This excerpt taken from the BFIN 10-Q filed Apr 29, 2009.
Comparison of Financial Condition at March 31, 2009 and December 31, 2008
Total assets increased $3.2 million, or 0.21%, to $1.558 billion at March 31, 2009, from $1.555 billion at December 31, 2008, primarily due to a $16.0 million, or 1.3%, increase in net loans receivable to $1.284 billion at March 31, 2009 from $1.268 billion at December 31, 2008. The increase in net loans receivable reflected net increases of $15.2 million in multi-family mortgage loans, $3.0 million in one-to four-family residential mortgage loans and a $3.2 million in commercial leases. Construction and land loans decreased $3.5 million, and commercial loans decreased by $1.4 million.
Net securities available-for-sale decreased by $5.5 million, or 4.4%, to $119.4 million at March 31, 2009, from $124.9 million at December 31, 2008, primarily due to principal reductions of $6.9 million.
We owned $15.6 million of common stock of the Federal Home Loan Bank of Chicago (FHLBC) at March 31, 2009 and December 31, 2008. On October 10, 2007, the FHLBC entered into a consensual cease and desist order with the Federal Housing Finance Board, now known as the Federal Housing Finance Agency (the FHFA). Under the terms of the order, capital stock repurchases and redemptions, including redemptions upon membership withdrawal or other termination, are prohibited unless the FHLBC receives the prior approval of the Director of the Office of Supervision of the FHFA (the Director). The order also provides that dividend declarations are subject to the prior written approval of the Director and required the FHLBC to submit a Capital Structure Plan to the FHFA. The FHLBC has not paid dividends on its common stock since the third quarter of 2007, and has announced that it does not anticipate paying any dividends in 2009. The FHLBC has submitted but has not received approval of a Capital Structure Plan. In July of 2008, the FHFA amended the order to permit the FHLBC to repurchase or redeem newly-issued capital stock to support new advances, subject to certain conditions set forth in the order. Our FHLBC common stock is not affected by this amendment because it is not newly-issued stock.
Cash and cash equivalents decreased $6.3 million, or 21.5%, to $23.0 million at March 31, 2009, from $29.3 million at December 31, 2008.
Deposits increased $84.0 million, or 7.8%, to $1.154 billion at March 31, 2009, from $1.070 billion at December 31, 2008, primarily due to increased money market accounts and certificate of deposit balances. Money market accounts increased $40.7 million, or 19.8% to $246.4 million at March 31, 2009, and certificates of deposit increased $53.7 million, or 14.3%, to $428.2 million at March 31, 2009, from $374.5 million at December 31, 2008. Total core deposits (savings, money market, noninterest-bearing demand and interest-bearing NOW accounts) decreased as a percentage of total deposits, representing 62.9% of total deposits at March 31, 2009, compared to 65.0% of total deposits at December 31, 2008. Borrowings decreased $76.4 million, or 38.1%, to $124.0 million at March 31, 2009, from $200.4 million at December 31, 2008, due to our reductions of outstanding FHLBC advances.
Total stockholders equity was $265.6 million at March 31, 2009, compared to $266.8 million at December 31, 2008. The decrease in total stockholders equity was primarily due to the combined impact of our repurchase of 207,800 shares of our common stock at a total cost of $1.8 million and our declaration and payment of cash dividends totaling $1.5 million. These items were partially offset by net income of $172,000 for the three months ended March 31, 2009, an $814,000 increase in accumulated other comprehensive income during that period, and a $940,000 increase in additional paid in capital resulting from the vesting of stock-based compensation and ESOP shares earned. The unallocated shares of common stock that our ESOP owns were reflected as a $15.9 million reduction to stockholders equity at March 31, 2009, compared to a $16.1 million reduction to stockholders equity at December 31, 2008.