0001193125-11-136094.txt : 20110511 0001193125-11-136094.hdr.sgml : 20110511 20110511172912 ACCESSION NUMBER: 0001193125-11-136094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110511 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110511 DATE AS OF CHANGE: 20110511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BankFinancial CORP CENTRAL INDEX KEY: 0001303942 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 FISCAL YEAR END: 1206 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51331 FILM NUMBER: 11833004 BUSINESS ADDRESS: STREET 1: 15W060 NORTH FRONTAGE ROAD CITY: BURR RIDGE STATE: IL ZIP: 60527 BUSINESS PHONE: (800) 894-6900 MAIL ADDRESS: STREET 1: 15W060 NORTH FRONTAGE ROAD CITY: BURR RIDGE STATE: IL ZIP: 60527 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

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): May 11, 2011

 

 

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):

 

¨ 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 first quarter 2011 results in a conference call and webcast for stockholders and analysts on Friday, May 13, 2011 at 9:30 a.m. Chicago Time. The conference call may be accessed by calling (800) 561-2718 and using participant passcode 26038028. The conference call will be simultaneously webcast at www.bankfinancial.com, under Stockholder Information. The conference call will be simultaneously webcast at www.bankfinancial.com, under Stockholder Information.

 

Item 8.01. Other Events

On May 11, 2011, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 and a Quarterly Financial and Statistical Supplement. The press release also reported earnings for the three months ended March 31, 2011. 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 May 11, 2011
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: May 11, 2011

   By:  

/s/ F. Morgan Gasior

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

EXHIBIT INDEX

 

Exhibit No.

   

Description

99.1    Press Release dated May 11, 2011
99.2    Quarterly Financial and Statistical Supplement
 EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

BankFinancial Corporation Reports Financial Results for the First Quarter 2011 and

Will Host a Conference Call and Webcast on May 13, 2011

Burr Ridge, Illinois - (May 11, 2011) BankFinancial Corporation (Nasdaq – BFIN) (“BankFinancial”) announced that it filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 on Tuesday, May 10, 2011. BankFinancial will file its Quarterly Financial and Statistical Supplement on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) today. BankFinancial reported a net loss of $777,000, or $0.04 per common share, for the three months ended March 31, 2011, compared to net income of $716,000, or $0.04 per common share, for the three months ended March 31, 2010. The operating results for the quarter ended March 31, 2011 included $1.5 million in expenses relating to BankFinancial’s acquisition of Downers Grove National Bank and a portfolio of seasoned, performing Chicago area multi-family loans.

At March 31, 2011, BankFinancial had total assets of $1.705 billion, total loans of $1.302 billion, total deposits of $1.422 billion and stockholders’ equity of $251 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 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 first quarter 2011 results in a conference call and webcast for stockholders and analysts on Friday, May 13, 2011 at 9:30 a.m. Chicago Time. The conference call may be accessed by calling (800) 561-2718 and using participant passcode 26038028. The conference call will be simultaneously webcast at www.bankfinancial.com, on the “Stockholder Information” page. For those persons unable to participate in the conference call, the webcast will be archived through 5:00 p.m. Chicago Time on May 27, 2011 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 20 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.

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 – Controller

BankFinancial Corporation

Telephone: 630-242-7151

  

Gregg T. Adams

Executive Vice President – Marketing & Sales

BankFinancial, F.S.B.

Telephone: 630-242-7234

 EX-99.2 3 dex992.htm QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT Quarterly Financial and Statistical Supplement

Exhibit 99.2

BANKFINANCIAL CORPORATION

FIRST QUARTER 2011

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 with 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)

 

     2011     2010  
PERFORMANCE MEASUREMENTS:    IQ     IVQ     IIIQ     IIQ     IQ  

Return on assets (ratio of net income (loss) to average total assets) (1)

      (0.20 )%      (1.40 )%      0.19 %      (0.07 )%      0.18 % 

Return on equity (ratio of net income (loss) to average equity) (1)

      (1.23 )      (8.41 )      1.13        (0.44 )      1.08   

Net interest rate spread (1)

      3.68        3.41        3.25        3.30        3.48   

Net interest margin (1)

      3.81        3.57        3.45        3.53        3.73   

Efficiency ratio

      95.52        104.71        89.65        84.81        86.42   

Noninterest expense to average total assets (1)

      3.71        4.00        3.35        3.14        3.25   

Average interest-earning assets to average interest-bearing liabilities

      122.64        123.30        122.26        122.10        122.57   

Number of full service offices

      20        18        18        18        18   

Employees (full time equivalents)

      385 (2)      328        327        338        352   

 
     2011     2010  
SUMMARY STATEMENT OF OPERATIONS:    IQ     IVQ     IIIQ     IIQ     IQ  

Total interest income

    $ 15,348      $ 15,448      $ 15,892      $ 16,451      $ 17,145   

Total interest expense

      1,996        2,442        3,138        3,677        3,929   
                                        

Net interest income before provision

      13,352        13,006        12,754        12,774        13,216   

Provision for loan losses

      2,424        8,148        419        2,665        851   
                                        

Net interest income

      10,928        4,858        12,335        10,109        12,365   

Noninterest income

      1,571        1,903        1,958        1,812        1,455   

Noninterest expense

      14,255        15,611        13,190        12,370        12,678   
                                        

Income (loss) before income tax

      (1,756 )      (8,850 )      1,103        (449 )      1,142   

Income tax expense (benefit)

      (979 )      (3,378 )      366        (161 )      426   
                                        

Net income (loss)

    $ (777 )    $ (5,472 )    $ 737      $ (288 )    $ 716   
                                        

Basic earnings (loss) per common share

    $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 )    $ 0.04   
                                        

Diluted earnings (loss) per common share

    $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 )    $ 0.04   
                                        

 
     2011     2010  
NONINTEREST INCOME AND EXPENSE:    IQ     IVQ     IIIQ     IIQ     IQ  

Noninterest Income:

           

Deposit service charges and fees

    $ 612      $ 679      $ 776      $ 792      $ 773   

Other fee income

      382        452        482        500        434   

Insurance commissions and annuities income

      169        227        234        179        135   

Gain on sales of loans, net

      19        184        202        68        47   

Gain on sales of securities

      —          —          —          31        —     

Loss on disposition of premises and equipment

      (10 )      —          (2 )      (17 )      —     

Loan servicing fees

      132        137        143        154        170   

Amortization and impairment of servicing assets

      (54 )      (64 )      (90 )      (78 )      (243 ) 

Earnings on bank owned life insurance

      158        144        115        92        79   

Other

      163        144        98        91        60   
                                        

Total noninterest income

    $ 1,571      $ 1,903      $ 1,958      $ 1,812      $ 1,455   
                                        

Noninterest Expense:

           

Compensation and benefits

    $ 6,600      $ 5,993      $ 6,583      $ 6,552      $ 7,211   

Office occupancy and equipment

      1,868        1,247        1,723        1,609        1,801   

Advertising and public relations

      237        437        321        303        216   

Information technology

      948        958        893        961        921   

Supplies, telephone, and postage

      375        438        391        406        361   

Amortization of intangibles

      382        392        399        399        405   

Nonperforming asset management

      455        1,898        821        355        268   

Loss (gain) on sales of other real estate owned

      (52 )      101        206        112        —     

Operations of other real estate owned

      505        2,683        348        388        134   

FDIC insurance premiums

      567        519        520        532        555   

Acquisition expense

      1,531        81        —          —          —     

Other

      839        864        985        753        806   
                                        

Total noninterest expenses

    $ 14,255      $ 15,611      $ 13,190      $ 12,370      $ 12,678   
                                        

 

 

(1) Annualized
(2) Full time employee equivalents include 56 employees attributable to Downers Grove National Bank acquisition.

 

Page 2

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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

 

     2011      2010  
     IQ      IVQ      IIIQ      IIQ      IQ  

SUMMARY STATEMENT OF FINANCIAL CONDITION

  

         

ASSETS:

               

Cash and due from other financial institutions

    $ 14,479       $ 18,097       $ 12,855       $ 13,618       $ 13,934   

Interest-bearing deposits in other financial institutions

      109,776         202,713         248,857         205,666         161,897   

Securities, at fair value

      121,154         120,747         78,272         84,688         94,447   

Loans held-for-sale

      —           2,716         3,051         212         —     

Loans receivable, net

      1,302,313         1,050,766         1,098,505         1,123,949         1,152,385   

Other real estate owned and other real estate owned in process

      22,713         14,622         11,158         8,929         6,882   

Stock in Federal Home Loan Bank, at cost

      16,346         15,598         15,598         15,598         15,598   

Premises and equipment, net

      37,650         32,495         32,934         33,575         34,305   

Intangible assets

      27,544         25,266         25,658         26,057         26,456   

Bank owned life insurance

      20,739         20,581         20,437         20,322         20,230   

FDIC prepaid expense

      5,158         4,845         5,315         5,785         6,268   

Income tax receivable

      2,523         1,749         515         9,057         9,108   

Deferred taxes, net

      13,112         9,333         6,726         6,735         6,160   

Other assets

      11,724         11,127         10,539         11,448         10,984   
                                            

Total assets

    $ 1,705,231       $ 1,530,655       $ 1,570,420       $ 1,565,639       $ 1,558,654   
                                            

LIABILITIES AND STOCKHOLDERS’ EQUITY:

               

Deposits

    $ 1,421,564       $ 1,235,377       $ 1,260,694       $ 1,253,259       $ 1,231,971   

Borrowings

      15,488         23,749         29,275         35,566         48,092   

Other liabilities

      17,467         18,244         20,906         17,417         14,882   
                                            

Total liabilities

      1,454,519         1,277,370         1,310,875         1,306,242         1,294,945   

Stockholders’ equity

      250,712         253,285         259,545         259,397         263,709   
                                            

Total liabilities and stockholders’ equity

    $ 1,705,231       $ 1,530,655       $ 1,570,420       $ 1,565,639       $ 1,558,654   
                                            

 
     2011      2010  
DEPOSITS:    IQ      IVQ      IIIQ      IIQ      IQ  

Non-interest-bearing demand

    $ 141,322       $ 112,549       $ 99,648       $ 103,602       $ 101,284   

Savings deposits

      143,865         98,894         97,757         97,907         99,107   

Money market accounts

      356,352         341,048         357,557         357,078         336,089   

Interest-bearing NOW accounts

      328,493         302,812         296,537         294,157         290,929   

Certificates of deposit – Retail

      451,433         379,975         405,999         390,635         390,587   

Certificates of deposit – Wholesale

      99         99         3,196         9,880         13,975   
                                            

Total certificates of deposit

      451,532         380,074         409,195         400,515         404,562   
                                            

Total deposits

    $ 1,421,564       $ 1,235,377       $ 1,260,694       $ 1,253,259       $ 1,231,971   
                                            

 

 

Page 3

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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

 

     2011     2010  
LOANS:    IQ     IVQ     IIIQ     IIQ     IQ  

One-to-four family residential real estate loans

    $ 300,349      $ 256,300      $ 267,800      $ 276,440      $ 283,556   

Multi-family mortgage loans

      443,802        296,916        306,509        305,519        308,268   

Nonresidential real estate loans

      326,389        281,987        293,197        306,993        307,816   

Construction and land loans

      29,643        18,398        17,583        18,477        26,186   

Commercial loans

      75,137        64,679        74,621        72,716        70,420   

Commercial leases

      144,923        151,107        154,254        158,990        169,633   

Consumer loans

      3,383        2,182        2,484        2,263        2,394   
                                        

Total loans

      1,323,626        1,071,569        1,116,448        1,141,398        1,168,273   

Net deferred loan origination costs

      1,191        1,377        1,474        1,520        1,628   

Allowance for loan losses

      (22,504 )      (22,180 )      (19,417 )      (18,969 )      (17,516 ) 
                                        

Loans, net

    $ 1,302,313 (2)    $ 1,050,766      $ 1,098,505      $ 1,123,949      $ 1,152,385   
                                        

 
     2011     2010  
CREDIT QUALITY RATIOS:    IQ     IVQ     IIIQ     IIQ     IQ  

Nonperforming Assets:

           

Nonaccrual loans:

           

One-to-four family residential real estate loans

    $ 10,649      $ 10,059      $ 9,180      $ 10,788      $ 9,064   

Multi-family mortgage loans

      13,163        13,228        18,287        16,405        13,033   

Nonresidential real estate loans

      12,830        12,428        9,858        9,511        10,810   

Construction and land loans

      5,331        6,139        6,139        6,948        6,948   

Commercial loans

      3,765        3,766        4,715        4,508        4,110   

Commercial leases

      72        72        72        —          —     

Consumer loans

      —          3        3        3        —     
                                        

Nonaccrual loans

      45,810        45,695        48,254        48,163        43,965   

Other real estate owned: and other real estate owned in process:

           

One-to-four family residential real estate

      3,210        3,015        3,676        1,579        1,254   

Multi-family real estate

      2,794        2,486        2,033        2,649        1,958   

Nonresidential real estate

      9,117        7,376        3,163        3,118        2,056   

Land

      7,592        1,745        2,286        1,583        1,614   
                                        

Other real estate owned and other real estate owned in process:

      22,713        14,622        11,158        8,929        6,882   
                                        

Less – Acquired other real estate owned

      (7,542 )      —          —          —          —     
                                        

Other real estate owned, net of acquisition

      15,171        14,622        11,158        8,929        6,882   
                                        

Nonperforming assets

    $ 60,981      $ 60,317      $ 59,412      $ 57,092      $ 50,847   
                                        

Asset Quality Ratios:

           

Nonperforming assets to total assets

      3.46 %(3)      3.94 %      3.78 %      3.65 %      3.26 % 

Nonaccrual loans to total loans

      3.58 (3)      4.26        4.32        4.22        3.76   

Allowance for loan losses to nonaccrual loans

      49.12        48.54        40.24        39.39        39.84   

Allowance for loan losses to total loans

      1.70        2.07        1.74        1.66        1.50   

Net charge-off ratio (1)

      0.75        1.96        (0.01 )      0.42        0.66   

 
(1) Annualized
(2) Loans, net includes $12.0 million of purchased impaired loans.
(3) Asset quality ratios exclude purchased impaired loans and acquired other real estate owned.

 

Page 4

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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

 

     2011     2010  
ALLOWANCE FOR LOAN LOSSES:    IQ     IVQ     IIIQ     IIQ     IQ  

Beginning balance

    $ 22,180      $ 19,417      $ 18,969      $ 17,516      $ 18,622   

Provision for loan losses

      2,424        8,148        419        2,665        851   

Charge offs:

           

One-to-four family residential real estate loans

      (1,628 )      (225 )      (465 )      (340 )      (1,262 ) 

Multi-family mortgage loans

      (237 )      (1,838 )      (79 )      (290 )      (178 ) 

Nonresidential real estate loans

      —          (2,466 )      (23 )      (406 )      (2 ) 

Construction and land loans

      (378 )      —          —          —          (525 ) 

Commercial loans

      —          (975 )      —          (199 )      —     

Commercial leases

      —          —          —          —          —     

Consumer loans

      (16 )      —          (3 )      (6 )      (7 ) 
                                        
     (2,259 )      (5,504 )      (570 )      (1,241 )      (1,974 ) 

Recoveries

           

One-to-four family residential real estate loans

      2        59        2        7        1   

Multi-family mortgage loans

      89        —          1        2        —     

Nonresidential real estate loans

      58        1        596        20        16   

Construction and land loans

      —          58        —          —          —     

Commercial loans

      10        1        —          —          —     

Commercial leases

      —          —          —          —          —     

Consumer loans

      —          —          —          —          —     
                                        
     159        119        599        29        17   

Ending balance

    $ 22,504      $ 22,180      $ 19,417      $ 18,969      $ 17,516   
                                        

 
     2011     2010  
SELECTED AVERAGE BALANCES:    IQ     IVQ     IIIQ     IIQ     IQ  

Total average assets

    $ 1,537,726      $ 1,559,424      $ 1,576,186      $ 1,574,013      $ 1,559,221   

Total average interest-earning assets

      1,419,673        1,446,151        1,468,442        1,452,835        1,437,236   

Average loans

      1,118,256        1,099,919        1,116,574        1,153,960        1,194,313   

Average securities

      118,913        80,837        78,751        88,017        96,778   

Average stock in FHLB

      15,711        15,598        15,598        15,598        15,598   

Average other interest-earning assets

      166,793        249,797        257,519        195,260        130,547   

Total average interest-bearing liabilities

      1,157,615        1,172,904        1,201,045        1,189,847        1,172,612   

Average interest-bearing deposits

      1,139,696        1,146,141        1,170,022        1,146,869        1,122,434   

Average borrowings

      17,919        26,763        31,023        42,978        50,178   

Average stockholders’ equity

      253,420        260,192        260,073        264,043        264,739   

 
     2011     2010  
SELECTED YIELDS AND COST OF FUNDS (1):    IQ     IVQ     IIIQ     IIQ     IQ  

Total average interest-earning assets

      4.38 %      4.24 %      4.29 %      4.54 %      4.84 % 

Average loans

      5.23        5.24        5.30        5.36        5.45   

Average securities

      2.80        3.73        4.08        4.15        4.22   

Average other interest-earning assets

      0.27        0.25        0.25        0.25        0.25   

Total average interest-bearing liabilities

      0.70        0.83        1.04        1.24        1.36   

Average interest-bearing deposits

      0.68        0.80        1.00        1.20        1.31   

Average borrowings

      2.17        1.94        2.29        2.27        2.42   

Net interest rate spread

      3.68        3.41        3.25        3.30        3.48   

Net interest margin

      3.81        3.57        3.45        3.53        3.73   

 
(1) Annualized

 

Page 5

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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

 

     2011     2010  
CAPITAL RATIOS:    IQ     IVQ     IIIQ     IIQ     IQ  

BankFinancial Corporation:

           

Equity to total assets (end of period)

      14.70 %      16.55 %      16.53 %      16.57 %      16.92 % 

Tangible equity to tangible total assets (end of period)

      12.98        14.74        15.01        15.15        15.40   

Risk-based total capital ratio

      17.03        21.51        21.71        21.44        21.10   

Risk-based tier 1 capital ratio

      16.06        20.33        20.54        20.31        20.00   

Tier 1 leverage ratio

      13.00        14.73        15.01        15.16        15.41   

BankFinancial FSB:

           

Risk-based total capital ratio

      14.63        18.38        18.56        18.06        17.41   

Risk-based tier 1 capital ratio

      13.65        17.20        17.39        16.94        16.32   

Tier 1 leverage ratio

      11.05        12.48        12.70        12.74        12.67   

 
     2011     2010  
COMMON STOCK AND DIVIDENDS:    IQ     IVQ     IIIQ     IIQ     IQ  

Stock Prices:

           

Close

    $ 9.19      $ 9.75      $ 9.17      $ 8.31      $ 9.17   

High

      10.10        9.90        9.38        9.99        10.16   

Low

      8.42        9.06        8.12        8.28        9.01   

Book value per share

    $ 11.90      $ 12.02      $ 12.32      $ 12.32      $ 12.31   

Tangible book value per share

    $ 10.59      $ 10.82      $ 11.11      $ 11.08      $ 11.08   

Cash dividends declared and paid on common stock

    $ 0.07      $ 0.07      $ 0.07      $ 0.07      $ 0.07   

Stock repurchases

    $ —        $ —        $ —        $ 3,124      $ —     

Stock repurchases – shares

      —          —          —          356,411        —     

 
     2011     2010  
EARNINGS PER SHARE COMPUTATIONS:    IQ     IVQ     IIIQ     IIQ     IQ  

Net income (loss)

    $ (777 )    $ (5,472 )    $ 737      $ (288 )    $ 716   
                                        

Average common shares outstanding

      21,072,966        21,062,368        21,059,966        21,301,212        21,416,377   

Less: Unearned ESOP shares

      (1,374,576 )      (1,399,056 )      (1,423,724 )      (1,457,047 )      (1,488,018 ) 

Unvested restricted stock shares

      (8,667 )      (89,131 )      (106,850 )      (106,850 )      (108,650 ) 
                                        

Weighted average common shares outstanding

      19,689,723        19,574,181        19,529,392        19,737,315        19,819,709   

Plus: Dilutive common shares equivalents

      —          —          57,542        —          —     
                                        

Weighted average dilutive common shares outstanding

      19,689,723        19,574,181        19,586,934        19,737,315        19,819,709   
                                        

Number of anti-dilutive stock options excluded from the diluted earnings per share calculation

      2,287,553        2,287,553        2,298,603        2,320,803        2,322,603   

Weighted average exercise price of anti-dilutive options

    $ 16.52      $ 16.52      $ 16.51      $ 16.51      $ 16.51   

Basic earnings (loss) per common share

    $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 )    $ 0.04   
                                        

Diluted earnings (loss) per common share

    $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 )    $ 0.04   
                                        

 

 

Page 6

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 core return on assets, core return on equity, core dilutive earnings (loss) per share, core operating expense to average total assets, and core efficiency ratio. Management also believes that by excluding equity-based compensation expense, the amortization of intangibles expenses and acquisition expenses from other noninterest income and expense, these ratios and earnings (loss) per share better reflect our core operating performance.

 

Page 7

BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

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

 

FOR THE QUARTERS ENDED MARCH 31, 2011 AND 2010

     
     Three months ended
March 31,		  
     2011     2010  

Core operating income: (loss)

     

Net (income) loss

    $ (777 )    $ 716   

Adjustments:

     

Equity-based compensation

      140        632   

Amortization of intangibles

      382        405   

Acquisition expenses

      1,531        —     

Tax effect on adjustments assuming 39.745% tax rate

      (816 )      (412 ) 
                

Core operating income

    $ 460      $ 1,341   
                

Return on assets (ratio of net income (loss) to average total assets) (1)

      (0.20 )%      0.18 % 

Core return on assets (ratio of core operating income to average total assets) (1)

      0.12 %      0.34 % 

Return on equity (ratio of net income (loss) to average equity) (1)

      (1.23 )%      1.08 % 

Core return on equity (ratio of core operating income to average equity)(1)

      0.73 %      2.03 % 

Diluted earnings (loss) per common share

    $ (0.04 )    $ 0.04   

Core dilutive earnings per common share

    $ 0.02      $ 0.07   

Core operating expenses:

     

Noninterest expenses

    $ 14,255      $ 12,678   

Adjustments:

     

Equity-based compensation

      (140 )      (632 ) 

Amortization of intangibles

      (382 )      (405 ) 

Acquisition expenses

      (1,531 )      —     
                

Core operating expenses

    $ 12,202      $ 11,641   
                

Noninterest expense to average total assets (1)

      3.71 %      3.25 % 

Core operating expense to average total assets (1)

      3.17 %      2.99 % 

Efficiency ratio (ratio of noninterest expense to net interest income plus noninterest income)

      95.52 %      86.42 % 

Core efficiency ratio (ratio of core operating expense to net interest income plus core noninterest income)

      81.77 %      79.35 % 

 

 

 

(1) Annualized for the three-month periods.

 

 

 

Page 8

BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

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

 

 

FOR THE LATEST FIVE QUARTERS

 

     2011     2010  
      IQ     IVQ     IIIQ     IIQ     IQ  

Core operating income (loss)

           

Net income (loss)

    $ (777 )    $ (5,472 )    $ 737      $ (288 )    $ 716   

Adjustments:

           

Equity-based compensation

      140        735        688        595        632   

Amortization of intangibles

      382        392        399        399        405   

Acquisition expenses

      1,531        81        —          —          —     

Tax effect on adjustments assuming 39.745% tax rate

      (816 )      (480 )      (432 )      (395 )      (412 ) 
                                        

Core operating income (loss)

    $ 460      $ (4,744 )    $ 1,392      $ 311      $ 1,341   
                                        

Return on assets (ratio of net income (loss) to average total assets) (1)

      (0.20 )%      (1.41 )%      0.19 %      (0.07 )%      0.18 % 

Core return on assets (ratio of core operating income (loss) to average total assets) (1)

      0.12 %      (1.22 )%      0.35 %      0.08 %      0.34 % 

Return on equity (ratio of net income (loss) to average equity)(1)

      (1.23 )%      (8.41 )%      1.13 %      (0.44 )%      1.08 % 

Core return on equity (ratio of core operating income (loss) to average equity) (1)

      0.73 %      (7.29 )%      2.14 %      0.47 %      2.03 % 

Diluted earnings (loss) per common share

    $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 )    $ 0.04   

Core diluted earnings (loss) per common share

    $ 0.02      $ (0.24 )    $ 0.07      $ 0.02      $ 0.07   

Core operating expense:

           

Noninterest expense

    $ 14,255      $ 15,611      $ 13,190      $ 12,370      $ 12,678   

Adjustments:

           

Equity-based compensation

      (140 )      (735 )      (688 )      (595 )      (632 ) 

Amortization of intangibles

      (382 )      (392 )      (399 )      (399 )      (405 ) 

Acquisition costs

      (1,531 )      (81 )      —          —          —     
                                        

Core operating expense

    $ 12,202      $ 14,403      $ 12,103      $ 11,376      $ 11,641   
                                        

Noninterest expense to average total assets (1)

      3.71 %      4.00 %      3.35 %      3.14 %      3.25 % 

Core operating expense to average total assets (1)

      3.17 %      3.69 %      3.07 %      2.89 %      2.99 % 

Efficiency ratio (ratio of noninterest expense to net interest income plus noninterest income)

      95.52 %      104.71 %      89.65 %      84.81 %      86.42 % 

Core efficiency ratio (ratio of core operating expense to net interest income plus core noninterest income)

      81.77 %      96.61 %      82.27 %      77.99 %      79.35 % 

 

 

 

(1) Annualized for the three-month periods.

 

Page 9

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