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February 1, 2016 4:59 PM EST


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 




FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 1, 2016
 

BANKFINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
 
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
 
60527
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (800) 894-6900
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¬
 
¬
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 2.02    Results of Operations and Financial Condition
On February 1, 2016, BankFinancial Corporation (Nasdaq – BFIN) issued a press release announcing the results for the fourth quarter and year ended December 31, 2015 and issued the Fourth Quarter 2015 Quarterly Financial and Statistical Supplement for the latest five quarters. The press release and Quarterly Financial and Statistical Supplement are included as Exhibits 99.1 and 99.2 to this report.
BankFinancial Corporation will review fourth quarter 2015 results in a conference call and webcast for stockholders and analysts on Wednesday, February 3, 2016 at 9:30 a.m. Chicago, Illinois Time.
The conference call may be accessed by calling (844) 413-1780 using participant passcode 41940831. The conference call will be simultaneously webcast at www.bankfinancial.com, “Investor Relations” page. For those persons unable to participate in the conference call, the webcast will be archived through 11:59 p.m. Chicago Time on Friday, February 19, 2016 on our website. BankFinancial Corporation’s Quarterly Financial and Statistical Supplement is scheduled to be available on our website, under the “Investor Relations” section, on February 1, 2016.

Item 7.01.
Regulation FD Disclosure
The press release referenced in Item 2.02, above, included certain predictions and other forward looking statements as to the Company’s performance for the years ending December 31, 2015 and 2016.

Item 9.01.    Financial Statements and Exhibits.
(a)
Not Applicable.
(b)
Not Applicable.
(c)
Not Applicable.
(d)
Exhibits.

Exhibit No.    Description
99.1    Press Release dated February 1, 2016
99.2    Quarterly Financial and Statistical Supplement





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
BANKFINANCIAL CORPORATION
 
 
 
 
 
 
 
Date:
February 1, 2016
 
By:
/s/ F. Morgan Gasior

 
 
 
 
 
F. Morgan Gasior
 
 
 
 
 
Chairman of the Board, Chief Executive Officer and President






EXHIBIT INDEX

Exhibit No.    Description
99.1    Press Release dated February 1, 2016
99.2    Quarterly Financial and Statistical Supplement




Exhibit No. 99.1
FOR IMMEDIATE RELEASE
BankFinancial Corporation Reports Financial Results for 2015 and
Will Host Conference Call and Webcast on February 3, 2016
Burr Ridge, Illinois - (February 1, 2016) BankFinancial Corporation (Nasdaq - BFIN) (the “Company”) announced today the Company recorded net income of $8.7 million and earnings per share of common stock of $0.44 for the year ended December 31, 2015.
For the year 2015, the Company’s total loans increased by $59.9 million (5%), and its total investment and business loans increased by $78.2 million (8%). The Company enjoyed balanced net loan growth in its multifamily / commercial real estate portfolio ($17.9 million) and its commercial / industrial loan and lease portfolio ($60.9 million). Non-performing loans declined to 0.29% of loans receivable compared to 1.03% at December 31, 2014, and non-performing assets declined to 0.70% of total assets compared to 1.27% at December 31, 2014. The Company’s core deposits remained stable, with the ratio of core deposits to total deposits increasing to 81.6%. The Company’s liquid assets exceeded 12% of total assets. The Company’s capital ratios remained strong with a Tier 1 capital ratio of 13.26% and a Tier 1 risk-based capital ratio of 17.01%.
“Our 2015 results reflect the successful execution of key business plan objectives, including achieving and maintaining sustainable loan growth in our targeted loan categories, restoring our historical asset quality and improving our overall efficiency. We look forward to further improvements in these very positive trends in 2016,” said F. Morgan Gasior, the Chairman and CEO of the Company.
The Quarterly Financial and Statistical Supplement will be available today on BankFinancial's website, www.bankfinancial.com on the “Stockholder Information” page, and through the EDGAR database on the SEC's website, www.sec.gov. The Quarterly Financial and Statistical Supplement includes comparative GAAP and non-GAAP performance data and financial measures for the most recent five quarters.
BankFinancial's management will review fourth quarter 2015 results in a conference call and webcast for stockholders and analysts on Wednesday, February 3, 2016 at 9:30 a.m. Chicago, Illinois Time. The conference call may be accessed by calling (844) 413-1780 using participant passcode 41940831. The conference call will be simultaneously webcast at www.bankfinancial.com, “Investor Relations” page. For those unable to participate in the conference call, the webcast will be archived through 11:59 p.m. Chicago Time on Friday, February 19, 2016.
BankFinancial Corporation is the holding company for BankFinancial, F.S.B., a full-service, community-oriented bank providing financial services to individuals, families and businesses through 19 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois. BankFinancial Corporation's common stock trades on the Nasdaq Global Select Market under the symbol BFIN. Additional information may be found at the company's website, www.bankfinancial.com.
This release includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause BankFinancial’s actual results to differ from those expected at the time of this release. For a discussion of some of the factors that may cause actual results to differ from expectations, please refer to BankFinancial’s most recent Annual Report on Form 10-K as filed with the SEC, as supplemented by subsequent filings with the SEC. Investors are urged to review all information contained in these reports, including the risk factors discussed therein. Copies of these filings are available at no cost on the SEC's web site at www.sec.gov or on BankFinancial’s web site at www.bankfinancial.com. Forward looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes.
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 F.S.B.
Telephone: 630-242-7234





Exhibit 99.2



BANKFINANCIAL CORPORATION
FOURTH QUARTER 2015
QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT
FOR THE LATEST FIVE QUARTERS


Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform to the current period’s presentation.
The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period–end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current, or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
PERFORMANCE MEASUREMENTS
 
 
 
 
 
 
 
 
 
Return on assets (ratio of net income to average total assets) (1)
0.58
%
 
0.65
%
 
0.61
%
 
0.55
%
 
9.76
%
Return on equity (ratio of net income to average equity) (1)
3.96

 
4.41

 
4.14

 
3.64

 
75.56

Net interest rate spread (1)
3.35

 
3.33

 
3.36

 
3.42

 
3.39

Net interest margin (1)
3.43

 
3.40

 
3.42

 
3.48

 
3.44

Efficiency ratio
83.16

 
77.77

 
76.04

 
80.49

 
81.24

Noninterest expense to average total assets (1)
3.08

 
2.85

 
2.77

 
2.90

 
3.08

Average interest–earning assets to average interest–bearing liabilities
138.91

 
134.89

 
131.42

 
124.76

 
124.52

Number of full service offices
19

 
19

 
19

 
19

 
19

Employees (full time equivalents)
251

 
264

 
264

 
267

 
269

 
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENT OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from other financial institutions
$
13,192

 
$
8,809

 
$
10,591

 
$
10,211

 
$
9,693

Interest-bearing deposits in other financial institutions
46,185

 
52,661

 
66,835

 
56,043

 
49,888

Securities, at fair value
114,753

 
104,242

 
99,137

 
114,039

 
121,174

Loans receivable, net
1,232,257

 
1,162,298

 
1,156,667

 
1,153,638

 
1,172,356

Other real estate owned, net
7,011

 
4,809

 
5,539

 
6,316

 
6,358

Stock in Federal Home Loan Bank, at cost
6,257

 
6,257

 
6,257

 
6,257

 
6,257

Premises and equipment, net
32,726

 
33,063

 
33,502

 
33,943

 
34,286

Intangible assets
1,305

 
1,441

 
1,577

 
1,713

 
1,855

Bank owned life insurance
22,387

 
22,335

 
22,287

 
22,242

 
22,193

Deferred taxes
26,695

 
27,733

 
29,145

 
30,437

 
31,643

Other assets
9,675

 
7,775

 
8,201

 
8,530

 
9,707

Total assets
$
1,512,443

 
$
1,431,423

 
$
1,439,738

 
$
1,443,369

 
$
1,465,410

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Deposits
$
1,212,919

 
$
1,181,534

 
$
1,200,226

 
$
1,202,764

 
$
1,211,713

Borrowings
64,318

 
18,048

 
3,039

 
3,217

 
12,921

Other liabilities
22,842

 
18,767

 
24,725

 
19,842

 
24,655

Total liabilities
1,300,079

 
1,218,349

 
1,227,990

 
1,225,823

 
1,249,289

Stockholders’ equity
212,364

 
213,074

 
211,748

 
217,546

 
216,121

Total liabilities and stockholders’ equity
$
1,512,443

 
$
1,431,423

 
$
1,439,738

 
$
1,443,369

 
$
1,465,410

(1)Annualized


Page 2
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
For the years ended December 31,
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
2015
 
2014
SUMMARY STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
 
Total interest income
$
12,411

 
$
12,147

 
$
12,193

 
$
12,211

 
$
12,413

 
$
48,962

 
$
49,349

Total interest expense
738

 
699

 
691

 
686

 
714

 
2,814

 
3,046

Net interest income before provision
11,673

 
11,448

 
11,502

 
11,525

 
11,699

 
46,148

 
46,303

Recovery of loan losses
(1,038
)
 
(956
)
 
(488
)
 
(724
)
 
(756
)
 
(3,206
)
 
(736
)
Net interest income
12,711

 
12,404

 
11,990

 
12,249

 
12,455

 
49,354

 
47,039

Noninterest income
1,757

 
1,709

 
1,689

 
1,536

 
1,769

 
6,691

 
6,709

Noninterest expense
11,169

 
10,232

 
10,031

 
10,513

 
10,941

 
41,945

 
44,451

Income before income tax
3,299

 
3,881

 
3,648

 
3,272

 
3,283

 
14,100

 
9,297

Income tax expense (benefit)
1,183

 
1,532

 
1,424

 
1,286

 
(31,395
)
 
5,425

 
(31,317
)
Net income
$
2,116

 
$
2,349

 
$
2,224

 
$
1,986

 
$
34,678

 
$
8,675

 
$
40,614

Basic earnings per common share
$
0.11

 
$
0.12

 
$
0.11

 
$
0.10

 
$
1.72

 
$
0.44

 
$
2.01

Diluted earnings per common share
$
0.11

 
$
0.12

 
$
0.11

 
$
0.10

 
$
1.72

 
$
0.44

 
$
2.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME AND EXPENSE
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest Income
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit service charges and fees
$
603

 
$
648

 
$
532

 
$
465

 
$
530

 
$
2,248

 
$
1,933

Other fee income
505

 
502

 
601

 
535

 
561

 
2,143

 
2,264

Insurance commissions and annuities income
169

 
68

 
86

 
63

 
152

 
386

 
431

Gain on sales of loans, net
10

 
37

 
28

 
27

 
51

 
102

 
158

Loss on sale of securities
—

 
—

 
—

 
—

 
—

 
—

 
(7
)
Gain (loss) on disposition of premises and equipment
—

 
—

 
(1
)
 
—

 
—

 
(1
)
 
5

Loan servicing fees
83

 
85

 
96

 
90

 
108

 
354

 
418

Amortization of servicing assets
(32
)
 
(35
)
 
(35
)
 
(35
)
 
(29
)
 
(137
)
 
(135
)
Recovery (impairment) of servicing assets
(1
)
 
(15
)
 
3

 
10

 
(2
)
 
(3
)
 
(8
)
Earnings on bank owned life insurance
52

 
48

 
45

 
49

 
53

 
194

 
235

Trust income
183

 
172

 
183

 
174

 
178

 
712

 
683

Other
185

 
199

 
151

 
158

 
167

 
693

 
732

Total noninterest income
$
1,757

 
$
1,709

 
$
1,689

 
$
1,536

 
$
1,769

 
$
6,691

 
$
6,709

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
6,034

 
$
5,329

 
$
5,278

 
$
5,581

 
$
5,828

 
$
22,222

 
$
22,874

Office occupancy and equipment
1,620

 
1,537

 
1,670

 
1,695

 
1,651

 
6,522

 
6,878

Advertising and public relations
208

 
212

 
227

 
344

 
366

 
991

 
1,100

Information technology
687

 
686

 
657

 
639

 
672

 
2,669

 
2,676

Supplies, telephone, and postage
397

 
393

 
385

 
411

 
410

 
1,586

 
1,579

Amortization of intangibles
136

 
136

 
136

 
142

 
143

 
550

 
578

Nonperforming asset management
239

 
244

 
108

 
90

 
219

 
681

 
838

Loss (gain) on sales of other real estate owned
33

 
(11
)
 
(22
)
 
(58
)
 
75

 
(58
)
 
35

Valuation adjustments of other real estate owned
81

 
231

 
23

 
213

 
46

 
548

 
438

Operations of other real estate owned
169

 
114

 
91

 
199

 
127

 
573

 
935

FDIC insurance premiums
205

 
202

 
262

 
235

 
259

 
904

 
1,416

Other
1,360

 
1,159

 
1,216

 
1,022

 
1,145

 
4,757

 
5,104

Total noninterest expense
$
11,169

 
$
10,232

 
$
10,031

 
$
10,513

 
$
10,941

 
$
41,945

 
$
44,451


Page 3
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
159,501

 
$
164,124

 
$
170,146

 
$
176,910

 
$
180,337

Multi–family mortgage loans
506,026

 
478,057

 
480,585

 
472,432

 
480,349

Nonresidential real estate loans
226,735

 
223,528

 
224,995

 
226,461

 
234,500

Construction and land loans
1,313

 
1,322

 
1,442

 
1,404

 
1,885

Commercial loans
79,516

 
80,216

 
61,344

 
64,953

 
66,882

Commercial leases
265,405

 
221,622

 
225,676

 
219,988

 
217,143

Consumer loans
1,831

 
1,927

 
1,768

 
1,747

 
2,051

 
1,240,327

 
1,170,796

 
1,165,956

 
1,163,895

 
1,183,147

Net deferred loan origination costs
1,621

 
1,583

 
1,521

 
1,319

 
1,199

Allowance for loan losses
(9,691
)
 
(10,081
)
 
(10,810
)
 
(11,576
)
 
(11,990
)
Loans, net
$
1,232,257

 
$
1,162,298

 
$
1,156,667

 
$
1,153,638

 
$
1,172,356

 
 
 
 
 
 
 
 
 
 
LOAN ORIGINATIONS (1)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
2,657

 
$
3,267

 
$
3,350

 
$
2,388

 
$
4,119

Multi–family mortgage loans
43,110

 
16,302

 
27,822

 
13,417

 
47,929

Nonresidential real estate loans
20,408

 
4,025

 
5,564

 
4,045

 
7,024

Commercial loans
44,293

 
56,950

 
46,683

 
45,051

 
52,810

Commercial leases
71,201

 
26,866

 
39,645

 
28,920

 
38,454

Consumer loans
725

 
711

 
838

 
780

 
803

 
$
182,394

 
$
108,121

 
$
123,902

 
$
94,601

 
$
151,139

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (2)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
7,471

 
$
9,963

 
$
9,057

 
$
6,007

 
$
10,489

Multi–family mortgage loans
13,559

 
18,939

 
19,880

 
18,303

 
21,284

Nonresidential real estate loans
12,748

 
5,523

 
6,702

 
10,593

 
13,637

Construction and land loans
41

 
232

 
50

 
551

 
176

Commercial loans
45,460

 
38,079

 
50,298

 
46,822

 
39,955

Commercial leases
26,353

 
28,104

 
33,757

 
28,052

 
22,923

Consumer loans
701

 
738

 
749

 
830

 
895

 
$
106,333

 
$
101,578

 
$
120,493

 
$
111,158

 
$
109,359

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2)
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
363

 
$
1,424

 
$
571

 
$
1,502

 
$
1,151

Multi–family mortgage loans
2,199

 
7,666

 
3,226

 
4,566

 
5,000

Nonresidential real estate loans
784

 
335

 
2,896

 
2,823

 
5,869

Construction and land loans
8

 
24

 
16

 
510

 
141

Commercial loans
4,873

 
4,120

 
5,268

 
4,772

 
3,149

 
$
8,227

 
$
13,569

 
$
11,977

 
$
14,173

 
$
15,310


(1) Loan originations include draws on revolving lines of credit and exclude loan renewals.
(2) Loan payments and payoffs exclude loan renewals.

Page 4
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
CREDIT QUALITY:
 
 
 
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
 
 
 
Nonaccrual loans (1):
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
2,455

 
$
2,952

 
$
3,468

 
$
3,816

 
$
4,408

Multi–family mortgage loans
821

 
1,399

 
2,382

 
3,441

 
4,481

Nonresidential real estate loans
296

 
2,263

 
2,732

 
5,931

 
3,245

Commercial loans
—

 
75

 
75

 
183

 
76

Consumer loans
—

 
—

 
1

 
—

 
3

Nonaccrual loans
3,572

 
6,689

 
8,658

 
13,371

 
12,213

 
 
 
 
 
 
 
 
 
 
Loans past due over 90 days, still accruing
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans (2)
2,621

 
325

 
471

 
1,002

 
1,263

Multi–family real estate
951

 
1,474

 
2,018

 
2,242

 
2,307

Nonresidential real estate
1,747

 
1,289

 
1,240

 
1,169

 
885

Land (3)
1,692

 
1,721

 
1,810

 
1,903

 
1,903

Other real estate owned
7,011

 
4,809

 
5,539

 
6,316

 
6,358

 
 
 
 
 
 
 
 
 
 
Nonperforming assets
$
10,583

 
$
11,498

 
$
14,197

 
$
19,687

 
$
18,571

 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios
 
 
 
 
 
 
 
 
 
Nonperforming assets to total assets
0.70
%
 
0.80
%
 
0.99
%
 
1.36
%
 
1.27
%
Nonaccrual loans to total loans
0.29

 
0.57

 
0.74

 
1.15

 
1.03

Allowance for loan losses to nonperforming loans
271.30

 
150.71

 
124.86

 
86.58

 
98.17

(1)
Purchased impaired loans are combined with nonaccrual loans in the above table.
(2)
Other real estate owned acquired from the Downers Grove National Bank merger are included in the above tables.
(3)
Other real estate owned (land) acquired from the Downers Grove National Bank merger totaled $1.7 million on December 31, 2015 and September 30, 2015, $1.8 million at June 30, 2015, March 31, 2015 and December 31, 2014.

Page 5
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
SUBSTANDARD PERFORMING LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
847

 
$
429

 
$
1,056

 
$
878

 
$
2,010

Multi–family mortgage loans
5,167

 
6,254

 
4,849

 
5,897

 
3,949

Nonresidential real estate loans
4,981

 
5,259

 
4,506

 
4,973

 
6,698

Construction and land loans
842

 
819

 
730

 
658

 
613

Commercial loans
614

 
703

 
571

 
516

 
705

 
$
12,451

 
$
13,464

 
$
11,712

 
$
12,922

 
$
13,975

 
 
 
 
 
 
 
 
 
 
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE
 
 
 
 
 
 
30 – 59 days past due
$
2,036

 
$
63

 
$
138

 
$
7,874

 
$
4,265

60 – 89 days past due
926

 
816

 
648

 
255

 
1,167

Matured Loans
1,467

 
224

 
38

 
491

 
553

 
$
4,429

 
$
1,103

 
$
824

 
$
8,620

 
$
5,985

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
 
 
 
Beginning balance
$
10,081

 
$
10,810

 
$
11,576

 
$
11,990

 
$
13,051

Charge offs:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
(59
)
 
(125
)
 
(99
)
 
(103
)
 
(229
)
Multi–family mortgage loans
(9
)
 
(9
)
 
(161
)
 
(19
)
 
(449
)
Nonresidential real estate loans
(102
)
 
(26
)
 
(252
)
 
(11
)
 
(266
)
Commercial loans
(54
)
 
—

 
—

 
(98
)
 
(23
)
Consumer loans
(5
)
 
(3
)
 
(4
)
 
(4
)
 
(2
)
 
(229
)
 
(163
)
 
(516
)
 
(235
)
 
(969
)
Recoveries:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
407

 
16

 
219

 
60

 
284

Multi–family mortgage loans
5

 
169

 
4

 
4

 
69

Nonresidential real estate loans
460

 
24

 
9

 
16

 
23

Construction and land loans
—

 
38

 
—

 
6

 
90

Commercial loans
5

 
143

 
6

 
457

 
198

Commercial leases
—

 
—

 
—

 
1

 
—

Consumer loans
—

 
—

 
—

 
1

 
—

 
877

 
390

 
238

 
545

 
664

Net (charge–offs) recoveries
648

 
227

 
(278
)
 
310

 
(305
)
Recovery of loan losses
(1,038
)
 
(956
)
 
(488
)
 
(724
)
 
(756
)
Ending balance
$
9,691

 
$
10,081

 
$
10,810

 
$
11,576

 
$
11,990

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to total loans
0.78
 %
 
0.86
 %
 
0.93
%
 
0.99
 %
 
1.01
%
Net charge–off (recovery) ratio (1)
(0.22
)
 
(0.08
)
 
0.10

 
(0.11
)
 
0.11

(1)
Annualized


Page 6
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
DEPOSITS
 
 
 
 
 
 
 
 
 
Noninterest–bearing demand
$
254,830

 
$
233,192

 
$
190,411

 
$
131,072

 
$
134,129

Savings deposits
156,752

 
152,585

 
156,436

 
157,892

 
154,532

Money market accounts
329,654

 
327,080

 
334,898

 
339,329

 
338,246

Interest–bearing NOW accounts
248,982

 
245,780

 
290,670

 
343,949

 
351,947

Certificates of deposits
222,701

 
222,897

 
227,811

 
230,522

 
232,859

 
$
1,212,919

 
$
1,181,534

 
$
1,200,226

 
$
1,202,764

 
$
1,211,713

 
 
 
 
 
 
 
 
 
 
SELECTED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total average assets
$
1,448,857

 
$
1,434,749

 
$
1,449,740

 
$
1,448,335

 
$
1,421,804

Total average interest–earning assets
1,348,782

 
1,336,412

 
1,347,810

 
1,344,592

 
1,350,815

Average loans
1,175,723

 
1,164,251

 
1,150,417

 
1,164,107

 
1,144,281

Average securities
107,344

 
102,578

 
107,697

 
121,958

 
116,234

Average stock in FHLB
6,257

 
6,257

 
6,257

 
6,257

 
6,257

Average other interest–earning assets
59,458

 
63,326

 
83,439

 
52,270

 
84,043

Total average interest–bearing liabilities
971,000

 
990,733

 
1,025,544

 
1,077,712

 
1,084,840

Average interest–bearing deposits
951,631

 
981,633

 
1,022,661

 
1,074,552

 
1,081,353

Average borrowings
19,369

 
9,100

 
2,883

 
3,160

 
3,487

Average stockholders’ equity
213,858

 
213,061

 
215,113

 
218,459

 
183,584

 
 
 
 
 
 
 
 
 
 
SELECTED YIELDS AND COST OF FUNDS (1):
 
 
 
 
 
 
 
 
Total average interest–earning assets
3.65
%
 
3.61
%
 
3.63
%
 
3.68
%
 
3.65
%
Average loans
4.06

 
4.02

 
4.13

 
4.12

 
4.17

Average securities
1.07

 
1.03

 
0.96

 
1.09

 
0.98

Average other interest–earning assets
0.51

 
0.50

 
0.45

 
0.42

 
0.40

Total average interest–bearing liabilities
0.30

 
0.28

 
0.27

 
0.26

 
0.26

Average interest–bearing deposits
0.30

 
0.28

 
0.27

 
0.26

 
0.26

Average borrowings
0.25

 
0.17

 
0.28

 
0.26

 
0.34

Net interest rate spread
3.35

 
3.33

 
3.36

 
3.42

 
3.39

Net interest margin
3.43

 
3.40

 
3.42

 
3.48

 
3.44

(1)     Annualized

Page 7
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
CAPITAL RATIOS (1)
 
 
 
 
 
 
 
 
 
BankFinancial Corporation
 
 
 
 
 
 
 
 
 
Equity to total assets (end of period)
14.04
%
 
14.89
%
 
14.71
%
 
15.07
%
 
14.75
%
Tangible equity to tangible total assets (end of period)
14.76

 
14.80

 
14.61

 
14.97

 
14.64

Risk–based total capital ratio
17.89

 
19.10

 
18.40

 
18.40

 
18.31

Common Tier 1 (CET1)
17.01

 
18.14

 
17.39

 
17.35

 
N.A.

Risk–based tier 1 capital ratio
17.01

 
18.14

 
17.39

 
17.35

 
17.21

Tier 1 leverage ratio
13.26

 
13.41

 
13.08

 
13.43

 
13.04

Tier 1 capital
$
189,044

 
$
189,216

 
$
186,337

 
$
190,970

 
$
187,290

BankFinancial FSB
 
 
 
 
 
 
 
 
 
Risk–based total capital ratio
15.41
%
 
16.22
%
 
15.54
%
 
14.95
%
 
16.21
%
Common Tier 1 (CET1)
14.54

 
15.25

 
14.53

 
13.89

 
N.A.

Risk–based tier 1 capital ratio
14.54

 
15.25

 
14.53

 
13.89

 
15.11

Tier 1 leverage ratio
11.33

 
11.27

 
10.92

 
10.74

 
11.45

Tier 1 capital
$
161,545

 
$
159,118

 
$
155,586

 
$
152,777

 
$
164,420

 
 
 
 
 
 
 
 
 
 
COMMON STOCK AND DIVIDENDS
 
 
 
 
 
 
 
 
 
Stock Prices:
 
 
 
 
 
 
 
 
 
Close
$
12.63

 
$
12.43

 
$
11.78

 
$
13.14

 
$
11.86

High
13.22

 
12.48

 
13.62

 
13.16

 
12.17

Low
12.10

 
11.57

 
11.47

 
11.07

 
10.24

Common shares outstanding
20,297,317

 
20,501,966

 
20,501,966

 
21,101,966

 
21,101,966

Book value per share
$
10.46

 
$
10.39

 
$
10.33

 
$
10.31

 
$
10.24

Tangible book value per share
$
10.40

 
$
10.32

 
$
10.25

 
$
10.23

 
$
10.15

Cash dividends declared on common stock
$
0.04

 
$
0.08

 
$
0.04

 
$
0.04

 
$
0.03

Dividend payout ratio
38.59
%
 
69.82
%
 
37.95
%
 
42.50
%
 
1.83
%
Stock repurchases
$
2,582

 
$
—

 
$
7,388

 
$
—

 
$
—

Stock repurchases – shares
204,649

 
—

 
600,000

 
—

 
—

 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE COMPUTATIONS
 
 
 
 
 
 
 
 
 
Net income
$
2,116

 
$
2,349

 
$
2,224

 
$
1,986

 
$
34,678

Average common shares outstanding
20,428,979

 
20,501,966

 
20,811,856

 
21,101,966

 
21,101,966

Less: Unearned ESOP shares
(743,659
)
 
(768,327
)
 
(792,816
)
 
(825,348
)
 
(841,526
)
Unvested restricted stock shares
(7,932
)
 
(7,932
)
 
(9,682
)
 
(16,822
)
 
(16,822
)
Weighted average common shares outstanding
19,677,388


19,725,707

 
20,009,358

 
20,259,796

 
20,243,618

Plus: Dilutive common shares equivalents
25,141

 
5,595

 
4,215

 
5,888

 
9,755

Weighted average dilutive common shares outstanding
19,702,529

 
19,731,302

 
20,013,573

 
20,265,684

 
20,253,373

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

 
$
—

 
$
—

 
$
—

 
$
—

Basic earnings per common share
$
0.11

 
$
0.12

 
$
0.11

 
$
0.10

 
$
1.72

Diluted earnings per common share
$
0.11

 
$
0.12

 
$
0.11

 
$
0.10

 
$
1.72

(1) All Capital amounts and ratios prior to March 31, 2015 were calculated Pre-Basel III requirements.
N.A. Not Applicable

Page 8

BANKFINANCIAL CORPORATION
NON–GAAP FINANCIAL MEASURES
BankFinancial Corporation, a Maryland corporation (“the Company”) utilizes a number of different financial measures, both GAAP and non–GAAP, in making operating, budgeting and planning decisions for future periods. Generally, a non–GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. The Company believes that the use of the non–GAAP financial measures described below provides the Board of Directors and management, and may provide some investors, with a more complete understanding of the Company’s operating results and trends, and facilitate comparisons to historical and peer performance. The Company’s non–GAAP financial measures should be considered supplemental in nature and should not be considered in isolation, or as superior to or a substitute for, financial measures that are prepared in accordance with GAAP. In addition, the Company’s non–GAAP financial measures may differ from similar non–GAAP financial measures that are used by other companies, thus limiting their usefulness as a comparative tool.
These measures include pre–tax pre–provision earnings from core operations and pre–tax pre–provision earnings from core operations to average total assets. Management believes that by excluding equity-based compensation expense, other real estate owned related income and expense items and nonperforming asset management expenses from noninterest expense, these measures better reflect our core operating performance.

Page 9
BANKFINANCIAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share) - (Unaudited)

 
 
 
 
 
 
 
 
 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2015
 
2014
 
2015
 
2014
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
Income before income taxes
$
3,299

 
$
3,283

 
$
14,100

 
$
9,297

Recovery of loan losses
(1,038
)
 
(756
)
 
(3,206
)
 
(736
)
 
2,261

 
2,527

 
10,894

 
8,561

Adjustments:
 
 
 
 
 
 
 
Equity-based compensation
306

 
18

 
638

 
70

Nonperforming asset management
239

 
219

 
681

 
838

Loss (gain) on sale of other real estate owned
33

 
75

 
(58
)
 
35

Valuation adjustments of other real estate owned
81

 
46

 
548

 
438

Operations of other real estate owned
169

 
127

 
573

 
935

Adjustments
828

 
485

 
2,382

 
2,316

Pre–tax pre–provision earnings from core operations
$
3,089

 
$
3,012

 
$
13,276

 
$
10,877

 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
0.85
%
 
0.85
%
 
0.92
%
 
0.76
%

(1)
Annualized

Page 10
BANKFINANCIAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share) - (Unaudited)

FOR THE LATEST FIVE QUARTERS
 
2015
 
2014
 
IVQ
 
IIIQ
 
IIQ
 
IQ
 
IVQ
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
 
Income before income taxes
$
3,299

 
$
3,881

 
$
3,648

 
$
3,272

 
$
3,283

Recovery of loan losses
(1,038
)
 
(956
)
 
(488
)
 
(724
)
 
(756
)
 
2,261

 
2,925

 
3,160

 
2,548

 
2,527

Adjustments:
 
 
 
 
 
 
 
 
 
Equity-based compensation
306

 
297

 
17

 
17

 
18

Nonperforming asset management
239

 
244

 
108

 
91

 
219

Loss (gain) on sale of other real estate owned
33

 
(11
)
 
(22
)
 
(58
)
 
75

Valuation adjustments of other real estate owned
81

 
231

 
23

 
213

 
46

Operations of other real estate owned
169

 
114

 
91

 
199

 
127

 
828

 
875

 
217

 
462

 
485

Pre–tax pre–provision earnings from core operations
$
3,089

 
$
3,800

 
$
3,377

 
$
3,010

 
$
3,012

 
 
 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
0.85
%
 
1.06
%
 
0.93
%
 
0.83
%
 
0.85
%

(1)
Annualized


Page 11

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