BankFinancial Corporation (BFIN) Bundle
A Brief History of BFIN
BFIN, also known as BankFinancial Corporation, has undergone significant transformations in its financial performance and operational strategies over the years, culminating in its current standing as of 2024.
Financial Overview as of September 30, 2024
As of September 30, 2024, BFIN reported total assets of $1.418 billion, a decrease from $1.487 billion at the end of 2023. The company experienced a decline in total loans, which were $923.9 million, down from $1.050 billion in December 2023. Total deposits also decreased to $1.199 billion from $1.262 billion.
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $1.418 billion | $1.487 billion |
| Total Loans | $923.9 million | $1.050 billion |
| Total Deposits | $1.199 billion | $1.262 billion |
| Stockholders' Equity | $159.1 million | $155.4 million |
Income Statement Highlights
For the nine months ended September 30, 2024, BFIN reported a net income of $5.8 million, or $0.47 per share, compared to $7.3 million, or $0.58 per share for the same period in 2023. The decrease in net income was attributed to a reduction in net interest income, which fell to $36.8 million from $39.4 million.
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Income | $5.8 million | $7.3 million |
| Earnings per Share | $0.47 | $0.58 |
| Net Interest Income | $36.8 million | $39.4 million |
Key Performance Ratios
As of September 30, 2024, BFIN's return on assets (ROA) was 0.56%, while the return on equity (ROE) was 5.03%. The efficiency ratio stood at 76.73%.
| Performance Ratio | Value |
|---|---|
| Return on Assets (ROA) | 0.56% |
| Return on Equity (ROE) | 5.03% |
| Efficiency Ratio | 76.73% |
Noninterest Income and Expense
Noninterest income increased to $4.2 million for the nine months ended September 30, 2024, compared to $2.8 million in 2023. Total noninterest expense was $33.0 million, reflecting a slight increase from $32.3 million in the prior year.
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Noninterest Income | $4.2 million | $2.8 million |
| Noninterest Expense | $33.0 million | $32.3 million |
Income Tax and Provisions
BFIN reported an income tax expense of $1.8 million for the nine months ended September 30, 2024, compared to $2.6 million in 2023. The effective tax rate for 2024 was 23.4%, down from 26.1% in the previous year.
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Income Tax Expense | $1.8 million | $2.6 million |
| Effective Tax Rate | 23.4% | 26.1% |
Overall, BFIN's financial performance in 2024 reflects a period of adjustment, with a focus on managing interest income and controlling expenses amid a dynamic economic landscape.
A Who Owns BankFinancial Corporation (BFIN)
Ownership Structure
As of September 30, 2024, BankFinancial Corporation (BFIN) had the following breakdown of stockholders' equity:
| Equity Component | Amount (in thousands) |
|---|---|
| Common Stock | $125 |
| Additional Paid-in Capital | $83,301 |
| Retained Earnings | $76,524 |
| Accumulated Other Comprehensive Loss | ($842) |
| Total Stockholders' Equity | $159,108 |
Major Shareholders
The major shareholders of BankFinancial Corporation as of 2024 include:
- Institutional Investors: 45% of shares held
- Insider Ownership: 10% of shares held by executives and board members
- Retail Investors: 45% of shares held
Financial Performance Indicators
The company reported the following financial indicators for the three months ended September 30, 2024:
| Metric | Amount |
|---|---|
| Net Income | $2.0 million |
| Earnings Per Share (EPS) | $0.16 |
| Total Assets | $1.418 billion |
| Total Loans | $923.9 million |
| Total Deposits | $1.199 billion |
Stock Performance
As of the third quarter of 2024, BankFinancial Corporation’s stock performance metrics were as follows:
| Metric | Value |
|---|---|
| Stock Price | $10.50 |
| Market Capitalization | $130 million |
| Dividend Yield | 3.81% |
Recent Changes in Ownership
During the nine months ending September 30, 2024, the corporation repurchased 15,203 shares of common stock at a total cost of $156,000. This activity reflects management's strategy to enhance shareholder value.
Market Position
BankFinancial Corporation operates primarily in the banking sector, focusing on residential and commercial loans. The institution has a significant presence in Illinois and surrounding areas, which constitutes its primary lending market.
BankFinancial Corporation (BFIN) Mission Statement
Mission Statement Overview
The mission statement of BankFinancial Corporation emphasizes its commitment to providing personalized banking services, fostering community relationships, and delivering financial solutions that meet the evolving needs of its customers. The bank aims to maintain a strong financial position while enhancing shareholder value.
Financial Performance Indicators
As of September 30, 2024, BankFinancial Corporation reported the following financial highlights:
| Financial Metric | Amount (in thousands) |
|---|---|
| Total Assets | $1,417,660 |
| Total Loans | $923,939 |
| Total Deposits | $1,199,412 |
| Stockholders' Equity | $159,108 |
| Net Income | $5,837 |
| Earnings per Share | $0.47 |
| Return on Assets | 0.56% |
| Return on Equity | 5.03% |
| Net Interest Margin | 3.47% |
| Efficiency Ratio | 76.73% |
Core Values and Strategic Goals
BankFinancial Corporation's mission is rooted in core values that guide its operations:
- Customer Focus: Prioritizing the needs and satisfaction of customers through tailored services.
- Integrity: Upholding ethical standards in all business dealings.
- Community Engagement: Actively participating in local initiatives and fostering community development.
- Innovation: Continuously seeking new ways to enhance service delivery and operational efficiency.
- Financial Strength: Maintaining a robust capital position to support growth and sustainability.
Recent Developments and Adjustments
In the third quarter of 2024, BankFinancial Corporation saw a decrease in total assets by $69.7 million, or 4.7%, primarily due to a decline in cash and cash equivalents and loans receivable. The bank's total deposits decreased by $62.2 million, or 4.9%, reflecting a strategic adjustment in its deposit portfolio.
| Deposit Category | Amount (in thousands) |
|---|---|
| Noninterest-Bearing Deposits | $226,900 |
| Interest-Bearing NOW Accounts | $276,600 |
| Money Market Accounts | $306,700 |
| Savings Accounts | $160,800 |
| Certificates of Deposit | $228,500 |
Commitment to Shareholders
BankFinancial Corporation remains dedicated to enhancing shareholder value through effective management of its resources. The bank's Tier 1 leverage ratio stood at 11.11% as of September 30, 2024, indicating a strong capital position.
Conclusion of Financial Strategy
The mission and strategic goals of BankFinancial Corporation reflect its dedication to maintaining financial health while serving the community and its customers effectively. These elements are essential for fostering trust and promoting long-term relationships in the banking sector.
How BankFinancial Corporation (BFIN) Works
Company Overview
BankFinancial Corporation operates as a financial institution, providing various banking services primarily in the United States. As of September 30, 2024, the company reported total assets of $1.418 billion, total loans of $923.9 million, and total deposits amounting to $1.199 billion .
Financial Performance
For the nine months ended September 30, 2024, BankFinancial recorded a net income of $5.8 million, a decrease from $7.3 million in the same period of 2023. The earnings per share were $0.47 compared to $0.58 in the prior year .
| Metric | 2024 | 2023 |
|---|---|---|
| Net Income | $5.8 million | $7.3 million |
| Earnings Per Share | $0.47 | $0.58 |
| Net Interest Income | $36.8 million | $39.4 million |
| Net Interest Margin | 3.58% | 3.61% |
Net Interest Income
Net interest income for the nine months ended September 30, 2024, was $36.8 million, down from $39.4 million in 2023. This decline was primarily due to a $5.3 million increase in interest expense, which was partially offset by a $2.7 million increase in interest income .
Deposits and Liabilities
As of September 30, 2024, total deposits decreased by $62.2 million, or 4.9%, to $1.199 billion from $1.262 billion at December 31, 2023. Notably, noninterest-bearing demand deposits fell by $34.0 million, or 13.0% .
| Deposit Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Money Market Accounts | $306.7 million | $297.1 million |
| Retail Certificates of Deposit | $228.5 million | $222.4 million |
| Noninterest-Bearing Demand Deposits | $226.9 million | $260.9 million |
| Savings Accounts | $160.8 million | $174.8 million |
Loan Portfolio
The loan portfolio experienced a decline of $63.8 million in the third quarter of 2024. Multi-family residential loans decreased by $3.2 million, while commercial finance balances saw a significant drop of $21.8 million .
Asset Quality
As of September 30, 2024, the ratio of nonperforming assets to total assets was 1.71%, up from 1.54% as of June 30, 2024 . The allowance for credit losses increased to 0.85% of total loans .
Noninterest Income and Expenses
Noninterest income for the nine months ended September 30, 2024, increased to $4.2 million, up from $2.8 million in 2023, driven by increased deposit service charges and improved returns on bank-owned life insurance .
| Noninterest Expense Categories | 2024 | 2023 |
|---|---|---|
| Compensation and Benefits | $17.4 million | $16.6 million |
| Office Occupancy and Equipment | $5.6 million | $6.1 million |
| Information Technology | $3.0 million | $2.8 million |
| Total Noninterest Expense | $33.0 million | $32.3 million |
Stockholders' Equity
As of September 30, 2024, total stockholders’ equity was $159.1 million, an increase from $155.4 million at December 31, 2023. This increase was attributed to net income and a decrease in accumulated other comprehensive loss .
How BankFinancial Corporation (BFIN) Makes Money
Net Interest Income
BankFinancial Corporation generates revenue primarily through net interest income, which for the nine months ended September 30, 2024, was $36.8 million, compared to $39.4 million for the same period in 2023. The decrease of $2.6 million was attributed to a $5.3 million increase in interest expense, despite a $2.7 million increase in interest income.
The weighted average cost of interest-bearing liabilities increased from 1.22% in 2023 to 1.95% in 2024, while the yield on interest-earning assets rose from 4.49% to 4.98% during the same period.
| Metrics | 2024 | 2023 |
|---|---|---|
| Net Interest Income | $36.8 million | $39.4 million |
| Interest Expense Increase | $5.3 million | N/A |
| Interest Income Increase | $2.7 million | N/A |
| Weighted Average Cost of Liabilities | 1.95% | 1.22% |
| Yield on Interest-Earning Assets | 4.98% | 4.49% |
Noninterest Income
For the nine months ended September 30, 2024, noninterest income totaled $4.2 million, up from $2.8 million for the same period in 2023, marking an increase of $1.4 million. Key contributors included:
- Trust and insurance commissions increased by 29.0% to $1.2 million.
- Deposit service charges and fees rose to $2.6 million.
- Loan servicing fees remained steady at $350,000.
| Noninterest Income Sources | 2024 | 2023 |
|---|---|---|
| Trust and Insurance Commissions | $1.2 million | $933,000 |
| Deposit Service Charges | $2.6 million | $2.5 million |
| Loan Servicing Fees | $350,000 | $368,000 |
| Total Noninterest Income | $4.2 million | $2.8 million |
Expenses and Profitability
Noninterest expenses for the nine months ended September 30, 2024, were $33.0 million, up from $32.3 million in 2023. The increase of $683,000 was primarily due to higher compensation and benefits costs, which rose by $883,000 to $17.4 million.
Net income for the nine months ended September 30, 2024, was $5.8 million, down from $7.3 million in the same period of 2023, reflecting a decrease in earnings per share from $0.58 to $0.47.
| Expenses | 2024 | 2023 |
|---|---|---|
| Total Noninterest Expense | $33.0 million | $32.3 million |
| Compensation and Benefits | $17.4 million | $16.6 million |
| Net Income | $5.8 million | $7.3 million |
| Earnings Per Share | $0.47 | $0.58 |
Asset and Liability Management
As of September 30, 2024, BankFinancial's total assets were $1.418 billion, with total loans at $923.9 million and total deposits at $1.199 billion. The bank's equity stood at $159.1 million, up from $155.4 million at year-end 2023.
The bank's loan portfolio experienced a decline of $126.8 million from the previous year, attributed to repayments and reduced demand in commercial credit categories.
| Balance Sheet Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $1.418 billion | $1.487 billion |
| Total Loans | $923.9 million | $1.050 billion |
| Total Deposits | $1.199 billion | $1.262 billion |
| Equity | $159.1 million | $155.4 million |
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Updated on 16 Nov 2024
Resources:
- BankFinancial Corporation (BFIN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BankFinancial Corporation (BFIN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BankFinancial Corporation (BFIN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.