Close

Form 8-K BankFinancial CORP For: Oct 26

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 4/19/2024

1. NFLX
2. INFY
3. ISRG
4. TSM
5. SPY
6. JWN
7. AXP
8. SLB
9. PPG
10. PARA


October 26, 2016 5:07 PM EDT


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): October 26, 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
(Address of Principal Executive Offices)
60527
(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):
¨
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 7.01.
Regulation FD Disclosure
BankFinancial Corporation (the “Company”) will review third quarter 2016 results in a conference call and webcast for stockholders and analysts on Friday, October 28, 2016 at 9:30 a.m. Chicago, Illinois Time.
The conference call may be accessed by calling (844) 413-1780 using participant passcode 3130224. The conference call will be simultaneously webcast at www.bankfinancial.com, under Investor Relations.
Item 8.01.
Other Events
On October 26, 2016, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and issued the Quarterly Financial and Statistical Supplement for the latest five quarters. The press release also reported earnings for the three months and nine months ended September 30, 2016. The press release and Quarterly Financial and Statistical Supplement are included as Exhibits 99.1 and 99.2 to this report.
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 October 26, 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
 
 
 
 
 
 
 
Dated:
October 26, 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 October 26, 2016
99.2    Quarterly Financial and Statistical Supplement





Exhibit 99.1

 graphica02a04.jpg
FOR IMMEDIATE RELEASE
BankFinancial Corporation Reports Financial Results for the Third Quarter 2016 and
Will Host Conference Call and Webcast on Friday, October 28, 2016
Burr Ridge, Illinois – (October 26, 2016) BankFinancial Corporation (Nasdaq – BFIN) filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 and a Quarterly Financial and Statistical Supplement on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) today.
BankFinancial reported net income of $2.5 million, or $0.13 per common share, for the three months ended September 30, 2016, compared to $2.3 million, or $0.12 per common share, for the three months ended September 30, 2016. BankFinancial reported net income of $5.2 million, or $0.27 per common shares, for the nine months ended September 30, 2016, compared to $6.6 million, or $0.33 per common share, for the nine months ended September 30, 2015. The decline in net income was due in part to a pre-tax charge off of $1.6 million resulting from our decision to sell three performing loans to a single borrower with a total carrying value of $16.2 million. At September 30, 2016, BankFinancial had total assets of $1.540 billion, total loans of $1.242 billion, total deposits of $1.317 billion and stockholders' equity of $204 million.
The Quarterly Report on Form 10-Q and the Quarterly Financial and Statistical Supplement will be available today on BankFinancial's website, www.bankfinancial.com, at the “Investor Relations” 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 third quarter 2016 results in a conference call and webcast for stockholders and analysts on Friday, October 28, 2016 at 9:30 a.m. Chicago, Illinois Time. The conference call may be accessed by calling (844) 413-1780 using participant passcode 3130224. 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 Friday, November 11, 2016 on our website.
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 web site, 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. 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
THIRD QUARTER 2016
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)


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
PERFORMANCE MEASUREMENTS
 
 
 
 
 
 
 
 
 
Return on assets (ratio of net income to average total assets) (1)
0.66
%
 
0.22
%
 
0.50
%
 
0.58
%
 
0.65
%
Return on equity (ratio of net income to average equity) (1)
4.86

 
1.59

 
3.59

 
3.96

 
4.41

Net interest rate spread (1)
3.23

 
3.21

 
3.30

 
3.35

 
3.33

Net interest margin (1)
3.33

 
3.31

 
3.39

 
3.43

 
3.40

Efficiency ratio
73.60

 
79.80

 
80.98

 
83.16

 
77.77

Noninterest expense to average total assets (1)
2.62

 
2.78

 
2.89

 
3.08

 
2.85

Average interest–earning assets to average interest–bearing liabilities
134.36

 
136.17

 
136.26

 
138.91

 
134.89

Number of full service offices
19

 
19

 
19

 
19

 
19

Employees (full time equivalents)
242

 
253

 
255

 
251

 
264

 
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENT OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from other financial institutions
$
9,499

 
$
11,509

 
$
10,238

 
$
13,192

 
$
8,809

Interest-bearing deposits in other financial institutions
91,031

 
74,048

 
55,705

 
46,185

 
52,661

Securities, at fair value
99,899

 
105,698

 
111,386

 
114,753

 
104,242

Loans receivable, net
1,241,808

 
1,207,553

 
1,232,485

 
1,232,257

 
1,162,298

Other real estate owned, net
4,381

 
5,373

 
5,629

 
7,011

 
4,809

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

 
6,257

 
6,257

 
6,257

 
6,257

Premises and equipment, net
31,856

 
32,021

 
32,308

 
32,726

 
33,063

Intangible assets
911

 
1,040

 
1,169

 
1,305

 
1,441

Bank owned life insurance
22,538

 
22,484

 
22,438

 
22,387

 
22,335

Deferred taxes
23,715

 
25,187

 
25,641

 
26,695

 
27,733

Other assets
8,378

 
8,661

 
8,552

 
9,675

 
7,775

Total assets
$
1,540,273

 
$
1,499,831

 
$
1,511,808

 
$
1,512,443

 
$
1,431,423

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Deposits
$
1,316,695

 
$
1,268,602

 
$
1,264,689

 
$
1,212,919

 
$
1,181,534

Borrowings
1,406

 
1,469

 
17,621

 
64,318

 
18,048

Other liabilities
18,505

 
23,053

 
20,010

 
22,842

 
18,767

Total liabilities
1,336,606

 
1,293,124

 
1,302,320

 
1,300,079

 
1,218,349

Stockholders’ equity
203,667

 
206,707

 
209,488

 
212,364

 
213,074

Total liabilities and stockholders’ equity
$
1,540,273

 
$
1,499,831

 
$
1,511,808

 
$
1,512,443

 
$
1,431,423

(1)Annualized


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


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
SUMMARY STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
Total interest income
$
12,845

 
$
12,581

 
$
12,759

 
$
12,411

 
$
12,147

Total interest expense
1,014

 
952

 
856

 
738

 
699

Net interest income before provision (recovery)
11,831

 
11,629

 
11,903

 
11,673

 
11,448

Provision for (recovery of) loan losses
(525
)
 
1,315

 
(490
)
 
(1,038
)
 
(956
)
Net interest income
12,356

 
10,314

 
12,393

 
12,711

 
12,404

Noninterest income
1,637

 
1,537

 
1,594

 
1,757

 
1,709

Noninterest expense
9,912

 
10,506

 
10,930

 
11,169

 
10,232

Income before income tax
4,081

 
1,345

 
3,057

 
3,299

 
3,881

Income tax expense
1,573

 
514

 
1,153

 
1,183

 
1,532

Net income
$
2,508

 
$
831

 
$
1,904

 
$
2,116

 
$
2,349

Basic earnings per common share
$
0.13

 
$
0.04

 
$
0.10

 
$
0.11

 
$
0.12

Diluted earnings per common share
$
0.13

 
$
0.04

 
$
0.10

 
$
0.11

 
$
0.12

 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME AND EXPENSE
 
 
 
 
 
 
 
 
Noninterest Income
 
 
 
 
 
 
 
 
 
Deposit service charges and fees
$
583

 
$
541

 
$
567

 
$
603

 
$
648

Other fee income
478

 
505

 
495

 
505

 
502

Insurance commissions and annuities income
53

 
72

 
55

 
169

 
68

Gain on sales of loans, net
38

 
3

 
18

 
10

 
37

Gain on sale of securities
—

 
—

 
46

 
—

 
—

Loan servicing fees
66

 
75

 
73

 
83

 
85

Amortization of servicing assets
(28
)
 
(40
)
 
(28
)
 
(32
)
 
(35
)
Recovery (impairment) of servicing assets
—

 
3

 
(3
)
 
(1
)
 
(15
)
Earnings on bank owned life insurance
54

 
46

 
51

 
52

 
48

Trust income
167

 
165

 
160

 
183

 
172

Other
226

 
167

 
160

 
185

 
199

Total noninterest income
$
1,637

 
$
1,537

 
$
1,594

 
$
1,757

 
$
1,709

 
 
 
 
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
5,315

 
$
5,713

 
$
5,993

 
$
6,034

 
$
5,329

Office occupancy and equipment
1,487

 
1,635

 
1,647

 
1,620

 
1,537

Advertising and public relations
144

 
252

 
222

 
208

 
212

Information technology
707

 
699

 
724

 
687

 
686

Supplies, telephone, and postage
345

 
297

 
376

 
397

 
393

Amortization of intangibles
129

 
129

 
136

 
136

 
136

Nonperforming asset management
89

 
127

 
84

 
239

 
244

Loss (gain) on sales of other real estate owned
(15
)
 
(38
)
 
38

 
33

 
(11
)
Valuation adjustments of other real estate owned
115

 
10

 
119

 
81

 
231

Operations of other real estate owned
143

 
177

 
219

 
169

 
114

FDIC insurance premiums
238

 
236

 
217

 
205

 
202

Other
1,215

 
1,269

 
1,155

 
1,360

 
1,159

Total noninterest expense
$
9,912

 
$
10,506

 
$
10,930

 
$
11,169

 
$
10,232

 
 
 
 

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


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
142,130

 
$
147,876

 
$
154,588

 
$
159,501

 
$
164,124

Multi–family mortgage loans
505,369

 
504,158

 
513,450

 
506,026

 
478,057

Nonresidential real estate loans
186,504

 
191,685

 
219,339

 
226,735

 
223,528

Construction and land loans
1,005

 
1,767

 
1,799

 
1,313

 
1,322

Commercial loans
106,878

 
84,951

 
76,325

 
79,516

 
80,216

Commercial leases
304,753

 
282,629

 
272,849

 
265,405

 
221,622

Consumer loans
1,846

 
1,744

 
1,890

 
1,831

 
1,927

 
1,248,485

 
1,214,810

 
1,240,240

 
1,240,327

 
1,170,796

Net deferred loan origination costs
1,657

 
1,658

 
1,661

 
1,621

 
1,583

Allowance for loan losses
(8,334
)
 
(8,915
)
 
(9,416
)
 
(9,691
)
 
(10,081
)
Loans, net
$
1,241,808

 
$
1,207,553

 
$
1,232,485

 
$
1,232,257

 
$
1,162,298

 
 
 
 
 
 
 
 
 
 
LOAN ORIGINATIONS (1)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
2,322

 
$
2,279

 
$
1,637

 
$
2,657

 
$
3,267

Multi–family mortgage loans
25,062

 
18,017

 
24,385

 
43,110

 
16,302

Nonresidential real estate loans
3,518

 
3,587

 
5,002

 
20,408

 
4,025

Construction and land loans
92

 
—

 
198

 
—

 
—

Commercial loans
67,919

 
54,149

 
35,771

 
44,293

 
56,950

Commercial leases
54,717

 
54,633

 
39,303

 
71,201

 
26,866

Consumer loans
883

 
1,025

 
588

 
725

 
711

 
$
154,513

 
$
133,690

 
$
106,884

 
$
182,394

 
$
108,121

 

 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (2)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
7,245

 
$
8,500

 
$
6,413

 
$
7,471

 
$
9,963

Multi–family mortgage loans
24,276

 
27,188

 
17,082

 
13,559

 
18,939

Nonresidential real estate loans
8,740

 
30,024

 
11,878

 
12,748

 
5,523

Construction and land loans
852

 
33

 
57

 
41

 
232

Commercial loans
45,990

 
45,528

 
39,030

 
45,460

 
38,079

Commercial leases
31,437

 
48,774

 
31,552

 
26,353

 
28,104

Consumer loans
801

 
1,080

 
664

 
701

 
738

 
$
119,341

 
$
161,127

 
$
106,676

 
$
106,333

 
$
101,578

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2)
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
220

 
$
778

 
$
441

 
$
363

 
$
1,424

Multi–family mortgage loans
1,155

 
4,163

 
5,117

 
2,199

 
7,666

Nonresidential real estate loans
500

 
19,164

 
409

 
784

 
335

Construction and land loans
828

 
—

 
24

 
8

 
24

Commercial loans
6,037

 
12,243

 
7,861

 
4,873

 
4,120

Commercial leases
203

 
197

 
194

 
—

 
—

 
$
8,943

 
$
36,545

 
$
14,046

 
$
8,227

 
$
13,569


(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)


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
CREDIT QUALITY:
 
 
 
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
 
 
 
Nonaccrual loans (1):
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
2,691

 
$
2,625

 
$
3,370

 
$
2,455

 
$
2,952

Multi–family mortgage loans
508

 
1,021

 
953

 
821

 
1,399

Nonresidential real estate loans
717

 
754

 
295

 
296

 
2,263

Construction and land loans
—

 
—

 
803

 
—

 
—

Commercial loans
—

 
—

 
—

 
—

 
75

Nonaccrual loans
3,916

 
4,400

 
5,421

 
3,572

 
6,689

 
 
 
 
 
 
 
 
 
 
Loans past due over 90 days, still accruing
—

 
828

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Other real estate owned (2):
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
2,281

 
2,433

 
2,619

 
2,621

 
325

Multi–family real estate
393

 
737

 
737

 
951

 
1,474

Nonresidential real estate
780

 
1,065

 
1,135

 
1,747

 
1,289

Land (3)
927

 
1,138

 
1,138

 
1,692

 
1,721

Other real estate owned
4,381

 
5,373

 
5,629

 
7,011

 
4,809

 
 
 
 
 
 
 
 
 
 
Nonperforming assets
$
8,297

 
$
10,601

 
$
11,050

 
$
10,583

 
$
11,498

 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios
 
 
 
 
 
 
 
 
 
Nonperforming assets to total assets
0.54
%
 
0.71
%
 
0.73
%
 
0.70
%
 
0.80
%
Nonaccrual loans to total loans
0.31

 
0.43

 
0.44

 
0.29

 
0.57

Nonaccrual commercial-related loans to total commercial-related loans (4)
0.11

 
0.24

 
0.19

 
0.10

 
0.37

Nonaccrual residential and consumer loans to total residential and consumer loans
1.87

 
1.75

 
2.15

 
1.52

 
1.78

Allowance for loan losses to nonperforming loans
212.82

 
170.52

 
173.69

 
271.30

 
150.71


(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 table.
(3)
Other real estate owned (land) acquired from the Downers Grove National Bank merger totaled $ 892,000 at September 30, 2016, $1.1 million at June 30, 2016 and March 31, 2016, $1.7 million at December 31, 2015 and September 30, 2015.
(4)
Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans.

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


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
SUBSTANDARD PERFORMING LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
475

 
$
335

 
$
440

 
$
847

 
$
429

Multi–family mortgage loans
2,119

 
2,025

 
3,347

 
5,167

 
6,254

Nonresidential real estate loans
2,407

 
3,194

 
4,981

 
4,981

 
5,259

Construction and land loans
—

 
830

 
—

 
842

 
819

Commercial loans
75

 
225

 
137

 
614

 
703

Consumer loans
—

 
2

 
—

 
—

 
—

 
$
5,076

 
$
6,611

 
$
8,905

 
$
12,451

 
$
13,464

 
 
 
 
 
 
 
 
 
 
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE
 
 
 
 
 
 
30 – 59 days past due
$
685

 
$
171

 
$
3,012

 
$
2,036

 
$
63

60 – 89 days past due
419

 
71

 
30

 
926

 
816

Matured Loans
784

 
277

 
1,387

 
1,467

 
224

 
$
1,888

 
$
519

 
$
4,429

 
$
4,429

 
$
1,103

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
 
 
 
Beginning balance
$
8,915

 
$
9,416

 
$
9,691

 
$
10,081

 
$
10,810

Charge offs:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
(102
)
 
(355
)
 
(52
)
 
(59
)
 
(125
)
Multi–family mortgage loans
—

 
(6
)
 
(45
)
 
(9
)
 
(9
)
Nonresidential real estate loans
(55
)
 
(1,657
)
 
(3
)
 
(102
)
 
(26
)
Commercial loans
—

 
—

 
—

 
(54
)
 
—

Consumer loans
(6
)
 
(2
)
 
(16
)
 
(5
)
 
(3
)
 
(163
)
 
(2,020
)
 
(116
)
 
(229
)
 
(163
)
Recoveries:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
5

 
6

 
81

 
407

 
16

Multi–family mortgage loans
10

 
9

 
137

 
5

 
169

Nonresidential real estate loans
39

 
161

 
—

 
460

 
24

Construction and land loans
—

 
—

 
35

 
—

 
38

Commercial loans
45

 
28

 
77

 
5

 
143

Commercial leases
7

 
—

 
—

 
—

 
—

Consumer loans
1

 
—

 
1

 
—

 
—

 
107

 
204

 
331

 
877

 
390

Net (charge–offs) recoveries
(56
)
 
(1,816
)
 
215

 
648

 
227

Provision for (recovery of) loan losses
(525
)
 
1,315

 
(490
)
 
(1,038
)
 
(956
)
Ending balance
$
8,334

 
$
8,915

 
$
9,416

 
$
9,691

 
$
10,081

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to total loans
0.67
%
 
0.73
%
 
0.76
 %
 
0.78
 %
 
0.86
 %
Net charge–off (recovery) ratio (1)
0.02

 
0.60

 
(0.07
)
 
(0.22
)
 
(0.08
)
(1)
Annualized


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


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
DEPOSITS
 
 
 
 
 
 
 
 
 
Noninterest–bearing demand
$
234,652

 
$
231,928

 
$
238,848

 
$
254,830

 
$
233,192

Savings deposits
155,199

 
158,669

 
161,554

 
156,752

 
152,585

Money market accounts
320,814

 
315,615

 
323,197

 
329,654

 
327,080

Interest–bearing NOW accounts
263,286

 
258,083

 
247,434

 
248,982

 
245,780

Certificates of deposits - retail
223,642

 
223,948

 
221,101

 
211,010

 
210,588

Certificates of deposits - wholesale
119,102

 
80,359

 
72,555

 
11,691

 
12,309

 
$
1,316,695

 
$
1,268,602

 
$
1,264,689

 
$
1,212,919

 
$
1,181,534

 
 
 
 
 
 
 
 
 
 
SELECTED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total average assets
$
1,511,475

 
$
1,510,115

 
$
1,513,683

 
$
1,448,857

 
$
1,434,749

Total average interest–earning assets
1,414,736

 
1,413,161

 
1,414,008

 
1,348,782

 
1,336,412

Average loans
1,225,480

 
1,210,726

 
1,238,270

 
1,175,723

 
1,164,251

Average securities
106,904

 
108,865

 
118,557

 
107,344

 
102,578

Average stock in FHLB
6,257

 
6,257

 
6,257

 
6,257

 
6,257

Average other interest–earning assets
76,095

 
87,313

 
50,924

 
59,458

 
63,326

Total average interest–bearing liabilities
1,052,916

 
1,037,781

 
1,037,730

 
971,000

 
990,733

Average interest–bearing deposits
1,050,935

 
1,034,674

 
962,823

 
951,631

 
981,633

Average borrowings
1,981

 
3,107

 
74,907

 
19,369

 
9,100

Average stockholders’ equity
206,237

 
209,231

 
212,322

 
213,858

 
213,061

 
 
 
 
 
 
 
 
 
 
SELECTED YIELDS AND COST OF FUNDS (1):
 
 
 
 
 
 
 
 
Total average interest–earning assets
3.61
%
 
3.58
%
 
3.63
%
 
3.65
%
 
3.61
%
Average loans
4.02

 
4.02

 
4.01

 
4.06

 
4.02

Average securities
1.14

 
1.13

 
1.07

 
1.07

 
1.03

Average other interest–earning assets
0.73

 
0.75

 
0.69

 
0.51

 
0.50

Total average interest–bearing liabilities
0.38

 
0.37

 
0.33

 
0.30

 
0.28

Average interest–bearing deposits
0.38

 
0.37

 
0.33

 
0.30

 
0.28

Average borrowings
0.40

 
0.26

 
0.37

 
0.25

 
0.17

Net interest rate spread
3.23

 
3.21

 
3.30

 
3.35

 
3.33

Net interest margin
3.33

 
3.31

 
3.39

 
3.43

 
3.40

(1)     Annualized

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


 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
BankFinancial Corporation
 
 
 
 
 
 
 
 
 
Equity to total assets (end of period)
13.22
%
 
13.78
%
 
13.86
%
 
14.04
%
 
14.89
%
Tangible equity to tangible total assets (end of period)
13.17

 
13.72

 
13.79

 
13.97

 
14.80

Risk–based total capital ratio
17.64

 
18.09

 
17.80

 
17.89

 
19.10

Common Tier 1 (CET1)
16.87

 
17.26

 
16.95

 
17.01

 
18.14

Risk–based tier 1 capital ratio
16.87

 
17.26

 
16.95

 
17.01

 
18.14

Tier 1 leverage ratio
12.28

 
12.41

 
12.53

 
13.26

 
13.41

Tier 1 capital
$
183,092

 
$
184,695

 
$
186,964

 
$
189,044

 
$
189,216

BankFinancial FSB
 
 
 
 
 
 
 
 
 
Risk–based total capital ratio
15.21
%
 
15.09
%
 
15.83
%
 
15.41
%
 
16.22
%
Common Tier 1 (CET1)
14.44

 
14.26

 
14.98

 
14.54

 
15.25

Risk–based tier 1 capital ratio
14.44

 
14.26

 
14.98

 
14.54

 
15.25

Tier 1 leverage ratio
10.51

 
10.25

 
11.08

 
11.33

 
11.27

Tier 1 capital
$
156,725

 
$
152,559

 
$
165,183

 
$
161,545

 
$
159,118

 
 
 
 
 
 
 
 
 
 
COMMON STOCK AND DIVIDENDS
 
 
 
 
 
 
 
 
 
Stock Prices:
 
 
 
 
 
 
 
 
 
Close
$
12.70

 
$
11.99

 
$
11.82

 
$
12.63

 
$
12.43

High
12.80

 
12.89

 
13.29

 
13.22

 
12.48

Low
11.75

 
11.38

 
11.42

 
12.10

 
11.57

Common shares outstanding
19,271,211

 
19,678,697

 
19,939,500

 
20,297,317

 
20,501,966

Book value per share
$
10.57

 
$
10.50

 
$
10.51

 
$
10.46

 
$
10.39

Tangible book value per share
$
10.52

 
$
10.45

 
$
10.45

 
$
10.40

 
$
10.32

Cash dividends declared on common stock
$
0.05

 
$
0.05

 
$
0.05

 
$
0.04

 
$
0.08

Dividend payout ratio
38.82
%
 
119.60
%
 
53.50
%
 
38.59
%
 
69.82
%
Stock repurchases
$
5,022

 
$
3,280

 
$
4,393

 
$
2,582

 
$
—

Stock repurchases – shares
407,486

 
260,803

 
357,817

 
204,649

 
—

 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE COMPUTATIONS
 
 
 
 
 
 
 
 
 
Net income
$
2,508

 
$
831

 
$
1,904

 
$
2,116

 
$
2,349

Average common shares outstanding
19,460,022

 
19,827,581

 
20,155,541

 
20,428,979

 
20,501,966

Less: Unearned ESOP shares
(670,351
)
 
(694,773
)
 
(719,109
)
 
(743,659
)
 
(768,327
)
Unvested restricted stock shares
(940
)
 
(2,690
)
 
(7,881
)
 
(7,932
)
 
(7,932
)
Weighted average common shares outstanding
18,788,731


19,130,118

 
19,428,551

 
19,677,388

 
19,725,707

Plus: Dilutive common shares equivalents
323

 
317

 
2,939

 
25,141

 
5,595

Weighted average dilutive common shares outstanding
18,789,054

 
19,130,435

 
19,431,490

 
19,702,529

 
19,731,302

Basic earnings per common share
$
0.13

 
$
0.04

 
$
0.10

 
$
0.11

 
$
0.12

Diluted earnings per common share
$
0.13

 
$
0.04

 
$
0.10

 
$
0.11

 
$
0.12

Number of anti–dilutive stock options excluded from the diluted earnings per share calculation
536,459

 
536,459

 
1,752,156

 
536,459

 
—

Weighted average exercise price of anti–dilutive options
$
12.99

 
$
12.99

 
$
12.30

 
$
12.99

 
$
—




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
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
Income before income taxes
$
4,081

 
$
3,881

 
$
8,483

 
$
10,801

Provision for (recovery of) loan losses
(525
)
 
(956
)
 
300

 
(2,168
)
 
3,556

 
2,925

 
8,783

 
8,633

Adjustments:
 
 
 
 
 
 
 
Equity-based compensation
107

 
297

 
875

 
332

Nonperforming asset management
89

 
244

 
300

 
442

Gain on sale of other real estate owned
(15
)
 
(11
)
 
(15
)
 
(91
)
Valuation adjustments of other real estate owned
115

 
231

 
244

 
467

Operations of other real estate owned
143

 
114

 
539

 
404

Adjustments
439

 
875

 
1,943

 
1,554

Pre–tax pre–provision earnings from core operations
$
3,995

 
$
3,800

 
$
10,726

 
$
10,187

 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
1.06
%
 
1.06
%
 
0.95
%
 
0.94
%

(1)
Annualized

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

FOR THE LATEST FIVE QUARTERS
 
2016
 
2015
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
 
Income before income taxes
$
4,081

 
$
1,345

 
$
3,057

 
$
3,299

 
$
3,881

Provision for (recovery of) loan losses
(525
)
 
1,315

 
(490
)
 
(1,038
)
 
(956
)
 
3,556

 
2,660

 
2,567

 
2,261

 
2,925

Adjustments:
 
 
 
 
 
 
 
 
 
Equity-based compensation
107

 
391

 
377

 
306

 
297

Nonperforming asset management
89

 
127

 
84

 
239

 
244

Loss (gain) on sale of other real estate owned
(15
)
 
(38
)
 
38

 
33

 
(11
)
Valuation adjustments of other real estate owned
115

 
10

 
119

 
81

 
231

Operations of other real estate owned
143

 
177

 
219

 
169

 
114

 
439

 
667

 
837

 
828

 
875

Pre–tax pre–provision earnings from core operations
$
3,995

 
$
3,327

 
$
3,404

 
$
3,089

 
$
3,800

 
 
 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
1.06
%
 
0.88
%
 
0.90
%
 
0.85
%
 
1.06
%

(1)
Annualized


Page 11

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings