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BankFinancial Corporation (BFIN+5.08%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $4.1 million for the year, with basic and diluted earnings per share of $0.33. This is a decrease from the previous year's net income of $9.4 million and earnings per share of $0.74.
Total assets at the end of the year were $1.435 billion, down from $1.487 billion at the end of 2023. This decrease is attributed primarily to reductions in cash and loans receivable, partially offset by an increase in securities.
Interest income increased by $2.4 million due to higher yields in the commercial loan portfolio, while interest expense rose by $5.8 million due to higher rates paid on deposits. As a result, net interest income decreased by $3.4 million.
Noninterest income increased by $1.4 million, driven by growth in deposit-related fees and trust income. There were no losses on the sale of securities, unlike the previous year.
Noninterest expense increased by $1.0 million, primarily due to higher employee health benefits expenses and legal expenses related to U.S. Government equipment finance claims.
The company reported a provision for credit losses of $5.1 million, including a $4.8 million charge-off related to a U.S. Government Contract Disputes Act claim.
Total deposits decreased by $44.1 million, with interest-bearing deposits totaling $978.7 million and noninterest-bearing demand deposits totaling $238.8 million.
The company repurchased 15,203 shares of its common stock during the year and paid $5.0 million in cash dividends.
BankFinancial continues to focus on its commercial loan originations and expects modest growth in its multi-family residential and nonresidential real estate portfolios in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BankFinancial Corporation annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.