accounts | 281,603 | 283,311 | 289,657 | 283,411 | 286,400 | ||||||||||||||
Money market accounts | 281,493 | 290,575 | 299,581 | 301,905 | 305,300 | ||||||||||||||
Savings deposits | 158,731 | 160,093 | 160,501 | 158,696 | 160,544 | ||||||||||||||
Certificates of deposits - retail | 251,974 | 232,910 | 224,401 | 219,478 | 222,744 | ||||||||||||||
Certificates of deposits - wholesale | 92,335 | 78,525 | 131,557 | 176,550 | 142,978 | ||||||||||||||
$ | 1,295,853 | $ | 1,278,007 | $ | 1,340,051 | $ | 1,371,089 | $ | 1,347,887 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,565,996 | $ | 1,581,833 | $ | 1,637,309 | $ | 1,624,437 | $ | 1,612,121 | |||||||||
Total average interest–earning assets | 1,492,824 | 1,496,682 | 1,549,746 | 1,535,843 | 1,519,573 | ||||||||||||||
Average loans | 1,291,339 | 1,294,387 | 1,330,276 | 1,331,302 | 1,318,473 | ||||||||||||||
Average securities | 107,384 | 103,928 | 95,065 | 108,050 | 109,454 | ||||||||||||||
Average stock in FHLB & FRB | 8,411 | 8,289 | 8,290 | 8,290 | 8,250 | ||||||||||||||
Average other interest–earning assets | 85,690 | 90,078 | 116,115 | 88,201 | 83,396 | ||||||||||||||
Total average interest–bearing liabilities | 1,117,188 | 1,131,372 | 1,176,898 | 1,170,322 | 1,157,060 | ||||||||||||||
Average interest–bearing deposits | 1,055,228 | 1,070,635 | 1,116,057 | 1,112,210 | 1,105,881 | ||||||||||||||
Average borrowings | 61,960 | 60,737 | 60,841 | 58,112 | 51,179 | ||||||||||||||
Average stockholders’ equity | 197,314 | 199,672 | 201,604 | 201,420 | 202,360 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 4.04 | % | 4.00 | % | 3.85 | % | 3.65 | % | 3.60 | % | |||||||||
Average loans | 4.34 | 4.33 | 4.22 | 3.98 | 3.94 | ||||||||||||||
Average securities | 2.04 | 1.81 | 1.58 | 1.43 | 1.31 | ||||||||||||||
Average other interest–earning assets | 1.81 | 1.62 | 1.60 | 1.29 | 1.13 | ||||||||||||||
Total average interest–bearing liabilities | 0.73 | 0.62 | 0.59 | 0.55 | 0.50 | ||||||||||||||
Average interest–bearing deposits | 0.70 | 0.58 | 0.55 | 0.51 | 0.47 | ||||||||||||||
Average borrowings | 1.36 | 1.35 | 1.35 | 1.34 | 1.19 | ||||||||||||||
Net interest rate spread | 3.31 | 3.38 | 3.26 | 3.10 | 3.10 | ||||||||||||||
Net interest margin | 3.49 | 3.53 | 3.41 | 3.23 | 3.22 |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 12.39 | % | 12.72 | % | 12.16 | % | 12.08 | % | 12.32 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 12.38 | 12.71 | 12.14 | 12.05 | 12.29 | ||||||||||||||
Risk–based total capital ratio | 16.73 | 17.72 | 17.06 | 16.43 | 16.29 | ||||||||||||||
Common Tier 1 (CET1) | 16.02 | 16.98 | 16.33 | 15.71 | 15.59 | ||||||||||||||
Risk–based tier 1 capital ratio | 16.02 | 16.98 | 16.33 | 15.71 | 15.59 | ||||||||||||||
Tier 1 leverage ratio | 11.93 | 12.03 | 11.49 | 11.36 | 11.42 | ||||||||||||||
Tier 1 capital | $ | 185,836 | $ | 189,152 | $ | 187,005 | $ | 182,683 | $ | 182,088 | |||||||||
BankFinancial, NA | |||||||||||||||||||
Risk–based total capital ratio | 15.83 | % | 17.13 | % | 16.48 | % | 15.85 | % | 15.57 | % | |||||||||
Common Tier 1 (CET1) | 15.12 | 16.38 | 15.74 | 15.13 | 14.88 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.12 | 16.38 | 15.74 | 15.13 | 14.88 | ||||||||||||||
Tier 1 leverage ratio | 11.26 | 11.60 | 11.08 | 10.94 | 10.89 | ||||||||||||||
Tier 1 capital | $ | 175,349 | $ | 182,464 | $ | 180,216 | $ | 175,838 | $ | 173,717 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 17.65 | $ | 16.98 | $ | 15.34 | $ | 15.89 | $ | 14.92 | |||||||||
High | 18.62 | 17.20 | 17.00 | 16.89 | 15.31 | ||||||||||||||
Low | 15.07 | 15.07 | 14.79 | 14.66 | 13.43 | ||||||||||||||
Common shares outstanding | 17,461,088 | 17,877,223 | 17,958,723 | 18,063,623 | 18,229,860 | ||||||||||||||
Book value per share | $ | 11.12 | $ | 11.10 | $ | 11.00 | $ | 11.06 | $ | 10.97 | |||||||||
Tangible book value per share | $ | 11.12 | $ | 11.09 | $ | 10.99 | $ | 11.04 | $ | 10.95 | |||||||||
Cash dividends declared on common stock | $ | 0.09 | $ | 0.08 | $ | 0.08 | $ | 0.07 | $ | 0.07 | |||||||||
Dividend payout ratio | 34.20 | % | 40.35 | % | 145.59 | % | 35.69 | % | 49.94 | % | |||||||||
Stock repurchases | $ | 7,167 | $ | 1,323 | $ | 1,671 | $ | 2,581 | $ | 3,188 | |||||||||
Stock repurchases – shares | 415,889 | 81,500 | 104,900 | 166,237 | 216,391 | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 4,630 | $ | 3,559 | $ | 991 | $ | 3,560 | $ | 2,572 | |||||||||
Average common shares outstanding | 17,634,190 | 17,931,579 | 18,017,708 | 18,140,599 | 18,330,972 | ||||||||||||||
Unvested restricted stock shares | (375 | ) | (940 | ) | (940 | ) | (940 | ) | (940 | ) | |||||||||
Weighted average common shares outstanding | 17,633,815 | 17,930,639 | 18,016,768 | 18,139,659 | 18,330,032 | ||||||||||||||
Plus: Dilutive common shares equivalents | — | 461 | 461 | 450 | 423 | ||||||||||||||
Weighted average dilutive common shares outstanding | 17,633,815 | 17,931,100 | 18,017,229 | 18,140,109 | 18,330,455 | ||||||||||||||
Basic earnings per common share | $ | 0.26 | $ | 0.20 | $ | 0.06 | $ | 0.20 | $ | 0.14 | |||||||||
Diluted earnings per common share | $ | 0.26 | $ | 0.20 | $ | 0.06 | $ | 0.20 | $ | 0.14 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Pre–tax pre–provision earnings from adjusted operations | |||||||||||||||
Income before income taxes | $ | 5,837 | $ | 4,144 | $ | 10,696 | $ | 6,347 | |||||||
Provision for (recovery of) loan losses | 23 | 49 | (235 | ) | 210 | ||||||||||
5,860 | 4,193 | 10,461 | 6,557 | ||||||||||||
Adjustments: | |||||||||||||||
Equity-based compensation | — | — | — | 1,076 | |||||||||||
Bank-owned life insurance death benefit | (1,389 | ) | — | (1,389 | ) | — | |||||||||
Nonperforming asset management | 51 | 27 | 253 | 131 | |||||||||||
Loss on sale of other real estate owned | 47 | 15 | 68 | 31 | |||||||||||
Valuation adjustments of other real estate owned | 1 | 54 | 26 | 74 | |||||||||||
Operations of other real estate owned | 87 | 176 | 202 | 353 | |||||||||||
Adjustments | (1,203 | ) | 272 | (840 | ) | 1,665 | |||||||||
Pre–tax pre–provision earnings from adjusted operations | $ | 4,657 | $ | 4,465 | $ | 9,621 | $ | 8,222 | |||||||
Pre–tax pre–provision earnings from adjusted operations to average total assets (1) | 1.19 | % | 1.11 | % | 1.22 | % | 1.03 | % |
(1) | Annualized |
2018 | 2017 | ||||||||||||||||||
IIQ | IQ | IVQ | IIIQ | IIQ | |||||||||||||||
Pre–tax pre–provision earnings from adjusted operations | |||||||||||||||||||
Income before income taxes | $ | 5,837 | $ | 4,859 | $ | 5,693 | $ | 4,154 | $ | 4,144 | |||||||||
Provision for (recovery of) loan losses | 23 | (258 | ) | (72 | ) | (225 | ) | 49 | |||||||||||
5,860 | 4,601 | 5,621 | 3,929 | 4,193 | |||||||||||||||
Adjustments: | |||||||||||||||||||
Bank-owned life insurance death benefit | (1,389 | ) | — | — | — | — | |||||||||||||
Nonperforming asset management | 51 | 202 | 125 | 84 | 27 | ||||||||||||||
Loss (gain) on sale of other real estate owned | 47 | 21 | (55 | ) | 69 | 15 | |||||||||||||
Valuation adjustments of other real estate owned | 1 | 25 | 32 | 227 | 54 | ||||||||||||||
Operations of other real estate owned | 87 | 115 | 85 | 107 | 176 | ||||||||||||||
(1,203 | ) | 363 | 187 | 487 | 272 | ||||||||||||||
Pre–tax pre–provision earnings from adjusted operations | $ | 4,657 | $ | 4,964 | $ | 5,808 | $ | 4,416 | $ | 4,465 | |||||||||
Pre–tax pre–provision earnings from adjusted operations to average total assets (1) | 1.19 | % | 1.26 | % | 1.42 | % | 1.09 | % | 1.11 | % |
(1) | Annualized |