BankFinancial Corporation Reports Financial Results for 2019 and Will Host Conference Call and Webcast on February 19, 2020

BURR RIDGE, Ill., Feb. 18, 2020 (GLOBE NEWSWIRE) -- BankFinancial Corporation (Nasdaq - BFIN) (the “Company”) announced today that the Company recorded net income of $11.7 million for the year ended December 31, 2019 and basic and diluted earnings per common share for the year ended December 31, 2019 were $0.75.

For the fourth quarter of 2019, the Company recorded net income of $3.4 million and basic and diluted earnings per share of common stock of $0.22, compared to $7.4 million and $0.44 per share for the fourth quarter of 2018. Net income for the fourth quarter of 2018 includes $5.1 million, net of tax, of realized and unrealized gains on sale of the Company’s Class B Visa common shares and $763,000 in accrued expense, net of tax, related to certain contract termination and severance payments.

The Company’s total loans decreased by $45.9 million during the fourth quarter of 2019 due to continued elevated prepayments of multi-family and nonresidential real estate loans, and reductions of commercial line of credit utilization by equipment lessors. Total deposits decreased by $4.1 million due to a $9.9 million reduction in wholesale deposits. The average yield on the Company’s loan portfolio for the quarter ended December 31, 2019 was 4.82%, a 5.0% increase compared to the fourth quarter of 2018.

For the year ended December 31, 2019, multi-family and nonresidential real estate loans declined by $73.9 million (9.6%) due to lower originations volume in 2019. Commercial loans and commercial leases declined by $68.5 million (14.1%) due primarily to planned reductions in investment rated leases and of certain Regional Commercial Banking and National Healthcare Lending commercial loan relationships, offset by modest net growth in other commercial leases. Total commercial-related loan balances were $1.117 billion at the end of 2019, and now comprise 95.1% of the Company’s total loans, compared to 94.6% at the end of 2018.

The Company’s asset quality improved in 2019. The ratio of nonperforming loans to total loans was 0.07% and the ratio of nonperforming assets to total assets was 0.07% at December 31, 2019. Nonperforming commercial-related loans represented 0.03% of total commercial-related loans at December 31, 2019.

Total retail and commercial deposits declined slightly in 2019. Retail depositors continue to seek higher interest rates, and the Company moderated its retail deposit competitive position to better manage its cost of funds given its strong liquidity position. Commercial depositors continue to use excess deposit balances to repay commercial lines of credit whenever possible. The Company’s liquid assets were 12.8% of total assets at December 31, 2019.