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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BankFinancial Corporation | NASDAQ:BFIN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 1.23% | 9.90 | 6.96 | 15.84 | 10.09 | 9.89 | 9.90 | 4,946 | 21:30:00 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Maryland
|
75-3199276
|
(State or Other Jurisdiction
of Incorporation)
|
(I.R.S. Employer
Identification No.)
|
|
|
15W060 North Frontage Road, Burr Ridge, Illinois 60527
|
|
(Address of Principal Executive Offices)
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
x
|
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
Page
Number
|
|
|
|
|
|
|
Item 1.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
|
|
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Cash and due from other financial institutions
|
$
|
11,738
|
|
|
$
|
13,572
|
|
Interest-bearing deposits in other financial institutions
|
80,457
|
|
|
114,020
|
|
||
Cash and cash equivalents
|
92,195
|
|
|
127,592
|
|
||
Securities, at fair value
|
112,452
|
|
|
93,383
|
|
||
Loans receivable, net of allowance for loan losses:
June 30, 2018, $8,179 and December 31, 2017, $8,366 |
1,287,823
|
|
|
1,314,651
|
|
||
Other real estate owned, net
|
1,187
|
|
|
2,351
|
|
||
Stock in Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB"), at cost
|
8,311
|
|
|
8,290
|
|
||
Premises held-for-sale
|
—
|
|
|
5,667
|
|
||
Premises and equipment, net
|
24,441
|
|
|
24,856
|
|
||
Accrued interest receivable
|
4,705
|
|
|
4,619
|
|
||
Core deposit intangible
|
143
|
|
|
286
|
|
||
Bank owned life insurance
|
18,746
|
|
|
22,859
|
|
||
Deferred taxes
|
10,199
|
|
|
12,563
|
|
||
Other assets
|
7,296
|
|
|
8,441
|
|
||
Total assets
|
$
|
1,567,498
|
|
|
$
|
1,625,558
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits
|
|
|
|
||||
Noninterest-bearing
|
$
|
229,717
|
|
|
$
|
234,354
|
|
Interest-bearing
|
1,066,136
|
|
|
1,105,697
|
|
||
Total deposits
|
1,295,853
|
|
|
1,340,051
|
|
||
Borrowings
|
50,901
|
|
|
60,768
|
|
||
Advance payments by borrowers for taxes and insurance
|
13,827
|
|
|
11,645
|
|
||
Accrued interest payable and other liabilities
|
12,689
|
|
|
15,460
|
|
||
Total liabilities
|
1,373,270
|
|
|
1,427,924
|
|
||
|
|
|
|
|
|
||
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; 17,461,088 shares issued at June 30, 2018 and 17,958,723 issued at December 31, 2017
|
175
|
|
|
179
|
|
||
Additional paid-in capital
|
145,331
|
|
|
153,811
|
|
||
Retained earnings
|
48,443
|
|
|
43,274
|
|
||
Accumulated other comprehensive income
|
279
|
|
|
370
|
|
||
Total stockholders’ equity
|
194,228
|
|
|
197,634
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,567,498
|
|
|
$
|
1,625,558
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest and dividend income
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
$
|
13,977
|
|
|
$
|
12,956
|
|
|
$
|
27,797
|
|
|
$
|
25,716
|
|
Securities
|
546
|
|
|
357
|
|
|
1,010
|
|
|
706
|
|
||||
Other
|
497
|
|
|
336
|
|
|
961
|
|
|
589
|
|
||||
Total interest income
|
15,020
|
|
|
13,649
|
|
|
29,768
|
|
|
27,011
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
||||||||
Deposits
|
1,829
|
|
|
1,304
|
|
|
3,354
|
|
|
2,484
|
|
||||
Borrowings
|
210
|
|
|
152
|
|
|
412
|
|
|
248
|
|
||||
Total interest expense
|
2,039
|
|
|
1,456
|
|
|
3,766
|
|
|
2,732
|
|
||||
Net interest income
|
12,981
|
|
|
12,193
|
|
|
26,002
|
|
|
24,279
|
|
||||
Provision for (recovery of) loan losses
|
23
|
|
|
49
|
|
|
(235
|
)
|
|
210
|
|
||||
Net interest income after provision for (recovery of) loan losses
|
12,958
|
|
|
12,144
|
|
|
26,237
|
|
|
24,069
|
|
||||
Noninterest income
|
|
|
|
|
|
|
|
||||||||
Deposit service charges and fees
|
989
|
|
|
996
|
|
|
1,967
|
|
|
1,946
|
|
||||
Loan fee income
|
90
|
|
|
63
|
|
|
160
|
|
|
123
|
|
||||
Commercial mortgage brokerage fees
|
85
|
|
|
—
|
|
|
126
|
|
|
—
|
|
||||
Residential mortgage banking fees
|
24
|
|
|
87
|
|
|
54
|
|
|
131
|
|
||||
Loss on sales of equity securities
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
||||
Gain on sale of premises held-for-sale
|
93
|
|
|
—
|
|
|
93
|
|
|
—
|
|
||||
Trust and insurance commissions and annuities income
|
250
|
|
|
245
|
|
|
463
|
|
|
494
|
|
||||
Earnings on bank-owned life insurance
|
45
|
|
|
66
|
|
|
111
|
|
|
129
|
|
||||
Bank-owned life insurance death benefit
|
1,389
|
|
|
—
|
|
|
1,389
|
|
|
—
|
|
||||
Other
|
143
|
|
|
150
|
|
|
284
|
|
|
328
|
|
||||
Total noninterest income
|
3,094
|
|
|
1,607
|
|
|
4,633
|
|
|
3,151
|
|
||||
Noninterest expense
|
|
|
|
|
|
|
|
||||||||
Compensation and benefits
|
5,790
|
|
|
5,110
|
|
|
11,112
|
|
|
11,462
|
|
||||
Office occupancy and equipment
|
1,662
|
|
|
1,599
|
|
|
3,393
|
|
|
3,221
|
|
||||
Advertising and public relations
|
274
|
|
|
259
|
|
|
417
|
|
|
640
|
|
||||
Information technology
|
708
|
|
|
679
|
|
|
1,349
|
|
|
1,432
|
|
||||
Supplies, telephone, and postage
|
396
|
|
|
358
|
|
|
729
|
|
|
690
|
|
||||
Amortization of intangibles
|
21
|
|
|
122
|
|
|
143
|
|
|
251
|
|
||||
Nonperforming asset management
|
51
|
|
|
27
|
|
|
253
|
|
|
131
|
|
||||
Operations of other real estate owned
|
135
|
|
|
245
|
|
|
296
|
|
|
458
|
|
||||
FDIC insurance premiums
|
104
|
|
|
125
|
|
|
223
|
|
|
312
|
|
||||
Other
|
1,074
|
|
|
1,083
|
|
|
2,259
|
|
|
2,276
|
|
||||
Total noninterest expense
|
10,215
|
|
|
9,607
|
|
|
20,174
|
|
|
20,873
|
|
||||
Income before income taxes
|
5,837
|
|
|
4,144
|
|
|
10,696
|
|
|
6,347
|
|
||||
Income tax expense
|
1,207
|
|
|
1,572
|
|
|
2,507
|
|
|
1,894
|
|
||||
Net income
|
$
|
4,630
|
|
|
$
|
2,572
|
|
|
$
|
8,189
|
|
|
$
|
4,453
|
|
Basic earnings per common share
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
$
|
0.46
|
|
|
$
|
0.24
|
|
Diluted earnings per common share
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
$
|
0.46
|
|
|
$
|
0.24
|
|
Weighted average common shares outstanding
|
17,633,815
|
|
|
18,330,032
|
|
|
17,781,407
|
|
|
18,485,181
|
|
||||
Diluted weighted average common shares outstanding
|
17,633,815
|
|
|
18,330,455
|
|
|
17,781,407
|
|
|
18,485,597
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
4,630
|
|
|
$
|
2,572
|
|
|
$
|
8,189
|
|
|
$
|
4,453
|
|
Unrealized holding loss arising during the period
|
(11
|
)
|
|
(63
|
)
|
|
(124
|
)
|
|
(83
|
)
|
||||
Tax effect
|
3
|
|
|
24
|
|
|
33
|
|
|
31
|
|
||||
Net of tax
|
(8
|
)
|
|
(39
|
)
|
|
(91
|
)
|
|
(52
|
)
|
||||
Comprehensive income
|
$
|
4,622
|
|
|
$
|
2,533
|
|
|
$
|
8,098
|
|
|
$
|
4,401
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Unearned
Employee
Stock
Ownership
Plan
Shares
|
|
Accumulated
Other
Comprehen-sive
Income
|
|
Total
|
||||||||||||
Balance at January 1, 2017
|
$
|
192
|
|
|
$
|
173,047
|
|
|
$
|
39,483
|
|
|
$
|
(8,318
|
)
|
|
$
|
376
|
|
|
$
|
204,780
|
|
Net income
|
—
|
|
|
—
|
|
|
4,453
|
|
|
—
|
|
|
—
|
|
|
4,453
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
(52
|
)
|
||||||
Net exercise of stock options (198,026 shares)
|
2
|
|
|
(1,239
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,237
|
)
|
||||||
Prepayment of ESOP Share Acquisition Loan
|
(8
|
)
|
|
(7,185
|
)
|
|
|
|
8,318
|
|
|
—
|
|
|
1,125
|
|
|||||||
Repurchase and retirement of common stock (448,436 shares)
|
(4
|
)
|
|
(6,563
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,567
|
)
|
||||||
Cash dividends declared on common stock ($0.13 per share)
|
—
|
|
|
—
|
|
|
(2,440
|
)
|
|
—
|
|
|
—
|
|
|
(2,440
|
)
|
||||||
Balance at June 30, 2017
|
$
|
182
|
|
|
$
|
158,060
|
|
|
$
|
41,496
|
|
|
$
|
—
|
|
|
$
|
324
|
|
|
$
|
200,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2018
|
$
|
179
|
|
|
$
|
153,811
|
|
|
$
|
43,274
|
|
|
$
|
—
|
|
|
$
|
370
|
|
|
$
|
197,634
|
|
Net income
|
—
|
|
|
—
|
|
|
8,189
|
|
|
—
|
|
|
—
|
|
|
8,189
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(91
|
)
|
|
(91
|
)
|
||||||
Nonvested stock awards-stock-based compensation expense
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Repurchase and retirement of common stock (497,389 shares)
|
(4
|
)
|
|
(8,486
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,490
|
)
|
||||||
Cash dividends declared on common stock ($0.17 per share)
|
—
|
|
|
—
|
|
|
(3,020
|
)
|
|
—
|
|
|
—
|
|
|
(3,020
|
)
|
||||||
Balance at June 30, 2018
|
$
|
175
|
|
|
$
|
145,331
|
|
|
$
|
48,443
|
|
|
$
|
—
|
|
|
$
|
279
|
|
|
$
|
194,228
|
|
|
Six Months Ended
June 30, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
8,189
|
|
|
$
|
4,453
|
|
Adjustments to reconcile to net income to net cash from operating activities
|
|
|
|
||||
Provision for (recovery of) loan losses
|
(235
|
)
|
|
210
|
|
||
Prepayment of ESOP Share Acquisition Loan
|
—
|
|
|
1,125
|
|
||
Stock–based compensation expense
|
6
|
|
|
—
|
|
||
Depreciation and amortization
|
1,729
|
|
|
1,890
|
|
||
Amortization of premiums and discounts on securities and loans
|
4
|
|
|
(91
|
)
|
||
Amortization of core deposit intangible
|
143
|
|
|
251
|
|
||
Amortization of servicing assets
|
51
|
|
|
59
|
|
||
Net change in net deferred loan origination costs
|
90
|
|
|
183
|
|
||
Loss on sale of other real estate owned
|
68
|
|
|
31
|
|
||
Net gain on sale of loans
|
—
|
|
|
(60
|
)
|
||
Loss on sale of equity securities
|
14
|
|
|
—
|
|
||
Gain on sale of premises held-for-sale
|
(93
|
)
|
|
—
|
|
||
Loans originated for sale
|
—
|
|
|
(1,016
|
)
|
||
Proceeds from sale of loans
|
—
|
|
|
1,076
|
|
||
Other real estate owned valuation adjustments
|
26
|
|
|
74
|
|
||
Net change in:
|
|
|
|
||||
Accrued interest receivable
|
(86
|
)
|
|
(107
|
)
|
||
Earnings on bank owned life insurance
|
(111
|
)
|
|
(129
|
)
|
||
Other assets
|
2,938
|
|
|
3,317
|
|
||
Accrued interest payable and other liabilities
|
(2,771
|
)
|
|
(2,858
|
)
|
||
Net cash from operating activities
|
9,962
|
|
|
8,408
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Securities
|
|
|
|
||||
Proceeds from maturities
|
48,953
|
|
|
29,275
|
|
||
Proceeds from principal repayments
|
1,921
|
|
|
1,732
|
|
||
Proceeds from sale of equity securities
|
487
|
|
|
—
|
|
||
Purchases of securities
|
(70,572
|
)
|
|
(33,648
|
)
|
||
Loans receivable
|
|
|
|
||||
Loan participations sold
|
—
|
|
|
3,615
|
|
||
Principal payments on loans receivable
|
482,893
|
|
|
295,864
|
|
||
Purchase of loans
|
—
|
|
|
(20,406
|
)
|
||
Originated for investment
|
(456,760
|
)
|
|
(304,332
|
)
|
||
Purchase of FHLB and FRB stock
|
(21
|
)
|
|
(154
|
)
|
||
Redemption of FHLB and FRB stock
|
—
|
|
|
3,514
|
|
||
Bank-owned life insurance death benefit
|
4,224
|
|
|
—
|
|
||
Proceeds from sale of premises held-for-sale
|
5,485
|
|
|
—
|
|
||
Proceeds from sale of other real estate owned
|
1,556
|
|
|
830
|
|
||
Purchase of premises and equipment, net
|
(132
|
)
|
|
(507
|
)
|
||
Net cash from (used in) investing activities
|
18,034
|
|
|
(24,217
|
)
|
|
Six Months Ended
June 30, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from financing activities
|
|
|
|
||||
Net change in deposits
|
$
|
(44,198
|
)
|
|
$
|
8,497
|
|
Net change in borrowings
|
(9,867
|
)
|
|
(192
|
)
|
||
Net change in advance payments by borrowers for taxes and insurance
|
2,182
|
|
|
2,652
|
|
||
Repurchase and retirement of common stock
|
(8,490
|
)
|
|
(6,567
|
)
|
||
Cash dividends paid on common stock
|
(3,020
|
)
|
|
(2,440
|
)
|
||
Shares retired for tax liability
|
—
|
|
|
(1,219
|
)
|
||
Net cash from (used in) financing activities
|
(63,393
|
)
|
|
731
|
|
||
Net change in cash and cash equivalents
|
(35,397
|
)
|
|
(15,078
|
)
|
||
Beginning cash and cash equivalents
|
127,592
|
|
|
96,684
|
|
||
Ending cash and cash equivalents
|
$
|
92,195
|
|
|
$
|
81,606
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
3,687
|
|
|
$
|
2,668
|
|
Income taxes paid
|
176
|
|
|
176
|
|
||
Loans transferred to other real estate owned
|
838
|
|
|
1,936
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income available to common stockholders
|
$
|
4,630
|
|
|
$
|
2,572
|
|
|
$
|
8,189
|
|
|
$
|
4,453
|
|
Average common shares outstanding
|
17,634,190
|
|
|
18,330,972
|
|
|
17,782,063
|
|
|
18,784,934
|
|
||||
Less:
|
|
|
|
|
|
|
|
||||||||
Unearned ESOP shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(298,813
|
)
|
||||
Unvested restricted stock shares
|
(375
|
)
|
|
(940
|
)
|
|
(656
|
)
|
|
(940
|
)
|
||||
Weighted average common shares outstanding
|
17,633,815
|
|
|
18,330,032
|
|
|
17,781,407
|
|
|
18,485,181
|
|
||||
Add - Net effect of dilutive unvested restricted stock
|
—
|
|
|
423
|
|
|
—
|
|
|
416
|
|
||||
Diluted weighted average common shares outstanding
|
17,633,815
|
|
|
18,330,455
|
|
|
17,781,407
|
|
|
18,485,597
|
|
||||
Basic earnings per common share
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
$
|
0.46
|
|
|
$
|
0.24
|
|
Diluted earnings per common share
|
$
|
0.26
|
|
|
$
|
0.14
|
|
|
$
|
0.46
|
|
|
$
|
0.24
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
96,603
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
96,603
|
|
Mortgage-backed securities - residential
|
11,431
|
|
|
429
|
|
|
(49
|
)
|
|
11,811
|
|
||||
Collateralized mortgage obligations - residential
|
4,028
|
|
|
14
|
|
|
(11
|
)
|
|
4,031
|
|
||||
SBA-guaranteed loan participation certificates
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
|
$
|
112,069
|
|
|
$
|
443
|
|
|
$
|
(60
|
)
|
|
$
|
112,452
|
|
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
75,916
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,916
|
|
Equity mutual fund
|
500
|
|
|
—
|
|
|
(1
|
)
|
|
499
|
|
||||
Mortgage-backed securities - residential
|
11,969
|
|
|
520
|
|
|
(17
|
)
|
|
12,472
|
|
||||
Collateralized mortgage obligations - residential
|
4,481
|
|
|
16
|
|
|
(11
|
)
|
|
4,486
|
|
||||
SBA-guaranteed loan participation certificates
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
|
$
|
92,876
|
|
|
$
|
536
|
|
|
$
|
(29
|
)
|
|
$
|
93,383
|
|
|
June 30, 2018
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
Due in one year or less
|
$
|
96,603
|
|
|
$
|
96,603
|
|
Mortgage-backed securities - residential
|
11,431
|
|
|
11,811
|
|
||
Collateralized mortgage obligations - residential
|
4,028
|
|
|
4,031
|
|
||
SBA-guaranteed loan participation certificates
|
7
|
|
|
7
|
|
||
|
$
|
112,069
|
|
|
$
|
112,452
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Proceeds
|
$
|
487
|
|
|
$
|
—
|
|
|
$
|
487
|
|
|
$
|
—
|
|
Gross gains
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Gross losses
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities - residential
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,097
|
|
|
$
|
(49
|
)
|
|
$
|
1,097
|
|
|
$
|
(49
|
)
|
Collateralized mortgage obligations - residential
|
—
|
|
|
—
|
|
|
1,890
|
|
|
(11
|
)
|
|
1,890
|
|
|
(11
|
)
|
||||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,987
|
|
|
$
|
(60
|
)
|
|
$
|
2,987
|
|
|
$
|
(60
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity mutual fund
|
$
|
499
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
499
|
|
|
$
|
(1
|
)
|
Mortgage-backed securities - residential
|
—
|
|
|
—
|
|
|
1,149
|
|
|
(17
|
)
|
|
1,149
|
|
|
(17
|
)
|
||||||
Collateralized mortgage obligations - residential
|
—
|
|
|
—
|
|
|
2,083
|
|
|
(11
|
)
|
|
2,083
|
|
|
(11
|
)
|
||||||
|
$
|
499
|
|
|
$
|
(1
|
)
|
|
$
|
3,232
|
|
|
$
|
(28
|
)
|
|
$
|
3,731
|
|
|
$
|
(29
|
)
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
One-to-four family residential real estate
|
$
|
84,048
|
|
|
$
|
97,814
|
|
Multi-family mortgage
|
571,886
|
|
|
588,383
|
|
||
Nonresidential real estate
|
155,627
|
|
|
169,971
|
|
||
Construction and land
|
1,316
|
|
|
1,358
|
|
||
Commercial loans
|
163,925
|
|
|
152,552
|
|
||
Commercial leases
|
316,555
|
|
|
310,076
|
|
||
Consumer
|
1,469
|
|
|
1,597
|
|
||
|
1,294,826
|
|
|
1,321,751
|
|
||
Net deferred loan origination costs
|
1,176
|
|
|
1,266
|
|
||
Allowance for loan losses
|
(8,179
|
)
|
|
(8,366
|
)
|
||
Loans, net
|
$
|
1,287,823
|
|
|
$
|
1,314,651
|
|
|
Allowance for loan losses
|
|
Loan Balances
|
||||||||||||||||||||
|
Individually
evaluated for
impairment
|
|
Collectively
evaluated for
impairment
|
|
Total
|
|
Individually
evaluated for
impairment
|
|
Collectively
evaluated for
impairment
|
|
Total
|
||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential real estate
|
$
|
—
|
|
|
$
|
802
|
|
|
$
|
802
|
|
|
$
|
3,514
|
|
|
$
|
80,534
|
|
|
$
|
84,048
|
|
Multi-family mortgage
|
—
|
|
|
3,690
|
|
|
3,690
|
|
|
668
|
|
|
571,218
|
|
|
571,886
|
|
||||||
Nonresidential real estate
|
—
|
|
|
1,452
|
|
|
1,452
|
|
|
—
|
|
|
155,627
|
|
|
155,627
|
|
||||||
Construction and land
|
—
|
|
|
32
|
|
|
32
|
|
|
—
|
|
|
1,316
|
|
|
1,316
|
|
||||||
Commercial loans
|
—
|
|
|
1,444
|
|
|
1,444
|
|
|
—
|
|
|
163,925
|
|
|
163,925
|
|
||||||
Commercial leases
|
—
|
|
|
746
|
|
|
746
|
|
|
—
|
|
|
316,555
|
|
|
316,555
|
|
||||||
Consumer
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
1,469
|
|
|
1,469
|
|
||||||
|
$
|
—
|
|
|
$
|
8,179
|
|
|
$
|
8,179
|
|
|
$
|
4,182
|
|
|
$
|
1,290,644
|
|
|
1,294,826
|
|
|
Net deferred loan origination costs
|
|
|
|
|
|
|
|
|
|
1,176
|
|
||||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
(8,179
|
)
|
||||||||||||
Loans, net
|
|
|
|
|
|
|
|
|
|
|
$
|
1,287,823
|
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential real estate
|
$
|
—
|
|
|
$
|
850
|
|
|
$
|
850
|
|
|
$
|
4,265
|
|
|
$
|
93,549
|
|
|
$
|
97,814
|
|
Multi-family mortgage
|
—
|
|
|
3,849
|
|
|
3,849
|
|
|
949
|
|
|
587,434
|
|
|
588,383
|
|
||||||
Nonresidential real estate
|
—
|
|
|
1,605
|
|
|
1,605
|
|
|
—
|
|
|
169,971
|
|
|
169,971
|
|
||||||
Construction and land
|
—
|
|
|
32
|
|
|
32
|
|
|
—
|
|
|
1,358
|
|
|
1,358
|
|
||||||
Commercial loans
|
—
|
|
|
1,357
|
|
|
1,357
|
|
|
—
|
|
|
152,552
|
|
|
152,552
|
|
||||||
Commercial leases
|
—
|
|
|
655
|
|
|
655
|
|
|
—
|
|
|
310,076
|
|
|
310,076
|
|
||||||
Consumer
|
—
|
|
|
18
|
|
|
18
|
|
|
—
|
|
|
1,597
|
|
|
1,597
|
|
||||||
|
$
|
—
|
|
|
$
|
8,366
|
|
|
$
|
8,366
|
|
|
$
|
5,214
|
|
|
$
|
1,316,537
|
|
|
1,321,751
|
|
|
Net deferred loan origination costs
|
|
|
|
|
|
|
|
|
|
1,266
|
|
||||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
(8,366
|
)
|
||||||||||||
Loans, net
|
|
|
|
|
|
|
|
|
|
|
$
|
1,314,651
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
8,341
|
|
|
$
|
7,971
|
|
|
$
|
8,366
|
|
|
$
|
8,127
|
|
Loans charged off:
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential real estate
|
(33
|
)
|
|
(22
|
)
|
|
(130
|
)
|
|
(193
|
)
|
||||
Multi-family mortgage
|
(35
|
)
|
|
—
|
|
|
(35
|
)
|
|
(3
|
)
|
||||
Nonresidential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
(165
|
)
|
||||
Commercial loans
|
(140
|
)
|
|
—
|
|
|
(140
|
)
|
|
—
|
|
||||
Consumer
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
|
(209
|
)
|
|
(22
|
)
|
|
(306
|
)
|
|
(361
|
)
|
||||
Recoveries:
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential real estate
|
6
|
|
|
79
|
|
|
105
|
|
|
85
|
|
||||
Multi-family mortgage
|
10
|
|
|
40
|
|
|
18
|
|
|
51
|
|
||||
Commercial loans
|
2
|
|
|
5
|
|
|
225
|
|
|
10
|
|
||||
Commercial leases
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Consumer
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
|
24
|
|
|
124
|
|
|
354
|
|
|
146
|
|
||||
Net recoveries (charge-offs)
|
(185
|
)
|
|
102
|
|
|
48
|
|
|
(215
|
)
|
||||
Provision for (recovery of) loan losses
|
23
|
|
|
49
|
|
|
(235
|
)
|
|
210
|
|
||||
Ending balance
|
$
|
8,179
|
|
|
$
|
8,122
|
|
|
$
|
8,179
|
|
|
$
|
8,122
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2018 |
|
Six months ended
June 30, 2018 |
||||||||||||||||||||
|
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
|
||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
One-to-four family residential real estate
|
$
|
4,105
|
|
|
$
|
3,455
|
|
|
$
|
650
|
|
|
$
|
—
|
|
|
$
|
3,558
|
|
|
$
|
12
|
|
|
$
|
3,812
|
|
|
$
|
24
|
|
One-to-four family residential real estate - non-owner occupied
|
86
|
|
|
46
|
|
|
42
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
137
|
|
|
—
|
|
||||||||
Multi-family mortgage - Illinois
|
668
|
|
|
666
|
|
|
—
|
|
|
—
|
|
|
877
|
|
|
9
|
|
|
909
|
|
|
20
|
|
||||||||
|
$
|
4,859
|
|
|
$
|
4,167
|
|
|
$
|
692
|
|
|
$
|
—
|
|
|
$
|
4,470
|
|
|
$
|
21
|
|
|
$
|
4,858
|
|
|
$
|
44
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, 2017
|
||||||||||||||
|
Loan
Balance
|
|
Recorded
Investment
|
|
Partial Charge-off
|
|
Allowance
for Loan
Losses
Allocated
|
|
Average
Investment
in Impaired
Loans
|
|
Interest
Income
Recognized
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential real estate
|
$
|
5,049
|
|
|
$
|
4,248
|
|
|
$
|
806
|
|
|
$
|
—
|
|
|
$
|
4,212
|
|
|
$
|
197
|
|
Multi-family mortgage - Illinois
|
958
|
|
|
948
|
|
|
—
|
|
|
—
|
|
|
847
|
|
|
41
|
|
||||||
|
$
|
6,007
|
|
|
$
|
5,196
|
|
|
$
|
806
|
|
|
$
|
—
|
|
|
$
|
5,059
|
|
|
$
|
238
|
|
|
Loan Balance
|
|
Recorded
Investment
|
|
Loans Past
Due Over 90
Days, Still
Accruing
|
||||||
June 30, 2018
|
|
|
|
|
|
||||||
One-to-four family residential real estate
|
$
|
2,800
|
|
|
$
|
1,491
|
|
|
$
|
—
|
|
One-to-four family residential real estate – non-owner occupied
|
262
|
|
|
47
|
|
|
—
|
|
|||
Multi-family mortgage - Illinois
|
96
|
|
|
92
|
|
|
—
|
|
|||
Consumer
|
6
|
|
|
6
|
|
|
—
|
|
|||
|
$
|
3,164
|
|
|
$
|
1,636
|
|
|
$
|
—
|
|
December 31, 2017
|
|
|
|
|
|
||||||
One-to-four family residential real estate
|
$
|
3,413
|
|
|
$
|
1,918
|
|
|
$
|
—
|
|
One-to-four family residential real estate – non-owner occupied
|
308
|
|
|
109
|
|
|
—
|
|
|||
Multi-family mortgage - Illinois
|
376
|
|
|
363
|
|
|
—
|
|
|||
|
$
|
4,097
|
|
|
$
|
2,390
|
|
|
$
|
—
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
Greater
Past Due
|
|
Total Past
Due
|
|
Loans Not
Past Due
|
|
Total
|
||||||||||||
One-to-four family residential real estate loans
|
$
|
153
|
|
|
$
|
629
|
|
|
$
|
1,491
|
|
|
$
|
2,273
|
|
|
$
|
64,325
|
|
|
$
|
66,598
|
|
One-to-four family residential real estate loans – non-owner occupied
|
8
|
|
|
43
|
|
|
47
|
|
|
98
|
|
|
16,831
|
|
|
16,929
|
|
||||||
Multi-family mortgage - Illinois
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
267,915
|
|
|
267,915
|
|
||||||
Multi-family mortgage - Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,921
|
|
|
296,921
|
|
||||||
Nonresidential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
152,781
|
|
|
152,781
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,090
|
|
|
1,090
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
228
|
|
|
228
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Regional commercial banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,281
|
|
|
46,281
|
|
||||||
Health care
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,672
|
|
|
68,672
|
|
||||||
Direct commercial lessor
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,369
|
|
|
49,369
|
|
||||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment rated commercial leases
|
81
|
|
|
—
|
|
|
—
|
|
|
81
|
|
|
198,882
|
|
|
198,963
|
|
||||||
Other commercial leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,416
|
|
|
119,416
|
|
||||||
Consumer
|
49
|
|
|
1
|
|
|
6
|
|
|
56
|
|
|
1,422
|
|
|
1,478
|
|
||||||
|
$
|
291
|
|
|
$
|
673
|
|
|
$
|
1,544
|
|
|
$
|
2,508
|
|
|
$
|
1,284,133
|
|
|
$
|
1,286,641
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
Greater Past Due |
|
Total Past
Due
|
|
Loans Not
Past Due
|
|
Total
|
||||||||||||
One-to-four family residential real estate loans
|
$
|
86
|
|
|
$
|
99
|
|
|
$
|
1,801
|
|
|
$
|
1,986
|
|
|
$
|
74,216
|
|
|
$
|
76,202
|
|
One-to-four family residential real estate loans – non-owner occupied
|
10
|
|
|
3
|
|
|
86
|
|
|
99
|
|
|
20,944
|
|
|
21,043
|
|
||||||
Multi-family mortgage - Illinois
|
172
|
|
|
—
|
|
|
364
|
|
|
536
|
|
|
287,171
|
|
|
287,707
|
|
||||||
Multi-family mortgage - Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,440
|
|
|
296,440
|
|
||||||
Nonresidential real estate
|
608
|
|
|
—
|
|
|
—
|
|
|
608
|
|
|
166,071
|
|
|
166,679
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,103
|
|
|
1,103
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|
259
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Regional commercial banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,935
|
|
|
40,935
|
|
||||||
Health care
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,738
|
|
|
71,738
|
|
||||||
Direct commercial lessor
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,237
|
|
|
40,237
|
|
||||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment rated commercial leases
|
934
|
|
|
—
|
|
|
—
|
|
|
934
|
|
|
207,747
|
|
|
208,681
|
|
||||||
Other commercial leases
|
288
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|
102,873
|
|
|
103,161
|
|
||||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,605
|
|
|
1,605
|
|
||||||
|
$
|
2,098
|
|
|
$
|
102
|
|
|
$
|
2,251
|
|
|
$
|
4,451
|
|
|
$
|
1,311,339
|
|
|
$
|
1,315,790
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
One-to-four family residential real estate - nonaccrual
|
$
|
17
|
|
|
$
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Nonaccrual
|
|
Total
|
||||||||||
One-to-four family residential real estate loans
|
$
|
65,236
|
|
|
$
|
—
|
|
|
$
|
257
|
|
|
$
|
1,489
|
|
|
$
|
66,982
|
|
One-to-four family residential real estate loans – non-owner occupied
|
16,982
|
|
|
—
|
|
|
38
|
|
|
46
|
|
|
17,066
|
|
|||||
Multi-family mortgage loans - Illinois
|
270,910
|
|
|
—
|
|
|
218
|
|
|
96
|
|
|
271,224
|
|
|||||
Multi-family mortgage loans - Other
|
300,662
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,662
|
|
|||||
Nonresidential real estate loans
|
155,527
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
155,627
|
|
|||||
Construction loans
|
1,086
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,086
|
|
|||||
Land loans
|
230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
230
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Regional commercial banking
|
37,052
|
|
|
9,251
|
|
|
—
|
|
|
—
|
|
|
46,303
|
|
|||||
Health care
|
64,804
|
|
|
—
|
|
|
3,820
|
|
|
—
|
|
|
68,624
|
|
|||||
Direct commercial lessor
|
48,998
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,998
|
|
|||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment rated commercial leases
|
197,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
197,746
|
|
|||||
Other commercial leases
|
118,809
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118,809
|
|
|||||
Consumer
|
1,463
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
1,469
|
|
|||||
|
$
|
1,279,505
|
|
|
$
|
9,251
|
|
|
$
|
4,434
|
|
|
$
|
1,636
|
|
|
$
|
1,294,826
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Nonaccrual
|
|
Total
|
||||||||||
One-to-four family residential real estate loans
|
$
|
74,437
|
|
|
$
|
—
|
|
|
$
|
255
|
|
|
$
|
1,914
|
|
|
$
|
76,606
|
|
One-to-four family residential real estate loans – non-owner occupied
|
21,059
|
|
|
—
|
|
|
40
|
|
|
109
|
|
|
21,208
|
|
|||||
Multi-family mortgage loans - Illinois
|
290,765
|
|
|
—
|
|
|
225
|
|
|
368
|
|
|
291,358
|
|
|||||
Multi-family mortgage loans - Other
|
297,025
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
297,025
|
|
|||||
Nonresidential real estate loans
|
169,817
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
169,971
|
|
|||||
Construction loans
|
1,099
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,099
|
|
|||||
Land loans
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Regional commercial banking
|
36,373
|
|
|
4,528
|
|
|
—
|
|
|
—
|
|
|
40,901
|
|
|||||
Health care
|
69,480
|
|
|
—
|
|
|
2,248
|
|
|
—
|
|
|
71,728
|
|
|||||
Direct commercial lessor
|
39,923
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,923
|
|
|||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment rated commercial leases
|
207,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
207,460
|
|
|||||
Other commercial leases
|
102,616
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,616
|
|
|||||
Consumer
|
1,597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,597
|
|
|||||
|
$
|
1,311,910
|
|
|
$
|
4,528
|
|
|
$
|
2,922
|
|
|
$
|
2,391
|
|
|
$
|
1,321,751
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Balance
|
|
Valuation Allowance
|
|
Net OREO Balance
|
|
Balance
|
|
Valuation Allowance
|
|
Net OREO Balance
|
||||||||||||
One–to–four family residential
|
$
|
833
|
|
|
$
|
—
|
|
|
$
|
833
|
|
|
$
|
836
|
|
|
$
|
(9
|
)
|
|
$
|
827
|
|
Multi-family mortgage
|
276
|
|
|
—
|
|
|
276
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Nonresidential real estate
|
74
|
|
|
—
|
|
|
74
|
|
|
1,772
|
|
|
(252
|
)
|
|
1,520
|
|
||||||
Land
|
48
|
|
|
(44
|
)
|
|
4
|
|
|
48
|
|
|
(44
|
)
|
|
4
|
|
||||||
|
$
|
1,231
|
|
|
$
|
(44
|
)
|
|
$
|
1,187
|
|
|
$
|
2,656
|
|
|
$
|
(305
|
)
|
|
$
|
2,351
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
1,802
|
|
|
$
|
5,301
|
|
|
$
|
2,351
|
|
|
$
|
3,895
|
|
New foreclosed properties
|
276
|
|
|
—
|
|
|
838
|
|
|
1,936
|
|
||||
Valuation adjustments
|
(1
|
)
|
|
(54
|
)
|
|
(26
|
)
|
|
(74
|
)
|
||||
Sales and payments
|
(890
|
)
|
|
(351
|
)
|
|
(1,976
|
)
|
|
(861
|
)
|
||||
Ending balance
|
$
|
1,187
|
|
|
$
|
4,896
|
|
|
$
|
1,187
|
|
|
$
|
4,896
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
321
|
|
|
$
|
410
|
|
|
$
|
305
|
|
|
$
|
449
|
|
Additions charged to expense
|
1
|
|
|
54
|
|
|
26
|
|
|
74
|
|
||||
Reductions from sales of OREO
|
(278
|
)
|
|
(156
|
)
|
|
(287
|
)
|
|
(215
|
)
|
||||
Ending balance
|
$
|
44
|
|
|
$
|
308
|
|
|
$
|
44
|
|
|
$
|
308
|
|
|
|
Overnight and Continuous
|
|
Up to 30 days
|
|
30 - 90 days
|
|
Greater Than 90 days
|
|
Total
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements and repurchase-to-maturity transactions
|
|
$
|
901
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
901
|
|
Gross amount of recognized liabilities for repurchase agreements in Statement of Condition
|
|
$
|
901
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements and repurchase-to-maturity transactions
|
|
$
|
768
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
768
|
|
Gross amount of recognized liabilities for repurchase agreements in Statement of Condition
|
|
|
|
$
|
768
|
|
•
|
Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity 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; 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 unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
|
Fair Value Measurements Using
|
|
|
||||||||||||
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Fair
Value
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Securities:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
—
|
|
|
$
|
96,603
|
|
|
$
|
—
|
|
|
$
|
96,603
|
|
Mortgage-backed securities – residential
|
—
|
|
|
11,811
|
|
|
—
|
|
|
11,811
|
|
||||
Collateralized mortgage obligations – residential
|
—
|
|
|
4,031
|
|
|
—
|
|
|
4,031
|
|
||||
SBA-guaranteed loan participation certificates
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||
|
$
|
—
|
|
|
$
|
112,452
|
|
|
$
|
—
|
|
|
$
|
112,452
|
|
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Securities:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
—
|
|
|
$
|
75,916
|
|
|
$
|
—
|
|
|
$
|
75,916
|
|
Equity mutual fund
|
499
|
|
|
—
|
|
|
—
|
|
|
499
|
|
||||
Mortgage-backed securities - residential
|
—
|
|
|
12,472
|
|
|
—
|
|
|
12,472
|
|
||||
Collateralized mortgage obligations – residential
|
—
|
|
|
4,486
|
|
|
—
|
|
|
4,486
|
|
||||
SBA-guaranteed loan participation certificates
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||
|
$
|
499
|
|
|
$
|
92,884
|
|
|
$
|
—
|
|
|
$
|
93,383
|
|
|
Fair Value Measurement Using
|
|
|
||||||||||||
|
Quoted
Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Fair
Value
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Other real estate owned:
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
102
|
|
Nonresidential real estate
|
—
|
|
|
—
|
|
|
814
|
|
|
814
|
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
916
|
|
|
$
|
916
|
|
|
Fair Value
|
|
Valuation
Technique(s) |
|
Significant Unobservable
Input(s) |
|
Range
(Weighted Average) |
||
December 31, 2017
|
|
|
|
|
|
|
|
||
Other real estate owned
|
|
|
|
|
|
|
|
||
One-to-four family residential real estate
|
$
|
102
|
|
|
Sales comparison
|
|
Discount applied to valuation
|
|
5.6%
|
Nonresidential real estate
|
814
|
|
|
Sales comparison
|
|
Comparison between sales and income approaches
|
|
-3.66% to 15.22%
(11.0%)
|
|
|
$
|
916
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at
June 30, 2018 Using:
|
|
|
||||||||||||||
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
92,195
|
|
|
$
|
11,738
|
|
|
$
|
80,457
|
|
|
$
|
—
|
|
|
$
|
92,195
|
|
Securities
|
112,452
|
|
|
—
|
|
|
112,452
|
|
|
—
|
|
|
112,452
|
|
|||||
Loans receivable, net of allowance for loan losses
|
1,287,823
|
|
|
—
|
|
|
—
|
|
|
1,287,031
|
|
|
1,287,031
|
|
|||||
FHLB and FRB stock
|
8,311
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|||||
Accrued interest receivable
|
4,705
|
|
|
—
|
|
|
4,705
|
|
|
—
|
|
|
4,705
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
$
|
229,717
|
|
|
$
|
—
|
|
|
$
|
229,717
|
|
|
$
|
—
|
|
|
$
|
229,717
|
|
NOW and money market accounts
|
563,096
|
|
|
—
|
|
|
563,096
|
|
|
—
|
|
|
563,096
|
|
|||||
Savings deposits
|
158,731
|
|
|
—
|
|
|
158,731
|
|
|
—
|
|
|
158,731
|
|
|||||
Certificates of deposit
|
344,309
|
|
|
—
|
|
|
341,648
|
|
|
—
|
|
|
341,648
|
|
|||||
Borrowings
|
50,901
|
|
|
—
|
|
|
50,828
|
|
|
—
|
|
|
50,828
|
|
|||||
Accrued interest payable
|
226
|
|
|
—
|
|
|
226
|
|
|
—
|
|
|
226
|
|
|
|
|
Fair Value Measurements at
December 31, 2017 Using:
|
|
|
||||||||||||||
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
127,592
|
|
|
$
|
13,572
|
|
|
$
|
114,020
|
|
|
$
|
—
|
|
|
$
|
127,592
|
|
Securities
|
93,383
|
|
|
499
|
|
|
92,884
|
|
|
—
|
|
|
93,383
|
|
|||||
Loans receivable, net of allowance for loan losses
|
1,314,651
|
|
|
—
|
|
|
1,323,139
|
|
|
—
|
|
|
1,323,139
|
|
|||||
FHLB and FRB stock
|
8,290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|||||
Accrued interest receivable
|
4,619
|
|
|
—
|
|
|
4,619
|
|
|
—
|
|
|
4,619
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
$
|
234,354
|
|
|
$
|
—
|
|
|
$
|
234,354
|
|
|
$
|
—
|
|
|
$
|
234,354
|
|
NOW and money market accounts
|
589,238
|
|
|
—
|
|
|
589,238
|
|
|
—
|
|
|
589,238
|
|
|||||
Savings deposits
|
160,501
|
|
|
—
|
|
|
160,501
|
|
|
—
|
|
|
160,501
|
|
|||||
Certificates of deposit
|
355,958
|
|
|
—
|
|
|
353,969
|
|
|
—
|
|
|
353,969
|
|
|||||
Borrowings
|
60,768
|
|
|
—
|
|
|
60,627
|
|
|
—
|
|
|
60,627
|
|
|||||
Accrued interest payable
|
147
|
|
|
—
|
|
|
147
|
|
|
—
|
|
|
147
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Deposit service charges and fees
|
$
|
989
|
|
|
$
|
996
|
|
|
$
|
1,967
|
|
|
$
|
1,946
|
|
Loan fee income
(1)
|
90
|
|
|
63
|
|
|
160
|
|
|
123
|
|
||||
Commercial mortgage brokerage fees
(1)
|
85
|
|
|
—
|
|
|
126
|
|
|
—
|
|
||||
Residential mortgage banking fees
(1)
|
24
|
|
|
87
|
|
|
54
|
|
|
131
|
|
||||
Loss on sales of equity securities
(1)
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
||||
Gain on sale of premises held-for-sale
|
93
|
|
|
—
|
|
|
93
|
|
|
—
|
|
||||
Trust and insurance commissions and annuities income
|
250
|
|
|
245
|
|
|
463
|
|
|
494
|
|
||||
Earnings on bank owned life insurance
(1)
|
45
|
|
|
66
|
|
|
111
|
|
|
129
|
|
||||
Bank-owned life insurance death benefit
(1)
|
1,389
|
|
|
—
|
|
|
1,389
|
|
|
—
|
|
||||
Other
(1)
|
143
|
|
|
150
|
|
|
284
|
|
|
328
|
|
||||
Total noninterest income
|
$
|
3,094
|
|
|
$
|
1,607
|
|
|
$
|
4,633
|
|
|
$
|
3,151
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
June 30, 2018
|
|
December 31, 2017
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
||||||
Total assets
|
$
|
1,567,498
|
|
|
$
|
1,625,558
|
|
|
$
|
(58,060
|
)
|
Loans, net
|
1,287,823
|
|
|
1,314,651
|
|
|
(26,828
|
)
|
|||
Securities, at fair value
|
112,452
|
|
|
93,383
|
|
|
19,069
|
|
|||
Other real estate owned, net
|
1,187
|
|
|
2,351
|
|
|
(1,164
|
)
|
|||
Deposits
|
1,295,853
|
|
|
1,340,051
|
|
|
(44,198
|
)
|
|||
Borrowings
|
50,901
|
|
|
60,768
|
|
|
(9,867
|
)
|
|||
Equity
|
194,228
|
|
|
197,634
|
|
|
(3,406
|
)
|
|
Three Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
|
|
||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
$
|
15,020
|
|
|
$
|
13,649
|
|
|
$
|
1,371
|
|
|
$
|
29,768
|
|
|
$
|
27,011
|
|
|
$
|
2,757
|
|
Interest expense
|
2,039
|
|
|
1,456
|
|
|
583
|
|
|
3,766
|
|
|
2,732
|
|
|
1,034
|
|
||||||
Net interest income
|
12,981
|
|
|
12,193
|
|
|
788
|
|
|
26,002
|
|
|
24,279
|
|
|
1,723
|
|
||||||
Provision for (recovery of) loan losses
|
23
|
|
|
49
|
|
|
(26
|
)
|
|
(235
|
)
|
|
210
|
|
|
(445
|
)
|
||||||
Net interest income after provision for (recovery of) loan losses
|
12,958
|
|
|
12,144
|
|
|
814
|
|
|
26,237
|
|
|
24,069
|
|
|
2,168
|
|
||||||
Noninterest income
|
3,094
|
|
|
1,607
|
|
|
1,487
|
|
|
4,633
|
|
|
3,151
|
|
|
1,482
|
|
||||||
Noninterest expense
|
10,215
|
|
|
9,607
|
|
|
608
|
|
|
20,174
|
|
|
20,873
|
|
|
(699
|
)
|
||||||
Income before income tax expense
|
5,837
|
|
|
4,144
|
|
|
1,693
|
|
|
10,696
|
|
|
6,347
|
|
|
4,349
|
|
||||||
Income tax expense
|
1,207
|
|
|
1,572
|
|
|
(365
|
)
|
|
2,507
|
|
|
1,894
|
|
|
613
|
|
||||||
Net income
|
$
|
4,630
|
|
|
$
|
2,572
|
|
|
$
|
2,058
|
|
|
$
|
8,189
|
|
|
$
|
4,453
|
|
|
$
|
3,736
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
||||||||
Return on assets (ratio of net income to average total assets)
(1)
|
1.18
|
%
|
|
0.64
|
%
|
|
1.04
|
%
|
|
0.56
|
%
|
||||
Return on equity (ratio of net income to average equity)
(1)
|
9.39
|
|
|
5.08
|
|
|
8.25
|
|
|
4.37
|
|
||||
Average equity to average assets
|
12.60
|
|
|
12.55
|
|
|
12.61
|
|
|
12.71
|
|
||||
Net interest rate spread
(1) (2)
|
3.31
|
|
|
3.10
|
|
|
3.33
|
|
|
3.13
|
|
||||
Net interest margin
(1) (3)
|
3.49
|
|
|
3.22
|
|
|
3.51
|
|
|
3.24
|
|
||||
Efficiency ratio
(4)
|
63.55
|
|
|
69.62
|
|
|
65.85
|
|
|
76.10
|
|
||||
Noninterest expense to average total assets
(1)
|
2.61
|
|
|
2.38
|
|
|
2.56
|
|
|
2.60
|
|
||||
Average interest-earning assets to average interest-bearing liabilities
|
133.62
|
|
|
131.33
|
|
|
133.06
|
|
|
131.94
|
|
||||
Dividends declared per share
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
$
|
0.17
|
|
|
$
|
0.13
|
|
Dividend payout ratio
|
34.20
|
%
|
|
49.94
|
%
|
|
36.88
|
%
|
|
54.79
|
%
|
|
At June 30, 2018
|
|
At December 31, 2017
|
||
Asset Quality Ratios:
|
|
|
|
||
Nonperforming assets to total assets
(5)
|
0.18
|
%
|
|
0.29
|
%
|
Nonperforming loans to total loans
|
0.13
|
|
|
0.18
|
|
Allowance for loan losses to nonperforming loans
|
499.94
|
|
|
350.04
|
|
Allowance for loan losses to total loans
|
0.63
|
|
|
0.63
|
|
Capital Ratios:
|
|
|
|
||
Equity to total assets at end of period
|
12.39
|
%
|
|
12.16
|
%
|
Tier 1 leverage ratio (Bank only)
|
11.26
|
%
|
|
11.08
|
%
|
Other Data:
|
|
|
|
||
Number of full-service offices
|
19
|
|
|
19
|
|
Employees (full-time equivalents)
(6)
|
250
|
|
|
236
|
|
(1)
|
Ratios annualized.
|
(2)
|
The net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities for the period.
|
(3)
|
The net interest margin represents net interest income divided by average total interest-earning assets for the period.
|
(4)
|
The efficiency ratio represents noninterest expense, divided by the sum of net interest income and noninterest income.
|
(5)
|
Nonperforming assets include nonperforming loans and other real estate owned.
|
(6)
|
June 30, 2018 full time equivalents employees includes summer interns. These employees typically work from May through August.
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
(1)
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
(1)
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
$
|
1,291,339
|
|
|
$
|
13,977
|
|
|
4.34
|
%
|
|
$
|
1,318,473
|
|
|
$
|
12,956
|
|
|
3.94
|
%
|
Securities
|
107,384
|
|
|
546
|
|
|
2.04
|
|
|
109,454
|
|
|
357
|
|
|
1.31
|
|
||||
Stock in FHLB and FRB
|
8,411
|
|
|
111
|
|
|
5.29
|
|
|
8,250
|
|
|
102
|
|
|
4.96
|
|
||||
Other
|
85,690
|
|
|
386
|
|
|
1.81
|
|
|
83,396
|
|
|
234
|
|
|
1.13
|
|
||||
Total interest-earning assets
|
1,492,824
|
|
|
15,020
|
|
|
4.04
|
|
|
1,519,573
|
|
|
13,649
|
|
|
3.60
|
|
||||
Noninterest-earning assets
|
73,172
|
|
|
|
|
|
|
92,548
|
|
|
|
|
|
||||||||
Total assets
|
$
|
1,565,996
|
|
|
|
|
|
|
$
|
1,612,121
|
|
|
|
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings deposits
|
$
|
159,334
|
|
|
53
|
|
|
0.13
|
|
|
$
|
161,471
|
|
|
47
|
|
|
0.12
|
|
||
Money market accounts
|
285,532
|
|
|
435
|
|
|
0.61
|
|
|
305,546
|
|
|
306
|
|
|
0.40
|
|
||||
NOW accounts
|
281,430
|
|
|
189
|
|
|
0.27
|
|
|
274,743
|
|
|
135
|
|
|
0.20
|
|
||||
Certificates of deposit
|
328,932
|
|
|
1,152
|
|
|
1.40
|
|
|
364,121
|
|
|
816
|
|
|
0.90
|
|
||||
Total deposits
|
1,055,228
|
|
|
1,829
|
|
|
0.70
|
|
|
1,105,881
|
|
|
1,304
|
|
|
0.47
|
|
||||
Borrowings
|
61,960
|
|
|
210
|
|
|
1.36
|
|
|
51,179
|
|
|
152
|
|
|
1.19
|
|
||||
Total interest-bearing liabilities
|
1,117,188
|
|
|
2,039
|
|
|
0.73
|
|
|
1,157,060
|
|
|
1,456
|
|
|
0.50
|
|
||||
Noninterest-bearing deposits
|
227,775
|
|
|
|
|
|
|
230,386
|
|
|
|
|
|
||||||||
Noninterest-bearing liabilities
|
23,719
|
|
|
|
|
|
|
22,315
|
|
|
|
|
|
||||||||
Total liabilities
|
1,368,682
|
|
|
|
|
|
|
1,409,761
|
|
|
|
|
|
||||||||
Equity
|
197,314
|
|
|
|
|
|
|
202,360
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
1,565,996
|
|
|
|
|
|
|
$
|
1,612,121
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
12,981
|
|
|
|
|
|
|
$
|
12,193
|
|
|
|
||||||
Net interest rate spread
(2)
|
|
|
|
|
3.31
|
%
|
|
|
|
|
|
3.10
|
%
|
||||||||
Net interest-earning assets
(3)
|
$
|
375,636
|
|
|
|
|
|
|
$
|
362,513
|
|
|
|
|
|
||||||
Net interest margin
(4)
|
|
|
|
|
3.49
|
%
|
|
|
|
|
|
3.22
|
%
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
133.62
|
%
|
|
|
|
|
|
131.33
|
%
|
|
|
|
|
(1)
|
Annualized.
|
(2)
|
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(3)
|
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
Three Months Ended
June 30, |
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Deposit service charges and fees
|
$
|
989
|
|
|
$
|
996
|
|
|
$
|
(7
|
)
|
Loan fee income
|
90
|
|
|
63
|
|
|
27
|
|
|||
Commercial mortgage brokerage fees
|
85
|
|
|
—
|
|
|
85
|
|
|||
Residential mortgage banking fees
|
24
|
|
|
87
|
|
|
(63
|
)
|
|||
Loss on sales of equity securities
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|||
Gain on sale of premises held-for-sale
|
93
|
|
|
—
|
|
|
93
|
|
|||
Trust and insurance commissions and annuities income
|
250
|
|
|
245
|
|
|
5
|
|
|||
Earnings on bank owned life insurance
|
45
|
|
|
66
|
|
|
(21
|
)
|
|||
Bank-owned life insurance death benefit
|
1,389
|
|
|
—
|
|
|
1,389
|
|
|||
Other
|
143
|
|
|
150
|
|
|
(7
|
)
|
|||
Total noninterest income
|
$
|
3,094
|
|
|
$
|
1,607
|
|
|
$
|
1,487
|
|
|
Three Months Ended
June 30, |
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Compensation and benefits
|
$
|
5,790
|
|
|
$
|
5,110
|
|
|
$
|
680
|
|
Office occupancy and equipment
|
1,662
|
|
|
1,599
|
|
|
63
|
|
|||
Advertising and public relations
|
274
|
|
|
259
|
|
|
15
|
|
|||
Information technology
|
708
|
|
|
679
|
|
|
29
|
|
|||
Supplies, telephone and postage
|
396
|
|
|
358
|
|
|
38
|
|
|||
Amortization of intangibles
|
21
|
|
|
122
|
|
|
(101
|
)
|
|||
Nonperforming asset management
|
51
|
|
|
27
|
|
|
24
|
|
|||
Loss on sale other real estate owned
|
47
|
|
|
15
|
|
|
32
|
|
|||
Valuation adjustments of other real estate owned
|
1
|
|
|
54
|
|
|
(53
|
)
|
|||
Operations of other real estate owned
|
87
|
|
|
176
|
|
|
(89
|
)
|
|||
FDIC insurance premiums
|
104
|
|
|
125
|
|
|
(21
|
)
|
|||
Other
|
1,074
|
|
|
1,083
|
|
|
(9
|
)
|
|||
Total noninterest expense
|
$
|
10,215
|
|
|
$
|
9,607
|
|
|
$
|
608
|
|
|
For the Six Months Ended June 30,
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
(1)
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
(1)
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
$
|
1,292,855
|
|
|
$
|
27,797
|
|
|
4.34
|
%
|
|
$
|
1,315,900
|
|
|
$
|
25,716
|
|
|
3.94
|
%
|
Securities
|
105,666
|
|
|
1,010
|
|
|
1.93
|
|
|
111,593
|
|
|
706
|
|
|
1.28
|
|
||||
Stock in FHLB and FRB
|
8,351
|
|
|
216
|
|
|
5.22
|
|
|
8,702
|
|
|
200
|
|
|
4.63
|
|
||||
Other
|
89,083
|
|
|
745
|
|
|
1.69
|
|
|
74,713
|
|
|
389
|
|
|
1.05
|
|
||||
Total interest-earning assets
|
1,495,955
|
|
|
29,768
|
|
|
4.01
|
|
|
1,510,908
|
|
|
27,011
|
|
|
3.61
|
|
||||
Noninterest-earning assets
|
77,932
|
|
|
|
|
|
|
92,841
|
|
|
|
|
|
||||||||
Total assets
|
$
|
1,573,887
|
|
|
|
|
|
|
$
|
1,603,749
|
|
|
|
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings deposits
|
$
|
159,739
|
|
|
101
|
|
|
0.13
|
|
|
$
|
160,967
|
|
|
90
|
|
|
0.11
|
|
||
Money market accounts
|
289,993
|
|
|
814
|
|
|
0.57
|
|
|
306,329
|
|
|
579
|
|
|
0.38
|
|
||||
NOW accounts
|
281,716
|
|
|
328
|
|
|
0.23
|
|
|
269,046
|
|
|
256
|
|
|
0.19
|
|
||||
Certificates of deposit
|
331,441
|
|
|
2,111
|
|
|
1.28
|
|
|
358,556
|
|
|
1,559
|
|
|
0.88
|
|
||||
Total deposits
|
1,062,889
|
|
|
3,354
|
|
|
0.64
|
|
|
1,094,898
|
|
|
2,484
|
|
|
0.46
|
|
||||
Borrowings
|
61,352
|
|
|
412
|
|
|
1.35
|
|
|
50,247
|
|
|
248
|
|
|
1.00
|
|
||||
Total interest-bearing liabilities
|
1,124,241
|
|
|
3,766
|
|
|
0.68
|
|
|
1,145,145
|
|
|
2,732
|
|
|
0.48
|
|
||||
Noninterest-bearing deposits
|
227,358
|
|
|
|
|
|
|
232,763
|
|
|
|
|
|
||||||||
Noninterest-bearing liabilities
|
23,802
|
|
|
|
|
|
|
21,980
|
|
|
|
|
|
||||||||
Total liabilities
|
1,375,401
|
|
|
|
|
|
|
1,399,888
|
|
|
|
|
|
||||||||
Equity
|
198,486
|
|
|
|
|
|
|
203,861
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
$
|
1,573,887
|
|
|
|
|
|
|
$
|
1,603,749
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
26,002
|
|
|
|
|
|
|
$
|
24,279
|
|
|
|
||||||
Net interest rate spread
(2)
|
|
|
|
|
3.33
|
%
|
|
|
|
|
|
3.13
|
%
|
||||||||
Net interest-earning assets
(3)
|
$
|
371,714
|
|
|
|
|
|
|
$
|
365,763
|
|
|
|
|
|
||||||
Net interest margin
(4)
|
|
|
|
|
3.51
|
%
|
|
|
|
|
|
3.24
|
%
|
||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
133.06
|
%
|
|
|
|
|
|
131.94
|
%
|
|
|
|
|
(1)
|
Annualized
|
(2)
|
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(3)
|
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
Six Months Ended
June 30, |
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Deposit service charges and fees
|
$
|
1,967
|
|
|
$
|
1,946
|
|
|
$
|
21
|
|
Loan fee income
|
160
|
|
|
123
|
|
|
37
|
|
|||
Commercial mortgage brokerage fees
|
126
|
|
|
—
|
|
|
126
|
|
|||
Residential mortgage banking fees
|
54
|
|
|
131
|
|
|
(77
|
)
|
|||
Loss on sales of equity securities
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
|||
Gain on disposition of premises and equipment, net
|
93
|
|
|
—
|
|
|
93
|
|
|||
Trust and insurance commissions and annuities income
|
463
|
|
|
494
|
|
|
(31
|
)
|
|||
Earnings on bank owned life insurance
|
111
|
|
|
129
|
|
|
(18
|
)
|
|||
Bank-owned life insurance death benefit
|
1,389
|
|
|
—
|
|
|
1,389
|
|
|||
Other
|
284
|
|
|
328
|
|
|
(44
|
)
|
|||
Total noninterest income
|
$
|
4,633
|
|
|
$
|
3,151
|
|
|
$
|
1,482
|
|
|
Six Months Ended
June 30, |
|
|
||||||||
|
2018
|
|
2017
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Compensation and benefits
|
$
|
11,112
|
|
|
$
|
11,462
|
|
|
$
|
(350
|
)
|
Office occupancy and equipment
|
3,393
|
|
|
3,221
|
|
|
172
|
|
|||
Advertising and public relations
|
417
|
|
|
640
|
|
|
(223
|
)
|
|||
Information technology
|
1,349
|
|
|
1,432
|
|
|
(83
|
)
|
|||
Supplies, telephone and postage
|
729
|
|
|
690
|
|
|
39
|
|
|||
Amortization of intangibles
|
143
|
|
|
251
|
|
|
(108
|
)
|
|||
Nonperforming asset management
|
253
|
|
|
131
|
|
|
122
|
|
|||
Loss on sale other real estate owned
|
68
|
|
|
31
|
|
|
37
|
|
|||
Valuation adjustments of other real estate owned
|
26
|
|
|
74
|
|
|
(48
|
)
|
|||
Operations of other real estate owned
|
202
|
|
|
353
|
|
|
(151
|
)
|
|||
FDIC insurance premiums
|
223
|
|
|
312
|
|
|
(89
|
)
|
|||
Other
|
2,259
|
|
|
2,276
|
|
|
(17
|
)
|
|||
Total noninterest expense
|
$
|
20,174
|
|
|
$
|
20,873
|
|
|
$
|
(699
|
)
|
|
June 30, 2018
|
|
March 31, 2018
|
|
December 31, 2017
|
|
Quarter Change
|
|
Six Month Change
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential real estate
|
$
|
1,538
|
|
|
$
|
1,589
|
|
|
$
|
2,027
|
|
|
$
|
(51
|
)
|
|
$
|
(489
|
)
|
Multi-family mortgage
|
92
|
|
|
369
|
|
|
363
|
|
|
(277
|
)
|
|
(271
|
)
|
|||||
Consumer
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|||||
|
1,636
|
|
|
1,958
|
|
|
2,390
|
|
|
(322
|
)
|
|
(754
|
)
|
|||||
Other real estate owned:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
833
|
|
|
935
|
|
|
827
|
|
|
(102
|
)
|
|
6
|
|
|||||
Multi-family mortgage
|
276
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|
276
|
|
|||||
Nonresidential real estate
|
74
|
|
|
863
|
|
|
1,520
|
|
|
(789
|
)
|
|
(1,446
|
)
|
|||||
Land
|
4
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|||||
|
1,187
|
|
|
1,802
|
|
|
2,351
|
|
|
(615
|
)
|
|
(1,164
|
)
|
|||||
Total nonperforming assets
|
$
|
2,823
|
|
|
$
|
3,760
|
|
|
$
|
4,741
|
|
|
$
|
(937
|
)
|
|
$
|
(1,918
|
)
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans to total loans
|
0.13
|
%
|
|
0.15
|
%
|
|
0.18
|
%
|
|
|
|
|
|||||||
Nonperforming assets to total assets
|
0.18
|
|
|
0.24
|
|
|
0.29
|
|
|
|
|
|
|
Actual
|
|
Required for Capital Adequacy Purposes
|
|
To be Well-Capitalized under Prompt Corrective Action Provisions
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
194,015
|
|
|
16.73
|
%
|
|
$
|
92,795
|
|
|
8.00
|
%
|
|
N/A
|
|
N/A
|
|||
BankFinancial, NA
|
183,528
|
|
|
15.83
|
|
|
92,773
|
|
|
8.00
|
|
|
$
|
115,966
|
|
|
10.00
|
%
|
||
Tier 1 (core) capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated
|
185,836
|
|
|
16.02
|
|
|
69,597
|
|
|
6.00
|
|
|
N/A
|
|
N/A
|
|||||
BankFinancial, NA
|
175,349
|
|
|
15.12
|
|
|
69,580
|
|
|
6.00
|
|
|
92,773
|
|
|
8.00
|
|
|||
Common Tier 1 (CET1)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
185,836
|
|
|
16.02
|
|
|
52,197
|
|
|
4.50
|
|
|
N/A
|
|
N/A
|
|||||
BankFinancial, NA
|
175,349
|
|
|
15.12
|
|
|
52,185
|
|
|
4.50
|
|
|
75,378
|
|
|
6.50
|
|
|||
Tier 1 (core) capital (to adjusted average total assets):
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
185,836
|
|
|
11.93
|
|
|
62,315
|
|
|
4.00
|
|
|
N/A
|
|
N/A
|
|||||
BankFinancial, NA
|
175,349
|
|
|
11.26
|
|
|
62,309
|
|
|
4.00
|
|
|
77,887
|
|
|
5.00
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
$
|
195,371
|
|
|
17.06
|
%
|
|
$
|
91,590
|
|
|
8.00
|
%
|
|
N/A
|
|
N/A
|
|||
BankFinancial, NA
|
188,582
|
|
|
16.48
|
|
|
91,572
|
|
|
8.00
|
|
|
$
|
114,466
|
|
|
10.00
|
%
|
||
Tier 1 (core) capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated
|
187,005
|
|
|
16.33
|
|
|
68,692
|
|
|
6.00
|
|
|
N/A
|
|
N/A
|
|||||
BankFinancial, NA
|
180,216
|
|
|
15.74
|
|
|
68,679
|
|
|
6.00
|
|
|
91,572
|
|
|
8.00
|
|
|||
Common Tier 1 (CET1)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
187,005
|
|
|
16.33
|
|
|
51,519
|
|
|
4.50
|
|
|
N/A
|
|
N/A
|
|||||
BankFinancial, NA
|
180,216
|
|
|
15.74
|
|
|
51,509
|
|
|
4.50
|
|
|
74,403
|
|
|
6.50
|
|
|||
Tier 1 (core) capital (to adjusted average total assets):
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
187,005
|
|
|
11.49
|
|
|
65,085
|
|
|
4.00
|
|
|
N/A
|
|
N/A
|
|||||
BankFinancial, NA
|
180,216
|
|
|
11.08
|
|
|
65,045
|
|
|
4.00
|
|
|
81,307
|
|
|
5.00
|
|
|
Estimated Decrease
in NPV
|
|
Increase in Estimated
Net Interest Income
|
||||||||||
Change in Interest Rates (basis points)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
(Dollars in thousands)
|
||||||||||||
+400
|
$
|
(36,437
|
)
|
|
(13.85
|
)%
|
|
$
|
505
|
|
|
0.95
|
%
|
+300
|
(23,285
|
)
|
|
(8.85
|
)
|
|
473
|
|
|
0.89
|
|
||
+200
|
(12,712
|
)
|
|
(4.83
|
)
|
|
395
|
|
|
0.74
|
|
||
+100
|
(4,734
|
)
|
|
(1.80
|
)
|
|
293
|
|
|
0.55
|
|
||
0
|
|
|
|
|
|
|
|
||||||
-100
|
(2,090
|
)
|
|
(0.79
|
)
|
|
384
|
|
|
0.72
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
(a)
|
Unregistered Sale of Equity Securities
. Not applicable.
|
(b)
|
Use of Proceeds
. Not applicable.
|
(c)
|
Repurchases of Equity Securities
.
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of
Shares that May Yet be Purchased under the Plans or Programs
(1)
|
|||
April 1, 2018 through April 30, 2018
|
|
140,169
|
|
$
|
16.91
|
|
|
140,169
|
|
521,307
|
|
May 1, 2018 through May 31, 2018
|
|
254,720
|
|
17.29
|
|
|
254,720
|
|
266,587
|
|
|
June 1, 2018 through June 30, 2018
|
|
21,000
|
|
18.03
|
|
|
21,000
|
|
245,587
|
|
|
|
|
415,889
|
|
|
|
415,889
|
|
|
(1)
|
On March 28, 2018, the Board extended the expiration date of the Company's share repurchase authorization from June 30, 2018 to April 30, 2019, and increased the total number of shares authorized for repurchase by 500,000 shares. As of
June 30, 2018
, the Company had repurchased
3,085,168
shares of its common stock out of the
3,330,755
shares of common stock authorized under the share repurchase authorizations. Pursuant to the share repurchase authorization, there are
245,587
shares of common stock authorized for repurchase through April 30, 2019.
|
ITEM 3.
|
MINE SAFETY DISCLOSURES
|
ITEM 4.
|
OTHER INFORMATION
|
ITEM 5.
|
EXHIBITS
|
Exhibit Number
|
|
Description
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
101
|
|
The following financial statements from the BankFinancial Corporation Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated statement of conditions, (ii) consolidated statements of operations, (iii) consolidated statements of cash flows and (iv) the notes to consolidated financial statements.
|
*
|
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
|
|
|
|
BANKFINANCIAL CORPORATION
|
|
|
|
|
|
|
|
|
Dated:
|
July 30, 2018
|
|
By:
|
/s/ F. Morgan Gasior
|
|
|
|
|
|
F. Morgan Gasior
|
|
|
|
|
|
Chairman of the Board, Chief Executive Officer and President
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Paul A. Cloutier
|
|
|
|
|
|
Paul A. Cloutier
|
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
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