IF Bancorp, INC. Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2024
“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
Total assets at June 30, 2024 were
The allowance for credit losses on loans increased
As announced on August 14, 2024, IF Bancorp, Inc. will pay a cash dividend of
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
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
|
Quarter Ended
|
Year Ended
|
Year Ended
|
|||||||||||||
|
(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
|
Year Ended
|
|
(unaudited) |
|
Return on average assets |
|
|
Return on average equity |
|
|
Net interest margin on average interest earning assets |
|
|
Selected Balance Sheet Data
(Dollars in thousands, except per share data)
Year Ended
|
Year Ended
|
|||||
|
(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 |
|
|
|
|
||
Asset Quality
(Dollars in thousands)
Year Ended
|
|
Year Ended
|
||||||
|
(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240829363598/en/
Walter H. Hasselbring, III
(815) 432-2476
Source: IF Bancorp, Inc.