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IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2022

IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”), the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $1.2 million, or $0.37 per basic and diluted share, for the three months ended March 31, 2022, compared to net income of $1.6 million, or $0.51 per basic share and $0.50 per diluted share, for the three months ended March 31, 2021.

For the three months ended March 31, 2022, net interest income was $5.4 million compared to $5.0 million for the three months ended March 31, 2021. We recorded a provision for loan losses of $242,000 for the three months ended March 31, 2022, compared to a credit for loan losses of $(101,000) for the three months ended March 31, 2021. Interest income increased to $6.0 million for the three months ended March 31, 2022, from $5.9 million for the three months ended March 31, 2021. Interest expense decreased to $611,000 for the three months ended March 31, 2022, from $902,000 for the three months ended March 31, 2021. Non-interest income decreased to $1.5 million for the three months ended March 31, 2022, from $1.6 million for the three months ended March 31, 2021. Non-interest expense increased to $5.0 million for the three months ended March 31, 2022, from $4.6 million for the three months ended March 31, 2021. Provision for income tax decreased to $402,000 for the three months ended March 31, 2022, from $600,000 for the three months ended March 31, 2021.

The Company announced unaudited net income of $4.7 million, or $1.55 per basic share and $1.52 per diluted share for the nine months ended March 31, 2022, compared to $4.4 million, or $1.43 per basic share and $1.42 per diluted share for the nine months ended March 31, 2021. For the nine months ended March 31, 2022, net interest income was $16.6 million compared to $15.0 million for the nine months ended March 31, 2021. We recorded a provision for loan losses of $39,000 for the nine months ended March 31, 2022, compared to a provision for loan losses of $165,000 for the nine months ended March 31, 2021. The decrease in provision for loan losses was primarily due to a decrease in our loan portfolio, including a decrease in loans with COVID-19 modifications. At March 31, 2022, we have outstanding a total of 106 loans with current balances of $53.3 million that received COVID-19 modifications at some point. These modifications allowed borrowers to defer the principal component of loan payments for up to six months. As of March 31, 2022, 103 of these loans totaling $50.2 million have returned to principal and interest payments, leaving 3 loans for $3.1 million still under temporary modifications.

Interest income increased to $18.6 million for the nine months ended March 31, 2022, from $18.4 million for the nine months ended March 31, 2021. Interest expense decreased to $1.9 million for the nine months ended March 31, 2022 from $3.5 million for the nine months ended March 31, 2021. Non-interest income decreased to $4.4 million for the nine months ended March 31, 2022, from $4.9 million for the nine months ended March 31, 2021. Non-interest expense increased to $14.6 million for the nine months ended March 31, 2022 from $13.6 million for the nine months ended March 31, 2021. Provision for income tax was $1.7 million for both the nine months ended March 31, 2022, and the nine months ended March 31, 2021.

Total assets at March 31, 2022 were $786.4 million compared to $797.3 million at June 30, 2021. Cash and cash equivalents decreased to $27.7 million at March 31, 2022, from $62.7 million at June 30, 2021. Investment securities increased to $218.6 million at March 31, 2022, from $189.9 million at June 30, 2021. Net loans receivable decreased to $499.8 million at March 31, 2022, from $513.4 million at June 30, 2021. As of March 31, 2022, we had 18 SBA Paycheck Protection Program (PPP) loans totaling $1.2 million remaining in our portfolio. Deposits decreased to $667.0 million at March 31, 2022, from $667.6 million at June 30, 2021. Total borrowings, including repurchase agreements, decreased to $30.3 million at March 31, 2022 from $34.2 million at June 30, 2021. Stockholders’ equity decreased to $78.4 million at March 31, 2022 from $85.3 million at June 30, 2021. Equity decreased due to a decrease of $11.3 million in accumulated other comprehensive income (loss), net of tax, and the accrual of approximately $1.1 million in dividends to our shareholders, of which about half were still payable as of March 31, 2022, and were subsequently paid on April 15, 2022, partially offset by net income of $4.7 million, and ESOP and stock equity plan activity of $771,000.

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 and wealth management 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 the COVID-19 pandemic; 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)

 

 

For the Three Months Ended

March 31,

 

For the Nine Months Ended

March 31,

 

2022

 

2021

 

2022

 

2021

 

(unaudited)

Interest and dividend income

$

6,003

$

5,926

$

18,560

$

18,429

Interest expense

 

611

 

 

902

 

 

1,917

 

 

3,467

 

Net interest income

 

5,392

 

 

5,024

 

 

16,643

 

 

14,962

 

Provision (credit) for loan losses

 

242

 

 

(101

)

 

39

 

 

165

 

Net interest income after provision for loan losses

 

5,150

 

 

5,125

 

 

16,604

 

 

14,797

 

Non-interest income

 

1,454

 

 

1,647

 

 

4,439

 

 

4,861

 

Non-interest expense

 

5,048

 

 

4,612

 

 

14,600

 

 

13,621

 

Income before taxes

 

1,556

 

 

2,160

 

 

6,443

 

 

6,037

 

Income tax expense

 

402

 

 

600

 

 

1,694

 

 

1,683

 

 

 

 

 

 

Net income

$

1,154

 

$

1,560

 

$

4,749

 

$

4,354

 

 

 

 

 

 

Earnings per share (1)

Basic

$

0.37

 

$

0.51

 

$

1.55

 

$

1.43

 

Diluted

$

0.37

 

$

0.50

 

$

1.52

 

$

1.42

 

Weighted average shares outstanding (1)

 

 

 

 

Basic

 

3,077,360

 

 

3,040,709

 

 

3,065,840

 

 

3,035,898

 

Diluted

 

3,150,279

 

 

3,090,698

 

 

3,134,337

 

 

3,069,406

 

 

 

 

footnotes on following page

Performance Ratios

 

 

For the Nine Months Ended

March 31, 2022

 

For the Year Ended

June 30, 2021

 

(unaudited)

 

 

Return on average assets

0.82%

 

0.72%

Return on average equity

7.46%

 

6.34%

Net interest margin on average interest earning assets

2.97%

 

2.86%

Selected Balance Sheet Data

(Dollars in thousands, except per share data)

 

 

At

March 31, 2022

At

June 30, 2021

 

(unaudited)

 

Assets

$

786,416

 

$

797,341

 

Cash and cash equivalents

 

27,662

 

 

62,735

 

Investment securities

 

218,639

 

 

189,891

 

Net loans receivable

 

499,830

 

 

513,371

 

Deposits

 

667,031

 

 

667,632

 

Federal Home Loan Bank borrowings, repurchase agreements and other borrowings

 

30,263

 

 

34,245

 

Total stockholders’ equity

 

78,409

 

 

85,304

 

Book value per share (2)

 

24.07

 

 

26.33

 

Average stockholders’ equity to average total assets

 

10.96

%

 

11.40

%

Asset Quality

(Dollars in thousands)

 

 

At

March 31, 2022

 

At

June 30, 2021

 

(unaudited)

 

 

Non-performing assets (3)

$

154

 

$

411

 

Allowance for loan losses

 

6,611

 

 

6,599

 

Non-performing assets to total assets

 

0.02

%

 

0.05

%

Allowance for losses to total loans

 

1.31

%

 

1.27

%

Allowance for losses to total loans excluding PPP loans (4)

 

1.31

%

 

1.32

%

(1)

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

(2)

Total stockholders’ equity divided by shares outstanding of 3,257,626 at March 31, 2022, and 3,240,376 at June 30, 2021.

(3)

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

(4)

Paycheck Protection Program (PPP) loans are administered by the SBA and are fully guaranteed by the U.S. government.

 

Contacts

Walter H. Hasselbring, III

(815) 432-2476

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