Form 8-K - Current report

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 3, 2025

BANKFINANCIAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

Maryland

0-51331

75-3199276

(State or Other Jurisdiction

of Incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)


60 North Frontage Road, Burr Ridge, Illinois (Address of Principal Executive Offices)		60527 (Zip Code)

Registrant’s telephone number, including area code: (800) 894-6900

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		BFIN		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

BankFinancial Corporation (the “Company”) provides the following information with respect to operating results for the year ended December 31, 2024.

We recorded net income of $4.1 million and basic and diluted earnings per common share of $0.33 for the year ended December 31, 2024. The Company recorded a net loss of $1.8 million and basic and diluted loss per common share of $0.14 for the fourth quarter of 2024 due to the final settlement of a $10.5 million U.S. Government Contract Disputes Act claim. Total assets at December 31, 2024, were $1.435 billion, a decrease of $52.6 million (3.5%) compared to December 31, 2023. Cash and interest-bearing deposits were $93.5 million, a decrease of $85.0 million (47.6%) compared to 2023. Total net loans decreased by $163.2 million (15.5%) to $887.6 million for the year ended 2024. Multi-family residential loans decreased by $5.5 million (1.0%) primarily due to scheduled loan repayments. Commercial finance balances decreased by $23.5 million (26.1%) primarily due to a planned $18.8 million reduction in balances within the healthcare finance portfolio and lessor finance portfolio for risk management purposes. Equipment finance balances declined by $121.2 million (40.0%) due to scheduled repayments, partially offset by modestly higher originations of corporate equipment finance transactions. The average yield on our loan portfolio increased to 5.19%. Our loan to deposit ratio was 72.9% as of December 31, 2024, compared to 83.3% as of December 31, 2023.

Total deposits decreased by $44.1 million (3.5%) in 2024, inclusive of $4.4 million in deposit balances that Bank deposit customers transferred to the Bank’s Trust Department. Competition for deposits increased during 2024, particularly from certain regional banks, credit unions and non-bank money market mutual funds during the second and third quarter of 2024. Deposits increased by $18.1 million in the fourth quarter of 2024 due in part to seasonal factors but also due to reduced price competition for money market accounts and Certificates of Deposit accounts.

Noninterest-bearing demand deposit balances declined by $22.0 million due to retail customer withdrawals for personal or household purposes or transfers to interest-bearing account types, the liquidation of $4.8 million in cash collateral securing a commercial healthcare finance letter of credit drawn by the beneficiary, and typical balance volatility for certain other commercial depositors.

Interest-bearing transaction account balances (consisting of interest-bearing NOW accounts and savings deposits) declined by $43.1 million primarily due to a $9.7 million decline in public funds deposits, retail customer withdrawals for personal or household purposes and transfers to higher-yielding money market accounts or Certificates of Deposit accounts.

Money market account balances increased by $8.5 million due to transfers from other account types and growth in new customer accounts. Certificates of deposits increased by $12.6 million due to retail depositors seeking higher yields on invested funds.

The average yield of our total deposits increased 64 basis points in 2024 from 1.22% for the year ended December 31, 2023, to 1.86% for the year ended December 31, 2024. Core deposits represented 80.7% of total deposits, with noninterest-bearing demand deposits representing 19.6% of total deposits at December 31, 2024. Total commercial deposits were 20% of total deposits at December 31, 2024. FDIC-insured deposits represented 84.1% of total deposits and collateralized public funds deposits represented 1.5% of total deposits as of December 31, 2024.

The Company’s capital position remained strong, with a Tier 1 leverage ratio of 10.90% as of December 31, 2024. Throughout 2024, the Company maintained its quarterly dividend rate at $0.10 per common share. The Company repurchased 15,203 common shares during 2024. The book value of the Company’s common shares increased from $12.45 per share at December 31, 2023 to $12.55 per share at December 31, 2024.

For the year ended December 31, 2024 interest income increased by $2.4 million (3.7%) due to our investment of scheduled loan and lease portfolio repayments into short-term liquidity investments and higher yields earned within the commercial loan portfolio. Interest expense increased by $5.8 million (40.5%) due to higher rates paid on deposit accounts, as certain depositors managed their funds in a way that benefited from increases in short-term market interest rates. Accordingly, the Company's net interest income before the provision for credit losses decreased by $3.4 million (6.5%) in 2024.

Noninterest income increased by $1.4 million due to growth in deposit-related fees and trust income, and no losses on the sale of securities or disposition of closed branch facilities, as compared to 2023. Trust Department income increased by $278,000 due to growth in assets under management during 2024. Noninterest expense increased by $1.0 million primarily due to a $136,000 increase in employee health benefits expenses, a $438,000 reduction in deferred loan expenses due to lower loan origination volumes, $349,000 in additional legal expenses related to the submission of two U.S. Government equipment finance Contract Disputes Act claims in 2024, and $783,000 in valuation adjustments or final loss on sale primarily related to one non-performing middle-market equipment finance asset and several small-ticket equipment finance assets.

The ratio of nonperforming loans to total loans was 1.89% and the ratio of nonperforming assets to total assets was 1.28% at December 31, 2024. Our allowance for credit losses increased to 0.85% of total loans at December 31, 2024, compared to 0.79% at December 31, 2023. Credit quality remained stable during 2024, with one $1.5 million Chicago MSA multi-family credit exposure placed on nonaccrual status, offset by resolutions of middle-market and small-ticket equipment finance nonperforming assets during the year.

On January 3, 2025, the U.S. Government offered to settle a $10.5 million U.S. Government Contract Disputes Act claim submitted in February 2024. Following negotiations with the U.S. Government during the month of January 2025, we agreed to settle the claim for $5.6 million in cash and a return of the unused software licenses. Accordingly, we reduced the balance on the credit exposure to the cash payment due from the U.S. Government, resulting in an $3.8 million after-tax reduction to our net income for the fourth quarter of 2024. Upon the return of the unused licenses by the U.S. Government and confirmation of the ability to remarket the licenses with the vendor, we will determine if any further recovery is feasible under the governing transaction documents and applicable vendor policies.

F. Morgan Gasior, the Chairman and CEO of the Company, said: “The Company ended 2024 in good financial and operational condition. The net income for 2024 reflects the financial impact of the two U.S. Government Contract Disputes Act claims and the final resolution of the most significant claim in terms of credit exposure. We will continue to vigorously pursue the final resolution of the one remaining U.S. Government Contract Disputes Act claim.

We continued to reduce risk exposures in all loan categories as appropriate, especially with respect to the government equipment finance and the healthcare finance portfolios. We experienced an increase in loan opportunities in investment real estate and equipment finance in the second and fourth quarters of 2024; however, credit underwriting competition resulted in a low sales conversion rate to new loan originations for multi-family residential loans, nonresidential real estate loans and middle-market equipment finance transactions. We experienced increasing originations of small business lines of credit and new commercial deposit accounts (including new Treasury Services customers) following the release of new products and marketing in the second half of 2024.

For 2025, we look forward to continuing our growth in small business and general commercial finance portfolios, and in our small business and commercial deposit/Treasury Services portfolios in 2025, with such growth in multi-family residential lending, nonresidential lending and corporate equipment finance loan originations as market conditions and underwriting considerations permit. We will continue to evaluate opportunities to achieve greater efficiencies in facilities utilization and other expense categories to enable greater outreach in marketing and support for our small business and commercial credit and deposit growth objectives.”

Item 8.01. Other Events.

On February 3, 2025, the Company issued the Quarterly Financial and Statistical Supplement for the latest five quarters. The Quarterly Financial and Statistical Supplement is included as Exhibit 99.1 to this report.

This current report includes “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause BankFinancial’s actual results to differ from those expected at the time of this release. For a discussion of some of the factors that may cause actual results to differ from expectations, please refer to BankFinancial’s most recent Annual Report on Form 10-K as filed with the SEC, as supplemented by subsequent filings with the SEC. Investors are urged to review all information contained in these reports, including the risk factors discussed therein. Copies of these filings are available at no cost on the SEC's web site at www.sec.gov or on BankFinancial’s web site at www.bankfinancial.com. Forward-looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes.

Item 9.01 Financial Statements and Exhibits.

(a)

Not Applicable.

(b)

Not Applicable.

(c)

Not Applicable.

(d)

Exhibits.

	Exhibit No.	Description
	99.1	Quarterly Financial and Statistical Supplement
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		BANKFINANCIAL CORPORATION

Dated:	February 3, 2025	By:	/s/ F. Morgan Gasior
			F. Morgan Gasior
			Chairman of the Board, Chief Executive Officer and President

Exhibit 99.2

BANKFINANCIAL CORPORATION

FOURTH QUARTER 2024

QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT

FOR THE LATEST FIVE QUARTERS

Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform to the current period’s presentation.

The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period–end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current, or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023
	IVQ			IIIQ			IIQ			IQ			IVQ
PERFORMANCE MEASUREMENTS
Return on assets (ratio of net income to average total assets) ⁽¹⁾		(0.49	)%		0.56	%		0.58	%		0.46	%		0.56	%
Return on equity (ratio of net income to average equity) ⁽¹⁾		(4.43	)		5.03			5.44			4.38			5.37
Net interest rate spread ⁽¹⁾		2.92			2.90			3.11			3.07			3.01
Net interest margin (TEB) (1) (2)		3.49			3.47			3.67			3.59			3.48
Efficiency ratio (3)		84.54			76.73			80.39			84.11			77.39
Noninterest expense to average total assets ⁽¹⁾		3.13			2.82			3.03			3.17			2.92
Average interest–earning assets to average interest–bearing liabilities		133.97			133.26			134.44			135.89			136.25
Number of full service offices		18			18			18			18			18
Employees (full time equivalents)		197			198			206			217			205

SUMMARY STATEMENT OF FINANCIAL CONDITION
ASSETS
Cash and due from other financial institutions	$	20,647		$	19,412		$	19,505		$	18,533		$	19,781
Interest-bearing deposits in other financial institutions		72,859			118,866			132,273			113,907			158,703
Interest-bearing time deposits in other financial institutions		25,479			22,005			34,913			30,748			29,513
Securities, at fair value		360,530			264,905			222,906			239,549			153,203
Loans receivable, net		887,586			923,939			987,745			1,007,980			1,050,761
Foreclosed assets, net		1,391			1,966			1,898			2,332			2,777
Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost		7,490			7,490			7,490			7,490			7,490
Premises held-for-sale		—			—			—			—			523
Premises and equipment, net		22,889			22,674			22,765			22,614			22,950
Bank-owned life insurance		18,301			18,277			18,291			18,382			18,469
Deferred taxes		3,761			3,590			4,019			4,159			4,512
Other assets		13,881			14,536			25,885			14,364			18,702
Total assets	$	1,434,814		$	1,417,660		$	1,477,690		$	1,480,058		$	1,487,384

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,217,541		$	1,199,412		$	1,252,273		$	1,259,286		$	1,261,623
Borrowings		20,000			20,000			25,000			25,000			25,000
Subordinated Notes, net of unamortized issuance costs		18,736			18,726			18,715			18,705			19,678
Other liabilities		22,160			20,414			24,224			21,036			25,700
Total liabilities		1,278,437			1,258,552			1,320,212			1,324,027			1,332,001
Stockholders’ equity		156,377			159,108			157,478			156,031			155,383
Total liabilities and stockholders’ equity	$	1,434,814		$	1,417,660		$	1,477,690		$	1,480,058		$	1,487,384

(1)	Annualized

(2)	Calculated on a tax equivalent basis (“TEB”) assuming a federal income tax rate of 21% and an average state income tax rate of 9.5%.
(3)	The efficiency ratio represents noninterest expense, divided by the sum of net interest income and noninterest income.

Page 1

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023			For the years ended December 31,
	IVQ			IIIQ			IIQ			IQ			IVQ			2024			2023
SUMMARY STATEMENT OF OPERATIONS
Total interest income	$	16,687		$	16,886		$	17,655		$	17,345		$	16,923		$	68,573		$	66,155
Total interest expense		5,010			5,225			5,079			4,818			4,491			20,132			14,326
Net interest income		11,677			11,661			12,576			12,527			12,432			48,441			51,829
Provision for (recovery of) credit losses		4,650			485			(122	)		12			317			5,025			313
Net interest income after provision for (recovery of) credit losses		7,027			11,176			12,698			12,515			12,115			43,416			51,516
Noninterest income		1,570			1,482			1,276			1,461			1,625			5,789			4,417
Noninterest expense		11,199			10,084			11,135			11,766			10,879			44,184			43,181
Income (loss) before income tax		(2,602	)		2,574			2,839			2,210			2,861			5,021			12,752
Income tax expense (benefit)		(838	)		581			705			500			782			948			3,359
Net income (loss)	$	(1,764	)	$	1,993		$	2,134		$	1,710		$	2,079		$	4,073		$	9,393
Basic and diluted earnings (loss) per common share	$	(0.14	)	$	0.16		$	0.17		$	0.14		$	0.17		$	0.33		$	0.74

NONINTEREST INCOME AND EXPENSE
Noninterest Income
Deposit service charges and fees	$	875		$	915		$	834		$	809		$	836		$	3,433		$	3,318
Loan servicing fees		232			97			97			156			164			582			532
Trust insurance commissions and annuities income		354			405			349			450			347			1,558			1,280
Losses on sales of securities		—			—			—			—			—			—			(454	)
Gain (loss) on sale of premises and equipment		(20	)		(20	)		(9	)		(75	)		—			(124	)		9
Valuation adjustment on bank premises held-for-sale		—			—			—			—			(17	)		—			(602	)
Gain (loss) on bank-owned life insurance		24			(14	)		(91	)		(87	)		(87	)		(168	)		(346	)
Gain on repurchase of Subordinated notes		—			—			—			107			—			107			—
Other		105			99			96			101			382			401			680
Total noninterest income	$	1,570		$	1,482		$	1,276		$	1,461		$	1,625		$	5,789		$	4,417

Noninterest Expense
Compensation and benefits	$	5,710		$	5,441		$	5,943		$	6,052		$	5,679		$	23,146		$	22,232
Office occupancy and equipment		1,689			1,532			1,861			2,241			1,937			7,323			8,052
Advertising and public relations		177			117			112			90			139			496			762
Information technology		934			971			1,049			1,002			974			3,956			3,732
Professional fees		410			299			382			454			292			1,545			1,330
Supplies, telephone, and postage		273			281			292			286			289			1,132			1,254
FDIC insurance premiums		159			156			144			161			207			620			865
Other		1,847			1,287			1,352			1,480			1,362			5,966			4,954
Total noninterest expense	$	11,199		$	10,084		$	11,135		$	11,766		$	10,879		$	44,184		$	43,181

Page 2

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023			For the years ended December 31,
	IVQ			IIIQ			IIQ			IQ			IVQ			2024			2023
LOANS
One–to–four family residential real estate	$	14,829		$	15,634		$	17,707		$	18,247		$	18,945
Multi–family residential real estate		521,957			524,340			527,542			526,087			527,460
Nonresidential real estate		108,153			109,799			109,635			110,319			118,016
Commercial loans and leases		248,595			280,218			339,216			360,328			393,321
Consumer		1,623			1,847			1,787			1,248			1,364
		895,157			931,838			995,887			1,016,229			1,059,106
Allowance for credit losses		(7,571	)		(7,899	)		(8,142	)		(8,249	)		(8,345	)
Loans, net	$	887,586		$	923,939		$	987,745		$	1,007,980		$	1,050,761

LOAN ORIGINATIONS ⁽¹⁾
One–to–four family residential real estate	$	336		$	149		$	268		$	173		$	758		$	926		$	1,196
Multi–family residential real estate		3,311			4,837			14,177			5,561			6,226			27,886			35,911
Nonresidential real estate		1,200			2,658			34			—			3,183			3,892			9,653
Commercial loans		130,969			149,449			171,430			158,172			145,930			610,020			656,942
Equipment finance		7,861			8,068			6,207			3,427			8,141			25,563			54,496
Consumer		490			722			1,184			471			617			2,867			2,235
	$	144,167		$	165,883		$	193,300		$	167,804		$	164,855		$	671,154		$	760,433
Weighted average interest rate		7.82	%		8.26	%		8.77	%		9.04	%		9.09	%		8.51	%		9.00	%

LOAN PAYMENTS and PAYOFFS ⁽²⁾
One–to–four family residential real estate	$	1,126		$	2,280		$	823		$	852		$	1,049		$	5,081		$	5,423
Multi–family residential real estate		5,713			8,094			12,387			6,931			7,336			33,125			46,366
Nonresidential real estate		2,712			2,619			711			7,684			3,278			13,726			11,432
Commercial loans		135,351			171,276			165,347			161,429			148,964			633,403			663,320
Equipment finance		30,402			44,315			33,140			34,669			55,433			142,526			201,094
Consumer		592			722			682			612			565			2,608			2,384
	$	175,896		$	229,306		$	213,090		$	212,177		$	216,625		$	830,469		$	930,019
Weighted average interest rate		7.28	%		7.69	%		8.17	%		8.24	%		6.97	%		7.87	%		8.06	%

(1)	Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals.
(2)	Loan payments and payoffs exclude loan renewals.

Page 3

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023
	IVQ			IIIQ			IIQ			IQ			IVQ
CREDIT QUALITY:
Nonperforming Assets:
Nonaccrual loans:
One–to–four family residential real estate	$	126		$	34		$	39		$	34		$	37
Multi–family residential real estate		1,453			1,458			—			—			—
Nonresidential real estate		393			393			380			—			—
Equipment finance		14,960			20,446			20,395			20,475			21,294
Consumer		2			—			—			—			—
		16,934			22,331			20,814			20,509			21,331

Loans past due over 90 days, still accruing		—			—			—			—			1,007

Foreclosed assets, net
Other real estate owned		—			—			—			—			405
Other foreclosed assets		1,391			1,966			1,898			2,332			2,372
		1,391			1,966			1,898			2,332			2,777

Nonperforming assets	$	18,325		$	24,297		$	22,712		$	22,841		$	25,115

Asset Quality Ratios
Nonperforming assets to total assets		1.28	%		1.71	%		1.54	%		1.54	%		1.69	%
Nonperforming loans to total loans ⁽¹⁾		1.89			2.40			2.09			2.02			2.11
Nonperforming commercial-related loans to total commercial-related loans ⁽²⁾		1.91			2.44			2.13			2.05			2.15
Nonperforming residential and consumer loans to total residential and consumer loans		0.78			0.19			0.20			0.17			0.18
Allowance for credit losses to nonperforming loans		44.71			35.37			39.12			40.22			37.36

Concentrations of Credit
Commercial real estate for FFIEC concentration limits	$	613,914		$	616,985		$	621,628		$	620,694		$	624,575
% FFIEC total capital		368.12	%		361.51	%		359.51	%		364.28	%		370.83	%

Multi–family residential real estate loans - 50% risk based capital qualified (included above)	$	254,850		$	253,491		$	269,868		$	297,958		$	315,179
% FFIEC total capital		152.82	%		148.53	%		156.07	%		174.87	%		187.13	%

⁽¹⁾	Nonperforming loans include nonaccrual loans and loans past due 90 days and still accruing.

⁽²⁾	Commercial-related loans include multi-family residential real estate, nonresidential real estate, and commercial loans and leases.

Page 4

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023
	IVQ			IIIQ			IIQ			IQ			IVQ
SUBSTANDARD PERFORMING LOANS
One–to–four family residential real estate	$	218		$	164		$	167		$	204		$	272
Multi–family residential real estate		1,168			686			1,421			—			—
Nonresidential real estate		441			449			457			465			—
Commercial loans and leases		2,628			4,700			3,154			3,606			4,056
Consumer		4			3			3			5			3
	$	4,459		$	6,002		$	5,202		$	4,280		$	4,331

ALLOWANCE FOR CREDIT LOSSES
Beginning balance	$	7,899		$	8,142		$	8,249		$	8,345		$	8,559
Charge–offs:
One-to-four family residential real estate		—			—			—			—			(1	)
Multi–family residential real estate		(5	)		—			—			—			—
Commercial loans and leases		(4,968	)		(731	)		(10	)		(158	)		(570	)
Consumer		(7	)		(12	)		(12	)		(13	)		(9	)
		(4,980	)		(743	)		(22	)		(171	)		(580	)
Recoveries:
One–to–four family residential real estate		1			22			2			3			1
Multi–family residential real estate		2			6			4			6			5
Commercial loans and leases		2			—			7			5			50
Consumer		1			—			—			—			—
		6			28			13			14			56
Net charge–offs		(4,974	)		(715	)		(9	)		(157	)		(524	)
Provision for (recovery of) credit losses		4,646			472			(98	)		61			310
Ending balance	$	7,571		$	7,899		$	8,142		$	8,249		$	8,345

Allowance for credit losses to total loans		0.85	%		0.85	%		0.82	%		0.81	%		0.79	%
Net charge–off ratio (1)		(2.19	)		(0.30	)		—			(0.06	)		(0.19	)

⁽¹⁾	Annualized

Page 5

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023
	IVQ			IIIQ			IIQ			IQ			IVQ
DEPOSITS
Noninterest–bearing demand	$	238,826		$	226,882		$	262,585		$	256,698		$	260,851
Interest–bearing NOW accounts		277,059			276,551			287,668			297,010			306,548
Money market accounts		305,538			306,679			311,276			309,695			297,074
Savings deposits		161,139			160,815			167,250			171,521			174,759
Certificates of deposit - retail		234,979			228,485			223,494			224,362			222,391
	$	1,217,541		$	1,199,412		$	1,252,273		$	1,259,286		$	1,261,623

SELECTED AVERAGE BALANCES
Total average assets	$	1,430,554		$	1,430,931		$	1,470,076		$	1,484,332		$	1,492,759
Total average interest–earning assets		1,361,554			1,359,833			1,399,280			1,415,175			1,425,504
Average loans		908,908			964,827			1,010,123			1,031,256			1,088,172
Average securities		308,981			252,735			242,591			186,339			161,772
Average stock in FHLB & FRB		7,490			7,490			7,490			7,490			7,490
Average other interest–earning assets		136,175			134,781			139,076			190,090			168,070
Total average interest–bearing liabilities		1,016,350			1,020,434			1,040,842			1,041,381			1,046,249
Average interest–bearing deposits		977,619			977,529			997,132			996,741			1,001,576
Average borrowings and Subordinated Notes		38,731			42,905			43,710			44,640			44,673
Average stockholders’ equity		159,454			158,540			156,785			156,115			154,927

SELECTED YIELDS AND COST OF FUNDS ⁽¹⁾
Total average interest–earning assets		4.88	%		4.94	%		5.07	%		4.93	%		4.71	%
Average loans		5.15			5.07			5.32			5.21			4.99
Average securities		4.02			4.45			4.09			2.96			2.12
Average other interest–earning assets		4.95			5.46			5.51			5.51			5.48
Total average interest–bearing liabilities		1.96			2.04			1.96			1.86			1.70
Average interest–bearing deposits		1.88			1.94			1.87			1.75			1.59
Average cost of total deposits		1.52			1.57			1.49			1.39			1.26
Average cost of retail and commercial deposits		1.88			1.94			1.87			1.75			1.59
Average cost of wholesale deposits, borrowings and Subordinated Notes		4.13			4.18			4.19			4.34			4.18
Average cost of funds		1.60			1.66			1.58			1.49			1.36
Net interest rate spread		2.92			2.90			3.11			3.07			3.01
Net interest margin (TEB) ⁽²⁾		3.49			3.47			3.67			3.59			3.48

⁽¹⁾	Annualized
⁽²⁾	Calculated on a tax equivalent basis assuming a federal income tax rate of 21% and an average state income tax rate of 9.5%.

Page 6

BANKFINANCIAL CORPORATION

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

Latest Five Quarters

(Dollars in thousands; except per share) – (Unaudited)

	2024												2023
	IVQ			IIIQ			IIQ			IQ			IVQ
CAPITAL RATIOS
BankFinancial Corporation ⁽¹⁾
Equity to total assets (end of period)		10.90	%		11.22	%		10.66	%		10.54	%		10.45	%
Risk–based total capital ratio		21.79			21.56			20.52			20.73			20.70
Common Tier 1 (CET1)		18.70			18.53			17.60			17.75			17.66
Risk–based tier 1 capital ratio		18.70			18.53			17.60			17.75			17.66
Tier 1 leverage ratio		10.90			11.11			10.75			10.59			10.54
Tier 1 capital	$	155,832		$	158,778		$	157,984		$	157,062		$	157,246
BankFinancial, NA ⁽²⁾
Risk–based total capital ratio		20.08	%		19.96	%		19.31	%		19.30	%		18.96	%
Common Tier 1 (CET1)		19.24			19.11			18.46			18.43			18.13
Risk–based tier 1 capital ratio		19.24			19.11			18.46			18.43			18.13
Tier 1 leverage ratio		11.23			11.48			11.32			11.03			10.85
Tier 1 capital	$	159,779		$	163,355		$	165,368		$	162,715		$	161,037

COMMON STOCK AND DIVIDENDS
Stock Prices:
Close	$	12.70		$	12.18		$	10.29		$	10.50		$	10.26
High		13.97			12.56			10.70			11.12			10.76
Low		11.36			10.01			9.60			9.65			8.31
Common shares outstanding		12,460,678			12,460,678			12,460,678			12,460,678			12,475,881
Book value per share	$	12.55		$	12.77		$	12.64		$	12.52		$	12.45
Cash dividends declared on common stock	$	0.10		$	0.10		$	0.10		$	0.10		$	0.10
Dividend payout ratio		(70.64	)%		62.52	%		58.39	%		72.94	%		60.33	%
Stock repurchases	$	—		$	—		$	—		$	156		$	676
Stock repurchases – shares		—			—			—			15,203			71,509

EARNINGS PER SHARE COMPUTATIONS
Net income (loss)	$	(1,764	)	$	1,993		$	2,134		$	1,710		$	2,079
Weighted average basic and dilutive common shares outstanding		12,460,678			12,460,678			12,460,678			12,468,052			12,526,673
Basic and diluted earnings (loss) per common share	$	(0.14	)	$	0.16		$	0.17		$	0.14		$	0.17

⁽¹⁾	As a small bank holding company, the Company is exempt from the Federal Reserve Board's risk-based capital and leverage rules. BankFinancial Corporation capital data is included for informational purposes only.

⁽²⁾

As a qualifying community bank pursuant to Section 201 of the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018, the Bank elected to adopt the Community Bank Leverage Ratio requirement in the second quarter of 2020. Other BankFinancial, NA capital data is included for informational purposes only.

Page 7

Document And Entity Information	Feb. 03, 2025
Document Information [Line Items]
Entity, Registrant Name	BANKFINANCIAL CORPORATION
Document, Type	8-K
Document, Period End Date	Feb. 03, 2025
Entity, Incorporation, State or Country Code	MD
Entity, File Number	0-51331
Entity, Tax Identification Number	75-3199276
Entity, Address, Address Line One	60 North Frontage Road
Entity, Address, City or Town	Burr Ridge
Entity, Address, State or Province	IL
Entity, Address, Postal Zip Code	60527
City Area Code	800
Local Phone Number	894-6900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	BFIN
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001303942

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