EX-99.2 3 ex_558713.htm EXHIBIT 99.2 ex_558713.htm

Exhibit 99.2

 

 

 

BANKFINANCIAL CORPORATION

 

FOURTH QUARTER 2023

 

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)

 

    2023     2022  
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

 

PERFORMANCE MEASUREMENTS

                                       

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

    0.56 %     0.63 %     0.61 %     0.68 %     0.86 %

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

    5.37       6.16       6.02       6.96       9.01  

Net interest rate spread (1)

    3.01       3.16       3.23       3.41       3.39  

Net interest margin (1)

    3.46       3.56       3.56       3.66       3.59  

Efficiency ratio (2)

    77.39       76.02       79.11       74.51       65.12  

Noninterest expense to average total assets (1)

    2.92       2.86       2.94       2.65       2.50  

Average interest–earning assets to average interest–bearing liabilities

    136.25       136.78       136.86       135.85       137.62  

Number of full service offices

    18       18       18       18       20  

Employees (full time equivalents)

    205       200       198       202       203  
                                         

SUMMARY STATEMENT OF FINANCIAL CONDITION

                                       

ASSETS

                                       

Cash and due from other financial institutions

  $ 19,781     $ 19,691     $ 20,401     $ 19,963     $ 12,046  

Interest-bearing deposits in other financial institutions

    158,703       151,870       94,930       57,042       54,725  

Securities, at fair value

    182,716       158,425       169,647       170,239       210,338  

Loans receivable, net

    1,050,761       1,105,604       1,170,767       1,225,288       1,226,743  

Foreclosed assets, net

    2,777       902       950       1,393       476  

Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost

    7,490       7,490       7,490       7,490       7,490  

Premises held-for-sale

    523       540       540       1,246        

Premises and equipment, net

    22,950       22,914       22,957       22,955       24,956  

Bank-owned life insurance

    18,469       18,556       18,644       18,731       18,815  

Deferred taxes

    4,512       4,979       5,476       5,395       5,480  

Other assets

    18,702       14,483       14,894       14,368       14,373  

Total assets

  $ 1,487,384     $ 1,505,454     $ 1,526,696     $ 1,544,110     $ 1,575,442  
                                         

LIABILITIES AND STOCKHOLDERS’ EQUITY

                                       

Deposits

  $ 1,261,623     $ 1,275,828     $ 1,303,720     $ 1,315,214     $ 1,374,934  

Borrowings

    25,000       25,000       25,000       35,000        

Subordinated Notes, net of unamortized issuance costs

    19,678       19,667       19,656       19,645       19,634  

Other liabilities

    25,700       31,204       26,017       21,892       29,203  

Total liabilities

    1,332,001       1,351,699       1,374,393       1,391,751       1,423,771  

Stockholders’ equity

    155,383       153,755       152,303       152,359       151,671  

Total liabilities and stockholders’ equity

  $ 1,487,384     $ 1,505,454     $ 1,526,696     $ 1,544,110     $ 1,575,442  

 

 

(1)

 

Annualized

 

(2)

 

The efficiency ratio represents noninterest expense, divided by the sum of net interest income and noninterest income.

 

 

Page 1

BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters

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

 

   

2023

   

2022

   

For the years ended December 31,

 
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

   

2023

   

2022

 

SUMMARY STATEMENT OF OPERATIONS

                                                       

Total interest income

  $ 16,923     $ 16,894     $ 16,178     $ 16,160     $ 16,064     $ 66,155     $ 55,296  

Total interest expense

    4,491       3,940       3,235       2,660       2,076       14,326       4,481  

Net interest income

    12,432       12,954       12,943       13,500       13,988       51,829       50,815  

Provision for (recovery of) credit losses

    317       136       (188 )     48       743       313       1,828  

Net interest income after provision for (recovery of) credit losses

    12,115       12,818       13,131       13,452       13,245       51,516       48,987  

Noninterest income

    1,625       1,240       1,239       313       1,406       4,417       5,976  

Noninterest expense

    10,879       10,790       11,220       10,292       10,039       43,181       41,128  

Income before income tax

    2,861       3,268       3,150       3,473       4,612       12,752       13,835  

Income tax expense

    782       899       838       840       1,174       3,359       3,341  

Net income

  $ 2,079     $ 2,369     $ 2,312     $ 2,633     $ 3,438     $ 9,393     $ 10,494  

Basic and diluted earnings per common share

  $ 0.17     $ 0.19     $ 0.18     $ 0.21     $ 0.27     $ 0.74     $ 0.80  
                                                         

NONINTEREST INCOME AND EXPENSE

                                                       

Noninterest Income

                                                       

Deposit service charges and fees

  $ 836     $ 836     $ 830     $ 816     $ 835     $ 3,318     $ 3,271  

Loan servicing fees

    164       98       141       129       240       532       590  

Trust insurance commissions and annuities income

    347       290       276       367       266       1,280       1,153  

Losses on sales of securities

                      (454 )           (454 )      

Gain (loss) on sale of premises and equipment

                13       (4 )           9        

Valuation adjustment on bank premises held-for-sale

    (17 )           (32 )     (553 )           (602 )      

Loss on bank-owned life insurance

    (87 )     (88 )     (87 )     (84 )     (64 )     (346 )     (39 )

Bank-owned life insurance death benefit

                                        446  

Other

    382       104       98       96       129       680       555  

Total noninterest income

  $ 1,625     $ 1,240     $ 1,239     $ 313     $ 1,406     $ 4,417     $ 5,976  
                                                         

Noninterest Expense

                                                       

Compensation and benefits

  $ 5,679     $ 5,369     $ 5,629     $ 5,555     $ 5,366     $ 22,232     $ 21,576  

Office occupancy and equipment

    1,937       2,046       2,031       2,038       1,944       8,052       7,981  

Advertising and public relations

    139       171       262       190       202       762       690  

Information technology

    974       944       965       849       926       3,732       3,566  

Professional fees

    292       366       355       317       262       1,330       1,292  

Supplies, telephone, and postage

    289       311       295       359       342       1,254       1,393  

FDIC insurance premiums

    207       222       282       154       111       865       467  

Other

    1,362       1,361       1,401       830       886       4,954       4,163  

Total noninterest expense

  $ 10,879     $ 10,790     $ 11,220     $ 10,292     $ 10,039     $ 43,181     $ 41,128  

 

 

Page 2

BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters

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

 

   

2023

   

2022

   

For the years ended December 31,

 
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

   

2023

   

2022

 

LOANS

                                                       

One–to–four family residential real estate

  $ 18,945     $ 19,233     $ 20,448     $ 21,475     $ 23,133                  

Multi–family residential real estate

    527,460       528,251       542,165       544,673       537,394                  

Nonresidential real estate

    118,016       117,641       120,505       123,360       119,705                  

Commercial loans and leases

    393,321       447,687       495,520       544,216       553,056                  

Consumer

    1,364       1,351       1,355       1,596       1,584                  
      1,059,106       1,114,163       1,179,993       1,235,320       1,234,872                  

Allowance for credit losses

    (8,345 )     (8,559 )     (9,226 )     (10,032 )     (8,129 )                

Loans, net

  $ 1,050,761     $ 1,105,604     $ 1,170,767     $ 1,225,288     $ 1,226,743                  
                                                         

LOAN ORIGINATIONS (1)

                                                       

One–to–four family residential real estate

  $ 758     $ 137     $ 128     $ 173     $ 215     $ 1,196     $ 1,423  

Multi–family residential real estate

    6,226       5,902       6,686       17,097       67,888       35,911       223,918  

Nonresidential real estate

    3,183       834       200       5,436       7,694       9,653       43,732  

Commercial loans

    145,930       172,081       157,704       181,227       179,421       656,942       715,613  

Equipment finance

    8,141       14,442       7,290       24,623       90,157       54,496       265,227  

Consumer

    617       514       539       565       544       2,235       2,147  
    $ 164,855     $ 193,910     $ 172,547     $ 229,121     $ 345,919     $ 760,433     $ 1,252,060  

Weighted average interest rate

    9.09 %     9.11 %     9.24 %     8.67 %     6.88 %     9.00 %     5.67 %
                                                         

LOAN PAYMENTS and PAYOFFS (2)

                                                       

One–to–four family residential real estate

  $ 1,049     $ 1,409     $ 1,139     $ 1,826     $ 1,525     $ 5,423     $ 8,378  

Multi–family residential real estate

    7,336       19,784       9,095       10,151       13,465       46,366       113,377  

Nonresidential real estate

    3,278       3,253       2,934       1,967       3,708       11,432       27,009  

Commercial loans

    148,964       176,493       169,402       168,461       177,205       663,320       706,162  

Equipment finance

    55,433       56,844       43,567       45,250       64,144       201,094       211,295  

Consumer

    565       529       675       615       541       2,384       2,210  
    $ 216,625     $ 258,312     $ 226,812     $ 228,270     $ 260,588     $ 930,019     $ 1,068,431  

Weighted average interest rate

    7.85 %     7.86 %     8.35 %     8.20 %     6.97 %     8.06 %     5.56 %

 

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

 

Page 3

BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters

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

 

   

2023

   

2022

 
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

 

CREDIT QUALITY:

                                       

Nonperforming Assets:

                                       

Nonaccrual loans:

                                       

One–to–four family residential real estate

  $ 37     $ 40     $ 45     $ 55     $ 92  

Multi–family residential real estate

                148              

Equipment finance

    21,294       23,468       23,965       8,807       1,310  

Consumer

                            5  
      21,331       23,508       24,158       8,862       1,407  
                                         

Loans past due over 90 days, still accruing

    1,007       6,245                   238  
                                         

Foreclosed assets, net

                                       

Other real estate owned

    405       468       472       472       472  

Other foreclosed assets

    2,372       434       478       921       4  
      2,777       902       950       1,393       476  
                                         

Nonperforming assets

  $ 25,115     $ 30,655     $ 25,108     $ 10,255     $ 2,121  
                                         

Asset Quality Ratios

                                       

Nonperforming assets to total assets

    1.69 %     2.04 %     1.64 %     0.66 %     0.13 %

Nonperforming loans to total loans (1)

    2.11       2.67       2.05       0.72       0.13  

Nonperforming commercial-related loans to total commercial-related loans (2)

    2.15       2.72       2.08       0.73       0.13  

Nonperforming residential and consumer loans to total residential and consumer loans

    0.18       0.19       0.21       0.24       0.39  

Allowance for credit losses to nonperforming loans

    37.36       28.77       38.19       113.20       494.16  
                                         

Concentrations of Credit

                                       

Commercial real estate for FFIEC concentration limits

  $ 624,575     $ 624,469     $ 641,022     $ 645,768     $ 634,482  

% FFIEC total capital

    370.83 %     363.55 %     372.44 %     374.63 %     365.95 %
                                         

Multi–family residential real estate loans - 50% risk based capital qualified (included above)

  $ 315,179     $ 248,128     $ 175,902     $ 122,213     $ 101,052  

% FFIEC total capital

    187.13 %     144.45 %     102.20 %     70.90 %     58.28 %

 

(1)

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

(2)

Commercial-related loans include multi-family residential real estate, nonresidential real estate, and commercial loans and leases.

 

Page 4

BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters

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

 

    2023     2022  
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

 

SUBSTANDARD PERFORMING LOANS

                                       

One–to–four family residential real estate

  $ 272     $ 282     $ 272     $ 280     $ 327  

Multi–family residential real estate

                      148        

Commercial loans and leases

    4,056       5,685       3,759       3,846       4,041  

Consumer

    3       3       5       5       4  
    $ 4,331     $ 5,970     $ 4,036     $ 4,279     $ 4,372  
                                         

ALLOWANCE FOR CREDIT LOSSES

                                       

Beginning balance

  $ 8,559     $ 9,226     $ 10,032     $ 8,129     $ 7,386  

Impact of adopting ASC 326

                      1,907        

Charge–offs:

                                       

One-to-four family residential real estate

    (1 )                        

Commercial loans and leases

    (570 )     (889 )     (638 )     (79 )     (1 )

Consumer

    (9 )     (14 )     (7 )     (22 )     (12 )
      (580 )     (903 )     (645 )     (101 )     (13 )

Recoveries:

                                       

One–to–four family residential real estate

    1       32       7       5       4  

Multi–family residential real estate

    5       4       6       5       5  

Commercial loans and leases

    50       20       6       1       4  

Consumer

                      1        
      56       56       19       12       13  

Net charge–offs

    (524 )     (847 )     (626 )     (89 )      

Provision for (recovery of) credit losses

    310       180       (180 )     85       743  

Ending balance

  $ 8,345     $ 8,559     $ 9,226     $ 10,032     $ 8,129  
                                         

Allowance for credit losses to total loans

    0.79 %     0.77 %     0.78 %     0.81 %     0.66 %

Net charge–offs ratio (1)

    (0.19 )     (0.30 )     (0.21 )     (0.03 )      

 

(1)

Annualized

 

Page 5

BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters

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

 

    2023     2022  
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

 

DEPOSITS

                                       

Noninterest–bearing demand

  $ 260,851     $ 258,318     $ 278,170     $ 287,493     $ 280,625  

Interest–bearing NOW accounts

    306,548       326,874       349,374       360,441       400,416  

Money market accounts

    297,074       291,154       271,194       273,256       302,863  

Savings deposits

    174,759       178,318       190,277       200,659       204,506  

Certificates of deposit - retail

    222,391       220,915       214,456       193,116       186,524  

Certificates of deposit - wholesale

          249       249       249        
    $ 1,261,623     $ 1,275,828     $ 1,303,720     $ 1,315,214     $ 1,374,934  
                                         

SELECTED AVERAGE BALANCES

                                       

Total average assets

  $ 1,492,759     $ 1,511,422     $ 1,526,246     $ 1,553,445     $ 1,605,375  

Total average interest–earning assets

    1,425,504       1,444,259       1,459,369       1,494,248       1,546,499  

Average loans

    1,088,172       1,141,788       1,206,175       1,225,636       1,158,474  

Average securities

    171,903       170,806       176,052       212,344       215,359  

Average stock in FHLB & FRB

    7,490       7,490       7,490       7,490       7,490  

Average other interest–earning assets

    157,939       124,175       69,652       48,778       165,176  

Total average interest–bearing liabilities

    1,046,249       1,055,874       1,066,332       1,099,950       1,123,780  

Average interest–bearing deposits

    1,001,576       1,011,212       1,021,023       1,066,321       1,104,152  

Average borrowings and Subordinated Notes

    44,673       44,662       45,309       33,629       19,628  

Average stockholders’ equity

    154,927       153,796       153,703       151,417       152,672  
                                         

SELECTED YIELDS AND COST OF FUNDS (1)

                                       

Total average interest–earning assets

    4.71 %     4.64 %     4.45 %     4.39 %     4.12 %

Average loans

    4.99       4.96       4.77       4.76       4.57  

Average securities

    2.18       1.88       1.92       2.13       2.04  

Average other interest–earning assets

    5.47       5.42       5.14       4.66       3.69  

Total average interest–bearing liabilities

    1.70       1.48       1.22       0.98       0.73  

Average interest–bearing deposits

    1.59       1.36       1.08       0.87       0.67  

Average cost of total deposits

    1.26       1.07       0.85       0.70       0.53  

Average cost of retail and commercial deposits

    1.59       1.36       1.08       0.87       0.67  

Average cost of wholesale deposits, borrowings and Subordinated Notes

    4.18       4.18       4.21       4.34       4.01  

Average cost of funds

    1.36       1.18       0.96       0.79       0.58  

Net interest rate spread

    3.01       3.16       3.23       3.41       3.39  

Net interest margin

    3.46       3.56       3.56       3.66       3.59  

 

(1)

Annualized

 

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BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters

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

 

    2023     2022  
   

IVQ

   

IIIQ

   

IIQ

   

IQ

   

IVQ

 

CAPITAL RATIOS

                                       

BankFinancial Corporation (1)

                                       

Equity to total assets (end of period)

    10.45 %     10.21 %     9.98 %     9.87 %     9.63 %

Tangible equity to tangible total assets (end of period)

    10.45       10.21       9.98       9.87       9.63  

Risk–based total capital ratio

    20.70       19.13       17.75       16.98       17.00  

Common Tier 1 (CET1)

    17.66       16.30       15.05       14.34       14.43  

Risk–based tier 1 capital ratio

    17.66       16.30       15.05       14.34       14.43  

Tier 1 leverage ratio

    10.54       10.38       10.23       10.03       9.73  

Tier 1 capital

  $ 157,246     $ 156,780     $ 156,050     $ 155,789     $ 156,086  

BankFinancial, NA (2)

                                       

Risk–based total capital ratio

    18.96 %     17.90 %     16.64 %     15.88 %     16.04 %

Common Tier 1 (CET1)

    18.13       17.10       15.83       15.04       15.28  

Risk–based tier 1 capital ratio

    18.13       17.10       15.83       15.04       15.28  

Tier 1 leverage ratio

    10.85       10.93       10.80       10.52       10.31  

Tier 1 capital

  $ 161,037     $ 164,172     $ 163,806     $ 163,249     $ 165,252  
                                         

COMMON STOCK AND DIVIDENDS

                                       

Stock Prices:

                                       

Close

  $ 10.26     $ 8.62     $ 8.18     $ 8.75     $ 10.53  

High

    10.76       9.11       8.94       10.59       10.60  

Low

    8.31       7.98       7.17       8.55       9.06  

Common shares outstanding

    12,475,881       12,547,390       12,600,478       12,693,993       12,742,597  

Book value per share

  $ 12.45     $ 12.25     $ 12.09     $ 12.00     $ 11.90  

Tangible book value per share

  $ 12.45     $ 12.25     $ 12.09     $ 12.00     $ 11.90  

Cash dividends declared on common stock

  $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.10  

Dividend payout ratio

    60.33 %     53.16 %     54.88 %     48.36 %     37.45 %

Stock repurchases

  $ 676     $ 471     $ 744     $ 502     $ 1,760  

Stock repurchases – shares

    71,509       53,088       93,515       48,604       179,577  
                                         

EARNINGS PER SHARE COMPUTATIONS

                                       

Net income

  $ 2,079     $ 2,369     $ 2,312     $ 2,633     $ 3,438  

Weighted average basic and dilutive common shares outstanding

    12,526,673       12,578,494       12,667,129       12,721,841       12,861,529  

Basic and diluted earnings per common share

  $ 0.17     $ 0.19     $ 0.18     $ 0.21     $ 0.27  

 

(1)

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

(2)

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

 

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