As of September 30, 2024, BankFinancial Corporation reported total assets of $1.418 billion, a decrease of $69.7 million, or 4.7%, from $1.487 billion at the end of 2023. The decline in total assets was primarily driven by a significant reduction in loans receivable, which fell to $923.9 million from $1.051 billion, a decrease of $126.8 million. This drop was attributed to a 28.8% decline in commercial loans and leases, alongside a 7.0% decrease in nonresidential real estate loans.
In contrast, the company saw an increase in securities at fair value, which rose to $264.9 million from $153.2 million, reflecting a $111.7 million increase. Total deposits also decreased by $62.2 million, or 4.9%, to $1.199 billion, with noninterest-bearing demand deposits declining by $35.7 million. However, the company reported an increase in total stockholders' equity, which rose to $159.1 million from $155.4 million.
For the third quarter of 2024, BankFinancial's net income was $1.993 million, down 15.9% from $2.369 million in the same period of 2023. The decline in net income was accompanied by a decrease in net interest income, which fell to $11.7 million from $13.0 million year-over-year. The net interest margin also decreased to 3.47% from 3.67%, influenced by an increase in interest expense, which rose to $5.225 million from $3.940 million due to retail depositors seeking higher yields.
Noninterest income for the third quarter increased by 19.5% to $1.482 million, driven by higher deposit service charges and trust department income. Total noninterest expense decreased to $10.1 million from $10.8 million, with a notable reduction in compensation and benefits expenses due to a 9% reduction in full-time equivalent headcount.
The provision for credit losses increased to $472,000 from $180,000 in the prior year, while net charge-offs decreased to $715,000 from $847,000. The allowance for credit losses as a percentage of nonperforming loans was 35.37% as of September 30, 2024.
The company maintained a strong capital position, with a Tier 1 leverage ratio of 11.48%, exceeding the regulatory minimum. The effective tax rate for the third quarter was 22.6%, down from 27.5% in the previous year, attributed to tax benefits from interest earned on U.S. Treasury Notes and government-sponsored agency securities.
About BankFinancial CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.