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)) |
(a) | Not Applicable. |
(b) | Not Applicable. |
(c) | Not Applicable. |
(d) | Exhibits. |
BANKFINANCIAL CORPORATION | |||||
Dated: | January 22, 2019 | 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 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 1.92 | % | 0.97 | % | 1.18 | % | 0.90 | % | 0.24 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 15.72 | 7.68 | 9.39 | 7.13 | 1.97 | ||||||||||||||
Net interest rate spread (1) | 3.24 | 3.30 | 3.31 | 3.38 | 3.26 | ||||||||||||||
Net interest margin (1) | 3.52 | 3.51 | 3.49 | 3.53 | 3.41 | ||||||||||||||
Efficiency ratio | 51.22 | 64.84 | 63.55 | 68.40 | 62.37 | ||||||||||||||
Noninterest expense to average total assets (1) | 2.88 | 2.45 | 2.61 | 2.52 | 2.28 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 133.35 | 133.23 | 133.62 | 132.29 | 131.68 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) (2) | 236 | 245 | 250 | 237 | 236 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 13,805 | $ | 12,473 | $ | 11,738 | $ | 10,613 | $ | 13,572 | |||||||||
Interest-bearing deposits in other financial institutions | 84,399 | 74,461 | 80,457 | 81,963 | 114,020 | ||||||||||||||
Securities, at fair value | 88,179 | 103,921 | 112,452 | 102,661 | 93,383 | ||||||||||||||
Loans receivable, net | 1,323,793 | 1,267,787 | 1,287,823 | 1,277,553 | 1,314,651 | ||||||||||||||
Other real estate owned, net | 1,226 | 985 | 1,187 | 1,802 | 2,351 | ||||||||||||||
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost | 8,026 | 8,026 | 8,311 | 8,290 | 8,290 | ||||||||||||||
Premises and equipment, net | 25,205 | 24,473 | 24,441 | 24,628 | 24,856 | ||||||||||||||
Premises held-for-sale | — | — | — | 5,581 | 5,667 | ||||||||||||||
Intangible assets | 102 | 123 | 143 | 164 | 286 | ||||||||||||||
Bank owned life insurance | 18,809 | 18,781 | 18,746 | 22,925 | 22,859 | ||||||||||||||
Deferred taxes | 6,235 | 8,911 | 10,199 | 11,363 | 12,563 | ||||||||||||||
Other assets | 15,546 | 12,543 | 12,001 | 12,386 | 13,060 | ||||||||||||||
Total assets | $ | 1,585,325 | $ | 1,532,484 | $ | 1,567,498 | $ | 1,559,929 | $ | 1,625,558 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,352,484 | $ | 1,295,770 | $ | 1,295,853 | $ | 1,278,007 | $ | 1,340,051 | |||||||||
Borrowings | 21,049 | 21,232 | 50,901 | 60,983 | 60,768 | ||||||||||||||
Other liabilities | 24,642 | 23,399 | 26,516 | 22,587 | 27,105 | ||||||||||||||
Total liabilities | 1,398,175 | 1,340,401 | 1,373,270 | 1,361,577 | 1,427,924 | ||||||||||||||
Stockholders’ equity | 187,150 | 192,083 | 194,228 | 198,352 | 197,634 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,585,325 | $ | 1,532,484 | $ | 1,567,498 | $ | 1,559,929 | $ | 1,625,558 |
2018 | 2017 | For the years ended December 31, | |||||||||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | 2018 | 2017 | |||||||||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||||||||||
Total interest income | $ | 16,146 | $ | 15,373 | $ | 15,020 | $ | 14,748 | $ | 15,047 | $ | 61,287 | $ | 56,179 | |||||||||||||
Total interest expense | 3,043 | 2,408 | 2,039 | 1,727 | 1,742 | 9,217 | 6,089 | ||||||||||||||||||||
Net interest income before provision (recovery) | 13,103 | 12,965 | 12,981 | 13,021 | 13,305 | 52,070 | 50,090 | ||||||||||||||||||||
Provision for (recovery of) loan losses | 403 | (23 | ) | 23 | (258 | ) | (72 | ) | 145 | (87 | ) | ||||||||||||||||
Net interest income | 12,700 | 12,988 | 12,958 | 13,279 | 13,377 | 51,925 | 50,177 | ||||||||||||||||||||
Noninterest income | 8,674 | 1,570 | 3,094 | 1,539 | 1,634 | 14,877 | 6,408 | ||||||||||||||||||||
Noninterest expense | 11,155 | 9,425 | 10,215 | 9,959 | 9,318 | 40,754 | 40,391 | ||||||||||||||||||||
Income before income tax | 10,219 | 5,133 | 5,837 | 4,859 | 5,693 | 26,048 | 16,194 | ||||||||||||||||||||
Income tax expense (1) | 2,803 | 1,396 | 1,207 | 1,300 | 4,702 | 6,706 | 7,190 | ||||||||||||||||||||
Net income | $ | 7,416 | $ | 3,737 | $ | 4,630 | $ | 3,559 | $ | 991 | $ | 19,342 | $ | 9,004 | |||||||||||||
Basic earnings per common share | $ | 0.44 | $ | 0.22 | $ | 0.26 | $ | 0.20 | $ | 0.06 | $ | 1.11 | $ | 0.49 | |||||||||||||
Diluted earnings per common share | $ | 0.44 | $ | 0.22 | $ | 0.26 | $ | 0.20 | $ | 0.06 | $ | 1.11 | $ | 0.49 | |||||||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||
Deposit service charges and fees | $ | 998 | $ | 1,003 | $ | 989 | $ | 978 | $ | 989 | $ | 3,968 | $ | 3,953 | |||||||||||||
Loan fee income | 208 | 71 | 90 | 70 | 114 | 439 | 326 | ||||||||||||||||||||
Commercial mortgage brokerage fees | — | 12 | 85 | 41 | — | 138 | — | ||||||||||||||||||||
Residential mortgage banking fees | 31 | 34 | 24 | 30 | 43 | 119 | 215 | ||||||||||||||||||||
Gain (loss) on sales of equity securities | 3,572 | — | (14 | ) | — | — | 3,558 | — | |||||||||||||||||||
Unrealized gain on equity securities | 3,427 | — | — | — | — | 3,427 | — | ||||||||||||||||||||
Gain on sale of premises held-for-sale | — | — | 93 | — | — | 93 | — | ||||||||||||||||||||
Trust insurance commissions and annuities income | 267 | 207 | 250 | 213 | 267 | 937 | 971 | ||||||||||||||||||||
Earnings on bank owned life insurance | 28 | 35 | 45 | 66 | 69 | 174 | 265 | ||||||||||||||||||||
Bank-owned life insurance death benefit | — | — | 1,389 | — | — | 1,389 | — | ||||||||||||||||||||
Other | 143 | 208 | 143 | 141 | 152 | 635 | 678 | ||||||||||||||||||||
Total noninterest income | $ | 8,674 | $ | 1,570 | $ | 3,094 | $ | 1,539 | $ | 1,634 | $ | 14,877 | $ | 6,408 | |||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||
Compensation and benefits | $ | 6,755 | $ | 5,120 | $ | 5,790 | $ | 5,322 | $ | 4,975 | $ | 22,987 | $ | 21,767 | |||||||||||||
Office occupancy and equipment | 1,795 | 1,629 | 1,662 | 1,731 | 1,709 | 6,817 | 6,623 | ||||||||||||||||||||
Advertising and public relations | 237 | 194 | 274 | 143 | 197 | 848 | 1,004 | ||||||||||||||||||||
Information technology | 726 | 717 | 708 | 641 | 673 | 2,792 | 2,743 | ||||||||||||||||||||
Supplies, telephone, and postage | 363 | 341 | 396 | 333 | 339 | 1,433 | 1,366 | ||||||||||||||||||||
Amortization of intangibles | 21 | 20 | 21 | 122 | 122 | 184 | 496 | ||||||||||||||||||||
Nonperforming asset management | 40 | 60 | 51 | 202 | 125 | 353 | 340 | ||||||||||||||||||||
Loss (gain) on sales of other real estate owned | — | (12 | ) | 47 | 21 | (55 | ) | 56 | 45 | ||||||||||||||||||
Valuation adjustments of other real estate owned | — | 1 | 1 | 25 | 32 | 27 | 333 | ||||||||||||||||||||
Operations of other real estate owned | 77 | 70 | 87 | 115 | 85 | 349 | 545 | ||||||||||||||||||||
FDIC insurance premiums | 99 | 115 | 104 | 119 | 125 | 437 | 587 | ||||||||||||||||||||
Other | 1,042 | 1,170 | 1,074 | 1,185 | 991 | 4,471 | 4,542 | ||||||||||||||||||||
Total noninterest expense | $ | 11,155 | $ | 9,425 | $ | 10,215 | $ | 9,959 | $ | 9,318 | $ | 40,754 | $ | 40,391 |
(1) | Fourth quarter 2017 income tax expense includes valuation of $2.5 million related to Tax Cuts and Jobs Act of 2017. |
2018 | 2017 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 70,371 | $ | 77,591 | $ | 84,048 | $ | 92,056 | $ | 97,814 | |||||||||
Multi–family mortgage loans | 619,870 | 581,880 | 571,886 | 578,144 | 588,383 | ||||||||||||||
Nonresidential real estate loans | 152,442 | 148,010 | 155,627 | 163,856 | 169,971 | ||||||||||||||
Construction and land loans | 172 | 1,130 | 1,316 | 1,328 | 1,358 | ||||||||||||||
Commercial loans | 187,406 | 167,547 | 163,925 | 162,564 | 152,552 | ||||||||||||||
Commercial leases | 299,394 | 297,103 | 316,555 | 285,222 | 310,076 | ||||||||||||||
Consumer loans | 1,539 | 1,416 | 1,469 | 1,494 | 1,597 | ||||||||||||||
1,331,194 | 1,274,677 | 1,294,826 | 1,284,664 | 1,321,751 | |||||||||||||||
Net deferred loan origination costs | 1,069 | 1,213 | 1,176 | 1,230 | 1,266 | ||||||||||||||
Allowance for loan losses | (8,470 | ) | (8,103 | ) | (8,179 | ) | (8,341 | ) | (8,366 | ) | |||||||||
Loans, net | $ | 1,323,793 | $ | 1,267,787 | $ | 1,287,823 | $ | 1,277,553 | $ | 1,314,651 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 647 | $ | 1,290 | $ | 987 | $ | 964 | $ | 1,103 | |||||||||
Multi–family mortgage loans | 71,101 | 31,633 | 21,838 | 14,339 | 26,830 | ||||||||||||||
Nonresidential real estate loans | 7,120 | 1,166 | 1,310 | 2,011 | 2,311 | ||||||||||||||
Commercial loans | 171,048 | 164,974 | 164,048 | 150,804 | 100,667 | ||||||||||||||
Commercial leases | 52,929 | 27,296 | 77,744 | 20,771 | 42,700 | ||||||||||||||
Consumer loans | 913 | 695 | 672 | 584 | 781 | ||||||||||||||
$ | 303,758 | $ | 227,054 | $ | 266,599 | $ | 189,473 | $ | 174,392 | ||||||||||
Weighted average rate | 5.91 | % | 5.96 | % | 5.62 | % | 5.61 | % | 5.12 | % | |||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 7,590 | $ | 7,135 | $ | 8,959 | $ | 6,453 | $ | 7,611 | |||||||||
Multi–family mortgage loans | 35,135 | 19,804 | 27,911 | 24,524 | 14,998 | ||||||||||||||
Nonresidential real estate loans | 4,315 | 8,890 | 9,499 | 8,148 | 9,577 | ||||||||||||||
Construction and land loans | 27 | 184 | 15 | 31 | 31 | ||||||||||||||
Commercial loans | 151,768 | 161,359 | 162,544 | 140,449 | 94,996 | ||||||||||||||
Commercial leases | 50,742 | 46,885 | 47,417 | 45,790 | 65,707 | ||||||||||||||
Consumer loans | 868 | 762 | 704 | 631 | 732 | ||||||||||||||
$ | 250,445 | $ | 245,019 | $ | 257,049 | $ | 226,026 | $ | 193,652 | ||||||||||
Weighted average rate | 5.59 | % | 5.56 | % | 5.28 | % | 4.97 | % | 4.67 | % |
(1) | Loan originations include purchases loans. draws on revolving lines of credit and exclude loan renewals. |
(2) | Loan payments and payoffs exclude loan renewals. |
2018 | 2017 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 1,240 | $ | 1,369 | $ | 1,538 | $ | 1,589 | $ | 2,027 | |||||||||
Multi–family mortgage loans | — | 102 | 92 | 369 | 363 | ||||||||||||||
Nonresidential real estate loans | 270 | — | — | — | — | ||||||||||||||
Consumer loans | — | — | 6 | — | — | ||||||||||||||
Nonaccrual loans | 1,510 | 1,471 | 1,636 | 1,958 | 2,390 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate loans | 875 | 634 | 833 | 935 | 827 | ||||||||||||||
Multi–family real estate | 276 | 276 | 276 | — | — | ||||||||||||||
Nonresidential real estate | 74 | 74 | 74 | 863 | 1,520 | ||||||||||||||
Land | 1 | 1 | 4 | 4 | 4 | ||||||||||||||
Other real estate owned | 1,226 | 985 | 1,187 | 1,802 | 2,351 | ||||||||||||||
Nonperforming assets | $ | 2,736 | $ | 2,456 | $ | 2,823 | $ | 3,760 | $ | 4,741 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.17 | % | 0.16 | % | 0.18 | % | 0.24 | % | 0.29 | % | |||||||||
Nonperforming loans to total loans | 0.11 | 0.12 | 0.13 | 0.15 | 0.18 | ||||||||||||||
Nonperforming commercial-related loans to total commercial-related loans (1) | 0.02 | 0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||||
Nonperforming residential and consumer loans to total residential and consumer loans | 1.72 | 1.73 | 1.81 | 1.70 | 2.04 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 560.93 | 550.85 | 499.94 | 426.00 | 350.04 | ||||||||||||||
Concentrations of Credit | |||||||||||||||||||
Commercial Real Estate for FFEIC Concentration Limits | $ | 737,887 | $ | 697,843 | $ | 694,555 | $ | 706,488 | $ | 721,587 | |||||||||
% FFIEC Total Capital | 413.00 | % | 378.64 | % | 378.45 | % | 370.18 | % | 382.64 | % | |||||||||
Multi–family mortgage loans - 50% risk based capital qualified (included above) | $ | 370,512 | $ | 357,947 | $ | 299,138 | $ | 353,686 | $ | 365,713 | |||||||||
% FFIEC Total Capital | 207.38 | % | 194.22 | % | 162.99 | % | 185.32 | % | 193.93 | % | |||||||||
Commercial Leases - Investment Grade | $ | 166,209 | $ | 181,131 | $ | 197,746 | $ | 186,052 | $ | 207,460 | |||||||||
Commercial Leases - Other | 133,185 | 115,972 | 118,809 | 99,170 | 102,616 |
(1) | Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases. |
2018 | 2017 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate loans | $ | 365 | $ | 409 | $ | 295 | $ | 362 | $ | 295 | |||||||||
Multi–family mortgage loans | 216 | 310 | 218 | 222 | 225 | ||||||||||||||
Nonresidential real estate loans | 98 | 99 | 100 | 149 | 154 | ||||||||||||||
Commercial loans | 342 | 4,699 | 3,820 | 2,258 | 2,248 | ||||||||||||||
Consumer loans | 7 | 10 | 1 | — | — | ||||||||||||||
$ | 1,028 | $ | 5,527 | $ | 4,434 | $ | 2,991 | $ | 2,922 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 8,103 | $ | 8,179 | $ | 8,341 | $ | 8,366 | $ | 8,374 | |||||||||
Charge offs: | |||||||||||||||||||
One–to–four family residential real estate loans | (17 | ) | (84 | ) | (33 | ) | (97 | ) | (36 | ) | |||||||||
Multi–family mortgage loans | — | — | (35 | ) | — | — | |||||||||||||
Nonresidential real estate loans | (93 | ) | — | — | — | — | |||||||||||||
Commercial loans | — | (140 | ) | — | — | ||||||||||||||
Consumer loans | (12 | ) | (6 | ) | (1 | ) | — | (3 | ) | ||||||||||
(122 | ) | (90 | ) | (209 | ) | (97 | ) | (39 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate loans | 76 | 25 | 6 | 99 | 45 | ||||||||||||||
Multi–family mortgage loans | 8 | 8 | 10 | 8 | 8 | ||||||||||||||
Nonresidential real estate loans | — | — | — | — | 7 | ||||||||||||||
Construction and land loans | — | 2 | — | — | — | ||||||||||||||
Commercial loans | 2 | 2 | 2 | 223 | 42 | ||||||||||||||
Commercial leases | — | — | 5 | — | — | ||||||||||||||
Consumer loans | — | — | 1 | — | 1 | ||||||||||||||
86 | 37 | 24 | 330 | 103 | |||||||||||||||
Net (charge–offs) recoveries | (36 | ) | (53 | ) | (185 | ) | 233 | 64 | |||||||||||
Provision for (recovery of) loan losses | 403 | (23 | ) | 23 | (258 | ) | (72 | ) | |||||||||||
Ending balance | $ | 8,470 | $ | 8,103 | $ | 8,179 | $ | 8,341 | $ | 8,366 | |||||||||
Allowance for loan losses to total loans | 0.64 | % | 0.64 | % | 0.63 | % | 0.65 | % | 0.63 | % | |||||||||
Net (charge–off) recovery ratio (1) | (0.01 | ) | (0.02 | ) | (0.06 | ) | 0.07 | 0.02 |
(1) | Annualized |
2018 | 2017 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 230,041 | $ | 225,446 | $ | 229,717 | $ | 232,593 | $ | 234,354 | |||||||||
Interest–bearing NOW accounts | 275,830 | 283,561 | 281,603 | 283,311 | 289,657 | ||||||||||||||
Money market accounts | 255,951 | 266,070 | 281,493 | 290,575 | 299,581 | ||||||||||||||
Savings deposits | 152,334 | 155,232 | 158,731 | 160,093 | 160,501 | ||||||||||||||
Certificates of deposit - retail | 332,053 | 275,160 | 251,974 | 232,910 | 224,401 | ||||||||||||||
Certificates of deposit - wholesale | 106,275 | 90,301 | 92,335 | 78,525 | 131,557 | ||||||||||||||
$ | 1,352,484 | $ | 1,295,770 | $ | 1,295,853 | $ | 1,278,007 | $ | 1,340,051 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,548,292 | $ | 1,540,522 | $ | 1,565,996 | $ | 1,581,833 | $ | 1,637,309 | |||||||||
Total average interest–earning assets | 1,478,028 | 1,463,404 | 1,492,824 | 1,496,682 | 1,549,746 | ||||||||||||||
Average loans | 1,296,108 | 1,274,788 | 1,291,339 | 1,294,387 | 1,330,276 | ||||||||||||||
Average securities | 98,756 | 113,234 | 107,384 | 103,928 | 95,065 | ||||||||||||||
Average stock in FHLB & FRB | 8,026 | 8,125 | 8,411 | 8,289 | 8,290 | ||||||||||||||
Average other interest–earning assets | 75,138 | 67,257 | 85,690 | 90,078 | 116,115 | ||||||||||||||
Total average interest–bearing liabilities | 1,108,397 | 1,098,424 | 1,117,188 | 1,131,372 | 1,176,898 | ||||||||||||||
Average interest–bearing deposits | 1,085,611 | 1,059,929 | 1,055,228 | 1,070,635 | 1,116,057 | ||||||||||||||
Average borrowings | 22,786 | 38,495 | 61,960 | 60,737 | 60,841 | ||||||||||||||
Average stockholders’ equity | 188,643 | 194,745 | 197,314 | 199,672 | 201,604 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 4.33 | % | 4.17 | % | 4.04 | % | 4.00 | % | 3.85 | % | |||||||||
Average loans | 4.59 | 4.43 | 4.34 | 4.33 | 4.22 | ||||||||||||||
Average securities | 2.38 | 2.20 | 2.04 | 1.81 | 1.58 | ||||||||||||||
Average other interest–earning assets | 2.61 | 2.28 | 1.81 | 1.62 | 1.60 | ||||||||||||||
Total average interest–bearing liabilities | 1.09 | 0.87 | 0.73 | 0.62 | 0.59 | ||||||||||||||
Average interest–bearing deposits | 1.07 | 0.85 | 0.70 | 0.58 | 0.55 | ||||||||||||||
Average borrowings | 1.98 | 1.34 | 1.36 | 1.35 | 1.35 | ||||||||||||||
Average cost of total deposits | 0.89 | 0.70 | 0.57 | 0.48 | 0.45 | ||||||||||||||
Average cost of funds | 0.90 | 0.72 | 0.61 | 0.52 | 0.49 | ||||||||||||||
Net interest rate spread | 3.24 | 3.30 | 3.31 | 3.38 | 3.26 | ||||||||||||||
Net interest margin | 3.52 | 3.51 | 3.49 | 3.53 | 3.41 |
(1) | Annualized |
2018 | 2017 | ||||||||||||||||||
IVQ | IIIQ | IIQ | IQ | IVQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 11.81 | % | 12.53 | % | 12.39 | % | 12.72 | % | 12.16 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 11.80 | 12.53 | 12.38 | 12.71 | 12.14 | ||||||||||||||
Risk–based total capital ratio | 16.33 | 17.40 | 16.73 | 17.72 | 17.06 | ||||||||||||||
Common Tier 1 (CET1) | 15.61 | 16.67 | 16.02 | 16.98 | 16.33 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.61 | 16.67 | 16.02 | 16.98 | 16.33 | ||||||||||||||
Tier 1 leverage ratio | 11.82 | 12.06 | 11.93 | 12.03 | 11.49 | ||||||||||||||
Tier 1 capital | $ | 182,404 | $ | 185,015 | $ | 185,836 | $ | 189,152 | $ | 187,005 | |||||||||
BankFinancial, NA | |||||||||||||||||||
Risk–based total capital ratio | 15.30 | % | 16.61 | % | 15.83 | % | 17.13 | % | 16.48 | % | |||||||||
Common Tier 1 (CET1) | 14.57 | 15.88 | 15.12 | 16.38 | 15.74 | ||||||||||||||
Risk–based tier 1 capital ratio | 14.57 | 15.88 | 15.12 | 16.38 | 15.74 | ||||||||||||||
Tier 1 leverage ratio | 11.03 | 11.49 | 11.26 | 11.60 | 11.08 | ||||||||||||||
Tier 1 capital | $ | 170,194 | $ | 176,199 | $ | 175,349 | $ | 182,464 | $ | 180,216 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 14.95 | $ | 15.94 | $ | 17.65 | $ | 16.98 | $ | 15.34 | |||||||||
High | 16.06 | 18.08 | 18.62 | 17.20 | 17.00 | ||||||||||||||
Low | 13.88 | 15.32 | 15.07 | 15.07 | 14.79 | ||||||||||||||
Common shares outstanding | 16,481,514 | 17,206,303 | 17,461,088 | 17,877,223 | 17,958,723 | ||||||||||||||
Book value per share | $ | 11.36 | $ | 11.16 | $ | 11.12 | $ | 11.10 | $ | 11.00 | |||||||||
Tangible book value per share | $ | 11.35 | $ | 11.16 | $ | 11.12 | $ | 11.09 | $ | 10.99 | |||||||||
Cash dividends declared on common stock | $ | 0.10 | $ | 0.10 | $ | 0.09 | $ | 0.08 | $ | 0.08 | |||||||||
Dividend payout ratio | 22.74 | % | 46.65 | % | 34.20 | % | 40.35 | % | 145.59 | % | |||||||||
Stock repurchases | $ | 10,691 | $ | 4,103 | $ | 7,167 | $ | 1,323 | $ | 1,671 | |||||||||
Stock repurchases – shares | 724,789 | 254,785 | 415,889 | 81,500 | 104,900 | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 7,416 | $ | 3,737 | $ | 4,630 | $ | 3,559 | $ | 991 | |||||||||
Average common shares outstanding | 16,820,641 | 17,365,679 | 17,634,190 | 17,931,579 | 18,017,708 | ||||||||||||||
Less - Unvested restricted stock shares | — | — | (375 | ) | (940 | ) | (940 | ) | |||||||||||
Weighted average common shares outstanding | 16,820,641 | 17,365,679 | 17,633,815 | 17,930,639 | 18,016,768 | ||||||||||||||
Plus: Dilutive common shares equivalents | — | — | — | 461 | 461 | ||||||||||||||
Weighted average dilutive common shares outstanding | 16,820,641 | 17,365,679 | 17,633,815 | 17,931,100 | 18,017,229 | ||||||||||||||
Basic earnings per common share | $ | 0.44 | $ | 0.22 | $ | 0.26 | $ | 0.20 | $ | 0.06 | |||||||||
Diluted earnings per common share | $ | 0.44 | $ | 0.22 | $ | 0.26 | $ | 0.20 | $ | 0.06 |