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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220128005369/en/
Walter H. Hasselbring, III (815) 432-2476
IF Bancorp (NASDAQ:IROQ)
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