ex_617475.htm

EX-99.2 3 ex_617475.htm EXHIBIT 99.2 ex_617475.htm

Exhibit 99.2

BANKFINANCIAL CORPORATION

First QUARTER 2024

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 unaudited 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)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
PERFORMANCE MEASUREMENTS
Return on assets (ratio of net income to average total assets) ⁽¹⁾		0.46	%		0.56	%		0.63	%		0.61	%		0.68	%
Return on equity (ratio of net income to average equity) ⁽¹⁾		4.38			5.37			6.16			6.02			6.96
Net interest rate spread ⁽¹⁾		3.07			3.01			3.16			3.23			3.41
Net interest margin ^{(1) (2)}		3.59			3.48			3.57			3.58			3.68
Efficiency ratio⁽³⁾		84.11			77.39			76.02			79.11			74.51
Noninterest expense to average total assets ⁽¹⁾		3.17			2.92			2.86			2.94			2.65
Average interest–earning assets to average interest–bearing liabilities		135.89			136.25			136.78			136.86			135.85
Number of full service offices		18			18			18			18			18
Employees (full time equivalents)		217			205			200			198			202

SUMMARY STATEMENT OF FINANCIAL CONDITION
ASSETS
Cash and due from other financial institutions	$	18,533		$	19,781		$	19,691		$	20,401		$	19,963
Interest-bearing deposits in other financial institutions		113,907			158,703			151,870			94,930			57,042
Interest-bearing time deposits in other financial institutions		30,748			29,513			2,725			2,977			2,977
Securities, at fair value		239,549			153,203			155,700			166,670			167,262
Loans receivable, net		1,007,980			1,050,761			1,105,604			1,170,767			1,225,288
Foreclosed assets, net		2,332			2,777			902			950			1,393
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost		7,490			7,490			7,490			7,490			7,490
Premises held-for-sale		—			523			540			540			1,246
Premises and equipment, net		22,614			22,950			22,914			22,957			22,955
Bank-owned life insurance		18,382			18,469			18,556			18,644			18,731
Deferred taxes		4,159			4,512			4,979			5,476			5,395
Other assets		14,364			18,702			14,483			14,894			14,368
Total assets	$	1,480,058		$	1,487,384		$	1,505,454		$	1,526,696		$	1,544,110

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,259,286		$	1,261,623		$	1,275,828		$	1,303,720		$	1,315,214
Borrowings		25,000			25,000			25,000			25,000			35,000
Subordinated notes, net of unamortized issuance costs		18,705			19,678			19,667			19,656			19,645
Other liabilities		21,036			25,700			31,204			26,017			21,892
Total liabilities		1,324,027			1,332,001			1,351,699			1,374,393			1,391,751
Stockholders’ equity		156,031			155,383			153,755			152,303			152,359
Total liabilities and stockholders’ equity	$	1,480,058		$	1,487,384		$	1,505,454		$	1,526,696		$	1,544,110

⁽¹⁾	Annualized

⁽²⁾	On a tax equivalent basis (“TEB”) assuming a federal income tax rate of 21% and an average state income tax rate of 9.5%.
⁽³⁾	The efficiency ratio represents noninterest expense, divided by the sum of net interest income and noninterest income.

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BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
SUMMARY STATEMENT OF OPERATIONS
Total interest income	$	17,345		$	16,923		$	16,894		$	16,178		$	16,160
Total interest expense		4,818			4,491			3,940			3,235			2,660
Net interest income		12,527			12,432			12,954			12,943			13,500
Provision for (recovery of) credit losses		12			317			136			(188	)		48
Net interest income after provision for (recovery of) credit losses		12,515			12,115			12,818			13,131			13,452
Noninterest income		1,461			1,625			1,240			1,239			313
Noninterest expense		11,766			10,879			10,790			11,220			10,292
Income before income tax		2,210			2,861			3,268			3,150			3,473
Income tax expense		500			782			899			838			840
Net income	$	1,710		$	2,079		$	2,369		$	2,312		$	2,633
Basic and diluted earnings per common share	$	0.14		$	0.17		$	0.19		$	0.18		$	0.21

NONINTEREST INCOME AND EXPENSE
Noninterest Income
Deposit service charges and fees	$	809		$	836		$	836		$	830		$	816
Loan servicing fees		156			164			98			141			129
Trust insurance commissions and annuities income		450			347			290			276			367
Losses on sales of securities		—			—			—			—			(454	)
(Loss) gain on sale of premises and equipment		(75	)		—			—			13			(4	)
Valuation adjustment on bank premises held-for-sale		—			(17	)		—			(32	)		(553	)
Loss on bank-owned life insurance		(87	)		(87	)		(88	)		(87	)		(84	)
Gain on repurchase of Subordinated notes		107			—			—			—			—
Other		101			382			104			98			96
Total noninterest income	$	1,461		$	1,625		$	1,240		$	1,239		$	313

Noninterest Expense
Compensation and benefits	$	6,052		$	5,679		$	5,369		$	5,629		$	5,555
Office occupancy and equipment		2,241			1,937			2,046			2,031			2,038
Advertising and public relations		90			139			171			262			190
Information technology		1,002			974			944			965			849
Professional fees		454			292			366			355			317
Supplies, telephone, and postage		286			289			311			295			359
FDIC insurance premiums		161			207			222			282			154
Other		1,480			1,362			1,361			1,401			830
Total noninterest expense	$	11,766		$	10,879		$	10,790		$	11,220		$	10,292

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BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
LOANS
One–to–four family residential real estate	$	18,247		$	18,945		$	19,233		$	20,448		$	21,475
Multi-family residential real estate		526,087			527,460			528,251			542,165			544,673
Nonresidential real estate		110,319			118,016			117,641			120,505			123,360
Commercial loans and leases		360,328			393,321			447,687			495,520			544,216
Consumer		1,248			1,364			1,351			1,355			1,596
		1,016,229			1,059,106			1,114,163			1,179,993			1,235,320
Allowance for credit losses		(8,249	)		(8,345	)		(8,559	)		(9,226	)		(10,032	)
Loans, net	$	1,007,980		$	1,050,761		$	1,105,604		$	1,170,767		$	1,225,288

LOAN ORIGINATIONS ⁽¹⁾
One–to–four family residential real estate	$	173		$	758		$	137		$	128		$	173
Multi-family residential real estate		5,561			6,226			5,902			6,686			17,097
Nonresidential real estate		—			3,183			834			200			5,436
Commercial loans		158,172			145,930			172,081			157,704			181,227
Equipment finance		3,427			8,141			14,442			7,290			24,623
Consumer		471			617			514			539			565
	$	167,804		$	164,855		$	193,910		$	172,547		$	229,121
Weighted average interest rate		9.04	%		9.09	%		9.11	%		9.24	%		8.67	%

LOAN PAYMENTS and PAYOFFS ⁽²⁾
One–to–four family residential real estate	$	852		$	1,049		$	1,409		$	1,139		$	1,826
Multi-family residential real estate		6,931			7,336			19,784			9,095			10,151
Nonresidential real estate		7,684			3,278			3,253			2,934			1,967
Commercial loans		161,429			148,964			176,493			169,402			168,461
Equipment finance		34,669			55,433			56,844			43,567			45,250
Consumer		612			565			529			675			615
	$	212,177		$	216,625		$	258,312		$	226,812		$	228,270
Weighted average interest rate		8.25	%		7.85	%		7.86	%		8.35	%		8.20	%

⁽¹⁾	Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals.

⁽²⁾	Loan payments and payoffs exclude loan renewals.

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BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
CREDIT QUALITY:
Nonperforming Assets:
Nonaccrual loans:
One–to–four family residential real estate	$	34		$	37		$	40		$	45		$	55
Multi–family residential real estate		—			—			—			148			—
Equipment finance		20,475			21,294			23,468			23,965			8,807
		20,509			21,331			23,508			24,158			8,862

Loans past due over 90 days still accruing		—			1,007			6,245			—			—

Foreclosed assets, net
Other real estate owned		—			405			468			472			472
Other foreclosed assets		2,332			2,372			434			478			921
		2,332			2,777			902			950			1,393

Nonperforming assets	$	22,841		$	25,115		$	30,655		$	25,108		$	10,255

Asset Quality Ratios
Nonperforming assets to total assets		1.54	%		1.69	%		2.04	%		1.64	%		0.66	%
Nonperforming loans to total loans ⁽¹⁾		2.02			2.11			2.67			2.05			0.72
Nonperforming commercial-related loans to total commercial-related loans ⁽²⁾		2.05			2.15			2.72			2.08			0.73
Nonperforming residential and consumer loans to total residential and consumer loans		0.17			0.18			0.19			0.21			0.24
Allowance for credit losses to nonperforming loans		40.22			37.36			28.77			38.19			113.20

Concentrations of Credit
Commercial real estate for FFIEC concentration limits	$	620,694		$	624,575		$	624,469		$	641,022		$	645,768
% FFIEC total capital		364.28	%		370.83	%		363.55	%		372.44	%		374.63	%

Multi–family mortgage loans - 50% risk based capital qualified (included above)	$	297,958		$	315,179		$	248,128		$	175,902		$	122,213
% FFIEC total capital		174.87	%		187.13	%		144.45	%		102.20	%		70.90	%

⁽¹⁾	Nonperforming loans include nonaccrual loans and loans past due 90 days and still accruing.

⁽²⁾	Commercial-related loans include multi-family mortgage, nonresidential real estate, and commercial loans and leases.

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BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
SUBSTANDARD PERFORMING LOANS
One–to–four family residential real estate	$	204		$	272		$	282		$	272		$	280
Multi–family residential real estate		—			—			—			—			148
Nonresidential real estate		465			—			—			—			—
Commercial loans and leases		3,606			4,056			5,685			3,759			3,846
Consumer		5			3			3			5			5
	$	4,280		$	4,331		$	5,970		$	4,036		$	4,279

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	8,345		$	8,559		$	9,226		$	10,032		$	8,129
Impact of adopting ASC 326		—			—			—			—			1,907
Charge–offs:
One-to-four family residential real estate		—			(1	)		—			—			—
Commercial loans and leases		(158	)		(570	)		(889	)		(638	)		(79	)
Consumer		(13	)		(9	)		(14	)		(7	)		(22	)
		(171	)		(580	)		(903	)		(645	)		(101	)
Recoveries:
One-to-four family residential real estate		3			1			32			7			5
Multi-family residential real estate		6			5			4			6			5
Commercial loans and leases		5			50			20			6			1
Consumer		—			—			—			—			1
		14			56			56			19			12

Net charge–offs		(157	)		(524	)		(847	)		(626	)		(89	)
Provision for (recovery of) credit losses - loans		61			310			180			(180	)		85
Ending balance	$	8,249		$	8,345		$	8,559		$	9,226		$	10,032

Allowance for credit losses to total loans		0.81	%		0.79	%		0.77	%		0.78	%		0.81	%
Net charge–offs ratio⁽¹⁾		(0.06	)		(0.19	)		(0.30	)		(0.21	)		(0.03	)

⁽¹⁾	Annualized

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BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
DEPOSITS
Noninterest–bearing demand	$	256,698		$	260,851		$	258,318		$	278,170		$	287,493
Interest–bearing NOW accounts		297,010			306,548			326,874			349,374			360,441
Money market accounts		309,695			297,074			291,154			271,194			273,256
Savings deposits		171,521			174,759			178,318			190,277			200,659
Certificates of deposit - retail		224,362			222,391			220,915			214,456			193,116
Certificates of deposit - wholesale		—			—			249			249			249
	$	1,259,286		$	1,261,623		$	1,275,828		$	1,303,720		$	1,315,214

SELECTED AVERAGE BALANCES
Total average assets	$	1,484,332		$	1,492,759		$	1,511,422		$	1,526,246		$	1,553,445
Total average interest–earning assets		1,415,175			1,425,504			1,444,259			1,459,369			1,494,248
Average loans		1,031,256			1,088,172			1,141,788			1,206,175			1,225,636
Average securities		186,339			161,772			167,046			173,350			209,871
Average stock in FHLB & FRB		7,490			7,490			7,490			7,490			7,490
Average other interest–earning assets		190,090			168,070			127,935			72,354			51,251
Total average interest–bearing liabilities		1,041,381			1,046,249			1,055,874			1,066,332			1,099,950
Average interest–bearing deposits		996,741			1,001,576			1,011,212			1,021,023			1,066,321
Average borrowings and Subordinated notes		44,640			44,673			44,662			45,309			33,629
Average stockholders’ equity		156,115			154,927			153,796			153,703			151,417

SELECTED YIELDS AND COST OF FUNDS ⁽¹⁾
Total average interest–earning assets		4.93	%		4.71	%		4.64	%		4.45	%		4.39	%
Average loans		5.21			4.99			4.96			4.77			4.76
Average securities (TEB)⁽²⁾		2.96			2.12			1.95			2.03			2.27
Average other interest–earning assets		5.51			5.48			5.40			5.09			4.64
Total average interest–bearing liabilities		1.86			1.70			1.48			1.22			0.98
Average interest–bearing deposits		1.75			1.59			1.36			1.08			0.87
Average cost of total deposits		1.39			1.26			1.07			0.85			0.70
Average cost of retail and commercial deposits		1.75			1.59			1.36			1.08			0.87
Average cost of wholesale deposits, borrowings and Subordinated notes		4.34			4.18			4.18			4.21			4.34
Average cost of funds		1.49			1.36			1.18			0.96			0.79
Net interest rate spread		3.07			3.01			3.16			3.23			3.41
Net interest margin (TEB) ⁽²⁾		3.59			3.48			3.57			3.58			3.68

⁽¹⁾	Annualized
⁽²⁾	On a tax equivalent basis assuming a federal income tax rate of 21% and an average state income tax rate of 9.5%.

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BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024			2023
	IQ			IVQ			IIIQ			IIQ			IQ
CAPITAL RATIOS
BankFinancial Corporation ⁽¹⁾
Equity to total assets (end of period)		10.54	%		10.45	%		10.21	%		9.98	%		9.87	%
Risk–based total capital ratio		20.73			20.70			19.13			17.75			16.98
Common Tier 1 (CET1)		17.75			17.66			16.30			15.05			14.34
Risk–based tier 1 capital ratio		17.75			17.66			16.30			15.05			14.34
Tier 1 leverage ratio		10.59			10.54			10.38			10.23			10.03
Tier 1 capital	$	157,062		$	157,246		$	156,780		$	156,050		$	155,789
BankFinancial, NA ⁽²⁾
Risk–based total capital ratio		19.30	%		18.96	%		17.90	%		16.64	%		15.88	%
Common Tier 1 (CET1)		18.43			18.13			17.10			15.83			15.04
Risk–based tier 1 capital ratio		18.43			18.13			17.10			15.83			15.04
Tier 1 leverage ratio		11.03			10.85			10.93			10.80			10.52
Tier 1 capital	$	162,715		$	161,037		$	164,172		$	163,806		$	163,249

COMMON STOCK AND DIVIDENDS
Stock Prices:
Close	$	10.50		$	10.26		$	8.62		$	8.18		$	8.75
High		11.12			10.76			9.11			8.94			10.59
Low		9.65			8.31			7.98			7.17			8.55
Common shares outstanding		12,460,678			12,475,881			12,547,390			12,600,478			12,693,993
Book value per share	$	12.52		$	12.45		$	12.25		$	12.09		$	12.00
Cash dividends declared on common stock	$	0.10		$	0.10		$	0.10		$	0.10		$	0.10
Dividend payout ratio		72.94	%		60.33	%		53.16	%		54.88	%		48.36	%
Stock repurchases	$	156		$	676		$	471		$	744		$	502
Stock repurchases – shares		15,203			71,509			53,088			93,515			48,604

EARNINGS PER SHARE COMPUTATIONS
Net income	$	1,710		$	2,079		$	2,369		$	2,312		$	2,633
Weighted average basic and dilutive common shares outstanding		12,468,052			12,526,673			12,578,494			12,667,129			12,721,841
Basic and diluted earnings per common share	$	0.14		$	0.17		$	0.19		$	0.18		$	0.21

⁽¹⁾	As a small bank holding company, the Company is exempt from the Federal Reserve Board's risk-based capital and leverage rules. BankFinancial Corporation capital data is included for informational purposes only.

⁽²⁾

As a qualifying community bank pursuant to Section 201 of the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018, the Bank elected to adopt the Community Bank Leverage Ratio requirement in 2020. The Community Bank Leverage Ratio is equal to the Bank's Tier 1 Leverage Ratio. Other BankFinancial, NA capital data is included for informational purposes only.

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