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BankFinancial Corporation Announces Fourth Quarter 2013 Financial Results

Stocks in this article: BFIN

BURR RIDGE, Ill., Feb. 3, 2014 (GLOBE NEWSWIRE) -- BankFinancial Corporation (Nasdaq:BFIN) (the "Company") filed its Quarterly Financial and Statistical Supplement on Form 8-K with the U.S. Securities and Exchange Commission (the "SEC") today.

BankFinancial recorded net income of $3.3 million and earnings per share of common stock of $0.16 for the year ended December 31, 2013. The Company recorded net income of $1.5 million, or $0.07 earnings per common share, for the fourth quarter of 2013.

For the fourth quarter of 2013, the Company's net interest income before provision for loan losses increased to $11.5 million due to stronger loan originations and improved asset quality. For 2014, the Company believes that net interest income before provision for loan losses should range from $46 million and $49 million, with a quarterly target level of approximately $12.5 million to $13 million. Non-interest income declined modestly due to lower deposit service fees and income from bank-owned life insurance. Based on planned changes in loan, lease and deposit product pricing, as well as stronger performance in insurance and non-deposit product sales, the Company believes that non-interest income for the year ending December 31, 2014 should range between $6.8 million and $7.2 million, with a quarterly target level of approximately $1.8 million to $1.9 million. Non-interest expense rose by $432,000 to $12.8 million due to higher expenses for loan and lease origination, loan underwriting and marketing expenses related to loan and lease origination, which was partially offset by lower non-performing asset expenses. Office occupancy and equipment expense included approximately $100,000 in costs associated with the consolidation of the Hyde Park East branch, as well as $97,000 in snow removal costs. For 2014, the Company believes that core non-interest expenses should approximate $42 million, reaching an average quarterly core non-interest expense level of approximately $10 million by the third quarter of 2014.

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