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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220429005484/en/
Walter H. Hasselbring, III (815) 432-2476
IF Bancorp (NASDAQ:IROQ)
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