BankFinancial Corporation Reports Financial Results for the Third Quarter 2018 and Will Host Conference Call and Webcast on T...
October 16 2018 - 4:49PM
BankFinancial Corporation (Nasdaq - BFIN) (the “Company”) announced
today that the Company reported net income of $3.7 million, or
$0.22 per common share, for the three months ended
September 30, 2018, compared to net income of $3.6 million, or
$0.20 per common share, for the three months ended
September 30, 2017. The Company reported net income of
$11.9 million, or $0.68 per common share, for the nine months ended
September 30, 2018, compared to $8.0 million, or $0.44 per
common share, for the nine months ended September 30, 2017.
For the third quarter of 2018, commercial and
industrial loans increased by $3.6 million (2.2%) and multi-family
residential real estate loans increased by $10.0 million (1.7%),
compared to June 30, 2018. Commercial leases decreased by
$19.5 million (6.1%), primarily due to the scheduled amortization
of lower-yielding investment-grade leases in excess of
investment-grade lease originations. Residential and
commercial real estate loan balances declined due to portfolio
amortization and prepayments.
The Company’s asset quality remained
favorable. The ratio of nonperforming loans to total loans
was 0.12% and the ratio of non-performing assets to total assets
was 0.16% at September 30, 2018. Non-performing commercial-related
loans represented 0.01% of total commercial-related loans.
Retail and commercial core transaction deposit
accounts were stable with some seasonal fluctuations. Retail
certificate of deposit accounts increased by $23.2 million (9.2%)
to provide greater interest rate risk protection compared to retail
money market deposit accounts given current and anticipated market
conditions. Money market deposit accounts declined by $15.4 million
(5.5%) primarily due to our interest rate risk management practices
and moderate competitive posture. Total wholesale deposits and
borrowings declined by $31.7 million (22.1%) during the third
quarter of 2018. The Company’s liquid assets exceeded 12% of total
assets at September 30, 2018.
The average yield on our loan and lease
portfolio at September 30, 2018 was 4.43%, compared to an average
loan and lease portfolio yield of 4.34% at June 30, 2018. The
average yield on our securities portfolio was 2.20% at September
30, 2018, compared to an average yield of 2.04% at June 30, 2018.
The total average cost of funds was 0.72%, compared to the total
average cost of funds of 0.61% at June 30, 2018. Our net
interest margin expanded to 3.51% at September 30, 2018, compared
to 3.49% at June 30, 2018.
The Company’s capital position remained strong
with a Tier 1 leverage ratio of 12.06%. During the third
quarter of 2018, the Company increased its quarterly dividend rate
by 11.1% to $0.10 per share and repurchased 254,785 common shares,
which represented 1.5% of the common shares that were outstanding
at June 30, 2018. The Company’s tangible book value per share
increased in the third quarter of 2018 by 0.4% to $11.16 per
share.
“Our third quarter 2018 financial results
reflect our continued successful execution of key business plan
objectives, including the expansion of our commercial and
industrial loan portfolio, maintaining strong asset quality,
prudent interest rate risk and liquidity management, and improving
our overall efficiency. We look forward to further enhancements to
these positive trends during the remainder of 2018,” said F. Morgan
Gasior, the Chairman and CEO of the Company.
The Company’s Quarterly Financial and
Statistical Supplement will be available today on BankFinancial's
website, www.bankfinancial.com on the “Stockholder Information”
page, and through the EDGAR database on the SEC's website,
www.sec.gov. The Quarterly Financial and Statistical Supplement
includes comparative GAAP and non-GAAP performance data and
financial measures for the most recent five quarters.
BankFinancial's management will review third
quarter 2018 results in a conference call and webcast for
stockholders and analysts on Thursday, October 18, 2018 at
9:30 a.m. Chicago, Illinois Time. The conference call may be
accessed by calling (844) 413-1780 using participant passcode
9859628. The conference call will be simultaneously webcast at
www.bankfinancial.com, “Investor Relations” page. For those
unable to participate in the conference call, the webcast will be
archived through Thursday, November 1, 2018 on our
website.
BankFinancial Corporation is the holding company
for BankFinancial, NA, a national bank providing financial services
to individuals, families and businesses through 19 full-service
banking offices, located in Cook, DuPage, Lake and Will Counties,
Illinois and to selected commercial loan and deposit customers on a
regional or national basis. BankFinancial Corporation's common
stock trades on the Nasdaq Global Select Market under the symbol
BFIN. Additional information may be found at the company's website,
www.bankfinancial.com.
This release includes “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. A variety of factors could cause BankFinancial’s
actual results to differ from those expected at the time of this
release. For a discussion of some of the factors that may cause
actual results to differ from expectations, please refer to
BankFinancial’s most recent Annual Report on Form 10-K as filed
with the SEC, as supplemented by subsequent filings with the
SEC. Investors are urged to review all information contained
in these reports, including the risk factors discussed
therein. Copies of these filings are available at no cost on
the SEC's web site at www.sec.gov or on BankFinancial’s web site at
www.bankfinancial.com. Forward looking statements speak only
as of the date they are made, and we do not undertake to update
them to reflect changes.
For Further Information
Contact:
Shareholder, Analyst and Investor Inquiries: |
|
Media Inquiries: |
|
|
|
Elizabeth A. DoolanSenior Vice President –
FinanceBankFinancial CorporationTelephone: 630-242-7151 |
|
Gregg T. AdamsPresident – Marketing & SalesBankFinancial,
NATelephone: 630-242-7234 |
|
|
|
BankFinancial (NASDAQ:BFIN)
Historical Stock Chart
From Mar 2024 to Apr 2024
BankFinancial (NASDAQ:BFIN)
Historical Stock Chart
From Apr 2023 to Apr 2024