EX-99.2 3 bfin-20190331ex992suppleme.htm EXHIBIT 99.2 Exhibit

Exhibit 99.2



BANKFINANCIAL CORPORATION
FIRST QUARTER 2019
QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT
FOR THE LATEST FIVE QUARTERS


Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform to the current period’s presentation.
The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period–end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current, or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or its subsidiary.
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
PERFORMANCE MEASUREMENTS
 
 
 
 
 
 
 
 
 
Return on assets (ratio of net income to average total assets) (1)
0.91
%
 
1.92
%
 
0.97
%
 
1.18
%
 
0.90
%
Return on equity (ratio of net income to average equity) (1)
7.68

 
15.72

 
7.68

 
9.39

 
7.13

Net interest rate spread (1)
3.35

 
3.24

 
3.30

 
3.31

 
3.38

Net interest margin (1)
3.64

 
3.52

 
3.51

 
3.49

 
3.53

Efficiency ratio
68.03

 
51.22

 
64.84

 
63.55

 
68.40

Noninterest expense to average total assets (1)
2.60

 
2.88

 
2.45

 
2.61

 
2.52

Average interest–earning assets to average interest–bearing liabilities
131.53

 
133.35

 
133.23

 
133.62

 
132.29

Number of full service offices
19

 
19

 
19

 
19

 
19

Employees (full time equivalents) (2)
235

 
236

 
245

 
250

 
237

 
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENT OF FINANCIAL CONDITION
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from other financial institutions
$
12,016

 
$
13,805

 
$
12,473

 
$
11,738

 
$
10,613

Interest-bearing deposits in other financial institutions
66,206

 
84,399

 
74,461

 
80,457

 
81,963

Securities, at fair value
83,240

 
88,179

 
103,921

 
112,452

 
102,661

Loans receivable, net
1,306,475

 
1,323,793

 
1,267,787

 
1,287,823

 
1,277,553

Other real estate owned, net
921

 
1,226

 
985

 
1,187

 
1,802

Stock in Federal Home Loan Bank and Federal Reserve Bank, at cost
8,026

 
8,026

 
8,026

 
8,311

 
8,290

Premises held-for-sale
—

 
—

 
—

 
—

 
5,581

Premises and equipment, net
31,474

 
25,205

 
24,473

 
24,441

 
24,628

Bank owned life insurance
18,839

 
18,809

 
18,781

 
18,746

 
22,925

Deferred taxes
5,023

 
6,235

 
8,911

 
10,199

 
11,363

Other assets
12,800

 
15,648

 
12,666

 
12,144

 
12,550

Total assets
$
1,545,020

 
$
1,585,325

 
$
1,532,484

 
$
1,567,498

 
$
1,559,929

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
Deposits
$
1,326,746

 
$
1,352,484

 
$
1,295,770

 
$
1,295,853

 
$
1,278,007

Borrowings
16,106

 
21,049

 
21,232

 
50,901

 
60,983

Other liabilities
25,948

 
24,642

 
23,399

 
26,516

 
22,587

Total liabilities
1,368,800

 
1,398,175

 
1,340,401

 
1,373,270

 
1,361,577

Stockholders’ equity
176,220

 
187,150

 
192,083

 
194,228

 
198,352

Total liabilities and stockholders’ equity
$
1,545,020

 
$
1,585,325

 
$
1,532,484

 
$
1,567,498

 
$
1,559,929

(1)Annualized
(2)
Second quarter 2018 full time equivalents employees include summer interns. These employees typically work from May through August.


Page 2
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
SUMMARY STATEMENT OF OPERATIONS
 
 
 
 
 
 
 
 
Total interest income
$
16,526

 
$
16,146

 
$
15,373

 
$
15,020

 
$
14,748

Total interest expense
3,307

 
3,043

 
2,408

 
2,039

 
1,727

Net interest income before provision (recovery)
13,219

 
13,103

 
12,965

 
12,981

 
13,021

Provision for (recovery of) loan losses
(87
)
 
403

 
(23
)
 
23

 
(258
)
Net interest income
13,306

 
12,700

 
12,988

 
12,958

 
13,279

Noninterest income
1,624

 
8,674

 
1,570

 
3,094

 
1,539

Noninterest expense
10,098

 
11,155

 
9,425

 
10,215

 
9,959

Income before income tax
4,832

 
10,219

 
5,133

 
5,837

 
4,859

Income tax expense (1)
1,281

 
2,803

 
1,396

 
1,207

 
1,300

Net income
$
3,551

 
$
7,416

 
$
3,737

 
$
4,630

 
$
3,559

Basic earnings per common share
$
0.22

 
$
0.44

 
$
0.22

 
$
0.26

 
$
0.20

Diluted earnings per common share
$
0.22

 
$
0.44

 
$
0.22

 
$
0.26

 
$
0.20

 
 
 
 
 
 
 
 
 
 
NONINTEREST INCOME AND EXPENSE
 
 
 
 
 
 
 
 
 
Noninterest Income
 
 
 
 
 
 
 
 
 
Deposit service charges and fees
$
930

 
$
998

 
$
1,003

 
$
989

 
$
978

Loan fee income
23

 
208

 
71

 
90

 
70

Commercial mortgage brokerage fees
—

 
—

 
12

 
85

 
41

Residential mortgage banking fees
28

 
31

 
34

 
24

 
30

Gain (loss) on sales of equity securities
295

 
3,572

 
—

 
(14
)
 
—

Unrealized gain on equity securities
—

 
3,427

 
—

 
—

 
—

Loss on disposal of other assets
(19
)
 
—

 
—

 
—

 
—

Gain on sale of premises held-for-sale
—

 
—

 
—

 
93

 
—

Trust insurance commissions and annuities income
205

 
267

 
207

 
250

 
213

Earnings on bank owned life insurance
30

 
28

 
35

 
45

 
66

Bank-owned life insurance death benefit
—

 
—

 
—

 
1,389

 
—

Other
132

 
143

 
208

 
143

 
141

Total noninterest income
$
1,624

 
$
8,674

 
$
1,570

 
$
3,094

 
$
1,539

 
 
 
 
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
5,703

 
$
6,755

 
$
5,120

 
$
5,790

 
$
5,322

Office occupancy and equipment
1,845

 
1,795

 
1,629

 
1,662

 
1,731

Advertising and public relations
161

 
237

 
194

 
274

 
143

Information technology
692

 
726

 
717

 
708

 
641

Supplies, telephone, and postage
399

 
363

 
341

 
396

 
333

Amortization of intangibles
20

 
21

 
20

 
21

 
122

Nonperforming asset management
54

 
40

 
60

 
51

 
202

Loss (gain) on sales of other real estate owned
(95
)
 
—

 
(12
)
 
47

 
21

Valuation adjustments of other real estate owned
—

 
—

 
1

 
1

 
25

Operations of other real estate owned
51

 
77

 
70

 
87

 
115

FDIC insurance premiums
108

 
99

 
115

 
104

 
119

Other
1,160

 
1,042

 
1,170

 
1,074

 
1,185

Total noninterest expense
$
10,098

 
$
11,155

 
$
9,425

 
$
10,215

 
$
9,959



Page 3
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
66,833

 
$
70,371

 
$
77,591

 
$
84,048

 
$
92,056

Multi–family mortgage
634,328

 
619,870

 
581,880

 
571,886

 
578,144

Nonresidential real estate
148,601

 
152,442

 
148,010

 
155,627

 
163,856

Construction and land
145

 
172

 
1,130

 
1,316

 
1,328

Commercial loans
172,264

 
187,406

 
167,547

 
163,925

 
162,564

Commercial leases
289,750

 
299,394

 
297,103

 
316,555

 
285,222

Consumer
1,846

 
1,539

 
1,416

 
1,469

 
1,494

 
1,313,767

 
1,331,194

 
1,274,677

 
1,294,826

 
1,284,664

Net deferred loan origination costs
1,062

 
1,069

 
1,213

 
1,176

 
1,230

Allowance for loan losses
(8,354
)
 
(8,470
)
 
(8,103
)
 
(8,179
)
 
(8,341
)
Loans, net
$
1,306,475

 
$
1,323,793

 
$
1,267,787

 
$
1,287,823

 
$
1,277,553

 
 
 
 
 
 
 
 
 
 
LOAN ORIGINATIONS (1)
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
695

 
$
647

 
$
1,290

 
$
987

 
$
964

Multi–family mortgage
27,871

 
71,101

 
31,633

 
21,838

 
14,339

Nonresidential real estate
1,641

 
7,120

 
1,166

 
1,310

 
2,011

Commercial loans
155,123

 
171,048

 
164,974

 
164,048

 
150,804

Commercial leases
27,611

 
52,929

 
27,296

 
77,744

 
20,771

Consumer
1,174

 
913

 
695

 
672

 
584

 
$
214,115

 
$
303,758

 
$
227,054

 
$
266,599

 
$
189,473

Weighted average rate
6.15
%
 
5.91
%
 
5.96
%
 
5.62
%
 
5.61
%
 

 
 
 
 
 
 
 
 
LOAN PAYMENTS and PAYOFFS (2)

 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
4,195

 
$
7,590

 
$
7,135

 
$
8,959

 
$
6,453

Multi–family mortgage
13,308

 
35,135

 
19,804

 
27,911

 
24,524

Nonresidential real estate
5,542

 
4,315

 
8,890

 
9,499

 
8,148

Construction and land
27

 
27

 
184

 
15

 
31

Commercial loans
170,387

 
151,768

 
161,359

 
162,544

 
140,449

Commercial leases
37,259

 
50,742

 
46,885

 
47,417

 
45,790

Consumer
781

 
868

 
762

 
704

 
631

 
$
231,499

 
$
250,445

 
$
245,019

 
$
257,049

 
$
226,026

Weighted average rate
5.91
%
 
5.59
%
 
5.56
%
 
5.28
%
 
4.97
%

(1)
Loan originations include purchased loans, draws on revolving lines of credit and exclude loan renewals.
(2)
Loan payments and payoffs exclude loan renewals.

Page 4
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
CREDIT QUALITY:
 
 
 
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
 
 
 
 
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
844

 
$
1,240

 
$
1,369

 
$
1,538

 
$
1,589

Multi–family mortgage
—

 
—

 
102

 
92

 
369

Nonresidential real estate loans
242

 
270

 
—

 
—

 
—

Commercial loans
354

 
—

 
—

 
—

 
—

Consumer loans
—

 
—

 
—

 
6

 
—

Nonaccrual loans
1,440

 
1,510

 
1,471

 
1,636

 
1,958

 
 
 
 
 
 
 
 
 
 
Other real estate owned:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
921

 
875

 
634

 
833

 
935

Multi–family real estate
—

 
276

 
276

 
276

 
—

Nonresidential real estate
—

 
74

 
74

 
74

 
863

Land 
—

 
1

 
1

 
4

 
4

Other real estate owned
921

 
1,226

 
985

 
1,187

 
1,802

 
 
 
 
 
 
 
 
 
 
Nonperforming assets
$
2,361

 
$
2,736

 
$
2,456

 
$
2,823

 
$
3,760

 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios
 
 
 
 
 
 
 
 
 
Nonperforming assets to total assets
0.15
%
 
0.17
%
 
0.16
%
 
0.18
%
 
0.24
%
Nonperforming loans to total loans
0.11

 
0.11

 
0.12

 
0.13

 
0.15

Nonperforming commercial-related loans to total commercial-related loans (1)
0.05

 
0.02

 
0.01

 
0.01

 
0.03

Nonperforming residential and consumer loans to total residential and consumer loans
1.23

 
1.72

 
1.73

 
1.81

 
1.70

Allowance for loan losses to nonperforming loans
580.14

 
560.93

 
550.85

 
499.94

 
426.00

 
 
 
 
 
 
 
 
 
 
Concentrations of Credit
 
 
 
 
 
 
 
 
 
Commercial Real Estate for FFIEC Concentration Limits
$
749,755

 
$
737,887

 
$
697,843

 
$
694,555

 
$
706,488

% FFIEC Total Capital
440.83
%
 
413.00
%
 
378.64
%
 
378.45
%
 
370.18
%
 
 
 
 
 
 
 
 
 
 
Multi–family mortgage loans - 50% risk based capital qualified (included above)
$
351,284

 
$
370,512

 
$
357,947

 
$
299,138

 
$
353,686

% FFIEC Total Capital
206.54
%
 
207.38
%
 
194.22
%
 
162.99
%
 
185.32
%
 
 
 
 
 
 
 
 
 
 
Commercial Leases - Investment Grade
$
157,215

 
$
166,209

 
$
181,131

 
$
197,746

 
$
186,052

Commercial Leases - Other
132,535

 
133,185

 
115,972

 
118,809

 
99,170


(1)
Commercial-related loans include Multi-family mortgage, Nonresidential, Construction, Land and Commercial loans and Leases.


Page 5
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
SUBSTANDARD PERFORMING LOANS
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
$
384

 
$
365

 
$
409

 
$
295

 
$
362

Multi–family mortgage
214

 
216

 
310

 
218

 
222

Nonresidential real estate
95

 
98

 
99

 
100

 
149

Commercial loans
3,033

 
342

 
4,699

 
3,820

 
2,258

Consumer
9

 
7

 
10

 
1

 
—

 
$
3,735

 
$
1,028

 
$
5,527

 
$
4,434

 
$
2,991

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES
 
 
 
 
 
 
 
 
 
Beginning balance
$
8,470

 
$
8,103

 
$
8,179

 
$
8,341

 
$
8,366

Charge–offs:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
(23
)
 
(17
)
 
(84
)
 
(33
)
 
(97
)
Multi–family mortgage
—

 
—

 
—

 
(35
)
 
—

Nonresidential real estate
(28
)
 
(93
)
 
—

 
—

 
—

Commercial loans
—

 
 
 
—

 
(140
)
 
—

Consumer
(5
)
 
(12
)
 
(6
)
 
(1
)
 
—

 
(56
)
 
(122
)
 
(90
)
 
(209
)
 
(97
)
Recoveries:
 
 
 
 
 
 
 
 
 
One–to–four family residential real estate
17

 
76

 
25

 
6

 
99

Multi–family mortgage
8

 
8

 
8

 
10

 
8

Construction and land loans
—

 
—

 
2

 
—

 
—

Commercial loans
2

 
2

 
2

 
2

 
223

Commercial leases
—

 
—

 
—

 
5

 
—

Consumer
—

 
—

 
—

 
1

 
—

 
27

 
86

 
37

 
24

 
330

Net (charge–offs) recoveries
(29
)
 
(36
)
 
(53
)
 
(185
)
 
233

Provision for (recovery of ) loan losses
(87
)
 
403

 
(23
)
 
23

 
(258
)
Ending balance
$
8,354

 
$
8,470

 
$
8,103

 
$
8,179

 
$
8,341

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses to total loans
0.64
 %
 
0.64
 %
 
0.64
 %
 
0.63
 %
 
0.65
%
Net (charge–off) recovery ratio (1)
(0.01
)
 
(0.01
)
 
(0.02
)
 
(0.06
)
 
0.07

(1)
Annualized


Page 6
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
DEPOSITS
 
 
 
 
 
 
 
 
 
Noninterest–bearing demand
$
222,328

 
$
230,041

 
$
225,446

 
$
229,717

 
$
232,593

Interest–bearing NOW accounts
266,402

 
275,830

 
283,561

 
281,603

 
283,311

Money market accounts
248,657

 
255,951

 
266,070

 
281,493

 
290,575

Savings deposits
155,505

 
152,334

 
155,232

 
158,731

 
160,093

Certificates of deposit - retail
341,266

 
332,053

 
275,160

 
251,974

 
232,910

Certificates of deposit - wholesale
92,588

 
106,275

 
90,301

 
92,335

 
78,525

 
$
1,326,746

 
$
1,352,484

 
$
1,295,770

 
$
1,295,853

 
$
1,278,007

 
 
 
 
 
 
 
 
 
 
SELECTED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
Total average assets
$
1,553,484

 
$
1,548,292

 
$
1,540,522

 
$
1,565,996

 
$
1,581,833

Total average interest–earning assets
1,474,355

 
1,478,028

 
1,463,404

 
1,492,824

 
1,496,682

Average loans
1,304,385

 
1,296,108

 
1,274,788

 
1,291,339

 
1,294,387

Average securities
91,271

 
98,756

 
113,234

 
107,384

 
103,928

Average stock in FHLB & FRB
8,026

 
8,026

 
8,125

 
8,411

 
8,289

Average other interest–earning assets
70,673

 
75,138

 
67,257

 
85,690

 
90,078

Total average interest–bearing liabilities
1,120,957

 
1,108,397

 
1,098,424

 
1,117,188

 
1,131,372

Average interest–bearing deposits
1,106,582

 
1,085,611

 
1,059,929

 
1,055,228

 
1,070,635

Average borrowings
14,375

 
22,786

 
38,495

 
61,960

 
60,737

Average stockholders’ equity
184,957

 
188,643

 
194,745

 
197,314

 
199,672

 
 
 
 
 
 
 
 
 
 
SELECTED YIELDS AND COST OF FUNDS (1):
 
 
 
 
 
 
 
 
Total average interest–earning assets
4.55
%
 
4.33
%
 
4.17
%
 
4.04
%
 
4.00
%
Average loans
4.77

 
4.59

 
4.43

 
4.34

 
4.33

Average securities
2.67

 
2.38

 
2.20

 
2.04

 
1.81

Average other interest–earning assets
2.71

 
2.61

 
2.28

 
1.81

 
1.62

Total average interest–bearing liabilities
1.20

 
1.09

 
0.87

 
0.73

 
0.62

Average interest–bearing deposits
1.18

 
1.07

 
0.85

 
0.70

 
0.58

Average cost of total deposits
0.99

 
0.89

 
0.70

 
0.57

 
0.48

Average cost of retail and commercial deposits
1.08

 
0.97

 
0.75

 
0.60

 
0.50

Average cost of wholesale deposits and borrowings
2.29

 
2.09

 
1.77

 
1.57

 
1.30

Average cost of funds
1.00

 
0.90

 
0.72

 
0.61

 
0.52

Net interest rate spread
3.35

 
3.24

 
3.30

 
3.31

 
3.38

Net interest margin
3.64

 
3.52

 
3.51

 
3.49

 
3.53

(1)     Annualized

Page 7
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)


 
2019
 
2018
 
IQ
 
IVQ
 
IIIQ
 
IIQ
 
IQ
CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
BankFinancial Corporation
 
 
 
 
 
 
 
 
 
Equity to total assets (end of period)
11.41
%
 
11.81
%
 
12.53
%
 
12.39
%
 
12.72
%
Tangible equity to tangible total assets (end of period)
11.40

 
11.80

 
12.53

 
12.38

 
12.71

Risk–based total capital ratio
15.47

 
16.33

 
17.40

 
16.73

 
17.72

Common Tier 1 (CET1)
14.76

 
15.61

 
16.67

 
16.02

 
16.98

Risk–based tier 1 capital ratio
14.76

 
15.61

 
16.67

 
16.02

 
16.98

Tier 1 leverage ratio
11.13

 
11.82

 
12.06

 
11.93

 
12.03

Tier 1 capital
$
172,486

 
$
182,404

 
$
185,015

 
$
185,836

 
$
189,152

BankFinancial, NA
 
 
 
 
 
 
 
 
 
Risk–based total capital ratio
14.58
%
 
15.30
%
 
16.61
%
 
15.83
%
 
17.13
%
Common Tier 1 (CET1)
13.86

 
14.57

 
15.88

 
15.12

 
16.38

Risk–based tier 1 capital ratio
13.86

 
14.57

 
15.88

 
15.12

 
16.38

Tier 1 leverage ratio
10.45

 
11.03

 
11.49

 
11.26

 
11.60

Tier 1 capital
$
161,723

 
$
170,194

 
$
176,199

 
$
175,349

 
$
182,464

 
 
 
 
 
 
 
 
 
 
COMMON STOCK AND DIVIDENDS
 
 
 
 
 
 
 
 
 
Stock Prices:
 
 
 
 
 
 
 
 
 
Close
$
14.87

 
$
14.95

 
$
15.94

 
$
17.65

 
$
16.98

High
16.06

 
16.06

 
18.08

 
18.62

 
17.20

Low
13.46

 
13.88

 
15.32

 
15.07

 
15.07

Common shares outstanding
15,644,499

 
16,481,514

 
17,206,303

 
17,461,088

 
17,877,223

Book value per share
$
11.26

 
$
11.36

 
$
11.16

 
$
11.12

 
$
11.10

Tangible book value per share
$
11.26

 
$
11.35

 
$
11.16

 
$
11.12

 
$
11.09

Cash dividends declared on common stock
$
0.10

 
$
0.10

 
$
0.10

 
$
0.09

 
$
0.08

Dividend payout ratio
46.35
%
 
22.74
%
 
46.65
%
 
34.20
%
 
40.35
%
Stock repurchases
$
12,840

 
$
10,691

 
$
4,103

 
$
7,167

 
$
1,323

Stock repurchases – shares
837,015

 
724,789

 
254,785

 
415,889

 
81,500

 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE COMPUTATIONS
 
 
 
 
 
 
 
 
 
Net income
$
3,551

 
$
7,416

 
$
3,737

 
$
4,630

 
$
3,559

Average common shares outstanding
16,202,303

 
16,820,641

 
17,365,679

 
17,634,190

 
17,931,579

Unvested restricted stock shares
—

 
—

 
—

 
(375
)
 
(940
)
Weighted average common shares outstanding
16,202,303


16,820,641

 
17,365,679

 
17,633,815

 
17,930,639

Plus: Dilutive common shares equivalents
—

 
—

 
—

 
—

 
461

Weighted average dilutive common shares outstanding
16,202,303

 
16,820,641

 
17,365,679

 
17,633,815

 
17,931,100

Basic earnings per common share
$
0.22

 
$
0.44

 
$
0.22

 
$
0.26

 
$
0.20

Diluted earnings per common share
$
0.22

 
$
0.44

 
$
0.22

 
$
0.26

 
$
0.20



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