0001303942-14-000061.txt : 20141029 0001303942-14-000061.hdr.sgml : 20141029 20141029171414 ACCESSION NUMBER: 0001303942-14-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20141029 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141029 DATE AS OF CHANGE: 20141029 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: 141180901 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 bfin201409308kresults.htm 8-K BFIN2014.09.30 8K results


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
FORM 8-K 
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 29, 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 third quarter 2014 results in a conference call and webcast for stockholders and analysts on Friday, October 31, 2014 at 9:30 a.m. Chicago, Illinois Time.
The conference call may be accessed by calling (844) 413-1780 using participant passcode 26913087. The conference call will be simultaneously webcast at www.bankfinancial.com, under Investor Relations.
Item 8.01.
Other Events
On October 29, 2014, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and issued the Quarterly Financial and Statistical Supplement for the latest five quarters. The press release also reported net income of $5.9 million, or $0.29 per common share, for the nine months ended September 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 October 29, 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:
October 29, 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 October 29, 2014
99.2    Quarterly Financial and Statistical Supplement



 EX-99.1 2 bfin20140930exhibit991prre.htm EXHIBIT BFIN2014.09.30 exhibit99.1 PR Results


Exhibit 99.1

 
FOR IMMEDIATE RELEASE
BankFinancial Corporation Reports Financial Results for the Third Quarter 2014 and
Will Host Conference Call and Webcast on October 31, 2014
Burr Ridge, Illinois – (October 29, 2014) BankFinancial Corporation (Nasdaq – BFIN) filed its Quarterly Report on Form 10-Q for the quarter ended September 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 $3.6 million, or $0.17 per common share, for the quarter ended September 30, 2014, compared to $1.0 million, or $0.05 per common share, for the same period September 30, 2013. BankFinancial also reported net income of $5.9 million, or $0.29 per common share, for the nine months ended September 30, 2014, compared to $1.8 million, or $0.09 per common share, for the nine months ended September 30, 2013. At September 30, 2014, BankFinancial had total assets of $1.421 billion, total loans of $1.134 billion, total deposits of $1.218 billion and stockholders' equity of $181 million.
The Quarterly Report on Form 10-Q and the Quarterly Financial and Statistical Supplement will be available today on BankFinancial's website, www.bankfinancial.com, at the “Investor Relations” page, and through the EDGAR database on the SEC's website, www.sec.gov. The Quarterly Financial and Statistical Supplement includes comparative GAAP and non-GAAP performance data and financial measures for the most recent five quarters.
BankFinancial's management will review third quarter 2014 results in a conference call and webcast for stockholders and analysts on Friday, October 31, 2014 at 9:30 a.m. Chicago, Illinois Time. The conference call may be accessed by calling (844) 413-1780 using participant passcode 26913087. 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, November 14, 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-20140930ex992suppleme.htm EXHIBIT BFIN-2014.09.30 EX99.2 Supplement

Exhibit 99.2



BANKFINANCIAL CORPORATION
THIRD 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
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
PERFORMANCE MEASUREMENTS
 
 
 
 
 
 
 
 
 
Return on assets (ratio of net income to average total assets) (1)
1.01
%
 
0.39
%
 
0.26
%
 
0.42
%
 
0.29
%
Return on equity (ratio of net income to average equity) (1)
7.98

 
3.15

 
2.12

 
3.43

 
2.38

Net interest rate spread (1)
3.35

 
3.37

 
3.30

 
3.25

 
3.21

Net interest margin (1)
3.40

 
3.43

 
3.34

 
3.31

 
3.26

Efficiency ratio
83.45

 
82.15

 
88.79

 
97.51

 
95.36

Noninterest expense to average total assets (1)
3.13

 
3.04

 
3.15

 
3.53

 
3.43

Average interest–earning assets to average interest–bearing liabilities
123.12

 
122.57

 
121.85

 
121.97

 
121.95

Number of full service offices
19

 
19

 
19

 
20

 
20

Employees (full time equivalents)
270

 
276

 
281

 
301

 
308

 
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENT OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from other financial institutions
$
11,078

 
$
13,715

 
$
13,869

 
$
15,781

 
$
18,068

Interest-bearing deposits in other financial institutions
81,847

 
119,790

 
137,855

 
145,176

 
225,410

Securities, at fair value
115,001

 
108,979

 
115,977

 
110,907

 
83,409

Loans held for sale
—

 
—

 
—

 
—

 
15

Loans receivable, net
1,134,442

 
1,117,593

 
1,097,888

 
1,098,077

 
1,035,331

Other real estate owned, net
5,990

 
7,704

 
8,670

 
6,306

 
5,403

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

 
6,257

 
6,068

 
6,068

 
6,068

Premises and equipment, net
34,030

 
34,432

 
34,882

 
35,328

 
36,154

Intangible assets
1,998

 
2,141

 
2,284

 
2,433

 
2,583

Bank owned life insurance
22,140

 
22,083

 
22,022

 
21,958

 
21,881

Other assets
8,150

 
9,612

 
9,027

 
11,560

 
7,626

Total assets
$
1,420,933

 
$
1,442,306

 
$
1,448,542

 
$
1,453,594

 
$
1,441,948

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Deposits
$
1,218,302

 
$
1,237,340

 
$
1,252,819

 
$
1,252,708

 
$
1,249,833

Borrowings
2,834

 
3,068

 
2,668

 
3,055

 
2,883

Other liabilities
18,521

 
23,579

 
16,191

 
22,204

 
14,921

Total liabilities
1,239,657

 
1,263,987

 
1,271,678

 
1,277,967

 
1,267,637

Stockholders’ equity
181,276

 
178,319

 
176,864

 
175,627

 
174,311

Total liabilities and stockholders’ equity
$
1,420,933

 
$
1,442,306

 
$
1,448,542

 
$
1,453,594

 
$
1,441,948

(1)Annualized


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


 
2014
 
2013
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
SUMMARY STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
Total interest income
$
12,368

 
$
12,482

 
$
12,086

 
$
12,296

 
$
12,107

Total interest expense
746

 
774

 
812

 
842

 
882

Net interest income before provision
11,622

 
11,708

 
11,274

 
11,454

 
11,225

Provision for (recovery of) loan losses
(1,413
)
 
957

 
476

 
(1,178
)
 
(437
)
Net interest income
13,035

 
10,751

 
10,798

 
12,632

 
11,662

Noninterest income
1,748

 
1,660

 
1,532

 
1,665

 
1,737

Noninterest expense
11,157

 
10,982

 
11,371

 
12,792

 
12,360

Income before income tax
3,626

 
1,429

 
959

 
1,505

 
1,039

Income tax expense
36

 
25

 
17

 
—

 
—

Net income
$
3,590

 
$
1,404

 
$
942

 
$
1,505

 
$
1,039

Basic earnings per common share
$
0.17

 
$
0.07

 
$
0.05

 
$
0.07

 
$
0.05

Diluted earnings per common share
$
0.17

 
$
0.07

 
$
0.05

 
$
0.07

 
$
0.05

 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME AND EXPENSE
 
 
 
 
 
 
 
 
Noninterest Income
 
 
 
 
 
 
 
 
 
Deposit service charges and fees
$
519

 
$
465

 
$
433

 
$
477

 
$
520

Other fee income
571

 
600

 
527

 
537

 
571

Insurance commissions and annuities income
106

 
86

 
87

 
173

 
106

Gain on sales of loans, net
39

 
44

 
24

 
24

 
32

Loss on sale of securities
—

 
—

 
(7
)
 
—

 
—

Gain (loss) on disposition of premises and equipment
—

 
3

 
2

 
(43
)
 
—

Loan servicing fees
102

 
104

 
104

 
112

 
112

Amortization of servicing assets
(36
)
 
(38
)
 
(32
)
 
(40
)
 
(49
)
Recovery (impairment) of servicing assets
4

 
(6
)
 
(4
)
 
24

 
6

Earnings on bank owned life insurance
57

 
61

 
64

 
77

 
84

Trust income
171

 
170

 
164

 
175

 
172

Other
215

 
171

 
170

 
149

 
183

Total noninterest income
$
1,748

 
$
1,660

 
$
1,532

 
$
1,665

 
$
1,737

 
 
 
 
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
5,492

 
$
5,596

 
$
5,958

 
$
6,614

 
$
6,143

Office occupancy and equipment
1,687

 
1,626

 
1,914

 
1,997

 
1,797

Advertising and public relations
271

 
304

 
162

 
316

 
195

Information technology
674

 
691

 
639

 
697

 
817

Supplies, telephone, and postage
394

 
384

 
391

 
463

 
382

Amortization of intangibles
143

 
143

 
149

 
150

 
149

Nonperforming asset management
418

 
97

 
104

 
607

 
682

Loss (gain) on sales of other real estate owned
52

 
(98
)
 
6

 
(34
)
 
64

Valuation adjustments of other real estate owned
315

 
33

 
44

 
79

 
241

Operations of other real estate owned
127

 
474

 
207

 
159

 
171

FDIC insurance premiums
208

 
470

 
479

 
468

 
476

Other
1,376

 
1,262

 
1,318

 
1,276

 
1,243

Total noninterest expense
$
11,157

 
$
10,982

 
$
11,371

 
$
12,792

 
$
12,360

 
 
 
 

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


 
2014
 
2013
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
187,318

 
$
193,826

 
$
197,831

 
$
201,382

 
$
204,205

Multi–family mortgage loans
453,720

 
439,318

 
416,356

 
396,058

 
375,786

Nonresidential real estate loans
243,047

 
246,962

 
251,873

 
263,567

 
246,524

Construction and land loans
2,356

 
2,882

 
3,396

 
6,570

 
6,429

Commercial loans
53,962

 
45,803

 
53,661

 
54,255

 
52,978

Commercial leases
203,563

 
199,908

 
185,474

 
187,112

 
161,822

Consumer loans
2,458

 
2,290

 
2,476

 
2,317

 
2,561

 
1,146,424

 
1,130,989

 
1,111,067

 
1,111,261

 
1,050,305

Net deferred loan origination costs
1,069

 
1,056

 
1,002

 
970

 
902

Allowance for loan losses
(13,051
)
 
(14,452
)
 
(14,181
)
 
(14,154
)
 
(15,876
)
Loans, net
$
1,134,442

 
$
1,117,593

 
$
1,097,888

 
$
1,098,077

 
$
1,035,331

 
 
 
 
 
 
 
 
 
 
LOAN ORIGINATIONS (1)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
5,584

 
$
3,740

 
$
2,548

 
$
6,316

 
$
13,425

Multi–family mortgage loans
26,342

 
40,191

 
24,419

 
37,351

 
46,675

Nonresidential real estate loans
3,477

 
5,927

 
6,088

 
26,009

 
4,185

Construction and land loans
—

 
—

 
—

 
1,118

 
1,015

Commercial loans
47,332

 
45,611

 
49,659

 
56,222

 
44,811

Commercial leases
32,743

 
43,266

 
22,870

 
47,101

 
27,192

Consumer loans
798

 
779

 
870

 
962

 
970

 
$
116,276

 
$
139,514

 
$
106,454

 
$
175,079

 
$
138,273

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (2)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
10,735

 
$
6,069

 
$
5,811

 
$
8,749

 
$
9,012

Multi–family mortgage loans
12,299

 
16,072

 
6,539

 
13,966

 
23,678

Nonresidential real estate loans
8,409

 
10,456

 
12,663

 
9,673

 
14,042

Construction and land loans
402

 
509

 
791

 
979

 
1,376

Commercial loans
42,153

 
54,471

 
48,638

 
54,744

 
43,760

Commercial leases
31,354

 
26,593

 
26,097

 
19,480

 
23,402

Consumer loans
902

 
950

 
1,057

 
951

 
1,036

 
$
106,254

 
$
115,120

 
$
101,596

 
$
108,542

 
$
116,306

 
 
 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) (2)
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
927

 
$
1,420

 
$
28

 
$
1,022

 
$
932

Multi–family mortgage loans
829

 
6,275

 
2,724

 
1,651

 
13,311

Nonresidential real estate loans
2,135

 
6,632

 
6,899

 
3,055

 
9,659

Construction and land loans
263

 
407

 
748

 
926

 
1,303

Commercial loans
2,569

 
2,064

 
4,441

 
6,262

 
4,079

Commercial leases
—

 
—

 
26

 
35

 
26

Consumer loans
—

 
—

 
2

 
—

 
—

 
$
6,723

 
$
16,798

 
$
14,868

 
$
12,951

 
$
29,310


(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
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
CREDIT QUALITY:
 
 
 
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
 
 
 
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
4,226

 
$
5,156

 
$
5,008

 
$
4,641

 
$
5,398

Multi–family mortgage loans
6,223

 
4,274

 
6,617

 
7,098

 
11,913

Nonresidential real estate loans
4,384

 
4,959

 
8,715

 
4,214

 
5,335

Construction and land loans
120

 
118

 
269

 
382

 
1,018

Commercial loans
82

 
77

 
77

 
77

 
272

Commercial leases
—

 
8

 
8

 
—

 
—

Consumer loans
1

 
—

 
—

 
12

 
2

Nonaccrual loans
15,036

 
14,592

 
20,694

 
16,424

 
23,938

 
 
 
 
 
 
 
 
 
 
Loans past due over 90 days, still accruing
—

 
16

 
—

 
228

 
965

Loans held for sale
—

 
—

 
—

 
—

 
15

 
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
945

 
979

 
1,098

 
901

 
808

Multi–family real estate
1,502

 
2,572

 
3,220

 
1,921

 
195

Nonresidential real estate
1,448

 
1,887

 
2,086

 
1,181

 
1,047

Land
181

 
258

 
258

 
275

 
919

Other real estate owned
4,076

 
5,696

 
6,662

 
4,278

 
2,969

Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned)
19,112

 
20,304

 
27,356

 
20,930

 
27,887

 
 
 
 
 
 
 
 
 
 
Purchased impaired loans:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
51

 
$
102

 
$
101

 
$
100

 
$
405

Nonresidential real estate loans
161

 
157

 
153

 
1,633

 
1,611

Construction and land loans
—

 
—

 
—

 
—

 
—

Commercial loans
—

 
—

 
23

 
23

 
22

Purchased impaired loans
212

 
259

 
277

 
1,756

 
2,038

Purchased other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
132

 
156

 
156

 
176

 
201

Nonresidential real estate
—

 
—

 
—

 
—

 
372

Land
1,782

 
1,852

 
1,852

 
1,852

 
1,861

Purchased other real estate owned
1,914

 
2,008

 
2,008

 
2,028

 
2,434

Purchased impaired loans and OREO
2,126

 
2,267

 
2,285

 
3,784

 
4,472

Nonperforming assets
$
21,238

 
$
22,571

 
$
29,641

 
$
24,714

 
$
32,359

 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios
 
 
 
 
 
 
 
 
 
Nonperforming assets to total assets
1.49
%
 
1.56
%
 
2.05
%
 
1.70
%
 
2.24
%
Nonperforming assets to total assets (1)
1.35

 
1.41

 
1.89

 
1.44

 
1.93

Nonaccrual loans to total loans
1.33

 
1.31

 
1.89

 
1.66

 
2.57

Nonaccrual loans to total loans (1)
1.31

 
1.29

 
1.86

 
1.50

 
2.37

Allowance for loan losses to nonperforming loans
85.59

 
97.21

 
67.62

 
76.89

 
58.90

Allowance for loan losses to nonperforming loans(1)
86.80

 
98.93

 
68.53

 
85.00

 
63.71

(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
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
SUBSTANDARD PERFORMING LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
$
2,036

 
$
1,691

 
$
3,690

 
$
2,634

 
$
1,597

Multi–family mortgage loans
4,346

 
5,293

 
5,906

 
5,063

 
7,028

Nonresidential real estate loans
6,805

 
5,360

 
7,454

 
13,645

 
15,427

Construction and land loans
796

 
222

 
109

 
832

 
1,062

Commercial loans
845

 
1,020

 
952

 
977

 
1,061

Commercial leases
—

 
—

 
184

 
210

 
—

Consumer loans
—

 
—

 
1

 
1

 
—

 
$
14,828

 
$
13,586

 
$
18,296

 
$
23,362

 
$
26,175

 
 
 
 
 
 
 
 
 
 
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE
 
 
 
 
 
 
30 – 59 days past due
$
2,006

 
$
316

 
$
4,131

 
$
5,574

 
$
1,706

60 – 89 days past due
802

 
1,446

 
1,277

 
1,535

 
1,268

Matured Loans
4,306

 
1,340

 
2,913

 
3,458

 
2,740

 
$
7,114

 
$
3,102

 
$
8,321

 
$
10,567

 
$
5,714

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
 
 
 
Beginning balance
$
14,452

 
$
14,181

 
$
14,154

 
$
15,876

 
$
17,097

Charge offs:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
(298
)
 
(290
)
 
(56
)
 
(432
)
 
(528
)
Multi–family mortgage loans
(97
)
 
(594
)
 
(90
)
 
(320
)
 
(902
)
Nonresidential real estate loans
(695
)
 
(186
)
 
(580
)
 
(207
)
 
(138
)
Construction and land loans
—

 
(1
)
 
—

 
—

 
(16
)
Commercial loans
(78
)
 
—

 
(22
)
 
(62
)
 
(131
)
Commercial leases
(8
)
 
—

 
—

 
—

 
—

Consumer loans
—

 
(4
)
 
(6
)
 
(5
)
 
(38
)
 
(1,176
)
 
(1,075
)
 
(754
)
 
(1,026
)
 
(1,753
)
Recoveries:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate loans
26

 
97

 
11

 
12

 
108

Multi–family mortgage loans
11

 
6

 
14

 
17

 
3

Nonresidential real estate loans
116

 
264

 
20

 
68

 
329

Construction and land loans
29

 
8

 
250

 
267

 
193

Commercial loans
1,005

 
14

 
8

 
114

 
335

Consumer loans
1

 
—

 
2

 
4

 
1

 
1,188

 
389

 
305

 
482

 
969

Net (charge–offs) recoveries
12

 
(686
)
 
(449
)
 
(544
)
 
(784
)
Provision for (recovery of) loan losses
(1,413
)
 
957

 
476

 
(1,178
)
 
(437
)
Ending balance
$
13,051

 
$
14,452

 
$
14,181

 
$
14,154

 
$
15,876

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to total loans
1.14
 %
 
1.28
%
 
1.28
%
 
1.27
%
 
1.51
%
Net charge–off ratio (1)
—

 
0.25

 
0.16

 
0.20

 
0.31

(1)
Annualized


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


 
2014
 
2013
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
DEPOSITS
 
 
 
 
 
 
 
 
 
Noninterest–bearing demand
$
128,498

 
$
131,775

 
$
129,732

 
$
126,680

 
$
133,094

Savings deposits
152,545

 
154,263

 
156,174

 
149,602

 
146,685

Money market accounts
345,331

 
349,639

 
353,656

 
347,017

 
341,175

Interest–bearing NOW accounts
348,293

 
349,874

 
353,338

 
353,787

 
349,622

Certificates of deposits
243,635

 
251,789

 
259,919

 
275,622

 
279,257

 
$
1,218,302

 
$
1,237,340

 
$
1,252,819

 
$
1,252,708

 
$
1,249,833

 
 
 
 
 
 
 
 
 
 
SELECTED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total average assets
$
1,427,550

 
$
1,444,697

 
$
1,442,667

 
$
1,450,403

 
$
1,440,561

Total average interest–earning assets
1,355,436

 
1,370,391

 
1,367,225

 
1,374,544

 
1,364,625

Average loans
1,127,735

 
1,119,255

 
1,114,433

 
1,061,829

 
1,019,402

Average securities
114,805

 
112,691

 
115,089

 
92,223

 
68,109

Average stock in FHLB
6,257

 
6,224

 
6,068

 
6,068

 
6,068

Average other interest–earning assets
106,639

 
132,221

 
131,635

 
214,424

 
271,046

Total average interest–bearing liabilities
1,100,947

 
1,118,088

 
1,122,027

 
1,126,973

 
1,118,967

Average interest–bearing deposits
1,097,762

 
1,115,437

 
1,119,445

 
1,123,977

 
1,116,154

Average borrowings
3,185

 
2,651

 
2,582

 
2,996

 
2,813

Average stockholders’ equity
179,929

 
178,477

 
177,331

 
175,305

 
174,790

 
 
 
 
 
 
 
 
 
 
SELECTED YIELDS AND COST OF FUNDS (1):
 
 
 
 
 
 
 
 
Total average interest–earning assets
3.62
%
 
3.65
%
 
3.59
%
 
3.55
%
 
3.52
%
Average loans
4.22

 
4.33

 
4.26

 
4.44

 
4.55

Average securities
0.98

 
1.02

 
1.04

 
1.17

 
1.40

Average other interest–earning assets
0.36

 
0.32

 
0.27

 
0.26

 
0.27

Total average interest–bearing liabilities
0.27

 
0.28

 
0.29

 
0.30

 
0.31

Average interest–bearing deposits
0.27

 
0.28

 
0.29

 
0.30

 
0.31

Average borrowings
0.25

 
0.15

 
0.31

 
0.26

 
0.28

Net interest rate spread
3.35

 
3.37

 
3.30

 
3.25

 
3.21

Net interest margin
3.40

 
3.43

 
3.34

 
3.31

 
3.26

(1)     Annualized

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


 
2014
 
2013
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
BankFinancial Corporation
 
 
 
 
 
 
 
 
 
Equity to total assets (end of period)
12.76
%
 
12.36
%
 
12.21
%
 
12.08
%
 
12.09
%
Tangible equity to tangible total assets (end of period)
12.63

 
12.23

 
12.07

 
11.93

 
11.93

Risk–based total capital ratio
17.65

 
17.41

 
17.52

 
17.28

 
18.15

Risk–based tier 1 capital ratio
16.45

 
16.16

 
16.27

 
16.03

 
16.90

Tier 1 leverage ratio
12.62

 
12.21

 
12.05

 
11.92

 
11.91

Tier 1 capital
$
178,904

 
$
175,778

 
$
174,580

 
$
172,775

 
$
171,269

BankFinancial FSB
 
 
 
 
 
 
 
 
 
Risk–based total capital ratio
15.48
%
 
15.13
%
 
15.17
%
 
14.93
%
 
15.58
%
Risk–based tier 1 capital ratio
14.28

 
13.88

 
13.92

 
13.68

 
14.33

Tier 1 leverage ratio
10.95

 
10.50

 
10.31

 
10.16

 
10.10

Tier 1 capital
$
155,208

 
$
151,035

 
$
148,943

 
$
147,363

 
$
145,203

 
 
 
 
 
 
 
 
 
 
COMMON STOCK AND DIVIDENDS
 
 
 
 
 
 
 
 
 
Stock Prices:
 
 
 
 
 
 
 
 
 
Close
$
10.55

 
$
11.16

 
$
9.98

 
$
9.16

 
$
8.84

High
10.69

 
11.24

 
10.33

 
9.74

 
9.40

Low
10.43

 
9.40

 
9.06

 
8.70

 
8.15

Book value per share
$
8.59

 
$
8.45

 
$
8.38

 
$
8.32

 
$
8.26

Tangible book value per share
$
8.50

 
$
8.35

 
$
8.27

 
$
8.21

 
$
8.14

Cash dividends declared on common stock
$
0.04

 
$
0.01

 
$
—

 
$
0.02

 
$
—

Dividend payout ratio
23.50
%
 
15.05
%
 
N.M.

 
28.04
%
 
N.M.

Stock repurchases
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Stock repurchases – shares
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE COMPUTATIONS
 
 
 
 
 
 
 
 
 
Net income
$
3,590

 
$
1,404

 
$
942

 
$
1,505

 
$
1,039

Average common shares outstanding
21,101,966

 
21,101,966

 
21,101,966

 
21,101,966

 
21,101,966

Less: Unearned ESOP shares
(866,193
)
 
(937,585
)
 
(977,561
)
 
(1,002,041
)
 
(1,028,158
)
Unvested restricted stock shares
(16,822
)
 
(18,572
)
 
(25,750
)
 
(25,750
)
 
(25,750
)
Weighted average common shares outstanding
20,218,951


20,145,809

 
20,098,655

 
20,074,175

 
20,048,058

Plus: Dilutive common shares equivalents
16,456

 
14,241

 
12,045

 
9,500

 
6,034

Weighted average dilutive common shares outstanding
20,235,407

 
20,160,050

 
20,110,700

 
20,083,675

 
20,054,092

Basic earnings per common share
$
0.17

 
$
0.07

 
$
0.05

 
$
0.08

 
$
0.05

Diluted earnings per common share
$
0.17

 
$
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
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
Income before income taxes
$
3,626

 
$
1,039

 
$
6,014

 
$
1,793

Provision for (recovery of) loan losses
(1,413
)
 
(437
)
 
20

 
491

 
2,213

 
602

 
6,034

 
2,284

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

 
—

 
—

 
(1,340
)
Nonperforming asset management
418

 
682

 
619

 
2,031

Loss (gain) on sale of other real estate owned
52

 
64

 
(40
)
 
182

Valuation adjustments of other real estate owned
315

 
241

 
392

 
471

Operations of other real estate owned
127

 
171

 
808

 
756

Adjustments
912

 
1,158

 
1,779

 
2,100

Pre–tax pre–provision earnings from core operations
$
3,125

 
$
1,760

 
$
7,813

 
$
4,384

 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
0.88
%
 
0.49

 
0.72
%
 
0.40
%

(1)
Annualized


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

FOR THE LATEST FIVE QUARTERS
 
2014
 
2013
 
IIIQ
 
IIQ
 
IQ
 
IVQ
 
IIIQ
Pre–tax pre–provision earnings from core operations
 
 
 
 
 
 
 
 
Income before income taxes
$
3,626

 
$
1,429

 
$
959

 
$
1,505

 
$
1,039

Provision for (recovery of) loan losses
(1,413
)
 
957

 
476

 
(1,178
)
 
(437
)
 
2,213

 
2,386

 
1,435

 
327

 
602

Adjustments:
 
 
 
 
 
 
 
 
 
Nonperforming asset management
418

 
97

 
104

 
607

 
682

Loss (gain) on sale of other real estate owned
52

 
(98
)
 
6

 
(34
)
 
64

Valuation adjustments of other real estate owned
315

 
33

 
44

 
79

 
241

Operations of other real estate owned
127

 
474

 
207

 
159

 
171

 
912

 
506

 
361

 
811

 
1,158

Pre–tax pre–provision earnings from core operations
$
3,125

 
$
2,892

 
$
1,796

 
$
1,138

 
$
1,760

 
 
 
 
 
 
 
 
 
 
Pre–tax pre–provision earnings from core operations to average total assets (1)
0.88
%
 
0.80
%
 
0.50
%
 
0.31
%
 
0.49
%

(1)
Annualized


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