BankFinancial(BFIN) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, total noninterest income was $1,461,000, compared to $313,000 for the same period in 2023, representing a significant increase [21]. - Deposit service charges and fees for the three months ended March 31, 2024, were $809,000, slightly down from $816,000 in the same period of 2023 [21]. - Loan servicing fees increased to $156,000 in Q1 2024 from $129,000 in Q1 2023, reflecting a growth of approximately 21% [21]. - Trust and insurance commissions and annuities income rose to $450,000 in Q1 2024, up from $367,000 in Q1 2023, marking an increase of about 22.6% [21]. - Interchange income from debit cardholder transactions was $310,000 for the three months ended March 31, 2024, compared to $334,000 in the same period of 2023, indicating a decrease of approximately 7.2% [22]. Asset Management - The carrying value of other foreclosed assets as of March 31, 2024, was $387,000, with a valuation allowance of $44,000 [14]. - The total loans receivable, net of allowance for credit losses, was $1,007,980,000 as of March 31, 2024 [21]. - The estimated fair value of financial instruments is based on various inputs, with Level 3 inputs reflecting significant unobservable assumptions [28]. - As of March 31, 2024, the fair value of municipal securities was $926,000, U.S. Treasury Notes were $92,709,000, and U.S. government-sponsored agencies were $141,676,000, totaling $239,549,000 in fair value measurements [34]. - The ending balance of foreclosed assets as of March 31, 2024, was $2,332,000, compared to $1,393,000 at the end of 2023 [38]. - The valuation allowance for foreclosed assets had an ending balance of $44,000 as of March 31, 2024 [38]. Debt and Credit - The Company recorded a gain of $107,000 on the repurchase of subordinated notes in March 2024 [25]. - The Company had no outstanding balance on its $5.0 million unsecured line of credit as of March 31, 2024 [26]. - The company has fixed-rate advances from FHLB totaling $25,000,000, with rates ranging from 4.06% to 4.55% [40]. - The company has a line of credit due March 28, 2025, with an interest rate of 8.00% [40]. Foreclosure and Real Estate - In Q1 2023, the company recorded a valuation adjustment of $553,000 when transferring two retail branches to premises held-for-sale [32]. - There were no consumer mortgage loans secured by residential real estate properties in foreclosure proceedings as of March 31, 2024 [38]. - The company reported new foreclosed assets of $49,000 in Q1 2024, with valuation reductions from sales amounting to $67,000 [38]. Shareholder Information - As of May 8, 2024, there were 12,460,678 shares of common stock outstanding [46].