|
|
x
|
ANNUAL 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.)
|
|
|
60 North Frontage Road, Burr Ridge, Illinois 60527
|
|
(Address of Principal Executive Offices)
|
|
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
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
x
|
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
Emerging growth company
|
|
¨
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|
Page
Number
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|
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Item 1.
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||
Item 1A.
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||
Item 1B.
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||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
|
|
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|
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Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
|
|
|
|
|
|
|
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Item 10.
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Directors, Executive Officers and Corporate Governance
|
|
Item 11.
|
||
Item 12.
|
||
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
|
Item 14.
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||
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|
|
|
|
|
|
|
|
Item 15.
|
||
Item 16.
|
||
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|
|
ITEM 1.
|
BUSINESS
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
ITEM 2.
|
PROPERTIES
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES 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
|
|||||
October 1, 2019 through October 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
638,463
|
|
November 1, 2019 through November 30, 2019
|
|
45,000
|
|
|
13.49
|
|
|
45,000
|
|
|
593,463
|
|
|
December 1, 2019 through December 31, 2019
|
|
50,500
|
|
|
13.62
|
|
|
50,500
|
|
|
542,963
|
|
|
|
|
95,500
|
|
|
|
|
95,500
|
|
|
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
At and For the Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
1,488,015
|
|
|
$
|
1,585,325
|
|
|
$
|
1,625,558
|
|
|
$
|
1,620,037
|
|
|
$
|
1,512,443
|
|
Loans, net
|
1,168,008
|
|
|
1,323,793
|
|
|
1,314,651
|
|
|
1,312,952
|
|
|
1,232,257
|
|
|||||
Securities, at fair value
|
60,193
|
|
|
88,179
|
|
|
93,383
|
|
|
107,212
|
|
|
114,753
|
|
|||||
Deposits
|
1,284,757
|
|
|
1,352,484
|
|
|
1,340,051
|
|
|
1,339,390
|
|
|
1,212,919
|
|
|||||
Borrowings
|
61
|
|
|
21,049
|
|
|
60,768
|
|
|
51,069
|
|
|
64,318
|
|
|||||
Equity
|
174,372
|
|
|
187,150
|
|
|
197,634
|
|
|
204,780
|
|
|
212,364
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
65,408
|
|
|
$
|
61,287
|
|
|
$
|
56,179
|
|
|
$
|
50,928
|
|
|
$
|
48,962
|
|
Interest expense
|
13,217
|
|
|
9,217
|
|
|
6,089
|
|
|
3,970
|
|
|
2,814
|
|
|||||
Net interest income
|
52,191
|
|
|
52,070
|
|
|
50,090
|
|
|
46,958
|
|
|
46,148
|
|
|||||
Provision for (recovery of) loan losses
|
3,825
|
|
|
145
|
|
|
(87
|
)
|
|
(239
|
)
|
|
(3,206
|
)
|
|||||
Net interest income after provision for (recovery of) loan losses
|
48,366
|
|
|
51,925
|
|
|
50,177
|
|
|
47,197
|
|
|
49,354
|
|
|||||
Noninterest income
|
6,172
|
|
|
14,877
|
|
|
6,408
|
|
|
6,545
|
|
|
6,691
|
|
|||||
Noninterest expense
|
38,641
|
|
|
40,754
|
|
|
40,391
|
|
|
41,542
|
|
|
41,945
|
|
|||||
Income before income taxes
|
15,897
|
|
|
26,048
|
|
|
16,194
|
|
|
12,200
|
|
|
14,100
|
|
|||||
Income tax expense (1)
|
4,225
|
|
|
6,706
|
|
|
7,190
|
|
|
4,698
|
|
|
5,425
|
|
|||||
Net income
|
$
|
11,672
|
|
|
$
|
19,342
|
|
|
$
|
9,004
|
|
|
$
|
7,502
|
|
|
$
|
8,675
|
|
Basic earnings per common share
|
$
|
0.75
|
|
|
$
|
1.11
|
|
|
$
|
0.49
|
|
|
$
|
0.40
|
|
|
$
|
0.44
|
|
Diluted earnings per common share
|
$
|
0.75
|
|
|
$
|
1.11
|
|
|
$
|
0.49
|
|
|
$
|
0.39
|
|
|
$
|
0.44
|
|
|
At and For the Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on assets (ratio of net income to average total assets)
|
0.77
|
%
|
|
1.24
|
%
|
|
0.56
|
%
|
|
0.49
|
%
|
|
0.60
|
%
|
|||||
Return on equity (ratio of net income to average equity)
|
6.58
|
|
|
9.92
|
|
|
4.44
|
|
|
3.60
|
|
|
4.03
|
|
|||||
Net interest rate spread (2)
|
3.31
|
|
|
3.30
|
|
|
3.15
|
|
|
3.19
|
|
|
3.36
|
|
|||||
Net interest margin (3)
|
3.60
|
|
|
3.51
|
|
|
3.28
|
|
|
3.28
|
|
|
3.43
|
|
|||||
Efficiency ratio (4)
|
66.21
|
|
|
60.88
|
|
|
71.49
|
|
|
77.64
|
|
|
79.38
|
|
|||||
Noninterest expense to average total assets
|
2.54
|
|
|
2.61
|
|
|
2.50
|
|
|
2.72
|
|
|
2.90
|
|
|||||
Average interest-earning assets to average interest-bearing liabilities
|
131.78
|
|
|
133.34
|
|
|
131.70
|
|
|
135.09
|
|
|
132.32
|
|
|||||
Dividends declared per share
|
$
|
0.40
|
|
|
$
|
0.37
|
|
|
$
|
0.28
|
|
|
$
|
0.21
|
|
|
$
|
0.20
|
|
Dividend payout ratio
|
53.69
|
%
|
|
33.34
|
%
|
|
57.23
|
%
|
|
55.07
|
%
|
|
47.80
|
%
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets (5)
|
0.07
|
%
|
|
0.17
|
%
|
|
0.29
|
%
|
|
0.44
|
%
|
|
0.70
|
%
|
|||||
Nonperforming loans to total loans
|
0.07
|
|
|
0.11
|
|
|
0.18
|
|
|
0.25
|
|
|
0.29
|
|
|||||
Allowance for loan losses to nonperforming loans
|
901.06
|
|
|
558.34
|
|
|
349.31
|
|
|
246.12
|
|
|
270.62
|
|
|||||
Allowance for loan losses to total loans
|
0.65
|
|
|
0.64
|
|
|
0.63
|
|
|
0.62
|
|
|
0.78
|
|
|||||
Net (charge-offs) recoveries to average loans outstanding
|
(0.37
|
)
|
|
—
|
|
|
0.03
|
|
|
(0.11
|
)
|
|
0.08
|
|
|||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity to total assets at end of period
|
11.72
|
%
|
|
11.81
|
%
|
|
12.16
|
%
|
|
12.64
|
%
|
|
14.04
|
%
|
|||||
Average equity to average assets
|
11.68
|
|
|
12.51
|
|
|
12.53
|
|
|
13.62
|
|
|
14.88
|
|
|||||
Tier 1 leverage ratio (Bank only)
|
10.89
|
|
|
11.03
|
|
|
11.08
|
|
|
10.27
|
|
|
11.33
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of full-service offices
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|||||
Employees (full-time equivalents)
|
222
|
|
|
236
|
|
|
236
|
|
|
246
|
|
|
251
|
|
(1)
|
Income tax expense (benefit) for the year ended December 31, 2017 includes a $2.5 million increase to expense related to the Tax Cuts and Job Act of 2017.
|
(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.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
|
|
Average
Outstanding
Balance
|
|
Interest
|
|
Yield/Rate
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Interest-earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans
|
$
|
1,257,506
|
|
|
$
|
60,568
|
|
|
4.82
|
%
|
|
$
|
1,289,121
|
|
|
$
|
57,052
|
|
|
4.43
|
%
|
|
$
|
1,323,376
|
|
|
$
|
53,227
|
|
|
4.02
|
%
|
Securities
|
79,984
|
|
|
2,082
|
|
|
2.60
|
|
|
105,831
|
|
|
2,229
|
|
|
2.11
|
|
|
106,534
|
|
|
1,474
|
|
|
1.38
|
|
||||||
Stock in FHLB and FRB
|
7,657
|
|
|
364
|
|
|
4.75
|
|
|
8,212
|
|
|
428
|
|
|
5.21
|
|
|
8,494
|
|
|
409
|
|
|
4.82
|
|
||||||
Other
|
103,664
|
|
|
2,394
|
|
|
2.31
|
|
|
81,941
|
|
|
1,578
|
|
|
1.93
|
|
|
88,548
|
|
|
1,069
|
|
|
1.21
|
|
||||||
Total interest-earning assets
|
1,448,811
|
|
|
65,408
|
|
|
4.51
|
|
|
1,485,105
|
|
|
61,287
|
|
|
4.13
|
|
|
1,526,952
|
|
|
56,179
|
|
|
3.68
|
|
||||||
Noninterest-earning assets
|
70,808
|
|
|
|
|
|
|
73,930
|
|
|
|
|
|
|
90,464
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
1,519,619
|
|
|
|
|
|
|
$
|
1,559,035
|
|
|
|
|
|
|
$
|
1,617,416
|
|
|
|
|
|
|||||||||
Interest-bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings deposits
|
$
|
152,567
|
|
|
424
|
|
|
0.28
|
|
|
$
|
157,350
|
|
|
286
|
|
|
0.18
|
|
|
$
|
160,266
|
|
|
186
|
|
|
0.12
|
|
|||
Money market accounts
|
245,730
|
|
|
2,230
|
|
|
0.91
|
|
|
278,366
|
|
|
1,985
|
|
|
0.71
|
|
|
304,868
|
|
|
1,204
|
|
|
0.39
|
|
||||||
NOW accounts
|
269,856
|
|
|
1,150
|
|
|
0.43
|
|
|
279,422
|
|
|
856
|
|
|
0.31
|
|
|
274,585
|
|
|
537
|
|
|
0.20
|
|
||||||
Certificates of deposit
|
427,044
|
|
|
9,324
|
|
|
2.18
|
|
|
352,731
|
|
|
5,434
|
|
|
1.54
|
|
|
364,792
|
|
|
3,511
|
|
|
0.96
|
|
||||||
Total deposits
|
1,095,197
|
|
|
13,128
|
|
|
1.20
|
|
|
1,067,869
|
|
|
8,561
|
|
|
0.80
|
|
|
1,104,511
|
|
|
5,438
|
|
|
0.49
|
|
||||||
Borrowings
|
4,216
|
|
|
89
|
|
|
2.11
|
|
|
45,870
|
|
|
656
|
|
|
1.43
|
|
|
54,899
|
|
|
651
|
|
|
1.19
|
|
||||||
Total interest-bearing liabilities
|
1,099,413
|
|
|
13,217
|
|
|
1.20
|
|
|
1,113,739
|
|
|
9,217
|
|
|
0.83
|
|
|
1,159,410
|
|
|
6,089
|
|
|
0.53
|
|
||||||
Noninterest-bearing deposits
|
213,946
|
|
|
|
|
|
|
226,605
|
|
|
|
|
|
|
233,200
|
|
|
|
|
|
||||||||||||
Noninterest-bearing liabilities
|
28,774
|
|
|
|
|
|
|
23,630
|
|
|
|
|
|
|
22,127
|
|
|
|
|
|
||||||||||||
Total liabilities
|
1,342,133
|
|
|
|
|
|
|
1,363,974
|
|
|
|
|
|
|
1,414,737
|
|
|
|
|
|
||||||||||||
Equity
|
177,486
|
|
|
|
|
|
|
195,061
|
|
|
|
|
|
|
202,679
|
|
|
|
|
|
||||||||||||
Total liabilities and equity
|
$
|
1,519,619
|
|
|
|
|
|
|
$
|
1,559,035
|
|
|
|
|
|
|
$
|
1,617,416
|
|
|
|
|
|
|||||||||
Net interest income
|
|
|
$
|
52,191
|
|
|
|
|
|
|
$
|
52,070
|
|
|
|
|
|
|
$
|
50,090
|
|
|
|
|||||||||
Net interest rate spread (1)
|
|
|
|
|
3.31
|
%
|
|
|
|
|
|
3.30
|
%
|
|
|
|
|
|
3.15
|
%
|
||||||||||||
Net interest-earning assets (2)
|
$
|
349,398
|
|
|
|
|
|
|
$
|
371,366
|
|
|
|
|
|
|
$
|
367,542
|
|
|
|
|
|
|||||||||
Net interest margin (3)
|
|
|
|
|
3.60
|
%
|
|
|
|
|
|
3.51
|
%
|
|
|
|
|
|
3.28
|
%
|
||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
131.78
|
%
|
|
|
|
|
|
133.34
|
%
|
|
|
|
|
|
131.70
|
%
|
|
|
|
|
(1)
|
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(2)
|
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(3)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||||||||||||||
|
Increase (Decrease) Due to
|
|
|
|
Increase (Decrease) Due to
|
|
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
Total
Increase
|
|
Volume
|
|
Rate
|
|
Total
Increase
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans
|
$
|
(1,425
|
)
|
|
$
|
4,941
|
|
|
$
|
3,516
|
|
|
$
|
(1,422
|
)
|
|
$
|
5,247
|
|
|
$
|
3,825
|
|
Securities
|
(607
|
)
|
|
460
|
|
|
(147
|
)
|
|
(10
|
)
|
|
765
|
|
|
755
|
|
||||||
Stock in FHLB and FRB
|
(28
|
)
|
|
(36
|
)
|
|
(64
|
)
|
|
(14
|
)
|
|
33
|
|
|
19
|
|
||||||
Other
|
468
|
|
|
348
|
|
|
816
|
|
|
(85
|
)
|
|
594
|
|
|
509
|
|
||||||
Total interest-earning assets
|
(1,592
|
)
|
|
5,713
|
|
|
4,121
|
|
|
(1,531
|
)
|
|
6,639
|
|
|
5,108
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Savings deposits
|
(9
|
)
|
|
147
|
|
|
138
|
|
|
(3
|
)
|
|
103
|
|
|
100
|
|
||||||
Money market accounts
|
(255
|
)
|
|
500
|
|
|
245
|
|
|
(112
|
)
|
|
893
|
|
|
781
|
|
||||||
NOW accounts
|
(31
|
)
|
|
325
|
|
|
294
|
|
|
10
|
|
|
309
|
|
|
319
|
|
||||||
Certificates of deposit
|
1,309
|
|
|
2,581
|
|
|
3,890
|
|
|
(120
|
)
|
|
2,043
|
|
|
1,923
|
|
||||||
Borrowings
|
(782
|
)
|
|
215
|
|
|
(567
|
)
|
|
(116
|
)
|
|
121
|
|
|
5
|
|
||||||
Total interest-bearing liabilities
|
232
|
|
|
3,768
|
|
|
4,000
|
|
|
(341
|
)
|
|
3,469
|
|
|
3,128
|
|
||||||
Change in net interest income
|
$
|
(1,824
|
)
|
|
$
|
1,945
|
|
|
$
|
121
|
|
|
$
|
(1,190
|
)
|
|
$
|
3,170
|
|
|
$
|
1,980
|
|
|
Years Ended December 31,
|
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Deposit service charges and fees
|
$
|
3,844
|
|
|
$
|
3,968
|
|
|
$
|
(124
|
)
|
Loan servicing fees
|
451
|
|
|
439
|
|
|
12
|
|
|||
Mortgage brokerage and banking fees
|
149
|
|
|
257
|
|
|
(108
|
)
|
|||
Gain on sale of equity securities
|
295
|
|
|
3,558
|
|
|
(3,263
|
)
|
|||
Unrealized gains on equity securities
|
—
|
|
|
3,427
|
|
|
(3,427
|
)
|
|||
Gain on sale of premises held-for-sale
|
—
|
|
|
93
|
|
|
(93
|
)
|
|||
Loss on disposal of other assets
|
(44
|
)
|
|
—
|
|
|
(44
|
)
|
|||
Trust and insurance commissions and annuities income
|
844
|
|
|
937
|
|
|
(93
|
)
|
|||
Earnings on bank-owned life insurance
|
136
|
|
|
174
|
|
|
(38
|
)
|
|||
Bank-owned life insurance death benefit
|
—
|
|
|
1,389
|
|
|
(1,389
|
)
|
|||
Other
|
497
|
|
|
635
|
|
|
(138
|
)
|
|||
Total noninterest income
|
$
|
6,172
|
|
|
$
|
14,877
|
|
|
$
|
(8,705
|
)
|
|
Years Ended December 31,
|
|
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
|
(Dollars in thousands)
|
||||||||||
Compensation and benefits
|
$
|
21,266
|
|
|
$
|
22,987
|
|
|
$
|
(1,721
|
)
|
Office occupancy and equipment
|
7,069
|
|
|
6,817
|
|
|
252
|
|
|||
Advertising and public relations
|
657
|
|
|
848
|
|
|
(191
|
)
|
|||
Information technology
|
2,999
|
|
|
2,792
|
|
|
207
|
|
|||
Professional fees
|
1,027
|
|
|
1,018
|
|
|
9
|
|
|||
Supplies, telephone and postage
|
1,316
|
|
|
1,433
|
|
|
(117
|
)
|
|||
Amortization of intangibles
|
61
|
|
|
184
|
|
|
(123
|
)
|
|||
Nonperforming asset management
|
105
|
|
|
353
|
|
|
(248
|
)
|
|||
Operations of other real estate owned
|
52
|
|
|
432
|
|
|
(380
|
)
|
|||
FDIC insurance premiums
|
127
|
|
|
437
|
|
|
(310
|
)
|
|||
Other
|
3,962
|
|
|
3,453
|
|
|
509
|
|
|||
Total noninterest expense
|
$
|
38,641
|
|
|
$
|
40,754
|
|
|
$
|
(2,113
|
)
|
|
At December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Certificates of deposits
|
$
|
48,666
|
|
|
$
|
48,666
|
|
|
$
|
73,507
|
|
|
$
|
73,507
|
|
|
$
|
75,916
|
|
|
$
|
75,916
|
|
Municipal securities
|
505
|
|
|
513
|
|
|
509
|
|
|
509
|
|
|
—
|
|
|
—
|
|
||||||
Equity mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
499
|
|
||||||
SBA - guaranteed loan participation certificates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Total
|
49,171
|
|
|
49,179
|
|
|
74,016
|
|
|
74,016
|
|
|
76,426
|
|
|
76,425
|
|
||||||
Mortgage-backed Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities - residential
|
7,727
|
|
|
8,037
|
|
|
10,116
|
|
|
10,478
|
|
|
11,969
|
|
|
12,472
|
|
||||||
CMOs and REMICs - residential
|
2,986
|
|
|
2,977
|
|
|
3,676
|
|
|
3,685
|
|
|
4,481
|
|
|
4,486
|
|
||||||
Total mortgage-backed securities
|
10,713
|
|
|
11,014
|
|
|
13,792
|
|
|
14,163
|
|
|
16,450
|
|
|
16,958
|
|
||||||
|
$
|
59,884
|
|
|
$
|
60,193
|
|
|
$
|
87,808
|
|
|
$
|
88,179
|
|
|
$
|
92,876
|
|
|
$
|
93,383
|
|
|
At December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Equity Investments (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Visa Class B Shares
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,427
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Equity investments are included in Other Assets in the Consolidated Statements of Financial Condition.
|
|
One Year or Less
|
|
More than One Year
through Five Years
|
|
More than Five Years
through Ten Years
|
|
More than Ten Years
|
||||||||||||||||||||
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
|
Amortized
Cost
|
|
Weighted
Average
Yield
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Certificates of deposit
|
$
|
48,666
|
|
|
2.10
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Municipal securities
|
101
|
|
|
4.00
|
|
|
404
|
|
|
4.00
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
48,767
|
|
|
2.10
|
|
|
404
|
|
|
4.00
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fannie Mae
|
—
|
|
|
—
|
|
|
1
|
|
|
4.73
|
|
|
1,221
|
|
|
3.48
|
|
|
3,095
|
|
|
4.98
|
|
||||
Freddie Mac
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
4.09
|
|
|
360
|
|
|
4.10
|
|
||||
Ginnie Mae
|
—
|
|
|
—
|
|
|
19
|
|
|
3.25
|
|
|
—
|
|
|
—
|
|
|
3,020
|
|
|
3.94
|
|
||||
CMOs and REMICs
|
—
|
|
|
—
|
|
|
268
|
|
|
3.45
|
|
|
—
|
|
|
—
|
|
|
2,718
|
|
|
2.05
|
|
||||
|
—
|
|
|
—
|
|
|
288
|
|
|
3.44
|
|
|
1,232
|
|
|
3.48
|
|
|
9,193
|
|
|
3.74
|
|
||||
Total securities
|
$
|
48,767
|
|
|
2.10
|
%
|
|
$
|
692
|
|
|
3.77
|
%
|
|
$
|
1,232
|
|
|
3.48
|
%
|
|
$
|
9,193
|
|
|
3.74
|
%
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
One-to-four family residential
|
$
|
55,750
|
|
|
4.75
|
%
|
|
$
|
70,371
|
|
|
5.29
|
%
|
|
$
|
97,814
|
|
|
7.40
|
%
|
|
$
|
135,218
|
|
|
10.25
|
%
|
|
$
|
159,501
|
|
|
12.86
|
%
|
Multi-family mortgage
|
563,750
|
|
|
47.99
|
|
|
619,870
|
|
|
46.56
|
|
|
588,383
|
|
|
44.52
|
|
|
542,887
|
|
|
41.15
|
|
|
506,026
|
|
|
40.80
|
|
|||||
Nonresidential real estate
|
134,674
|
|
|
11.46
|
|
|
152,442
|
|
|
11.45
|
|
|
169,971
|
|
|
12.86
|
|
|
182,152
|
|
|
13.81
|
|
|
226,735
|
|
|
18.28
|
|
|||||
Construction and land
|
—
|
|
|
—
|
|
|
172
|
|
|
0.01
|
|
|
1,358
|
|
|
0.10
|
|
|
1,302
|
|
|
0.09
|
|
|
1,313
|
|
|
0.10
|
|
|||||
Commercial loans
|
145,714
|
|
|
12.40
|
|
|
187,406
|
|
|
14.08
|
|
|
152,552
|
|
|
11.54
|
|
|
99,088
|
|
|
7.51
|
|
|
79,516
|
|
|
6.41
|
|
|||||
Commercial leases
|
272,629
|
|
|
23.21
|
|
|
299,394
|
|
|
22.49
|
|
|
310,076
|
|
|
23.46
|
|
|
356,514
|
|
|
27.02
|
|
|
265,405
|
|
|
21.40
|
|
|||||
Consumer
|
2,211
|
|
|
0.19
|
|
|
1,539
|
|
|
0.12
|
|
|
1,597
|
|
|
0.12
|
|
|
2,255
|
|
|
0.17
|
|
|
1,831
|
|
|
0.15
|
|
|||||
|
1,174,728
|
|
|
100.00
|
%
|
|
1,331,194
|
|
|
100.00
|
%
|
|
1,321,751
|
|
|
100.00
|
%
|
|
1,319,416
|
|
|
100.00
|
%
|
|
1,240,327
|
|
|
100.00
|
%
|
|||||
Net deferred loan origination costs
|
912
|
|
|
|
|
1,069
|
|
|
|
|
1,266
|
|
|
|
|
1,663
|
|
|
|
|
1,621
|
|
|
|
||||||||||
Allowance for loan losses
|
(7,632
|
)
|
|
|
|
(8,470
|
)
|
|
|
|
(8,366
|
)
|
|
|
|
(8,127
|
)
|
|
|
|
(9,691
|
)
|
|
|
||||||||||
Total loans, net
|
$
|
1,168,008
|
|
|
|
|
$
|
1,323,793
|
|
|
|
|
$
|
1,314,651
|
|
|
|
|
$
|
1,312,952
|
|
|
|
|
$
|
1,232,257
|
|
|
|
|
Within
One Year
|
|
One Year
Through
Five Years
|
|
Beyond
Five Years
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Scheduled Repayments of Loans:
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential
|
$
|
5,329
|
|
|
$
|
11,888
|
|
|
$
|
38,533
|
|
|
$
|
55,750
|
|
Multi-family mortgage
|
33,909
|
|
|
73,732
|
|
|
456,109
|
|
|
563,750
|
|
||||
Nonresidential real estate
|
40,527
|
|
|
85,012
|
|
|
9,135
|
|
|
134,674
|
|
||||
Commercial loans and leases
|
212,269
|
|
|
205,042
|
|
|
1,032
|
|
|
418,343
|
|
||||
Consumer
|
411
|
|
|
1,072
|
|
|
728
|
|
|
2,211
|
|
||||
|
$
|
292,445
|
|
|
$
|
376,746
|
|
|
$
|
505,537
|
|
|
$
|
1,174,728
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
Total
|
||||||||
Loans Maturing After One Year:
|
|
|
|
|
|
|
|
||||||||
Predetermined (fixed) interest rates
|
|
|
|
|
|
|
$
|
304,361
|
|
||||||
Adjustable interest rates
|
|
|
|
|
|
|
577,922
|
|
|||||||
|
|
|
|
|
|
|
$
|
882,283
|
|
|
At December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
$
|
512
|
|
|
$
|
1,247
|
|
|
$
|
2,024
|
|
|
$
|
2,855
|
|
|
$
|
2,458
|
|
Multi-family mortgage
|
—
|
|
|
—
|
|
|
371
|
|
|
187
|
|
|
828
|
|
|||||
Nonresidential real estate
|
288
|
|
|
270
|
|
|
—
|
|
|
260
|
|
|
295
|
|
|||||
|
800
|
|
|
1,517
|
|
|
2,395
|
|
|
3,302
|
|
|
3,581
|
|
|||||
Loans past due over 90 days, still accruing - commercial leases
|
47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other real estate owned
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
186
|
|
|
875
|
|
|
827
|
|
|
1,565
|
|
|
2,621
|
|
|||||
Multi-family mortgage
|
—
|
|
|
276
|
|
|
—
|
|
|
370
|
|
|
951
|
|
|||||
Nonresidential real estate
|
—
|
|
|
74
|
|
|
1,520
|
|
|
1,066
|
|
|
1,747
|
|
|||||
Land
|
—
|
|
|
1
|
|
|
4
|
|
|
894
|
|
|
1,692
|
|
|||||
|
186
|
|
|
1,226
|
|
|
2,351
|
|
|
3,895
|
|
|
7,011
|
|
|||||
Total nonperforming assets
|
$
|
1,033
|
|
|
$
|
2,743
|
|
|
$
|
4,746
|
|
|
$
|
7,197
|
|
|
$
|
10,592
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratios
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans to total loans
|
0.07
|
%
|
|
0.11
|
%
|
|
0.18
|
%
|
|
0.25
|
%
|
|
0.29
|
%
|
|||||
Nonperforming assets to total assets
|
0.07
|
|
|
0.17
|
|
|
0.29
|
|
|
0.44
|
|
|
0.70
|
|
•
|
specific allowances established for any impaired residential non-owner occupied mortgage, multi-family mortgage, nonresidential real estate, construction and land, commercial, and commercial lease loans for which the recorded investment in the loan exceeds the measured value of the loan; and
|
•
|
general allowances for loan losses for each loan class based on historical loan loss experience; and adjustments to historical loss experience (general allowances), maintained to cover uncertainties that affect our estimate of probable incurred credit losses for each loan class.
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of year
|
$
|
8,470
|
|
|
$
|
8,366
|
|
|
$
|
8,127
|
|
|
$
|
9,691
|
|
|
$
|
11,990
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential real estate
|
(222
|
)
|
|
(231
|
)
|
|
(318
|
)
|
|
(539
|
)
|
|
(386
|
)
|
|||||
Multi-family mortgage
|
—
|
|
|
(35
|
)
|
|
(10
|
)
|
|
(79
|
)
|
|
(198
|
)
|
|||||
Nonresidential real estate
|
(83
|
)
|
|
(93
|
)
|
|
(165
|
)
|
|
(1,718
|
)
|
|
(391
|
)
|
|||||
Commercial loans
|
(4,443
|
)
|
|
(140
|
)
|
|
—
|
|
|
—
|
|
|
(152
|
)
|
|||||
Consumer
|
(31
|
)
|
|
(19
|
)
|
|
(10
|
)
|
|
(25
|
)
|
|
(16
|
)
|
|||||
|
(4,779
|
)
|
|
(518
|
)
|
|
(503
|
)
|
|
(2,361
|
)
|
|
(1,143
|
)
|
|||||
Recoveries
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential real estate
|
75
|
|
|
206
|
|
|
145
|
|
|
321
|
|
|
702
|
|
|||||
Multi-family mortgage
|
31
|
|
|
34
|
|
|
70
|
|
|
162
|
|
|
182
|
|
|||||
Nonresidential real estate
|
—
|
|
|
—
|
|
|
17
|
|
|
200
|
|
|
509
|
|
|||||
Construction and land
|
—
|
|
|
2
|
|
|
—
|
|
|
35
|
|
|
44
|
|
|||||
Commercial loans
|
10
|
|
|
229
|
|
|
594
|
|
|
309
|
|
|
611
|
|
|||||
Commercial leases
|
—
|
|
|
5
|
|
|
2
|
|
|
7
|
|
|
1
|
|
|||||
Consumer
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|||||
|
116
|
|
|
477
|
|
|
829
|
|
|
1,036
|
|
|
2,050
|
|
|||||
Net (charge-offs) recoveries
|
(4,663
|
)
|
|
(41
|
)
|
|
326
|
|
|
(1,325
|
)
|
|
907
|
|
|||||
Provision for (recovery of) loan losses
|
3,825
|
|
|
145
|
|
|
(87
|
)
|
|
(239
|
)
|
|
(3,206
|
)
|
|||||
Balance at end of year
|
$
|
7,632
|
|
|
$
|
8,470
|
|
|
$
|
8,366
|
|
|
$
|
8,127
|
|
|
$
|
9,691
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratios
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (charge-offs) recoveries to average loans outstanding
|
(0.37
|
)%
|
|
—
|
%
|
|
0.03
|
%
|
|
(0.11
|
)%
|
|
0.08
|
%
|
|||||
Allowance for loan losses to nonperforming loans
|
901.06
|
|
|
558.34
|
|
|
349.31
|
|
|
246.12
|
|
|
270.62
|
|
|||||
Allowance for loan losses to total loans
|
0.65
|
|
|
0.64
|
|
|
0.63
|
|
|
0.62
|
|
|
0.78
|
|
|
At December 31,
|
|||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent
of Loans
in Each
Category
to Total
Loans
|
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent
of Loans
in Each
Category
to Total
Loans
|
|
Allowance
for Loan
Losses
|
|
Loan
Balances by
Category
|
|
Percent
of Loans
in Each
Category
to Total
Loans
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
One-to-four family residential
|
$
|
675
|
|
|
$
|
55,750
|
|
|
4.75
|
%
|
|
$
|
699
|
|
|
$
|
70,371
|
|
|
5.29
|
%
|
|
$
|
850
|
|
|
$
|
97,814
|
|
|
7.40
|
%
|
Multi-family mortgage
|
3,676
|
|
|
563,750
|
|
|
47.99
|
|
|
3,991
|
|
|
619,870
|
|
|
46.56
|
|
|
3,849
|
|
|
588,383
|
|
|
44.52
|
|
||||||
Nonresidential real estate
|
1,176
|
|
|
134,674
|
|
|
11.46
|
|
|
1,476
|
|
|
152,442
|
|
|
11.45
|
|
|
1,605
|
|
|
169,971
|
|
|
12.86
|
|
||||||
Construction and land
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
172
|
|
|
0.01
|
|
|
32
|
|
|
1,358
|
|
|
0.10
|
|
||||||
Commercial loans
|
1,308
|
|
|
145,714
|
|
|
12.40
|
|
|
1,517
|
|
|
187,406
|
|
|
14.08
|
|
|
1,357
|
|
|
152,552
|
|
|
11.54
|
|
||||||
Commercial leases
|
757
|
|
|
272,629
|
|
|
23.21
|
|
|
755
|
|
|
299,394
|
|
|
22.49
|
|
|
655
|
|
|
310,076
|
|
|
23.46
|
|
||||||
Consumer
|
40
|
|
|
2,211
|
|
|
0.19
|
|
|
28
|
|
|
1,539
|
|
|
0.12
|
|
|
18
|
|
|
1,597
|
|
|
0.12
|
|
||||||
|
$
|
7,632
|
|
|
$
|
1,174,728
|
|
|
100.00
|
%
|
|
$
|
8,470
|
|
|
$
|
1,331,194
|
|
|
100.00
|
%
|
|
$
|
8,366
|
|
|
$
|
1,321,751
|
|
|
100.00
|
%
|
|
At December 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
|
Allowance for
Loan Losses
|
|
Loan Balances
by Category
|
|
Percent of
Loans in Each
Category to
Total Loans
|
|
Allowance for
Loan Losses
|
|
Loan Balances
by Category
|
|
Percent of
Loans in Each
Category to
Total Loans
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
One-to-four family residential
|
$
|
1,168
|
|
|
$
|
135,218
|
|
|
10.25
|
%
|
|
$
|
1,704
|
|
|
$
|
159,501
|
|
|
12.86
|
%
|
Multi-family mortgage
|
3,647
|
|
|
542,887
|
|
|
41.15
|
|
|
3,610
|
|
|
506,026
|
|
|
40.80
|
|
||||
Nonresidential real estate
|
1,794
|
|
|
182,152
|
|
|
13.81
|
|
|
2,582
|
|
|
226,735
|
|
|
18.28
|
|
||||
Construction and land
|
32
|
|
|
1,302
|
|
|
0.09
|
|
|
43
|
|
|
1,313
|
|
|
0.10
|
|
||||
Commercial loans
|
733
|
|
|
99,088
|
|
|
7.51
|
|
|
654
|
|
|
79,516
|
|
|
6.41
|
|
||||
Commercial leases
|
714
|
|
|
356,514
|
|
|
27.02
|
|
|
1,073
|
|
|
265,405
|
|
|
21.40
|
|
||||
Consumer
|
39
|
|
|
2,255
|
|
|
0.17
|
|
|
25
|
|
|
1,831
|
|
|
0.15
|
|
||||
|
$
|
8,127
|
|
|
$
|
1,319,416
|
|
|
100.00
|
%
|
|
$
|
9,691
|
|
|
$
|
1,240,327
|
|
|
100.00
|
%
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
Average
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Percent
|
|
Weighted
Average
Rate
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Noninterest-bearing demand:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Retail
|
$
|
123,496
|
|
|
9.43
|
%
|
|
—
|
%
|
|
$
|
132,053
|
|
|
10.20
|
%
|
|
—
|
%
|
|
$
|
136,214
|
|
|
10.18
|
%
|
|
—
|
%
|
Commercial
|
90,450
|
|
|
6.91
|
|
|
—
|
|
|
94,552
|
|
|
7.30
|
|
|
—
|
|
|
96,986
|
|
|
7.25
|
|
|
—
|
|
|||
Total noninterest-bearing demand
|
213,946
|
|
|
16.34
|
|
|
—
|
|
|
226,605
|
|
|
17.50
|
|
|
—
|
|
|
233,200
|
|
|
17.43
|
|
|
—
|
|
|||
Savings deposits
|
152,567
|
|
|
11.66
|
|
|
0.28
|
|
|
157,350
|
|
|
12.16
|
|
|
0.18
|
|
|
160,266
|
|
|
11.98
|
|
|
0.12
|
|
|||
Money market accounts
|
245,730
|
|
|
18.77
|
|
|
0.91
|
|
|
278,366
|
|
|
21.50
|
|
|
0.71
|
|
|
304,868
|
|
|
22.79
|
|
|
0.39
|
|
|||
Interest-bearing NOW accounts
|
269,856
|
|
|
20.61
|
|
|
0.43
|
|
|
279,422
|
|
|
21.59
|
|
|
0.31
|
|
|
274,585
|
|
|
20.53
|
|
|
0.20
|
|
|||
Certificates of deposit
|
427,044
|
|
|
32.62
|
|
|
2.18
|
|
|
352,731
|
|
|
27.25
|
|
|
1.54
|
|
|
364,792
|
|
|
27.27
|
|
|
0.96
|
|
|||
|
$
|
1,309,143
|
|
|
100.00
|
%
|
|
|
|
$
|
1,294,474
|
|
|
100.00
|
%
|
|
|
|
$
|
1,337,711
|
|
|
100.00
|
%
|
|
|
|
Maturity
|
|
|
||||||||||||||||
|
3 Months or
Less
|
|
Over 3 to 6
Months
|
|
Over 6 to 12
Months
|
|
Over 12
Months
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Certificates of deposit less than $100,000
|
$
|
51,427
|
|
|
$
|
31,067
|
|
|
$
|
72,074
|
|
|
$
|
36,024
|
|
|
$
|
190,592
|
|
Certificates of deposit of $100,000 or more
|
60,941
|
|
|
40,263
|
|
|
80,165
|
|
|
30,073
|
|
|
211,442
|
|
|||||
Total certificates of deposit
|
$
|
112,368
|
|
|
$
|
71,330
|
|
|
$
|
152,239
|
|
|
$
|
66,097
|
|
|
$
|
402,034
|
|
|
At or For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance at end of year
|
$
|
61
|
|
|
$
|
21,049
|
|
|
$
|
60,768
|
|
Average balance during year
|
4,216
|
|
|
45,870
|
|
|
54,899
|
|
|||
Maximum outstanding at any month end
|
20,574
|
|
|
60,983
|
|
|
61,162
|
|
|||
Weighted average interest rate at end of year
|
0.25
|
%
|
|
2.51
|
%
|
|
1.33
|
%
|
|||
Average interest rate during year
|
2.11
|
|
|
1.43
|
|
|
1.19
|
|
|
Estimated Decrease in NPV
|
|
Increase (Decrease) in Estimated
Net Interest Income
|
||||||||||
Change in Interest Rates (basis points)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
(Dollars in thousands)
|
||||||||||||
+400
|
$
|
(17,767
|
)
|
|
(8.01
|
)%
|
|
$
|
2,930
|
|
|
6.19
|
%
|
+300
|
(9,010
|
)
|
|
(4.06
|
)
|
|
2,441
|
|
|
5.16
|
|
||
+200
|
(2,930
|
)
|
|
(1.32
|
)
|
|
1,786
|
|
|
3.77
|
|
||
+100
|
(61
|
)
|
|
(0.03
|
)
|
|
966
|
|
|
2.04
|
|
||
0
|
|
|
|
|
|
|
|
|
|
|
|
||
-100
|
(3,153
|
)
|
|
(1.42
|
)
|
|
(1,646
|
)
|
|
(3.48
|
)
|
|
|
BankFinancial NA
Actual Ratio
|
|
Required for Capital Adequacy Purposes
|
|
To be Well-Capitalized under Prompt Corrective Action Provisions
|
|||
Total capital (to risk-weighted assets)
|
|
16.38
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
Tier 1 (core) capital (to risk-weighted assets)
|
|
15.63
|
|
|
6.00
|
|
|
8.00
|
|
Common Tier 1 (CET1)
|
|
15.63
|
|
|
4.50
|
|
|
6.50
|
|
Tier 1 (core) capital (to adjusted total assets)
|
|
10.89
|
|
|
4.00
|
|
|
5.00
|
|
/s/ F. Morgan Gasior
|
|
/s/ Paul A. Cloutier
|
F. Morgan Gasior
|
|
Paul A. Cloutier
|
Chairman of the Board, Chief Executive Officer and President
|
|
Executive Vice President and Chief Financial Officer
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Cash and due from other financial institutions
|
$
|
9,785
|
|
|
$
|
13,805
|
|
Interest-bearing deposits in other financial institutions
|
180,540
|
|
|
84,399
|
|
||
Cash and cash equivalents
|
190,325
|
|
|
98,204
|
|
||
Securities, at fair value
|
60,193
|
|
|
88,179
|
|
||
Loans receivable, net of allowance for loan losses:
December 31, 2019, $7,632 and December 31, 2018, $8,470 |
1,168,008
|
|
|
1,323,793
|
|
||
Other real estate owned, net
|
186
|
|
|
1,226
|
|
||
Stock in Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB"), at cost
|
7,490
|
|
|
8,026
|
|
||
Premises and equipment, net
|
24,346
|
|
|
25,205
|
|
||
Accrued interest receivable
|
4,563
|
|
|
4,952
|
|
||
Bank-owned life insurance
|
18,945
|
|
|
18,809
|
|
||
Deferred taxes
|
3,873
|
|
|
6,235
|
|
||
Other assets
|
10,086
|
|
|
10,696
|
|
||
Total assets
|
$
|
1,488,015
|
|
|
$
|
1,585,325
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits
|
|
|
|
||||
Noninterest-bearing
|
$
|
210,762
|
|
|
$
|
230,041
|
|
Interest-bearing
|
1,073,995
|
|
|
1,122,443
|
|
||
Total deposits
|
1,284,757
|
|
|
1,352,484
|
|
||
Borrowings
|
61
|
|
|
21,049
|
|
||
Advance payments by borrowers for taxes and insurance
|
10,222
|
|
|
10,531
|
|
||
Accrued interest payable and other liabilities
|
18,603
|
|
|
14,111
|
|
||
Total liabilities
|
1,313,643
|
|
|
1,398,175
|
|
||
Commitments and contingent liabilities
|
|
|
|
|
|
||
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; 15,278,464 shares issued at December 31, 2019 and 16,481,514 shares issued at December 31, 2018
|
153
|
|
|
165
|
|
||
Additional paid-in capital
|
112,420
|
|
|
130,547
|
|
||
Retained earnings
|
61,573
|
|
|
56,167
|
|
||
Accumulated other comprehensive income
|
226
|
|
|
271
|
|
||
Total stockholders’ equity
|
174,372
|
|
|
187,150
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,488,015
|
|
|
$
|
1,585,325
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Interest and dividend income
|
|
|
|
||||
Loans, including fees
|
$
|
60,568
|
|
|
$
|
57,052
|
|
Securities
|
2,082
|
|
|
2,229
|
|
||
Other
|
2,758
|
|
|
2,006
|
|
||
Total interest income
|
65,408
|
|
|
61,287
|
|
||
Interest expense
|
|
|
|
||||
Deposits
|
13,128
|
|
|
8,561
|
|
||
Borrowings
|
89
|
|
|
656
|
|
||
Total interest expense
|
13,217
|
|
|
9,217
|
|
||
Net interest income
|
52,191
|
|
|
52,070
|
|
||
Provision for loan losses
|
3,825
|
|
|
145
|
|
||
Net interest income after provision for loan losses
|
48,366
|
|
|
51,925
|
|
||
|
|
|
|
||||
Noninterest income
|
|
|
|
||||
Deposit service charges and fees
|
3,844
|
|
|
3,968
|
|
||
Loan servicing fees
|
451
|
|
|
439
|
|
||
Mortgage brokerage and banking fees
|
149
|
|
|
257
|
|
||
Gain on sale of equity securities
|
295
|
|
|
3,558
|
|
||
Unrealized gains on equity securities
|
—
|
|
|
3,427
|
|
||
Gain on sale of premises held-for-sale
|
—
|
|
|
93
|
|
||
Loss on disposal of other assets
|
(44
|
)
|
|
—
|
|
||
Trust and insurance commissions and annuities income
|
844
|
|
|
937
|
|
||
Earnings on bank-owned life insurance
|
136
|
|
|
174
|
|
||
Bank-owned life insurance death benefit
|
—
|
|
|
1,389
|
|
||
Other
|
497
|
|
|
635
|
|
||
Total noninterest income
|
6,172
|
|
|
14,877
|
|
||
|
|
|
|
||||
Noninterest expense
|
|
|
|
||||
Compensation and benefits
|
21,266
|
|
|
22,987
|
|
||
Office occupancy and equipment
|
7,069
|
|
|
6,817
|
|
||
Advertising and public relations
|
657
|
|
|
848
|
|
||
Information technology
|
2,999
|
|
|
2,792
|
|
||
Professional fees
|
1,027
|
|
|
1,018
|
|
||
Supplies, telephone, and postage
|
1,316
|
|
|
1,433
|
|
||
Amortization of intangibles
|
61
|
|
|
184
|
|
||
Nonperforming asset management
|
105
|
|
|
353
|
|
||
Operations of other real estate owned
|
52
|
|
|
432
|
|
||
FDIC insurance premiums
|
127
|
|
|
437
|
|
||
Other
|
3,962
|
|
|
3,453
|
|
||
Total noninterest expense
|
38,641
|
|
|
40,754
|
|
||
Income before income taxes
|
15,897
|
|
|
26,048
|
|
||
Income tax expense
|
4,225
|
|
|
6,706
|
|
||
Net income
|
$
|
11,672
|
|
|
$
|
19,342
|
|
Basic and diluted earnings per common share
|
$
|
0.75
|
|
|
$
|
1.11
|
|
Basic and diluted weighted average common shares outstanding
|
15,594,883
|
|
|
17,434,345
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
11,672
|
|
|
$
|
19,342
|
|
Unrealized holding loss on securities arising during the period
|
(62
|
)
|
|
(136
|
)
|
||
Tax effect
|
17
|
|
|
37
|
|
||
Comprehensive loss, net of tax
|
(45
|
)
|
|
(99
|
)
|
||
Comprehensive income
|
$
|
11,627
|
|
|
$
|
19,243
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehen-sive
Income
|
|
Total
|
||||||||||
Balance at January 1, 2018
|
$
|
179
|
|
|
$
|
153,811
|
|
|
$
|
43,274
|
|
|
$
|
370
|
|
|
$
|
197,634
|
|
Net income
|
—
|
|
|
—
|
|
|
19,342
|
|
|
—
|
|
|
19,342
|
|
|||||
Other comprehensive loss, net of tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
(99
|
)
|
|||||
Repurchase and retirement of common stock (1,476,963 shares)
|
(14
|
)
|
|
(23,270
|
)
|
|
—
|
|
|
—
|
|
|
(23,284
|
)
|
|||||
Nonvested stock awards-stock-based compensation expense
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Cash dividends declared on common stock ($0.37 per share)
|
—
|
|
|
—
|
|
|
(6,449
|
)
|
|
—
|
|
|
(6,449
|
)
|
|||||
Balance at December 31, 2018
|
165
|
|
|
130,547
|
|
|
56,167
|
|
|
271
|
|
|
187,150
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
11,672
|
|
|
—
|
|
|
11,672
|
|
|||||
Other comprehensive loss, net of tax effect
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
|
(45
|
)
|
|||||
Repurchase and retirement of common stock (1,203,050 shares)
|
(12
|
)
|
|
(18,127
|
)
|
|
—
|
|
|
—
|
|
|
(18,139
|
)
|
|||||
Cash dividends declared on common stock ($0.40 per share)
|
—
|
|
|
—
|
|
|
(6,266
|
)
|
|
—
|
|
|
(6,266
|
)
|
|||||
Balance at December 31, 2019
|
$
|
153
|
|
|
$
|
112,420
|
|
|
$
|
61,573
|
|
|
$
|
226
|
|
|
$
|
174,372
|
|
|
For the years ended
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
11,672
|
|
|
$
|
19,342
|
|
Adjustments to reconcile to net income to net cash from operating activities
|
|
|
|
||||
Provision for loan losses
|
3,825
|
|
|
145
|
|
||
Stock–based compensation expense
|
—
|
|
|
6
|
|
||
Depreciation and amortization
|
1,613
|
|
|
1,535
|
|
||
Amortization of premiums and discounts on securities and loans
|
8
|
|
|
11
|
|
||
Amortization of intangibles
|
61
|
|
|
184
|
|
||
Amortization of servicing assets
|
85
|
|
|
94
|
|
||
Net change in net deferred loan origination costs
|
157
|
|
|
197
|
|
||
(Gain) loss on sale of other real estate owned
|
(111
|
)
|
|
56
|
|
||
Gain on sale of equity securities
|
(295
|
)
|
|
(3,558
|
)
|
||
Unrealized gain on equity securities
|
—
|
|
|
(3,427
|
)
|
||
Loss on disposal of other assets
|
44
|
|
|
—
|
|
||
Gain on sale of premises held-for-sale
|
—
|
|
|
(93
|
)
|
||
Other real estate owned valuation adjustments
|
38
|
|
|
27
|
|
||
Earnings on bank-owned life insurance
|
(136
|
)
|
|
(174
|
)
|
||
Net change in:
|
|
|
|
||||
Deferred income tax
|
2,362
|
|
|
6,328
|
|
||
Accrued interest receivable
|
389
|
|
|
(333
|
)
|
||
Other assets
|
3,864
|
|
|
1,694
|
|
||
Accrued interest payable and other liabilities
|
(2,202
|
)
|
|
(1,349
|
)
|
||
Net cash from operating activities
|
21,374
|
|
|
20,685
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Securities
|
|
|
|
||||
Proceeds from maturities
|
107,921
|
|
|
114,583
|
|
||
Proceeds from principal repayments
|
3,076
|
|
|
3,587
|
|
||
Proceeds from sale of equity securities
|
3,722
|
|
|
4,059
|
|
||
Purchases of securities
|
(83,081
|
)
|
|
(113,614
|
)
|
||
Net (increase) decrease in loans receivable
|
151,501
|
|
|
(11,091
|
)
|
||
Redemption of FHLB and FRB stock
|
540
|
|
|
1,312
|
|
||
Purchase of FHLB and FRB stock
|
(4
|
)
|
|
(1,048
|
)
|
||
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
|
1,299
|
|
|
2,172
|
|
||
Purchase of premises and equipment, net
|
(798
|
)
|
|
(1,609
|
)
|
||
Net cash from investing activities
|
184,176
|
|
|
8,060
|
|
|
For the years ended
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from financing activities
|
|
|
|
||||
Net change in:
|
|
|
|
||||
Deposits
|
$
|
(67,727
|
)
|
|
$
|
12,433
|
|
Borrowings
|
(20,988
|
)
|
|
(39,719
|
)
|
||
Advance payments by borrowers for taxes and insurance
|
(309
|
)
|
|
(1,114
|
)
|
||
Repurchase and retirement of common stock
|
(18,139
|
)
|
|
(23,284
|
)
|
||
Cash dividends paid on common stock
|
(6,266
|
)
|
|
(6,449
|
)
|
||
Net cash used in financing activities
|
(113,429
|
)
|
|
(58,133
|
)
|
||
Net change in cash and cash equivalents
|
92,121
|
|
|
(29,388
|
)
|
||
Beginning cash and cash equivalents
|
98,204
|
|
|
127,592
|
|
||
Ending cash and cash equivalents
|
$
|
190,325
|
|
|
$
|
98,204
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
$
|
13,446
|
|
|
$
|
9,073
|
|
Income taxes paid
|
412
|
|
|
342
|
|
||
Income taxes refunded
|
18
|
|
|
—
|
|
||
Loans transferred to other real estate owned
|
186
|
|
|
1,482
|
|
||
Recording of right of use asset in exchange for lease obligations in other assets and other
liabilities
|
6,694
|
|
|
—
|
|
•
|
Equity securities with a readily determinable fair value are reported at fair value, with unrealized gains and losses included in earnings. Any dividends received are recorded in interest income.
|
•
|
Equity securities without a readily determinable fair value are reported at their cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact on fair value. Any dividends received are recorded in interest income.
|
•
|
specific allowances established for any impaired residential non-owner occupied mortgage, multi-family mortgage, nonresidential real estate, construction and land, commercial, and commercial lease loans for which the recorded investment in the loan exceeds the measured value of the loan; and
|
•
|
general allowances for loan losses for each loan class based on historical loan loss experience; and adjustments to historical loss experience (general allowances), maintained to cover uncertainties that affect our estimate of probable incurred credit losses for each loan class.
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Net income available to common stockholders
|
$
|
11,672
|
|
|
$
|
19,342
|
|
Average common shares outstanding
|
15,594,883
|
|
|
17,434,780
|
|
||
Less - Unvested restricted stock shares
|
—
|
|
|
(435
|
)
|
||
Basic and diluted weighted average common shares outstanding
|
15,594,883
|
|
|
17,434,345
|
|
||
Basic and diluted earnings per common share
|
$
|
0.75
|
|
|
$
|
1.11
|
|
Available-for-Sale Securities
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
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
|
|
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
73,507
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73,507
|
|
Municipal securities
|
509
|
|
|
—
|
|
|
—
|
|
|
509
|
|
||||
Mortgage-backed securities - residential
|
10,116
|
|
|
400
|
|
|
(38
|
)
|
|
10,478
|
|
||||
Collateralized mortgage obligations - residential
|
3,676
|
|
|
11
|
|
|
(2
|
)
|
|
3,685
|
|
||||
|
$
|
87,808
|
|
|
$
|
411
|
|
|
$
|
(40
|
)
|
|
$
|
88,179
|
|
Equity Investments (1) (2)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Visa Class B shares
|
$
|
—
|
|
|
$
|
3,427
|
|
|
$
|
—
|
|
|
$
|
3,427
|
|
(1)
|
Equity investments are included in Other Assets in the Consolidated Statements of Financial Condition.
|
(2)
|
There were no equity investments at December 31, 2019
|
|
December 31, 2019
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
Due in one year or less
|
$
|
48,767
|
|
|
$
|
48,768
|
|
Due after one year through five years
|
404
|
|
|
411
|
|
||
|
49,171
|
|
|
49,179
|
|
||
Mortgage-backed securities - residential
|
7,727
|
|
|
8,037
|
|
||
Collateralized mortgage obligations - residential
|
2,986
|
|
|
2,977
|
|
||
|
$
|
59,884
|
|
|
$
|
60,193
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Proceeds
|
$
|
3,722
|
|
|
$
|
4,059
|
|
Gross gains
|
295
|
|
|
3,572
|
|
||
Gross losses
|
—
|
|
|
(14
|
)
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||||||||||||||
|
Count
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Count
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Count
|
|
Fair
Value
|
|
Unrealized
Loss
|
|||||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Collateralized mortgage obligations - residential
|
3
|
|
|
$
|
1,566
|
|
|
$
|
(10
|
)
|
|
1
|
|
|
$
|
937
|
|
|
$
|
(3
|
)
|
|
4
|
|
|
$
|
2,503
|
|
|
$
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities - residential
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
904
|
|
|
(38
|
)
|
|
2
|
|
|
904
|
|
|
(38
|
)
|
||||||
Collateralized mortgage obligations - residential
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,729
|
|
|
(2
|
)
|
|
2
|
|
|
1,729
|
|
|
(2
|
)
|
||||||
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
4
|
|
|
$
|
2,633
|
|
|
$
|
(40
|
)
|
|
4
|
|
|
$
|
2,633
|
|
|
$
|
(40
|
)
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
One-to-four family residential real estate
|
$
|
55,750
|
|
|
$
|
70,371
|
|
Multi-family mortgage
|
563,750
|
|
|
619,870
|
|
||
Nonresidential real estate
|
134,674
|
|
|
152,442
|
|
||
Construction and land
|
—
|
|
|
172
|
|
||
Commercial loans
|
145,714
|
|
|
187,406
|
|
||
Commercial leases
|
272,629
|
|
|
299,394
|
|
||
Consumer
|
2,211
|
|
|
1,539
|
|
||
|
1,174,728
|
|
|
1,331,194
|
|
||
Net deferred loan origination costs
|
912
|
|
|
1,069
|
|
||
Allowance for loan losses
|
(7,632
|
)
|
|
(8,470
|
)
|
||
Loans, net
|
$
|
1,168,008
|
|
|
$
|
1,323,793
|
|
|
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
|
—
|
|
|
1,308
|
|
|
1,308
|
|
|
—
|
|
|
145,714
|
|
|
145,714
|
|
||||||
Commercial leases
|
—
|
|
|
757
|
|
|
757
|
|
|
—
|
|
|
272,629
|
|
|
272,629
|
|
||||||
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
|
|
|
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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential real estate
|
$
|
—
|
|
|
$
|
699
|
|
|
$
|
699
|
|
|
$
|
2,218
|
|
|
$
|
68,153
|
|
|
$
|
70,371
|
|
Multi-family mortgage
|
—
|
|
|
3,991
|
|
|
3,991
|
|
|
653
|
|
|
619,217
|
|
|
619,870
|
|
||||||
Nonresidential real estate
|
27
|
|
|
1,449
|
|
|
1,476
|
|
|
270
|
|
|
152,172
|
|
|
152,442
|
|
||||||
Construction and land
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
172
|
|
|
172
|
|
||||||
Commercial loans
|
—
|
|
|
1,517
|
|
|
1,517
|
|
|
—
|
|
|
187,406
|
|
|
187,406
|
|
||||||
Commercial leases
|
—
|
|
|
755
|
|
|
755
|
|
|
—
|
|
|
299,394
|
|
|
299,394
|
|
||||||
Consumer
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
|
1,539
|
|
|
1,539
|
|
||||||
|
$
|
27
|
|
|
$
|
8,443
|
|
|
$
|
8,470
|
|
|
$
|
3,141
|
|
|
$
|
1,328,053
|
|
|
1,331,194
|
|
|
Net deferred loan origination costs
|
|
|
|
|
|
|
|
|
|
1,069
|
|
||||||||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
(8,470
|
)
|
||||||||||||
Loans, net
|
|
|
|
|
|
|
|
|
|
|
$
|
1,323,793
|
|
|
One-to-four family residential real estate
|
|
Multi-family mortgage
|
|
Non-residential real estate
|
|
Construc-tion and land
|
|
Commer-cial loans
|
|
Commer-cial leases
|
|
Consumer
|
|
Total
|
||||||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Beginning balance
|
$
|
699
|
|
|
$
|
3,991
|
|
|
$
|
1,476
|
|
|
$
|
4
|
|
|
$
|
1,517
|
|
|
$
|
755
|
|
|
$
|
28
|
|
|
$
|
8,470
|
|
Provision for (recovery of) loan losses
|
123
|
|
|
(346
|
)
|
|
(217
|
)
|
|
(4
|
)
|
|
4,224
|
|
|
2
|
|
|
43
|
|
|
3,825
|
|
||||||||
Loans charged off
|
(222
|
)
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
(4,443
|
)
|
|
—
|
|
|
(31
|
)
|
|
(4,779
|
)
|
||||||||
Recoveries
|
75
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
116
|
|
||||||||
Total ending allowance balance
|
$
|
675
|
|
|
$
|
3,676
|
|
|
$
|
1,176
|
|
|
$
|
—
|
|
|
$
|
1,308
|
|
|
$
|
757
|
|
|
$
|
40
|
|
|
$
|
7,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Beginning balance
|
850
|
|
|
3,849
|
|
|
1,605
|
|
|
32
|
|
|
1,357
|
|
|
655
|
|
|
18
|
|
|
$
|
8,366
|
|
|||||||
Provision for (recovery of) loan losses
|
(126
|
)
|
|
143
|
|
|
(36
|
)
|
|
(30
|
)
|
|
71
|
|
|
95
|
|
|
28
|
|
|
145
|
|
||||||||
Loans charged off
|
(231
|
)
|
|
(35
|
)
|
|
(93
|
)
|
|
—
|
|
|
(140
|
)
|
|
—
|
|
|
(19
|
)
|
|
(518
|
)
|
||||||||
Recoveries
|
206
|
|
|
34
|
|
|
—
|
|
|
2
|
|
|
229
|
|
|
5
|
|
|
1
|
|
|
477
|
|
||||||||
Total ending allowance balance
|
$
|
699
|
|
|
$
|
3,991
|
|
|
$
|
1,476
|
|
|
$
|
4
|
|
|
$
|
1,517
|
|
|
$
|
755
|
|
|
$
|
28
|
|
|
$
|
8,470
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no related allowance recorded
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential real estate
|
$
|
2,751
|
|
|
$
|
2,172
|
|
|
$
|
575
|
|
|
$
|
—
|
|
|
$
|
3,274
|
|
|
$
|
41
|
|
One-to-four family residential real estate - non-owner occupied
|
86
|
|
|
46
|
|
|
43
|
|
|
—
|
|
|
95
|
|
|
—
|
|
||||||
Multi-family mortgage - Illinois
|
654
|
|
|
653
|
|
|
—
|
|
|
—
|
|
|
795
|
|
|
39
|
|
||||||
|
3,491
|
|
|
2,871
|
|
|
618
|
|
|
—
|
|
|
4,164
|
|
|
80
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With an allowance recorded - nonresidential real estate
|
356
|
|
|
270
|
|
|
93
|
|
|
27
|
|
|
21
|
|
|
—
|
|
||||||
|
$
|
3,847
|
|
|
$
|
3,141
|
|
|
$
|
711
|
|
|
$
|
27
|
|
|
$
|
4,185
|
|
|
$
|
80
|
|
|
Loan Balance
|
|
Recorded
Investment
|
|
Loans Past
Due Over 90
Days, still
accruing
|
||||||
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
|
|
December 31, 2018
|
|
|
|
|
|
||||||
One-to-four family residential real estate
|
$
|
1,445
|
|
|
$
|
1,168
|
|
|
$
|
—
|
|
One-to-four family residential real estate – non-owner occupied
|
119
|
|
|
79
|
|
|
—
|
|
|||
Nonresidential real estate
|
356
|
|
|
270
|
|
|
—
|
|
|||
|
$
|
1,920
|
|
|
$
|
1,517
|
|
|
$
|
—
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Regional commercial banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,853
|
|
|
24,853
|
|
||||||
Health care
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,430
|
|
|
70,430
|
|
||||||
Direct commercial lessor
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,431
|
|
|
50,431
|
|
||||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment-rated commercial leases
|
826
|
|
|
—
|
|
|
47
|
|
|
873
|
|
|
132,966
|
|
|
133,839
|
|
||||||
Other commercial leases
|
543
|
|
|
136
|
|
|
—
|
|
|
679
|
|
|
138,111
|
|
|
138,790
|
|
||||||
Consumer
|
24
|
|
|
37
|
|
|
—
|
|
|
61
|
|
|
2,150
|
|
|
2,211
|
|
||||||
|
$
|
3,431
|
|
|
$
|
830
|
|
|
$
|
842
|
|
|
$
|
5,103
|
|
|
$
|
1,169,625
|
|
|
$
|
1,174,728
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner occupied
|
$
|
1,383
|
|
|
$
|
638
|
|
|
$
|
1,168
|
|
|
$
|
3,189
|
|
|
$
|
54,155
|
|
|
$
|
57,344
|
|
Non-owner occupied
|
393
|
|
|
8
|
|
|
79
|
|
|
480
|
|
|
12,547
|
|
|
13,027
|
|
||||||
Multi-family mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Illinois
|
461
|
|
|
—
|
|
|
—
|
|
|
461
|
|
|
278,776
|
|
|
279,237
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
340,633
|
|
|
340,633
|
|
||||||
Nonresidential real estate
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|
152,172
|
|
|
152,442
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|
172
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Regional commercial banking
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,574
|
|
|
39,574
|
|
||||||
Health care
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,343
|
|
|
85,343
|
|
||||||
Direct commercial lessor
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,489
|
|
|
62,489
|
|
||||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment-rated commercial leases
|
498
|
|
|
—
|
|
|
—
|
|
|
498
|
|
|
165,711
|
|
|
166,209
|
|
||||||
Other commercial leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133,185
|
|
|
133,185
|
|
||||||
Consumer
|
39
|
|
|
3
|
|
|
—
|
|
|
42
|
|
|
1,497
|
|
|
1,539
|
|
||||||
|
$
|
2,774
|
|
|
$
|
919
|
|
|
$
|
1,247
|
|
|
$
|
4,940
|
|
|
$
|
1,326,254
|
|
|
$
|
1,331,194
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Nonaccrual
|
|
Total
|
||||||||||
One-to-four family residential real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
$
|
43,908
|
|
|
$
|
36
|
|
|
$
|
533
|
|
|
$
|
512
|
|
|
$
|
44,989
|
|
Non-owner occupied
|
10,696
|
|
|
30
|
|
|
35
|
|
|
—
|
|
|
10,761
|
|
|||||
Multi-family mortgage:
|
|
|
|
|
|
|
|
|
|
||||||||||
Illinois
|
247,757
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|
247,963
|
|
|||||
Other
|
315,787
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
315,787
|
|
|||||
Nonresidential real estate
|
134,134
|
|
|
162
|
|
|
90
|
|
|
288
|
|
|
134,674
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Regional commercial banking
|
24,853
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,853
|
|
|||||
Health care
|
62,084
|
|
|
8,346
|
|
|
—
|
|
|
—
|
|
|
70,430
|
|
|||||
Direct commercial lessor
|
50,431
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,431
|
|
|||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment-rated commercial leases
|
133,332
|
|
|
507
|
|
|
—
|
|
|
—
|
|
|
133,839
|
|
|||||
Other commercial leases
|
137,893
|
|
|
761
|
|
|
136
|
|
|
—
|
|
|
138,790
|
|
|||||
Consumer
|
2,153
|
|
|
5
|
|
|
53
|
|
|
—
|
|
|
2,211
|
|
|||||
|
$
|
1,163,028
|
|
|
$
|
9,847
|
|
|
$
|
1,053
|
|
|
$
|
800
|
|
|
$
|
1,174,728
|
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Nonaccrual
|
|
Total
|
||||||||||
One-to-four family residential real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
$
|
55,353
|
|
|
$
|
495
|
|
|
$
|
328
|
|
|
$
|
1,168
|
|
|
$
|
57,344
|
|
Non-owner occupied
|
12,911
|
|
|
—
|
|
|
37
|
|
|
79
|
|
|
13,027
|
|
|||||
Multi-family mortgage:
|
|
|
|
|
|
|
|
|
|
||||||||||
Illinois
|
279,021
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
279,237
|
|
|||||
Other
|
340,633
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
340,633
|
|
|||||
Nonresidential real estate
|
151,793
|
|
|
281
|
|
|
98
|
|
|
270
|
|
|
152,442
|
|
|||||
Land
|
172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Regional commercial banking
|
34,764
|
|
|
4,810
|
|
|
—
|
|
|
—
|
|
|
39,574
|
|
|||||
Health care
|
85,001
|
|
|
—
|
|
|
342
|
|
|
—
|
|
|
85,343
|
|
|||||
Direct commercial lessor
|
62,489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,489
|
|
|||||
Commercial leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment-rated commercial leases
|
165,508
|
|
|
701
|
|
|
—
|
|
|
—
|
|
|
166,209
|
|
|||||
Other commercial leases
|
133,185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133,185
|
|
|||||
Consumer
|
1,529
|
|
|
3
|
|
|
7
|
|
|
—
|
|
|
1,539
|
|
|||||
|
$
|
1,322,359
|
|
|
$
|
6,290
|
|
|
$
|
1,028
|
|
|
$
|
1,517
|
|
|
$
|
1,331,194
|
|
|
|
At and For the Years Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Beginning balance
|
|
$
|
1,226
|
|
|
$
|
2,351
|
|
New foreclosed properties
|
|
186
|
|
|
1,482
|
|
||
Valuation adjustments
|
|
(38
|
)
|
|
(27
|
)
|
||
Sales
|
|
(1,188
|
)
|
|
(2,580
|
)
|
||
Ending balance
|
|
$
|
186
|
|
|
$
|
1,226
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Balance
|
|
Valuation Allowance
|
|
Net OREO Balance
|
|
Balance
|
|
Valuation Allowance
|
|
Net OREO Balance
|
||||||||||||
One–to–four family residential
|
$
|
186
|
|
|
$
|
—
|
|
|
$
|
186
|
|
|
$
|
875
|
|
|
$
|
—
|
|
|
$
|
875
|
|
Multi-family mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|
—
|
|
|
276
|
|
||||||
Nonresidential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
(23
|
)
|
|
1
|
|
||||||
|
$
|
186
|
|
|
$
|
—
|
|
|
$
|
186
|
|
|
$
|
1,249
|
|
|
$
|
(23
|
)
|
|
$
|
1,226
|
|
|
|
At and For the Years Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Beginning of year
|
|
$
|
23
|
|
|
$
|
305
|
|
Additions charged to expense
|
|
38
|
|
|
27
|
|
||
Reductions from sales of other real estate owned
|
|
(61
|
)
|
|
(309
|
)
|
||
End of year
|
|
$
|
—
|
|
|
$
|
23
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land and land improvements
|
$
|
11,918
|
|
|
$
|
12,359
|
|
Buildings and improvements
|
30,585
|
|
|
30,602
|
|
||
Furniture and equipment
|
9,454
|
|
|
10,039
|
|
||
Computer equipment
|
4,326
|
|
|
4,232
|
|
||
|
56,283
|
|
|
57,232
|
|
||
Accumulated depreciation
|
(31,937
|
)
|
|
(32,027
|
)
|
||
|
$
|
24,346
|
|
|
$
|
25,205
|
|
|
|
Statement of Financial Condition Location
|
|
December 31, 2019
|
||
Operating Lease Right of Use Asset:
|
|
|
|
|
||
Gross carrying amount
|
|
|
|
$
|
6,694
|
|
Accumulated amortization
|
|
|
|
(848
|
)
|
|
Net book value
|
|
Other assets
|
|
$
|
5,846
|
|
|
|
|
|
|
||
Operating Lease Liabilities:
|
|
|
|
|
||
Right of use lease obligations
|
|
Other liabilities
|
|
$
|
5,846
|
|
|
|
For the year ended December 31, 2019
|
||
Lease cost:
|
|
|
||
Operating lease cost
|
|
$
|
848
|
|
Short-term lease cost
|
|
112
|
|
|
Sublease income
|
|
(51
|
)
|
|
Total lease cost
|
|
$
|
909
|
|
|
|
|
||
Other information:
|
|
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
901
|
|
Twelve months ended December 31,
|
|
|
||
2020
|
|
$
|
906
|
|
2021
|
|
925
|
|
|
2022
|
|
965
|
|
|
2023
|
|
950
|
|
|
2024
|
|
500
|
|
|
Thereafter
|
|
2,724
|
|
|
Total future minimum operating lease payments
|
|
6,970
|
|
|
Amounts representing interest
|
|
(1,124
|
)
|
|
Present value of net future minimum operating lease payments
|
|
$
|
5,846
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Noninterest-bearing demand deposits
|
$
|
210,762
|
|
|
$
|
230,041
|
|
Interest-bearing NOW accounts
|
273,168
|
|
|
275,830
|
|
||
Money market accounts
|
245,610
|
|
|
255,951
|
|
||
Savings deposits
|
153,183
|
|
|
152,334
|
|
||
Certificates of deposit
|
402,034
|
|
|
438,328
|
|
||
|
$
|
1,284,757
|
|
|
$
|
1,352,484
|
|
2020
|
$
|
335,937
|
|
2021
|
48,930
|
|
|
2022
|
13,335
|
|
|
2023
|
1,645
|
|
|
2024
|
2,187
|
|
|
|
$
|
402,034
|
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Contractual
Rate
|
|
Amount
|
|
Contractual
Rate
|
|
Amount
|
||||||
Fixed-rate advance from FHLB, due within 1 year
|
—
|
%
|
|
$
|
—
|
|
|
2.51
|
%
|
|
$
|
20,000
|
|
|
|
Overnight and Continuous
|
|
Up to 30 days
|
|
30 - 90 days
|
|
Greater Than 90 days
|
|
Total
|
||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements and repurchase-to-maturity transactions
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61
|
|
Gross amount of recognized liabilities for repurchase agreements in Statement of Financial Condition
|
|
$
|
61
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements and repurchase-to-maturity transactions
|
|
$
|
1,049
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,049
|
|
Gross amount of recognized liabilities for repurchase agreements in Statement of Financial Condition
|
|
$
|
1,049
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Current expense
|
$
|
1,863
|
|
|
$
|
378
|
|
Deferred expense
|
2,362
|
|
|
6,328
|
|
||
Total income tax expense
|
$
|
4,225
|
|
|
$
|
6,706
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Expense computed at the statutory federal tax rate
|
$
|
3,339
|
|
|
$
|
5,470
|
|
State taxes and other, net
|
915
|
|
|
1,564
|
|
||
Bank-owned life insurance
|
(29
|
)
|
|
(328
|
)
|
||
|
$
|
4,225
|
|
|
$
|
6,706
|
|
Effective income tax rate
|
26.57
|
%
|
|
25.74
|
%
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Gross deferred tax assets
|
|
|
|
||||
Allowance for loan losses
|
$
|
2,043
|
|
|
$
|
2,279
|
|
Alternative minimum tax, general business credit and net operating loss carryforwards
|
4,452
|
|
|
6,669
|
|
||
Lease liability
|
1,565
|
|
|
—
|
|
||
Tax deductible goodwill and core deposit intangible
|
314
|
|
|
561
|
|
||
Other
|
741
|
|
|
1,256
|
|
||
|
9,115
|
|
|
10,765
|
|
||
Gross deferred tax liabilities
|
|
|
|
||||
Net deferred loan origination costs
|
(1,013
|
)
|
|
(1,186
|
)
|
||
Purchase accounting adjustments
|
(1,623
|
)
|
|
(1,673
|
)
|
||
Right of use asset
|
(1,565
|
)
|
|
—
|
|
||
Other
|
(958
|
)
|
|
(649
|
)
|
||
Unrealized gain on securities
|
(83
|
)
|
|
(1,022
|
)
|
||
|
(5,242
|
)
|
|
(4,530
|
)
|
||
|
$
|
3,873
|
|
|
$
|
6,235
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning of year
|
$
|
198
|
|
|
$
|
129
|
|
Additions based on tax positions related to the current year
|
62
|
|
|
85
|
|
||
Additions for tax positions of prior years
|
—
|
|
|
4
|
|
||
Reductions due to the statute of limitations and reductions for tax positions of prior years
|
(16
|
)
|
|
(20
|
)
|
||
End of year
|
$
|
244
|
|
|
$
|
198
|
|
|
Actual
|
|
Required for Capital Adequacy Purposes
|
|
To be Well-Capitalized under Prompt Corrective Action Provisions
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets)
|
$
|
170,203
|
|
|
16.38
|
%
|
|
$
|
83,130
|
|
|
8.00
|
%
|
|
$
|
103,913
|
|
|
10.00
|
%
|
Tier 1 (core) capital (to risk-weighted assets)
|
162,455
|
|
|
15.63
|
|
|
62,348
|
|
|
6.00
|
|
|
83,130
|
|
|
8.00
|
|
|||
Common Tier 1 (CET1)
|
162,455
|
|
|
15.63
|
|
|
46,761
|
|
|
4.50
|
|
|
67,543
|
|
|
6.50
|
|
|||
Tier 1 (core) capital (to adjusted average total assets)
|
162,455
|
|
|
10.89
|
|
|
59,666
|
|
|
4.00
|
|
|
74,583
|
|
|
5.00
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets)
|
178,664
|
|
|
15.30
|
|
|
93,430
|
|
|
8.00
|
|
|
$
|
116,787
|
|
|
10.00
|
%
|
||
Tier 1 (core) capital (to risk-weighted assets)
|
170,194
|
|
|
14.57
|
|
|
70,072
|
|
|
6.00
|
|
|
93,430
|
|
|
8.00
|
|
|||
Common Tier 1 (CET1)
|
170,194
|
|
|
14.57
|
|
|
52,554
|
|
|
4.50
|
|
|
75,912
|
|
|
6.50
|
|
|||
Tier 1 (core) capital (to adjusted average total assets)
|
170,194
|
|
|
11.03
|
|
|
61,721
|
|
|
4.00
|
|
|
77,151
|
|
|
5.00
|
|
|
|
December 31, 2018
|
|
Allocated to participants
|
|
885,896
|
|
Distributed to participants
|
|
(885,896
|
)
|
Total ESOP shares
|
|
—
|
|
Restricted Stock
|
|
Number of
Shares
|
|
Weighted Average Fair Value at
Grant Date
|
|
Weighted
Average
Term to Vest
(in years)
|
|
Aggregate
Intrinsic
Value (1)
|
|||||
Shares outstanding at January 1, 2018
|
|
940
|
|
|
$
|
8.14
|
|
|
0.00
|
|
$
|
14
|
|
Shares granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Shares vested
|
|
(694
|
)
|
|
8.14
|
|
|
|
|
|
|||
Shares forfeited
|
|
(246
|
)
|
|
8.14
|
|
|
|
|
|
|||
Shares outstanding at December 31, 2018
|
|
—
|
|
|
$
|
—
|
|
|
0.00
|
|
$
|
—
|
|
(1)
|
Restricted stock aggregate intrinsic value represents the number of shares of restricted stock multiplied by the market price of the common stock underlying the outstanding shares on the date shown.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Financial instruments wherein contractual amounts represent credit risk
|
|
|
|
||||
Commitments to extend credit
|
$
|
19,737
|
|
|
$
|
75,180
|
|
Standby letters of credit
|
6,119
|
|
|
5,965
|
|
||
Unused lines of credit
|
149,771
|
|
|
152,554
|
|
•
|
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
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Securities:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
—
|
|
|
$
|
48,666
|
|
|
$
|
—
|
|
|
$
|
48,666
|
|
Municipal securities
|
—
|
|
|
513
|
|
|
—
|
|
|
513
|
|
||||
Mortgage-backed securities – residential
|
—
|
|
|
8,037
|
|
|
—
|
|
|
8,037
|
|
||||
Collateralized mortgage obligations – residential
|
—
|
|
|
2,977
|
|
|
—
|
|
|
2,977
|
|
||||
|
$
|
—
|
|
|
$
|
60,193
|
|
|
$
|
—
|
|
|
$
|
60,193
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Securities:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
—
|
|
|
$
|
73,507
|
|
|
$
|
—
|
|
|
$
|
73,507
|
|
Municipal securities
|
—
|
|
|
509
|
|
|
—
|
|
|
509
|
|
||||
Mortgage-backed securities - residential
|
—
|
|
|
10,478
|
|
|
—
|
|
|
10,478
|
|
||||
Collateralized mortgage obligations – residential
|
—
|
|
|
3,685
|
|
|
—
|
|
|
3,685
|
|
||||
|
$
|
—
|
|
|
$
|
88,179
|
|
|
$
|
—
|
|
|
$
|
88,179
|
|
|
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, 2018
|
|
|
|
|
|
|
|
||||||||
Impaired loans - Nonresidential real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
243
|
|
|
$
|
243
|
|
Other real estate owned - Land
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Other investments (1)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,427
|
|
|
$
|
3,427
|
|
(1)
|
See Note 1 for additional disclosures resulting from the Company's adoption of ASU 2016-01.
|
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable
Input
|
|
Range
(Weighted
Average)
|
||
Other real estate owned - Land
|
$
|
1
|
|
|
Sales comparison
|
|
Discount applied to valuation
|
|
12.3%
|
|
|
|
Fair Value Measurements at
December 31, 2019 Using:
|
|
|
||||||||||||||
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
190,325
|
|
|
$
|
9,785
|
|
|
$
|
180,540
|
|
|
$
|
—
|
|
|
$
|
190,325
|
|
Securities
|
60,193
|
|
|
—
|
|
|
60,193
|
|
|
—
|
|
|
60,193
|
|
|||||
Loans receivable, net of allowance for loan losses
|
1,168,008
|
|
|
—
|
|
|
—
|
|
|
1,177,459
|
|
|
1,177,459
|
|
|||||
FHLB and FRB stock
|
7,490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|||||
Accrued interest receivable
|
4,563
|
|
|
—
|
|
|
252
|
|
|
4,311
|
|
|
4,563
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit
|
402,034
|
|
|
—
|
|
|
402,914
|
|
|
—
|
|
|
402,914
|
|
|||||
Borrowings
|
61
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
61
|
|
|
|
|
Fair Value Measurements at
December 31, 2018 Using:
|
|
|
||||||||||||||
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
98,204
|
|
|
$
|
13,805
|
|
|
$
|
84,399
|
|
|
$
|
—
|
|
|
$
|
98,204
|
|
Securities available-for-sale
|
88,179
|
|
|
—
|
|
|
88,179
|
|
|
—
|
|
|
88,179
|
|
|||||
Loans receivable, net of allowance for loan losses
|
1,323,793
|
|
|
—
|
|
|
—
|
|
|
1,315,855
|
|
|
1,315,855
|
|
|||||
FHLB and FRB stock
|
8,026
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|||||
Accrued interest receivable
|
4,952
|
|
|
—
|
|
|
249
|
|
|
4,703
|
|
|
4,952
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Certificates of deposit
|
438,328
|
|
|
—
|
|
|
436,598
|
|
|
—
|
|
|
436,598
|
|
|||||
Borrowings
|
21,049
|
|
|
—
|
|
|
21,050
|
|
|
—
|
|
|
21,050
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Deposit service charges and fees
|
$
|
3,844
|
|
|
$
|
3,968
|
|
Loan servicing fees(1)
|
451
|
|
|
439
|
|
||
Mortgage brokerage and banking fees (1)
|
149
|
|
|
257
|
|
||
Gain on sale of equity securities (1)
|
295
|
|
|
3,558
|
|
||
Unrealized gain on equity securities (1)
|
—
|
|
|
3,427
|
|
||
Gain on sale of premises held-for-sale
|
—
|
|
|
93
|
|
||
Loss on disposal of other assets
|
(44
|
)
|
|
—
|
|
||
Trust and insurance commissions and annuities income
|
844
|
|
|
937
|
|
||
Earnings on bank-owned life insurance (1)
|
136
|
|
|
174
|
|
||
Bank-owned life insurance death benefit (1)
|
—
|
|
|
1,389
|
|
||
Other (1)
|
497
|
|
|
635
|
|
||
Total noninterest income
|
$
|
6,172
|
|
|
$
|
14,877
|
|
(1)
|
Not within the scope of ASC 606
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Cash in subsidiary
|
$
|
6,864
|
|
|
$
|
11,227
|
|
Investment in subsidiary
|
164,847
|
|
|
173,253
|
|
||
Deferred tax asset
|
558
|
|
|
1,999
|
|
||
Other assets
|
2,115
|
|
|
3,317
|
|
||
|
$
|
174,384
|
|
|
$
|
189,796
|
|
Liabilities and Stockholders' Equity
|
|
|
|
||||
Accrued expenses and other liabilities
|
$
|
12
|
|
|
$
|
2,646
|
|
Total stockholders’ equity
|
174,372
|
|
|
187,150
|
|
||
|
$
|
174,384
|
|
|
$
|
189,796
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Dividends from subsidiary
|
$
|
21,200
|
|
|
$
|
36,044
|
|
Other expense
|
1,600
|
|
|
1,573
|
|
||
Income before income tax and undistributed subsidiary excess distributions
|
19,600
|
|
|
34,471
|
|
||
Income tax benefit
|
(433
|
)
|
|
(398
|
)
|
||
Income before equity in undistributed subsidiary excess distributions
|
20,033
|
|
|
34,869
|
|
||
Equity in undistributed subsidiary excess distributions
|
(8,361
|
)
|
|
(15,527
|
)
|
||
Net income
|
$
|
11,672
|
|
|
$
|
19,342
|
|
|
For the years ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
11,672
|
|
|
$
|
19,342
|
|
Adjustments:
|
|
|
|
||||
Equity in undistributed subsidiary excess distributions
|
8,361
|
|
|
15,527
|
|
||
Change in other assets
|
2,643
|
|
|
67
|
|
||
Change in accrued expenses and other liabilities
|
(2,634
|
)
|
|
(369
|
)
|
||
Net cash from operating activities
|
20,042
|
|
|
34,567
|
|
||
Cash flows from financing activities
|
|
|
|
||||
Repurchase and retirement of common stock
|
(18,139
|
)
|
|
(23,284
|
)
|
||
Cash dividends paid on common stock
|
(6,266
|
)
|
|
(6,449
|
)
|
||
Net cash used in financing activities
|
(24,405
|
)
|
|
(29,733
|
)
|
||
Net change in cash in subsidiary
|
(4,363
|
)
|
|
4,834
|
|
||
Beginning cash in subsidiary
|
11,227
|
|
|
6,393
|
|
||
Ending cash in subsidiary
|
$
|
6,864
|
|
|
$
|
11,227
|
|
|
For the year ended December 31, 2019
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Interest income
|
$
|
16,526
|
|
|
$
|
16,522
|
|
|
$
|
16,628
|
|
|
$
|
15,732
|
|
Interest expense
|
3,307
|
|
|
3,419
|
|
|
3,386
|
|
|
3,105
|
|
||||
Net interest income
|
13,219
|
|
|
13,103
|
|
|
13,242
|
|
|
12,627
|
|
||||
Provision for (recovery of) loan losses
|
(87
|
)
|
|
3,957
|
|
|
(134
|
)
|
|
89
|
|
||||
Net interest income
|
13,306
|
|
|
9,146
|
|
|
13,376
|
|
|
12,538
|
|
||||
Noninterest income
|
1,624
|
|
|
1,426
|
|
|
1,474
|
|
|
1,648
|
|
||||
Noninterest expense
|
10,098
|
|
|
9,472
|
|
|
9,509
|
|
|
9,562
|
|
||||
Income before income taxes
|
4,832
|
|
|
1,100
|
|
|
5,341
|
|
|
4,624
|
|
||||
Income tax expense
|
1,281
|
|
|
293
|
|
|
1,417
|
|
|
1,234
|
|
||||
Net income
|
$
|
3,551
|
|
|
$
|
807
|
|
|
$
|
3,924
|
|
|
$
|
3,390
|
|
Basic and diluted earnings per common share
|
$
|
0.22
|
|
|
$
|
0.05
|
|
|
$
|
0.26
|
|
|
$
|
0.22
|
|
|
For the year ended December 31, 2018
|
||||||||||||||
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
||||||||
Interest income
|
$
|
14,748
|
|
|
$
|
15,020
|
|
|
$
|
15,373
|
|
|
$
|
16,146
|
|
Interest expense
|
1,727
|
|
|
2,039
|
|
|
2,408
|
|
|
3,043
|
|
||||
Net interest income
|
13,021
|
|
|
12,981
|
|
|
12,965
|
|
|
13,103
|
|
||||
Provision for (recovery of) loan losses
|
(258
|
)
|
|
23
|
|
|
(23
|
)
|
|
403
|
|
||||
Net interest income
|
13,279
|
|
|
12,958
|
|
|
12,988
|
|
|
12,700
|
|
||||
Noninterest income
|
1,539
|
|
|
3,094
|
|
|
1,570
|
|
|
8,674
|
|
||||
Noninterest expense
|
9,959
|
|
|
10,215
|
|
|
9,425
|
|
|
11,155
|
|
||||
Income before income taxes
|
4,859
|
|
|
5,837
|
|
|
5,133
|
|
|
10,219
|
|
||||
Income tax expense
|
1,300
|
|
|
1,207
|
|
|
1,396
|
|
|
2,803
|
|
||||
Net income
|
$
|
3,559
|
|
|
$
|
4,630
|
|
|
$
|
3,737
|
|
|
$
|
7,416
|
|
Basic and diluted earnings per common share
|
$
|
0.20
|
|
|
$
|
0.26
|
|
|
$
|
0.22
|
|
|
$
|
0.44
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
(A)
|
Reports of Independent Registered Accounting Firms
|
(B)
|
Consolidated Statements of Financial Condition at December 31, 2019 and 2018
|
(C)
|
Consolidated Statements of Operations for the years ended December 31, 2019 and 2018
|
(D)
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2019 and 2018
|
(E)
|
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2019 and 2018
|
(F)
|
Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018
|
(G)
|
Notes to Consolidated Financial Statements
|
|
|
Exhibit
|
|
Location
|
|
Articles of Incorporation of BankFinancial Corporation
|
|
Exhibit 3.1 to the Registration Statement on Form S-1 of the Company, originally filed with the Securities and Exchange Commission on September 23, 2004
|
|
|
Bylaws of BankFinancial Corporation
|
|
Exhibit 3.2 to the Registration Statement on Form S-1 of the Company, originally filed with the Securities and Exchange Commission on September 23, 2004
|
|
|
Articles of Amendment to Charter of BankFinancial Corporation
|
|
Exhibit 3.3 to the Registration Statement on Form S-1 of the Company, originally filed with the Securities and Exchange Commission on September 23, 2004
|
|
|
Restated Bylaws of BankFinancial Corporation
|
|
Exhibit 3.1 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on November 4, 2014
|
|
|
Form of Common Stock Certificate of BankFinancial Corporation
|
|
Exhibit 4 to the Registration Statement on Form S-1 of the Company, originally filed with the Securities and Exchange Commission on September 23, 2004
|
|
|
Description of Registrant's Securities
|
|
Filed herewith
|
|
|
BankFinancial FSB Employment Agreement with F. Morgan Gasior
|
|
Exhibit 10.1 to the Current Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on May 5, 2008
|
|
|
BankFinancial FSB Employment Agreement with Paul A. Cloutier
|
|
Exhibit 10.2 to the Current Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on May 5, 2008
|
|
|
Form of Stock Appreciation Rights Agreement
|
|
Exhibit 10.8 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on September 5, 2006
|
|
|
BankFinancial Corporation Employment Agreement with F. Morgan Gasior
|
|
Exhibit 10.1 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on October 20, 2008
|
|
|
BankFinancial Corporation Employment Agreement with Paul A. Cloutier
|
|
Exhibit 10.2 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on October 20, 2008
|
|
|
BankFinancial Corporation Employment Agreement with Elizabeth A. Doolan
|
|
Exhibit 10.28 to the Annual Report on Form 10-K of the Company, originally filed with the Securities and Exchange Commission on February 23, 2009.
|
|
|
BankFinancial FSB Employment Agreement with Elizabeth A. Doolan
|
|
Exhibit 10.29 to the Annual Report on Form 10-K of the Company, originally filed with the Securities and Exchange Commission on February 23, 2009.
|
|
|
BankFinancial FSB Employment Agreement with Gregg T. Adams
|
|
Exhibit 10.30 to the Annual Report on Form 10-K/A of the Company originally filed with the Securities and Exchange Commission on April 30, 2010.
|
|
|
BankFinancial FSB Employment Agreement with John G. Manos
|
|
Exhibit 10.31 to the Annual Report on Form 10-K/A of the Company originally filed with the Securities and Exchange Commission on April 30, 2010.
|
|
|
Exhibit
|
|
Location
|
|
Form of Extension of Term of Employment Period, for Named Executive Officers of BankFinancial FSB (pursuant to terms of existing agreements)
|
|
Exhibit 10.2 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on April 29, 2016
|
|
|
Amendment No. 2 to the Amended and Restated Employment Agreement between BankFinancial, National Association and F. Morgan Gasior
|
|
Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Company, originally filed with the Securities and Exchange Commission on July 26, 2017
|
|
|
Amendment No. 2 to the Amended and Restated Employment Agreement between BankFinancial, National Association and Paul A. Cloutier
|
|
Exhibit 10.2 to the Quarterly Report on Form 10-Q of the Company, originally filed with the Securities and Exchange Commission on July 26, 2017
|
|
|
Amendment No. 2 to the Amended and Restated Employment Agreement between BankFinancial, National Association and John G. Manos
|
|
Exhibit 10.4 to the Quarterly Report on Form 10-Q of the Company, originally filed with the Securities and Exchange Commission on July 26, 2017
|
|
|
Amendment No. 2 to the Amended and Restated Employment Agreement between BankFinancial Corporation and F. Morgan Gasior
|
|
Exhibit 10.1 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on August 1, 2017
|
|
|
Amendment No. 2 to the Amended and Restated Employment Agreement between BankFinancial Corporation and Paul A. Cloutier
|
|
Exhibit 10.2 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on August 1, 2017
|
|
|
Form of Extension of Term of Employment Period, for Named Executive Officers of BankFinancial, National Association (pursuant to terms of existing agreements)
|
|
Exhibit 10.2 to the Report on Form 8-K of the Company, originally filed with the Securities and Exchange Commission on June 19, 2018
|
|
|
Code of Ethics for Senior Financial Officers
|
|
Exhibit 14 to the Annual Report on Form 10-K of the Company, originally filed with the Securities and Exchange Commission on March 27, 2006
|
|
|
Subsidiaries of Registrant
|
|
Exhibit 21 to the Registration Statement on Form S-1 of the Company, originally filed with the Securities and Exchange Commission on September 23, 2004
|
|
|
Consent of RSM US LLP
|
|
Filed herewith
|
|
|
Consent of Crowe LLP
|
|
Filed herewith
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
Furnished herewith
|
|
101
|
|
The following financial statements from the BankFinancial Corporation Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated statements of financial condition, (ii) consolidated statements of operations, (iii) consolidated statements of comprehensive income, (iv)consolidated statements of changes in stockholders' equity, (v)consolidated statements of cash flows and (vi) the notes to consolidated financial statements.
|
|
Filed herewith
|
*
|
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.
|
ITEM 16.
|
FORM 10-K SUMMARY
|
|
|
BANKFINANCIAL CORPORATION
|
|
Date:
|
March 5, 2020
|
By:
|
/s/ F. Morgan Gasior
|
|
|
|
F. Morgan Gasior
|
|
|
|
Chairman of the Board, Chief Executive Officer and President
|
|
|
|
(Duly Authorized Representative)
|
Signatures
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ F. Morgan Gasior
|
|
Chairman of the Board, Chief Executive Officer and President
|
|
March 5, 2020
|
F. Morgan Gasior
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Paul A. Cloutier
|
|
Executive Vice President and Chief Financial Officer
|
|
March 5, 2020
|
Paul A. Cloutier
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Elizabeth A. Doolan
|
|
Senior Vice President and Controller
|
|
March 5, 2020
|
Elizabeth A. Doolan
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Cassandra J. Francis
|
|
Director
|
|
March 5, 2020
|
Cassandra J. Francis
|
|
|
|
|
|
|
|
|
|
/s/ John M. Hausmann
|
|
Director
|
|
March 5, 2020
|
John M. Hausmann
|
|
|
|
|
|
|
|
|
|
/s/ Thomas F. O'Neill
|
|
Director
|
|
March 5, 2020
|
Thomas F. O'Neill
|
|
|
|
|
|
|
|
|
|
/s/ Terry R. Wells
|
|
Director
|
|
March 5, 2020
|
Terry R. Wells
|
|
|
|
|
|
|
|
|
|
/s/ Glen R. Wherfel
|
|
Director
|
|
March 5, 2020
|
Glen R. Wherfel
|
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of BankFinancial Corporation, a Maryland corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 5, 2020
|
|
|
|
/s/ F. Morgan Gasior
|
|
|
|
|
|
F. Morgan Gasior
|
|
|
|
|
|
Chairman of the Board,
Chief Executive Officer and President
|
1.
|
I have reviewed this Annual Report on Form 10-K of BankFinancial Corporation, a Maryland corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
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d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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March 5, 2020
|
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/s/ Paul A. Cloutier
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|
|
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Paul A. Cloutier
|
|
|
|
|
|
Executive Vice President and
Chief Financial Officer
|
1.
|
the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
March 5, 2020
|
|
|
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/s/ F. Morgan Gasior
|
||
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F. Morgan Gasior
|
||
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Chairman of the Board, Chief Executive Officer
and President
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Date:
|
March 5, 2020
|
|
|
|
/s/ Paul A. Cloutier
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||
|
|
|
|
|
Paul A. Cloutier
Executive Vice President and Chief Financial
Officer
|