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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): January 30, 2025

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 January 30, 2025, 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 December 31, 2024.  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
     
 
Press release dated January 30, 2025
 
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: January 30, 2025
By: 
/s/ Pamela J. Verkler 
   
Pamela J. Verkler
   
Senior Executive Vice President and Chief Financial Officer

























EX-99.1 2 ex99-1.htm PRESS RELEASE DATED JANUARY 30, 2025
Exhibit 99.1


Contact:
Walter H. Hasselbring, III

(815) 432-2476
IF BANCORP, INC. ANNOUNCES RESULTS FOR SECOND QUARTER
OF FISCAL YEAR 2025

Watseka, Illinois, January 30, 2025 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $1.2 million, or $0.38 per basic and diluted share, for the three months ended December 31, 2024, compared to net income of $185,000, or $0.06 per basic and diluted share, for the three months ended December 31, 2023.
Walter H. “Chip” Hasselbring, III, Chairman and Chief Executive Officer, commented “While the Federal Reserve has begun easing short term rates, the competitive environment for deposits remains difficult.  We held the balances in our loan portfolio steady as we were disciplined based on the funding environment.  Our net interest margin continues to recover and our book value per share finished the December 31, 2024 quarter at $22.66.”
For the three months ended December 31, 2024, net interest income was $5.0 million compared to $4.4 million for the three months ended December 31, 2023.  We recorded a credit for credit losses of $450,000 for the three months ended December 31, 2024, compared to a provision for credit losses of $364,000 for the three months ended December 31, 2023.  Interest income increased to $11.0 million for the three months ended December 31, 2024, from $10.2 million for the three months ended December 31, 2023.  Interest expense increased to $6.0 million for the three months ended December 31, 2024, from $5.8 million for the three months ended December 31, 2023.  Noninterest income increased to $1.3 million for the three months ended December 31, 2024, from $915,000 for the three months ended December 31, 2023.  Noninterest expense increased to $5.0 million for the three months ended December 31, 2024, from $4.7 million for the three months ended December 31, 2023.  Provision for income tax increased to $463,000 for the three months ended December 31, 2024, from $47,000 for the three months ended December 31, 2023.
The Company announced unaudited net income of $1.9 million, or $0.57 per basic and diluted share for the six months ended December 31, 2024, compared to $651,000, or $0.20 per basic and diluted share for the six months ended December 31, 2023.  For the six months ended December 31, 2024, net interest income was $9.8 million compared to $9.0 million for the six months ended December 31, 2023.  We recorded a credit for credit losses of $68,000 for the six months ended December 31, 2024, compared to a provision for credit losses of $586,000 for the six months ended December 31, 2023.  Interest income increased to $21.9 million for the six months ended December 31, 2024, from $19.5 million for the six months ended December 31, 2023.  Interest expense increased to $12.1 million for the six months ended December 31, 2024 from $10.5 million for the six months ended December 31, 2023. Non-interest income increased to $2.7 million for the six months ended December 31, 2024, from $2.0 million for the six months ended December 31, 2023.  Non-interest expense increased to $10.0 million for the six months ended December 31, 2024, from $9.6 million for the six months ended December 31, 2023.  Provision for income tax increased to $681,000 for the six months ended December 31, 2024, from $222,000 for the six months ended December 31, 2023.
Total assets at December 31, 2024 were $885.1 million compared to $887.7 million at June 30, 2024.  Cash and cash equivalents decreased to $5.9 million at December 31, 2024, from $9.6 million at June 30, 2024.  Investment securities decreased to $182.9 million at December 31, 2024, from $190.5 million at June 30, 2024.  Net loans receivable increased to $647.7 million at December 31, 2024, from $639.3 million at June 30, 2024.  Deposits decreased to $682.1 million at December 31, 2024, from $727.2 million at June 30, 2024.  The large decrease in deposits was due to approximately $62.7 million in deposits from a public entity that collects real estate taxes that were withdrawn in the six months ended December 31, 2024, when tax monies were distributed. Total borrowings, including repurchase agreements, increased to $117.4 million at December 31, 2024 from $76.0 million at June 30, 2024.  Stockholders’ equity increased to $75.9 million at December 31, 2024 from $73.9 million at June 30, 2024.  Equity increased primarily due to net income of $1.9 million, an increase of $530,000 in accumulated other comprehensive income (loss), net of tax, and employee stock ownership plan (“ESOP”) and stock equity plan activity of $284,000.  These increases were partially offset by the accrual of approximately $643,000 in dividends to our shareholders.
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, 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 pandemics; 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)

   
For the Three Months Ended
December 31,
    
For the Six Months Ended
December 31,
  
   
2024
    
2023
    
2024
    
2023
  
   
(unaudited)
  
Interest and dividend income
  
$
11,010
    
$
10,229
    
$
21,923
    
$
19,520
  
Interest expense
    
5,993
      
5,841
      
12,085
      
10,549
  
Net interest income
    
5,017
      
4,388
      
9,838
      
8,971
  
Provision (credit) for credit losses
    
(450
)
    
364
      
(68
)
    
586
  
Net interest income after provision (credit) for credit losses
    
5,467
      
4,024
      
9,906
      
8,385
  
Noninterest income
    
1,257
      
915
      
2,665
      
2,043
  
Noninterest expense
    
5,042
      
4,707
      
10,038
      
9,555
  
Income before taxes
    
1,682
      
232
      
2,533
      
873
  
Income tax expense
    
463
      
47
      
681
      
222
  
                                 
Net income
  
$
1,219
    
$
185
    
$
1,852
    
$
651
  
                                 
Earnings per share (1) Basic
  
$
0.38
    
$
0.06
    
$
0.57
    
$
0.20
  
    Diluted
  
$
0.38
    
$
0.06
    
$
0.57
    
$
0.20
  
Weighted average shares outstanding (1)
                                
    Basic
    
3,225,512
      
3,207,883
      
3,223,114
      
3,205,477
  
    Diluted
    
3,225,512
      
3,207,883
      
3,223,114
      
3,205,477
  
                       
                   
footnotes on following page
  


Performance Ratios
   
For the Six Months Ended
December 31, 2024
    
For the Year Ended
June 30, 2024
  
   
(unaudited)
        
Return on average assets
    
0.42
%
    
0.20
%
Return on average equity
    
4.82
%
    
2.54
%
Net interest margin on average interest earning assets
    
2.32
%
    
2.10
%




Selected Balance Sheet Data                                                                                                 
(Dollars in thousands, except per share data)

   
At
December 31, 2024
    
At
June 30, 2024
  
   
(unaudited)
        
Assets
  
$
885,149
    
$
887,745
  
Cash and cash equivalents
    
5,906
      
9,571
  
Investment securities
    
182,890
      
190,475
  
Net loans receivable
    
647,664
      
639,297
  
Deposits
    
682,126
      
727,177
  
Federal Home Loan Bank borrowings, repurchase agreements and other borrowings
    
117,438
      
76,021
  
Total stockholders’ equity
    
75,939
      
73,916
  
Book value per share (2)
    
22.66
      
22.04
  
Average stockholders’ equity to average total assets
    
8.66
%
    
7.99
%


Asset Quality
(Dollars in thousands)
   
At
December 31, 2024
    
At
June 30, 2024
  
   
     (unaudited)
  
Non-performing assets (3)
  
$
248
    
$
173
  
Allowance for credit losses
    
7,346
      
7,499
  
Non-performing assets to total assets
    
0.03
%
    
0.02
%
Allowance for credit losses to total loans
    
1.12
%
    
1.16
%

(1) Shares outstanding do not include ESOP shares not committed for release.
(2) Total stockholders’ equity divided by shares outstanding of 3,351,526 and 3,353,026 at December 31, 2024 and June 30, 2024, respectively.
(3) Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.