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
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
IF BANCORP, INC.
|
||
DATE: April 27, 2023
|
By:
|
/s/ Pamela J. Verkler
|
Pamela J. Verkler
|
||
Senior Executive Vice President and
Chief Financial Officer
|
For the Three Months
Ended March 31,
|
For the Nine Months
Ended March 31,
|
||||
2023
|
2022
|
2023
|
2022
|
||
(unaudited)
|
|||||
Interest and dividend income
|
$ 8,198
|
$ 6,003
|
$ 23,382
|
$ 18,560
|
|
Interest expense
|
3,162
|
611
|
6,051
|
1,917
|
|
Net interest income
|
5,036
|
5,392
|
17,331
|
16,643
|
|
Provision for credit losses
|
240
|
242
|
253
|
39
|
|
Net interest income after provision for credit losses
|
4,796
|
5,150
|
17,078
|
16,604
|
|
Noninterest income
|
942
|
1,454
|
3,028
|
4,439
|
|
Noninterest expense
|
4,846
|
5,048
|
14,615
|
14,600
|
|
Income before taxes
|
892
|
1,556
|
5,491
|
6,443
|
|
Income tax expense
|
202
|
402
|
1,428
|
1,694
|
|
Net income
|
$ 690
|
$ 1,154
|
$ 4,063
|
$ 4,749
|
|
Earnings per share (1) Basic
|
$ 0.22
|
$ 0.37
|
$ 1.29
|
$ 1.55
|
|
Diluted
|
$ 0.21
|
$ 0.37
|
$ 1.25
|
$ 1.52
|
|
Weighted average shares outstanding (1)
|
|||||
Basic
|
3,182,493
|
3,077,360
|
3,152,821
|
3,065,840
|
|
Diluted
|
3,246,596
|
3,150,279
|
3,239,785
|
3,134,337
|
|
footnotes on following page
|
For the Nine Months
Ended
March 31, 2023 |
For the Year
Ended
June 30, 2022 |
|
(unaudited)
|
||
Return on average assets
|
0.66%
|
0.74%
|
Return on average equity
|
7.65%
|
7.07%
|
Net interest margin on average interest earning assets
|
2.96%
|
2.93%
|
At
March 31, 2023
|
At
June 30, 2022
|
|||
(unaudited)
|
||||
Assets
|
$ 842,968
|
$ 857,558
|
||
Cash and cash equivalents
|
9,465
|
75,811
|
||
Investment securities
|
207,693
|
220,906
|
||
Net loans receivable
|
578,511
|
518,931
|
||
Deposits
|
691,568
|
752,020
|
||
Federal Home Loan Bank borrowings, repurchase agreements and other borrowings
|
67,264
|
24,244
|
||
Total stockholders’ equity
|
73,749
|
71,658
|
||
Book value per share (2)
|
21.98
|
22.00
|
||
Average stockholders’ equity to average total assets
|
8.62%
|
10.46%
|
At
March 31, 2023
|
At
June 30, 2022
|
|||
(unaudited)
|
||||
Non-performing assets (3)
|
$ 335
|
$ 1,294
|
||
Allowance for credit losses
|
7,535
|
7,052
|
||
Non-performing assets to total assets
|
0.04%
|
0.15%
|
||
Allowance for credit losses to total loans
|
1.29%
|
1.34%
|