0001303942-14-000049.txt : 20140730 0001303942-14-000049.hdr.sgml : 20140730 20140730170121 ACCESSION NUMBER: 0001303942-14-000049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140730 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140730 DATE AS OF CHANGE: 20140730 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: 141003497 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 bfin201406308k.htm 8-K BFIN2014.06.30 8K


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): July 30, 2014
 
 
 
 BANKFINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter) 
 
 
 
Maryland
0-51331
75-3199276
(State or Other Jurisdiction
of Incorporation)
(Commission
File No.)
(I.R.S. Employer
Identification No.)
 
 
 
15W060 North Frontage Road, Burr Ridge, Illinois
(Address of Principal Executive Offices)
60527
(Zip Code)
Registrant’s telephone number, including area code: (800) 894-6900
Not Applicable
(Former name or former address, if changed since last report) 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 7.01.
Regulation FD Disclosure
BankFinancial Corporation (the “Company”) will review second quarter 2014 results in a conference call and webcast for stockholders and analysts on Friday, August 1, 2014 at 9:30 a.m. Chicago, Illinois Time.
The conference call may be accessed by calling (844) 413-1780 using participant passcode 82644331. The conference call will be simultaneously webcast at www.bankfinancial.com, under Investor Relations.
Item 8.01.
Other Events
On July 30, 2014, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and issued the Quarterly Financial and Statistical Supplement for the latest five quarters. The press release also reported net income of $2.3 million, or $0.12 per common share, for the six months ended June 30, 2014. 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 July 30, 2014
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:
July 30, 2014
 
By:
/s/ F. Morgan Gasior
 
 
 
 
 
F. Morgan Gasior
 
 
 
 
 
Chairman of the Board, Chief Executive Officer and President






EXHIBIT INDEX


Exhibit No.    Description
99.1    Press Release dated July 30, 2014
99.2    Quarterly Financial and Statistical Supplement



 EX-99.1 2 bfin20140630exhibit991pr.htm EXHIBIT BFIN2014.06.30 exhibit99.1 PR


Exhibit 99.1

 
FOR IMMEDIATE RELEASE
BankFinancial Corporation Reports Financial Results for the Second Quarter 2014 and
Will Host Conference Call and Webcast on August 1, 2014
Burr Ridge, Illinois – (July 30, 2014) BankFinancial Corporation (Nasdaq – BFIN) filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and 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 $1.4 million, or $0.07 per common share, for the three months ended June 30, 2014, compared to $76,000 for the three months ended June 30, 2013. BankFinancial also reported net income of $2.3 million, or $0.12 per common share, for the six months ended June 30, 2014, compared to $754,000, or $0.04 per common share, for the six months ended June 30, 2013. At June 30, 2014, BankFinancial had total assets of $1.442 billion, total loans of $1.118 billion, total deposits of $1.237 billion and stockholders' equity of $178 million.
The Quarterly Report on Form 10-Q and the Quarterly Financial and Statistical Supplement will be available today on BankFinancial's website, www.bankfinancial.com, at the “Investor Relations” page, and through the EDGAR database on the SEC's website, www.sec.gov. The Quarterly Financial and Statistical Supplement includes comparative GAAP and non-GAAP performance data and financial measures for the most recent five quarters.
BankFinancial's management will review second quarter 2014 results in a conference call and webcast for stockholders and analysts on Friday, August 1, 2014 at 9:30 a.m. Chicago, Illinois Time. The conference call may be accessed by calling (844) 413-1780 using participant passcode 82644331. The conference call will be simultaneously webcast at www.bankfinancial.com, “Investor Relations” page. For those persons unable to participate in the conference call, the webcast will be archived through 11:59 p.m. Chicago Time on Friday, August 15, 2014 on our website.
BankFinancial Corporation is the holding company for BankFinancial, F.S.B., a full-service, community-oriented bank providing financial services to individuals, families and businesses through 19 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois. BankFinancial Corporation's common stock trades on the Nasdaq Global Select Market under the symbol BFIN. Additional information may be found at the company’s web site, www.bankfinancial.com.
This release includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause BankFinancial's actual results to differ from those expected at the time of this release. For a discussion of some of the factors that may cause actual results to differ from expectations, please refer to BankFinancial's most recent Annual Report on Form 10-K as filed with the SEC. Investors are urged to review all information contained in these reports, including the risk factors discussed therein. Copies of these filings are available at no cost on the SEC's web site at www.sec.gov or on BankFinancial's web site at www.bankfinancial.com. Forward looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes.
For Further Information Contact:
 
 
Shareholder, Analyst and Investor Inquiries:
 
Media Inquiries:
       Elizabeth A. Doolan
       Senior Vice President – Finance
       BankFinancial Corporation
       Telephone: 630-242-7151
 
Gregg T. Adams
Executive Vice President – Marketing & Sales
BankFinancial F.S.B.
Telephone: 630-242-7234


 EX-99.2 3 bfin-20140630ex992suppleme.htm EXHIBIT BFIN-2014.06.30 EX99.2 Supplement

Exhibit 99.2



BANKFINANCIAL CORPORATION
SECOND QUARTER 2014
QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT
FOR THE LATEST FIVE QUARTERS


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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
PERFORMANCE MEASUREMENTS
 
 
 
 
 
 
 
 
 
Return on assets (ratio of net income to average total assets) (1)
0.39
%
 
0.26
%
 
0.42
%
 
0.29
%
 
0.02
%
Return on equity (ratio of net income to average equity) (1)
3.15

 
2.12

 
3.43

 
2.38

 
0.17

Net interest rate spread (1)
3.37

 
3.30

 
3.25

 
3.21

 
3.25

Net interest margin (1)
3.43

 
3.34

 
3.31

 
3.26

 
3.31

Efficiency ratio
82.15

 
88.79

 
97.51

 
95.36

 
97.84

Noninterest expense to average total assets (1)
3.04

 
3.15

 
3.53

 
3.43

 
3.51

Average interest–earning assets to average interest–bearing liabilities
122.57

 
121.85

 
121.97

 
121.95

 
121.24

Number of full service offices
19

 
19

 
20

 
20

 
20

Employees (full time equivalents)
276

 
281

 
301

 
308

 
308

 
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENT OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from other financial institutions
$
13,715

 
$
13,869

 
$
15,781

 
$
18,068

 
$
18,303

Interest-bearing deposits in other financial institutions
119,790

 
137,855

 
145,176

 
225,410

 
293,790

Securities, at fair value
108,979

 
115,977

 
110,907

 
83,409

 
53,014

Loans held for sale
—

 
—

 
—

 
15

 
276

Loans receivable, net
1,117,593

 
1,097,888

 
1,098,077

 
1,035,331

 
1,012,316

Other real estate owned, net
7,704

 
8,670

 
6,306

 
5,403

 
6,262

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

 
6,068

 
6,068

 
6,068

 
6,068

Premises and equipment, net
34,432

 
34,882

 
35,328

 
36,154

 
36,830

Intangible assets
2,141

 
2,284

 
2,433

 
2,583

 
2,732

Bank owned life insurance
22,083

 
22,022

 
21,958

 
21,881

 
21,797

Other assets
9,612

 
9,027

 
11,560

 
7,626

 
9,744

Total assets
$
1,442,306

 
$
1,448,542

 
$
1,453,594

 
$
1,441,948

 
$
1,461,132

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Deposits
$
1,237,340

 
$
1,252,819

 
$
1,252,708

 
$
1,249,833

 
$
1,262,096

Borrowings
3,068

 
2,668

 
3,055

 
2,883

 
2,940

Other liabilities
23,579

 
16,191

 
22,204

 
14,921

 
22,867

Total liabilities
1,263,987

 
1,271,678

 
1,277,967

 
1,267,637

 
1,287,903

Stockholders’ equity
178,319

 
176,864

 
175,627

 
174,311

 
173,229

Total liabilities and stockholders’ equity
$
1,442,306

 
$
1,448,542

 
$
1,453,594

 
$
1,441,948

 
$
1,461,132

(1)Annualized


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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
SUMMARY STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
Total interest income
$
12,482

 
$
12,086

 
$
12,296

 
$
12,107

 
$
12,276

Total interest expense
774

 
812

 
842

 
882

 
935

Net interest income before provision
11,708

 
11,274

 
11,454

 
11,225

 
11,341

Provision for (recovery of) loan losses
957

 
476

 
(1,178
)
 
(437
)
 
206

Net interest income
10,751

 
10,798

 
12,632

 
11,662

 
11,135

Noninterest income
1,660

 
1,532

 
1,665

 
1,737

 
1,703

Noninterest expense
10,982

 
11,371

 
12,792

 
12,360

 
12,762

Income before income tax
1,429

 
959

 
1,505

 
1,039

 
76

Income tax expense
25

 
17

 
—

 
—

 
—

Net income
$
1,404

 
$
942

 
$
1,505

 
$
1,039

 
$
76

Basic earnings per common share
$
0.07

 
$
0.05

 
$
0.07

 
$
0.05

 
$
—

Diluted earnings per common share
$
0.07

 
$
0.05

 
$
0.07

 
$
0.05

 
$
—

 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME AND EXPENSE
 
 
 
 
 
 
 
 
Noninterest Income
 
 
 
 
 
 
 
 
 
Deposit service charges and fees
$
465

 
$
433

 
$
477

 
$
520

 
$
509

Other fee income
600

 
527

 
537

 
571

 
604

Insurance commissions and annuities income
86

 
87

 
173

 
106

 
86

Gain (loss) on sales of loans, net
44

 
24

 
24

 
32

 
(4
)
Loss on sale of securities
—

 
(7
)
 
—

 
—

 
—

Gain (loss) on disposition of premises and equipment
3

 
2

 
(43
)
 
—

 
—

Loan servicing fees
104

 
104

 
112

 
112

 
114

Amortization of servicing assets
(38
)
 
(32
)
 
(40
)
 
(49
)
 
(85
)
Recovery (impairment) of servicing assets
(6
)
 
(4
)
 
24

 
6

 
9

Earnings on bank owned life insurance
61

 
64

 
77

 
84

 
82

Trust income
170

 
164

 
175

 
172

 
183

Other
171

 
170

 
149

 
183

 
205

Total noninterest income
$
1,660

 
$
1,532

 
$
1,665

 
$
1,737

 
$
1,703

 
 
 
 
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
5,596

 
$
5,958

 
$
6,614

 
$
6,143

 
$
6,686

Office occupancy and equipment
1,626

 
1,914

 
1,997

 
1,797

 
1,805

Advertising and public relations
304

 
162

 
316

 
195

 
268

Information technology
691

 
639

 
697

 
817

 
819

Supplies, telephone, and postage
384

 
391

 
463

 
382

 
400

Amortization of intangibles
143

 
149

 
150

 
149

 
150

Nonperforming asset management
97

 
104

 
607

 
682

 
655

Loss (gain) on sales of other real estate owned
(98
)
 
6

 
(34
)
 
64

 
49

Valuation adjustments of other real estate owned
33

 
44

 
79

 
241

 
141

Operations of other real estate owned
474

 
207

 
159

 
171

 
232

FDIC insurance premiums
470

 
479

 
468

 
476

 
477

Other
1,262

 
1,318

 
1,276

 
1,243

 
1,080

Total noninterest expense
$
10,982

 
$
11,371

 
$
12,792

 
$
12,360

 
$
12,762

 
 
 
 

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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
193,826

 
$
197,831

 
$
201,382

 
$
204,205

 
$
200,181

Multi–family mortgage loans
439,318

 
416,356

 
396,058

 
375,786

 
353,924

Nonresidential real estate loans
246,962

 
251,873

 
263,567

 
246,524

 
255,429

Construction and land loans
2,882

 
3,396

 
6,570

 
6,429

 
7,152

Commercial loans
45,803

 
53,661

 
54,255

 
52,978

 
51,701

Commercial leases
199,908

 
185,474

 
187,112

 
161,822

 
157,606

Consumer loans
2,290

 
2,476

 
2,317

 
2,561

 
2,622

 
1,130,989

 
1,111,067

 
1,111,261

 
1,050,305

 
1,028,615

Net deferred loan origination costs
1,056

 
1,002

 
970

 
902

 
798

Allowance for loan losses
(14,452
)
 
(14,181
)
 
(14,154
)
 
(15,876
)
 
(17,097
)
Loans, net
$
1,117,593

 
$
1,097,888

 
$
1,098,077

 
$
1,035,331

 
$
1,012,316

 
 
 
 
 
 
 
 
 
 
LOAN ORIGINATIONS (1)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
3,740

 
$
2,548

 
$
6,316

 
$
13,425

3,670,000

$
3,670

Multi–family mortgage loans
40,191

 
24,419

 
37,351

 
46,675

38,606,000

28,606

Nonresidential real estate loans
5,927

 
6,088

 
26,009

 
4,185

6,017,000

6,017

Construction and land loans
—

 
—

 
1,118

 
1,015

366,000

366

Commercial loans
45,611

 
49,659

 
56,222

 
44,811

43,735,000

43,735

Commercial leases
43,266

 
22,870

 
47,101

 
27,192

30,854,000

30,854

Consumer loans
779

 
870

 
962

 
970

1,090,000

1,090

 
$
139,514

 
$
106,454

 
$
175,079

 
$
138,273

 
$
114,338

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (2)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
6,069

 
$
5,811

 
$
8,749

 
$
9,012

 
$
10,934

Multi–family mortgage loans
16,072

 
6,539

 
13,966

 
23,678

 
16,035

Nonresidential real estate loans
10,456

 
12,663

 
9,673

 
14,042

 
9,853

Construction and land loans
509

 
791

 
979

 
1,376

 
140

Commercial loans
54,471

 
48,638

 
54,744

 
43,760

 
46,851

Commercial leases
26,593

 
26,097

 
19,480

 
23,402

 
20,448

Consumer loans
950

 
1,057

 
951

 
1,036

 
912

 
$
115,120

 
$
101,596

 
$
108,542

 
$
116,306

 
$
105,173

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2)
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
1,420

 
$
28

 
$
1,022

 
$
932

 
$
2,481

Multi–family mortgage loans
6,275

 
2,724

 
1,651

 
13,311

 
7,912

Nonresidential real estate loans
6,632

 
6,899

 
3,055

 
9,659

 
7,803

Construction and land loans
407

 
748

 
926

 
1,303

 
90

Commercial loans
2,064

 
4,441

 
6,262

 
4,079

 
3,366

Commercial leases
—

 
26

 
35

 
26

 
30

Consumer loans
—

 
2

 
—

 
—

 
—

 
$
16,798

 
$
14,868

 
$
12,951

 
$
29,310

 
$
21,682


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

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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
CREDIT QUALITY:
 
 
 
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
 
 
 
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
5,156

 
$
5,008

 
$
4,641

 
$
5,398

 
$
5,399

Multi–family mortgage loans
4,274

 
6,617

 
7,098

 
11,913

 
12,204

Nonresidential real estate loans
4,959

 
8,715

 
4,214

 
5,335

 
7,037

Construction and land loans
118

 
269

 
382

 
1,018

 
1,601

Commercial loans
77

 
77

 
77

 
272

 
689

Commercial leases
8

 
8

 
—

 
—

 
—

Consumer loans
—

 
—

 
12

 
2

 
1

Nonaccrual loans
14,592

 
20,694

 
16,424

 
23,938

 
26,931

 
 
 
 
 
 
 
 
 
 
Loans past due over 90 days, still accruing
16

 
—

 
228

 
965

 
234

Loans held for sale
—

 
—

 
—

 
15

 
15

 
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
979

 
1,098

 
901

 
808

 
1,316

Multi–family real estate
2,572

 
3,220

 
1,921

 
195

 
—

Nonresidential real estate
1,887

 
2,086

 
1,181

 
1,047

 
1,757

Land
258

 
258

 
275

 
919

 
933

Other real estate owned
5,696

 
6,662

 
4,278

 
2,969

 
4,006

Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned)
20,304

 
27,356

 
20,930

 
27,887

 
31,186

 
 
 
 
 
 
 
 
 
 
Purchased impaired loans:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
102

 
$
101

 
$
100

 
$
405

 
$
396

Nonresidential real estate loans
157

 
153

 
1,633

 
1,611

 
1,607

Construction and land loans
—

 
—

 
—

 
—

 
997

Commercial loans
—

 
23

 
23

 
22

 
21

Purchased impaired loans
259

 
277

 
1,756

 
2,038

 
3,021

Purchased other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
156

 
156

 
176

 
201

 
179

Nonresidential real estate
—

 
—

 
—

 
372

 
372

Land
1,852

 
1,852

 
1,852

 
1,861

 
1,705

Purchased other real estate owned
2,008

 
2,008

 
2,028

 
2,434

 
2,256

Purchased impaired loans and OREO
2,267

 
2,285

 
3,784

 
4,472

 
5,277

Nonperforming assets
$
22,571

 
$
29,641

 
$
24,714

 
$
32,359

 
$
36,463

 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios
 
 
 
 
 
 
 
 
 
Nonperforming assets to total assets
1.56
%
 
2.05
%
 
1.70
%
 
2.24
%
 
2.50
%
Nonperforming assets to total assets (1)
1.41

 
1.89

 
1.44

 
1.93

 
2.13

Nonaccrual loans to total loans
1.31

 
1.89

 
1.66

 
2.57

 
2.94

Nonaccrual loans to total loans (1)
1.29

 
1.86

 
1.50

 
2.37

 
2.64

Allowance for loan losses to nonperforming loans
97.21

 
67.62

 
76.89

 
58.90

 
56.61

Allowance for loan losses to nonperforming loans(1)
98.93

 
68.53

 
85.00

 
63.71

 
62.90

(1)
Asset quality ratios exclude purchased impaired loans and acquired other real estate owned resulting from the Downers Grove National Bank merger.


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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
SUBSTANDARD PERFORMING LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
1,691

 
$
3,690

 
$
2,634

 
$
1,597

 
$
1,546

Multi–family mortgage loans
5,293

 
5,906

 
5,063

 
7,028

 
10,476

Nonresidential real estate loans
5,360

 
7,454

 
13,645

 
15,427

 
16,185

Construction and land loans
222

 
109

 
832

 
1,062

 
1,628

Commercial loans
1,020

 
952

 
977

 
1,061

 
1,083

Commercial leases
—

 
184

 
210

 
—

 
—

Consumer loans
—

 
1

 
1

 
—

 
—

 
$
13,586

 
$
18,296

 
$
23,362

 
$
26,175

 
$
30,918

 
 
 
 
 
 
 
 
 
 
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE
 
 
 
 
 
 
30 – 59 days past due
$
316

 
$
4,131

 
$
5,574

 
$
1,706

 
$
2,001

60 – 89 days past due
1,446

 
1,277

 
1,535

 
1,268

 
268

Matured Loans
1,340

 
2,913

 
3,458

 
2,740

 
1,839

 
$
3,102

 
$
8,321

 
$
10,567

 
$
5,714

 
$
4,108

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
 
 
 
Beginning balance
$
14,181

 
$
14,154

 
$
15,876

 
$
17,097

 
$
17,453

Charge offs:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
(290
)
 
(56
)
 
(432
)
 
(528
)
 
(176
)
Multi–family mortgage loans
(594
)
 
(90
)
 
(320
)
 
(902
)
 
(374
)
Nonresidential real estate loans
(186
)
 
(580
)
 
(207
)
 
(138
)
 
(153
)
Construction and land loans
(1
)
 
—

 
—

 
(16
)
 
—

Commercial loans
—

 
(22
)
 
(62
)
 
(131
)
 
(213
)
Consumer loans
(4
)
 
(6
)
 
(5
)
 
(38
)
 
(12
)
 
(1,075
)
 
(754
)
 
(1,026
)
 
(1,753
)
 
(928
)
Recoveries:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
97

 
11

 
12

 
108

 
85

Multi–family mortgage loans
6

 
14

 
17

 
3

 
159

Nonresidential real estate loans
264

 
20

 
68

 
329

 
103

Construction and land loans
8

 
250

 
267

 
193

 
1

Commercial loans
14

 
8

 
114

 
335

 
16

Consumer loans
—

 
2

 
4

 
1

 
2

 
389

 
305

 
482

 
969

 
366

Net charge–offs
(686
)
 
(449
)
 
(544
)
 
(784
)
 
(562
)
Provision for (recovery of) loan losses
957

 
476

 
(1,178
)
 
(437
)
 
206

Ending balance
$
14,452

 
$
14,181

 
$
14,154

 
$
15,876

 
$
17,097

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to total loans
1.28
%
 
1.28
%
 
1.27
%
 
1.51
%
 
1.66
%
Net charge–off ratio (1)
0.25

 
0.16

 
0.20

 
0.31

 
0.22

(1)
Annualized


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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
DEPOSITS
 
 
 
 
 
 
 
 
 
Noninterest–bearing demand
$
131,775

 
$
129,732

 
$
126,680

 
$
133,094

 
$
137,146

Savings deposits
154,263

 
156,174

 
149,602

 
146,685

 
147,758

Money market accounts
349,639

 
353,656

 
347,017

 
341,175

 
340,243

Interest–bearing NOW accounts
349,874

 
353,338

 
353,787

 
349,622

 
349,942

Certificates of deposits
251,789

 
259,919

 
275,622

 
279,257

 
287,007

 
$
1,237,340

 
$
1,252,819

 
$
1,252,708

 
$
1,249,833

 
$
1,262,096

 
 
 
 
 
 
 
 
 
 
SELECTED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total average assets
$
1,444,697

 
$
1,442,667

 
$
1,450,403

 
$
1,440,561

 
$
1,453,413

Total average interest–earning assets
1,370,391

 
1,367,225

 
1,374,544

 
1,364,625

 
1,373,855

Average loans
1,119,255

 
1,114,433

 
1,061,829

 
1,019,402

 
1,014,591

Average securities
112,691

 
115,089

 
92,223

 
68,109

 
57,022

Average stock in FHLB
6,224

 
6,068

 
6,068

 
6,068

 
6,809

Average other interest–earning assets
132,221

 
131,635

 
214,424

 
271,046

 
295,433

Total average interest–bearing liabilities
1,118,088

 
1,122,027

 
1,126,973

 
1,118,967

 
1,133,159

Average interest–bearing deposits
1,115,437

 
1,119,445

 
1,123,977

 
1,116,154

 
1,130,294

Average borrowings
2,651

 
2,582

 
2,996

 
2,813

 
2,865

Average stockholders’ equity
178,477

 
177,331

 
175,305

 
174,790

 
174,643

 
 
 
 
 
 
 
 
 
 
SELECTED YIELDS AND COST OF FUNDS (1):
 
 
 
 
 
 
 
 
Total average interest–earning assets
3.65
%
 
3.59
%
 
3.55
%
 
3.52
%
 
3.58
%
Average loans
4.33

 
4.26

 
4.44

 
4.55

 
4.69

Average securities
1.02

 
1.04

 
1.17

 
1.40

 
1.54

Average other interest–earning assets
0.32

 
0.27

 
0.26

 
0.27

 
0.27

Total average interest–bearing liabilities
0.28

 
0.29

 
0.30

 
0.31

 
0.33

Average interest–bearing deposits
0.28

 
0.29

 
0.30

 
0.31

 
0.33

Average borrowings
0.15

 
0.31

 
0.26

 
0.28

 
0.28

Net interest rate spread
3.37

 
3.30

 
3.25

 
3.21

 
3.25

Net interest margin
3.43

 
3.34

 
3.31

 
3.26

 
3.31

(1)     Annualized

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


 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
BankFinancial Corporation
 
 
 
 
 
 
 
 
 
Equity to total assets (end of period)
12.36
%
 
12.21
%
 
12.08
%
 
12.09
%
 
11.86
%
Tangible equity to tangible total assets (end of period)
12.07

 
12.07

 
11.93

 
11.93

 
11.69

Risk–based total capital ratio
17.41

 
17.52

 
17.28

 
18.15

 
18.38

Risk–based tier 1 capital ratio
16.16

 
16.27

 
16.03

 
16.90

 
17.12

Tier 1 leverage ratio
12.21

 
12.05

 
11.92

 
11.91

 
11.66

Tier 1 capital
$
175,778

 
$
174,580

 
$
172,775

 
$
171,269

 
$
169,823

BankFinancial FSB
 
 
 
 
 
 
 
 
 
Risk–based total capital ratio
15.13
%
 
15.17
%
 
14.93
%
 
15.58
%
 
15.74
%
Risk–based tier 1 capital ratio
13.88

 
13.92

 
13.68

 
14.33

 
14.48

Tier 1 leverage ratio
10.50

 
10.31

 
10.16

 
10.10

 
9.86

Tier 1 capital
$
151,035

 
$
148,943

 
$
147,363

 
$
145,203

 
$
143,589

 
 
 
 
 
 
 
 
 
 
COMMON STOCK AND DIVIDENDS
 
 
 
 
 
 
 
 
 
Stock Prices:
 
 
 
 
 
 
 
 
 
Close
$
11.16

 
$
9.98

 
$
9.16

 
$
8.84

 
$
8.50

High
11.24

 
10.33

 
9.74

 
9.40

 
8.71

Low
9.40

 
9.06

 
8.70

 
8.15

 
7.25

Book value per share
$
8.45

 
$
8.38

 
$
8.32

 
$
8.26

 
$
8.21

Tangible book value per share
$
8.35

 
$
8.27

 
$
8.21

 
$
8.14

 
$
8.08

Cash dividends declared on common stock
$
0.01

 
$
—

 
$
0.02

 
$
—

 
$
0.02

Dividend payout ratio
15.05
%
 
N.M.

 
28.04
%
 
N.M.

 
N.M.

Stock repurchases
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Stock repurchases – shares
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE COMPUTATIONS
 
 
 
 
 
 
 
 
 
Net income
$
1,404

 
$
942

 
$
1,505

 
$
1,039

 
$
76

Average common shares outstanding
21,101,966

 
21,101,966

 
21,101,966

 
21,101,966

 
21,088,263

Less: Unearned ESOP shares
(937,585
)
 
(977,561
)
 
(1,002,041
)
 
(1,028,158
)
 
(1,084,709
)
Unvested restricted stock shares
(18,572
)
 
(25,750
)
 
(25,750
)
 
(25,750
)
 
(13,797
)
Weighted average common shares outstanding
20,145,809


20,098,655

 
20,074,175

 
20,048,058

 
19,989,757

Plus: Dilutive common shares equivalents
14,241

 
12,045

 
9,500

 
6,034

 
556

Weighted average dilutive common shares outstanding
20,160,050

 
20,110,700

 
20,083,675

 
20,054,092

 
19,990,313

Basic earnings per common share
$
0.07

 
$
0.05

 
$
0.08

 
$
0.05

 
$
—

Diluted earnings per common share
$
0.07

 
$
0.05

 
$
0.08

 
$
0.05

 
$
—



Page 8

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



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

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2014
 
2013
 
2014
 
2013
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
Income before income taxes
$
1,429

 
$
76

 
$
2,388

 
$
754

Provision for loan losses
957

 
206

 
1,433

 
928

 
2,386

 
282

 
3,821

 
1,682

Adjustments:
 
 
 
 
 
 
 
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale
—

 
(40
)
 
—

 
(1,340
)
Nonperforming asset management
97

 
655

 
201

 
1,349

Loss (gain) on sale of other real estate owned
(98
)
 
49

 
(92
)
 
118

Valuation adjustments of other real estate owned
33

 
141

 
77

 
230

Operations of other real estate owned
474

 
232

 
681

 
585

Adjustments
506

 
1,037

 
867

 
942

Pre–tax pre–provision earnings from core operations
$
2,892

 
$
1,319

 
$
4,688

 
$
2,624

 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
0.80
%
 
0.36
%
 
0.65
%
 
0.36
%

(1)
Annualized


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

FOR THE LATEST FIVE QUARTERS
 
2014
 
2013
 
IIQ
 
IQ
 
IVQ
 
IIIQ
 
IIQ
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
 
Income before income taxes
$
1,429

 
$
959

 
$
1,505

 
$
1,039

 
$
76

Provision for (recovery of) loan losses
957

 
476

 
(1,178
)
 
(437
)
 
206

 
2,386

 
1,435

 
327

 
602

 
282

Adjustments:
 
 
 
 
 
 
 
 
 
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale
—

 
—

 
—

 
—

 
(40
)
Nonperforming asset management
97

 
104

 
607

 
682

 
655

Loss (gain) on sale of other real estate owned
(98
)
 
6

 
(34
)
 
64

 
49

Valuation adjustments of other real estate owned
33

 
44

 
79

 
241

 
141

Operations of other real estate owned
474

 
207

 
159

 
171

 
232

 
506

 
361

 
811

 
1,158

 
1,037

Pre–tax pre–provision earnings from core operations
$
2,892

 
$
1,796

 
$
1,138

 
$
1,760

 
$
1,319

 
 
 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
0.80
%
 
0.50
%
 
0.31
%
 
0.49
%
 
0.36
%

(1)
Annualized


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