BankFinancial CORP - FORM 8-K - EX-99.2

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8-K - 8-K - BankFinancial CORP	bfin201305078k.htm
EX-99.1 - EX-99.1 - BankFinancial CORP	bfin20130508exhibit991pr.htm

Exhibit 99.2

BANKFINANCIAL CORPORATION

FIRST QUARTER 2013

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)



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
PERFORMANCE MEASUREMENTS
Return on assets (ratio of net income (loss) to average total assets) ⁽¹⁾	0.19		%	(6.66		)%	(1.39		)%	0.21		%	0.61		%
Return on equity (ratio of net income (loss) to average equity)⁽¹⁾	1.55			(50.32		)	(10.20		)	1.56			4.61
Net interest rate spread ⁽¹⁾	3.39			3.51			3.69			4.04			4.18
Net interest margin ⁽¹⁾	3.45			3.58			3.76			4.11			4.26
Efficiency ratio, less goodwill impairment	90.40			104.78			105.04			87.07			78.00
Noninterest expense to average total assets, less goodwill impairment⁽¹⁾	3.61			4.05			4.26			3.68			3.49
Average interest–earning assets to average interest–bearing liabilities	120.81			123.20			123.54			123.50			122.46
Number of full service offices	20			20			20			20			20
Employees (full time equivalents)	347			352			347			350			353

SUMMARY STATEMENT OF FINANCIAL CONDITION
ASSETS
Cash and due from other financial institutions	$	17,742		$	20,361		$	19,619		$	17,679		$	24,037
Interest-bearing deposits in other financial institutions	293,386			255,403			217,110			203,028			154,043
Securities, at fair value	61,273			77,832			81,748			75,040			81,241
Loans held-for-sale	55			2,166			551			505			521
Loans receivable, net	1,004,404			1,030,465			1,080,489			1,118,928			1,177,719
Other real estate owned, net	8,088			10,358			14,994			17,251			20,189
Stock in Federal Home Loan Bank, at cost	7,566			8,412			9,067			10,160			11,336
Premises and equipment, net	37,530			38,251			38,555			38,934			39,044
Intangible assets	2,882			3,038			3,195			3,351			3,508
Bank owned life insurance	21,715			21,645			21,562			21,453			21,333
FDIC prepaid expense	2,188			2,658			3,118			3,738			4,027
Income tax receivable	—			461			461			694			1,353
Other assets	9,306			10,142			9,403			11,433			10,786
Total assets	$	1,466,135		$	1,481,192		$	1,499,872		$	1,522,194		$	1,549,137

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,271,550		$	1,282,351		$	1,278,196		$	1,289,467		$	1,320,580
Borrowings	2,740			5,567			6,946			10,081			9,995
Other liabilities	18,206			20,384			16,733			19,703			16,451
Total liabilities	1,292,496			1,308,302			1,301,875			1,319,251			1,347,026
Stockholders’ equity	173,639			172,890			197,997			202,943			202,111
Total liabilities and stockholders’ equity	$	1,466,135		$	1,481,192		$	1,499,872		$	1,522,194		$	1,549,137

(1)Annualized

Page 2

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
SUMMARY STATEMENT OF OPERATIONS
Total interest income	$	12,713		$	13,801		$	14,468		$	15,824		$	16,634
Total interest expense	994			1,059			1,036			1,112			1,240
Net interest income before provision	11,719			12,742			13,432			14,712			15,394
Provision for loan losses	722			24,328			4,453			1,745			996
Net interest income	10,997			(11,586		)	8,979			12,967			14,398
Noninterest income	2,866			1,771			1,831			1,418			1,832
Noninterest expense	13,185			15,207			16,032			14,044			13,436
Income (loss) before income tax	678			(25,022		)	(5,222		)	341			2,794
Income tax expense (benefit)	—			—			—			(457		)	457
Net income (loss)	$	678		$	(25,022	)	$	(5,222	)	$	798		$	2,337
Basic earnings (loss) per common share	$	0.03		$	(1.25	)	$	(0.26	)	$	0.04		$	0.12
Diluted earnings (loss) per common share	$	0.03		$	(1.25	)	$	(0.26	)	$	0.04		$	0.12

NONINTEREST INCOME AND EXPENSE
Noninterest Income
Deposit service charges and fees	$	499		$	550		$	548		$	521		$	557
Other fee income	375			380			374			383			385
Insurance commissions and annuities income	109			151			125			112			122
Gain on sales of loans, net	1,417			246			210			118			267
Gain (loss) on disposition of premises and equipment	—			8			(7		)	(157		)	—
Loan servicing fees	123			115			124			119			128
Amortization of servicing assets	(59		)	(68		)	(61		)	(67		)	(69		)
Recovery (impairment) of servicing assets	26			(17		)	6			(31		)	(13		)
Earnings on bank owned life insurance	70			83			109			120			126
Trust income	181			188			171			190			184
Other	125			135			232			110			145
Total noninterest income	$	2,866		$	1,771		$	1,831		$	1,418		$	1,832

Noninterest Expense
Compensation and benefits	$	6,752		$	6,278		$	6,353		$	6,481		$	6,679
Office occupancy and equipment	1,948			2,019			1,904			2,105			2,032
Advertising and public relations	146			258			145			224			106
Information technology	749			813			880			825			848
Supplies, telephone, and postage	461			413			372			362			390
Amortization of intangibles	156			156			156			157			163
Nonperforming asset management	694			1,126			1,728			1,117			1,240
Loss (gain) on sales of other real estate owned	69			379			(42		)	54			(139		)
Valuation adjustments of other real estate owned	89			1,783			2,352			1,036			389
Operations of other real estate owned	353			344			432			601			302
FDIC insurance premiums	492			480			642			309			348
Other	1,276			1,158			1,110			773			1,078
Total noninterest expense	$	13,185		$	15,207		$	16,032		$	14,044		$	13,436

Page 3

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
LOANS
One–to–four family residential real estate loans	$	209,540		$	218,596		$	238,810		$	252,034		$	262,263
Multi–family mortgage loans	338,502			352,019			374,164			390,112			410,341
Nonresidential real estate loans	261,207			264,672			288,976			299,567			308,094
Construction and land loans	6,933			8,552			13,774			15,391			19,283
Commercial loans	55,362			61,388			61,053			68,510			81,998
Commercial leases	147,168			139,783			121,200			121,356			124,319
Consumer loans	2,414			2,745			2,273			2,055			2,211
	1,021,126			1,047,755			1,100,250			1,149,025			1,208,509
Net deferred loan origination costs	731			745			827			781			848
Allowance for loan losses	(17,453		)	(18,035		)	(20,588		)	(30,878		)	(31,638		)
Loans, net	$	1,004,404		$	1,030,465		$	1,080,489		$	1,118,928		$	1,177,719

LOAN ORIGINATIONS ⁽¹⁾
One–to–four family residential real estate loans	$	4,601		$	3,864		$	3,785		$	4,653		$	3,985
Multi–family mortgage loans	7,108			3,453			6,843			2,132			4,287
Nonresidential real estate loans	9,298			10,464			1,253			7,497			6,988
Construction and land loans	55			—			18			33			52
Commercial loans	45,822			42,352			37,898			33,388			62,073
Commercial leases	30,047			37,893			20,748			17,111			12,519
Consumer loans	874			1,262			1,253			932			1,358
	$	97,805		$	99,288		$	71,798		$	65,746		$	91,262

LOAN PAYMENTS and PAYOFFS⁽²⁾
One–to–four family residential real estate loans	$	13,365		$	14,102		$	13,409		$	15,320		$	12,433
Multi–family mortgage loans	20,485			19,366			20,384			23,684			14,266
Nonresidential real estate loans	12,318			20,874			5,808			13,267			10,758
Construction and land loans	892			1,435			78			1,448			340
Commercial loans	51,984			40,864			42,200			46,617			75,324
Commercial leases	24,685			17,194			20,909			20,046			25,119
Consumer loans	886			1,024			970			1,134			1,312
	$	124,615		$	114,859		$	103,758		$	121,516		$	139,552

LOAN PAYMENTS and PAYOFFS (Loans rated 5 or higher) ⁽²⁾
One–to–four family residential real estate loans	$	1,362		$	2,873		$	2,446		$	2,861		$	327
Multi–family mortgage loans	4,025			7,291			2,747			4,127			1,894
Nonresidential real estate loans	4,913			10,930			1,661			7,666			5,261
Construction and land loans	842			1,345			34			2			2
Commercial loans	6,480			7,720			7,150			8,206			9,720
Commercial leases	—			32			54			165			196
Consumer loans	2			9			6			7			6
	$	17,624		$	30,200		$	14,098		$	23,034		$	17,406

(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)



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
CREDIT QUALITY:
Nonperforming Assets:
Nonaccrual loans:
One–to–four family residential real estate loans	$	5,988		$	7,299		$	11,334		$	14,214		$	11,602
Multi–family mortgage loans	10,822			3,517			11,501			12,640			13,264
Nonresidential real estate loans	6,182			8,985			25,541			30,096			32,892
Construction and land loans	1,575			2,210			3,584			4,005			3,263
Commercial loans	883			256			747			3,533			3,527
Commercial leases	—			—			68			159			22
Consumer loans	11			—			6			13			8
Nonaccrual loans	25,461			22,267			52,781			64,660			64,578

Loans held-for-sale	15			1,752			—			—			—

Other real estate owned:
One–to–four family residential real estate loans	1,515			1,760			2,420			3,365			4,251
Multi–family real estate	—			720			1,985			2,645			3,005
Nonresidential real estate	2,896			3,504			4,244			4,496			4,756
Land	1,144			1,323			1,761			1,665			1,712
Other real estate owned	5,555			7,307			10,410			12,171			13,724
Nonperforming assets (excluding purchase impaired loans and purchased other real estate owned)	31,031			31,326			63,191			76,831			78,302

Purchased impaired loans:
One–to–four family residential real estate loans	$	388		$	380		$	2,125		$	2,297		$	3,670
Multi–family mortgage loans	—			—			1,528			1,491			1,454
Nonresidential real estate loans	2,554			2,568			2,610			2,661			3,308
Construction and land loans	1,021			1,021			1,634			2,324			4,859
Commercial loans	21			20			357			677			841
Purchased impaired loans	3,984			3,989			8,254			9,450			14,132
Purchased other real estate owned:
One–to–four family residential real estate	205			320			320			535			721
Nonresidential real estate	372			462			577			927			2,264
Land	1,956			2,269			3,687			3,618			3,480
Purchased other real estate owned	2,533			3,051			4,584			5,080			6,465
Purchased impaired loans and OREO	6,517			7,040			12,838			14,530			20,597
Nonperforming assets	$	37,548		$	38,366		$	76,029		$	91,361		$	98,899

Asset Quality Ratios
Nonperforming assets to total assets	2.56		%	2.59		%	5.07		%	6.00		%	6.38		%
Nonperforming assets to total assets ⁽¹⁾	2.12			2.11			4.21			5.05		%	5.05		%
Nonaccrual loans to total loans	2.89			2.67			5.55			6.45			6.51
Nonaccrual loans to total loans ⁽¹⁾	2.49			2.29			4.80			5.63			5.34
Allowance for loan losses to nonaccrual loans	59.24			64.39			33.73			41.67			40.20
Allowance for loan losses to nonaccrual loans ⁽¹⁾	68.51			75.09			39.01			47.75			48.99


(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)



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
PERFORMING LOANS GREATER THAN 30 DAYS PAST DUE
30 – 59 days past due	$	4,539		$	8,100		$	3,810		$	1,448		$	14,131
60 – 89 days past due	425			2,652			230			108			157
Matured Loans	2,670			3,550			7,801			2,553			10,008
	$	7,634		$	14,302		$	11,841		$	4,109		$	24,296

ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	18,035		$	20,588		$	30,878		$	31,638		$	31,726
Charge offs:
One–to–four family residential real estate loans	(369		)	(7,958		)	(3,145		)	(591		)	(672		)
Multi–family mortgage loans	(236		)	(4,355		)	(2,159		)	(135		)	(554		)
Nonresidential real estate loans	(79		)	(10,097		)	(5,435		)	(2,202		)	(433		)
Construction and land loans	(927		)	(3,273		)	(806		)	(185		)	(47		)
Commercial loans	(19		)	(1,255		)	(3,536		)	(31		)	(138		)
Commercial leases	—			(53		)	(68		)	—			—
Consumer loans	—			(8		)	(72		)	(11		)	(12		)
	(1,630		)	(26,999		)	(15,221		)	(3,155		)	(1,856		)
Recoveries:
One–to–four family residential real estate loans	242			41			7			74			111
Multi–family mortgage loans	57			48			11			96			384
Nonresidential real estate loans	19			6			7			284			31
Construction and land loans	2			2			6			58			184
Commercial loans	5			16			421			132			57
Commercial leases	—			—			—			—			—
Consumer loans	1			5			26			6			5
	326			118			478			650			772
Net charge–offs	(1,304		)	(26,881		)	(14,743		)	(2,505		)	(1,084		)
Provision for loan losses	722			24,328			4,453			1,745			996
Ending balance	$	17,453		$	18,035		$	20,588		$	30,878		$	31,638

Allowance for loan losses to total loans	1.71		%	1.72		%	1.87		%	2.69		%	2.62		%
Net charge–off ratio ⁽¹⁾	0.51			9.97			5.24			0.85			0.35


(1)	Annualized

Page 6

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
DEPOSITS
Noninterest–bearing demand	$	131,856		$	134,597		$	134,474		$	140,801		$	144,182
Savings deposits	148,184			144,726			143,212			144,875			147,706
Money market accounts	345,591			349,092			346,989			347,889			343,826
Interest–bearing NOW accounts	348,059			348,683			340,425			336,629			338,269
Certificates of deposits	297,860			305,253			313,096			319,273			346,597
	$	1,271,550		$	1,282,351		$	1,278,196		$	1,289,467		$	1,320,580
SELECTED AVERAGE BALANCES
Total average assets	$	1,462,119		$	1,503,759		$	1,504,438		$	1,525,626		$	1,541,815
Total average interest–earning assets	1,379,156			1,416,629			1,419,829			1,440,147			1,454,117
Average loans	1,028,907			1,078,708			1,125,600			1,184,803			1,236,234
Average securities	73,284			80,485			74,260			77,077			88,448
Average stock in FHLB	8,026			8,761			9,614			10,741			13,868
Average other interest–earning assets	268,939			248,675			210,355			167,526			115,567
Total average interest–bearing liabilities	1,141,625			1,149,888			1,149,304			1,166,111			1,187,446
Average interest–bearing deposits	1,138,438			1,143,586			1,141,855			1,156,355			1,178,263
Average borrowings	3,187			6,302			7,449			9,756			9,183
Average stockholders’ equity	174,766			198,908			204,857			204,709			202,935

SELECTED YIELDS AND COST OF FUNDS ^(1):
Total average interest–earning assets	3.74		%	3.88		%	4.05		%	4.42		%	4.60		%
Average loans	4.84			4.91			4.94			5.20			5.24
Average securities	1.39			1.55			1.83			2.02			2.01
Average other interest–earning assets	0.27			0.41			0.26			0.28			0.25
Total average interest–bearing liabilities	0.35			0.26			0.36			0.38			0.42
Average interest–bearing deposits	0.35			0.36			0.35			0.38			0.41
Average borrowings	1.02			1.52			1.39			1.15			1.14
Net interest rate spread	3.39			3.51			3.69			4.04			4.18
Net interest margin	3.45			3.58			3.76			4.11			4.26

(1) Annualized

Page 7

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

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



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
CAPITAL RATIOS
BankFinancial Corporation
Equity to total assets (end of period)	11.84		%	11.67		%	13.20		%	13.33		%	13.05		%
Tangible equity to tangible total assets (end of period)	11.67			11.49			13.02			13.14			12.85
Risk–based total capital ratio	18.59			18.01			19.53			19.16			17.93
Risk–based tier 1 capital ratio	17.33			16.75			18.27			17.90			16.67
Tier 1 leverage ratio	11.62			11.43			12.95			13.07			12.79
Tier 1 capital	$	169,763		$	168,734		$	193,517		$	198,213		$	197,319
BankFinancial FSB
Risk–based total capital ratio	15.84		%	15.32		%	16.96		%	16.67		%	15.56		%
Risk–based tier 1 capital ratio	14.59			14.07			15.70			15.40			14.29
Tier 1 leverage ratio	9.77			9.60			11.13			11.25			10.97
Tier 1 capital	$	142,861		$	141,629		$	166,248		$	170,573		$	169,242

COMMON STOCK AND DIVIDENDS
Stock Prices:
Close	$	8.09		$	7.42		$	8.79		$	7.53		$	6.62
High	8.40			8.85			9.24			7.56			7.05
Low	7.19			6.62			7.31			5.66			5.25
Book value per share	$	8.24		$	8.20		$	9.40		$	9.64		$	9.59
Tangible book value per share	$	8.10		$	8.06		$	9.24		$	9.47		$	9.42
Cash dividends declared on common stock	$	—		$	—		$	0.01		$	0.01		$	0.01
Stock repurchases	$	—		$	—		$	—		$	—		$	—
Stock repurchases – shares	—			—			—			—			—

EARNINGS PER SHARE COMPUTATIONS
Net income (loss)	$	678		$	(25,022	)	$	(5,222	)	$	798		$	2,337
Average common shares outstanding	21,072,966			21,072,966			21,072,966			21,072,966			21,072,966
Less: Unearned ESOP shares	(1,108,938		)	(1,133,374		)	(1,157,974		)	(1,209,023		)	(1,233,359		)
Unvested restricted stock shares	—			—			—			(3,524		)	(4,334		)
Weighted average common shares outstanding	19,964,028			19,939,592			19,914,992			19,860,419			19,835,273
Plus: Dilutive common shares equivalents	—			—			—			—			807
Weighted average dilutive common shares outstanding	19,964,028			19,939,592			19,914,992			19,860,419			19,836,080
Number of anti–dilutive stock options excluded from the diluted earnings per share calculation	—			—			141,000			1,881,053			2,055,553
Weighted average exercise price of anti–dilutive options	$	—		$	—		$	17.21		$	16.58		$	16.53
Basic earnings (loss) per common share	$	0.03		$	(1.25	)	$	(0.26	)	$	0.04		$	0.12
Diluted earnings (loss) per common share	$	0.03		$	(1.25	)	$	(0.26	)	$	0.04		$	0.12

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)

FOR THE LATEST FIVE QUARTERS



	2013			2012
	IQ			IVQ			IIIQ			IIQ			IQ
Pre–tax pre–provision earnings from core operations
Income (loss) before income taxes	$	678		$	(25,022	)	$	(5,222	)	$	341		$	2,794
Provision for loan losses	722			24,328			4,453			1,745			996
	1,400			(694		)	(769		)	2,086			3,790
Adjustments:
Gain on sale of owner-occupied and investor-owned one-to-four family residential loans designated as held for sale	(1,300		)	—			—			—			—
Nonperforming asset management	694			1,126			1,728			1,117			1,240
Loss (gain) on sale of other real estate owned	69			379			(42		)	54			(138		)
Valuation adjustments of other real estate owned	89			1,783			2,352			1,036			389
Operations of other real estate owned	353			344			432			601			301
	(95		)	3,632			4,470			2,808			1,792
Pre–tax pre–provision earnings from core operations	$	1,305		$	2,938		$	3,701		$	4,894		$	5,582

Pre–tax pre–provision earnings from core operations to average total assets (1)	0.36		%	0.78		%	0.98		%	1.28		%	1.45		%


(1)	Annualized

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