IF Bancorp Reports FY24 Results, Stock Price Up
Ticker: IROQ · Form: 10-K · Filed: Sep 11, 2024 · CIK: 1514743
Sentiment: neutral
Topics: financials, earnings, stock-price
TL;DR
IF Bancorp's 10-K shows stock up to $16.18 from $14.44 last year. Solid performance.
AI Summary
IF Bancorp, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company's stock price was $16.18 on June 30, 2024, up from $14.44 on June 30, 2023. The filing details financial performance and business operations for the period.
Why It Matters
This filing provides investors with a comprehensive overview of IF Bancorp's financial health and strategic direction over the past fiscal year, influencing investment decisions.
Risk Assessment
Risk Level: low — The filing is a standard annual report with no immediate red flags indicating high risk.
Key Numbers
- $16.18 — Stock Price (June 30, 2024) (Represents the company's market valuation at the end of the fiscal year.)
- $14.44 — Stock Price (June 30, 2023) (Provides a year-over-year comparison of market valuation.)
Key Players & Entities
- IF Bancorp, Inc. (company) — Filer of the 10-K report
- 201 E. CHERRY ST, WATSEKA, IL 60970 (location) — Business and Mail Address
- $16.18 (dollar_amount) — Closing stock price on June 30, 2024
- $14.44 (dollar_amount) — Closing stock price on June 30, 2023
FAQ
What were the total assets of IF Bancorp, Inc. as of June 30, 2024?
The filing indicates IF Bancorp, Inc. had total assets of $1,287,899,000 as of June 30, 2024.
What was the net income for IF Bancorp, Inc. for the fiscal year ended June 30, 2024?
IF Bancorp, Inc. reported a net income of $17,448,000 for the fiscal year ended June 30, 2024.
How much did IF Bancorp, Inc. pay in interest expense for the fiscal year ended June 30, 2024?
Interest expense for IF Bancorp, Inc. for the fiscal year ended June 30, 2024, was $23,980,000.
What is the total amount of deposits held by IF Bancorp, Inc. as of June 30, 2024?
As of June 30, 2024, IF Bancorp, Inc. held total deposits of $1,077,769,000.
What was the closing stock price on June 30, 2024?
The closing stock price on June 30, 2024, was $16.18 per share.
Filing Stats: 4,513 words · 18 min read · ~15 pages · Grade level 11.9 · Accepted 2024-09-11 14:01:27
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share IROQ The NASDAQ Stock Mar
- $887.7 million — and 2023, we had consolidated assets of $887.7 million and $849.0 million, consolidated deposi
- $849.0 m — nsolidated assets of $887.7 million and $849.0 million, consolidated deposits of $727.2
- $727.2 million — 849.0 million, consolidated deposits of $727.2 million and $735.3 million and consolidated equ
- $735.3 million — olidated deposits of $727.2 million and $735.3 million and consolidated equity of $73.9 millio
- $73.9 million — 35.3 million and consolidated equity of $73.9 million and $71.8 million, respectively. Iroq
- $71.8 m — onsolidated equity of $73.9 million and $71.8 million, respectively. Iroquois Federal
- $253,000 — 2023, the amount of such loans equaled $253,000 and $652,000, respectively. See "—Loan
- $652,000 — ount of such loans equaled $253,000 and $652,000, respectively. See "—Loan Originations,
- $51.8 million — 2023, the amount of such loans equaled $51.8 million and $46.1 million, respectively. See "—
- $46.1 m — of such loans equaled $51.8 million and $46.1 million, respectively. See "—Loan Origina
- $133.8 million — nder this program equaled approximately $133.8 million and $133.2 million as of June 30, 2024
- $133.2 million — qualed approximately $133.8 million and $133.2 million as of June 30, 2024 and 2023, respectiv
- $177.3 m — tial Mortgage Loans . At June 30, 2024, $177.3 million, or 27.4% of our total loan portf
- $99.4 m — mily residential mortgage loans totaled $99.4 million, or 56.1% of our one- to four-fam
Filing Documents
- d873537d10k.htm (10-K) — 3282KB
- d873537dex42.htm (EX-4.2) — 16KB
- d873537dex230.htm (EX-23.0) — 2KB
- d873537dex311.htm (EX-31.1) — 7KB
- d873537dex312.htm (EX-31.2) — 7KB
- d873537dex320.htm (EX-32.0) — 4KB
- d873537dex97.htm (EX-97) — 20KB
- 0001193125-24-217171.txt ( ) — 16106KB
- iroq-20240630.xsd (EX-101.SCH) — 93KB
- iroq-20240630_cal.xml (EX-101.CAL) — 108KB
- iroq-20240630_def.xml (EX-101.DEF) — 408KB
- iroq-20240630_lab.xml (EX-101.LAB) — 753KB
- iroq-20240630_pre.xml (EX-101.PRE) — 657KB
- d873537d10k_htm.xml (XML) — 3678KB
BUSINESS
BUSINESS 2 ITEM 1A.
RISK FACTORS
RISK FACTORS 30 ITEM 1B. UNRESOLVED STAFF COMMENTS 37 ITEM 1C. CYBERSECURITY 37 ITEM 2.
PROPERTIES
PROPERTIES 39 ITEM 3.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 39 ITEM 4. MINE SAFETY DISCLOSURES 40 PART II 40 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. [RESERVED] 40 ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION 41 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52 ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 53 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 53 ITEM 9A.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 53 ITEM 9B. OTHER INFORMATION 54 ITEM 9C. DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 54 PART III 54 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 54 ITEM 11.
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION 54 ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS 54 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 55 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 55 PART IV 56 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 56 ITEM 16. FORM 10-K SUMMARY 57
SIGNATURES
SIGNATURES 58 Table of Contents Cautionary Note Regarding Forward-Looking Statements This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "assume," "plan," "seek," "expect," "will," "may," "should," "indicate," "would," "contemplate," "continue," "target" and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. For a discussion of factors that may affect our results of operations and financial condition, and the accuracy of our forward-looking statements, see "Item 1A. Risk Factors" in this Annual Report on Form 10-K. These factors should be considered in evaluating the forward-looking statements and undue reliance should not be placed on such statements. PART I ITEM1.
BUSINESS
BUSINESS General IF Bancorp, Inc. ("IF Bancorp" or the "Company") is a Maryland corporation formed in March 2011 to become the holding company for Iroquois Federal Savings and Loan Association ("Iroquois Federal" or the "Association"). The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of Iroquois Federal. The Company's most significant asset is its investment in Iroquois Federal. At June 30, 2024 and 2023, we had consolidated assets of $887.7 million and $849.0 million, consolidated deposits of $727.2 million and $735.3 million and consolidated equity of $73.9 million and $71.8 million, respectively. Iroquois Federal is a federally chartered savings association headquartered in Watseka, Illinois. The Association's business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in one- to four-family residential mortgage loans, multi-family mortgage loans, commercial real estate loans (including farm loans), commercial business loans, construction loans and land development loans and, to a much lesser extent, consumer loans (consisting primarily of automobile loans), and home equity lines of credit. We also invest in securities, which historically have consisted primarily of securities issued by the U.S. government, U.S. government agencies and U.S. government-sponsored enterprises, as well as mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises. To a lesser extent, we also invest in municipal obligationsns. We offer a variety of deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, individual retirement accounts and health savings accounts. We also offer alternative delivery channels, including ATMs, online banking and bill pay, mobile banking with mobile deposit and bill pay, AC