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)
|
☐
|
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))
|
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
|
(d)
|
Exhibits
|
|
Exhibit No.
|
Description
|
|
Press release dated January 27, 2023
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
IF BANCORP, INC.
|
||
DATE: January 27, 2023
|
By:
|
/s/ Pamela J. Verkler
|
Pamela J. Verkler
|
||
Senior Executive Vice President and Chief Financial Officer
|
For the Three Months Ended
December 31,
|
For the Six Months Ended
December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Interest and dividend income
|
$
|
8,106
|
$
|
6,306
|
$
|
15,184
|
$
|
12,557
|
||||||||
Interest expense
|
2,061
|
627
|
2,889
|
1,306
|
||||||||||||
Net interest income
|
6,045
|
5,679
|
12,295
|
11,251
|
||||||||||||
Provision (credit) for credit losses
|
101
|
(76
|
)
|
13
|
(203
|
)
|
||||||||||
Net interest income after provision for credit losses
|
5,944
|
5,755
|
12,282
|
11,454
|
||||||||||||
Noninterest income
|
868
|
1,440
|
2,086
|
2,985
|
||||||||||||
Noninterest expense
|
4,922
|
4,862
|
9,769
|
9,552
|
||||||||||||
Income before taxes
|
1,890
|
2,333
|
4,599
|
4,887
|
||||||||||||
Income tax expense
|
486
|
629
|
1,226
|
1,292
|
||||||||||||
Net income
|
$
|
1,404
|
$
|
1,704
|
$
|
3,373
|
$
|
3,595
|
||||||||
Earnings per share (1) Basic
|
$
|
0.44
|
$
|
0.56
|
$
|
1.07
|
$
|
1.17
|
||||||||
Diluted
|
$
|
0.43
|
$
|
0.54
|
$
|
1.05
|
$
|
1.15
|
||||||||
Weighted average shares outstanding (1)
|
||||||||||||||||
Basic
|
3,171,638
|
3,069,686
|
3,138,188
|
3,060,153
|
||||||||||||
Diluted
|
3,244,962
|
3,138,636
|
3,212,964
|
3,126,295
|
||||||||||||
|
||||||||||||||||
footnotes on following page |
For the Six Months Ended
December 31, 2022 |
For the Year Ended
June 30, 2022 |
|||||||
(unaudited)
|
||||||||
Return on average assets
|
0.83
|
%
|
0.74
|
%
|
||||
Return on average equity
|
9.66
|
%
|
7.07
|
%
|
||||
Net interest margin on average interest earning assets
|
3.20
|
%
|
2.93
|
%
|
At
December 31, 2022
|
At
June 30, 2022
|
|||||||
(unaudited)
|
||||||||
Assets
|
$
|
823,727
|
$
|
857,558
|
||||
Cash and cash equivalents
|
8,443
|
75,811
|
||||||
Investment securities
|
208,098
|
220,906
|
||||||
Net loans receivable
|
561,275
|
518,931
|
||||||
Deposits
|
667,337
|
752,020
|
||||||
Federal Home Loan Bank borrowings, repurchase agreements and other borrowings
|
75,938
|
24,244
|
||||||
Total stockholders’ equity
|
71,090
|
71,658
|
||||||
Book value per share (2)
|
21.30
|
22.00
|
||||||
Average stockholders’ equity to average total assets
|
8.61
|
%
|
10.46
|
%
|
At
December 31, 2022
|
At
June 30, 2022
|
|||||||
(unaudited)
|
||||||||
Non-performing assets (3)
|
$
|
251
|
$
|
1,294
|
||||
Allowance for credit losses
|
7,166
|
7,052
|
||||||
Non-performing assets to total assets
|
0.03
|
%
|
0.15
|
%
|
||||
Allowance for credit losses to total loans
|
1.26
|
%
|
1.34
|
%
|
(1)
|
Shares outstanding do not include ESOP shares not committed for release.
|
(2)
|
Total stockholders’ equity divided by shares outstanding of 3,337,626 at December 31, 2022 and June 30,
2022.
|
(3)
|
Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for
sale.
|