SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 31, 2023

IF BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)

Maryland
 
001-35226
 
45-1834449
(State or Other Jurisdiction
of Incorporation)
 
(Commission File No.)
 
(I.R.S. Employer
Identification No.)

201 East Cherry Street, Watseka, Illinois
 
60970
(Address of Principal Executive Offices)
 
(Zip Code)

Registrant's telephone number, including area code: (815) 432-2476

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
   
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
 
IROQ
 
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 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. 

Item 2.02 Results of Operations and Financial Condition

On August 31, 2023, IF Bancorp, Inc., the holding company for Iroquois Federal Savings and Loan Association, issued a press release announcing its financial results for the quarter and year ended June 30, 2023.  A copy of the press release is included as Exhibit 99.1 to this report.


Item 9.01 Financial Statements and Exhibits

(d)
Exhibits
   
 
Exhibit No.
Description
     
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


   
IF BANCORP, INC.
 
 
DATE: August 31, 2023
By:  
 /s/ Pamela J. Verkler
   
Pamela J. Verkler
   
Senior Executive Vice President and
Chief Financial Officer



EXHIBIT 99.1


Contact:   Walter H. Hasselbring, III
(815) 432-2476

IF BANCORP, INC. ANNOUNCES RESULTS FOR FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023
Watseka, Illinois, August 31, 2023 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced net income of $4.7 million, or $1.50 per basic share and $1.46 per diluted share for the fiscal year ended June 30, 2023, compared to $5.8 million, or $1.88 per basic share and $1.84 per diluted share for the fiscal year ended June 30, 2022.  The Company also announced net income of $597,000, or $0.19 per basic share and $0.18 per diluted share for the three months ended June 30, 2023, compared to $1.0 million, or $0.34 per basic share and $0.33 per diluted share for the three months ended June 30, 2022.
Net income decreased $1.1 million, or 19.4%, to $4.7 million for the year ended June 30, 2023, from $5.8 million for the year ended June 30, 2022.  For the year ended June 30, 2023, net interest income was $22.0 million, compared to $22.3 million for the year ended June 30, 2022.  Interest income increased to $32.1 million for the year ended June 30, 2023, from $24.8 million for the year ended June 30, 2022.  Interest expense increased to $10.1 million for the year ended June 30, 2023, from $2.5 million for the year ended June 30, 2022.  Non-interest income decreased to $4.1 million for the year ended June 30, 2023, from $5.5 million for the year ended June 30, 2022.  Non-interest expense increased to $20.0 million for the year ended June 30, 2023, from $19.4 million for the year ended June 30, 2022.  For the year ended June 30, 2023, income tax expense totaled $1.6 million compared to $2.0 million for the year ended June 30, 2022.
Effective July 1, 2022, the Company early adopted Accounting Standards Update 2016-13 which requires an entity to use the new impairment model known as the current expected credit loss (“CECL”) to calculate the allowance for credit losses.  The Company recorded a reduction to retained earnings of approximately $388,000 upon the adoption of ASU 2016-13.  The transition adjustment included an increase in the allowance for credit losses on loans of $47,000 and an increase to the allowance for credit losses on off-balance sheet credit exposures of $496,000.  The transition adjustment included a corresponding increase in deferred tax assets.
Total assets at June 30, 2023 were $849.0 million compared to $857.6 million at June 30, 2022.  Cash and cash equivalents decreased to $11.0 million at June 30, 2023, from $75.8 million at June 30, 2022.  Investment securities decreased to $201.3 million at June 30, 2023, from $220.9 million at June 30, 2022.  Net loans receivable increased to $587.5 million at June 30, 2023, from $518.9 million at June 30, 2022.  Deposits decreased to $735.3 million at June 30, 2023, from $752.0 million at June 30, 2022.  Total borrowings, including repurchase agreements, increased to $30.3 million at June 30, 2023 from $24.2 million at June 30, 2022.   Stockholders’ equity increased to $71.8 million at June 30, 2023 from $71.7 million at June 30, 2022.  Equity increased primarily due to net income of $4.7 million, and ESOP and stock equity plan activity of $1.4 million, partially offset by a decrease of $4.3 million in accumulated other comprehensive income (loss), net of tax, and the accrual of approximately $1.3 million in dividends to our shareholders.  The decrease in accumulated other comprehensive income (loss) was primarily due to unrealized depreciation on available-for-sale securities, net of tax, as a result of a decline in market value that was attributable to changes in interest rates and not credit quality.
The allowance for credit losses on loans increased $87,000 and was $7.1 million at both June 30, 2023 and 2022.  The increase was the result of a transition adjustment of $47,000 due to the adoption of ASU 2016-13 and a provision for credit losses of $52,000, partially offset by net charge-offs of $12,000.

As announced on August 9, 2023, IF Bancorp, Inc. will pay a cash dividend of $0.20 per common share on or about October 13, 2023, to stockholders of record as of the close of business on September 22, 2023.


IF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan Association (the “Association”).  The Association, originally chartered in 1883 and headquartered in Watseka, Illinois, conducts its operations from seven full-service banking offices located in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois and a loan production office in Osage Beach, Missouri.  The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation, is the sale of property and casualty insurance.
This press release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.
 The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions, including as a result of the COVID-19 pandemic; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.






Selected Income Statement Data
(Dollars in thousands, except per share data)
 
Quarter Ended June 30, 2023
Quarter Ended June 30, 2022
Year Ended June 30, 2023
Year Ended June 30, 2022
 
 
(unaudited)
(unaudited)
(unaudited)
   
Interest income
$  8,690
$  6,232
$  32,072
$  24,792
 
Interest expense
 4,024
 612
 10,075
 2,529
 
Net interest income
4,666
5,620
21,997
22,263
 
Provision (credit) for credit losses
 (481)
 453
 (228)
 492
 
Net interest income after provision (credit) for credit losses
 5,147
 5,167
 22,225
 21,771
 
Noninterest income
1,041
1,065
4,069
5,504
 
Noninterest expense
 5,419
 4,848
 20,034
 19,448
 
Income before taxes
769
1,384
6,260
7,827
 
Income tax expense
 172
 349
 1,600
 2,043
 
           
Net income
$  597
$  1,035
$  4,660
$  5,784
 
           
Earnings per share (1):
         
Basic
  $               0.18
  $               0.34
  $               1.50
  $               1.88
 
Diluted
  $               0.19
  $               0.33
  $               1.46
  $               1.84
 
           
Weighted average shares outstanding (1):
         
                Basic
  3,198,260  3,082,015  3,113,307  3,069,879  
                Diluted
 3,259,085  3,141,056  3,195,029  3,136,091  

Performance Ratios
 
Year Ended
June 30, 2023
Year Ended
June 30, 2022
 
(unaudited)
 
Return on average assets
0.56%
0.74%
Return on average equity
6.56%
7.07%
Net interest margin on average interest earning assets
2.80%
2.93%
-----
________________________
Footnotes on following page


Selected Balance Sheet Data
(Dollars in thousands, except per share data)
     Year Ended June 30, 2023
 Year Ended June 30, 2022  
   
(unaudited)
   
 
Assets
$  848,976
$  857,558
 
 
Cash and cash equivalents
10,988
75,811
 
 
Investment securities
201,299
220,906
 
 
Net loans receivable
587,457
518,931
 
 
Deposits
735,314
752,020
 
 
Total borrowings, including repurchase agreements
30,287
24,244
 
 
Total stockholders’ equity
71,753
71,658
 
 
Book value per share (2)
                 21.39
                 22.00
 
 
Average stockholders’ equity to average total assets
           8.59%
           10.46%
 

Asset Quality
(Dollars in thousands)
     Year Ended June 30, 2023   Year Ended June 30, 2022
   
(unaudited)
 
 
Non-performing assets (3)
$  148
$  1,294
 
Allowance for credit losses
7,139
7,052
 
Non-performing assets to total assets
0.02%
0.15%
 
Allowance for credit losses to total loans
1.20%
1.34%
   
 
 
(1)
Shares outstanding do not include ESOP shares not committed for release.
(2)
Total stockholders’ equity divided by shares outstanding of 3,354,626 and 3,257,626 at June 30, 2023 and 2022, respectively.
(3)
Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.
v3.23.2
Document and Entity Information
Aug. 31, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 31, 2023
Entity File Number 001-35226
Entity Registrant Name IF BANCORP, INC.
Entity Central Index Key 0001514743
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 45-1834449
Entity Address, Address Line One 201 East Cherry Street
Entity Address, City or Town Watseka
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60970
City Area Code 815
Local Phone Number 432-2476
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol IROQ
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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