10-Q 1 bfin20240331_10q.htm FORM 10-Q bfin20240331_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 March 31, 2024

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 May 8, 2024, there were 12,460,678 shares of Common Stock, $0.01 par value, outstanding.

 

 

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

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

 

  

March 31, 2024

  

December 31, 2023

 

Assets

        

Cash and due from other financial institutions

 $18,533  $19,781 

Interest-bearing deposits in other financial institutions

  113,907   158,703 

Cash and cash equivalents

  132,440   178,484 

Interest-bearing time deposits in other financial institutions

  30,748   29,513 

Securities, at fair value

  239,549   153,203 

Loans receivable, net of allowance for credit losses: March 31, 2024, $8,249 and December 31, 2023, $8,345

  1,007,980   1,050,761 

Foreclosed assets, net

  2,332   2,777 

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

  7,490   7,490 

Premises held-for-sale

     523 

Premises and equipment, net

  22,614   22,950 

Accrued interest receivable

  7,709   7,542 

Bank-owned life insurance

  18,382   18,469 

Deferred taxes

  4,159   4,512 

Other assets

  6,655   11,160 

Total assets

 $1,480,058  $1,487,384 
         

Liabilities

        

Deposits

        

Noninterest-bearing

 $256,698  $260,851 

Interest-bearing

  1,002,588   1,000,772 

Total deposits

  1,259,286   1,261,623 

Borrowings

  25,000   25,000 

Subordinated notes, net of unamortized issuance costs

  18,705   19,678 

Advance payments by borrowers for taxes and insurance

  7,021   9,003 

Accrued interest payable and other liabilities

  14,015   16,697 

Total liabilities

  1,324,027   1,332,001 
         

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; 12,460,678 shares issued at March 31, 2024 and 12,475,881 shares issued at December 31, 2023

  125   125 

Additional paid-in capital

  83,301   83,457 

Retained earnings

  74,889   74,426 

Accumulated other comprehensive loss

  (2,284)  (2,625)

Total stockholders’ equity

  156,031   155,383 

Total liabilities and stockholders’ equity

 $1,480,058  $1,487,384 

 

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

 
   

March 31,

 
   

2024

   

2023

 

Interest and dividend income

               

Loans, including fees

  $ 13,353     $ 14,393  

Securities:

               

Taxable

    51       49  

Tax exempt

    1,218       1,040  

Other

    2,723       678  

Total interest income

    17,345       16,160  

Interest expense

               

Deposits

    4,336       2,300  

Borrowings and Subordinated notes

    482       360  

Total interest expense

    4,818       2,660  

Net interest income

    12,527       13,500  
                 

Provision for credit losses - loans

    61       85  

Recovery of credit losses - unfunded commitments

    (49 )     (37 )

Provision for credit losses

    12       48  
                 

Net interest income after provision for credit losses

    12,515       13,452  
                 

Noninterest income

               

Deposit service charges and fees

    809       816  

Loan servicing fees

    156       129  

Trust and insurance commissions and annuities income

    450       367  

Losses on sales of securities

          (454 )

Loss on sale of premises and equipment

    (75 )     (4 )

Valuation adjustment on bank premises held-for-sale

          (553 )

Loss on bank-owned life insurance

    (87 )     (84 )

Gain on repurchase of Subordinated notes

    107        

Other

    101       96  

Total noninterest income

    1,461       313  
                 

Noninterest expense

               

Compensation and benefits

    6,052       5,555  

Office occupancy and equipment

    2,241       2,038  

Advertising and public relations

    90       190  

Information technology

    1,002       849  

Professional fees

    454       317  

Supplies, telephone, and postage

    286       359  

FDIC insurance premiums

    161       154  

Other

    1,480       830  

Total noninterest expense

    11,766       10,292  

Income before income taxes

    2,210       3,473  

Income tax expense

    500       840  

Net income

  $ 1,710     $ 2,633  

Basic and diluted earnings per common share

  $ 0.14     $ 0.21  

Basic and diluted weighted average common shares outstanding

    12,468,052       12,721,841  

 

See accompanying notes to the consolidated financial statements.

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands) - Unaudited

 

   

Three Months Ended

 
   

March 31,

 
   

2024

   

2023

 

Net income

  $ 1,710     $ 2,633  

Unrealized holding gain on securities arising during the period

    460       1,641  

Tax effect

    (119 )     (427 )

Unrealized holding gain on securities, net of tax

    341       1,214  

Reclassification adjustment for loss included in net income

          454  

Tax effect, included in income tax expense

          (119 )

Reclassification adjustment for loss included in net income, net of tax

          335  

Other comprehensive gain, net of tax

    341       1,549  

Comprehensive income

  $ 2,051     $ 4,182  

 

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

  

Loss

  

Total

 

For the three months ended

                    
                     

Balance at December 31, 2022

 $127  $85,848  $71,808  $(6,112) $151,671 

Cumulative effect of change in accounting principle

        (1,719)     (1,719)

Net income

        2,633      2,633 

Other comprehensive income, net of tax effect

           1,549   1,549 

Repurchase and retirement of common stock (48,604 shares)

     (502)        (502)

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

        (1,273)     (1,273)

Balance at March 31, 2023

 $127  $85,346  $71,449  $(4,563) $152,359 
                     

Balance at December 31, 2023

 $125  $83,457  $74,426  $(2,625) $155,383 

Net income

        1,710      1,710 

Other comprehensive income, net of tax effect

           341   341 

Repurchase and retirement of common stock (15,203 shares)

     (156)        (156)

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

        (1,247)     (1,247)

Balance at March 31, 2024

 $125  $83,301  $74,889  $(2,284) $156,031 

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) - Unaudited

 

   

Three Months Ended

 
   

March 31,

 
   

2024

   

2023

 

Cash flows from operating activities

               

Net income

  $ 1,710     $ 2,633  

Adjustments to reconcile net income to net cash from operating activities

               

Provision for credit losses - loans

    61       85  

Recovery of credit losses - unfunded commitments

    (49 )     (37 )

Depreciation and amortization

    418       216  

Net change in net deferred loan origination costs

    92       (83 )

Losses on sales of securities

          454  

Valuation adjustment on bank premises held-for-sale

          553  

Loss on disposal of premises and equipment

    75       4  

Loss on sale of foreclosed assets

    9        

Loss on bank-owned life insurance

    87       84  

Gain on redemption of Subordinated notes

    (107 )      

Net change in:

               

Accrued interest receivable

    (167 )     (978 )

Other assets

    499       1,132  

Accrued interest payable and other liabilities

    (2,619 )     (6,338 )

Net cash from operating activities

    9       (2,275 )

Cash flows (used in) from investing activities

               

Net change in interest-bearing time deposits in other financial institutions

    (1,235 )     (744 )

Securities:

               

Proceeds from maturities

    43,330        

Proceeds from principal repayments

    122       170  

Proceeds from sale of securities

          42,631  

Purchases of securities

    (124,985 )      

Net change in loans receivable

    42,565       (1,387 )

Proceeds from sale of foreclosed assets

    485       4  

Proceeds from sale of premises and equipment

    536       3  

Purchase of premises and equipment, net

    (243 )     (320 )

Net cash (used in) from investing activities

    (39,425 )     40,357  

Cash flows used in financing activities

               

Net change in:

               

Deposits

    (2,337 )     (59,720 )

Advance payments by borrowers for taxes and insurance

    (1,982 )     (1,353 )

Proceeds from Federal Home Loan Bank advances

          35,000  

Proceeds from repurchase of Subordinated notes

    (906 )      

Repurchase and retirement of common stock

    (156 )     (502 )

Cash dividends paid on common stock

    (1,247 )     (1,273 )

Net cash used in financing activities

    (6,628 )     (27,848 )

Net change in cash and cash equivalents

    (46,044 )     10,234  

Beginning cash and cash equivalents

    178,484       66,771  

Ending cash and cash equivalents

  $ 132,440     $ 77,005  
                 

Supplemental disclosures of cash flow information:

               

Interest paid

  $ 4,600     $ 2,411  

Income taxes paid

    1       1  

Assets transferred to premises held-for-sale

          1,799  

Loans transferred to foreclosed assets

    49       921  

Due from broker

    250        

 

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, National Association (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-month period ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending  December 31, 2024 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 and actual results could differ from those estimates.

 

Factored Receivables: The Company purchases invoices from its factoring customers in schedules or batches. These receivables are included in loans receivable on the Consolidated Statements of Financial Condition, and as commercial loans and leases in Note 4 - Loans Receivable.  The face value of the invoices purchased or amount advanced is recorded by the Company as factored receivables, and the unadvanced portions of the invoices purchased, less fees, are considered customer reserves. The customer reserves are held to settle any payment disputes or collection shortfalls.  Customer reserves  may be used to pay customers’ obligations to various third parties as directed by the customer. Customer reserves are periodically released to or withdrawn by customers, and are reported as noninterest-bearing deposits in the Consolidated Statements of Financial Condition. The unpaid principal balances of these receivables were $3.5 million and $5.9 million at March 31, 2024 and December 31, 2023, respectively, and are included in commercial loans and leases. The customer reserves associated with the factored receivables were $755,000 and $2.1 million at March 31, 2024 and December 31, 2023, respectively.  

 

Factoring fees are recognized in interest income as incurred by the customer and deducted from the customer's reserve balances. Other factoring-related fees, which include wire transfer fees, broker fees, and other similar fees, are reported by the Company as loan servicing fees in noninterest income.

 

Interest-Bearing Time Deposits in other Financial Institutions: Interest-bearing time deposits in other financial institutions are carried at cost. Prior year financial statement disclosures reported interest-bearing time deposits in other financial institutions, maturing in 90 days or more, with Securities.

 

Reclassifications: Certain reclassifications have been made in the prior period’s financial statements to conform them to the current period’s presentation with no impact on previously reported net income or stockholders' equity.

 

These unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC.

 

7

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

 

NOTE 2 - EARNINGS PER SHARE

 

Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period.

 

  

Three Months Ended

 
  

March 31,

 
  

2024

  

2023

 

Net income available to common stockholders

 $1,710  $2,633 

Basic and diluted weighted average common shares outstanding

  12,468,052   12,721,841 

Basic and diluted earnings per common share

 $0.14  $0.21 

 

 

NOTE 3 - SECURITIES

 

The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss is as follows:

 

  

Amortized Cost

  

Gross Unrealized Gains

  

Gross Unrealized Losses

  

Fair Value

 

Available-for-Sale Securities

                
                 

March 31, 2024

                

Municipal securities

 $929  $3  $(6) $926 

U.S. Treasury Notes

  95,524      (2,815)  92,709 

U.S. government-sponsored agencies

  141,851   20   (195)  141,676 

Mortgage-backed securities - residential

  3,342   26   (102)  3,266 

Collateralized mortgage obligations - residential

  990      (18)  972 
  $242,636  $49  $(3,136) $239,549 

December 31, 2023

                

Municipal securities

 $930  $12  $(8) $934 

U.S. Treasury Notes

  115,920      (3,412)  112,508 

U.S. government-sponsored agencies

  35,446   7   (62)  35,391 

Mortgage-backed securities - residential

  3,431   27   (91)  3,367 

Collateralized mortgage obligations - residential

  1,023      (20)  1,003 
  $156,750  $46  $(3,593) $153,203 

 

Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.

 

The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

  

March 31, 2024

 
  

Amortized Cost

  

Fair Value

 

Due in one year or less

 $98,215  $96,968 

Due after one year through five years

  140,089   138,343 
   238,304   235,311 

Mortgage-backed securities - residential

  3,342   3,266 

Collateralized mortgage obligations - residential

  990   972 
  $242,636  $239,549 

 

8

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 3 - SECURITIES (continued)

 

Securities available-for-sale with unrealized losses not recognized in income are as follows:

 

  

Less than 12 Months

  

12 Months or More

  

Total

 
  

Count

  

Fair Value

  

Unrealized Loss

  

Count

  

Fair Value

  

Unrealized Loss

  

Count

  

Fair Value

  

Unrealized Loss

 

March 31, 2024

                                    

Municipal securities

    $  $   1  $219  $(6)  1  $219  $(6)

U.S. Treasury Notes

           132   92,709   (2,815)  132   92,709   (2,815)

U.S. government-sponsored agencies

  10   84,816   (179)  3   12,984   (16)  13   97,800   (195)

Mortgage-backed securities - residential

           14   2,425   (102)  14   2,425   (102)

Collateralized mortgage obligations - residential

           5   972   (18)  5   972   (18)
   10  $84,816  $(179)  155  $109,309  $(2,957)  165  $194,125  $(3,136)
                                     

December 31, 2023

                                    

Municipal securities

    $  $   1  $217  $(8)  1  $217  $(8)

U.S. Treasury Notes

           170   112,508   (3,412)  170   112,508   (3,412)

U.S. government-sponsored agencies

  2   8,987   (13)  4   17,951   (49)  6   26,938   (62)

Mortgage-backed securities - residential

           17   2,627   (91)  17   2,627   (91)

Collateralized mortgage obligations - residential

           6   1,003   (20)  6   1,003   (20)
   2  $8,987  $(13)  198  $134,306  $(3,580)  200  $143,293  $(3,593)

 

U.S. Treasury Notes, U.S. government-sponsored agencies and the other available-for-sale securities reflected in the above table that the Company holds in its investment portfolio were in an unrealized loss position at March 31, 2024, but the unrealized loss was not recognized into income because the U.S. Treasury Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, it is not likely that the Company will be required to sell these securities before their anticipated recovery occurs and the decline in fair value was due to changes in interest rates and other market conditions. The fair values are expected to recover as maturity dates of these securities approach.

 

We reviewed the available-for-sale securities in an unrealized loss position within the guidelines of Accounting Standards Codification (“ASC”) 326 and determined that no credit loss is required to be recognized.

 

The proceeds from sales of securities and the associated losses were as follows:

 

  

Three Months Ended

 
  

March 31,

 
  

2024

  

2023

 

Proceeds

 $  $42,631 

Gross gains

      

Gross losses

     (454)

 

9

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

 

NOTE 4 - LOANS RECEIVABLE

 

The summary of loans receivable by class of loans is as follows:

 

  

March 31, 2024

  

December 31, 2023

 

One-to-four family residential real estate

 $18,247  $18,945 

Multi-family residential real estate

  526,087   527,460 

Nonresidential real estate

  110,319   118,016 

Commercial loans and leases

  360,328   393,321 

Consumer

  1,248   1,364 
   1,016,229   1,059,106 

Allowance for credit losses

  (8,249)  (8,345)

Loans, net

 $1,007,980  $1,050,761 

 

Net deferred loan origination costs included in the table above were $1.6 million and  $1.7 million as of March 31, 2024 and  December 31, 2023, respectively.

 

Allowance for Credit Losses - Loans

 

The following table represents the activity in the Allowance for Credit Losses (“ACL”) by class of loans:

 

  

One-to-four family residential real estate

  Multi-family residential real estate  

Nonresidential real estate

  

Commercial loans and leases

  

Consumer

  

Total

 

For the three months ended

                        
                         

March 31, 2024

                        

Beginning balance

 $295  $4,549  $1,166  $2,303  $32  $8,345 

Provision for (recovery of) credit losses

  33   264   278   (529)  15   61 

Loans charged off

           (158)  (13)  (171)

Recoveries

  3   6      5      14 
  $331  $4,819  $1,444  $1,621  $34  $8,249 
                         

March 31, 2023

                        

Beginning balance

 $281  $4,017  $1,234  $2,548  $49  $8,129 

Impact of adopting ASC 326

  99   630   66   1,122   (10)  1,907 

Beginning balance, after adoption of ASC 326

  380   4,647   1,300   3,670   39   10,036 

Provision for (recovery of) credit losses

  (31)  62   47   (16)  23   85 

Loans charged off

           (79)  (22)  (101)

Recoveries

  5   5      1   1   12 
  $354  $4,714  $1,347  $3,576  $41  $10,032 

 

As of  March 31, 2024 and  December 31, 2023 we had $286,000 and $335,000, respectively, recorded as an unfunded commitment reserve, included in other liabilities on the Consolidated Statements of Financial Condition.

 

10

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 4 - LOANS RECEIVABLE (continued)

 

The following tables present the balance in the ACL and loans receivable by class of loans based on evaluation method.  Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories:

 

  

One-to-four family residential real estate

  Multi-family residential real estate  

Nonresidential real estate

  

Commercial loans and leases

  

Consumer

  

Total

 

March 31, 2024

                        

Loans:

                        

Loans individually evaluated

 $61  $  $  $20,908  $  $20,969 

Loans collectively evaluated

  18,186   526,087   110,319   339,420   1,248   995,260 
  $18,247  $526,087  $110,319  $360,328  $1,248  $1,016,229 

ACL:

                        

Loans individually evaluated

 $  $  $  $  $  $ 

Loans collectively evaluated

  331   4,819   1,444   1,621   34   8,249 
  $331  $4,819  $1,444  $1,621  $34  $8,249 

 

  

One-to-four family residential real estate

  Multi-family residential real estate  

Nonresidential real estate

  

Commercial loans and leases

  

Consumer

  

Total

 

December 31, 2023

                        

Loans:

                        

Loans individually evaluated

 $67  $  $  $21,982  $  $22,049 

Loans collectively evaluated

  18,878   527,460   11