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IF Bancorp, Inc. Announces Results for Second 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 $1.7 million, or $0.56 per basic share and $0.54 per diluted share, for the three months ended December 31, 2021, compared to net income of $1.5 million, or $0.48 per basic and diluted share, for the three months ended December 31, 2020.

For the three months ended December 31, 2021, net interest income was $5.7 million compared to $5.1 million for the three months ended December 31, 2020. We recorded a credit for loan losses of $(76,000) for the three months ended December 31, 2021, compared to a credit for loan losses of $(49,000) for the three months ended December 31, 2020. Interest income increased to $6.3 million for the three months ended December 31, 2021, from $6.2 million for the three months ended December 31, 2020. Interest expense decreased to $627,000 for the three months ended December 31, 2021, from $1.2 million for the three months ended December 31, 2020. Non-interest income decreased to $1.4 million for the three months ended December 31, 2021, from $1.5 million for the three months ended December 31, 2020. Non-interest expense increased to $4.9 million for the three months ended December 31, 2021, from $4.5 million for the three months ended December 31, 2020. Provision for income tax increased to $629,000 for the three months ended December 31, 2021, from $571,000 for the three months ended December 31, 2020.

The Company announced unaudited net income of $3.6 million, or $1.17 per basic share and $1.15 per diluted share for the six months ended December 31, 2021, compared to $2.8 million, or $0.92 per basic share and $0.91 per diluted share for the six months ended December 31, 2020. For the six months ended December 31, 2021, net interest income was $11.3 million compared to $9.9 million for the six months ended December 31, 2020. We recorded a credit for loan losses of $(203,000) for the six months ended December 31, 2021, compared to a provision for loan losses of $266,000 for the six months ended December 31, 2020. 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 December 31, 2021, we had 118 loans with current balances of $67.3 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 December 31, 2021, 115 of these loans totaling $64.2 million have returned to principal and interest payments, leaving 3 loans for $3.1 million still under temporary modifications.

Interest income increased to $12.6 million for the six months ended December 31, 2021, from $12.5 million for the six months ended December 31, 2020. Interest expense decreased to $1.3 million for the six months ended December 31, 2021 from $2.6 million for the six months ended December 31, 2020. Non-interest income decreased to $3.0 million for the six months ended December 31, 2021, from $3.2 million for the six months ended December 31, 2020. Non-interest expense increased to $9.6 million for the six months ended December 31, 2021 from $9.0 million for the six months ended December 31, 2020. Provision for income tax increased to $1.3 million for the six months ended December 31, 2021, from $1.1 million for the six months ended December 31, 2020.

Total assets at December 31, 2021 were $772.6 million compared to $797.3 million at June 30, 2021. Cash and cash equivalents decreased to $33.6 million at December 31, 2021, from $62.7 million at June 30, 2021. Investment securities increased to $213.1 million at December 31, 2021, from $189.9 million at June 30, 2021. Net loans receivable decreased to $491.8 million at December 31, 2021, from $513.4 million at June 30, 2021. As of December 31, 2021, we had 43 SBA Paycheck Protection Program (PPP) loans totaling $8.0 million remaining in our portfolio. Deposits decreased to $642.2 million at December 31, 2021, from $667.6 million at June 30, 2021. The large decrease in deposits and cash and cash equivalents was partially due to approximately $55.6 million in deposits from a public entity that collects real estate taxes that were on deposit at June 30, 2021 and withdrawn in the six months ended December 31, 2021, when tax monies were distributed. Total borrowings, including repurchase agreements, increased to $31.9 million at December 31, 2021 from $31.2 million at June 30, 2021. Stockholders’ equity increased to $86.5 million at December 31, 2021 from $85.3 million at June 30, 2021. Equity increased due to net income of $3.6 million, and ESOP and stock equity plan activity of $614,000, partially offset by a decrease of $2.5 million in accumulated other comprehensive income, net of tax, and the payment of approximately $532,000 in dividends to our shareholders.

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 December 31,

For the Six Months Ended December 31,

 

2021

2020

2021

2020

 

(unaudited)

Interest and dividend income

$

6,306

 

$

6,238

 

$

12,557

 

$

12,503

Interest expense

 

627

 

 

1,188

 

 

1,306

 

 

2,565

Net interest income

 

5,679

 

 

5,050

 

 

11,251

 

 

9,938

Provision (credit) for loan losses

 

(76

)

 

(49

)

 

(203

)

 

266

Net interest income after provision for loan losses

 

5,755

 

 

5,099

 

 

11,454

 

 

9,672

Non-interest income

 

1,440

 

 

1,463

 

 

2,985

 

 

3,214

Non-interest expense

 

4,862

 

 

4,528

 

 

9,552

 

 

9,009

Income before taxes

 

2,333

 

 

2,034

 

 

4,887

 

 

3,877

Income tax expense

 

629

 

 

571

 

 

1,292

 

 

1,083

 

 

 

 

 

Net income (loss)

$

1,704

 

$

1,463

 

$

3,595

 

$

2,794

 

 

 

 

 

Earnings (loss) per share (1)

Basic

$

0.56

 

$

0.48

 

$

1.17

 

$

0.92

Diluted

$

0.54

 

$

0.48

 

$

1.15

 

$

0.91

Weighted average shares outstanding (1)

 

 

 

 

Basic

 

3,069,686

 

 

3,035,898

 

 

3,060,153

 

 

3,033,492

Diluted

 

3,138,636

 

 

3,072,496

 

 

3,126,295

 

 

3,057,633

 

 

 

footnotes on following page

Performance Ratios

 

 

For the Six Months Ended

December 31, 2021

For the Year Ended

June 30, 2021

 

(unaudited)

 

Return on average assets

0.93%

0.72%

Return on average equity

8.31%

6.34%

Net interest margin on average interest earning assets

3.03%

2.86%

Selected Balance Sheet Data

(Dollars in thousands, except per share data)

 

 

At

December 31, 2021

At

June 30, 2021

 

(unaudited)

 

Assets

$

772,572

 

$

797,341

 

Cash and cash equivalents

 

33,587

 

 

62,735

 

Investment securities

 

213,069

 

 

189,891

 

Net loans receivable

 

491,776

 

 

513,371

 

Deposits

 

642,227

 

 

667,632

 

Federal Home Loan Bank borrowings, repurchase agreements and other borrowings

 

31,935

 

 

31,245

 

Total stockholders’ equity

 

86,494

 

 

85,304

 

Book value per share (2)

 

26.55

 

 

26.33

 

Average stockholders’ equity to average total assets

 

11.21

%

 

11.40

%

Asset Quality

(Dollars in thousands)

 

 

At

December 31, 2020

At

June 30, 2021

 

(unaudited)

 

Non-performing assets (3)

$

434

 

$

411

 

Allowance for loan losses

 

6,395

 

 

6,599

 

Non-performing assets to total assets

 

0.06

%

 

0.05

%

Allowance for losses to total loans

 

1.28

%

 

1.27

%

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

 

1.30

%

 

1.32

%

(1)

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

(2)

Total stockholders’ equity divided by shares outstanding of 3,257,876 at December 31, 2021, 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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