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))
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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
|
IF BANCORP, INC.
|
||
DATE: April 29, 2021
|
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,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(unaudited)
|
||||||||||||||||
Interest and dividend income
|
$
|
5,926
|
$
|
6,799
|
$
|
18,429
|
$
|
20,596
|
||||||||
Interest expense
|
902
|
2,209
|
3,467
|
7,079
|
||||||||||||
Net interest income
|
5,024
|
4,590
|
14,962
|
13,517
|
||||||||||||
Provision (credit) for loan losses
|
(101
|
)
|
282
|
165
|
198
|
|||||||||||
Net interest income after provision for loan losses
|
5,125
|
4,308
|
14,797
|
13,319
|
||||||||||||
Non-interest income
|
1,647
|
1,174
|
4,861
|
3,465
|
||||||||||||
Non-interest expense
|
4,612
|
4,356
|
13,621
|
12,807
|
||||||||||||
Income before taxes
|
2,160
|
1,126
|
6,037
|
3,977
|
||||||||||||
Income tax expense
|
600
|
316
|
1,683
|
1,103
|
||||||||||||
Net income
|
$
|
1,560
|
$
|
810
|
$
|
4,354
|
$
|
2,874
|
||||||||
Earnings (loss) per share (1)
|
||||||||||||||||
Basic
|
$
|
0.51
|
$
|
0.27
|
$
|
1.43
|
$
|
0.92
|
||||||||
Diluted
|
$
|
0.50
|
$
|
0.26
|
$
|
1.42
|
$
|
0.90
|
||||||||
Weighted average shares outstanding (1)
|
||||||||||||||||
Basic
|
3,040,709
|
3,038,060
|
3,035,898
|
3,128,823
|
||||||||||||
Diluted
|
3,090,698
|
3,089,722
|
3,069,406
|
3,182,563
|
||||||||||||
______________________
footnotes on following page
|
For the Nine Months Ended
March 31, 2021 |
For the Year Ended
June 30, 2020 |
|||||||
(unaudited)
|
||||||||
Return on average assets
|
0.79
|
%
|
0.61
|
%
|
||||
Return on average equity
|
6.91
|
%
|
5.30
|
%
|
||||
Net interest margin on average interest earning assets
|
2.74
|
%
|
2.75
|
%
|
At
March 31, 2021
|
At
June 30, 2020
|
|||||||
(unaudited)
|
||||||||
Assets
|
$
|
745,446
|
$
|
735,517
|
||||
Cash and cash equivalents
|
33,256
|
33,467
|
||||||
Investment securities
|
175,760
|
162,394
|
||||||
Net loans receivable
|
504,454
|
509,817
|
||||||
Deposits
|
617,234
|
601,700
|
||||||
Borrowings and repurchase agreements
|
33,701
|
41,238
|
||||||
Total stockholders’ equity
|
83,484
|
82,564
|
||||||
Book value per share (2)
|
25.76
|
25.48
|
||||||
Average stockholders’ equity to average total assets
|
11.50
|
%
|
11.55
|
%
|
At
March 31, 2021
|
At
June 30, 2020
|
|||||||
(unaudited)
|
||||||||
Non-performing assets (3)
|
$
|
448
|
$
|
1,095
|
||||
Allowance for loan losses
|
6,351
|
6,234
|
||||||
Non-performing assets to total assets
|
0.06
|
%
|
0.15
|
%
|
||||
Allowance for losses to total loans
|
1.24
|
%
|
1.21
|
%
|
||||
Allowance for losses to total loans excluding PPP loans (4)
|
1.31
|
%
|
1.27
|
%
|