UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
☒
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7,
1996]
|
For the fiscal year ended December 31,
2019
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
|
A.
|
Full title of the plan and the address of the plan, if different
from that of the issuer named below:
|
BankFinancial and Subsidiaries Assoc. Investment Plan
|
B:
|
Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
|
BANKFINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
|
60 North Frontage Road, Burr Ridge, Illinois
|
60527
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
BANKFINANCIAL AND SUBSIDIARIES
ASSOC. INVESTMENT PLAN
Burr Ridge, Illinois
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
December 31,
2019 and 2018
TABLE OF CONTENTS
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Plan Administrator
BankFinancial and Subsidiaries
Assoc. Investment Plan
Burr Ridge, Illinois
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available
for benefits of BankFinancial and Subsidiaries Assoc. Investment
Plan (the “Plan”) as of December 31, 2019, and the related
statement of changes in net assets available for benefits for the
year ended, and the related notes (collectively referred to as the
financial statements). In our opinion, the financial statements
referred to above present fairly, in all material respects, the net
assets available for benefits of the Plan as of December 31, 2019,
and the changes in net assets available for benefits for the year
ended, in conformity with accounting principles generally accepted
in the United States.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audit. We are a
public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (“PCAOB”) and are
required to be independent with respect to the Plan in accordance
with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audit in accordance with standards of the
PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud.
The Plan is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of
internal control over financial reporting, but not for the purpose
of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express
no such opinion.
Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audit provides a reasonable basis
for our opinion.
Supplementary Information
The supplemental information in the accompanying schedule of assets
(held at end of year) as of December 31, 2019, has been subjected
to audit procedures performed in conjunction with the audit of
Plan’s financial statements. The supplemental information is the
responsibility of the Plan’s management. Our audit procedures
included determining whether the supplemental information
reconciles to the financial statements or the underlying accounting
and other records, as applicable, and performing procedures to test
the completeness and accuracy of the information presented in the
supplemental information. In forming our opinion on the
supplemental information, we evaluated whether the supplemental
information, including its form and content, is presented in
conformity with the Department of Labor’s Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. In our opinion, the supplemental information
in the accompanying schedule is fairly stated, in all material
respects, in relation to the financial statements as a whole.
/s/ Wipfli LLP
We have served as the Plan’s auditor since 2020.
June 5, 2020
Milwaukee, Wisconsin
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan participants and the Plan Administrator
BankFinancial and Subsidiaries
Assoc. Investment Plan
Burr Ridge, Illinois
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available
for benefits of BankFinancial and Subsidiaries Associate Investment
Plan (the "Plan") as of December 31, 2018, and the related notes
(collectively referred to as the “financial statements”). In our
opinion, the financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of
December 31, 2018, in conformity with accounting principles
generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on the
Plan's financial statements based on our audit. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. The Plan is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting.
As part of our audit, we are required to obtain an understanding of
internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express
no such opinion.
Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audit provides a reasonable
basis for our opinion.
/s/ Crowe LLP
We are uncertain as to the year we became the Plan’s auditor. The
earliest year of which we have knowledge serving as the Plan’s
auditor is 1998.
Oak Brook, Illinois
May 24, 2019
BANKFINANCIAL AND
SUBSIDIARIES ASSOC. INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
2019 and 2018
|
|
|
2019
|
|
|
2018
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Investments, at fair value
|
|
$ |
32,365,772 |
|
|
$ |
31,818,925 |
|
|
Investments, at contract value
|
|
|
3,508,613 |
|
|
|
3,646,649 |
|
|
Notes receivable from participants
|
|
|
303,327 |
|
|
|
370,862 |
|
|
NET ASSETS AVAILABLE FOR BENEFITS
|
|
$ |
36,177,712 |
|
|
$ |
35,836,436 |
|
See accompanying notes to financial statements.
BANKFINANCIAL AND SUBSIDIARIES
ASSOC. INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31,
2019
|
Additions
|
|
|
|
|
|
Interest and dividends
|
|
$ |
687,880 |
|
|
Net appreciation in fair value of investments
|
|
|
2,107,886 |
|
|
Contributions:
|
|
|
|
|
|
Employer
|
|
|
322,744 |
|
|
Participant
|
|
|
1,033,992 |
|
|
Rollover
|
|
|
118,384 |
|
|
Total contributions
|
|
|
1,475,120 |
|
|
Total additions
|
|
|
4,270,886 |
|
|
Deductions
|
|
|
|
|
|
Benefits paid to participants
|
|
|
3,898,666 |
|
|
Administrative expenses
|
|
|
30,944 |
|
|
Total deductions
|
|
|
3,929,610 |
|
|
Net increase
|
|
|
341,276 |
|
|
Net assets available for benefits
|
|
|
|
|
|
Beginning of the year
|
|
|
35,836,436 |
|
|
End of the year
|
|
$ |
36,177,712 |
|
See accompanying notes to financial statements.
BANKFINANCIAL AND
SUBSIDIARIES ASSOC. INVESTMENT PLAN
NOTES TO
FINANCIAL STATEMENTS
December 31,
2019 and 2018
NOTE 1 - DESCRIPTION OF PLAN
The following description of the BankFinancial and Subsidiaries
Assoc. Investment Plan (“the Plan”) provides only general
information. Participants should refer to the plan document for a
more complete description of the Plan’s provisions.
General: The Plan is a defined contribution plan covering
substantially all employees of BankFinancial, NA (“the Bank”) and
its subsidiaries who are 21 years of age or older and have
completed six months of service. This plan, as amended, was adopted
by the Bank on July 1, 1993 and restated effective January 1,
2019 through the adoption of the Principal Life Insurance Company
Volume Submitter Profit Sharing Plan. The provisions of the Plan
remained substantially the same. It is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(“ERISA”).
Eligibility: Employees become eligible to participate in the
Plan on the first day of any quarter of any plan year coincident
with or next following the date that they have met the eligibility
requirements.
Contributions: The Plan is a contributory 401(k) savings
plan funded by employee and employer contributions. Each
participant may elect to contribute up to 50% of pretax
compensation, subject to the limits established by the Internal
Revenue Code ("IRC"). Employer contributions consist of a matching
contribution subject to limitations of the participant’s eligible
compensation and a discretionary profit sharing contribution.
Subject to the above-mentioned limitation for the plan year ended
December 31,
2019, the Bank provided a match of $0.50 on each $1.00 of
contribution up to 6% of eligible compensation. During
the year ended December 31,
2019 the Bank made matching contributions of $322,744 to the
Plan.
Administrative Expenses: Any expenses incurred for the
administration and audit of the Plan not paid by the Bank may be
paid out of the Plan’s assets.
Participant Accounts: Each participant’s account is credited
with the participant’s own contributions and an allocation of
(a) the Bank’s matching and discretionary profit sharing
contributions, (b) the Plan’s allocated earnings/loss, and
(c) administrative expenses. Allocations are based on
participant earnings, contributions, or account balances, as
defined. The benefit to which a participant is entitled is the
benefit that can be provided from the participant’s vested
account.
Retirement, Death, and Disability: A participant is entitled
to 100% of his or her account balance upon retirement, death, or
disability.
Investment Elections: Participants direct the investment of
their account balance into various investment options offered by
the Plan. The Plan currently offers numerous funds, including
BankFinancial Corporation common stock, as investment options for
participants.
Vesting: Participants are immediately vested in their
voluntary and rollover contributions plus actual earnings thereon.
Vesting in the remainder of their account plus earnings thereon is
based on years of continuous service. A participant is 100%
vested after five years of credited service as follows:
|
Years
|
|
Vested Percent
|
|
1
|
|
—
|
|
2
|
|
25
|
|
3
|
|
50
|
|
4
|
|
75
|
|
5 or more
|
|
100
|
Forfeitures: Forfeitures attributable to employer matching
contributions are used to reduce future employer matching
contributions or to pay administrative expenses of the Plan in
accordance with the plan document. Forfeitures that have not
been used to pay administrative expenses or used to reduce employer
contributions shall be added to the employer discretionary profit
sharing contributions and are allocated as of the last day of
the plan year. During the year ended December 31,
2019, $24,305 of forfeited matching contributions were
used to offset employer matching contributions. As of
December 31,
2019 and 2018, there were $27,657 and
$18,496 respectively, in forfeited nonvested accounts.
Payment of Benefits: Participants are not eligible to
receive benefit payments until employment is terminated or they
attain the age 59 1/2.
When the participant’s vested balance is $5,000 or less, the
benefit is distributed in a lump-sum payment. Participants with a
balance in excess of this figure may postpone the lump-sum payment
of benefits until reaching the age of 70 1/2.
In addition, hardship distributions out of the participants'
voluntary contributions account are permitted if certain criteria
are met. The Plan provides that participants can
withdraw rollover contributions and earnings thereon and salary
deferral contributions, but not the earnings thereon, for reasons
of financial hardship, as defined.
BANKFINANCIAL AND
SUBSIDIARIES ASSOC. INVESTMENT PLAN
NOTES TO
FINANCIAL STATEMENTS
December 31,
2019 and 2018
NOTE 1 - DESCRIPTION OF PLAN (continued)
Notes Receivable
from Participants: The Plan provides that participants can
borrow funds against their account balances limited to the lesser
of $50,000 or 50% of their vested account balance, subject to a
minimum loan of $1,000. The notes are secured by the balance in the
participant’s account and bear interest at rates that are
commensurate with local prevailing rates as determined quarterly by
the Plan administrator. Principal and interest are paid through
payroll deductions and the interest rate range is 4.25% to
6.50%
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting: The accompanying financial statements
of the Plan have been prepared on the accrual basis of accounting
in accordance with U.S. generally accepted accounting
principles.
Use of Estimates: The preparation of financial statements in
conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect
certain reported amounts and disclosures. Actual results could
differ from those estimates.
Risks and Uncertainties: The Plan provides for certain
investment options including mutual funds, employer stock and a
guaranteed investment contract. Investments are exposed to various
risks, such as interest rate, market, liquidity and credit risks.
Due to the level of risk associated with certain investments and
the sensitivity of certain fair value estimates to changes in
valuation assumptions, it is at least reasonably possible that
changes in the values of investments will occur in the near term
and that such changes could materially affect the amounts reported
in the statement of net assets available for benefits and
participants’ individual account balances. As of December 31,
2019 and 2018, 35.1% and 42.4% of the Plan’s net assets were
invested in shares of BankFinancial Corporation Common Stock,
respectively.
Investment Valuation and Income Recognition: The Plan’s
investments, other than fully benefit-responsive investment
contracts, are reported at fair value, as more fully disclosed in
Note 7. Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date. Net appreciation
includes gains and losses on investments bought and sold as well as
held during the year.
Notes Receivable from Participants: Notes receivable from
participants are reported at their unpaid principal balance plus
any accrued but unpaid interest, with no allowance for credit
losses, as repayments of principal and interest are received
through payroll deductions and the notes are collateralized by the
participants’ account balances. Interest income is recorded
on the accrual basis. Related fees are recorded as administrative
expenses and are expensed when they are incurred. Delinquent
participants notes receivable are recorded as benefit payments on
the basis of the terms of the plan document.
Payment of Benefits: Benefits are recorded when paid.
Accounting Fees and Investment Management Expenses:
Loan origination fees associated with notes receivable from
participants and the Plan’s record keeping and trustee fees are
paid by the Plan and are reflected in the financial statements as
administrative expenses of the Plan. Investment management
fees are charged to the Plan as a reduction of investment return
and included in the investment income reported by the Plan.
All other administrative expenses of the Plan are paid by the Plan
or by the Bank.
Subsequent Events: The Plan has evaluated subsequent
events through the issuance date of this report. On January
30, 2020, the World Health Organization (“WHO”) announced a global
health emergency stemming from a new strain of coronavirus that was
spreading globally (the “COVID-19 outbreak”). On March 11,
2020, the WHO classified the COVID-19 outbreak as a pandemic,
triggering volatility in financial markets and a significant
negative impact on the global economy. As a result, the
Plan’s investment portfolio has incurred a significant decline in
fair value since December 31, 2019. However, because the
values of the Plan’s individual investment have and will fluctuate
in response to changing market conditions, the amount of losses
that will be recognized in subsequent periods, if any, cannot be
determined. The full impact of the COVID-19 outbreak
continues to evolve as of the date of this report.
NOTE 3 - PLAN TERMINATION
Although it has not expressed any intent to do so, the Bank has the
right under the Plan to discontinue its contributions at any time
and to terminate the Plan, subject to the provisions of ERISA. In
the event of the Plan’s termination, participants will become 100%
vested in their accounts.
BANKFINANCIAL AND
SUBSIDIARIES ASSOC. INVESTMENT PLAN
NOTES TO
FINANCIAL STATEMENTS
December 31,
2019 and 2018
NOTE 4 - FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACTS WITH
INSURANCE COMPANY
The Plan holds a traditional fully benefit-responsive group annuity
investment contract with Principal Life Insurance Company (Issuer)
through the Principal Life Insurance Company Fixed Income Option
401(a)/(k). The methodology for calculating the interest crediting
rate is defined in Article I, Section II of the contract under the
term “Composite Crediting Rate.” Under the terms of the existing
contract, the crediting rate is currently reset on a semiannual
basis. The accounts are credited with earnings based upon the
specified crediting rate and charged for participant withdrawals
and administrative expenses.
Participants may ordinarily direct the withdrawal or transfer of
all or a portion of their investments at contract value. Contract
value represents contributions made under the contract, plus
earnings, less participant withdrawals and administrative expenses.
There are no reserves against contract values for credit risk of
the contract issuer or otherwise. The Plan’s investment contract
does not specify certain conditions under which distributions from
the contract would be payable at amounts below contract value. The
terms and methods under which the contract may transact are defined
in Article II (Deposits and Funds), Article III (Fees), Article IV
(Benefits and Other Payments) and Article V (Termination) in the
contract. The contract does not specify the circumstances under
which the Issuer may terminate the contract. Under the contract
terms, the contract is terminated when no deposit arrangements have
been made and there are no deposits with a value greater than zero
under the Contract. If the Plan gives less than a 12 month advance
notice of termination, there is a 5% surrender fee. Currently,
management believes that the occurrence of an event that would
cause the Plan to transact contract distributions at less than
contract value is not probable.
The crediting interest rates of the contract are based on
agreed-upon formulas with the issuer, as defined in the contract
agreements, but cannot be less than zero percent. Such interest
rates are reviewed on a semi-annual basis for resetting. The key
factors that influence future interest crediting rates could
include the following: the level of market interest rates; the
amount and timing of participant contributions, transfers and
withdrawals into/out of the contract; and the duration of the
underlying investments backing the contract.
NOTE 5 - PARTY-IN-INTEREST TRANSACTIONS
Parties-in-interest are defined under Department of Labor
regulations as any fiduciary of the Plan, any party rendering
services to the Plan, the employer, and certain others. Certain
administrative functions are performed by officers or employees of
the Bank. No such officer or employee receives compensation from
the Plan. As of December 31,
2019 and 2018, certain plan investments are considered
party-in-interest investments including the Guaranteed Investment
Contract issued by Principal Life Insurance Company and mutual
funds issued by Principal Global Investors, the asset management
arm of the Principal Financial Group. Principal Life Insurance
Company, the lead operating company of the Principal Financial
Group, is the directed trustee of the Plan and therefore, these
investments qualify as party-in-interest investments. Investment
management fees are paid by the Plan to investment managers which
are parties-in-interest and these expenses are shown as a reduction
of the return on the Plan’s investments. Notes Receivable from
Participants also reflect party-in-interest transactions.
At December 31,
2019 and 2018, the Plan held 970,534 and
1,016,317 shares
of BankFinancial Corporation common stock in the BankFinancial
Corporation Common Stock Fund, respectively. The Plan received
$392,643 in
dividends on BankFinancial Corporation common stock in
2019.
Audit services fees were paid by the Plan’s participants to its
audit firms during the year ended December 31,
2019. In addition, loan and administrative fees were paid by
the Plan’s participants to Principal Life Insurance Company during
the year ended December 31,
2019. These fees are considered party-in-interest
transactions.
NOTE 6 - TAX STATUS
The Internal Revenue Service has determined and informed the Bank
by letter dated August 8, 2014 that the Plan and related trust
are designed in accordance with applicable sections of the IRC.
Plan management believes that the Plan is designed and being
operated in compliance with the applicable requirements of the IRC.
Therefore, they believe that the Plan was qualified and the related
trust was tax-exempt as of the financial statement date.
BANKFINANCIAL AND
SUBSIDIARIES ASSOC. INVESTMENT PLAN
NOTES TO
FINANCIAL STATEMENTS
December 31,
2019 and 2018
NOTE 7 - FAIR VALUES OF FINANCIAL INSTRUMENTS
Fair value is the price that would be received by the Plan for an
asset or paid by the Plan to transfer a liability (an exit price)
in an orderly transaction between market participants on the
measurement date in the Plan’s principal or most advantageous
market for the asset or liability. Fair value measurements are
determined by maximizing the use of observable inputs and
minimizing the use of unobservable inputs. The hierarchy places the
highest priority on unadjusted quoted market prices in active
markets for identical assets or liabilities (level 1 measurements)
and gives the lowest priority to unobservable inputs (level 3
measurements). The three levels of inputs within the fair value
hierarchy are defined as follows:
| |
•
|
Level 1: Quoted prices (unadjusted) for identical assets or
liabilities in active markets that the Plan has the ability to
access as of the measurement date.
|
| |
•
|
Level 2: Significant other observable inputs other than level 1
prices such as quoted prices for similar assets or liabilities in
active markets; quoted prices in markets that are not active; or
other inputs that are observable or can be corroborated by
observable market data.
|
| |
•
|
Level 3: Significant inputs that are unobservable inputs for the
asset or liability.
|
In some cases, a valuation technique used to measure fair value may
include inputs from multiple levels of the fair value hierarchy.
The lowest level of significant input determines the placement of
the entire fair value measurement in the hierarchy. Transfers
between hierarchy measurement levels are recognized by the Plan as
of the beginning of the reporting period.
The fair values of mutual fund investments and publicly traded
common stocks are determined by obtaining quoted prices on
nationally recognized securities exchanges (level 1 inputs).
The methods described above may produce a fair value calculation
that may not be indicative of net realizable value or reflective of
future fair values. Furthermore, while the Plan believes its
valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to
determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting
date.
The following table sets forth financial assets that were accounted
for at fair value and are classified in their entirety based on the
lowest level of input that is significant to the fair value
measurement. Investments are measured at fair value on a recurring
basis are summarized below:
|
|
|
Fair Value Measurements at December 31, 2019 using
|
|
|
|
|
Quoted Prices in Active
|
|
|
|
|
|
|
|
|
|
|
|
|
Markets for Identical
|
|
|
Significant Other
|
|
|
Significant Other
|
|
|
|
|
Assets
|
|
|
Observable Inputs
|
|
|
Unobservable Inputs
|
|
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Common Stock – Bank Common Stock
|
|
$ |
12,694,590 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Mutual Funds
|
|
|
19,671,182 |
|
|
|
— |
|
|
|
— |
|
|
Total
|
|
$ |
32,365,772 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
Fair Value Measurements at December 31, 2018 using
|
|
|
|
|
Quoted Prices in Active
|
|
|
|
|
|
|
|
|
|
|
|
|
Markets for Identical
|
|
|
Significant Other
|
|
|
Significant Other
|
|
|
|
|
Assets
|
|
|
Observable Inputs
|
|
|
Unobservable Inputs
|
|
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Common Stock – Bank Common Stock
|
|
$ |
15,193,937 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Mutual Funds
|
|
|
16,624,988 |
|
|
|
— |
|
|
|
— |
|
|
Total
|
|
$ |
31,818,925 |
|
|
$ |
- |
|
|
$ |
- |
|
SUPPLEMENTAL SCHEDULE
BANKFINANCIAL AND
SUBSIDIARIES ASSOC. INVESTMENT PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31,
2019
Name of Plan Sponsor: BankFinancial, NA
Employer Identification Number: 36-1570375
Three-Digit Plan Number: 003
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
Description of Investment
|
|
|
|
|
|
|
|
(b)
|
|
Including Maturity Date, Rate
|
|
|
|
|
|
|
|
Identity of Issue, Borrower,
|
|
of Interest, Collateral, Par or
|
|
(d)
|
|
|
|
|
|
Lessor or Similar Party
|
|
Maturity Value
|
|
Cost
|
|
Current Value
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
* BankFinancial Corporation
|
|
Common Stock
|
|
#
|
|
$ |
12,694,590 |
|
| |
|
|
|
|
|
|
|
|
|
Insurance Company Guaranteed Investment Contract:
|
|
|
|
|
|
|
|
|
|
* Principal Life Insurance Company
|
|
Fixed Income Option 401 (a)/(k)
|
|
#
|
|
|
3,508,613 |
|
| |
|
|
|
|
|
|
|
|
|
Mutual Funds
|
|
|
|
|
|
|
|
|
|
* Principal Global Investors
|
|
Core Plus Bond R5 Fund
|
|
#
|
|
|
1,112,555 |
|
|
T. Rowe Price/Brown Advisory
|
|
LargeCap Growth R5 Fund
|
|
#
|
|
|
2,374,833 |
|
|
* Principal Global Investors
|
|
LargeCap S&P 500 Index R5 Fund
|
|
#
|
|
|
4,422,722 |
|
|
Westwood/Barrow Hanley
|
|
LargeCap Value III R5 Fund
|
|
#
|
|
|
1,933,409 |
|
|
Robert Baird/Eagle Asset Mgmt
|
|
MidCap Growth III R5 Fund
|
|
#
|
|
|
1,381,895 |
|
|
* Principal Global Investors
|
|
MidCap S&P 400 Index R5 Fund
|
|
#
|
|
|
848,121 |
|
|
LA Capital Mgmt/Victory
|
|
MidCap Value I R5 Fund
|
|
#
|
|
|
449,488 |
|
|
* Principal Global Investors
|
|
Principal LifeTime 2010 R5 Fund
|
|
#
|
|
|
53,018 |
|
|
* Principal Global Investors
|
|
Principal LifeTime 2020 R5 Fund
|
|
#
|
|
|
2,332,381 |
|
|
* Principal Global Investors
|
|
Principal LifeTime 2030 R5 Fund
|
|
#
|
|
|
1,455,609 |
|
|
* Principal Global Investors
|
|
Principal LifeTime 2040 R5 Fund
|
|
#
|
|
|
554,784 |
|
|
* Principal Global Investors
|
|
Principal LifeTime 2050 R5 Fund
|
|
#
|
|
|
636,843 |
|
|
* Principal Global Investors
|
|
Principal LifeTime 2060 R5 Fund
|
|
#
|
|
|
137,937 |
|
|
* Principal Global Investors
|
|
Principal LifeTime Strategy Income R5 Fund
|
|
#
|
|
|
210,842 |
|
|
AB/Brown/Emerald
|
|
SmallCap Growth I R5 Fund
|
|
#
|
|
|
604,704 |
|
|
* Principal Global Investors
|
|
SmallCap S&P 600 Index R5 Fund
|
|
#
|
|
|
781,839 |
|
|
Vaughan Nelson/LA Capital
|
|
SmallCap Value II R5 Fund
|
|
#
|
|
|
22,182 |
|
|
* Principal Global Investors
|
|
Diversified International R5 Fund
|
|
#
|
|
|
358,020 |
|
|
Other:
|
|
|
|
|
|
|
|
|
|
* Notes receivable from participants
|
|
Interest rates ranging from 4.25% to 6.50%
|
|
|
|
|
303,327 |
|
|
|
|
|
|
|
|
$ |
36,177,712 |
|
|
*
|
Party-in-interest investment.
|
|
#
|
Investment is participant directed; therefore, historical cost is
not required.
|
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustee (or other persons who administer
the employee benefit plan) have duly caused this annual report to
be signed on its behalf by the undersigned thereunto duly
authorized.
| |
|
|
BANKFINANCIAL AND SUBSIDIARIES ASSOC. INVESTMENT
PLAN
|
| |
|
|
|
|
Date:
|
June 5, 2020
|
|
/s/ Patricia M. Smith Lawler
|
| |
|
|
Patricia M. Smith Lawler
Executive Vice President - Human Resources Division
BankFinancial, NA
|
INDEX TO EXHIBITS
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
23.1
|
|
Consent of Wipfli LLP
|
|
23.2 |
|
Consent of Crowe LLP |
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