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IF Bancorp, INC. Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2024

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IF Bancorp (NASDAQ: IROQ) reported net income of $1.8 million ($0.57 per share) for the fiscal year ended June 30, 2024, down from $4.7 million ($1.50 per share) in 2023. For Q4 2024, net income was $431,000 ($0.13 per share), compared to $597,000 ($0.19 per share) in Q4 2023. Key financial highlights include:

- Net interest income decreased to $17.7 million from $22.0 million
- Interest income increased to $41.0 million from $32.1 million
- Interest expense rose to $23.3 million from $10.1 million
- Total assets grew to $887.7 million from $849.0 million
- Net loans receivable increased to $639.3 million from $587.5 million
- Deposits decreased to $727.2 million from $735.3 million

The company announced a cash dividend of $0.20 per share, payable on October 18, 2024.

IF Bancorp (NASDAQ: IROQ) ha riportato un reddito netto di 1,8 milioni di dollari (0,57 dollari per azione) per l'anno fiscale terminato il 30 giugno 2024, in calo rispetto ai 4,7 milioni di dollari (1,50 dollari per azione) nel 2023. Per il Q4 2024, il reddito netto è stato di 431.000 dollari (0,13 dollari per azione), rispetto ai 597.000 dollari (0,19 dollari per azione) nel Q4 2023. I principali punti salienti finanziari includono:

- Il reddito netto da interessi è diminuito a 17,7 milioni di dollari rispetto ai 22,0 milioni di dollari
- Il reddito da interessi è aumentato a 41,0 milioni di dollari rispetto ai 32,1 milioni di dollari
- Le spese per interessi sono aumentate a 23,3 milioni di dollari rispetto ai 10,1 milioni di dollari
- Il totale degli asset è cresciuto a 887,7 milioni di dollari rispetto ai 849,0 milioni di dollari
- I prestiti netti sono aumentati a 639,3 milioni di dollari rispetto ai 587,5 milioni di dollari
- I depositi sono diminuiti a 727,2 milioni di dollari rispetto ai 735,3 milioni di dollari

L'azienda ha annunciato un dividendo in contante di 0,20 dollari per azione, pagabile il 18 ottobre 2024.

IF Bancorp (NASDAQ: IROQ) reportó un ingreso neto de 1.8 millones de dólares (0.57 dólares por acción) para el año fiscal que terminó el 30 de junio de 2024, en comparación con 4.7 millones de dólares (1.50 dólares por acción) en 2023. Para el Q4 2024, el ingreso neto fue de 431,000 dólares (0.13 dólares por acción), en comparación con 597,000 dólares (0.19 dólares por acción) en el Q4 2023. Los principales aspectos financieros incluyen:

- Los ingresos netos por intereses disminuyeron a 17.7 millones de dólares desde 22.0 millones de dólares
- Los ingresos por intereses aumentaron a 41.0 millones de dólares desde 32.1 millones de dólares
- Los gastos por intereses aumentaron a 23.3 millones de dólares desde 10.1 millones de dólares
- Total de activos creció a 887.7 millones de dólares desde 849.0 millones de dólares
- Los préstamos netos aumentaron a 639.3 millones de dólares desde 587.5 millones de dólares
- Los depósitos disminuyeron a 727.2 millones de dólares desde 735.3 millones de dólares

La empresa anunció un dividendo en efectivo de 0.20 dólares por acción, pagadero el 18 de octubre de 2024.

IF Bancorp (NASDAQ: IROQ)는 2024년 6월 30일 종료된 회계연도에 대해 180만 달러의 순이익 (주당 0.57달러)을 보고했으며, 이는 2023년 470만 달러 (주당 1.50달러)에서 감소한 수치입니다. 2024년 4분기에는 순이익이 43만 1천 달러 (주당 0.13달러)로, 2023년 4분기의 59만 7천 달러 (주당 0.19달러)와 비교됩니다. 주요 재무 하이라이트는 다음과 같습니다:

- 순이자 수익이 1,770만 달러에서 2,200만 달러로 감소
- 이자 수익이 4,100만 달러에서 3,210만 달러로 증가
- 이자 비용이 2,330만 달러에서 1,010만 달러로 상승
- 총 자산이 8억 8,770만 달러에서 8억 4,900만 달러로 증가
- 순 대출금이 6억 3,930만 달러에서 5억 8,750만 달러로 증가
- 예금이 7억 2,720만 달러에서 7억 3,530만 달러로 감소

회사는 주당 0.20달러의 현금 배당금을 발표했으며, 이는 2024년 10월 18일에 지급될 예정입니다.

IF Bancorp (NASDAQ: IROQ) a annoncé un revenu net de 1,8 million de dollars (0,57 dollar par action) pour l'année fiscale se terminant le 30 juin 2024, en baisse par rapport à 4,7 millions de dollars (1,50 dollar par action) en 2023. Pour le Q4 2024, le revenu net s'élevait à 431 000 dollars (0,13 dollar par action), contre 597 000 dollars (0,19 dollar par action) au Q4 2023. Les principaux points financiers incluent :

- Le revenu net d'intérêts a diminué à 17,7 millions de dollars contre 22,0 millions de dollars
- Le revenu d'intérêts a augmenté à 41,0 millions de dollars contre 32,1 millions de dollars
- Les charges d'intérêts ont augmenté à 23,3 millions de dollars contre 10,1 millions de dollars
- L'actif total a augmenté à 887,7 millions de dollars contre 849,0 millions de dollars
- Les prêts nets ont augmenté à 639,3 millions de dollars contre 587,5 millions de dollars
- Les dépôts ont diminué à 727,2 millions de dollars contre 735,3 millions de dollars

L'entreprise a annoncé un dividende en espèces de 0,20 dollar par action, payable le 18 octobre 2024.

IF Bancorp (NASDAQ: IROQ) meldete einen Jahresüberschuss von 1,8 Millionen Dollar (0,57 Dollar pro Aktie) für das am 30. Juni 2024 endende Geschäftsjahr, ein Rückgang gegenüber 4,7 Millionen Dollar (1,50 Dollar pro Aktie) im Jahr 2023. Für das 4. Quartal 2024 betrug der Jahresüberschuss 431.000 Dollar (0,13 Dollar pro Aktie), verglichen mit 597.000 Dollar (0,19 Dollar pro Aktie) im 4. Quartal 2023. Die wichtigsten finanziellen Highlights sind:

- Der Zinsertrag ging von 22,0 Millionen Dollar auf 17,7 Millionen Dollar zurück
- Zinserträge stiegen von 32,1 Millionen Dollar auf 41,0 Millionen Dollar
- Zinsaufwendungen stiegen von 10,1 Millionen Dollar auf 23,3 Millionen Dollar
- Die Gesamtvermögen erhöhten sich von 849,0 Millionen Dollar auf 887,7 Millionen Dollar
- Die netto erhaltenen Kredite stiegen von 587,5 Millionen Dollar auf 639,3 Millionen Dollar
- Die Einlagen sanken von 735,3 Millionen Dollar auf 727,2 Millionen Dollar

Das Unternehmen gab eine Bardividende von 0,20 Dollar pro Aktie bekannt, die am 18. Oktober 2024 zahlbar ist.

Positive
  • Total assets increased to $887.7 million from $849.0 million
  • Net loans receivable grew to $639.3 million from $587.5 million
  • Interest income rose to $41.0 million from $32.1 million
  • Noninterest income increased to $4.4 million from $4.1 million
  • Stockholders' equity increased to $73.9 million from $71.8 million
Negative
  • Net income decreased 61.6% to $1.8 million from $4.7 million
  • Net interest income declined to $17.7 million from $22.0 million
  • Interest expense increased to $23.3 million from $10.1 million
  • Deposits decreased to $727.2 million from $735.3 million
  • Total borrowings increased to $76.0 million from $30.3 million

Insights

IF Bancorp's fiscal year 2024 results reveal significant challenges. Net income plummeted by 61.6% to $1.8 million, primarily due to increased interest expenses. The net interest margin compressed substantially, with interest expense surging by $13.2 million while interest income only grew by $8.9 million. This indicates severe pressure on profitability from rising funding costs.

On the positive side, the bank's loan portfolio expanded by 8.8%, reaching $639.3 million. However, this growth was partly funded by increased borrowings, which rose by $45.7 million. The shift in funding mix could further pressure margins if high-cost borrowings persist. The bank's ability to grow core deposits will be important for future profitability.

The allowance for credit losses increased slightly, suggesting manageable asset quality. However, investors should monitor this closely given the challenging economic environment.

IF Bancorp's performance reflects broader industry trends, where rising interest rates are squeezing margins for many banks. The company's struggle to manage funding costs while growing its loan book is a common theme in the current environment. However, IF Bancorp's significant 61.6% drop in net income is concerning and may indicate more acute challenges compared to peers.

The bank's strategy to grow loans amid this challenging environment is bold but risky. While it could position them for future growth, it also increases vulnerability to credit risks if economic conditions deteriorate. The increase in borrowings to fund this growth is a trend to watch, as it could impact the bank's flexibility and profitability in the long term.

Investors should compare IF Bancorp's performance and strategies with those of similar-sized regional banks to gauge its relative positioning and potential for recovery in a more stable rate environment.

WATSEKA, Ill.--(BUSINESS WIRE)-- IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced net income of $1.8 million, or $0.57 per basic share and diluted share for the fiscal year ended June 30, 2024, compared to $4.7 million, or $1.50 per basic share and $1.46 per diluted share for the fiscal year ended June 30, 2023. The Company also announced net income of $431,000, or $0.13 per basic share and diluted share for the three months ended June 30, 2024, compared to $597,000, or $0.19 per basic share and $0.18 per diluted share for the three months ended June 30, 2023.

“As we mentioned in our last earnings release, the interest rate environment for the past several years has been challenging for the banking industry. Our biggest challenge remains managing the cost of funding our assets, where we are highly sensitive to current pricing. The Board and management continue to evaluate all opportunities to enhance shareholder value and improve earnings," said Walter H. “Chip” Hasselbring III, President and CEO.

Net income decreased $2.9 million, or 61.6%, to $1.8 million for the year ended June 30, 2024, from $4.7 million for the year ended June 30, 2023. For the year ended June 30, 2024, net interest income was $17.7 million, compared to $22.0 million for the year ended June 30, 2023. Interest income increased to $41.0 million for the year ended June 30, 2024, from $32.1 million for the year ended June 30, 2023. Interest expense increased to $23.3 million for the year ended June 30, 2024, from $10.1 million for the year ended June 30, 2023. Noninterest income increased to $4.4 million for the year ended June 30, 2024, from $4.1 million for the year ended June 30, 2023. Noninterest expense decreased to $19.7 million for the year ended June 30, 2024, from $20.0 million for the year ended June 30, 2023. For the year ended June 30, 2024, income tax expense totaled $565,000 compared to $1.6 million for the year ended June 30, 2023.

Total assets at June 30, 2024 were $887.7 million compared to $849.0 million at June 30, 2023. Cash and cash equivalents decreased to $9.6 million at June 30, 2024, from $11.0 million at June 30, 2023. Investment securities decreased to $190.5 million at June 30, 2024, from $201.3 million at June 30, 2023. Net loans receivable increased to $639.3 million at June 30, 2024, from $587.5 million at June 30, 2023. Deposits decreased to $727.2 million at June 30, 2024, from $735.3 million at June 30, 2023. Total borrowings, including FHLB advances, borrowings from the Federal Reserve Bank Term Funding Program (BTFP), and repurchase agreements, increased to $76.0 million at June 30, 2024 from $30.3 million at June 30, 2023. Stockholders’ equity increased to $73.9 million at June 30, 2024 from $71.8 million at June 30, 2023. Equity increased primarily due to net income of $1.8 million, an increase of $1.1 million in accumulated other comprehensive income (loss), net of tax, and ESOP and stock equity plan activity of $563,000, partially offset by the accrual of approximately $1.3 million in dividends to our shareholders. The increase in accumulated other comprehensive income (loss) was primarily due to unrealized depreciation on available-for-sale securities, net of tax.

The allowance for credit losses on loans increased $360,000, to $7.5 million at June 30, 2024, from $7.1 million at June 30, 2023. The increase in the allowance for credit losses on loans was the result of a provision for credit losses of $150,000 and net recoveries of $210,000.

As announced on August 14, 2024, IF Bancorp, Inc. will pay a cash dividend of $0.20 per common share on or about October 18, 2024, to stockholders of record as of the close of business on September 27, 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.

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)

 

 

Quarter Ended
June 30, 2024

 

Quarter Ended
June 30, 2023

 

Year Ended
June 30, 2024

 

Year Ended
June 30, 2023

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

Interest income

 

$

10,661

 

 

$

8,690

 

 

$

40,984

 

 

$

32,072

 

 

Interest expense

 

 

6,162

 

 

 

4,024

 

 

 

23,255

 

 

10,075

 

 

Net interest income

 

 

4,499

 

 

 

4,666

 

 

 

17,729

 

 

 

21,997

 

 

Provision (credit) for

         

credit losses

 

 

(164

)

 

 

(481

)

 

 

32

 

 

 

(228

)

 

Net interest income after

         

provision (credit) for

         

credit losses

 

 

4,663

 

 

 

5,147

 

 

 

17,697

 

 

 

22,225

 

 

Noninterest income

 

 

1,203

 

 

 

1,041

 

 

 

4,386

 

 

 

4,069

 

 

Noninterest expense

 

 

5,335

 

 

 

5,419

 

 

 

19,728

 

 

 

20,034

 

 

Income before taxes

 

 

531

 

 

 

769

 

 

 

2,355

 

 

 

6,260

 

 

Income tax expense

 

 

100

 

 

 

172

 

 

 

565

 

 

 

1,600

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

431

 

 

$

597

 

 

$

1,790

 

 

$

4,660

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (1):

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

0.18

 

 

$

0.57

 

 

$

1.50

 

 

Diluted

 

$

0.13

 

 

$

0.19

 

 

$

0.57

 

 

$

1.46

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares

         

outstanding (1):

 

 

 

 

 

 

 

 

 

Basic

 

 

3,215,905

 

 

 

3,198,260

 

 

 

3,132,153

 

 

 

3,113,307

 

 
         

Diluted

 

 

3,215,905

 

 

 

3,259,085

 

 

 

3,132,153

 

 

 

3,195,029

 

 
         

Performance Ratios

 

Year Ended
June 30, 2024

Year Ended
June 30, 2023

 

(unaudited)

 

Return on average assets

0.20%

0.56%

Return on average equity

2.54%

6.56%

Net interest margin on average interest earning assets

2.10%

2.80%

Selected Balance Sheet Data

(Dollars in thousands, except per share data)

 

Year Ended
June 30, 2024

 

 Year Ended
June 30, 2023

 

 

(unaudited)

 

 

Assets

 

$

887,745

 

$

848,976

Cash and cash equivalents

 

 

9,571

 

 

10,988

Investment securities

 

 

190,475

 

 

201,299

Net loans receivable

 

 

639,297

 

 

587,457

Deposits

 

 

727,177

 

 

735,314

Total borrowings, including repurchase agreements

 

 

76,021

 

 

30,287

Total stockholders’ equity

 

 

73,916

 

 

71,753

Book value per share (2)

 

 

22.04

 

 

21.39

Average stockholders’ equity to average total assets

 

 

7.99%

 

 

8.59%

   

Asset Quality

(Dollars in thousands)

 

Year Ended
June 30, 2024

 

 Year Ended
June 30, 2023

 

 

(unaudited)

 

 

Non-performing assets (3)

 

$

173

 

 

$

148

 

Allowance for credit losses

 

 

7,499

 

 

 

7,139

 

Non-performing assets to total assets

 

 

0.02

%

 

 

0.02

%

Allowance for credit losses to total loans

 

 

1.16

%

 

 

1.20

%

 (1)

Shares outstanding do not include ESOP shares not committed for release.

 (2)

Total stockholders’ equity divided by shares outstanding of 3,353,026 and 3,354,626 at June 30, 2024 and 2023, respectively.

 (3)

Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.

 

Walter H. Hasselbring, III

(815) 432-2476

Source: IF Bancorp, Inc.

FAQ

What was IF Bancorp's (IROQ) net income for fiscal year 2024?

IF Bancorp (IROQ) reported a net income of $1.8 million, or $0.57 per share, for the fiscal year ended June 30, 2024.

How did IF Bancorp's (IROQ) Q4 2024 results compare to Q4 2023?

IF Bancorp's Q4 2024 net income was $431,000 ($0.13 per share), compared to $597,000 ($0.19 per share) in Q4 2023, showing a decrease in quarterly earnings.

What dividend did IF Bancorp (IROQ) announce for October 2024?

IF Bancorp announced a cash dividend of $0.20 per common share, payable on October 18, 2024, to stockholders of record as of September 27, 2024.

How did IF Bancorp's (IROQ) total assets change in fiscal year 2024?

IF Bancorp's total assets increased to $887.7 million as of June 30, 2024, compared to $849.0 million at the end of the previous fiscal year.

IF Bancorp, Inc.

NASDAQ:IROQ

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Banks - Regional
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