BURR RIDGE, Ill., March 9, 2011 (GLOBE NEWSWIRE) -- BankFinancial Corporation (Nasdaq:BFIN) ("BankFinancial") reported a net loss of $5.5 million and basic loss per share of $0.28 for the three months ended December 31, 2010, compared to a net loss of $1.6 million and basic loss share of $0.08 for the three months ended December 31, 2009.
BankFinancial's operating results for the fourth quarter of 2010 included an $8.1 million provision for loan losses and $4.7 million recorded in nonperforming asset expense and operations of other real estate owned ("OREO") due to fourth quarter 2010 OREO expense accruals, OREO property write-downs to net realizable value, and final resolution of certain classified loans and assets. 2009 fourth quarter results included $4.2 million of provision for loan losses, partially offset by a $1.3 million gain recognized on the sale of our merchant processing operations.
For the year ended December 31, 2010, BankFinancial recorded a net loss of $4.3 million and basic loss per share of $0.22, compared to a net loss of $738,000 for 2009. The net loss in 2010 was due in substantial part to our recording a $12.1 million provision for loan losses, $7.3 million for nonperforming asset management expense and operations of OREO combined with a $1.8 million decrease in net interest income. The net loss in 2009 was due to the recording of an $8.8 million provision for loan losses, a $2.1 million increase in FDIC expense and $1.4 million in combined pre-tax losses that we recorded in connection with the impairment and subsequent sale of our Freddie Mac preferred stocks. The impact of these items was partially offset by a $1.3 million gain that we recognized on the sale of our merchant processing operations in 2009.At December 31, 2010, BankFinancial had total assets of $1.531 billion, total loans of $1.051 billion, total deposits of $1.235 billion and stockholders' equity of $253 million. Its wholly-owned subsidiary, BankFinancial, F.S.B., is considered well capitalized under applicable banking laws and regulations, with a total capital to risk-weighted assets ratio of 18.38%, a Tier 1 capital to risk-weighted assets ratio of 17.20%, and a Tier 1 capital to adjusted total assets ratio of 12.48% at December 31, 2010. The minimum capital requirements that must be met to be considered well capitalized are a total capital to risk weighted assets ratio of at least 10%, a Tier 1 capital to risk weighted assets ratio of at least 6%, and a Tier 1 capital to adjusted total assets ratio of at least 5%.