IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2024
“The uncertain interest rate environment continues to be a challenge for the banking industry. Our executive team and board remain focused on giving their full attention and effort to maximize the efficiencies and strategies necessary to navigate the current economic and interest rate environment successfully and responsibly. Our board recently completed a “360-review” of current bank market positions as part of our ongoing commitment to reviewing how current markets relate to our shareholders and business strategies. A review process we intend to continue,” said Walter H. “Chip” Hasselbring III, President and CEO.
For the three months ended
The Company announced unaudited net income of
Total assets at
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
Selected Income Statement Data
|
||||||||||||
|
For the Three Months
Ended |
|
For the Nine Months
Ended |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
(unaudited) |
|||||||||||
Interest and dividend income |
$ |
10,803 |
|
$ |
8,198 |
$ |
30,323 |
$ |
23,382 |
|||
Interest expense |
|
6,544 |
|
|
3,162 |
|
17,093 |
|
6,051 |
|||
Net interest income |
|
4,259 |
|
|
5,036 |
|
13,230 |
|
17,331 |
|||
Provision (credit) for credit losses |
|
(390 |
) |
|
240 |
|
196 |
|
253 |
|||
Net interest income after provision (credit) for credit losses |
|
4,649 |
|
|
4,796 |
|
13,034 |
|
17,078 |
|||
Noninterest income |
|
1,140 |
|
|
942 |
|
3,183 |
|
3,028 |
|||
Noninterest expense |
|
4,838 |
|
|
4,846 |
|
14,393 |
|
14,615 |
|||
Income before taxes |
|
951 |
|
|
892 |
|
1,824 |
|
5,491 |
|||
Income tax expense |
|
243 |
|
|
202 |
|
465 |
|
1,428 |
|||
|
|
|
|
|
||||||||
Net income |
$ |
708 |
|
$ |
690 |
$ |
1,359 |
$ |
4,063 |
|||
|
|
|
|
|
||||||||
Earnings per share (1) Basic |
$ |
0.22 |
|
$ |
0.22 |
$ |
0.42 |
$ |
1.29 |
|||
Diluted |
$ |
0.22 |
|
$ |
0.21 |
$ |
0.42 |
$ |
1.25 |
|||
Weighted average shares outstanding (1) |
|
|
|
|
||||||||
Basic |
|
3,211,094 |
|
|
3,182,493 |
|
3,207,354 |
|
3,152,821 |
|||
Diluted |
|
3,211,094 |
|
|
3,264,596 |
|
3,207,354 |
|
3,239,785 |
|||
|
|
|
see footnotes at end of financials |
Performance Ratios |
|||||
|
For the Nine Months Ended
|
|
For the Year Ended
|
||
|
(unaudited) |
|
|
||
Return on average assets |
0.21 |
% |
0.56 |
% |
|
Return on average equity |
2.58 |
% |
6.56 |
% |
|
Net interest margin on average interest earning assets |
2.10 |
% |
2.80 |
% |
Selected Balance Sheet Data
|
|||||||
|
At M arch 31, 2024 |
|
At J une 30, 2023 |
||||
|
(unaudited) |
|
|
||||
Assets |
$ |
904,989 |
|
$ |
848,976 |
|
|
Cash and cash equivalents |
|
16,060 |
|
|
10,988 |
|
|
Investment securities |
|
195,257 |
|
|
201,299 |
|
|
Net loans receivable |
|
643,326 |
|
|
587,457 |
|
|
Deposits |
|
681,788 |
|
|
735,314 |
|
|
|
|
139,481 |
|
|
30,287 |
|
|
Total stockholders’ equity |
|
72,384 |
|
|
71,753 |
|
|
Book value per share (2) |
|
21.59 |
|
|
21.39 |
|
|
Average stockholders’ equity to average total assets |
|
7.97 |
% |
|
8.59 |
% |
Asset Quality
|
|||||||
|
At
|
|
At
|
||||
|
(unaudited) |
|
|
||||
Non-performing assets (3) |
$ |
259 |
|
$ |
148 |
|
|
Allowance for credit losses |
|
7,725 |
|
|
7,139 |
|
|
Non-performing assets to total assets |
|
0.03 |
% |
|
0.02 |
% |
|
Allowance for credit losses to total loans |
|
1.19 |
% |
|
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 at March, 31, 2024 and 3,354,626 at |
(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/20240430277537/en/
(815) 432-2476
Source: