{"id":752332,"date":"2023-04-27T17:34:10","date_gmt":"2023-04-27T21:34:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/if-bancorp-inc-announces-results-for-third-quarter-of-fiscal-year-2023\/"},"modified":"2023-04-27T17:34:10","modified_gmt":"2023-04-27T21:34:10","slug":"if-bancorp-inc-announces-results-for-third-quarter-of-fiscal-year-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/if-bancorp-inc-announces-results-for-third-quarter-of-fiscal-year-2023\/","title":{"rendered":"IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2023"},"content":{"rendered":"

<\/p>\n

IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2023<\/b><\/p>\n

WATSEKA, Ill.–(BUSINESS WIRE<\/a>)–
\nIF Bancorp, Inc. (NASDAQ: IROQ) (the \u201cCompany\u201d) the holding company for Iroquois Federal Savings and Loan Association (the \u201cAssociation\u201d), announced unaudited net income of $690,000, or $0.22 per basic share and $0.21 per diluted share, for the three months ended March 31, 2023, compared to net income of $1.2 million, or $0.37 per basic and diluted share, for the three months ended March 31, 2022.<\/p>\n

\nFor the three months ended March 31, 2023, net interest income was $5.0 million compared to $5.4 million for the three months ended March 31, 2022. We recorded a provision for credit losses of $240,000 for the three months ended March 31, 2023, compared to a provision for credit losses of $242,000 for the three months ended March 31, 2022. Interest income increased to $8.2 million for the three months ended March 31, 2023, from $6.0 million for the three months ended March 31, 2022. Interest expense increased to $3.2 million for the three months ended March 31, 2023, from $611,000 for the three months ended March 31, 2022. Non-interest income decreased to $942,000 for the three months ended March 31, 2023, from $1.5 million for the three months ended March 31, 2022. Non-interest expense decreased to $4.8 million for the three months ended March 31, 2023, from $5.0 million for the three months ended March 31, 2022. Provision for income tax decreased to $202,000 for the three months ended March 31, 2023, from $402,000 for the three months ended March 31, 2022.<\/p>\n

\nThe Company announced unaudited net income of $4.1 million, or $1.29 per basic share and $1.25 per diluted share for the nine months ended March 31, 2023, compared to $4.7 million, or $1.55 per basic share and $1.52 per diluted share for the nine months ended March 31, 2022. For the nine months ended March 31, 2023, net interest income was $17.3 million compared to $16.6 million for the nine months ended March 31, 2022. We recorded a provision for credit losses of $253,000 for the nine months ended March 31, 2023, compared to a provision for credit losses of $39,000 for the nine months ended March 31, 2022. Interest income increased to $23.4 million for the nine months ended March 31, 2023, from $18.6 million for the nine months ended March 31, 2022. Interest expense increased to $6.1 million for the nine months ended March 31, 2023 from $1.9 million for the nine months ended March 31, 2022. Non-interest income decreased to $3.0 million for the nine months ended March 31, 2023, from $4.4 million for the nine months ended March 31, 2022. Non-interest expense was $14.6 million for both the nine months ended March 31, 2023 and 2022. Provision for income tax decreased to $1.4 million for the nine months ended March 31, 2023, from $1.7 million for the nine months ended March 31, 2022.<\/p>\n

\nEffective July 1, 2022, the Company early adopted Accounting Standards Update 2016-13 which requires an entity to use the new impairment model known as the current expected credit loss (\u201cCECL\u201d) to calculate the allowance for credit losses. The Company recorded a reduction to retained earnings of approximately $388,000 upon the adoption of ASU 2016-13. The transition adjustment included an increase in the allowance for credit losses on loans of $47,000 and an increase to the allowance for credit losses on off-balance sheet credit exposures of $496,000. The transition adjustment included a corresponding increase in deferred tax assets.<\/p>\n

\nTotal assets at March 31, 2023 were $843.0 million compared to $857.6 million at June 30, 2022. Cash and cash equivalents decreased to $9.5 million at March 31, 2023, from $75.8 million at June 30, 2022. Investment securities decreased to $207.7 million at March 31, 2023, from $220.9 million at June 30, 2022. Net loans receivable increased to $578.5 million at March 31, 2023, from $518.9 million at June 30, 2022. Deposits decreased to $691.6 million at March 31, 2023, from $752.0 million at June 30, 2022. The large decrease in deposits and cash and cash equivalents was partially due to approximately $57.6 million in deposits from a public entity that collects real estate taxes that were on deposit at June 30, 2022 and withdrawn in the nine months ended March 31, 2023, when tax monies were distributed. Total borrowings, including repurchase agreements, increased to $67.3 million at March 31, 2023 from $24.2 million at June 30, 2022. Stockholders\u2019 equity increased to $73.7 million at March 31, 2023 from $71.7 million at June 30, 2022. Equity increased primarily due to net income of $4.1 million, and ESOP and stock equity plan activity of $1.2 million, partially offset by a decrease of $1.5 million in accumulated other comprehensive income (loss), net of tax, a decrease of $388,000 due to the adoption of ASU 2016-13, effective July 1, 2022, and the accrual of approximately $1.3 million in dividends to our shareholders, of which about half were still payable as of March 31, 2023, and were subsequently paid on April 14, 2023. The decrease in accumulated other comprehensive income (loss) was primarily due to unrealized depreciation on available-for-sale securities, net of tax.<\/p>\n

\nIF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan Association (the \u201cAssociation\u201d). 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 office in Osage Beach, Missouri. The principal activity of the Association\u2019s wholly-owned subsidiary, L.C.I. Service Corporation, is the sale of property and casualty insurance.<\/p>\n

\nThis 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 \u201cPSLRA\u201d). 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.<\/p>\n

\nThe 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\u2019s 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Selected Income Statement Data<\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n

\n(Dollars in thousands, except per share data)<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

For the Three Months<\/b><\/p>\n

Ended March 31,<\/b><\/p>\n<\/td>\n

\n

For the Nine Months<\/b><\/p>\n

Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2023<\/p>\n<\/td>\n

\n

\n2022<\/p>\n<\/td>\n

\n

\n2023<\/p>\n<\/td>\n

\n

\n2022<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest and dividend income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n8,198<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,003<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n23,382<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n18,560<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,162<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n611<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,051<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,917<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet interest income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,036<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,392<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17,331<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,643<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for credit losses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n240<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n242<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n253<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n39<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet interest income after provision for credit losses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,796<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,150<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17,078<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,604<\/p>\n<\/td>\n<\/tr>\n

\n

\nNoninterest income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n942<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,454<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,028<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,439<\/p>\n<\/td>\n<\/tr>\n

\n

\nNoninterest expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,846<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,048<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,615<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14,600<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome before taxes<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n892<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,556<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,491<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6,443<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n202<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n402<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,428<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,694<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n690<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,154<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n4,063<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n4,749<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEarnings per share (1) Basic<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.22<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.37<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.29<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.55<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.21<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.37<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.25<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.52<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average shares outstanding (1)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,182,493<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,077,360<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,152,821<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,065,840<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,246,596<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,150,279<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,239,785<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,134,337<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nfootnotes on following page<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
\n

Performance Ratios<\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

For the Nine Months<\/b><\/p>\n<\/td>\n

\n

For the Year<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

Ended<\/b><\/p>\n<\/td>\n

\n

Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

March 31, 2023<\/b><\/p>\n<\/td>\n

\n

June 30, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReturn on average assets<\/p>\n<\/td>\n

\n

\n0.66%<\/p>\n<\/td>\n

\n

\n0.74%<\/p>\n<\/td>\n<\/tr>\n

\n

\nReturn on average equity<\/p>\n<\/td>\n

\n

\n7.65%<\/p>\n<\/td>\n

\n

\n7.07%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet interest margin on average interest earning assets<\/p>\n<\/td>\n

\n

\n2.96%<\/p>\n<\/td>\n

\n

\n2.93%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Selected Balance Sheet Data<\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n

\n(Dollars in thousands, except per share data)<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

At<\/b><\/p>\n<\/td>\n

\n

At<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

March 31, 2023<\/b><\/p>\n<\/td>\n

\n

June 30, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAssets<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n842,968<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n857,558<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,465<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n75,811<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment securities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n207,693<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n220,906<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loans receivable<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n578,511<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n518,931<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeposits<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n691,568<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n752,020<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFederal Home Loan Bank borrowings, repurchase agreements and other borrowings<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n67,264<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n24,244<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal stockholders\u2019 equity<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n73,749<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n71,658<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBook value per share (2)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21.98<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22.00<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAverage stockholders\u2019 equity to average total assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8.62<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10.46<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Asset Quality<\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n

\n(Dollars in thousands)<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

At<\/b><\/p>\n<\/td>\n

\n

At<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

March 31, 2023<\/b><\/p>\n<\/td>\n

\n

June 30, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(unaudited)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-performing assets (3)<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n335<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1,294<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAllowance for credit losses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,535<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7,052<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-performing assets to total assets<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.04<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.15<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAllowance for credit losses to total loans<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.29<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.34<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
(1)<\/i><\/td>\n\n\n

Shares outstanding do not include ESOP shares not committed for release.<\/i><\/p>\n<\/td>\n<\/tr>\n

(2)<\/i><\/td>\n\n\n

Total stockholders\u2019 equity divided by shares outstanding of 3,354,626 at March, 31, 2023 and 3,257,626 at June 30, 2022.<\/i><\/p>\n<\/td>\n<\/tr>\n

(3)<\/i><\/td>\n\n\n

Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230427005647\/en\/<\/a><\/span><\/p>\n

Walter H. Hasselbring, III
\n<\/b>
(815) 432-2476<\/b><\/p>\n

KEYWORDS:<\/b> Illinois United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2023 WATSEKA, Ill.–(BUSINESS WIRE)– IF Bancorp, Inc. (NASDAQ: IROQ) (the \u201cCompany\u201d) the holding company for Iroquois Federal Savings and Loan Association (the \u201cAssociation\u201d), announced unaudited net income of $690,000, or $0.22 per basic share and $0.21 per diluted share, for the three months ended March 31, 2023, compared to net income of $1.2 million, or $0.37 per basic and diluted share, for the three months ended March 31, 2022. For the three months ended March 31, 2023, net interest income was $5.0 million compared to $5.4 million for the three months ended March 31, 2022. We recorded a provision for credit losses of $240,000 for the three months ended … <\/p>\n

Continue reading “IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2023”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-752332","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nIF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/if-bancorp-inc-announces-results-for-third-quarter-of-fiscal-year-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IF Bancorp, Inc. 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