Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BankFinancial CORP | d389876d8k.htm |
| EX-99.1 - PRESS RELEASE DATED AUGUST 1, 2012 - BankFinancial CORP | d389876dex991.htm |
Exhibit 99.2
BANKFINANCIAL CORPORATION
SECOND QUARTER 2012
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)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| PERFORMANCE MEASUREMENTS |
||||||||||||||||||||
| Return on assets (ratio of net income (loss) to average total assets) (1) |
0.21 | % | 0.61 | % | (11.65 | )% | (0.46 | )% | 0.24 | % | ||||||||||
| Return on equity (ratio of net income (loss) to average equity) (1) |
1.56 | 4.61 | (75.38 | ) | (3.01 | ) | 1.62 | |||||||||||||
| Net interest rate spread (1) |
4.04 | 4.18 | 4.19 | 4.19 | 4.27 | |||||||||||||||
| Net interest margin (1) |
4.11 | 4.26 | 4.28 | 4.29 | 4.38 | |||||||||||||||
| Efficiency ratio, less goodwill impairment |
87.07 | 78.00 | 90.76 | 80.32 | 77.09 | |||||||||||||||
| Noninterest expense to average total assets, less goodwill impairment (1) |
3.68 | 3.49 | 4.04 | 3.54 | 3.46 | |||||||||||||||
| Average interest–earning assets to average interest–bearing liabilities |
123.50 | 122.46 | 122.86 | 122.52 | 122.55 | |||||||||||||||
| Number of full service offices |
20 | 20 | 20 | 20 | 20 | |||||||||||||||
| Employees (full time equivalents) |
350 | 353 | 357 | 360 | 373 | |||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| SUMMARY STATEMENT OF FINANCIAL CONDITION |
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| ASSETS |
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| Cash and due from other financial institutions |
$ | 17,679 | $ | 24,037 | $ | 24,247 | $ | 15,270 | $ | 14,049 | ||||||||||
| Interest-bearing deposits in other financial institutions |
203,028 | 154,043 | 96,457 | 92,898 | 100,433 | |||||||||||||||
| Securities, at fair value |
75,040 | 81,241 | 92,832 | 94,880 | 95,546 | |||||||||||||||
| Loans held-for-sale |
505 | 521 | 1,918 | 1,388 | — | |||||||||||||||
| Loans receivable, net |
1,118,928 | 1,177,719 | 1,227,391 | 1,270,023 | 1,291,399 | |||||||||||||||
| Other real estate owned |
17,251 | 20,189 | 22,480 | 24,278 | 27,032 | |||||||||||||||
| Stock in Federal Home Loan Bank, at cost |
10,160 | 11,336 | 16,346 | 16,346 | 16,346 | |||||||||||||||
| Premises and equipment, net |
38,934 | 39,044 | 39,155 | 38,948 | 38,745 | |||||||||||||||
| Intangible assets |
3,351 | 3,508 | 3,671 | 26,604 | 27,074 | |||||||||||||||
| Bank owned life insurance |
21,453 | 21,333 | 21,207 | 21,066 | 20,901 | |||||||||||||||
| FDIC prepaid expense |
3,738 | 4,027 | 4,351 | 4,662 | 5,003 | |||||||||||||||
| Income tax receivable |
694 | 1,353 | 1,809 | 1,445 | 1,862 | |||||||||||||||
| Deferred taxes, net |
— | — | — | 15,444 | 13,232 | |||||||||||||||
| Other assets |
11,433 | 10,786 | 11,711 | 10,574 | 11,266 | |||||||||||||||
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| Total assets |
$ | 1,522,194 | $ | 1,549,137 | $ | 1,563,575 | $ | 1,633,826 | $ | 1,662,888 | ||||||||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Deposits |
$ | 1,289,467 | $ | 1,320,580 | $ | 1,332,552 | $ | 1,352,808 | $ | 1,378,331 | ||||||||||
| Borrowings |
10,081 | 9,995 | 9,322 | 9,253 | 12,595 | |||||||||||||||
| Other liabilities |
19,703 | 16,451 | 21,844 | 24,663 | 21,584 | |||||||||||||||
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| Total liabilities |
1,319,251 | 1,347,026 | 1,363,718 | 1,386,724 | 1,412,510 | |||||||||||||||
| Stockholders’ equity |
202,943 | 202,111 | 199,857 | 247,102 | 250,378 | |||||||||||||||
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| Total liabilities and stockholders’ equity |
$ | 1,522,194 | $ | 1,549,137 | $ | 1,563,575 | $ | 1,633,826 | $ | 1,662,888 | ||||||||||
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| (1) | Annualized |
Page 2
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| SUMMARY STATEMENT OF OPERATIONS |
||||||||||||||||||||
| Total interest income |
$ | 15,824 | $ | 16,634 | $ | 17,370 | $ | 17,990 | $ | 19,000 | ||||||||||
| Total interest expense |
1,112 | 1,240 | 1,380 | 1,629 | 1,910 | |||||||||||||||
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| Net interest income before provision |
14,712 | 15,394 | 15,990 | 16,361 | 17,090 | |||||||||||||||
| Provision for loan losses |
1,745 | 996 | 9,740 | 7,384 | 3,175 | |||||||||||||||
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| Net interest income |
12,967 | 14,398 | 6,250 | 8,977 | 13,915 | |||||||||||||||
| Noninterest income |
1,418 | 1,832 | 2,004 | 1,863 | 1,879 | |||||||||||||||
| Noninterest expense |
14,044 | 13,436 | 40,193 | 14,637 | 14,623 | |||||||||||||||
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| Income (loss) before income tax |
341 | 2,794 | (31,939 | ) | (3,797 | ) | 1,171 | |||||||||||||
| Income tax expense (benefit) |
(457 | ) | 457 | 15,110 | (1,901 | ) | 145 | |||||||||||||
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| Net income (loss) |
$ | 798 | $ | 2,337 | $ | (47,049 | ) | $ | (1,896 | ) | $ | 1,026 | ||||||||
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| Basic earnings (loss) per common share |
$ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | $ | 0.05 | ||||||||
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| Diluted earnings (loss) per common share |
$ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | $ | 0.05 | ||||||||
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| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| NONINTEREST INCOME AND EXPENSE |
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| Noninterest Income |
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| Deposit service charges and fees |
$ | 521 | $ | 557 | $ | 657 | $ | 699 | $ | 691 | ||||||||||
| Other fee income |
383 | 385 | 430 | 381 | 413 | |||||||||||||||
| Insurance commissions and annuities income |
112 | 122 | 189 | 146 | 155 | |||||||||||||||
| Gain on sales of loans, net |
118 | 267 | 199 | 83 | 39 | |||||||||||||||
| Loss on disposition of premises and equipment |
(157 | ) | — | — | 1 | (10 | ) | |||||||||||||
| Loan servicing fees |
119 | 128 | 131 | 138 | 137 | |||||||||||||||
| Amortization of servicing assets |
(67 | ) | (69 | ) | (74 | ) | (73 | ) | (51 | ) | ||||||||||
| Impairment (recovery) of servicing assets |
(31 | ) | (13 | ) | 17 | (32 | ) | — | ||||||||||||
| Earnings on bank owned life insurance |
120 | 126 | 141 | 165 | 162 | |||||||||||||||
| Trust income |
190 | 184 | 186 | 199 | 216 | |||||||||||||||
| Other |
110 | 145 | 128 | 156 | 127 | |||||||||||||||
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| Total noninterest income |
$ | 1,418 | $ | 1,832 | $ | 2,004 | $ | 1,863 | $ | 1,879 | ||||||||||
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| Noninterest Expense |
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| Compensation and benefits |
$ | 6,461 | $ | 6,659 | $ | 6,078 | $ | 6,229 | $ | 7,120 | ||||||||||
| Office occupancy and equipment |
1,755 | 1,743 | 1,870 | 1,845 | 1,736 | |||||||||||||||
| Advertising and public relations |
217 | 94 | 60 | 333 | 260 | |||||||||||||||
| Information technology |
1,146 | 1,261 | 1,058 | 1,085 | 1,091 | |||||||||||||||
| Supplies, telephone, and postage |
408 | 430 | 434 | 450 | 439 | |||||||||||||||
| Amortization of intangibles |
157 | 163 | 367 | 470 | 470 | |||||||||||||||
| Nonperforming asset management |
1,117 | 1,191 | 1,430 | 1,267 | 1,279 | |||||||||||||||
| Loss (gain) on sales of other real estate owned |
54 | (139 | ) | 113 | 16 | (61 | ) | |||||||||||||
| Operations of other real estate owned |
601 | 351 | 844 | 563 | 617 | |||||||||||||||
| Write down of other real estate owned |
1,036 | 389 | 2,482 | 1,009 | 299 | |||||||||||||||
| FDIC insurance premiums |
309 | 348 | 334 | 354 | 186 | |||||||||||||||
| Acquisition expense |
— | — | — | — | 230 | |||||||||||||||
| Goodwill impairment |
— | — | 23,862 | — | — | |||||||||||||||
| Other |
783 | 946 | 1,261 | 1,016 | 957 | |||||||||||||||
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| Total noninterest expenses |
$ | 14,044 | $ | 13,436 | $ | 40,193 | $ | 14,637 | $ | 14,623 | ||||||||||
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Page 3
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| DEPOSITS |
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| Noninterest–bearing demand |
$ | 140,801 | $ | 144,182 | $ | 142,084 | $ | 138,510 | $ | 138,805 | ||||||||||
| Savings deposits |
144,875 | 147,706 | 144,515 | 145,549 | 143,880 | |||||||||||||||
| Money market accounts |
347,889 | 343,826 | 345,011 | 350,693 | 354,897 | |||||||||||||||
| Interest–bearing NOW accounts |
336,629 | 338,269 | 336,531 | 333,188 | 323,997 | |||||||||||||||
| Certificates of deposit – Retail |
319,273 | 346,597 | 364,411 | 384,769 | 416,653 | |||||||||||||||
| Certificates of deposit – Wholesale |
— | — | — | 99 | 99 | |||||||||||||||
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| Total certificates of deposit |
319,273 | 346,597 | 364,411 | 384,868 | 416,752 | |||||||||||||||
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| Deposits |
$ | 1,289,467 | $ | 1,320,580 | $ | 1,332,552 | $ | 1,352,808 | $ | 1,378,331 | ||||||||||
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| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| LOANS |
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| One–to–four family residential real estate loans |
$ | 252,034 | $ | 262,263 | $ | 272,032 | $ | 284,814 | $ | 291,135 | ||||||||||
| Multi–family mortgage loans |
390,112 | 410,341 | 423,615 | 438,858 | 447,162 | |||||||||||||||
| Nonresidential real estate loans |
299,567 | 308,094 | 311,641 | 322,167 | 328,100 | |||||||||||||||
| Construction and land loans |
15,391 | 19,283 | 19,852 | 22,195 | 24,339 | |||||||||||||||
| Commercial loans |
68,510 | 81,998 | 93,932 | 82,553 | 73,622 | |||||||||||||||
| Commercial leases |
121,356 | 124,319 | 134,990 | 145,272 | 145,858 | |||||||||||||||
| Consumer loans |
2,055 | 2,211 | 2,147 | 1,978 | 3,109 | |||||||||||||||
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| Total loans |
1,149,025 | 1,208,509 | 1,258,209 | 1,297,837 | 1,313,325 | |||||||||||||||
| Net deferred loan origination costs |
781 | 848 | 908 | 964 | 1,037 | |||||||||||||||
| Allowance for loan losses |
(30,878 | ) | (31,638 | ) | (31,726 | ) | (28,778 | ) | (22,963 | ) | ||||||||||
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| Loans, net |
$ | 1,118,928 | $ | 1,177,719 | $ | 1,227,391 | $ | 1,270,023 | $ | 1,291,399 | ||||||||||
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Page 4
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| CREDIT QUALITY: |
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| Nonperforming Assets: |
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| Nonaccrual loans: |
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| One–to–four family residential real estate loans |
$ | 14,214 | $ | 11,602 | $ | 10,709 | $ | 17,123 | $ | 12,663 | ||||||||||
| Multi–family mortgage loans |
12,640 | 13,264 | 14,983 | 13,140 | 12,360 | |||||||||||||||
| Nonresidential real estate loans |
30,096 | 32,892 | 30,396 | 25,908 | 12,393 | |||||||||||||||
| Construction and land loans |
4,005 | 3,263 | 3,263 | 3,544 | 504 | |||||||||||||||
| Commercial loans |
3,533 | 3,527 | 2,940 | 4,535 | 3,886 | |||||||||||||||
| Commercial leases |
159 | 22 | 22 | 94 | 72 | |||||||||||||||
| Consumer loans |
13 | 8 | 3 | — | — | |||||||||||||||
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| Nonaccrual loans |
64,660 | 64,578 | 62,316 | 64,344 | 41,878 | |||||||||||||||
| Other real estate owned: |
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| One–to–four family residential real estate |
3,365 | 4,251 | 5,328 | 3,991 | 5,659 | |||||||||||||||
| Multi–family real estate |
2,645 | 3,005 | 3,655 | 4,252 | 3,987 | |||||||||||||||
| Nonresidential real estate |
4,496 | 4,756 | 4,905 | 5,947 | 6,896 | |||||||||||||||
| Land |
1,665 | 1,712 | 2,237 | 3,203 | 3,218 | |||||||||||||||
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| Other real estate owned |
12,171 | 13,724 | 16,125 | 17,393 | 19,760 | |||||||||||||||
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| Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned) |
76,831 | 78,302 | 78,441 | 81,737 | 61,638 | |||||||||||||||
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| Purchased impaired loans: |
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| One–to–four family residential real estate loans |
$ | 2,297 | $ | 3,670 | $ | 3,941 | $ | 3,279 | $ | 2,201 | ||||||||||
| Multi–family mortgage loans |
1,491 | 1,454 | 1,418 | 1,434 | 1,398 | |||||||||||||||
| Nonresidential real estate loans |
2,661 | 3,308 | 3,375 | 3,317 | 3,369 | |||||||||||||||
| Construction and land loans |
2,324 | 4,859 | 4,788 | 5,998 | 7,759 | |||||||||||||||
| Commercial loans |
677 | 841 | 1,078 | 1,047 | 1,029 | |||||||||||||||
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| Purchased impaired loans |
9,450 | 14,132 | 14,600 | 15,075 | 15,756 | |||||||||||||||
| Purchased other real estate owned: |
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| One–to–four family residential real estate |
535 | 721 | 327 | 327 | 327 | |||||||||||||||
| Nonresidential real estate |
927 | 2,264 | 2,546 | 2,771 | 3,006 | |||||||||||||||
| Land |
3,618 | 3,480 | 3,482 | 3,787 | 3,939 | |||||||||||||||
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| Purchased other real estate owned |
5,080 | 6,465 | 6,355 | 6,885 | 7,272 | |||||||||||||||
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| Purchased impaired loans and OREO |
14,530 | 20,597 | 20,955 | 21,960 | 23,028 | |||||||||||||||
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| Nonperforming assets |
$ | 91,361 | $ | 98,899 | $ | 99,396 | $ | 103,697 | $ | 84,666 | ||||||||||
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| Asset Quality Ratios |
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| Nonperforming assets to total assets |
6.00 | % | 6.38 | % | 6.36 | % | 6.35 | % | 5.09 | % | ||||||||||
| Nonperforming assets to total assets (2) |
5.05 | 5.05 | 5.02 | 5.00 | 3.71 | |||||||||||||||
| Nonaccrual loans to total loans |
6.45 | 6.51 | 6.11 | 6.12 | 4.39 | |||||||||||||||
| Nonaccrual loans to total loans (2) |
5.63 | 5.34 | 4.95 | 4.96 | 3.19 | |||||||||||||||
| Allowance for loan losses to nonaccrual loans |
41.67 | 40.20 | 41.25 | 36.24 | 39.84 | |||||||||||||||
| Allowance for loan losses to nonaccrual loans (2) |
47.75 | 48.99 | 50.91 | 44.73 | 54.83 | |||||||||||||||
| (1) | Annualized |
| (2) | 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)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE |
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| 30 – 59 days past due |
$ | 1,448 | $ | 14,131 | $ | 11,305 | $ | 4,676 | $ | 8,557 | ||||||||||
| 60 – 89 days past due |
108 | 157 | 2,410 | 6,256 | 6,022 | |||||||||||||||
| Matured Loans |
2,553 | 10,008 | 15,582 | 10,138 | 18,475 | |||||||||||||||
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| $ | 4,109 | $ | 24,296 | $ | 29,297 | $ | 21,070 | $ | 33,054 | |||||||||||
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| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES |
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| Beginning balance |
$ | 31,638 | $ | 31,726 | $ | 28,778 | $ | 22,963 | $ | 22,504 | ||||||||||
| Charge offs: |
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| One–to–four family residential real estate loans |
(591 | ) | (672 | ) | (2,689 | ) | (584 | ) | (415 | ) | ||||||||||
| Multi–family mortgage loans |
(135 | ) | (554 | ) | (1,893 | ) | (842 | ) | (542 | ) | ||||||||||
| Nonresidential real estate loans |
(2,202 | ) | (433 | ) | (686 | ) | (12 | ) | — | |||||||||||
| Construction and land loans |
(185 | ) | (47 | ) | (249 | ) | (121 | ) | (1,771 | ) | ||||||||||
| Commercial loans |
(31 | ) | (138 | ) | (1,352 | ) | — | (42 | ) | |||||||||||
| Commercial leases |
— | — | (72 | ) | — | — | ||||||||||||||
| Consumer loans |
(11 | ) | (12 | ) | (6 | ) | (70 | ) | (1 | ) | ||||||||||
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|||||||||||
| (3,155 | ) | (1,856 | ) | (6,947 | ) | (1,629 | ) | (2,771 | ) | |||||||||||
| Recoveries: |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| One–to–four family residential real estate loans |
74 | 111 | 11 | 33 | 5 | |||||||||||||||
| Multi–family mortgage loans |
96 | 384 | 1 | 3 | 32 | |||||||||||||||
| Nonresidential real estate loans |
284 | 31 | 5 | 5 | 5 | |||||||||||||||
| Construction and land loans |
58 | 184 | — | — | — | |||||||||||||||
| Commercial loans |
132 | 57 | 135 | 15 | 13 | |||||||||||||||
| Commercial leases |
— | — | — | — | — | |||||||||||||||
| Consumer loans |
6 | 5 | 3 | 4 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 650 | 772 | 155 | 60 | 55 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net (charge–offs) recoveries |
(2,505 | ) | (1,084 | ) | (6,792 | ) | (1,569 | ) | (2,716 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Provision for loan losses |
1,745 | 996 | 9,740 | 7,384 | 3,175 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ending balance |
$ | 30,878 | $ | 31,638 | $ | 31,726 | $ | 28,778 | $ | 22,963 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Allowance for loan losses to total loans |
2.69 | % | 2.62 | % | 2.52 | % | 2.22 | % | 1.75 | % | ||||||||||
| Net charge–off ratio (1) |
0.85 | 0.35 | 2.11 | 0.48 | 0.81 | |||||||||||||||
| (1) | Annualized |
Page 6
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| SELECTED AVERAGE BALANCES |
||||||||||||||||||||
| Total average assets |
$ | 1,525,626 | $ | 1,541,815 | $ | 1,614,989 | $ | 1,651,715 | $ | 1,689,687 | ||||||||||
| Total average interest–earning assets |
1,440,147 | 1,454,117 | 1,483,656 | 1,513,816 | 1,564,244 | |||||||||||||||
| Average loans |
1,184,803 | 1,236,234 | 1,285,153 | 1,304,805 | 1,334,239 | |||||||||||||||
| Average securities |
77,077 | 88,448 | 95,120 | 97,984 | 112,636 | |||||||||||||||
| Average stock in FHLB |
10,741 | 13,868 | 16,346 | 16,346 | 16,562 | |||||||||||||||
| Average other interest–earning assets |
167,526 | 115,567 | 87,037 | 94,681 | 100,807 | |||||||||||||||
| Total average interest–bearing liabilities |
1,166,111 | 1,187,446 | 1,207,554 | 1,235,588 | 1,276,390 | |||||||||||||||
| Average interest–bearing deposits |
1,156,355 | 1,178,263 | 1,198,045 | 1,225,368 | 1,262,883 | |||||||||||||||
| Average borrowings |
9,756 | 9,183 | 9,509 | 10,220 | 13,507 | |||||||||||||||
| Average stockholders’ equity |
204,709 | 202,935 | 249,659 | 251,923 | 252,874 | |||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| SELECTED YIELDS AND COST OF FUNDS (1): |
||||||||||||||||||||
| Total average interest–earning assets |
4.42 | % | 4.60 | % | 4.64 | % | 4.71 | % | 4.87 | % | ||||||||||
| Average loans |
5.20 | 5.24 | 5.18 | 5.28 | 5.46 | |||||||||||||||
| Average securities |
2.02 | 2.01 | 2.12 | 2.29 | 2.73 | |||||||||||||||
| Average other interest–earning assets |
0.28 | 0.25 | 0.27 | 0.29 | 0.29 | |||||||||||||||
| Total average interest–bearing liabilities |
0.38 | 0.42 | 0.45 | 0.52 | 0.60 | |||||||||||||||
| Average interest–bearing deposits |
0.38 | 0.41 | 0.45 | 0.52 | 0.59 | |||||||||||||||
| Average borrowings |
1.15 | 1.14 | 1.21 | 1.40 | 1.81 | |||||||||||||||
| Net interest rate spread |
4.04 | 4.18 | 4.19 | 4.19 | 4.27 | |||||||||||||||
| Net interest margin |
4.11 | 4.26 | 4.28 | 4.29 | 4.38 | |||||||||||||||
| (1) | Annualized |
Page 7
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| CAPITAL RATIOS (1) |
||||||||||||||||||||
| BankFinancial Corporation |
||||||||||||||||||||
| Equity to total assets (end of period) |
13.33 | % | 13.05 | % | 12.78 | % | 15.12 | % | 15.06 | % | ||||||||||
| Tangible equity to tangible total assets (end of period) |
13.14 | 12.85 | 12.58 | 13.72 | 13.65 | |||||||||||||||
| Risk–based total capital ratio |
19.19 | 17.95 | 17.04 | 17.06 | 17.28 | |||||||||||||||
| Risk–based tier 1 capital ratio |
17.92 | 16.68 | 15.77 | 15.80 | 16.19 | |||||||||||||||
| Tier 1 leverage ratio |
13.09 | 12.84 | 12.28 | 12.69 | 13.15 | |||||||||||||||
| Tier 1 capital |
$ | 198,517 | $ | 197,547 | $ | 195,075 | $ | 204,282 | $ | 213,702 | ||||||||||
| BankFinancial FSB |
||||||||||||||||||||
| Risk–based total capital ratio |
16.69 | 15.58 | 14.73 | 14.84 | 14.99 | |||||||||||||||
| Risk–based tier 1 capital ratio |
15.43 | 14.31 | 13.47 | 13.58 | 13.90 | |||||||||||||||
| Tier 1 leverage ratio |
11.27 | 10.98 | 10.50 | 10.91 | 11.05 | |||||||||||||||
| Tier 1 capital |
$ | 170,877 | $ | 169,470 | $ | 166,634 | $ | 175,504 | $ | 183,282 | ||||||||||
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| COMMON STOCK AND DIVIDENDS |
||||||||||||||||||||
| Stock Prices: |
||||||||||||||||||||
| Close |
$ | 7.53 | $ | 6.62 | $ | 5.52 | $ | 6.64 | $ | 8.47 | ||||||||||
| High |
7.56 | 7.05 | 8.89 | 8.62 | 9.55 | |||||||||||||||
| Low |
5.66 | 5.25 | 5.26 | 6.51 | 8.10 | |||||||||||||||
| Book value per share |
$ | 9.64 | $ | 9.59 | $ | 9.48 | $ | 11.73 | $ | 11.88 | ||||||||||
| Tangible book value per share |
$ | 9.47 | $ | 9.42 | $ | 9.31 | $ | 10.46 | $ | 10.60 | ||||||||||
| Cash dividends declared on common stock |
$ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.07 | $ | 0.07 | ||||||||||
| Stock repurchases |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Stock repurchases – shares |
— | — | — | — | — | |||||||||||||||
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| EARNINGS PER SHARE COMPUTATIONS |
||||||||||||||||||||
| Net income (loss) |
$ | 798 | $ | 2,337 | $ | (47,049 | ) | $ | (1,896 | ) | $ | 1,026 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Average common shares outstanding |
21,072,966 | 21,072,966 | 21,072,966 | 21,072,966 | 21,072,966 | |||||||||||||||
| Less: Unearned ESOP shares |
(1,209,023 | ) | (1,233,359 | ) | (1,257,911 | ) | (1,325,859 | ) | (1,350,347 | ) | ||||||||||
| Unvested restricted stock shares |
(3,524 | ) | (4,334 | ) | (7,866 | ) | (8,667 | ) | (8,667 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Weighted average common shares outstanding |
19,860,419 | 19,835,273 | 19,807,189 | 19,738,440 | 19,713,952 | |||||||||||||||
| Plus: Dilutive common shares equivalents |
— | 807 | — | — | 1,528 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Weighted average dilutive common shares outstanding |
19,860,419 | 19,836,080 | 19,807,189 | 19,738,440 | 19,715,480 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Number of anti–dilutive stock options excluded from the diluted earnings per share calculation |
1,881,053 | 2,055,553 | 2,075,553 | 2,080,553 | 2,202,553 | |||||||||||||||
| Weighted average exercise price of anti–dilutive options |
$ | 16.58 | $ | 16.53 | $ | 16.54 | $ | 16.54 | $ | 16.48 | ||||||||||
| Basic earnings (loss) per common share |
$ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | $ | 0.05 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Diluted earnings (loss) per common share |
$ | 0.04 | $ | 0.12 | $ | (2.38 | ) | $ | (0.10 | ) | $ | 0.05 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | Capital calculations for June 30, 2012, March 31, 2012, December 31, 2011, and September 30, 2011 are in accordance with OCC guidance; all previous periods calculated are in accordance with OTS guidance. |
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 the provision for loan losses, other real estate owned related income and expense, nonperforming asset management expenses, acquisition expenses and goodwill impairment 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)
FOR THE THREE AND SIX MONTH PERIODS
ENDED JUNE 30, 2012 and 2011
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Pre–tax pre–provision earnings from core operations |
||||||||||||||||
| Income (loss) before income taxes |
$ | 341 | $ | 1,171 | $ | 3,135 | $ | (585 | ) | |||||||
| Provision for loan losses |
1,745 | 3,175 | 2,741 | 5,599 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 2,086 | 4,346 | 5,876 | 5,014 | |||||||||||||
| Adjustments: |
||||||||||||||||
| Nonperforming asset management |
1,117 | 1,279 | 2,357 | 1,734 | ||||||||||||
| Loss (gain) on sale of other real estate owned |
54 | (61 | ) | (85 | ) | (113 | ) | |||||||||
| Other real estate owned write–downs |
1,036 | 299 | 1,425 | 478 | ||||||||||||
| Operations of other real estate owned |
601 | 617 | 903 | 943 | ||||||||||||
| Acquisition expenses |
— | 230 | — | 1,761 | ||||||||||||
| Goodwill impairment |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjustments |
2,808 | 2,364 | 4,600 | 4,803 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Pre–tax pre–provision earnings from core operations |
$ | 4,894 | $ | 6,710 | $ | 10,476 | $ | 9,817 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Pre–tax pre–provision earnings from core operations to average total assets (1) |
1.28 | % | 1.59 | % | 1.37 | % | 1.22 | % | ||||||||
| (1) | Annualized |
Page 10
BANKFINANCIAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands; except per share) – (Unaudited)
FOR THE LATEST FIVE QUARTERS
| 2012 | 2011 | |||||||||||||||||||
| IIQ | IQ | IVQ | IIIQ | IIQ | ||||||||||||||||
| Pre–tax pre–provision earnings from core operations |
||||||||||||||||||||
| Income (loss) before income taxes |
$ | 341 | $ | 2,794 | $ | (31,939 | ) | $ | (3,797 | ) | $ | 1,171 | ||||||||
| Provision for loan losses |
1,745 | 996 | 9,740 | 7,384 | 3,175 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 2,086 | 3,790 | (22,199 | ) | 3,587 | 4,346 | |||||||||||||||
| Adjustments: |
||||||||||||||||||||
| Nonperforming asset management |
1,117 | 1,191 | 1,430 | 1,267 | 1,279 | |||||||||||||||
| Loss (gain) on sale of other real estate owned |
54 | (139 | ) | 113 | 16 | (61 | ) | |||||||||||||
| Other real estate owned write–downs |
1,036 | 389 | 2,482 | 1,009 | 299 | |||||||||||||||
| Operations of other real estate owned |
601 | 351 | 844 | 563 | 617 | |||||||||||||||
| Acquisition expenses |
— | — | — | — | 230 | |||||||||||||||
| Goodwill impairment |
— | — | 23,862 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjustments |
2,808 | 1,792 | 28,731 | 2,855 | 2,364 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Pre–tax pre–provision earnings from core operations |
$ | 4,894 | $ | 5,582 | $ | 6,532 | $ | 6,442 | $ | 6,710 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Pre–tax pre–provision earnings from core operations to average total assets (1) |
1.28 | % | 1.45 | % | 1.62 | % | 1.56 | % | 1.59 | % | ||||||||||
| (1) | Annualized |
Page 11