IF Bancorp, Inc. Files 10-Q for Q3 2024

TL;DR

<b>IF Bancorp, Inc. has filed its Q3 2024 10-Q report, detailing financial performance and asset classifications.</b>

AI Summary

IF Bancorp, Inc. (IROQ) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. IF Bancorp, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing includes data as of March 31, 2024, and comparative periods. Key financial instruments mentioned include US Treasury Securities and Mortgage-Backed Securities.

Why It Matters

For investors and stakeholders tracking IF Bancorp, Inc., this filing contains several important signals. This 10-Q provides investors with an update on IF Bancorp's financial health and operational status for the most recent quarter. Understanding the asset mix and loan portfolio quality, as detailed in this filing, is crucial for assessing the bank's risk profile and future earnings potential.

Risk Assessment

Risk Level: low — IF Bancorp, Inc. shows low risk based on this filing. The filing is a routine 10-Q, indicating standard reporting procedures without immediate red flags.

Analyst Insight

Review the detailed breakdown of loan portfolios and investment securities to understand asset quality and interest rate sensitivity.

Key Numbers

• 2024-03-31 — Report Date (Period ending date for the 10-Q filing)
• 2024-05-13 — Filing Date (Date the 10-Q was filed with the SEC)
• Q3 2024 — Fiscal Quarter (The quarter covered by the report)
• 0630 — Fiscal Year End (End date of the company's fiscal year)

Key Players & Entities

• IF Bancorp, Inc. (company) — Filer of the 10-Q report
• 201 E. CHERRY ST (address) — Business and mailing address of IF Bancorp, Inc.
• WATSEKA, IL 60970 (address) — Business and mailing address of IF Bancorp, Inc.

FAQ

Risk Factors

• Asset Quality and Loan Portfolio Risk [medium — financial]: The filing details various loan segments including multi-family, home equity, one-to-four family, and commercial real estate, with some classified as 'Substandard'.

Industry Context

IF Bancorp operates within the savings institution sector, focusing on lending and deposit-taking activities.

Regulatory Implications

As a federally chartered savings institution, IF Bancorp is subject to regulations from various federal agencies overseeing the banking industry.

What Investors Should Do

1. Analyze the 'Substandard' loan classifications for potential impact on future provisions for loan losses.
2. Examine the fair value hierarchy of investment securities to understand valuation risks.
3. Compare key financial metrics to prior periods to identify trends in profitability and asset growth.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

Fair Value Inputs Level 1, 2, 3

Hierarchy levels used to determine the fair value of assets and liabilities, with Level 1 being the most reliable (quoted prices in active markets). (Indicates the valuation methods used for financial instruments and the reliability of those valuations.)

Substandard

A loan classification indicating a borrower's financial condition is such that repayment of debt is not assured. (Highlights potential credit risk within the loan portfolio.)

Year-Over-Year Comparison

This filing represents the Q3 2024 10-Q, providing an update from previous filings which would have covered earlier fiscal periods.

Key Financial Figures

• $0.01 — nge on which registered Common Stock , $0.01 par value IROQ The Nasdaq Stock Mark

Filing Documents

• d835753d10q.htm (10-Q) — 2579KB
• d835753dex311.htm (EX-31.1) — 11KB
• d835753dex312.htm (EX-31.2) — 11KB
• d835753dex32.htm (EX-32) — 6KB
• 0001193125-24-136930.txt (&nbsp;) — 12795KB
• iroq-20240331.xsd (EX-101.SCH) — 56KB
• iroq-20240331_cal.xml (EX-101.CAL) — 57KB
• iroq-20240331_def.xml (EX-101.DEF) — 302KB
• iroq-20240331_lab.xml (EX-101.LAB) — 506KB
• iroq-20240331_pre.xml (EX-101.PRE) — 445KB
• d835753d10q_htm.xml (XML) — 3438KB

Financial Information

Part I. Financial Information Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and June 30, 2023 1 Condensed Consolidated Statements of Income for the Three Months and Nine Months Ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months and Nine Months Ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 4.

Controls and Procedures

Controls and Procedures 53

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55 Signature Page 56 Table of Contents

– Financial Information

Part I. – Financial Information Item1. Condensed Consolidated Financial Statements IF Bancorp, Inc. Condensed Consolidated Balance Sheets (Dollars in thousands, except per share amount) March 31, 2024 June 30, 2023 (Unaudited) Assets Cash and due from banks $ 15,885 $ 10,717 Interest-bearing demand deposits 175 271 Cash and cash equivalents 16,060 10,988 Interest-bearing time deposits in banks 750 1,250 Available-for-sale securities 195,257 201,299 Loans, net of allowance for credit losses of $ 7,725 and $ 7,139 at March 31, 2024 and June 30, 2023, respectively 643,326 587,457 Premises and equipment, net of accumulated depreciation of $ 9,105 and $ 9,212 at March 31, 2024 and June 30, 2023, respectively 10,683 11,092 Federal Home Loan Bank stock, at cost 5,419 3,127 Foreclosed assets held for sale 7 31 Accrued interest receivable 3,749 2,781 Bank-owned life insurance 15,079 14,761 Mortgage servicing rights 1,454 1,482 Deferred income taxes 10,846 11,037 Other 2,359 3,671 Total assets $ 904,989 $ 848,976 Liabilities and Equity Liabilities Deposits Demand $ 43,205 $ 107,567 Savings, NOW and money market 315,980 344,151 Certificates of deposit 293,603 264,058 Brokered certificates of deposit 29,000 19,538 Total deposits 681,788 735,314 Repurchase agreements 18,182 10,787 Federal Home Loan Bank advances 95,999 19,500 Other borrowings 25,300 — Advances from borrowers for taxes and insurance 1,331 1,233 Accrued post-retirement benefit obligation 2,448 2,431 Accrued interest payable 2,762 1,666 Allowance for credit losses on off-balance sheet credit exposures 44 216 Other 4,751 6,076 Total liabilities 832,605 777,223 Commitments and Contingencies Stockholders' Equity Common stock, $ .01 par value per share, 100,000,000 shares authorized, 3,353,026 and 3,354,626 shares issued and outstanding at March 31,

View Full Filing

View this 10-Q filing on SEC EDGAR