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): October 30, 2023
IF BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
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Maryland
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001-35226
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45-1834449
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(State or Other Jurisdiction
of Incorporation)
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(Commission File No.)
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(I.R.S. Employer
Identification No.)
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201 East Cherry Street, Watseka, Illinois
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60970
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(Address of Principal Executive Offices)
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(Zip Code)
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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):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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IROQ
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The NASDAQ Stock Market, LLC
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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 October 30, 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 ended September 30, 2023. A copy of the press release is included as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit No.
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Description
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Press release dated October 30, 2023
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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.
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IF BANCORP, INC.
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DATE: October 30, 2023
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By:
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/s/ Pamela J. Verkler
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Pamela J. Verkler
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Senior Executive Vice President and Chief Financial Officer
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Contact: Walter H. Hasselbring, III
(815) 432-2476
IF BANCORP, INC. ANNOUNCES RESULTS FOR FIRST QUARTER
OF FISCAL YEAR 2024 (UNAUDITED)
Watseka, Illinois, October 30, 2023 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois
Federal Savings and Loan Association (the “Association”), announced unaudited net income of $466,000, or $0.15 per basic share and $0.14 per diluted share for the three months ended September 30, 2023, compared to $2.0 million, or $0.63 per basic
share and $0.62 per diluted share, for the three months ended September 30, 2022.
For the three months ended September 30, 2023, net interest income was $4.6 million compared to $6.3 million for the
three months ended September 30, 2022. Interest income increased to $9.3 million for the three months ended September 30, 2023, from $7.1 million for the three months ended September 30, 2022. Interest expense increased to $4.7 million for the
three months ended September 30, 2023, from $828,000 for the three months ended September 30, 2022. We recorded a provision for credit losses of $222,000 in the three months ended September 30, 2023, compared to a credit for credit losses of
$(88,000) in the three months ended September 30, 2022. Noninterest income decreased to $1.1 million for the three months ended September 30, 2023, from $1.2 million for the three months ended September 30, 2022. Noninterest expense was $4.8
million for both the three months ended September 30, 2023, and for the three months ended September 30, 2022. For the three months ended September 30, 2023, income tax expense totaled $175,000 compared to $740,000 for the three months ended
September 30, 2022.
Total assets at September 30, 2023 were $870.7 million compared to $849.0 million at June 30, 2023. Cash and cash
equivalents increased to $13.6 million at September 30, 2023, from $11.0 million at June 30, 2023. Investment securities decreased to $191.1 million at September 30, 2023, from $201.3 million at June 30, 2023. Net loans receivable increased to
$614.6 million at September 30, 2023, from $587.5 million at June 30, 2023. Deposits decreased to $687.1 million at September 30, 2023, from $735.3 million at June 30, 2023. The large decrease in deposits was due to approximately $62.1 million in
deposits from a public entity that collects real estate taxes that were on deposit at June 30, 2023 and withdrawn in the three months ended September 30, 2023, when tax monies were distributed. Total borrowings, including repurchase agreements,
increased to $106.5 million at September 30, 2023 from $30.3 million at June 30, 2023. Stockholders’ equity decreased to $66.6 million at September 30, 2023 from $71.8 million at June 30, 2023. Equity decreased primarily due to a decrease of $5.1
million in accumulated other comprehensive income (loss), net of tax, and the accrual of approximately $672,000 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. These decreases were partially offset by net income of $466,000, and ESOP
and stock equity plan activity of $163,000.
IF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan 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, Champaign and Bourbonnais, Illinois and a loan
production 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 outbreaks of COVID-19 or other diseases resulting in a 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 forward-looking
statements.
Selected Income Statement Data
(Dollars in thousands, except per share data)
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For the Three Months Ended September 30,
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2023
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2022
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(unaudited)
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Interest income
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$
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9,291
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$
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7,078
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Interest expense
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4,708
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828
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Net interest income
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4,583
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6,250
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Provision (credit) for credit losses
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222
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(88
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)
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Net interest income after provision (credit) for credit losses
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4,361
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6,338
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Noninterest income
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1,128
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1,218
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Noninterest expense
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4,848
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4,847
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Income before taxes
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641
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2,709
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Income tax expense
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175
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740
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Net income
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$
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466
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$
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1,969
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| Earnings per share (1) |
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Basic
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$
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0.15
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$
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0.63
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Diluted
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0.14
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0.62
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Weighted average shares outstanding (1)
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Basic
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3,203,072
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3,105,077
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Diluted
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3,266,753
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3,181,412
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| _________________________ |
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| footnotes on following page |
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Performance Ratios
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For the Three Months Ended
September 30, 2023
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For the Year Ended
June 30, 2023
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(unaudited)
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Return on average assets
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0.22
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%
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0.56
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%
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Return on average equity
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2.69
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%
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6.56
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%
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Net interest margin on average interest earning assets
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2.26
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%
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2.80
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%
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Selected Balance Sheet Data
(Dollars in thousands, except per share data)
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At
September 30, 2023
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At
June 30, 2023
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(unaudited)
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Assets
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$
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870,695
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$
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848,976
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Cash and cash equivalents
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13,582
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10,988
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Investment securities
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191,112
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201,299
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Net loans receivable
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614,598
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587,457
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Deposits
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687,148
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735,314
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Federal Home Loan Bank borrowings, repurchase agreements and other borrowings
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106,538
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30,287
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Total stockholders’ equity
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66,591
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71,753
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Book value per share (2)
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19.85
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21.39
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Average stockholders’ equity to average total assets
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8.13
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%
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8.59
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%
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Asset Quality
(Dollars in thousands)
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At
September 30, 2023
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At
June 30, 2023
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(unaudited)
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Non-performing assets (3)
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$
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167
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$
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148
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Allowance for credit losses
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7,450
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7,139
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Non-performing assets to total assets
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0.02
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%
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0.02
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%
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Allowance for credit losses on loans to total loans
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1.20
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%
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1.20
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%
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(1) Shares outstanding do not include ESOP shares not committed for release.
(2) Total stockholders’ equity divided by shares outstanding of 3,354,626 at both September 30, 2023, and at June 30, 2023.
(3) Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.