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): April 30, 2024

(Exact Name of Registrant as Specified in Charter)

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

(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):

Securities registered pursuant to Section 12(b) of the Act:

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. ☐

On April 30, 2024, 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 March 31, 2024.  A copy of the press release is included as Exhibit 99.1 to this report.

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.

Contact:  Walter H. Hasselbring, III

                 (815) 432-2476

IF BANCORP, INC. ANNOUNCES RESULTS FOR THIRD QUARTER

OF FISCAL YEAR 2024

Watseka, Illinois, April 30, 2024 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $708,000, or $0.22 per basic and diluted share, for the three months ended March 31, 2024, compared to net income of $690,000, or $0.22 per basic share and $0.21 per diluted share, for the three months ended March 31, 2023.

“The uncertain interest rate environment continues to be a challenge for the banking industry.  Our executive team and board remain focused on giving their full attention and effort to maximize the efficiencies and strategies necessary to navigate the current economic and interest rate environment successfully and responsibly.  Our board recently completed a “360-review” of current bank market positions as part of our ongoing commitment to reviewing how current markets relate to our shareholders and business strategies.  A review process we intend to continue,” said Walter H. “Chip” Hasselbring III, President and CEO.

For the three months ended March 31, 2024, net interest income was $4.3 million compared to $5.0 million for the three months ended March 31, 2023.  We recorded a credit for credit losses of $(390,000) for the three months ended March 31, 2024, compared to a provision for credit losses of $240,000 for the three months ended March 31, 2023.  For the three months ended March 31, 2024, a credit for credit losses on loans was necessary as a result of a net recovery of $168,000 and a decrease in the loan portfolio during the period.  Interest income increased to $10.8 million for the three months ended March 31, 2024, from $8.2 million for the three months ended March 31, 2023.  Interest expense increased to $6.5 million for the three months ended March 31, 2024, from $3.2 million for the three months ended March 31, 2023.  Non-interest income increased to $1.1 million for the three months ended March 31, 2024, from $942,000 for the three months ended March 31, 2023.  Non-interest expense was $4.8 million for both the three months ended March 31, 2024 and for the three months ended March 31, 2023.  Provision for income tax increased to $243,000 for the three months ended March 31, 2024, from $202,000 for the three months ended March 31, 2023.

The Company announced unaudited net income of $1.4 million, or $0.42 per basic and diluted share for the nine months ended March 31, 2024, compared to $4.1 million, or $1.29 per basic share and $1.25 per diluted share for the nine months ended March 31, 2023.  For the nine months ended March 31, 2024, net interest income was $13.2 million compared to $17.3 million for the nine months ended March 31, 2023.  We recorded a provision for credit losses of $196,000 for the nine months ended March 31, 2024, compared to a provision for credit losses of $253,000 for the nine months ended March 31, 2023.  Interest income increased to $30.3 million for the nine months ended March 31, 2024, from $23.4 million for the nine months ended March 31, 2023.  Interest expense increased to $17.1 million for the nine months ended March 31, 2024 from $6.1 million for the nine months ended March 31, 2023. Non-interest income increased to $3.2 million for the nine months ended March 31, 2024, from $3.0 million for the nine months ended March 31, 2023.  Non-interest expense decreased to $14.4 million for the nine months ended March 31, 2024, from $14.6 million for the nine months ended March 31, 2023.  Provision for income tax decreased to $465,000 for the nine months ended March 31, 2024, from $1.4 million for the nine months ended March 31, 2023.

Total assets at March 31, 2024 were $905.0 million compared to $849.0 million at June 30, 2023.  Cash and cash equivalents increased to $16.1 million at March 31, 2024, from $11.0 million at June 30, 2023.  Investment securities decreased to $195.3 million at March 31, 2024, from $201.3 million at June 30, 2023.  Net loans receivable increased to $643.3 million at March 31, 2024, from $587.5 million at June 30, 2023.  Deposits decreased to $681.8 million at March 31, 2024, from $735.3 million at June 30, 2023.  The large decrease in deposits was partially 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 nine months ended March 31, 2024, when tax monies were distributed. Total borrowings, including repurchase agreements, FHLB advances, and borrowings from the Federal Reserve Bank Term Funding Program (BTFP), increased to $139.5 million at March 31, 2024 from $30.3 million at June 30, 2023.  Stockholders’ equity increased to $72.4 million at March 31, 2024 from $71.8 million at June 30, 2023.  Equity increased primarily due to net income of $1.4 million, an increase of $147,000 in accumulated other comprehensive income (loss), net of tax, and ESOP and stock equity plan activity of $435,000, partially offset by the accrual of approximately $1.3 million in dividends to our shareholders, of which about half were still payable as of March 31, 2024, and were subsequently paid on April 15, 2024.

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.

Performance Ratios

(Dollars in thousands, except per share data)

Asset Quality

(Dollars in thousands)

(1)	Shares outstanding do not include ESOP shares not committed for release.

(2)	Total stockholders’ equity divided by shares outstanding of 3,353,026 at March, 31, 2024 and 3,354,626 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.