BURR RIDGE, Ill., Feb. 1, 2013 (GLOBE NEWSWIRE) -- BankFinancial Corporation (Nasdaq:BFIN) (the "Company") today announced that it took additional actions in the fourth quarter of 2012 in furtherance of its plan to materially reduce future nonperforming asset expenses and accelerate the return to the Company's historical asset quality levels. The actions supplemented the Company's previously announced completion of two bulk sales of non-performing assets with a carrying value of $22.7 million.
The actions included the designation of additional loans with a carrying value of $7.5 million as "held for sale" in preparation for a bulk sale, the restructuring of $7.1 million of certain performing classified loans to enable the basis for their classification to be resolved in 2013, and a reduction in the carrying values of certain non-performing assets to levels designed to facilitate or accelerate resolution.
As a result of these actions, the two completed bulk sales and ordinary course of business classifications, resolutions and dispositions that occurred in the fourth quarter of 2012:
- The Company's nonaccrual loans (excluding the loans that were designated as held for sale) totaled $26.3 million, or 2.51% of total loans, at December 31, 2012, compared to $76.2 million, or 6.05% of total loans, at December 31, 2011. Included in total non-performing loans are purchased impaired loans acquired in the Company's acquisition of Downers Grove National Bank in March, 2011; purchased impaired loans totaled $4.0 million at December 31, 2012, compared to $14.6 million at December 31, 2011.
- The Company's non-performing assets totaled $38.4 million, or 2.59% of total assets, at December 31, 2012, compared to $98.6 million, or 6.31% of total assets, at December 31, 2011. Included in total non-performing assets are other real estate owned and certain loans held for sale. Other real estate owned totaled $10.4 million at December 31, 2012, compared to $22.5 million at December 31, 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV