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If Bancorp, Inc. (IROQ) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

If Bancorp, Inc.

HISTORY TOOLS
CIK: 1514743 Ticker: IROQ
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, 2023
Watseka, Illinois, August 31, 2023 - IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced net income of $4.7 million, or $1.50 per basic share and $1.46 per diluted share for the fiscal year ended June 30, 2023, compared to $5.8 million, or $1.88 per basic share and $1.84 per diluted share for the fiscal year ended June 30, 2022.  The Company also announced net income of $597,000, or $0.19 per basic share and $0.18 per diluted share for the three months ended June 30, 2023, compared to $1.0 million, or $0.34 per basic share and $0.33 per diluted share for the three months ended June 30, 2022.
Net income decreased $1.1 million, or 19.4%, to $4.7 million for the year ended June 30, 2023, from $5.8 million for the year ended June 30, 2022.  For the year ended June 30, 2023, net interest income was $22.0 million, compared to $22.3 million for the year ended June 30, 2022.  Interest income increased to $32.1 million for the year ended June 30, 2023, from $24.8 million for the year ended June 30, 2022.  Interest expense increased to $10.1 million for the year ended June 30, 2023, from $2.5 million for the year ended June 30, 2022.  Non-interest income decreased to $4.1 million for the year ended June 30, 2023, from $5.5 million for the year ended June 30, 2022.  Non-interest expense increased to $20.0 million for the year ended June 30, 2023, from $19.4 million for the year ended June 30, 2022.  For the year ended June 30, 2023, income tax expense totaled $1.6 million compared to $2.0 million for the year ended June 30, 2022.
Effective 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 (“CECL”) 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.
Total assets at June 30, 2023 were $849.0 million compared to $857.6 million at June 30, 2022.  Cash and cash equivalents decreased to $11.0 million at June 30, 2023, from $75.8 million at June 30, 2022.  Investment securities decreased to $201.3 million at June 30, 2023, from $220.9 million at June 30, 2022.  Net loans receivable increased to $587.5 million at June 30, 2023, from $518.9 million at June 30, 2022.  Deposits decreased to $735.3 million at June 30, 2023, from $752.0 million at June 30, 2022.  Total borrowings, including repurchase agreements, increased to $30.3 million at June 30, 2023 from $24.2 million at June 30, 2022.   Stockholders’ equity increased to $71.8 million at June 30, 2023 from $71.7 million at June 30, 2022.  Equity increased primarily due to net income of $4.7 million, and ESOP and stock equity plan activity of $1.4 million, partially offset by a decrease of $4.3 million in accumulated other comprehensive income (loss), net of tax, and the accrual of approximately $1.3 million in dividends to our shareholders.  The decrease in accumulated other comprehensive income (loss) was primarily due to unrealized depreciation on available-for-sale securities, net of tax, as a result of a decline in market value that was attributable to changes in interest rates and not credit quality.
The allowance for credit losses on loans increased $87,000 and was $7.1 million at both June 30, 2023 and 2022.  The increase was the result of a transition adjustment of $47,000 due to the adoption of ASU 2016-13 and a provision for credit losses of $52,000, partially offset by net charge-offs of $12,000.

As announced on August 9, 2023, IF Bancorp, Inc. will pay a cash dividend of $0.20 per common share on or about October 13, 2023, to stockholders of record as of the close of business on September 22, 2023.
The following information was filed by If Bancorp, Inc. (IROQ) on Thursday, August 31, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside If Bancorp, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Detail)
Changes In Accumulated Other Comprehensive Income (Loss) (Aoci) By Component
Changes In Accumulated Other Comprehensive Income (Loss) (Aoci) By Component (Tables)
Changes In Accumulated Other Comprehensive Income (Loss) (Aoci) By Component - Amounts Reclassified From Accumulated Other Comprehensive Income (Detail)
Commitments And Credit Risk
Commitments And Credit Risk - Additional Information (Detail)
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only) (Tables)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Cash Flows (Detail)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Income And Comprehensive Income (Loss) (Detail)
Disclosures About Fair Value Of Assets
Disclosures About Fair Value Of Assets - Estimated Fair Values Of Financial Instruments And Level Within Fair Value Hierarchy In Which Fair Value Measurements Fall (Detail)
Disclosures About Fair Value Of Assets (Tables)
Disclosures About Fair Value Of Assets - Fair Value Measurements Of Assets Recognized On Recurring Basis (Detail)
Disclosures About Fair Value Of Assets - Quantitative Information About Unobservable Inputs Used In Recurring And Nonrecurring Level 3 Fair Value Measurements (Detail)
Disclosures About Fair Value Of Assets - Reconciliation Of Beginning And Ending Balances Of Recurring Fair Value Measurements Recognized In Accompanying Balance Sheet (Detail)
Earnings Per Share ("Eps")
Earnings Per Share ("Eps") (Tables)
Earnings Per Share ("Eps") - Factors Used In Earnings Per Common Share Computation (Detail)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Accumulated Other Comprehensive Income (Loss) Not Yet Recognized (Detail)
Employee Benefits - Additional Information (Detail)
Employee Benefits - Benefit Payments Expected To Be Paid For Agreements (Detail)
Employee Benefits - Net Periodic Benefit Cost (Detail)
Employee Benefits - One-Percentage-Point Change In Assumed Health Care Cost Trend Rates (Detail)
Employee Benefits - Other Significant Balances And Costs (Detail)
Employee Benefits - Plan's Funded Status And Pension Cost (Detail)
Employee Benefits - Postretirement Plan Benefit Payments Expected Future Service (Detail)
Employee Benefits - Significant Balances, Costs And Assumptions (Detail)
Employee Benefits - Summary Of Accrued Postretirement Benefit Obligations Recognized In Balance Sheet (Details)
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances (Tables)
Federal Home Loan Bank Advances - Additional Information (Detail)
Federal Home Loan Bank Advances - Aggregate Annual Maturities Of Federal Home Loan Bank Advances (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of The Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of Income Tax Expense At The Statutory Rate (Detail)
Income Taxes - Reconciliation Of Income Tax Expense At The Statutory Rate (Parenthetical) (Detail)
Income Taxes - Temporary Differences Related To Deferred Taxes (Detail)
Interest-Bearing Deposits
Interest-Bearing Deposits (Tables)
Interest-Bearing Deposits - Additional Information (Detail)
Interest-Bearing Deposits - Interest Expense By Deposit Type (Detail)
Interest-Bearing Deposits - Scheduled Maturities Of Time Deposits Including Brokered Time Deposits (Detail)
Lines Of Credit
Lines Of Credit - Additional Information (Detail)
Loan Servicing
Loan Servicing (Tables)
Loan Servicing - Activity In Mortgage Servicing Rights Measured Using The Fair Value Method (Detail)
Loan Servicing - Additional Information (Detail)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Additional Information (Detail)
Loans And Allowance For Credit Losses - Allowance For Credit Losses And Recorded Investment In Loans Based On Portfolio Segment And Impairment Method (Detail)
Loans And Allowance For Credit Losses - Association's Loan Portfolio Aging Analysis (Detail)
Loans And Allowance For Credit Losses - Categories Of Loans (Detail)
Loans And Allowance For Credit Losses - Credit Risk Profile Of Association's Loan Portfolio Based On Risk Rating Category And Year Of Origination (Detail)
Loans And Allowance For Credit Losses - Loans Modified As Troubled Debt Restructurings (Detail)
Loans And Allowance For Credit Losses - Non Accruals (Detail)
Loans And Allowance For Credit Losses - Summary Of Impaired Loans (Detail)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Additional Information (Detail)
Nature Of Operations And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Premises And Equipment (Detail)
Nature Of Operations And Summary Of Significant Accounting Policies - Schedule Of Impact Of Asu 2016-13 Adoption (Detail)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Major Classifications Of Premises And Equipment, Stated At Cost (Detail)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Additional Information (Detail)
Regulatory Matters - Association's Actual Capital Amounts And Ratios (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Related Party Transactions - Changes In Loans Outstanding (Detail)
Repurchase Agreements
Repurchase Agreements - Additional Information (Detail)
Securities
Securities (Tables)
Securities - Additional Information (Detail)
Securities - Amortized Cost And Approximate Fair Value Of Securities, Together With Gross Unrealized Gains And Losses Of Securities (Detail)
Securities - Amortized Cost And Fair Value Of Available-For-Sale Securities By Contractual Maturity (Detail)
Securities - Association's Investments Gross Unrealized Investment Losses And Fair Value Of Association's Investments With Unrealized Losses (Detail)
Significant Estimates And Concentrations
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Esop Shares (Detail)
Stock-Based Compensation - Summary Of Esop Shares (Parenthetical) (Detail)
Stock-Based Compensation - Summary Of Non-Vested Restricted Stock Activity (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Parenthetical) (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

If Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 23.0: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.0: Section 1350 Certification
Ticker: IROQ
CIK: 1514743
Form Type: 10-K Annual Report
Accession Number: 0001193125-23-234137
Submitted to the SEC: Wed Sep 13 2023 12:31:25 PM EST
Accepted by the SEC: Wed Sep 13 2023
Period: Friday, June 30, 2023
Industry: Savings Institution Federally Chartered

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