What happens when a bounty expires? Are bounty points taken from reputation regardless of whether there is an answer during the bounty period or not? I looked through FAQ and could not find the answer to this.

You lose the points as soon as you open a bounty. No takebacks (except in extraordinary circumstances)

* If you assign a "winner" the points go to that person.
* If you do not assign a winner:
* but someone who post after the bounty was opened got at least 2 upvotes (and has the most of such qualifying answers), they will automatically receive half the points.
* If nobody qualifies as an auto-winner then the points are just lost.