8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 29, 2024

IF BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

Maryland	001-35226	45-1834449
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

201 East Cherry Street, Watseka, Illinois	60970
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: (815) 432-2476

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	IROQ	The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On August 29, 2024, IF Bancorp, Inc., the holding company for Iroquois Federal Savings and Loan Association, issued a press release announcing its financial results for the quarter and year ended June 30, 2024.  A copy of the press release is included as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	Exhibit No.	Description
	99.1	Press release dated August 29, 2024
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		IF BANCORP, INC.
DATE: August 29, 2024	By:	/s/ Pamela J. Verkler
		Pamela J. Verkler
		Senior Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Contact:  Walter H. Hasselbring, III

                 (815) 432-2476

IF BANCORP, INC. ANNOUNCES RESULTS FOR FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2024

Watseka, Illinois, August 29, 2024 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced net income of $1.8 million, or $0.57 per basic share and diluted share for the fiscal year ended June 30, 2024, compared to $4.7 million, or $1.50 per basic share and $1.46 per diluted share for the fiscal year ended June 30, 2023.  The Company also announced net income of $431,000, or $0.13 per basic share and diluted share for the three months ended June 30, 2024, compared to $597,000, or $0.19 per basic share and $0.18 per diluted share for the three months ended June 30, 2023.

“As we mentioned in our last earnings release, the interest rate environment for the past several years has been challenging for the banking industry.  Our biggest challenge remains managing the cost of funding our assets, where we are highly sensitive to current pricing.  The Board and management continue to evaluate all opportunities to enhance shareholder value and improve earnings."  said Walter H. “Chip” Hasselbring III, President and CEO.

Net income decreased $2.9 million, or 61.6%, to $1.8 million for the year ended June 30, 2024, from $4.7 million for the year ended June 30, 2023.  For the year ended June 30, 2024, net interest income was $17.7 million, compared to $22.0 million for the year ended June 30, 2023.  Interest income increased to $41.0 million for the year ended June 30, 2024, from $32.1 million for the year ended June 30, 2023.  Interest expense increased to $23.3 million for the year ended June 30, 2024, from $10.1 million for the year ended June 30, 2023.  Noninterest income increased to $4.4 million for the year ended June 30, 2024, from $4.1 million for the year ended June 30, 2023.  Noninterest expense decreased to $19.7 million for the year ended June 30, 2024, from $20.0 million for the year ended June 30, 2023.  For the year ended June 30, 2024, income tax expense totaled $565,000 compared to $1.6 million for the year ended June 30, 2023.

Total assets at June 30, 2024 were $887.7 million compared to $849.0 million at June 30, 2023.  Cash and cash equivalents decreased to $9.6 million at June 30, 2024, from $11.0 million at June 30, 2023.  Investment securities decreased to $190.5 million at June 30, 2024, from $201.3 million at June 30, 2023.  Net loans receivable increased to $639.3 million at June 30, 2024, from $587.5 million at June 30, 2023.  Deposits decreased to $727.2 million at June 30, 2024, from $735.3 million at June 30, 2023.  Total borrowings, including FHLB advances, borrowings from the Federal Reserve Bank Term Funding Program (BTFP), and repurchase agreements, increased to $76.0 million at June 30, 2024 from $30.3 million at June 30, 2023.   Stockholders’ equity increased to $73.9 million at June 30, 2024 from $71.8 million at June 30, 2023.  Equity increased primarily due to net income of $1.8 million, an increase of $1.1 million in accumulated other comprehensive income (loss), net of tax, and ESOP and stock equity plan activity of $563,000, partially offset by the accrual of approximately $1.3 million in dividends to our shareholders.  The increase in accumulated other comprehensive income (loss) was primarily due to unrealized depreciation on available-for-sale securities, net of tax.

The allowance for credit losses on loans increased $360,000, to $7.5 million at June 30, 2024, from $7.1 million at June 30, 2023. The increase in the allowance for credit losses on loans was the result of a provision for credit losses of $150,000 and net recoveries of $210,000.

As announced on August 14, 2024, IF Bancorp, Inc. will pay a cash dividend of $0.20 per common share on or about October 18, 2024, to stockholders of record as of the close of business on September 27, 2024.

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 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 pandemics; 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)

	Quarter Ended June 30, 2024			Quarter Ended June 30, 2023			Year Ended June 30, 2024		Year Ended June 30, 2023
	(unaudited)			(unaudited)			(unaudited)
Interest income	$	10,661		$	8,690		$	40,984	$	32,072
Interest expense		6,162			4,024			23,255		10,075
Net interest income		4,499			4,666			17,729		21,997
Provision (credit) for credit losses		(164	)		(481	)		32		(228	)
Net interest income after provision (credit) for credit losses		4,663			5,147			17,697		22,225
Noninterest income		1,203			1,041			4,386		4,069
Noninterest expense		5,335			5,419			19,728		20,034
Income before taxes		531			769			2,355		6,260
Income tax expense		100			172			565		1,600
Net income	$	431		$	597		$	1,790	$	4,660
Earnings per share (1):
Basic	$	0.13		$	0.18		$	0.57	$	1.50
Diluted	$	0.13		$	0.19		$	0.57	$	1.46
Weighted average shares outstanding (1):
Basic		3,215,905			3,198,260			3,132,153		3,113,307
Diluted		3,215,905			3,259,085			3,132,153		3,195,029

Performance Ratios

	Year EndedJune 30, 2024			Year EndedJune 30, 2023
	(unaudited)
Return on average assets		0.20	%		0.56	%
Return on average equity		2.54	%		6.56	%
Net interest margin on average interest earning assets		2.10	%		2.80	%

________________________

Footnotes on following page

Selected Balance Sheet Data

(Dollars in thousands, except per share data)

	Year Ended June 30, 2024			Year Ended June 30, 2023
	(unaudited)
Assets	$	887,745		$	848,976
Cash and cash equivalents		9,571			10,988
Investment securities		190,475			201,299
Net loans receivable		639,297			587,457
Deposits		727,177			735,314
Total borrowings, including repurchase agreements		76,021			30,287
Total stockholders’ equity		73,916			71,753
Book value per share (2)		22.04			21.39
Average stockholders’ equity to average total assets		7.99	%		8.59	%

Asset Quality

(Dollars in thousands)

	Year Ended June 30, 2024			Year Ended June 30, 2023
	(unaudited)
Non-performing assets (3)	$	173		$	148
Allowance for credit losses		7,499			7,139
Non-performing assets to total assets		0.02	%		0.02	%
Allowance for credit losses to total loans		1.16	%		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 and 3,354,626 at June 30, 2024 and 2023, respectively.

(3) Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.

XML

Document and Entity Information	Aug. 29, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 29, 2024
Entity File Number	001-35226
Entity Registrant Name	IF BANCORP, INC.
Entity Central Index Key	0001514743
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-1834449
Entity Address, Address Line One	201 East Cherry Street
Entity Address, City or Town	Watseka
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60970
City Area Code	815
Local Phone Number	432-2476
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	IROQ
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false