IF Bancorp, Inc. Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2022
Net income increased
Non-interest income decreased to
Total assets at
The allowance for loan losses increased
As announced on
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 |
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(Dollars in thousands, except per share data) |
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Quarter Ended |
|
Quarter Ended |
|
Year Ended |
|
Year Ended |
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|
|
|
|
|
|
|
|
|||||
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
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Interest income |
$ |
6,232 |
$ |
5,928 |
$ |
24,792 |
$ |
24,357 |
||||
Interest expense |
|
612 |
|
711 |
|
2,529 |
|
4,178 |
||||
Net interest income |
|
5,620 |
|
5,217 |
|
22,263 |
|
20,179 |
||||
Provision for loan losses |
|
453 |
|
679 |
|
492 |
|
844 |
||||
Net interest income after provision for loan losses |
|
5,167 |
|
4,538 |
|
21,771 |
|
19,335 |
||||
Non-interest income |
|
1,065 |
|
1,397 |
|
5,504 |
|
6,258 |
||||
Non-interest expense |
|
4,848 |
|
4,591 |
|
19,448 |
|
18,212 |
||||
Income before taxes |
|
1,384 |
|
1,344 |
|
7,827 |
|
7,381 |
||||
Income tax expense |
|
349 |
|
351 |
|
2,043 |
|
2,034 |
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|
|
|
|
|
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Net income |
$ |
1,035 |
$ |
993 |
$ |
5,784 |
$ |
5,347 |
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|
|
|
|
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Earnings per share (1): |
|
|
|
|
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Basic |
$ |
0.34 |
$ |
0.33 |
$ |
1.88 |
$ |
1.76 |
||||
Diluted |
$ |
0.33 |
$ |
0.32 |
$ |
1.84 |
$ |
1.74 |
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|
|
|
|
|
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Weighted average shares outstanding (1): |
|
|
|
|
||||||||
Basic |
|
3,082,015 |
|
3,045,520 |
|
3,069,879 |
|
3,038,303 |
||||
Diluted |
|
3,141,056 |
|
3,103,955 |
|
3,136,091 |
|
3,078,867 |
Performance Ratios |
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|
Year Ended |
Year Ended |
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|
|
|||||
|
(unaudited) |
|
||||
Return on average assets |
0.74 |
% |
0.72 |
% |
||
Return on average equity |
7.07 |
% |
6.34 |
% |
||
Net interest margin on average interest earning assets |
2.93 |
% |
2.86 |
% |
Footnotes on following page |
Selected Balance Sheet Data | ||||||||
(Dollars in thousands, except per share data) |
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Year Ended |
|
Year Ended |
||||||
|
|
|
|
|||||
|
(unaudited) |
|
|
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Assets |
$ |
857,558 |
|
$ |
797,341 |
|
||
Cash and cash equivalents |
|
75,811 |
|
|
62,735 |
|
||
Investment securities |
|
220,906 |
|
|
189,891 |
|
||
Net loans receivable |
|
518,931 |
|
|
513,371 |
|
||
Deposits |
|
752,020 |
|
|
667,632 |
|
||
Total borrowings, including repurchase agreements |
|
24,244 |
|
|
34,245 |
|
||
Total stockholders’ equity |
|
71,658 |
|
|
85,304 |
|
||
Book value per share (2) |
|
22.00 |
|
|
26.33 |
|
||
Average stockholders’ equity to average total assets |
|
10.46 |
% |
|
11.40 |
% |
Asset Quality |
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(Dollars in thousands) |
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Year Ended |
|
Year Ended |
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|
|
|
|
|||||
|
(unaudited) |
|
|
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Non-performing assets (3) |
$ |
1,294 |
|
|
$ |
411 |
|
|
Allowance for loan losses |
|
7,052 |
|
|
|
6,599 |
|
|
Non-performing assets to total assets |
|
0.15 |
% |
|
|
0.05 |
% |
|
Allowance for losses to total loans |
|
1.34 |
% |
|
|
1.27 |
% |
|
Allowance for losses to total loans excluding PPP loans (4) |
|
1.34 |
% |
|
|
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 and 3,240,376 at |
|
(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 |
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