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(State or Other Jurisdiction
of Incorporation)
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(Commission File No.)
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(I.R.S. Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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
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Trading
Symbol(s)
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Name of each exchange on which registered
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(d)
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Exhibits
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Exhibit No.
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Description
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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IF BANCORP, INC.
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DATE: April 29, 2022
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By:
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/s/ Pamela J. Verkler
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Pamela J. Verkler
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Senior Executive Vice President and
Chief Financial Officer
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For the Three Months Ended
March 31, |
For the Nine Months Ended
March 31, |
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2022
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2021
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2022
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2021
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(unaudited)
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Interest and dividend income
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$ 6,003
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$ 5,926
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$ 18,560
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$ 18,429
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Interest expense
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611
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902
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1,917
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3,467
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Net interest income
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5,392
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5,024
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16,643
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14,962
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Provision (credit) for loan losses
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242
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(101)
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39
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165
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Net interest income after provision for loan losses
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5,150
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5,125
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16,604
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14,797
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Non-interest income
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1,454
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1,647
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4,439
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4,861
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Non-interest expense
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5,048
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4,612
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14,600
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13,621
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Income before taxes
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1,556
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2,160
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6,443
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6,037
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Income tax expense
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402
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600
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1,694
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1,683
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Net income
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$ 1,154
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$ 1,560
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$ 4,749
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$ 4,354
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Earnings per share (1) Basic
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$ 0.37
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$ 0.51
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$ 1.55
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$ 1.43
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Diluted
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$ 0.37
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$ 0.50
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$ 1.52
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$ 1.42
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Weighted average shares outstanding (1)
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Basic
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3,077,360
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3,040,709
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3,065,840
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3,035,898
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Diluted
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3,150,279
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3,090,698
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3,134,337
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3,069,406
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footnotes on following page
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For the Nine Months Ended
March 31, 2022 |
For the Year Ended
June 30, 2021 |
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(unaudited)
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Return on average assets
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0.82%
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0.72%
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Return on average equity
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7.46%
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6.34%
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Net interest margin on average interest earning assets
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2.97%
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2.86%
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At
March 31, 2022
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At
June 30, 2021
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(unaudited)
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Assets
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$ 786,416
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$ 797,341
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Cash and cash equivalents
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27,662
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62,735
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Investment securities
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218,639
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189,891
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Net loans receivable
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499,830
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513,371
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Deposits
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667,031
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667,632
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Federal Home Loan Bank borrowings, repurchase agreements and other borrowings
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30,263
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34,245
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Total stockholders’ equity
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78,409
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85,304
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Book value per share (2)
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24.07
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26.33
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Average stockholders’ equity to average total assets
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10.96%
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11.40%
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At
March 31, 2022
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At
June 30, 2021
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(unaudited)
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Non-performing assets (3)
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$ 154
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$ 411
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Allowance for loan losses
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6,611
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6,599
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Non-performing assets to total assets
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0.02%
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0.05%
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Allowance for losses to total loans
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1.31%
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1.27%
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Allowance for losses to total loans excluding PPP loans (4)
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1.31%
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1.32%
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(1)
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Shares outstanding do not include ESOP shares not committed for release.
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(2)
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Total stockholders’ equity divided by shares outstanding of 3,257,626 at March 31, 2022, and 3,240,376 at June 30, 2021.
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(3)
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Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for
sale.
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(4)
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Paycheck Protection Program (PPP) loans are administered by the SBA and are fully guaranteed by the U.S. government.
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Document and Entity Information |
Apr. 29, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 29, 2022 |
Entity Registrant Name | IF BANCORP, INC. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-35226 |
Entity Tax Identification Number | 45-1834449 |
Entity Address, Address Line One | 201 East Cherry Street |
Entity Address, City or Town | Watseka |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60970 |
City Area Code | 815 |
Local Phone Number | 432-2476 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001514743 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | IROQ |
Security Exchange Name | NASDAQ |
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