0001193125-11-210259.txt : 20110804 0001193125-11-210259.hdr.sgml : 20110804 20110804154444 ACCESSION NUMBER: 0001193125-11-210259 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110804 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110804 DATE AS OF CHANGE: 20110804 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: 111010399 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): August 4, 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 second quarter 2011 results in a conference call and webcast for stockholders and analysts on Friday, August 5, 2011 at 9:30 a.m. Chicago Time. The conference call may be accessed by calling 800-561-2731 and using participant passcode 40841269. 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 August 4, 2011, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 and a Quarterly Financial and Statistical Supplement. The press release also reported earnings for the three and six months ended June 30, 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 August 4, 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: August 4, 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 August 4, 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 Second Quarter 2011 and

Will Host a Conference Call and Webcast on August 5, 2011

Burr Ridge, Illinois - (August 4, 2011) BankFinancial Corporation (Nasdaq – BFIN) (“BankFinancial”) announced that it filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 on Thursday, August 4, 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 net income of $1,026,000, or $0.05 per common share, for the three months ended June 30, 2011, compared to a net loss of $288,000 or ($0.01) per common share, for the three months ended June 30, 2010. Net income for the six months ended June 30, 2011 was $249,000, or $0.01 per common share, compared to $428,000, or $0.02 per common share for the six months ended June 30, 2010.

At June 30, 2011, BankFinancial had total assets of $1.663 billion, total loans of $1.291 billion, total deposits of $1.378 billion and stockholders’ equity of $250 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 second quarter 2011 results in a conference call and webcast for stockholders and analysts on Friday, August 5, 2011 at 9:30 a.m. Chicago Time. The conference call may be accessed by calling 800-561-2731 and using participant passcode 40841269. 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 August 19, 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 http://www.sec.gov or on BankFinancial’s web site at http://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

SECOND 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  
     IIQ     IQ     IVQ     IIIQ     IIQ  

PERFORMANCE MEASUREMENTS:

           

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

      0.24 %      (0.20 )%      (1.40 )%      0.19 %      (0.07 )% 

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

      1.66        (1.23 )      (8.41 )      1.13        (0.44 ) 

Net interest rate spread (1)

      4.27        3.68        3.41        3.25        3.30   

Net interest margin (1)

      4.38        3.81        3.57        3.45        3.53   

Efficiency ratio

      77.09        95.52        104.71        89.65        84.81   

Noninterest expense to average total assets (1)

      3.47        3.71        4.00        3.35        3.14   

Average interest-earning assets to average interest-bearing liabilities

      122.55        122.64        123.30        122.26        122.10   

Number of full service offices

      20        20        18        18        18   

Employees (full time equivalents)

      373 (2)      385 (2)      328        327        338   
                                          
     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

SUMMARY STATEMENT OF OPERATIONS

           

Total interest income

    $ 19,000      $ 15,348      $ 15,448      $ 15,892      $ 16,451   

Total interest expense

      1,910        1,996        2,442        3,138        3,677   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income before provision

      17,090        13,352        13,006        12,754        12,774   

Provision for loan losses

      3,175        2,424        8,148        419        2,665   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

      13,915        10,928        4,858        12,335        10,109   

Noninterest income

      1,879        1,571        1,903        1,958        1,812   

Noninterest expense

      14,623        14,255        15,611        13,190        12,370   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income tax

      1,171        (1,756 )      (8,850 )      1,103        (449 ) 

Income tax expense (benefit)

      145        (979 )      (3,378 )      366        (161 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ 1,026      $ (777 )    $ (5,472 )    $ 737      $ (288 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) per common share

    $ 0.05      $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) per common share

    $ 0.05      $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                          
     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

NONINTEREST INCOME AND EXPENSE:

           

Noninterest Income:

           

Deposit service charges and fees

    $ 691      $ 612      $ 679      $ 776      $ 792   

Other fee income

      413        382        452        482        500   

Insurance commissions and annuities income

      155        169        227        234        179   

Gain on sales of loans, net

      39        19        184        202        68   

Gain on sales of securities

      —          —          —          —          31   

Loss on disposition of premises and equipment

      (10 )      (10 )      —          (2 )      (17 ) 

Loan servicing fees

      137        132        137        143        154   

Amortization and impairment of servicing assets

      (51 )      (54 )      (64 )      (90 )      (78 ) 

Earnings on bank owned life insurance

      162        158        144        115        92   

Trust income

      216        76        9        1        12   

Other

      127        87        135        97        79   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total noninterest income

    $ 1,879      $ 1,571      $ 1,903      $ 1,958      $ 1,812   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Noninterest Expense:

           

Compensation and benefits

    $ 7,120      $ 6,600      $ 5,993      $ 6,583      $ 6,552   

Office occupancy and equipment

      1,736        1,868        1,247        1,723        1,609   

Advertising and public relations

      260        237        437        321        303   

Information technology

      1,091        948        958        893        961   

Supplies, telephone, and postage

      439        375        438        391        406   

Amortization of intangibles

      470        382        392        399        399   

Nonperforming asset management

      1,279        455        1,898        821        355   

Loss (gain) on sales of other real estate owned

      (57 )      (52 )      101        206        112   

Operations of other real estate owned

      912        505        2,683        348        388   

FDIC insurance premiums

      186        567        519        520        532   

Acquisition expense

      240        1,531        81        —          —     

Other

      947        839        864        985        753   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total noninterest expenses

    $ 14,623      $ 14,255      $ 15,611      $ 13,190      $ 12,370   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                          
(1) Annualized
(2) Full time employee equivalents include 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  
     IIQ      IQ      IVQ      IIIQ      IIQ  

SUMMARY STATEMENT OF FINANCIAL CONDITION

  

         

ASSETS:

               

Cash and due from other financial institutions

    $ 14,049       $ 14,479       $ 18,097       $ 12,855       $ 13,618   

Interest-bearing deposits in other financial institutions

      100,433         109,776         202,713         248,857         205,666   

Securities, at fair value

      95,546         121,154         120,747         78,272         84,688   

Loans held-for-sale

      —           —           2,716         3,051         212   

Loans receivable, net

      1,291,399         1,302,313         1,050,766         1,098,505         1,123,949   

Other real estate owned and other real estate owned in process

      27,032         22,713         14,622         11,158         8,929   

Stock in Federal Home Loan Bank, at cost

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

Premises and equipment, net

      38,745         37,650         32,495         32,934         33,575   

Intangible assets

      27,074         27,544         25,266         25,658         26,057   

Bank owned life insurance

      20,901         20,739         20,581         20,437         20,322   

FDIC prepaid expense

      5,003         5,158         4,845         5,315         5,785   

Income tax receivable

      1,862         2,523         1,749         515         9,057   

Deferred taxes, net

      13,232         13,112         9,333         6,726         6,735   

Other assets

      11,266         11,724         11,127         10,539         11,448   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ 1,662,888       $ 1,705,231       $ 1,530,655       $ 1,570,420       $ 1,565,639   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES AND STOCKHOLDERS’ EQUITY:

               

Deposits

    $ 1,378,331       $ 1,421,564       $ 1,235,377       $ 1,260,694       $ 1,253,259   

Borrowings

      12,595         15,488         23,749         29,275         35,566   

Other liabilities

      21,584         17,467         18,244         20,906         17,417   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

      1,412,510         1,454,519         1,277,370         1,310,875         1,306,242   

Stockholders’ equity

      250,378         250,712         253,285         259,545         259,397   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities and stockholders’ equity

    $ 1,662,888       $ 1,705,231       $ 1,530,655       $ 1,570,420       $ 1,565,639   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

 

 

     2011      2010  
     IIQ      IQ      IVQ      IIIQ      IIQ  

DEPOSITS:

               

Noninterest-bearing demand

    $ 138,805       $ 141,322       $ 112,549       $ 99,648       $ 103,602   

Savings deposits

      143,880         143,865         98,894         97,757         97,907   

Money market accounts

      354,897         356,352         341,048         357,557         357,078   

Interest-bearing NOW accounts

      323,997         328,493         302,812         296,537         294,157   

Certificates of deposit – Retail

      416,653         451,433         379,975         405,999         390,635   

Certificates of deposit – Wholesale

      99         99         99         3,196         9,880   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total certificates of deposit

      416,752         451,532         380,074         409,195         400,515   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total deposits

    $ 1,378,331       $ 1,421,564       $ 1,235,377       $ 1,260,694       $ 1,253,259   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

 

 

Page 3

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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

 

 

     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

LOANS:

           

One-to-four family residential real estate loans

    $ 291,135      $ 300,349      $ 256,300      $ 267,800      $ 276,440   

Multi-family mortgage loans

      447,162        443,802        296,916        306,509        305,519   

Nonresidential real estate loans

      328,100        326,389        281,987        293,197        306,993   

Construction and land loans

      24,339        29,643        18,398        17,583        18,477   

Commercial loans

      73,622        75,137        64,679        74,621        72,716   

Commercial leases

      145,858        144,923        151,107        154,254        158,990   

Consumer loans

      3,109        3,383        2,182        2,484        2,263   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total loans

      1,313,325        1,323,626        1,071,569        1,116,448        1,141,398   

Net deferred loan origination costs

      1,037        1,191        1,377        1,474        1,520   

Allowance for loan losses

      (22,963 )      (22,504 )      (22,180 )      (19,417 )      (18,969 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans, net

    $ 1,291,399 (2)    $ 1,302,313 (2)    $ 1,050,766      $ 1,098,505      $ 1,123,949   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                          
     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

CREDIT QUALITY RATIOS:

           

Nonperforming Assets:

           

Nonaccrual loans:

           

One-to-four family residential real estate loans

    $ 12,663      $ 10,649      $ 10,059      $ 9,180      $ 10,788   

Multi-family mortgage loans

      12,360        13,163        13,228        18,287        16,405   

Nonresidential real estate loans

      12,393        12,830        12,428        9,858        9,511   

Construction and land loans

      504        5,331        6,139        6,139        6,948   

Commercial loans

      3,886        3,765        3,766        4,715        4,508   

Commercial leases

      72        72        72        72        —     

Consumer loans

      —          —          3        3        3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Nonaccrual loans

      41,878        45,810        45,695        48,254        48,163   

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

           

One-to-four family residential real estate

      5,659        3,053        3,015        3,676        1,579   

Multi-family real estate

      3,987        2,794        2,486        2,033        2,649   

Nonresidential real estate

      6,896        7,150        7,376        3,163        3,118   

Land

      3,218        2,174        1,745        2,286        1,583   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other real estate owned and other real estate owned in process

      19,760        15,171        14,622        11,158        8,929   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Core loan portfolio

      61,638        60,981        60,317        59,412        57,092   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Purchased impaired loans:

           

One-to-four family residential real estate loans

    $ 2,201      $ 732        —          —          —     

Multi-family mortgage loans

      1,398        1,387        —          —          —     

Nonresidential real estate loans

      3,369        882        —          —          —     

Construction and land loans

      7,759        7,739        —          —          —     

Commercial loans

      1,029        1,287        —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Purchased impaired loans:

      15,756        12,027        —          —          —     

Purchased other real estate owned

           

One-to-four family residential real estate

      327        157        —          —          —     

Nonresidential real estate

      3,006        1,967        —          —          —     

Land

      3,939        5,418        —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Purchased other real estate owned

      7,272        7,542        —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Purchased impaired loans and OREO

      23,028        19,569        —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Nonperforming assets

    $ 84,666      $ 80,550      $ 60,317      $ 59,412      $ 57,092   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset Quality Ratios:

           

Nonperforming assets to total assets

      5.32 %      4.72 %      3.94 %      3.78 %      3.65 % 

Nonperforming assets to total assets (3)

      3.71        3.58        —          —          —     

Nonaccrual loans to total loans

      4.67        4.37        4.26        4.32        4.22   

Nonaccrual loans to total loans (3)

      3.19        3.46        —          —          —     

Allowance for loan losses to nonaccrual loans

      37.43        38.91        48.54        40.24        39.39   

Allowance for loan losses to nonaccrual loans (3)

      54.83        49.12        —          —          —     

Allowance for loan losses to total loans

      1.75        1.70        2.07        1.74        1.66   

Net charge-off ratio (1)

      0.81        0.75        1.96        (0.01 )      0.42   

 

 

(1) Annualized
(2) Loans, net includes $15.8 million and $12.0 million of purchased impaired loans, respectively.
(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  
     IIQ     IQ     IVQ     IIIQ     IIQ  

ALLOWANCE FOR LOAN LOSSES:

           

Beginning balance

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

Charge offs:

           

One-to-four family residential real estate loans

      (415 )      (1,628 )      (225 )      (465 )      (340 ) 

Multi-family mortgage loans

      (542 )      (237 )      (1,838 )      (79 )      (290 ) 

Nonresidential real estate loans

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

Construction and land loans

      (1,771 )      (378 )      —          —          —     

Commercial loans

      (42 )      —          (975 )      —          (199 ) 

Commercial leases

      —          —          —          —          —     

Consumer loans

      (1 )      (16 )      —          (3 )      (6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     (2,771 )      (2,259 )      (5,504 )      (570 )      (1,241 ) 

Recoveries:

           

One-to-four family residential real estate loans

      5        2        59        2        7   

Multi-family mortgage loans

      32        89        —          1        2   

Nonresidential real estate loans

      5        58        1        596        20   

Construction and land loans

      —          —          58        —          —     

Commercial loans

      13        10        1        —          —     

Commercial leases

      —          —          —          —          —     

Consumer loans

      —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     55        159        119        599        29   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (charge-offs) recoveries

      (2,716 )      (2,100 )      (5,385 )      29        (1,212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Provision for loan losses

      3,175        2,424        8,148        419        2,665   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance

    $ 22,963      $ 22,504      $ 22,180      $ 19,417      $ 18,969   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                          
     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

SELECTED AVERAGE BALANCES:

           

Total average assets

    $ 1,683,413      $ 1,537,726      $ 1,559,424      $ 1,576,186      $ 1,574,013   

Total average interest-earning assets

      1,564,244        1,419,673        1,446,151        1,468,442        1,452,835   

Average loans

      1,334,239        1,118,256        1,099,919        1,116,574        1,153,960   

Average securities

      112,636        118,913        80,837        78,751        88,017   

Average stock in FHLB

      16,562        15,711        15,598        15,598        15,598   

Average other interest-earning assets

      100,807        166,793        249,797        257,519        195,260   

Total average interest-bearing liabilities

      1,276,390        1,157,615        1,172,904        1,201,045        1,189,847   

Average interest-bearing deposits

      1,262,883        1,139,696        1,146,141        1,170,022        1,146,869   

Average borrowings

      13,507        17,919        26,763        31,023        42,978   

Average stockholders’ equity

      246,600        253,420        260,192        260,073        264,043   
                  
     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

SELECTED YIELDS AND COST OF FUNDS (1):

           

Total average interest-earning assets

      4.87 %      4.38 %      4.24 %      4.29 %      4.54 % 

Average loans

      5.46        5.23        5.24        5.30        5.36   

Average securities

      2.73        2.80        3.73        4.08        4.15   

Average other interest-earning assets

      0.29        0.27        0.25        0.25        0.25   

Total average interest-bearing liabilities

      0.60        0.70        0.83        1.04        1.24   

Average interest-bearing deposits

      0.59        0.68        0.80        1.00        1.20   

Average borrowings

      1.81        2.17        1.94        2.29        2.27   

Net interest rate spread

      4.27        3.68        3.41        3.25        3.30   

Net interest margin

      4.38        3.81        3.57        3.45        3.53   

 

 

(1) Annualized

 

Page 5

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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

 

 

     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

CAPITAL RATIOS:

           

BankFinancial Corporation:

           

Equity to total assets (end of period)

      16.57 %      14.70 %      16.55 %      16.53 %      16.57 % 

Tangible equity to tangible total assets (end of period)

      11.28        12.98        14.74        15.01        15.15   

Risk-based total capital ratio

      17.28        17.03        21.51        21.71        21.44   

Risk-based tier 1 capital ratio

      16.19        16.06        20.33        20.54        20.31   

Tier 1 leverage ratio

      13.15        13.00        14.73        15.01        15.16   

BankFinancial FSB:

           

Risk-based total capital ratio

      14.99        14.63        18.38        18.56        18.06   

Risk-based tier 1 capital ratio

      13.90        13.65        17.20        17.39        16.94   

Tier 1 leverage ratio

      11.28        11.05        12.48        12.70        12.74   
                 
     2011     2010  
     IIQ     IQ     IVQ     IIIQ     IIQ  

COMMON STOCK AND DIVIDENDS:

           

Stock Prices:

           

Close

    $ 8.47      $ 9.19      $ 9.75      $ 9.17      $ 8.31   

High

      9.55        10.10        9.90        9.38        9.99   

Low

      8.10        8.42        9.06        8.12        8.28   

Book value per share

    $ 11.88      $ 11.90      $ 12.02      $ 12.32      $ 12.32   

Tangible book value per share

    $ 10.60      $ 10.59      $ 10.82      $ 11.11      $ 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  
     IIQ     IQ     IVQ     IIIQ     IIQ  

EARNINGS PER SHARE COMPUTATIONS:

           

Net income (loss)

    $ 1,026      $ (777 )    $ (5,472 )    $ 737      $ (288 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average common shares outstanding

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

Less: Unearned ESOP shares

      (1,350,347 )      (1,374,576 )      (1,399,056 )      (1,423,724 )      (1,457,047 ) 

          Unvested restricted stock shares

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding

      19,713,952        19,689,723        19,574,181        19,529,392        19,737,315   

Plus: Dilutive common shares equivalents

      1,528        —          —          57,542        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average dilutive common shares outstanding

      19,715,480        19,689,723        19,574,181        19,586,934        19,737,315   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      2,202,553        2,287,553        2,287,553        2,298,603        2,320,803   

Weighted average exercise price of anti-dilutive options

    $ 16.48      $ 16.52      $ 16.52      $ 16.51      $ 16.51   

Basic earnings (loss) per common share

    $ 0.05      $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings (loss) per common share

    $ 0.05      $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

 

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 and SIX MONTH PERIODS ENDED

JUNE 30, 2011 AND 2010

 

     Three months ended
June 30,		     Six months ended
June 30,		  
     2011     2010     2011     2010  

Core operating income: (loss)

         

Net (income) loss

    $ 1,026      $ (288 )    $ 249      $ 428   

Adjustments:

         

Equity-based compensation

      136        595        244        1,228   

Amortization of intangibles

      470        399        852        804   

Acquisition expenses

      240        —          1,771        —     

Tax effect on adjustments assuming 39.745% tax rate

      (336 )      (395 )      (1,139 )      (808 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Core operating income

    $ 1,536      $ 311      $ 1,977      $ 1,652   
  

 

 

    

 

 

    

 

 

    

 

 

  

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

      0.24 %      (0.07 )%      0.03 %      0.05 % 

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

      0.37 %      0.08 %      0.25 %      0.21 % 

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

      1.66 %      (0.44 )%      0.20 %      0.32 % 

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

      2.49 %      0.47 %      1.59 %      1.25 % 

Diluted earnings (loss) per common share

    $ 0.05      $ (0.01 )    $ 0.01      $ 0.02   

Core dilutive earnings per common share

    $ 0.08      $ 0.02      $ 0.10      $ 0.08   

Core operating expenses:

         

Noninterest expenses

    $ 14,623      $ 12,370      $ 28,878      $ 25,048   

Adjustments:

         

Equity-based compensation

      (136 )      (595 )      (244 )      (1,228 ) 

Amortization of intangibles

      (470 )      (399 )      (852 )      (804 ) 

Acquisition expenses

      (240 )      —          (1,771 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Core operating expenses

    $ 13,777      $ 11,376      $ 26,011      $ 23,016   
  

 

 

    

 

 

    

 

 

    

 

 

  

Noninterest expense to average total assets (1)

      3.47 %      3.14 %      3.59 %      3.20 % 

Core operating expense to average total assets (1)

      3.27 %      2.89 %      3.23 %      2.94 % 

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

      77.09 %      84.81 %      85.21 %      85.61 % 

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

      72.63 %      77.99 %      76.75 %      78.67 % 

 

 

(1) Annualized

 

Page 8

BANKFINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES

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

 

     2011     2010  
FOR THE LATEST FIVE QUARTERS    IIQ     IQ     IVQ     IIIQ     IIQ  

Core operating income (loss)

           

Net income (loss)

    $ 1,026      $ (777 )    $ (5,472 )    $ 737      $ (288 ) 

Adjustments:

           

Equity-based compensation

      136        140        735        688        595   

Amortization of intangibles

      470        382        392        399        399   

Acquisition expenses

      240        1,531        81        —          —     

Tax effect on adjustments assuming 39.745% tax rate

      (336 )      (816 )      (480 )      (432 )      (395 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Core operating income (loss)

    $ 1,536      $ 460      $ (4,744 )    $ 1,392      $ 311   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      0.24 %      (0.20 )%      (1.41 )%      0.19 %      (0.07 )% 

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

      0.37 %      0.12 %      (1.22 )%      0.35 %      0.08 % 

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

      1.66 %      (1.23 )%      (8.41 )%      1.13 %      (0.44 )% 

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

      2.49 %      0.73 %      (7.29 )%      2.14 %      0.47 % 

Diluted earnings (loss) per common share

    $ 0.05      $ (0.04 )    $ (0.28 )    $ 0.04      $ (0.01 ) 

Core diluted earnings (loss) per common share

    $ 0.08      $ 0.02      $ (0.24 )    $ 0.07      $ 0.02   

Core operating expense:

           

Noninterest expense

    $ 14,623      $ 14,255      $ 15,611      $ 13,190      $ 12,370   

Adjustments:

           

Equity-based compensation

      (136 )      (140 )      (735 )      (688 )      (595 ) 

Amortization of intangibles

      (470 )      (382 )      (392 )      (399 )      (399 ) 

Acquisition costs

      (240 )      (1,531 )      (81 )      —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Core operating expense

    $ 13,777      $ 12,202      $ 14,403      $ 12,103      $ 11,376   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Noninterest expense to average total assets (1)

      3.47 %      3.71 %      4.00 %      3.35 %      3.14 % 

Core operating expense to average total assets (1)

      3.27 %      3.17 %      3.69 %      3.07 %      2.89 % 

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

      77.09 %      95.52 %      104.71 %      89.65 %      84.81 % 

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

      72.63 %      81.77 %      96.61 %      82.27 %      77.99 % 

 

 

(1) Annualized.

 

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