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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from to

Commission File Number 0-51331

BANKFINANCIAL CORPORATION

(Exact Name of Registrant as Specified in Charter)


Maryland	75-3199276
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

60 North Frontage Road, Burr Ridge, Illinois 60527
(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (800) 894-6900

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

BFIN

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date. At October 28, 2025, there were 12,460,678 shares of Common Stock, $0.01 par value, outstanding.

Table of Contents

BANKFINANCIAL CORPORATION

Form 10-Q

September 30, 2025

Table of Contents

		Page Number
PART I

Item 1.	Financial Statements	2

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	35

Item 4.	Controls and Procedures	36

PART II

Item 1.	Legal Proceedings	37

Item 1A.	Risk Factors	37

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 3.	Defaults Upon Senior Securities	37

Item 4.	Mine Safety Disclosures	37

Item 5.	Other Information	37

Item 6.	Exhibits	38

Signatures		39

Table of Contents

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands, except share and per share data) - Unaudited

	*September 30, 2025*		*December 31, 2024*
Assets
Cash and due from other financial institutions	$	17,293	$	20,647
Interest-bearing deposits in other financial institutions		65,449		64,182
Cash and cash equivalents		82,742		84,829
Interest-bearing time deposits in other financial institutions		11,844		34,156
Securities, at fair value		537,503		360,530
Loans receivable, net of allowance for credit losses: September 30, 2025, $8,814 and December 31, 2024, $7,571		759,832		887,586
Foreclosed assets, net		45		1,391
Stock in Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB"), at cost		7,490		7,490
Premises and equipment, net		22,129		22,889
Accrued interest receivable		4,514		6,401
Bank-owned life insurance		17,757		18,301
Deferred taxes		4,364		3,761
Other assets		6,318		7,480
Total assets	$	1,454,538	$	1,434,814

Liabilities
Deposits
Noninterest-bearing	$	237,431	$	238,826
Interest-bearing		1,004,650		978,715
Total deposits		1,242,081		1,217,541
Borrowings		10,000		20,000
Subordinated notes, net of unamortized issuance costs		18,274		18,736
Advance payments by borrowers for taxes and insurance		14,385		9,051
Accrued interest payable and other liabilities		12,443		13,109
Total liabilities		1,297,183		1,278,437

Stockholders’ equity
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued or outstanding		—		—
Common stock, $0.01 par value, 100,000,000 shares authorized; 12,460,678 shares issued at September 30, 2025 and December 31, 2024		125		125
Additional paid-in capital		83,301		83,301
Retained earnings		73,856		73,513
Accumulated other comprehensive income (loss)		73		(562	)
Total stockholders’ equity		157,355		156,377
Total liabilities and stockholders’ equity	$	1,454,538	$	1,434,814

See accompanying notes to the consolidated financial statements.

Table of Contents

BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data) - Unaudited

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Interest and dividend income
Loans, including fees	$	10,238		$	12,300		$	32,122		$	39,002
Securities:
Taxable		39			47			124			148
Tax exempt		5,244			2,572			12,603			6,024
Other		1,186			1,967			4,299			6,712
Total interest income		16,707			16,886			49,148			51,886
Interest expense
Deposits		4,732			4,775			13,679			13,735
Borrowings and Subordinated notes		335			450			1,069			1,387
Total interest expense		5,067			5,225			14,748			15,122
Net interest income		11,640			11,661			34,400			36,764

(Recovery of) provision for credit losses - loans		(210	)		472			1,790			435
(Recovery of) provision for credit losses - unfunded commitments		(55	)		13			(99	)		(60	)
(Recovery of) provision for credit losses		(265	)		485			1,691			375

Net interest income after (recovery of) provision for credit losses		11,905			11,176			32,709			36,389

Noninterest income
Deposit service charges and fees		1,000			915			2,856			2,558
Loan servicing fees		82			97			345			350
Trust and insurance commissions and annuities income		314			405			1,145			1,204
Loss on disposal of premises and equipment		(21	)		(20	)		(30	)		(104	)
Loss on bank-owned life insurance		—			(14	)		(1	)		(192	)
Bank-owned life insurance death benefit		—			—			417			—
Gain on repurchase of Subordinated notes		—			—			42			107
Other		328			99			522			296
Total noninterest income		1,703			1,482			5,296			4,219

Noninterest expense
Compensation and benefits		4,389			5,441			15,658			17,436
Office occupancy and equipment		1,978			1,532			5,815			5,634
Advertising and public relations		133			117			495			319
Information technology		1,011			971			3,011			3,022
Professional fees		1,175			299			2,350			1,135
Supplies, telephone, and postage		282			281			855			859
FDIC insurance premiums		160			156			474			461
Other		1,650			1,287			4,880			4,119
Total noninterest expense		10,778			10,084			33,538			32,985
Income before income taxes		2,830			2,574			4,467			7,623
Income tax expense		471			581			386			1,786
Net income	$	2,359		$	1,993		$	4,081		$	5,837
Basic and diluted earnings per common share	$	0.19		$	0.16		$	0.33		$	0.47
Basic and diluted weighted average common shares outstanding		12,460,678			12,460,678			12,460,678			12,463,127

See accompanying notes to the consolidated financial statements.

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BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands) - Unaudited

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Net income	$	2,359		$	1,993		$	4,081		$	5,837
Unrealized holding gain on securities arising during the period		270			1,193			858			2,409
Tax effect		(70	)		(310	)		(223	)		(626	)
Other comprehensive gain, net of tax		200			883			635			1,783
Comprehensive income	$	2,559		$	2,876		$	4,716		$	7,620

See accompanying notes to the consolidated financial statements.

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BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands, except per share data) - Unaudited

									*Accumulated*
			*Additional*						*Other*
	*Common*		*Paid-in*			*Retained*			*Comprehensive*
	*Stock*		*Capital*			*Earnings*			*(Loss) Income*			*Total*
For the three months ended

Balance at July 1, 2024	$	125	$	83,301		$	75,777		$	(1,725	)	$	157,478
Net income		—		—			1,993			—			1,993
Other comprehensive income, net of tax effect		—		—			—			883			883
Cash dividends declared on common stock ($0.10 per share)		—		—			(1,246	)		—			(1,246	)
Balance at September 30, 2024	$	125	$	83,301		$	76,524		$	(842	)	$	159,108

Balance at July 1, 2025	$	125	$	83,301		$	72,743		$	(127	)	$	156,042
Net income		—		—			2,359			—			2,359
Other comprehensive income, net of tax effect		—		—			—			200			200
Cash dividends declared on common stock ($0.10 per share)		—		—			(1,246	)		—			(1,246	)
Balance at September 30, 2025	$	125	$	83,301		$	73,856		$	73		$	157,355

For the nine months ended

Balance at January 1, 2024	$	125	$	83,457		$	74,426		$	(2,625	)	$	155,383
Net income		—		—			5,837			—			5,837
Other comprehensive income, net of tax effect		—		—			—			1,783			1,783
Repurchase and retirement of common stock (15,203 shares)		—		(156	)		—			—			(156	)
Cash dividends declared on common stock ($0.30 per share)		—		—			(3,739	)		—			(3,739	)
Balance at September 30, 2024	$	125	$	83,301		$	76,524		$	(842	)	$	159,108

Balance at January 1, 2025	$	125	$	83,301		$	73,513		$	(562	)	$	156,377
Net income		—		—			4,081			—			4,081
Other comprehensive income, net of tax effect		—		—			—			635			635
Cash dividends declared on common stock ($0.30 per share)		—		—			(3,738	)		—			(3,738	)
Balance at September 30, 2025	$	125	$	83,301		$	73,856		$	73		$	157,355

See accompanying notes to the consolidated financial statements.

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BANKFINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) - Unaudited

	*Nine Months Ended*
	*September 30,*
	*2025*			*2024*
Cash flows from operating activities
Net income	$	4,081		$	5,837
Adjustments to reconcile net income to net cash (used in) from operating activities
Provision for credit losses - loans		1,790			435
Recovery of credit losses - unfunded commitments		(99	)		(60	)
Depreciation and amortization (accretion)		(9,489	)		786
Net change in net deferred loan origination costs		32			303
Loss on disposal of premises and equipment		30			104
Loss on sale of foreclosed assets		18			227
Foreclosed assets write-down		1,163			—
Loss on bank-owned life insurance		1			192
Gain on redemption of Subordinated notes		(42	)		(107	)
Net change in:
Accrued interest receivable		1,887			613
Other assets		359			(17	)
Accrued interest payable and other liabilities		(561	)		(5,015	)
Net cash (used in) from operating activities		(830	)		3,298
Cash flows (used in) from investing activities
Proceeds from maturities of interest-bearing time deposits in other financial institutions		30,187			22,564
Purchases of interest-bearing time deposits in other financial institutions		(7,875	)		(38,124	)
Securities:
Proceeds from maturities		633,400			169,455
Proceeds from principal repayments		348			543
Purchases of securities		(798,843	)		(274,015	)
Net change in loans receivable		124,709			125,912
Bank-owned life insurance death benefit		543			—
Proceeds from sale of foreclosed assets		1,353			701
Proceeds from sale of premises and equipment		—			537
Purchase of premises and equipment, net		(751	)		(1,343	)
Net cash (used in) from investing activities		(16,929	)		6,230
Cash flows from (used in) financing activities
Net change in:
Deposits		24,540			(62,211	)
Advance payments by borrowers for taxes and insurance		5,334			(790	)
Repayments of Federal Home Loan Bank advances		(10,000	)		(5,000	)
Repurchase of Subordinated notes		(464	)		(906	)
Repurchase and retirement of common stock		—			(156	)
Cash dividends paid on common stock		(3,738	)		(3,739	)
Net cash from (used in) financing activities		15,672			(72,802	)
Net change in cash and cash equivalents		(2,087	)		(63,274	)
Beginning cash and cash equivalents		84,829			178,484
Ending cash and cash equivalents	$	82,742		$	115,210

Supplemental disclosures of cash flow information:
Interest paid	$	14,644		$	14,968
Income taxes paid		286			1,719
Supplemental disclosures of noncash investing and financing activities:
Loans transferred to foreclosed assets		1,188			117
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities		—			592

See accompanying notes to the consolidated financial statements.

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BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: BankFinancial Corporation, a Maryland corporation headquartered in Burr Ridge, Illinois, is the owner of all of the issued and outstanding capital stock of BankFinancial, National Association (the “Bank”). The interim unaudited consolidated financial statements include the accounts and transactions of BankFinancial Corporation, the Bank, and the Bank’s wholly-owned subsidiaries, Financial Assurance Services, Inc. and BFIN Asset Recovery Company, LLC (collectively, the “Company”), and reflect all normal and recurring adjustments that are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. Such adjustments are the only adjustments reflected in the accompanying financial statements. All significant intercompany accounts and transactions have been eliminated. The results of operations for the three and nine-month periods ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2025 or for any other period.

Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

On August 11, 2025, the Company and First Financial Bancorp. (“First Financial”), the parent company of First Financial Bank, entered into an Agreement and Plan of Merger. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, BankFinancial would merge with and into First Financial (the “Merger”), with First Financial continuing as the surviving corporation in the Merger. Immediately following the Merger, First Financial will cause BankFinancial NA to merge with and into First Financial Bank (the “Bank Merger”), with First Financial Bank continuing as the surviving bank in the Bank Merger.

The Merger Agreement has been unanimously approved by the boards of directors of First Financial and BankFinancial. The closing of the Merger remains subject to satisfaction of customary closing conditions, regulatory approvals and approval of BankFinancial’s stockholders.

Use of Estimates: The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual information and actual results could differ from those estimates.

Interest-Bearing Time Deposits in other Financial Institutions: Interest-bearing time deposits in other financial institutions include investments in certificates of deposit with original maturities greater than 90 days. These certificates of deposit are placed with insured institutions for varying maturities and amounts that are fully
insured by the Federal Deposit Insurance Corporation (“FDIC”).

Factored Receivables: The Company purchases invoices from its factoring customers in schedules or batches. These receivables are included in loans receivable on the Consolidated Statements of Financial Condition, and as commercial loans and leases in Note 4 - Loans Receivable. The face value of the invoices purchased or amount advanced is recorded by the Company as factored receivables, and the unadvanced portions of the invoices purchased, less fees, are considered customer reserves. The customer reserves are held to settle any payment disputes or collection shortfalls. Customer reserves may be used to pay customers’ obligations to various third parties as directed by the customer. Customer reserves are periodically released to or withdrawn by customers, and are reported as noninterest-bearing deposits in the Consolidated Statements of Financial Condition. The unpaid principal balances of these receivables were $4.2 million and $6.7 million at September 30, 2025 and December 31, 2024, respectively, and are included in commercial loans and leases. The customer reserves associated with the factored receivables were $836,000 and $1.5 million at September 30, 2025 and December 31, 2024, respectively.

Factoring fees are recognized in interest income as incurred by the customer and deducted from the customer's reserve balances. Other factoring-related fees, which include wire transfer fees, broker fees, and other similar fees, are reported by the Company as loan servicing fees in noninterest income.

Reclassifications: Certain reclassifications have been made in the prior period’s financial statements to conform them to the current period’s presentation with no impact on previously reported net income or stockholders' equity. Activity for the nine months ended September 30, 2024 for interest-bearing time deposits in other financial institutions has been reclassified in the statement of cashflows to conform with current period's presentation. There is no impact on net income or stockholders' equity.

These unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023‑09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations. This standard is to be applied on a prospective basis, with retrospective application permitted, and will be effective for the Company for annual periods beginning on January 1, 2025. We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires public companies to disclose specified information about certain costs and expenses in the notes to financial statements at each interim and annual reporting period. Specifically, public companies will be required to disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas producing activities (or other amounts of depletion expense) included in each relevant expense caption. Within the same tabular disclosure, an entity must disclose certain expense, gain, or loss amounts that are already required under current U.S. GAAP. Further, an entity must disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. In addition, an entity must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this ASU are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations.

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BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continuted)

Recent Developments

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. We do not expect this to have a material impact on the Company’s financial position or results of operations.

NOTE 2 - EARNINGS PER SHARE

Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period.

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Net income available to common stockholders	$	2,359	$	1,993	$	4,081	$	5,837
Basic and diluted weighted average common shares outstanding		12,460,678		12,460,678		12,460,678		12,463,127
Basic and diluted earnings per common share	$	0.19	$	0.16	$	0.33	$	0.47

NOTE 3 - SECURITIES

The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:

	*Amortized Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Fair Value*
Available-for-Sale Securities
September 30, 2025
Municipal securities	$	702	$	5	$	—		$	707
U.S. Treasury Bills and Notes		533,241		214		(101	)		533,354
Mortgage-backed securities - residential		2,692		37		(48	)		2,681
Collateralized mortgage obligations - residential		770		—		(9	)		761
	$	537,405	$	256	$	(158	)	$	537,503
December 31, 2024
Municipal securities	$	703	$	3	$	—		$	706
U.S. Treasury Bills and Notes		246,876		103		(689	)		246,290
U.S. government-sponsored agencies		109,900		1		(128	)		109,773
Mortgage-backed securities - residential		2,949		31		(69	)		2,911
Collateralized mortgage obligations - residential		862		—		(12	)		850
	$	361,290	$	138	$	(898	)	$	360,530

Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.

The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	*September 30, 2025*
	*Amortized Cost*		*Fair Value*
Due in one year or less	$	520,347	$	520,479
Due after one year through five years		13,596		13,582
		533,943		534,061
Mortgage-backed securities - residential		2,692		2,681
Collateralized mortgage obligations - residential		770		761
	$	537,405	$	537,503

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BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 3 - SECURITIES (continued)

Securities available-for-sale with unrealized losses not recognized in income are as follows:

	*Less than 12 Months*							*12 Months or More*							*Total*
	*Count*		*Fair Value*		*Unrealized Loss*			*Count*		*Fair Value*		*Unrealized Loss*			*Count*		*Fair Value*		*Unrealized Loss*
September 30, 2025
U.S. Treasury Bills and Notes		—	$	—	$	—			16	$	5,884	$	(101	)		16	$	5,884	$	(101	)
Mortgage-backed securities - residential		—		—		—			5		1,141		(48	)		5		1,141		(48	)
Collateralized mortgage obligations - residential		—		—		—			5		761		(9	)		5		761		(9	)
		—	$	—	$	—			26	$	7,786	$	(158	)		26	$	7,786	$	(158	)

December 31, 2024
U.S. Treasury Bills and Notes		—	$	—	$	—			73	$	48,609	$	(689	)		73	$	48,609	$	(689	)
U.S. government-sponsored agencies		10		79,872		(128	)		—		—		—			10		79,872		(128	)
Mortgage-backed securities - residential		—		—		—			7		1,364		(69	)		7		1,364		(69	)
Collateralized mortgage obligations - residential		—		—		—			5		850		(12	)		5		850		(12	)
		10	$	79,872	$	(128	)		85	$	50,823	$	(770	)		95	$	130,695	$	(898	)

U.S. Treasury Bills and Notes, U.S. government-sponsored agency securities and certain other available-for-sale securities reflected in the above table that the Company holds in its investment portfolio were in an unrealized loss position at September 30, 2025, but the unrealized loss was not recognized into income because the U.S. Treasury Bills and Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, it is not likely that the Company will be required to sell these securities before their anticipated recovery occurs and the decline in fair value was due to changes in interest rates and other market conditions. The fair values of these securities are expected to recover as maturity dates of these securities approach.

We reviewed the available-for-sale securities in an unrealized loss position within the guidelines of Accounting Standards Codification (“ASC”) 326 and determined that no credit loss is required to be recognized.

There were no sales of securities during the three or nine months ended September 30, 2025 and 2024.

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BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE

The summary of loans receivable by class of loans is as follows:

	*September 30, 2025*			*December 31, 2024*
One-to-four family residential real estate	$	12,859		$	14,829
Multi-family residential real estate		486,050			521,957
Nonresidential real estate		98,804			108,153
Commercial loans and leases		169,335			248,595
Consumer		1,598			1,623
		768,646			895,157
Allowance for credit losses		(8,814	)		(7,571	)
Loans, net	$	759,832		$	887,586

Net deferred loan origination costs included in the table above were $1.2 million as of September 30, 2025 and December 31, 2024.

Allowance for Credit Losses - Loans

The following table represents the activity in the Allowance for Credit Losses (“ACL”) by segment of loans:

	*Beginning balance*		*Provision for (recovery of) credit losses*			*Loans charged off*			*Recoveries*		*Ending balance*
For the three months ended

September 30, 2025
One-to-four family residential real estate:
Home equity and junior liens	$	47	$	(2	)	$	—		$	—	$	45
One-to-four family first liens		193		(15	)		—			3		181
Multi-family residential real estate:
Senior notes		4,295		(99	)		—			3		4,199
Junior notes		432		(25	)		—			—		407
Nonresidential real estate:
Owner occupied		181		(12	)		—			—		169
Non-owner occupied		1,052		(68	)		—			—		984
Commercial loans and leases:
Commercial		657		14			(90	)		4		585
Equipment finance - Government		2,107		(9	)		—			—		2,098
Equipment finance - Corporate Investment-grade		108		(2	)		—			—		106
Consumer		44		8			(12	)		—		40
	$	9,116	$	(210	)	$	(102	)	$	10	$	8,814

September 30, 2024
One-to-four family residential real estate:
Home equity and junior liens	$	61	$	(5	)	$	—		$	—	$	56
One-to-four family first liens		263		(47	)		—			22		238
Multi-family residential real estate:
Senior notes		4,402		(54	)		—			6		4,354
Junior notes		441		10			—			—		451
Nonresidential real estate:
Owner occupied		173		23			—			—		196
Non-owner occupied		1,224		(5	)		—			—		1,219
Commercial loans and leases:
Commercial		1,267		209			(364	)		—		1,112
Equipment finance - Government		97		342			(367	)		—		72
Equipment finance - Corporate Investment-grade		160		(15	)		—			—		145
Consumer		54		14			(12	)		—		56
	$	8,142	$	472		$	(743	)	$	28	$	7,899

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BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

	*Beginning balance*		*Provision for (recovery of) credit losses*			*Loans charged off*			*Recoveries*		*Ending balance*
For the nine months ended

September 30, 2025
One-to-four family residential real estate:
Home equity and junior liens	$	54	$	(9	)	$	—		$	—	$	45
One-to-four family first liens		217		(44	)		—			8		181
Multi-family residential real estate:
Senior notes		4,320		27			(156	)		8		4,199
Junior notes		444		104			(141	)		—		407
Nonresidential real estate:
Owner occupied		180		(11	)		—			—		169
Non-owner occupied		1,162		(178	)		—			—		984
Commercial loans and leases:
Commercial		944		(117	)		(259	)		17		585
Equipment finance - Government		60		2,038			—			—		2,098
Equipment finance - Corporate Investment-grade		142		(36	)		—			—		106
Consumer		48		16			(26	)		2		40
	$	7,571	$	1,790		$	(582	)	$	35	$	8,814

September 30, 2024
One-to-four family residential real estate:
Home equity and junior liens	$	75	$	(19	)	$	—		$	—	$	56
One-to-four family first liens		220		(9	)		—			27		238
Multi-family residential real estate:
Senior notes		4,178		160			—			16		4,354
Junior notes		371		80			—			—		451
Nonresidential real estate:
Owner occupied		144		52			—			—		196
Non-owner occupied		1,022		197			—			—		1,219
Commercial loans and leases:
Commercial		1,964		(332	)		(532	)		12		1,112
Equipment finance - Government		148		291			(367	)		—		72
Equipment finance - Corporate Investment-grade		191		(46	)		—			—		145
Consumer		32		61			(37	)		—		56
	$	8,345	$	435		$	(936	)	$	55	$	7,899

As of September 30, 2025, December 31, 2024 and September 30, 2024 we had $180,000, $279,000 and $274,000, respectively, recorded as an unfunded commitment reserve, included in other liabilities on the Consolidated Statements of Financial Condition.

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BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

The following tables present the balance in the ACL and loans receivable by class of loans based on evaluation method. Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories:

	*One-to-four family residential real estate*		*Multi-family residential real estate*		*Nonresidential real estate*		*Commercial loans and leases*		*Consumer*		*Total*
September 30, 2025
Loans:
Loans individually evaluated	$	27	$	—	$	—	$	9,307	$	—	$	9,334
Loans collectively evaluated		12,832		486,050		98,804		160,028		1,598		759,312
	$	12,859	$	486,050	$	98,804	$	169,335	$	1,598	$	768,646
ACL:
Loans individually evaluated	$	—	$	—	$	—	$	2,075	$	—	$	2,075
Loans collectively evaluated		226		4,606		1,153		714		40		6,739
	$	226	$	4,606	$	1,153	$	2,789	$	40	$	8,814

	*One-to-four family residential real estate*		*Multi-family residential real estate*		*Nonresidential real estate*		*Commercial loans and leases*		*Consumer*		*Total*
December 31, 2024
Loans:
Loans individually evaluated	$	148	$	1,453	$	393	$	15,018	$	—	$	17,012
Loans collectively evaluated		14,681		520,504		107,760		233,577		1,623		878,145
	$	14,829	$	521,957	$	108,153	$	248,595	$	1,623	$	895,157
ACL:
Loans individually evaluated	$	—	$	—	$	—	$	—	$	—	$	—
Loans collectively evaluated		271		4,764		1,342		1,146		48		7,571
	$	271	$	4,764	$	1,342	$	1,146	$	48	$	7,571

Collateral Dependent Loans

Management's evaluation as to the ultimate collectability of loans includes estimates regarding future cash flows from operations and the value of property, real and personal, pledged as collateral. These estimates are affected by changing economic conditions and the economic prospects of borrowers. Collateral dependent loans are loans in which repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. Loans are written down to the lower of cost or fair value of the underlying collateral, less estimated costs to sell. The Company had $914,000 and $3.0 million of collateral dependent loans secured by real estate or business assets as of September 30, 2025 and December 31, 2024, respectively.

Table of Contents

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

Individually Evaluated Loans

The following tables present loans individually evaluated by class of loans:

									*Three Months Ended*				*Nine Months Ended*
									*September 30, 2025*				*September 30, 2025*
	*Loan Balance*		*Recorded Investment*		*Partial Charge-off*		*Allowance for Credit Losses Allocated*		*Average Investment*		*Interest Income Recognized*		*Average Investment*		*Interest Income Recognized*
September 30, 2025
With no related allowance recorded:
One-to-four family residential real estate	$	27	$	27	$	—	$	—	$	28	$	—	$	72	$	1
Commercial loans and leases		1,297		886		408		—		868		2		8,098		6
		1,324		913		408		—		896		2		8,170		7

With an allowance recorded - commercial loans and leases		8,421		8,421		—		2,075		8,421		—		3,743		—

	$	9,745	$	9,334	$	408	$	2,075	$	9,317	$	2	$	11,913	$	7

									*Year ended*
									*December 31, 2024*
	*Loan Balance*		*Recorded Investment*		*Partial Charge-off*		*Allowance for Credit Losses Allocated*		*Average Investment*		*Interest Income Recognized*
December 31, 2024
With no related allowance recorded:
One-to-four family residential real estate	$	138	$	148	$	—	$	—	$	66	$	7
Multi-family residential real estate		1,416		1,453		—		—		607		28
Nonresidential real estate		366		393		—		—		228		3
Commercial loans and leases		20,210		15,018		5,192		—		20,225		9
	$	22,130	$	17,012	$	5,192	$	—	$	21,126	$	47

Nonaccrual Loans

The following tables present the recorded investment in nonaccrual loans and loans 90 days or more past due still on accrual by class of loans:

	*Nonaccrual*		*Loans Past Due Over 90 Days Still Accruing*
September 30, 2025
One-to-four family residential real estate	$	12	$	—
Nonresidential real estate		—		408
Commercial loans and leases		9,230		1,835
Consumer		—		1
	$	9,242	$	2,244
December 31, 2024
One-to-four family residential real estate	$	126	$	—
Multi-family residential real estate		1,453		—
Nonresidential real estate		393		—
Commercial loans and leases		14,960		—
Consumer		2		—
	$	16,934	$	—

Nonaccrual loans and individually evaluated loans are defined differently. Some loans may be included in both categories, and some loans may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated and loans individually evaluated.

Table of Contents

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

The Company’s reserve for uncollected loan interest was $1.7 million and $2.4 million at September 30, 2025 and December 31, 2024, respectively. When a loan is on nonaccrual status and the ultimate collectability of the total principal of a loan is in doubt, all payments are applied to principal under the cost recovery method. Alternatively, when a loan is on nonaccrual status but there is doubt concerning only the ultimate collectability of interest, contractual interest is credited to interest income only when received, under the cash basis method. In all cases, the average balances are calculated based on the month–end balances of the financing receivables within the period reported.

Past Due Loans

The following tables present the aging of the recorded investment of loans by class of loans:

	*30-59 Days Past Due*		*60-89 Days Past Due*		*Greater Than 89 Days Past Due*		*Total Past Due*		*Nonaccrual*		*Current*		*Total*
September 30, 2025
One-to-four family residential real estate	$	—	$	65	$	—	$	65	$	12	$	12,782	$	12,859
Multi-family residential real estate		—		19		—		19		—		486,031		486,050
Nonresidential real estate		—		—		408		408		—		98,396		98,804
Commercial loans and leases		2,494		482		1,835		4,811		9,230		155,294		169,335
Consumer		4		5		1		10		—		1,588		1,598
	$	2,498	$	571	$	2,244	$	5,313	$	9,242	$	754,091	$	768,646

	*30-59 Days Past Due*		*60-89 Days Past Due*		*Greater Than 89 Days Past Due*		*Total Past Due*		*Nonaccrual*		*Current*		*Total*
December 31, 2024
One-to-four family residential real estate	$	181	$	—	$	—	$	181	$	126	$	14,522	$	14,829
Multi-family residential real estate		654		—		—		654		1,453		519,850		521,957
Nonresidential real estate		—		—		—		—		393		107,760		108,153
Commercial loans and leases		2,044		1,929		—		3,973		14,960		229,662		248,595
Consumer		4		5		—		9		2		1,612		1,623
	$	2,883	$	1,934	$	—	$	4,817	$	16,934	$	873,406	$	895,157

Table of Contents

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

At September 30, 2025 and December 31, 2024, the Company had no loan modifications that meet the definition described in ASC 326 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments” for additional reporting.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Risk ratings are updated any time the situation warrants. The Company uses the following definitions for risk ratings:

Pass. This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards.

Special Mention. A “Special Mention” asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard. Loans categorized as “Substandard” continue to accrue interest, but exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. The loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. The risk rating guidance published by the Office of the Comptroller of the Currency clarifies that a loan with a well-defined weakness does not have to present a probability of default for the loan to be rated Substandard, and that an individual loan’s loss potential does not have to be distinct for the loan to be rated Substandard.

Nonaccrual. An asset classified “Nonaccrual” has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Based on the most recent analysis performed, the risk categories of loans by class of loans are as follows:

	*Pass*		*Special Mention*		*Substandard*		*Substandard Nonaccrual*		*Total*
September 30, 2025
One-to-four family residential real estate	$	12,425	$	281	$	141	$	12	$	12,859
Multi-family residential real estate		477,584		4,514		3,952		—		486,050
Nonresidential real estate		97,614		782		408		—		98,804
Commercial loans and leases		158,193		1		1,911		9,230		169,335
Consumer		1,590		5		3		—		1,598
	$	747,406	$	5,583	$	6,415	$	9,242	$	768,646

	*Pass*		*Special Mention*		*Substandard*		*Substandard Nonaccrual*		*Total*
December 31, 2024
One-to-four family residential real estate	$	14,485	$	—	$	218	$	126	$	14,829
Multi-family residential real estate		515,478		3,858		1,168		1,453		521,957
Nonresidential real estate		106,891		428		441		393		108,153
Commercial loans and leases		227,851		3,156		2,628		14,960		248,595
Consumer		1,613		4		4		2		1,623
	$	866,318	$	7,446	$	4,459	$	16,934	$	895,157

Table of Contents

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

	*Term Loans Amortized Cost Basis by Origination Year*
	*2025*			*2024*			*2023*			*2022*			*2021*			*Prior*		*Revolving loans*			*Total*
September 30, 2025

*One-to-four family residential real estate:*
Risk-rating
Pass	$	70		$	—		$	480		$	—		$	—		$	9,067	$	2,808		$	12,425
Special mention		281			—			—			—			—			—		—			281
Substandard		—			—			—			—			—			69		72			141
Nonaccrual		—			—			—			—			—			—		12			12
	$	351		$	—		$	480		$	—		$	—		$	9,136	$	2,892		$	12,859
*One-to-four family residential real estate:*
Current period recoveries	$	—		$	—		$	—		$	—		$	—		$	8	$	—		$	8
*Multi-family residential real estate:*
Risk rating
Pass	$	8,420		$	32,511		$	33,624		$	184,506		$	96,700		$	117,339	$	4,484		$	477,584
Special mention		—			—			—			3,839			—			675		—			4,514
Substandard		—			—			—			—			3,952			—		—			3,952
	$	8,420		$	32,511		$	33,624		$	188,345		$	100,652		$	118,014	$	4,484		$	486,050
*Multi-family residential real estate:*
Current period gross charge-offs	$	—		$	—		$	—		$	(297	)	$	—		$	—	$	—		$	(297	)
Current period recoveries		—			—			—			—			—			8		—			8
	$	—		$	—		$	—		$	(297	)	$	—		$	8	$	—		$	(289	)
Nonresidential real estate:
Risk rating
Pass	$	1,074		$	12,322		$	14,015		$	46,089		$	13,994		$	9,112	$	1,008		$	97,614
Special mention		—			—			—			—			—			782		—			782
Substandard		—			—			—			—			—			408		—			408
	$	1,074		$	12,322		$	14,015		$	46,089		$	13,994		$	10,302	$	1,008		$	98,804
Commercial loans and leases:
Risk rating
Pass	$	15,146		$	20,382		$	20,374		$	42,946		$	16,275		$	1,397	$	41,673		$	158,193
Special mention		—			—			—			—			—			—		1			1
Substandard		—			—			—			76			—			1		1,834			1,911
Nonaccrual		—			—			38			9,156			36			—		—			9,230
	$	15,146		$	20,382		$	20,412		$	52,178		$	16,311		$	1,398	$	43,508		$	169,335
Commercial loans and leases:
Current period gross charge-offs	$	(11	)	$	(88	)	$	(11	)	$	(142	)	$	(6	)	$	—	$	(1	)	$	(259	)
Current period recoveries		—			—			8			7			—			2		—			17
	$	(11	)	$	(88	)	$	(3	)	$	(135	)	$	(6	)	$	2	$	(1	)	$	(242	)
Consumer:
Risk rating
Pass	$	195		$	572		$	142		$	3		$	—		$	—	$	678		$	1,590
Special mention		—			—			—			—			—			—		5			5
Substandard		—			1			—			—			—			—		2			3
	$	195		$	573		$	142		$	3		$	—		$	—	$	685		$	1,598
Consumer:
Current period gross charge-offs	$	—		$	—		$	—		$	—		$	—		$	—	$	(26	)	$	(26	)
Current period recoveries		—			—			—			—			—			—		2			2
	$	—		$	—		$	—		$	—		$	—		$	—	$	(24	)	$	(24	)

Table of Contents

BANKFINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Table amounts in thousands, except share and per share data)

NOTE 4 - LOANS RECEIVABLE (continued)

	*Term Loans Amortized Cost Basis by Origination Year*
	*2024*		*2023*			*2022*			*2021*			*2020*			*Prior*		*Revolving loans*			*Total*
December 31, 2024

*One-to-four family residential real estate:*
Risk rating
Pass	$	—	$	484		$	—		$	—		$	34		$	10,897	$	3,070		$	14,485
Substandard		—		—			—			—			—			81		137			218
Nonaccrual		—		—			—			—			—			111		15			126
	$	—	$	484		$	—		$	—		$	34		$	11,089	$	3,222		$	14,829
*One-to-four family residential real estate:*
Current period recoveries	$	—	$	—		$	—		$	—		$	—		$	28	$	—		$	28
*Multi-family residential real estate:*
Risk rating
Pass	$	33,812	$	38,228		$	199,495		$	107,420		$	55,129		$	75,772	$	5,622		$	515,478
Special mention		—		—			3,858			—			—			—		—			3,858
Substandard		—		—			—			—			—			1,168		—			1,168
Nonaccrual		—		216			1,237			—			—			—		—			1,453
	$	33,812	$	38,444		$	204,590		$	107,420		$	55,129		$	76,940	$	5,622		$	521,957
*Multi-family residential real estate:*
Current period gross charge-offs	$	—	$	—		$	(5	)	$	—		$	—		$	—	$	—		$	(5	)
Current period recoveries		—		—			—			—			—			18		—			18
	$	—	$	—		$	(5	)	$	—		$	—		$	18	$	—		$	13
Nonresidential real estate:
Risk rating
Pass	$	16,760	$	14,355		$	46,759		$	14,771		$	7,335		$	5,998	$	913		$	106,891
Special mention		—		—			428			—			—			—		—			428
Substandard		—		—			—			—			—			441		—			441
Nonaccrual		—		—			393			—			—			—		—			393
	$	16,760	$	14,355		$	47,580		$	14,771		$	7,335		$	6,439	$	913		$	108,153
Commercial loans and leases :
Risk rating
Pass	$	27,360	$	32,517		$	72,546		$	30,764		$	9,973		$	723	$	53,968		$	227,851
Special mention		—		—			—			—			—			—		3,156			3,156
Substandard		—		—			103			40			—			—		2,485			2,628
Nonaccrual		—		55			14,747			—			158			—		—			14,960
	$	27,360	$	32,572		$	87,396		$	30,804		$	10,131		$	723	$	59,609		$	248,595
Commercial loans and leases :
Current period gross charge-offs	$	—	$	(332	)	$	(4,998	)	$	(44	)	$	(493	)	$	—	$	—		$	(5,867	)
Current period recoveries		—		—			1			5			7			1		—			14
	$	—	$	(332	)	$	(4,997	)	$	(39	)	$	(486	)	$	1	$	—		$	(5,853	)
Consumer:
Risk rating
Pass	$	788	$	169		$	3		$	20		$	49		$	—	$	584		$	1,613
Special mention		—		—			—			—			—			—		4			4
Substandard		—		—			—			—			—			—		4			4
Nonaccrual		2		—			—			—			—			—		—			2
	$	790	$	169		$	3		$	20		$	49		$	—	$	592		$	1,623
Consumer:
Current period gross charge-offs	$	—	$	—		$	—		$	—		$	—		$	—	$	(44	)	$	(44	)
Current period recoveries

BankFinancial CORP 10-Q