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): November 4, 2024
IF BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
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Maryland
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001-35226
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45-1834449
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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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201 East Cherry Street, Watseka, Illinois
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60970
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(Address of Principal Executive Offices)
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(Zip Code)
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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):
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☐
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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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Securities registered pursuant to Section 12(b) of the Act:
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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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Common Stock, par value $0.01 per share
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IROQ
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The NASDAQ Stock Market, LLC
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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 November 4, 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 September 30, 2024. A copy of the press release is included as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits
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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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Press release dated November 4, 2024
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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.
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IF BANCORP, INC.
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DATE: November 4, 2024
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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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Contact: Walter H. Hasselbring, III
(815) 432-2476
IF BANCORP, INC. ANNOUNCES RESULTS FOR FIRST QUARTER
OF FISCAL YEAR 2025 (UNAUDITED)
Watseka, Illinois, November 4, 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 $633,000, or $0.20 per basic and diluted share, for the three months ended September 30, 2024, compared to $466,000, or $0.15 per basic share and $0.14 per
diluted share, for the three months ended September 30, 2023.
Walter H. “Chip” Hasselbring, President and Chief Executive Officer, commented, “While the Federal Reserve has
recently begun the process of easing the interest rate environment, it will be a while until the full effects of lower interest rates are felt in our financial results. That being said, we were pleased to see earnings improvement in our quarterly
results. Our capital ratios and asset quality remain strong. We look forward to moving the Association forward in this competitive banking environment.”
For the three months ended September 30, 2024, net interest income was $4.8 million compared to $4.6 million for the
three months ended September 30, 2023. Interest income increased to $10.9 million for the three months ended September 30, 2024, from $9.3 million for the three months ended September 30, 2023. Interest expense increased to $6.1 million for the
three months ended September 30, 2024, from $4.7 million for the three months ended September 30, 2023. We recorded a provision for credit losses of $382,000 in the three months ended September 30, 2024, compared to a provision for credit losses of
$222,000 in the three months ended September 30, 2023. Noninterest income increased to $1.4 million for the three months ended September 30, 2024, from $1.1 million for the three months ended September 30, 2023. Noninterest expense increased to
$5.0 million for the three months ended September 30, 2024, from $4.8 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, income tax expense totaled $218,000 compared to $175,000 for the three months
ended September 30, 2023.
Total assets at September 30, 2024 were $893.4 million compared to $887.7 million at June 30, 2024. Cash and cash
equivalents decreased to $7.8 million at September 30, 2024, from $9.6 million at June 30, 2024. Investment securities increased to $192.7 million at September 30, 2024, from $190.5 million at June 30, 2024. Net loans receivable increased to $647.1
million at September 30, 2024, from $639.3 million at June 30, 2024. Deposits decreased to $677.2 million at September 30, 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 during the three months ended September 30, 2024, when tax monies were distributed. Total borrowings, including repurchase agreements, increased to $126.6 million at September
30, 2024 from $76.0 million at June 30, 2024. Stockholders’ equity increased to $78.8 million at September 30, 2024 from $73.9 million at June 30, 2024. Equity increased primarily due to an increase of $4.8 million in accumulated other
comprehensive income (loss), net of tax, net income of $633,000, and ESOP and stock equity plan activity of $134,000, partially offset by the accrual of approximately $670,000 in dividends to our stockholders. The increase in accumulated other
comprehensive income (loss) was primarily due to a decrease in unrealized depreciation on available-for-sale securities, net of tax.
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, Champaign and Bourbonnais, 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 forward-looking statements.