EX-99.1 2 ex99-1.htm PRESS RELEASE DATED APRIL 29, 2025
Exhibit 99.1

Contact:  Walter H. Hasselbring, III
                 (815) 432-2476
IF BANCORP, INC. ANNOUNCES RESULTS FOR THIRD QUARTER
OF FISCAL YEAR 2025

Watseka, Illinois, April 29, 2025 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $1.0 million, or $0.31 per basic and diluted share, for the three months ended March 31, 2025, compared to net income of $708,000, or $0.22 per basic and  diluted share, for the three months ended March 31, 2024.
Walter H. “Chip” Hasselbring, III, Chairman and Chief Executive Officer, commented “The Federal Reserve’s easing of short-term rates stalled this quarter and the competitive environment for deposits remains difficult.  That being said, our net interest margin continued to improve, contributing to a modest improvement in our earnings and quarterly results.  Our book value per share finished the March 31, 2025 quarter at $23.55. And as we have reported, the Board and management are always evaluating and exploring shareholder enhancement opportunities." 
For the three months ended March 31, 2025, net interest income was $5.2 million compared to $4.3 million for the three months ended March 31, 2024.  We recorded a credit for credit losses of $262,000 for the three months ended March 31, 2025, compared to a credit for credit losses of $390,000 for the three months ended March 31, 2024.  Interest income decreased to $10.6 million for the three months ended March 31, 2025, from $10.8 million for the three months ended March 31, 2024.  Interest expense decreased to $5.4 million for the three months ended March 31, 2025, from $6.5 million for the three months ended March 31, 2024.  Non-interest income increased to $1.2 million for the three months ended March 31, 2025, from $1.1 million for the three months ended March 31, 2024.  Non-interest expense increased to $5.3 million for the three months ended March 31, 2025, from $4.8 million for the three months ended March 31, 2024.  Provision for income tax increased to $380,000 for the three months ended March 31, 2025, from $243,000 for the three months ended March 31, 2024.
The Company announced unaudited net income of $2.9 million, or $0.89 per basic and diluted share for the nine months ended March 31, 2025, compared to $1.4 million, or $0.42 per basic and diluted share for the nine months ended March 31, 2024.  For the nine months ended March 31, 2025, net interest income was $15.1 million compared to $13.2 million for the nine months ended March 31, 2024.  We recorded a credit for credit losses of $330,000 for the nine months ended March 31, 2025, compared to a provision for credit losses of $196,000 for the nine months ended March 31, 2024.  Interest income increased to $32.6 million for the nine months ended March 31, 2025, from $30.3 million for the nine months ended March 31, 2024.  Interest expense increased to $17.5 million for the nine months ended March 31, 2025 from $17.1 million for the nine months ended March 31, 2024. Non-interest income increased to $3.8 million for the nine months ended March 31, 2025, from $3.2 million for the nine months ended March 31, 2024.  Non-interest expense increased to $15.3 million for the nine months ended March 31, 2025, from $14.4 million for the nine months ended March 31, 2024.  Provision for income tax increased to $1.1 million for the nine months ended March 31, 2025, from $465,000 for the nine months ended March 31, 2024.
Total assets at March 31, 2025 were $879.1 million compared to $887.7 million at June 30, 2024.  Cash and cash equivalents decreased to $8.9 million at March 31, 2025, from $9.6 million at June 30, 2024.  Investment securities decreased to $184.6 million at March 31, 2025, from $190.5 million at June 30, 2024.  Net loans receivable decreased to $638.2 million at March 31, 2025, from $639.3 million at June 30, 2024.  Deposits decreased to $684.0 million at March 31, 2025, from $727.2 million at June 30, 2024.  The large decrease in deposits was mostly due to approximately $62.7 million in deposits from a public entity that collects real estate taxes that were withdrawn in the nine months ended March 31, 2025, when tax monies were distributed. Total borrowings, including repurchase agreements, increased to $104.9 million at March 31, 2025 from $76.0 million at June 30, 2024.  Stockholders’ equity increased to $78.9 million at March 31, 2025 from $73.9 million at June 30, 2024.  Equity increased primarily due to net income of $2.9 million, an increase of $3.0 million in accumulated other comprehensive income (loss), net of tax, and ESOP and stock equity plan activity of $445,000, partially offset by the accrual of approximately $1.3 million in dividends to our shareholders, of which about half were still payable as of March 31, 2025, and were subsequently paid on April 15, 2025.

IF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan 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 potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; 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,
  
   
2025
    
2024
    
2025
    
2024
  
   
(unaudited)
  
Interest and dividend income
  
$
10,645
    
$
10,803
    
$
32,568
    
$
30,323
  
Interest expense
    
5,421
      
6,544
      
17,506
      
17,093
  
Net interest income
    
5,224
      
4,259
      
15,062
      
13,230
  
Provision (credit) for credit losses
    
(262
)
    
(390
)
    
(330
)
    
196
  
Net interest income after provision (credit) for credit losses
    
5,486
      
4,649
      
15,392
      
13,034
  
Noninterest income
    
1,176
      
1,140
      
3,841
      
3,183
  
Noninterest expense
    
5,271
      
4,838
      
15,309
      
14,393
  
Income before taxes
    
1,391
      
951
      
3,924
      
1,824
  
Income tax expense
    
380
      
243
      
1,061
      
465
  
                                 
Net income
  
$
1,011
    
$
708
    
$
2,863
    
$
1,359
  
                                 
Earnings per share (1) Basic
  
$
0.31
    
$
0.22
    
$
0.89
    
$
0.42
  
    Diluted
  
$
0.31
    
$
0.22
    
$
0.89
    
$
0.42
  
Weighted average shares outstanding (1)
                                
    Basic
    
3,228,839
      
3,211,094
      
3,225,030
      
3,207,354
  
    Diluted
    
3,228,839
      
3,211,094
      
3,225,030
      
3,207,354
  
                   
footnotes on following page
  


Performance Ratios
   
For the Nine Months
Ended
March 31, 2025
    
For the Year
Ended
June 30, 2024
  
   
(unaudited)
        
Return on average assets
    
0.43
%
    
0.20
%
Return on average equity
    
4.94
%
    
2.54
%
Net interest margin on average interest earning assets
    
2.38
%
    
2.10
%


Selected Balance Sheet Data                                                                                                 
(Dollars in thousands, except per share data) 

   
At
March 31, 2025
    
At
June 30, 2024
  
   
         (unaudited)
        
Assets
  
$
879,141
    
$
887,745
  
Cash and cash equivalents
    
8,872
      
9,571
  
Investment securities
    
184,585
      
190,475
  
Net loans receivable
    
638,193
      
639,297
  
Deposits
    
683,979
      
727,177
  
Federal Home Loan Bank borrowings, repurchase agreements and other borrowings
    
104,909
      
76,021
  
Total stockholders’ equity
    
78,940
      
73,916
  
Book value per share (2)
    
23.55
      
22.04
  
Average stockholders’ equity to average total assets
    
8.73
%
    
7.99
%

Asset Quality
(Dollars in thousands)
   
At
March 31, 2025
    
At
June 30, 2024
  
   
          (unaudited)
  
Non-performing assets (3)
  
$
377
    
$
173
  
Allowance for credit losses
    
7,094
      
7,499
  
Non-performing assets to total assets
    
0.04
%
    
0.02
%
Allowance for credit losses to total loans
    
1.10
%
    
1.16
%


(1)
(2)
(3)
Shares outstanding do not include ESOP shares not committed for release.
Total stockholders’ equity divided by shares outstanding of 3,351,526 at March, 31, 2025 and 3,353,026 at June 30, 2024.
Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.