Maryland | 0-51331 | 75-3199276 |
(State or Other Jurisdiction of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
60 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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.01 per share | BFIN | The NASDAQ Stock Market LLC |
(a) | Not Applicable. |
(b) | Not Applicable. |
(c) | Not Applicable. |
(d) | Exhibits. |
BANKFINANCIAL CORPORATION | |||||
Dated: | October 21, 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 |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
PERFORMANCE MEASUREMENTS | |||||||||||||||||||
Return on assets (ratio of net income to average total assets) (1) | 1.05 | % | 0.21 | % | 0.91 | % | 1.92 | % | 0.97 | % | |||||||||
Return on equity (ratio of net income to average equity) (1) | 9.04 | 1.84 | 7.68 | 15.72 | 7.68 | ||||||||||||||
Net interest rate spread (1) | 3.38 | 3.30 | 3.35 | 3.24 | 3.30 | ||||||||||||||
Net interest margin (1) | 3.67 | 3.60 | 3.64 | 3.52 | 3.51 | ||||||||||||||
Efficiency ratio | 64.62 | 65.19 | 68.03 | 51.22 | 64.84 | ||||||||||||||
Noninterest expense to average total assets (1) | 2.54 | 2.48 | 2.60 | 2.88 | 2.45 | ||||||||||||||
Average interest–earning assets to average interest–bearing liabilities | 131.18 | 131.66 | 131.53 | 133.35 | 133.23 | ||||||||||||||
Number of full service offices | 19 | 19 | 19 | 19 | 19 | ||||||||||||||
Employees (full time equivalents) | 223 | 231 | 235 | 236 | 245 | ||||||||||||||
SUMMARY STATEMENT OF FINANCIAL CONDITION | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from other financial institutions | $ | 13,074 | $ | 13,998 | $ | 12,016 | $ | 13,805 | $ | 12,473 | |||||||||
Interest-bearing deposits in other financial institutions | 127,719 | 89,609 | 66,206 | 84,399 | 74,461 | ||||||||||||||
Securities, at fair value | 65,440 | 87,080 | 83,240 | 88,179 | 103,921 | ||||||||||||||
Loans receivable, net | 1,213,948 | 1,267,454 | 1,306,475 | 1,323,793 | 1,267,787 | ||||||||||||||
Other real estate owned, net | 269 | 497 | 921 | 1,226 | 985 | ||||||||||||||
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost | 7,490 | 7,490 | 8,026 | 8,026 | 8,026 | ||||||||||||||
Premises and equipment, net | 24,598 | 24,923 | 24,992 | 25,205 | 24,473 | ||||||||||||||
Bank owned life insurance | 18,914 | 18,877 | 18,839 | 18,809 | 18,781 | ||||||||||||||
Deferred taxes | 4,556 | 4,816 | 5,023 | 6,235 | 8,911 | ||||||||||||||
Other assets | 15,974 | 19,178 | 19,282 | 15,648 | 12,666 | ||||||||||||||
Total assets | $ | 1,491,982 | $ | 1,533,922 | $ | 1,545,020 | $ | 1,585,325 | $ | 1,532,484 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Deposits | $ | 1,288,825 | $ | 1,330,207 | $ | 1,326,746 | $ | 1,352,484 | $ | 1,295,770 | |||||||||
Borrowings | 1,253 | 798 | 16,106 | 21,049 | 21,232 | ||||||||||||||
Other liabilities | 28,037 | 31,426 | 25,948 | 24,642 | 23,399 | ||||||||||||||
Total liabilities | 1,318,115 | 1,362,431 | 1,368,800 | 1,398,175 | 1,340,401 | ||||||||||||||
Stockholders’ equity | 173,867 | 171,491 | 176,220 | 187,150 | 192,083 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,491,982 | $ | 1,533,922 | $ | 1,545,020 | $ | 1,585,325 | $ | 1,532,484 |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUMMARY STATEMENT OF OPERATIONS | |||||||||||||||||||
Total interest income | $ | 16,628 | $ | 16,522 | $ | 16,526 | $ | 16,146 | $ | 15,373 | |||||||||
Total interest expense | 3,386 | 3,419 | 3,307 | 3,043 | 2,408 | ||||||||||||||
Net interest income before provision (recovery) | 13,242 | 13,103 | 13,219 | 13,103 | 12,965 | ||||||||||||||
Provision for (recovery of) loan losses | (134 | ) | 3,957 | (87 | ) | 403 | (23 | ) | |||||||||||
Net interest income | 13,376 | 9,146 | 13,306 | 12,700 | 12,988 | ||||||||||||||
Noninterest income | 1,474 | 1,426 | 1,624 | 8,674 | 1,570 | ||||||||||||||
Noninterest expense | 9,509 | 9,472 | 10,098 | 11,155 | 9,425 | ||||||||||||||
Income before income tax | 5,341 | 1,100 | 4,832 | 10,219 | 5,133 | ||||||||||||||
Income tax expense | 1,417 | 293 | 1,281 | 2,803 | 1,396 | ||||||||||||||
Net income | $ | 3,924 | $ | 807 | $ | 3,551 | $ | 7,416 | $ | 3,737 | |||||||||
Basic and diluted earnings per common share | $ | 0.26 | $ | 0.05 | $ | 0.22 | $ | 0.44 | $ | 0.22 | |||||||||
NONINTEREST INCOME AND EXPENSE | |||||||||||||||||||
Noninterest Income | |||||||||||||||||||
Deposit service charges and fees | $ | 983 | $ | 974 | $ | 930 | $ | 998 | $ | 1,003 | |||||||||
Loan servicing fees | 99 | 56 | 23 | 208 | 71 | ||||||||||||||
Commercial mortgage brokerage fees | 4 | 8 | — | — | 12 | ||||||||||||||
Residential mortgage banking fees | 24 | 13 | 28 | 31 | 34 | ||||||||||||||
Gain on sale of equity securities | — | — | 295 | 3,572 | — | ||||||||||||||
Unrealized gain on equity securities | — | — | — | 3,427 | — | ||||||||||||||
Loss on disposal of other assets | — | — | (19 | ) | — | — | |||||||||||||
Trust insurance commissions and annuities income | 198 | 224 | 205 | 267 | 207 | ||||||||||||||
Earnings on bank owned life insurance | 37 | 38 | 30 | 28 | 35 | ||||||||||||||
Other | 129 | 113 | 132 | 143 | 208 | ||||||||||||||
Total noninterest income | $ | 1,474 | $ | 1,426 | $ | 1,624 | $ | 8,674 | $ | 1,570 | |||||||||
Noninterest Expense | |||||||||||||||||||
Compensation and benefits | $ | 5,218 | $ | 5,207 | $ | 5,703 | $ | 6,755 | $ | 5,120 | |||||||||
Office occupancy and equipment | 1,877 | 1,621 | 1,845 | 1,795 | 1,629 | ||||||||||||||
Advertising and public relations | 182 | 145 | 161 | 237 | 194 | ||||||||||||||
Information technology | 716 | 736 | 692 | 726 | 717 | ||||||||||||||
Supplies, telephone, and postage | 310 | 319 | 399 | 363 | 341 | ||||||||||||||
Amortization of intangibles | 13 | 14 | 20 | 21 | 20 | ||||||||||||||
Nonperforming asset management | 17 | 58 | 54 | 40 | 60 | ||||||||||||||
Loss (gain) on sales of other real estate owned | (21 | ) | 4 | (95 | ) | — | (12 | ) | |||||||||||
Valuation adjustments of other real estate owned | 17 | 21 | — | — | 1 | ||||||||||||||
Operations of other real estate owned, net | 23 | 22 | 51 | 77 | 70 | ||||||||||||||
FDIC insurance premiums | (127 | ) | 146 | 108 | 99 | 115 | |||||||||||||
Other | 1,284 | 1,179 | 1,160 | 1,042 | 1,170 | ||||||||||||||
Total noninterest expense | $ | 9,509 | $ | 9,472 | $ | 10,098 | $ | 11,155 | $ | 9,425 |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
LOANS | |||||||||||||||||||
One–to–four family residential real estate | $ | 60,757 | $ | 64,192 | $ | 66,833 | $ | 70,371 | $ | 77,591 | |||||||||
Multi–family mortgage | 577,656 | 619,898 | 634,328 | 619,870 | 581,880 | ||||||||||||||
Nonresidential real estate | 140,410 | 145,416 | 148,601 | 152,442 | 148,010 | ||||||||||||||
Construction and land | 88 | 117 | 145 | 172 | 1,130 | ||||||||||||||
Commercial loans | 163,846 | 153,709 | 172,264 | 187,406 | 167,547 | ||||||||||||||
Commercial leases | 275,800 | 289,107 | 289,750 | 299,394 | 297,103 | ||||||||||||||
Consumer | 2,052 | 1,861 | 1,846 | 1,539 | 1,416 | ||||||||||||||
1,220,609 | 1,274,300 | 1,313,767 | 1,331,194 | 1,274,677 | |||||||||||||||
Net deferred loan origination costs | 942 | 978 | 1,062 | 1,069 | 1,213 | ||||||||||||||
Allowance for loan losses | (7,603 | ) | (7,824 | ) | (8,354 | ) | (8,470 | ) | (8,103 | ) | |||||||||
Loans, net | $ | 1,213,948 | $ | 1,267,454 | $ | 1,306,475 | $ | 1,323,793 | $ | 1,267,787 | |||||||||
LOAN ORIGINATIONS (1) | |||||||||||||||||||
One–to–four family residential real estate | $ | 721 | $ | 836 | $ | 695 | $ | 647 | $ | 1,290 | |||||||||
Multi–family mortgage | 6,960 | 9,258 | 27,871 | 71,101 | 31,633 | ||||||||||||||
Nonresidential real estate | 387 | 4,100 | 1,641 | 7,120 | 1,166 | ||||||||||||||
Commercial loans | 141,314 | 153,537 | 155,123 | 171,048 | 164,974 | ||||||||||||||
Commercial leases | 30,998 | 34,959 | 27,611 | 52,929 | 27,296 | ||||||||||||||
Consumer | 852 | 842 | 1,174 | 913 | 695 | ||||||||||||||
$ | 181,232 | $ | 203,532 | $ | 214,115 | $ | 303,758 | $ | 227,054 | ||||||||||
Weighted average rate | 5.75 | % | 6.27 | % | 6.15 | % | 5.91 | % | 5.96 | % | |||||||||
LOAN PAYMENTS and PAYOFFS (2) | |||||||||||||||||||
One–to–four family residential real estate | $ | 4,127 | $ | 3,415 | $ | 4,195 | $ | 7,590 | $ | 7,135 | |||||||||
Multi–family mortgage | 49,374 | 23,685 | 13,308 | 35,135 | 19,804 | ||||||||||||||
Nonresidential real estate | 6,802 | 7,165 | 5,542 | 4,315 | 8,890 | ||||||||||||||
Construction and land | 28 | 27 | 27 | 27 | 184 | ||||||||||||||
Commercial loans | 130,208 | 167,352 | 170,387 | 151,768 | 161,359 | ||||||||||||||
Commercial leases | 44,035 | 39,633 | 37,259 | 50,742 | 46,885 | ||||||||||||||
Consumer | 703 | 800 | 781 | 868 | 762 | ||||||||||||||
$ | 235,277 | $ | 242,077 | $ | 231,499 | $ | 250,445 | $ | 245,019 | ||||||||||
Weighted average rate | 5.45 | % | 5.91 | % | 5.91 | % | 5.59 | % | 5.56 | % |
(1) | Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals. |
(2) | Loan payments and payoffs exclude loan renewals. |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CREDIT QUALITY: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
One–to–four family residential real estate | $ | 1,160 | $ | 923 | $ | 844 | $ | 1,240 | $ | 1,369 | |||||||||
Multi–family mortgage | — | — | — | — | 102 | ||||||||||||||
Nonresidential real estate | 282 | 2,080 | 242 | 270 | — | ||||||||||||||
Commercial loans | — | — | 354 | — | — | ||||||||||||||
Nonaccrual loans | 1,442 | 3,003 | 1,440 | 1,510 | 1,471 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
One–to–four family residential real estate | 269 | 497 | 921 | 875 | 634 | ||||||||||||||
Multi–family mortgage | — | — | — | 276 | 276 | ||||||||||||||
Nonresidential real estate | — | — | — | 74 | 74 | ||||||||||||||
Land | — | — | — | 1 | 1 | ||||||||||||||
Other real estate owned | 269 | 497 | 921 | 1,226 | 985 | ||||||||||||||
Nonperforming assets | $ | 1,711 | $ | 3,500 | $ | 2,361 | $ | 2,736 | $ | 2,456 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming assets to total assets | 0.11 | % | 0.23 | % | 0.15 | % | 0.17 | % | 0.16 | % | |||||||||
Nonperforming loans to total loans | 0.12 | 0.24 | 0.11 | 0.11 | 0.12 | ||||||||||||||
Nonperforming commercial-related loans to total commercial-related loans (1) | 0.02 | 0.17 | 0.05 | 0.02 | 0.01 | ||||||||||||||
Nonperforming residential and consumer loans to total residential and consumer loans | 1.85 | 1.40 | 1.23 | 1.72 | 1.73 | ||||||||||||||
Allowance for loan losses to nonperforming loans | 527.25 | 260.54 | 580.14 | 560.93 | 550.85 | ||||||||||||||
Concentrations of Credit | |||||||||||||||||||
Commercial real estate for FFIEC concentration limits | $ | 688,887 | $ | 734,567 | $ | 749,755 | $ | 737,887 | $ | 697,843 | |||||||||
% FFIEC total capital | 403.95 | % | 437.62 | % | 440.83 | % | 413.00 | % | 378.64 | % | |||||||||
Multi–family mortgage loans - 50% risk based capital qualified (included above) | $ | 302,648 | $ | 286,910 | $ | 351,284 | $ | 370,512 | $ | 357,947 | |||||||||
% FFIEC total capital | 177.47 | % | 170.93 | % | 206.54 | % | 207.38 | % | 194.22 | % | |||||||||
Commercial Leases - Investment rated | $ | 133,049 | $ | 143,148 | $ | 157,215 | $ | 166,209 | $ | 181,131 | |||||||||
Commercial Leases - Other | 142,751 | 145,959 | 132,535 | 133,185 | 115,972 |
(1) | Commercial-related loans include Multi-family mortgage, Nonresidential, Construction and land and Commercial loans and Commercial leases. |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
SUBSTANDARD PERFORMING LOANS | |||||||||||||||||||
One–to–four family residential real estate | $ | 577 | $ | 487 | $ | 384 | $ | 365 | $ | 409 | |||||||||
Multi–family mortgage | 211 | 213 | 214 | 216 | 310 | ||||||||||||||
Nonresidential real estate | 93 | 93 | 95 | 98 | 99 | ||||||||||||||
Commercial loans | — | 500 | 3,033 | 342 | 4,699 | ||||||||||||||
Consumer | 3 | 1 | 9 | 7 | 10 | ||||||||||||||
$ | 884 | $ | 1,294 | $ | 3,735 | $ | 1,028 | $ | 5,527 | ||||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||
Beginning balance | $ | 7,824 | $ | 8,354 | $ | 8,470 | $ | 8,103 | $ | 8,179 | |||||||||
Charge–offs: | |||||||||||||||||||
One–to–four family residential real estate | (44 | ) | (50 | ) | (23 | ) | (17 | ) | (84 | ) | |||||||||
Nonresidential real estate | (55 | ) | — | (28 | ) | (93 | ) | — | |||||||||||
Commercial loans | — | (4,443 | ) | — | — | ||||||||||||||
Consumer | (5 | ) | (10 | ) | (5 | ) | (12 | ) | (6 | ) | |||||||||
(104 | ) | (4,503 | ) | (56 | ) | (122 | ) | (90 | ) | ||||||||||
Recoveries: | |||||||||||||||||||
One–to–four family residential real estate | 5 | 6 | 17 | 76 | 25 | ||||||||||||||
Multi–family mortgage | 8 | 8 | 8 | 8 | 8 | ||||||||||||||
Construction and land | — | — | — | — | 2 | ||||||||||||||
Commercial loans | 4 | 2 | 2 | 2 | 2 | ||||||||||||||
17 | 16 | 27 | 86 | 37 | |||||||||||||||
Net charge–offs | (87 | ) | (4,487 | ) | (29 | ) | (36 | ) | (53 | ) | |||||||||
Provision for (recovery of ) loan losses | (134 | ) | 3,957 | (87 | ) | 403 | (23 | ) | |||||||||||
Ending balance | $ | 7,603 | $ | 7,824 | $ | 8,354 | $ | 8,470 | $ | 8,103 | |||||||||
Allowance for loan losses to total loans | 0.62 | % | 0.61 | % | 0.64 | % | 0.64 | % | 0.64 | % | |||||||||
Net charge–off ratio (1) | (0.03 | ) | (1.38 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) |
(1) | Annualized |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
DEPOSITS | |||||||||||||||||||
Noninterest–bearing demand | $ | 208,347 | $ | 213,966 | $ | 222,328 | $ | 230,041 | $ | 225,446 | |||||||||
Interest–bearing NOW accounts | 274,752 | 278,405 | 266,402 | 275,830 | 283,561 | ||||||||||||||
Money market accounts | 237,022 | 246,941 | 248,657 | 255,951 | 266,070 | ||||||||||||||
Savings deposits | 149,431 | 153,414 | 155,505 | 152,334 | 155,232 | ||||||||||||||
Certificates of deposit - retail | 344,327 | 348,685 | 341,266 | 332,053 | 275,160 | ||||||||||||||
Certificates of deposit - wholesale | 74,946 | 88,796 | 92,588 | 106,275 | 90,301 | ||||||||||||||
$ | 1,288,825 | $ | 1,330,207 | $ | 1,326,746 | $ | 1,352,484 | $ | 1,295,770 | ||||||||||
SELECTED AVERAGE BALANCES | |||||||||||||||||||
Total average assets | $ | 1,498,380 | $ | 1,529,033 | $ | 1,553,484 | $ | 1,548,292 | $ | 1,540,522 | |||||||||
Total average interest–earning assets | 1,430,830 | 1,458,180 | 1,474,355 | 1,478,028 | 1,463,404 | ||||||||||||||
Average loans | 1,239,774 | 1,297,548 | 1,304,385 | 1,296,108 | 1,274,788 | ||||||||||||||
Average securities | 78,221 | 86,144 | 91,271 | 98,756 | 113,234 | ||||||||||||||
Average stock in FHLB & FRB | 7,490 | 7,629 | 8,026 | 8,026 | 8,125 | ||||||||||||||
Average other interest–earning assets | 105,345 | 66,859 | 70,673 | 75,138 | 67,257 | ||||||||||||||
Total average interest–bearing liabilities | 1,090,766 | 1,107,540 | 1,120,957 | 1,108,397 | 1,098,424 | ||||||||||||||
Average interest–bearing deposits | 1,089,596 | 1,106,439 | 1,106,582 | 1,085,611 | 1,059,929 | ||||||||||||||
Average borrowings | 1,170 | 1,101 | 14,375 | 22,786 | 38,495 | ||||||||||||||
Average stockholders’ equity | 173,698 | 175,452 | 184,957 | 188,643 | 194,745 | ||||||||||||||
SELECTED YIELDS AND COST OF FUNDS (1): | |||||||||||||||||||
Total average interest–earning assets | 4.61 | % | 4.54 | % | 4.55 | % | 4.33 | % | 4.17 | % | |||||||||
Average loans | 4.92 | 4.76 | 4.77 | 4.59 | 4.43 | ||||||||||||||
Average securities | 2.58 | 2.80 | 2.67 | 2.38 | 2.20 | ||||||||||||||
Average other interest–earning assets | 2.50 | 2.63 | 2.71 | 2.61 | 2.28 | ||||||||||||||
Total average interest–bearing liabilities | 1.23 | 1.24 | 1.20 | 1.09 | 0.87 | ||||||||||||||
Average interest–bearing deposits | 1.23 | 1.24 | 1.18 | 1.07 | 0.85 | ||||||||||||||
Average cost of total deposits | 1.03 | 1.04 | 0.99 | 0.89 | 0.70 | ||||||||||||||
Average cost of retail and commercial deposits | 1.13 | 1.13 | 1.08 | 0.97 | 0.75 | ||||||||||||||
Average cost of wholesale deposits and borrowings | 2.48 | 2.39 | 2.29 | 2.09 | 1.77 | ||||||||||||||
Average cost of funds | 1.03 | 1.04 | 1.00 | 0.90 | 0.72 | ||||||||||||||
Net interest rate spread | 3.38 | 3.30 | 3.35 | 3.24 | 3.30 | ||||||||||||||
Net interest margin | 3.67 | 3.60 | 3.64 | 3.52 | 3.51 |
2019 | 2018 | ||||||||||||||||||
IIIQ | IIQ | IQ | IVQ | IIIQ | |||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||
BankFinancial Corporation | |||||||||||||||||||
Equity to total assets (end of period) | 11.65 | % | 11.18 | % | 11.41 | % | 11.81 | % | 12.53 | % | |||||||||
Tangible equity to tangible total assets (end of period) | 11.65 | 11.18 | 11.40 | 11.80 | 12.53 | ||||||||||||||
Risk–based total capital ratio | 16.17 | 15.17 | 15.47 | 16.33 | 17.40 | ||||||||||||||
Common Tier 1 (CET1) | 15.47 | 14.49 | 14.76 | 15.61 | 16.67 | ||||||||||||||
Risk–based tier 1 capital ratio | 15.47 | 14.49 | 14.76 | 15.61 | 16.67 | ||||||||||||||
Tier 1 leverage ratio | 11.43 | 11.04 | 11.13 | 11.82 | 12.06 | ||||||||||||||
Tier 1 capital | $ | 171,050 | $ | 168,461 | $ | 172,486 | $ | 182,404 | $ | 185,015 | |||||||||
BankFinancial, NA | |||||||||||||||||||
Risk–based total capital ratio | 15.46 | % | 14.46 | % | 14.58 | % | 15.30 | % | 16.61 | % | |||||||||
Common Tier 1 (CET1) | 14.76 | 13.78 | 13.86 | 14.57 | 15.88 | ||||||||||||||
Risk–based tier 1 capital ratio | 14.76 | 13.78 | 13.86 | 14.57 | 15.88 | ||||||||||||||
Tier 1 leverage ratio | 10.90 | 10.49 | 10.45 | 11.03 | 11.49 | ||||||||||||||
Tier 1 capital | $ | 162,818 | $ | 159,917 | $ | 161,723 | $ | 170,194 | $ | 176,199 | |||||||||
COMMON STOCK AND DIVIDENDS | |||||||||||||||||||
Stock Prices: | |||||||||||||||||||
Close | $ | 11.90 | $ | 13.99 | $ | 14.87 | $ | 14.95 | $ | 15.94 | |||||||||
High | 14.29 | 15.63 | 16.06 | 16.06 | 18.08 | ||||||||||||||
Low | 11.10 | 13.44 | 13.46 | 13.88 | 15.32 | ||||||||||||||
Common shares outstanding | 15,373,964 | 15,373,964 | 15,644,499 | 16,481,514 | 17,206,303 | ||||||||||||||
Book value per share | $ | 11.31 | $ | 11.15 | $ | 11.26 | $ | 11.36 | $ | 11.16 | |||||||||
Tangible book value per share | $ | 11.31 | $ | 11.15 | $ | 11.26 | $ | 11.35 | $ | 11.16 | |||||||||
Cash dividends declared on common stock | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | |||||||||
Dividend payout ratio | 39.18 | % | 191.78 | % | 46.35 | % | 22.74 | % | 46.65 | % | |||||||||
Stock repurchases | $ | — | $ | 4,001 | $ | 12,840 | $ | 10,691 | $ | 4,103 | |||||||||
Stock repurchases – shares | — | 270,535 | 837,015 | 724,789 | 254,785 | ||||||||||||||
EARNINGS PER SHARE COMPUTATIONS | |||||||||||||||||||
Net income | $ | 3,924 | $ | 807 | $ | 3,551 | $ | 7,416 | $ | 3,737 | |||||||||
Weighted average basic and dilutive common shares outstanding | 15,373,964 | 15,472,618 | 16,202,303 | 16,820,641 | 17,365,679 | ||||||||||||||
Basic and diluted earnings per common share | $ | 0.26 | $ | 0.05 | $ | 0.22 | $ | 0.44 | $ | 0.22 |