BankFinancial Corporation Reports Financial Results for 2018 and Will Host Conference Call and Webcast on January 23, 2019
January 22 2019 - 4:15PM
BankFinancial Corporation (Nasdaq - BFIN) (the “Company”) announced
today that the Company recorded net income of $19.3 million for the
year ended December 31, 2018 and basic and diluted earnings
per share for the year ended December 31, 2018 were $1.11.
For the fourth quarter of 2018, the Company
recorded net income of $7.4 million and basic and diluted earnings
per share of common stock of $0.44, compared to $991,000 and $0.06
per share for the fourth quarter of 2017. Net income for the
fourth quarter of 2018 includes $5.1 million, net of tax, of
realized and unrealized gains on sale of the Company’s Class B Visa
common shares and $763,000 in accrued expense, net of tax, related
to certain contract termination and severance payments.
The Company’s total loans increased by $56.0
million in the fourth quarter of 2018 due to growth in commercial
and industrial loans, commercial leases, multi-family real estate
loans and commercial real estate loans, which was partially offset
by prepayments of residential loans. Total deposits increased
by $56.7 million during the fourth quarter of 2018 due primarily to
growth in non-interest bearing deposits and certificates of
deposits. The average yield on the Company’s loan portfolio for the
quarter ended December 31, 2018 was 4.59%, a 9% increase compared
to the fourth quarter of 2017. The increase in the average
yield on loans was due to changes in the loan portfolio composition
and higher market rates.
For the year 2018, commercial and industrial
loans increased by $34.9 million (22.8%), multi-family real estate
loans increased by $31.5 million (5.4%) and middle-market
commercial leases increased by $30.6 million (29.8%). These
increases were partially offset by planned declines in the balances
of residential mortgage loans, commercial real estate mortgage
loans and investment-grade commercial leases. Total
commercial-related loan balances reached a new record level of
$1.26 billion at the end of 2018, and now comprise 94.6% of the
Company’s total loans, compared to 92.5% at the end of 2017.
The Company’s asset quality remained favorable
in 2018. The ratio of nonperforming loans to total loans was
0.11% and the ratio of non-performing assets to total assets was
0.17% at December 31, 2018. Non-performing commercial-related
loans represented 0.02% of total commercial-related loans.
Total retail and commercial deposits were stable
in 2018. The Company introduced several new deposit account
types to attract new customers and expand relationships with
existing customers. The Company’s liquid assets were 11.8% of
total assets at December 31, 2018. The Company intends to continue
to develop new products, service delivery channels and marketing
capabilities to further position it for future loan and deposit
growth, and the expansion of non-interest income.
The Company’s capital position remained strong
with a Tier 1 leverage ratio of 11.82%. During 2018, the
Company increased its quarterly dividend rate by 25% to $0.10 per
share from $0.08 per share. The Company repurchased 1,476,963
common shares during the year ended December 31, 2018, which
represented 8.2% of the Company’s common shares that were
outstanding on December 31, 2017. The Company’s tangible book
value per share increased in 2018 by 3.3% to $11.35 per share.
“Our 2018 results reflect the successful
execution of key business plan objectives, including accelerating
our growth in commercial loans, maintaining strong asset quality
and improving our overall efficiency. We look forward to further
improvements in these positive trends in 2019,” 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 performance data and financial
measures for the most recent five quarters.
BankFinancial's management will review fourth
quarter 2018 results in a conference call and webcast for
stockholders and analysts on Wednesday, January 23, 2019 at
9:30 a.m. Chicago, Illinois Time. The conference call may be
accessed by calling (844) 413-1780 using participant passcode
24121246. 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 11:59 p.m. Chicago Time February 13, 2019.
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 |
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