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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 September 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: (800) 894-6900

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 October 26, 2020 there were 14,780,628 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

 

   

September 30, 2020

   

December 31, 2019

 

Assets

               

Cash and due from other financial institutions

  $ 13,740     $ 9,785  

Interest-bearing deposits in other financial institutions

    415,925       180,540  

Cash and cash equivalents

    429,665       190,325  

Securities, at fair value

    42,048       60,193  

Loans receivable, net of allowance for loan losses: September 30, 2020, $8,011 and December 31, 2019, $7,632

    1,065,892       1,168,008  

Other real estate owned, net

    110       186  

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

    7,490       7,490  

Premises and equipment, net

    24,241       24,346  

Accrued interest receivable

    4,354       4,563  

Bank-owned life insurance

    18,996       18,945  

Deferred taxes

    3,520       3,873  

Other assets

    8,627       10,086  

Total assets

  $ 1,604,943     $ 1,488,015  
                 

Liabilities

               

Deposits

               

Noninterest-bearing

  $ 328,915     $ 210,762  

Interest-bearing

    1,073,329       1,073,995  

Total deposits

    1,402,244       1,284,757  

Borrowings

    4,000       61  

Advance payments by borrowers for taxes and insurance

    9,998       10,222  

Accrued interest payable and other liabilities

    16,304       18,603  

Total liabilities

    1,432,546       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; 14,824,628 shares issued at September 30, 2020 and 15,278,464 issued at December 31, 2019

    148       153  

Additional paid-in capital

    108,231       112,420  

Retained earnings

    63,787       61,573  

Accumulated other comprehensive income

    231       226  

Total stockholders’ equity

    172,397       174,372  

Total liabilities and stockholders’ equity

  $ 1,604,943     $ 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

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2020

   

2019

   

2020

   

2019

 

Interest and dividend income

                               

Loans, including fees

  $ 12,027     $ 15,371     $ 38,307     $ 46,112  

Securities

    183       508       758       1,712  

Other

    275       749       1,267       1,852  

Total interest income

    12,485       16,628       40,332       49,676  

Interest expense

                               

Deposits

    1,488       3,385       6,041       10,023  

Borrowings

          1             89  

Total interest expense

    1,488       3,386       6,041       10,112  

Net interest income

    10,997       13,242       34,291       39,564  

Provision for (recovery of ) loan losses

    (187 )     (134 )     326       3,736  

Net interest income after provision for (recovery of) loan losses

    11,184       13,376       33,965       35,828  

Noninterest income

                               

Deposit service charges and fees

    833       983       2,456       2,887  

Loan servicing fees

    44       99       189       178  

Mortgage brokerage and banking fees

    44       28       84       77  

Gain on sale of equity securities

                      295  

Loss on disposal of other assets

                (2 )     (19 )

Trust and insurance commissions and annuities income

    222       198       728       627  

Earnings on bank-owned life insurance

    10       37       51       105  

Other

    111       129       319       374  

Total noninterest income

    1,264       1,474       3,825       4,524  

Noninterest expense

                               

Compensation and benefits

    5,398       5,218       16,084       16,128  

Office occupancy and equipment

    1,860       1,879       5,383       5,348  

Advertising and public relations

    135       182       405       488  

Information technology

    781       892       2,453       2,351  

Professional fees

    307       213       831       757  

Supplies, telephone, and postage

    288       312       875       1,037  

Amortization of intangibles

    6       13       27       47  

Nonperforming asset management

    57       17       154       129  

Operations of other real estate owned, net

    23       19       13       22  

FDIC insurance premiums

    105       (127 )     241       127  

Other

    827       891       2,198       2,645  

Total noninterest expense

    9,787       9,509       28,664       29,079  

Income before income taxes

    2,661       5,341       9,126       11,273  

Income tax expense

    713       1,417       2,408       2,991  

Net income

  $ 1,948     $ 3,924     $ 6,718     $ 8,282  

Basic and diluted earnings per common share

  $ 0.13     $ 0.26     $ 0.45     $ 0.53  

Basic and diluted weighted average common shares outstanding

    14,842,150       15,373,964       15,008,271       15,679,927  

 

See accompanying notes to the consolidated financial statements.

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands) - Unaudited

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2020

   

2019

   

2020

   

2019

 

Net income

  $ 1,948     $ 3,924     $ 6,718     $ 8,282  

Unrealized holding gain (loss) arising during the period

    (4 )     (16 )     7       9  

Tax effect

          5       (2 )     (2 )

Net of tax

    (4 )     (11 )     5       7  

Comprehensive income

  $ 1,944     $ 3,913     $ 6,723     $ 8,289  

 

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 July, 1 2019

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

Net income

                3,924             3,924  

Other comprehensive loss, net of tax

                      (11 )     (11 )

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

                (1,537 )           (1,537 )

Balance at September 30, 2019

  $ 154     $ 113,717     $ 59,718     $ 278     $ 173,867  
                                         

Balance at July, 1 2020

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

Net income

                1,948             1,948  

Other comprehensive loss, net of tax

                      (4 )     (4 )

Repurchase and retirement of common stock (66,000 shares)

    (1 )     (517 )                 (518 )

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

                (1,483 )           (1,483 )

Balance at September 30, 2020

  $ 148     $ 108,231     $ 63,787     $ 231     $ 172,397  
                                         

For the nine months ended

                                       
                                         

Balance at January 1, 2019

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

Net income

                8,282             8,282  

Other comprehensive income, net of tax

                      7       7  

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

    (11 )     (16,830 )                 (16,841 )

Cash dividends declared on common stock ($0.30 per share)

                (4,731 )           (4,731 )

Balance at September 30, 2019

  $ 154     $ 113,717     $ 59,718     $ 278     $ 173,867  
                                         

Balance at January 1, 2020

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

Net income

                6,718             6,718  

Other comprehensive income, net of tax

                      5       5  

Repurchase and retirement of common stock (453,836 shares)

    (5 )     (4,189 )                 (4,194 )

Cash dividends declared on common stock ($0.30 per share)

                (4,504 )           (4,504 )

Balance at September 30, 2020

  $ 148     $ 108,231     $ 63,787     $ 231     $ 172,397  

 

See accompanying notes to the consolidated financial statements.

 

 

 

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) - Unaudited

 

   

Nine Months Ended

 
   

September 30,

 
   

2020

   

2019

 

Cash flows from operating activities

               

Net income

  $ 6,718     $ 8,282  

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

               

Provision for loan losses

    326       3,736  

Depreciation

    1,236       1,211  

Amortization of premiums and discounts on securities

    4       4  

Amortization of intangibles

    27       47  

Amortization of servicing assets

    56       63  

Net change in net deferred loan origination costs

    545       127  

Gain on sale of other real estate owned

    (22 )     (112 )

Gain on sale of equity securities

          (295 )

Loss on disposal of other assets

    2       19  

Other real estate owned valuation adjustments

          38  

Earnings on bank-owned life insurance

    (51 )     (105 )

Net change in:

               

Accrued interest receivable

    209       189  

Other assets

    1,942       4,379  

Accrued interest payable and other liabilities

    (2,399 )     (3,570 )

Net cash from operating activities

    8,593       14,013  

Cash flows from investing activities

               

Securities

               

Proceeds from maturities

    55,599       79,210  

Proceeds from principal repayments

    2,206       2,234  

Proceeds from sale of equity securities

          3,722  

Purchases of securities

    (39,657 )     (58,700 )

Net decrease in loans receivable

    101,108       105,846  

Purchase of FHLB and FRB stock

          (4 )

Redemption of FHLB and FRB stock

          540  

Proceeds from sale of other real estate owned

    120       1,107  

Purchase of premises and equipment, net

    (1,133 )     (623 )

Net cash from investing activities

    118,243       133,332  
Cash flows from financing activities                
Net change in:                
Deposits     117,487       (63,659 )
Borrowings     3,939       (19,796 )
Advance payments by borrowers for taxes and insurance     (224 )     271  
Repurchase and retirement of common stock     (4,194 )     (16,841 )
Cash dividends paid on common stock     (4,504 )     (4,731 )
Net cash from (used in) financing activities     112,504       (104,756 )
Net change in cash and cash equivalents     239,340       42,589  
Beginning cash and cash equivalents     190,325       98,204  
Ending cash and cash equivalents   $ 429,665     $ 140,793  
                 
Supplemental disclosures of cash flow information:                
Interest paid   $ 6,047     $ 10,295  
Income taxes paid     155       349  
Income taxes refunded     8       10  
Loans transferred to other real estate owned     33       76  
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 nine month periods ended September 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 has adversely impacted, and could further 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 may adversely affect the Company’s financial condition and results of operations. As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which are likely to negatively impact net interest income and noninterest income. Other financial impacts could occur though such potential impact is unknown at this time.

 

Reclassifications: Certain reclassifications have been made in the prior period’s financial statements to conform them to the current period’s presentation.

 

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, 2019, as filed with the Securities and Exchange Commission.

 

Newly Issued Not Yet Effective Accounting Standards

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For SEC filers who are smaller reporting companies, such as the Company, ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022.

 

 

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

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2020

   

2019

   

2020

   

2019

 

Net income available to common stockholders

  $ 1,948     $ 3,924     $ 6,718     $ 8,282  

Basic and diluted weighted average common shares outstanding

    14,842,150       15,373,964       15,008,271       15,679,927  

Basic and diluted earnings per common share

  $ 0.13     $ 0.26     $ 0.45     $ 0.53  

 

6

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

 

NOTE 3 - SECURITIES

 

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

 

   

Amortized Cost

   

Gross Unrealized Gains

   

Gross Unrealized Losses

   

Fair Value

 

Available-for-Sale Securities

                               

September 30, 2020

                               

Certificates of deposit

  $ 32,724     $     $     $ 32,724  

Municipal securities

    503       9             512  

Mortgage-backed securities - residential

    6,124       305             6,429  

Collateralized mortgage obligations - residential

    2,381       4       (2 )     2,383  
    $ 41,732     $ 318     $ (2 )   $ 42,048  

December 31, 2019

                               

Certificates of deposit

  $ 48,666     $     $     $ 48,666  

Municipal securities

    505       8             513  

Mortgage-backed securities - residential

    7,727       310             8,037  

Collateralized mortgage obligations - residential

    2,986       4       (13 )     2,977  
    $ 59,884     $ 322     $ (13 )   $ 60,193  

 

The mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities or 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 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.

 

   

September 30, 2020

 
   

Amortized Cost

   

Fair Value

 

Due in one year or less

  $ 32,576     $ 32,577  

Due after one year through five years

    651       659  
      33,227       33,236  

Mortgage-backed securities - residential

    6,124       6,429  

Collateralized mortgage obligations - residential

    2,381       2,383  
    $ 41,732     $ 42,048  

 

Investment securities available-for-sale with carrying values of $1.2 million and $2.0 million at September 30, 2020 and December 31, 2019, respectively, were pledged as collateral on customer repurchase agreements and for other purposes as required or permitted by law.

 

7

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 3 - SECURITIES (continued)

 

Sales of equity securities were as follows:

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2020

   

2019

   

2020

   

2019

 

Proceeds

  $     $     $     $ 3,722  

Gross gains

                      295  

Gross losses

                       

 

Securities 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

 

September 30, 2020

                                                                       
Collateralized mortgage obligations - residential         $     $       3     $ 1,695     $ (2 )     3     $ 1,695     $ (2 )
                                                                         

December 31, 2019

                                                                       

Collateralized mortgage obligations - residential

    3     $ 1,566     $ (10 )     1     $ 937     $ (3 )     4     $ 2,503     $ (13 )

 

The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered other-than-temporarily impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the impairment is other-than-temporary.

 

Certain collateralized mortgage obligations that the Company holds in its investment portfolio were in an unrealized loss position at September 30, 2020, but the unrealized losses were not considered significant under the Company’s impairment testing methodology. In addition, the Company does not intend to sell these securities, and it is likely that the Company will not be required to sell these securities before their anticipated recovery occurs.

 

The Bank, as a member of Visa USA, received 51,404 unrestricted shares of Visa, Inc. Class B common stock in connection with Visa, Inc.’s initial public offering in 2007 and a related retroactive responsibility plan. The retroactive responsibility plan obligates all former Visa USA members to indemnify Visa USA, in proportion to their equity interests in Visa USA, for certain litigation losses and expenses, including settlement expenses, for the lawsuits covered by the retrospective responsibility plan. Due to the restrictions that the retrospective responsibility plan imposes on the Company’s Visa, Inc. Class B shares, the Company did not record the Class B shares as an asset.

 

The Bank sold 25,702 shares of Visa Class B common stock in the fourth quarter of 2018 and the remaining 25,702 shares of Visa Class B common stock in the first quarter of 2019 and recorded an aggregate gain of $295,000.

 

8

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

 

NOTE 4 - LOANS RECEIVABLE

 

Loans receivable are as follows:

 

   

September 30, 2020

   

December 31, 2019

 

One-to-four family residential real estate

  $ 44,812     $ 55,750  

Multi-family mortgage

    522,825       563,750  

Nonresidential real estate

    124,477       134,674  

Commercial loans and leases

    379,638       418,343  

Consumer

    1,784       2,211  
      1,073,536       1,174,728  

Net deferred loan origination costs

    367       912  

Allowance for loan losses

    (8,011 )     (7,632 )

Loans, net

  $ 1,065,892     $ 1,168,008  

 

The following tables present the balance in the allowance for loan losses and loans receivable by portfolio segment and based on impairment method:

 

   

Allowance for loan losses

   

Loan Balances

 
   

Individually evaluated for impairment

   

Collectively evaluated for impairment

   

Total

   

Individually evaluated for impairment

   

Collectively evaluated for impairment

   

Total

 

September 30, 2020

                                               

One-to-four family residential real estate

  $     $ 623     $ 623     $ 1,746     $ 43,066     $ 44,812  

Multi-family mortgage

          4,143       4,143       596       522,229       522,825  

Nonresidential real estate

    20       1,697       1,717       1,870       122,607       124,477  

Commercial loans and leases

          1,480       1,480       155       379,483       379,638  

Consumer

          48       48             1,784       1,784  
    $ 20     $ 7,991     $ 8,011     $ 4,367     $ 1,069,169       1,073,536  

Net deferred loan origination costs

                                            367  

Allowance for loan losses

                                            (8,011 )

Loans, net

                                          $ 1,065,892  

 

   

Allowance for loan losses

   

Loan Balances

 
   

Individually evaluated for impairment

   

Collectively evaluated for impairment

   

Total

   

Individually evaluated for impairment

   

Collectively evaluated for impairment

   

Total

 

December 31, 2019

                                               

One-to-four family residential real estate

  $     $ 675     $ 675     $ 1,835     $ 53,915     $ 55,750  

Multi-family mortgage

          3,676       3,676       620       563,130       563,750  

Nonresidential real estate

          1,176       1,176       288       134,386       134,674  

Commercial loans and leases

          2,065       2,065             418,343       418,343  

Consumer

          40       40             2,211       2,211  
    $     $ 7,632     $ 7,632     $ 2,743     $ 1,171,985       1,174,728  

Net deferred loan origination costs

                                            912  

Allowance for loan losses

                                            (7,632 )

Loans, net

                                          $ 1,168,008  

 

9

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 4 - LOANS RECEIVABLE (continued)

 

The following table represents the activity in the allowance for loan losses by portfolio segment:

 

   

Beginning balance

   

Provision for (recovery of) loan losses

   

Loans charged off

   

Recoveries

   

Ending balance

 

For the three months ended

                                       
                                         

September 30, 2020

                                       

One-to-four family residential real estate

  $ 665     $ (42 )   $ (2 )   $ 2     $ 623  

Multi-family mortgage

    4,185       (98 )           56       4,143  

Nonresidential real estate

    1,602       115                   1,717  

Commercial loans and leases

    1,658       (178 )                 1,480  

Consumer

    46       16       (14 )           48  
    $ 8,156     $ (187 )   $ (16 )   $ 58     $ 8,011  
                                         

September 30, 2019

                                       

One-to-four family residential real estate

  $ 563     $ 56     $ (44 )   $ 5     $ 580  

Multi-family mortgage

    3,988       (268 )           8       3,728  

Nonresidential real estate

    1,195       77       (55 )           1,217  

Construction and land

    3       (1 )                 2  

Commercial loans and leases

    2,044       (8 )           4       2,040  

Consumer

    31       10       (5 )           36  
    $ 7,824     $ (134 )   $ (104 )   $ 17     $ 7,603  

 

For the nine months ended

                                       
                                         

September 30, 2020

                                       

One-to-four family residential real estate

  $ 675     $ (63 )   $ (7 )   $ 18     $ 623  

Multi-family mortgage

    3,676       384             83       4,143  

Nonresidential real estate

    1,176       541                   1,717  

Commercial loans and leases

    2,065       (588 )           3       1,480  

Consumer

    40       52       (44 )           48  
    $ 7,632     $ 326     $ (51 )   $ 104     $ 8,011  
                                         

September 30, 2019

                                       

One-to-four family residential real estate

  $ 699     $ (30 )   $ (117 )   $ 28     $ 580  

Multi-family mortgage

    3,991       (287 )           24       3,728  

Nonresidential real estate

    1,476       (176 )     (83 )           1,217  

Construction and land

    4       (2 )                 2  

Commercial loans and leases

    2,272       4,203       (4,443 )     8       2,040  

Consumer

    28       28       (20 )           36  
    $ 8,470     $ 3,736     $ (4,663 )   $ 60     $ 7,603  

 

10

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 4 - LOANS RECEIVABLE (continued)

 

Impaired loans

 

The following tables present loans individually evaluated for impairment by class of loans:

                                   

Three Months Ended

   

Nine Months Ended

 
                                   

September 30, 2020

   

September 30, 2020

 
   

Loan Balance

   

Recorded Investment

    Partial Charge off    

Allowance for Loan Losses Allocated

   

Average Investment in Impaired Loans

   

Interest Income Recognized

   

Average Investment in Impaired Loans

   

Interest Income Recognized

 

September 30, 2020

                                                               

With no related allowance recorded:

                                                               

One-to-four family residential real estate

  $ 2,092     $ 1,746     $ 358     $     $ 1,760     $ 10     $ 1,798     $ 34  

Multi-family mortgage - Illinois

    596       596                   600       8       608       26  

Nonresidential real estate

    1,582       1,582                   791             316       32  

Commercial leases - other

    155       155                   478       27       259       27  
      4,425       4,079       358             3,629       45       2,981       119  
                                                                 
With a related allowance recorded - nonresidential     280       288             20       288             288        
    $ 4,705     $ 4,367     $ 358     $ 20     $ 3,917     $ 45     $ 3,269     $ 119  

 

                                   

Year ended

 
                                   

December 31, 2019

 
   

Loan Balance

   

Recorded Investment

   

Partial Charge-off

   

Allowance for Loan Losses Allocated

   

Average Investment in Impaired Loans

   

Interest Income Recognized

 

December 31, 2019

                                               

With no related allowance recorded:

                                               

One-to-four family residential real estate

  $ 2,168     $ 1,835     $ 339     $     $ 2,208     $ 51  

Multi-family mortgage - Illinois

    620       620                   637       37  

Nonresidential real estate

    280       288                   589       2  
    $ 3,068     $ 2,743     $ 339     $     $ 3,434     $ 90  

 

Nonaccrual Loans

 

The following tables present the recorded investment in nonaccrual and loans 90 days or more past due still on accrual by class of loans:

   

Loan Balance

   

Recorded Investment

   

Loans Past Due Over 90 Days, Still Accruing

 

September 30, 2020

                       

One-to-four family residential real estate

  $ 485     $ 465     $  

Nonresidential real estate

    1,863       1,870        
    $ 2,348     $ 2,335     $  

December 31, 2019

                       

One-to-four family residential real estate

  $ 598     $ 512     $  

Nonresidential real estate

    280       288        

Investment-rated commercial leases

    47             47  
    $ 925     $ 800     $ 47  

 

Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, and some loans may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

 

The Company’s reserve for uncollected loan interest was $135,000 and $81,000 at September 30, 2020 and December 31, 2019, respectively. When a loan is on nonaccrual status and the ultimate collectability of the total principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. Alternatively, when a loan is on nonaccrual status but there is doubt concerning only the ultimate collectability of interest, contractual interest is credited to interest income only when received, under the cash basis method pursuant to the provisions of FASB ASC 310–10, as applicable. In all cases, the average balances are calculated based on the month–end balances of the financing receivables within the period reported pursuant to the provisions of FASB ASC 310–10, as applicable.

 

11

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 4 - LOANS RECEIVABLE (continued)

 

Past Due Loans

 

The following tables present the aging of the recorded investment of loans by class of loans:

   

30-59 Days Past Due

   

60-89 Days Past Due

   

90 Days or Greater Past Due

   

Total Past Due

   

Loans Not Past Due

   

Total

 
September 30, 2020                                                

One-to-four family residential real estate loans:

                                               

Owner occupied

  $ 48     $ -     $ 462     $ 510     $ 35,604     $ 36,114  

Non-owner occupied

    3       95           $ 98       8,600       8,698  

Multi-family mortgage:

                                               

Illinois

                            224,919       224,919  

Other

                            297,906       297,906  

Nonresidential real estate

                1,870       1,870       122,607       124,477  

Commercial loans and leases:

                                               

Commercial

                            90,767       90,767  

Asset-based

                            1,471       1,471  
Equipment finance:                                                
Government                             71,504       71,504  

Investment-rated

    439       124             563       81,449       82,012  

Other

    633                   633       133,251       133,884  

Consumer

    6       4             10       1,774       1,784  
    $ 1,129     $ 223     $ 2,332     $ 3,684     $ 1,069,852     $ 1,073,536  

 

   

30-59 Days Past Due

   

60-89 Days Past Due

   

90 Days or Greater Past Due

   

Total Past Due

   

Loans Not Past Due

   

Total

 

December 31, 2019

                                               

One-to-four family residential real estate loans:

                                               

Owner occupied

  $ 777     $ 340     $ 507     $ 1,624     $ 43,365     $ 44,989  

Non-owner occupied

    280       15             295       10,466       10,761  

Multi-family mortgage:

                                               

Illinois

    981       302             1,283       246,680       247,963  

Other

                            315,787       315,787  

Nonresidential real estate

                288       288       134,386       134,674  

Commercial loans and leases:

                                               
Commercial                             133,976       133,976  
Asset-based                             11,738       11,738  
Equipment finance:                                                
Government                             33,555       33,555  

Investment-rated

    826             47       873       101,015       101,888  

Other

    543       136             679       136,507       137,186  

Consumer

    24       37             61       2,150       2,211  
    $ 3,431     $ 830     $ 842     $ 5,103     $ 1,169,625     $ 1,174,728  

 

12

 

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

NOTE 4 - LOANS RECEIVABLE (continued)

 

 

U.S. Small Business Administration Paycheck Protection Program ("PPP")
 

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was passed by Congress and signed into law on March 27, 2020.  The CARES Act established the Paycheck Protection Program loan, designed to provide a direct incentive for small businesses to keep their workers on the payroll.  Under the most recently published guidance, the U.S. Small Business Administration ("SBA") will forgive PPP loans if all employee retention criteria are met, and the funds are used for eligible expenses.  For the nine months ended  September 30, 2020, we allocated approximately $11 million to the PPP based on the expected 100% guaranty of the SBA.

 

The following table presents the PPP activity:

   

Number of loans

   

Originated

   

Balance

 
For the Nine Months Ended September 30, 2020