BankFinancial Corporation (NASDAQ:BFIN), a federally chartered savings institution with a market capitalization of $173 million, announced a change to its board structure on Monday. According to InvestingPro data, the company's stock has delivered an impressive 60% return over the past year.
The company's board of directors has decided to set the number of directors at seven, effective at the 2025 annual meeting of stockholders. This decision remains in effect until the board determines a need for change in accordance with the company's bylaws.
The adjustment is part of an internal governance review expected to take place in 2025. Notable for investors, InvestingPro analysis shows the company has maintained dividend payments for 19 consecutive years, with a current dividend yield of 2.9%.
The board may also consider other times or reasons for a change in the number of directors as per its discretion. The company's announcement included forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, cautioning that actual results could differ from expectations.
Investors are advised to consider the risk factors and other information in the company's most recent Annual Report on Form 10-K and other filings with the SEC. BankFinancial Corporation emphasizes that forward-looking statements reflect circumstances only as of their original date and that the company does not commit to updating them to reflect new information or future events.
This information is based on a press release statement filed with the SEC. The company's common stock is listed on The NASDAQ Stock Market LLC under the ticker symbol BFIN. BankFinancial Corporation is headquartered in Burr Ridge, Illinois, and its fiscal year ends on December 31.
In other recent news, BankFinancial Corporation announced its third-quarter financial results, reporting a net income of $2.0 million. Despite a decrease in interest income and a slight increase in interest expense, the company managed to increase noninterest income and reduce noninterest expenses.
The company's total assets stood at $1.418 billion, with total loans at $923.9 million and total deposits at $1.199 billion. Looking ahead, BankFinancial expects cash and cash equivalent assets to be between 10% and 12% of total assets in the fourth quarter of 2024.
In addition to its financial results, BankFinancial also announced a cash dividend of $0.10 per common share. The company has extended its share repurchase program to June 16, 2025, allowing for the repurchase of 182,193 shares under the current authorization.
In related news, UBS initiated a Buy rating on BFI Finance Indonesia, predicting a 19% upside with a price target of IDR1,200.00. Based on BFI Finance's strong performance metrics, UBS anticipates a series of interest rate cuts by Bank Indonesia that could boost BFI Finance's revenue growth from flat in the first half of 2024 to 10% by the end of 2026. These are the recent developments for both BankFinancial Corporation and BFI Finance Indonesia.
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