Company Quick10K Filing
BankFinancial
Price11.88 EPS1
Shares16 P/E12
MCap186 P/FCF13
Net Debt-141 EBIT35
TEV45 TEV/EBIT1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-21
10-K 2019-12-31 Filed 2020-03-05
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-11
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-13
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-07-26
10-Q 2010-03-31 Filed 2010-04-26
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-07-30 Other Events, Exhibits
8-K 2020-07-29 Regulation FD, Other Events, Exhibits
8-K 2020-05-29
8-K 2020-04-21
8-K 2020-04-20
8-K 2020-02-19
8-K 2020-02-18
8-K 2020-02-14
8-K 2020-01-30
8-K 2020-01-30
8-K 2019-12-12
8-K 2019-11-18
8-K 2019-10-31
8-K 2019-10-21
8-K 2019-07-29
8-K 2019-07-25
8-K 2019-07-25
8-K 2019-06-25
8-K 2019-05-07
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-04-16
8-K 2019-03-05
8-K 2019-02-26
8-K 2019-02-25
8-K 2019-01-31
8-K 2019-01-22
8-K 2019-01-18
8-K 2018-11-16
8-K 2018-10-25
8-K 2018-10-16
8-K 2018-10-16
8-K 2018-09-06
8-K 2018-07-30
8-K 2018-07-26
8-K 2018-06-26
8-K 2018-06-18
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-03-28
8-K 2018-01-29
8-K 2018-01-26
8-K 2018-01-26
8-K 2015-08-10
8-K 2015-07-30
8-K 2015-07-29
8-K 2015-06-23
8-K 2015-05-28
8-K 2015-05-07
8-K 2015-05-04
8-K 2015-04-30
8-K 2015-04-30
8-K 2015-04-30
8-K 2015-03-30
8-K 2015-02-03
8-K 2015-01-30

BFIN 10Q Quarterly Report

Note 1 - Summary of Significant Accounting Policies
Note 2 - Earnings per Share
Note 3 - Securities
Note 4 - Loans Receivable
Note 5 - Other Real Estate Owned
Note 6 - Leases
Note 7 - Borrowings
Note 8 – Fair Value
Note 9 – Revenue From Contracts with Customers
Part II
EX-31.1 ex_186560.htm
EX-31.2 ex_186561.htm
EX-32 ex_186563.htm

BankFinancial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

bfin20200423_10q.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period ended June 30, 2020

or 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from             to             

Commission File Number 0-51331


 

BANKFINANCIAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

  

Maryland

75-3199276

(State or Other Jurisdiction

of Incorporation)

(I.R.S. Employer

Identification No.)

 

 

60 North Frontage Road, Burr Ridge, Illinois 60527

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (800894-6900

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 


  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

BFIN

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒.

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date. At July 27, 2020 there were 14,847,128 shares of Common Stock, $0.01 par value, outstanding.

 


 

 

BANKFINANCIAL CORPORATION

Form 10-Q

June 30, 2020

Table of Contents

 

 

 

Page

Number

PART I

     

Item 1.

Financial Statements

1

     

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

20

     

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

33

     

Item 4.

Controls and Procedures

34

 

 

 

PART II

     

Item 1.

Legal Proceedings

35

     

Item 1A.

Risk Factors

35

     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

     

Item 3.

Defaults Upon Senior Securities

36

     

Item 4.

Mine Safety Disclosures

36

     

Item 5.

Other Information

36

     

Item 6.

Exhibits

37

 

 

 

Signatures

38

 

 
 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands, except share and per share data) - Unaudited

 

  

June 30, 2020

  

December 31, 2019

 

Assets

        

Cash and due from other financial institutions

 $13,826  $9,785 

Interest-bearing deposits in other financial institutions

  370,939   180,540 

Cash and cash equivalents

  384,765   190,325 

Securities, at fair value

  59,437   60,193 

Loans receivable, net of allowance for loan losses: June 30, 2020, $8,156 and December 31, 2019, $7,632

  1,081,798   1,168,008 

Other real estate owned, net

  143   186 

Stock in Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB"), at cost

  7,490   7,490 

Premises and equipment, net

  24,323   24,346 

Accrued interest receivable

  4,447   4,563 

Bank-owned life insurance

  18,986   18,945 

Deferred taxes

  3,615   3,873 

Other assets

  8,125   10,086 

Total assets

 $1,593,129  $1,488,015 
         

Liabilities

        

Deposits

        

Noninterest-bearing

 $305,096  $210,762 

Interest-bearing

  1,083,059   1,073,995 

Total deposits

  1,388,155   1,284,757 

Borrowings

  4,000   61 

Advance payments by borrowers for taxes and insurance

  12,356   10,222 

Accrued interest payable and other liabilities

  16,164   18,603 

Total liabilities

  1,420,675   1,313,643 
         

Stockholders’ equity

        

Preferred Stock, $0.01 par value, 25,000,000 shares authorized, none issued or outstanding

      

Common Stock, $0.01 par value, 100,000,000 shares authorized; 14,890,628 shares issued at June 30, 2020 and 15,278,464 issued at December 31, 2019

  149   153 

Additional paid-in capital

  108,748   112,420 

Retained earnings

  63,322   61,573 

Accumulated other comprehensive income

  235   226 

Total stockholders’ equity

  172,454   174,372 

Total liabilities and stockholders’ equity

 $1,593,129  $1,488,015 

 

See accompanying notes to the consolidated financial statements.

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data) - Unaudited

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2020

   

2019

   

2020

   

2019

 

Interest and dividend income

                               

Loans, including fees

  $ 12,669     $ 15,389     $ 26,280     $ 30,741  

Securities

    271       602       575       1,204  

Other

    254       531       992       1,103  

Total interest income

    13,194       16,522       27,847       33,048  

Interest expense

                               

Deposits

    1,869       3,417       4,553       6,638  

Borrowings

          2             88  

Total interest expense

    1,869       3,419       4,553       6,726  

Net interest income

    11,325       13,103       23,294       26,322  

Provision for loan losses

    42       3,957       513       3,870  

Net interest income after provision for loan losses

    11,283       9,146       22,781       22,452  

Noninterest income

                               

Deposit service charges and fees

    736       974       1,623       1,904  

Loan servicing fees

    82       56       145       79  

Mortgage brokerage and banking fees

    11       21       40       49  

Gain on sale of equity securities

                      295  

Loss on disposal of other assets

                (2 )     (19 )

Trust and insurance commissions and annuities income

    224       224       506       429  

Earnings on bank-owned life insurance

    9       38       41       68  

Other

    101       113       208       245  

Total noninterest income

    1,163       1,426       2,561       3,050  

Noninterest expense

                               

Compensation and benefits

    5,168       5,207       10,686       10,910  

Office occupancy and equipment

    1,723       1,624       3,523       3,469  

Advertising and public relations

    118       145       270       306  

Information technology

    808       753       1,672       1,459  

Professional fees

    289       237       524       544  

Supplies, telephone, and postage

    284       322       587       725  

Amortization of intangibles

    7       14       21       34  

Nonperforming asset management

    57       58       97       112  

Operations of other real estate owned, net

    7       47       (10 )     3  

FDIC insurance premiums

    102       146       136       254  

Other

    686       919       1,371       1,754  

Total noninterest expense

    9,249       9,472       18,877       19,570  

Income before income taxes

    3,197       1,100       6,465       5,932  

Income tax expense

    845       293       1,695       1,574  

Net income

  $ 2,352     $ 807     $ 4,770     $ 4,358  

Basic and diluted earnings per common share

  $ 0.16     $ 0.05     $ 0.32     $ 0.28  

Basic and diluted weighted average common shares outstanding

    14,978,757       15,472,618       15,092,244       15,835,445  

 

See accompanying notes to the consolidated financial statements.

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands) - Unaudited

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2020

   

2019

   

2020

   

2019

 

Net income

  $ 2,352     $ 807     $ 4,770     $ 4,358  

Unrealized holding gain arising during the period

    108       19       11       25  

Tax effect

    (28 )     (6 )     (2 )     (7 )

Net of tax

    80       13       9       18  

Comprehensive income

  $ 2,432     $ 820     $ 4,779     $ 4,376  

 

See accompanying notes to the consolidated financial statements.

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands, except per share data) - Unaudited

 

              

Accumulated

     
      

Additional

      

Other

     
  

Common

  

Paid-in

  

Retained

  

Comprehensive

     
  

Stock

  

Capital

  

Earnings

  

Income

  

Total

 

For the three months ended

                    
                     

Balance at April, 1 2019

 $157  $117,715  $58,072  $276  $176,220 

Net income

        807      807 

Other comprehensive income, net of tax

           13   13 

Repurchase and retirement of common stock (270,535 shares)

  (3)  (3,998)        (4,001)

Cash dividends declared on common stock ($0.10 per share)

        (1,548)     (1,548)

Balance at June 30, 2019

 $154  $113,717  $57,331  $289  $171,491 
                     

Balance at April, 1 2020

 $151  $110,220  $62,469  $155  $172,995 

Net income

        2,352      2,352 

Other comprehensive income, net of tax

           80   80 

Repurchase and retirement of common stock (181,640 shares)

  (2)  (1,472)        (1,474)

Cash dividends declared on common stock ($0.10 per share)

        (1,499)     (1,499)

Balance at June 30, 2020

 $149  $108,748  $63,322  $235  $172,454 
                     

For the six months ended

                    
                     

Balance at January 1, 2019

 $165  $130,547  $56,167  $271  $187,150 

Net income

        4,358      4,358 

Other comprehensive income, net of tax

           18   18 

Repurchase and retirement of common stock (1,107,550 shares)

  (11)  (16,830)        (16,841)

Cash dividends declared on common stock ($0.20 per share)

        (3,194)     (3,194)

Balance at June 30, 2019

 $154  $113,717  $57,331  $289  $171,491 
                     

Balance at January 1, 2020

 $153  $112,420  $61,573  $226  $174,372 

Net income

        4,770      4,770 

Other comprehensive income, net of tax

           9   9 

Repurchase and retirement of common stock (387,836 shares)

  (4)  (3,672)        (3,676)

Cash dividends declared on common stock ($0.20 per share)

        (3,021)     (3,021)

Balance at June 30, 2020

 $149  $108,748  $63,322  $235  $172,454 

 

See accompanying notes to the consolidated financial statements.

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) - Unaudited

 

   

Six Months Ended

 
   

June 30,

 
   

2020

   

2019

 

Cash flows from operating activities

               

Net income

  $ 4,770     $ 4,358  

Adjustments to reconcile to net income to net cash from operating activities

               

Provision for loan losses

    513       3,870  

Depreciation

    816       794  

Amortization of premiums and discounts on securities

    3       3  

Amortization of intangibles

    21       34  

Amortization of servicing assets

    37       43  

Net change in net deferred loan origination costs

    454       91  

Gain on sale of other real estate owned

    (30 )     (91 )

Gain on sale of equity securities

          (295 )

Loss on disposal of other assets

    2       19  

Other real estate owned valuation adjustments

          21  

Earnings on bank-owned life insurance

    (41 )     (68 )

Net change in:

               

Accrued interest receivable

    116       (465 )

Other assets

    2,316       1,580  

Accrued interest payable and other liabilities

    (2,539 )     (2,905 )

Net cash from operating activities

    6,438       6,989  

Cash flows from investing activities

               

Securities

               

Proceeds from maturities

    35,318       51,006  

Proceeds from principal repayments

    1,386       1,138  

Proceeds from sale of equity securities

          3,722  

Purchases of securities

    (35,940 )     (51,023 )

Net decrease in loans receivable

    85,164       52,289  

Purchase of FHLB and FRB stock

          (4 )

Redemption of FHLB and FRB stock

          540  

Proceeds from sale of other real estate owned

    95       845  

Purchase of premises and equipment, net

    (795 )     (531 )

Net cash from investing activities

    85,228       57,982  
Cash flows from financing activities                
Net change in:                
Deposits     103,398       (22,277 )
Borrowings     3,939       (20,251 )
Advance payments by borrowers for taxes and insurance     2,134       2,995  
Repurchase and retirement of common stock     (3,676 )     (16,841 )
Cash dividends paid on common stock     (3,021 )     (3,194 )
Net cash from (used in) financing activities     102,774       (59,568 )
Net change in cash and cash equivalents     194,440       5,403  
Beginning cash and cash equivalents     190,325       98,204  
Ending cash and cash equivalents   $ 384,765     $ 103,607  
                 
Supplemental disclosures of cash flow information:                
Interest paid   $ 4,564     $ 6,863  
Income taxes paid     226       400  
Income taxes refunded     8        
Loans transferred to other real estate owned     33       46  
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities     111       6,694  

 

See accompanying notes to the consolidated financial statements.

 

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

 

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation: BankFinancial Corporation, a Maryland corporation headquartered in Burr Ridge, Illinois, is the owner of all of the issued and outstanding capital stock of BankFinancial, NA (the “Bank”). The interim unaudited consolidated financial statements include the accounts and transactions of BankFinancial Corporation, the Bank, and the Bank’s wholly-owned subsidiaries, Financial Assurance Services, Inc. and BFIN Asset Recovery Company, LLC (collectively, “the Company”), and reflect all normal and recurring adjustments that are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. Such adjustments are the only adjustments reflected in the accompanying financial statements. All significant intercompany accounts and transactions have been eliminated. The results of operations for the three and six month periods ended June 30, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending  December 31, 2020 or for any other period.

 

Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

 

Use of Estimates: The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual information, actual results could differ from those estimates.

 

COVID-19: The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q were issued. On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The outbreak of COVID-19 could adversely impact a broad range of industries in which the Company’s customers operate and impair their ability to fulfill their financial obligations to the Company. On March 3, 2020, the Federal Open Market Committee reduced the target federal funds rate by 50 basis points to 1.00% to 1.25%. This rate was further reduced to a target range of 0% to 0.25% on March 16, 2020. These reductions in interest rates and other effects of the COVID-19 outbreak