| IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2025 |
WATSEKA, Ill.--(BUSINESS WIRE)--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. |
businesswire.com |
2025-04-29 20:15:00 |
Czytaj oryginał (ang.) |
| STOCKHOLDERS APPROVE STILWELL'S PROPOSAL TO SELL IF BANCORP |
NEW YORK , Dec. 3, 2024 /PRNewswire/ -- Stilwell Activist Investments, L.P. (together with its affiliates, "Stilwell"), one of the largest stockholders of IF Bancorp, Inc. ("IROQ" or the "Company") (NASDAQ: IROQ), today issued the following statement in connection with the Company's 2024 Annual Meeting of Stockholders: At last week's Annual Meeting, stockholders approved our Proposal by a 3:2 margin calling for a prompt sale of IF Bancorp, Inc. Although the Proposal is non-binding, IROQ's stockholders agree that the Company should be sold promptly. |
prnewswire.com |
2024-12-03 15:24:00 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. and Iroquois Federal Savings and Loan Association Announce Appointment of New Board Chair, Lead Independent Director and President |
WATSEKA, Ill.--(BUSINESS WIRE)--IF Bancorp, Inc. (NASDAQ Capital: IROQ) (the “Company”), and its wholly owned subsidiary, Iroquois Federal Savings and Loan Association (the “Association”), today announced that the Boards of Directors (the “Boards”) of the Company and the Association unanimously elected Walter H. Hasselbring, III, the current President and Chief Executive Officer of the Company and the Association, as Chair of the Boards. Mr. Hasselbring succeeds, Gary Martin, who, having reache. |
businesswire.com |
2024-11-26 13:55:00 |
Czytaj oryginał (ang.) |
| Stilwell Will Vote in Favor of Proposal to Sell IF Bancorp - UPDATE |
NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Stilwell Activist Investments, L.P. (together with its affiliates, “Stilwell”), one of the largest stockholders of IF Bancorp, Inc. (“IROQ” or the “Company”) (NASDAQ: IROQ), today issued the following statement in connection with the Company's upcoming annual meeting of stockholders scheduled to be held on November 25, 2024 (the “Annual Meeting”), at which stockholders will vote on a number of matters, including Stilwell's non-binding proposal requesting a sale of the Company (the “Proposal”), submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended: |
globenewswire.com |
2024-10-21 13:33:00 |
Czytaj oryginał (ang.) |
| Stilwell Will Vote in Favor of Proposal to Sell IF Bancorp |
NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Stilwell Activist Investments, L.P. (together with its affiliates, “Stilwell”), one of the largest stockholders of IF Bancorp, Inc. (“IROQ” or the “Company”) (NASDAQ: IROQ), today issued the following statement in connection with the Company's upcoming annual meeting of stockholders scheduled to be held on November 25, 2024 (the “Annual Meeting”), at which stockholders will vote on a number of matters, including Stilwell's non-binding proposal requesting a sale of the Company (the “Proposal”), submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended: |
globenewswire.com |
2024-10-21 11:00:00 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2024 |
WATSEKA, Ill.--(BUSINESS WIRE)--IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $708,000, or $0.22 per basic and diluted share, for the three months ended March 31, 2024, compared to net income of $690,000, or $0.22 per basic share and $0.21 per diluted share, for the three months ended March 31, 2023. “The uncertain interest rate environment continues to be a challenge f. |
businesswire.com |
2024-04-30 20:15:00 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Cash Dividend |
WATSEKA, Ill.--(BUSINESS WIRE)--IF Bancorp, Inc. (NASDAQ Capital: IROQ) (the “Company”), the holding company for Iroquois Federal Savings and Loan Association, today announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on April 15, 2024, to stockholders of record as of the close of business on March 22, 2024. “We are pleased to continue paying a cash dividend to our stockholders,” said Walter H. Hasselbring, III, President and Chief. |
businesswire.com |
2024-02-14 18:16:00 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Results for Second Quarter of Fiscal Year 2024 |
WATSEKA, Ill.--(BUSINESS WIRE)--IF BANCORP, INC. ANNOUNCES RESULTS FOR QUARTER ENDING 12-31-23. |
businesswire.com |
2024-01-30 18:15:00 |
Czytaj oryginał (ang.) |
| 3 Underperforming Bank Stocks You Better Not Be Buying |
Underperforming bank stocks are casting a shadow over the U.S. financial landscape on the back of diminished investor confidence, shaken by the March banking crisis. The banking sector, still reeling from the Silicon Valley Bank collapse and struggles of smaller lenders, has yet to see the same benefits of rising interest rates. |
investorplace.com |
2023-12-02 14:47:07 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Results for First Quarter of Fiscal Year 2024 (Unaudited) |
WATSEKA, Ill.--(BUSINESS WIRE)--IF BANCORP, INC. ANNOUNCES RESULTS FOR QUARTER ENDING 9-30-23. |
businesswire.com |
2023-10-30 18:15:00 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2023 |
WATSEKA, Ill.--(BUSINESS WIRE)--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. |
businesswire.com |
2023-08-31 20:15:00 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Cash Dividend |
WATSEKA, Ill.--(BUSINESS WIRE)--IF Bancorp, Inc. announces cash dividend. |
businesswire.com |
2023-08-09 20:15:00 |
Czytaj oryginał (ang.) |
| Why These 3 Stocks Are the Worst Ways to Play Banks Right Now |
Few personality traits are as insufferable as dwelling on past errors, which may be how some folks perceive the worst bank stocks. Earlier this year, the regional banking sector suffered a crisis as post-pandemic developments suddenly converted to massive headwinds. |
investorplace.com |
2023-07-13 18:04:20 |
Czytaj oryginał (ang.) |
| 4 Upcoming Dividend Increases Including A Dividend King |
All stocks have at least five fiscal years of dividend growth history and come from the U.S. Dividend Champions List. They have an average increase of 7.9% and a median increase of 8.1%. |
seekingalpha.com |
2022-09-15 14:47:55 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2021 |
WATSEKA, Ill.--(BUSINESS WIRE)--IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced net income of $5.3 million, or $1.76 per basic share and $1.74 per diluted share for the fiscal year ended June 30, 2021, compared to $4.2 million, or $1.37 per basic share and $1.35 per diluted share for the fiscal year ended June 30, 2020. The Company also announced net income of $993,000, or $0.33 per basic share and $0.32 per diluted share for the three months ended June 30, 2021, compared to $1.4 million, or $0.45 per basic share and diluted share for the three months ended June 30, 2020. Net income increased $1.1 million, or 26.0%, to $5.3 million for the year ended June 30, 2021, from $4.2 million for the year ended June 30, 2020. As of June 30, 2021, the COVID-19 pandemic has not had a significant negative impact on our financial condition and results of operations. While the general element of our allowance for loan losses increased in our prior fiscal year due to COVID-related changes in the economic forecast, the majority of our provisions for loan losses in the year ended June 30, 2021, were due to loan growth, a change in loan portfolio mix, and to a lesser extent, additional reserves for all loans that remain under temporary COVID-19 modifications. For the year ended June 30, 2021, net interest income was $20.2 million, compared to $18.3 million for the year ended June 30, 2020. Interest income decreased to $24.4 million for the year ended June 30, 2021, from $27.0 million for the year ended June 30, 2020. Interest expense decreased to $4.2 million for the year ended June 30, 2021, from $8.7 million for the year ended June 30, 2020. Our interest income could be reduced in the future due to COVID-19. In keeping with guidance from regulators, we are executing payment deferrals for our lending clients that are adversely affected by the pandemic. A total of 139 loans with current balances of $72.1 million have received COVID-19 modifications. These modifications allowed borrowers to defer the principal component of loan payments for up to six months, and in certain circumstances additional modifications were allowed. As of June 30, 2021, 132 of these loans totaling $66.1 million have returned to principal and interest payments, leaving 7 loans for $6.0 million still under temporary modifications. Non-interest income increased to $6.3 million for the year ended June 30, 2021, from $4.8 million for the year ended June 30, 2020. Our fee income could be reduced due to the effects of COVID-19. We are working with COVID-19 affected customers by temporarily waiving fees when appropriate, including insufficient funds and overdraft fees, and ATM fees. At this time, we do not anticipate that decreases in our fee income will have a material impact on our net income. Non-interest expense increased to $18.2 million for the year ended June 30, 2021, from $17.1 million for the year ended June 30, 2020. For the year ended June 30, 2021, income tax expense totaled $2.0 million compared to $1.6 million for the year ended June 30, 2020. Total assets at June 30, 2021 were $797.3 million compared to $735.5 million at June 30, 2020. Cash and cash equivalents increased to $62.7 million at June 30, 2021, from $33.5 million at June 30, 2020. This increase was primarily due to an increase in deposits from public entities. One public entity collects real estate taxes in two installments, due in June and September, and then makes distributions from the account in early July and September. Amounts received prior to June 30, and subsequently distributed the first week of July were $55.6 million and $45.3 million in 2021 and 2020, respectively. Investment securities increased to $189.9 million at June 30, 2021, from $162.4 million at June 30, 2020. Net loans receivable increased to $513.4 million at June 30, 2021, from $509.8 million at June 30, 2020. While we closed 666 loans for a total of $44.8 million through the Paycheck Protection Program (“PPP”), after SBA forgiveness to date, we have 364 loans totaling $20.6 million remaining in our portfolio as of June 30, 2021. Deposits increased to $667.6 million at June 30, 2021, from $601.7 million at June 30, 2020. Total borrowings, including repurchase agreements, decreased to $34.2 million at June 30, 2021 from $41.2 million at June 30, 2020. Stockholders’ equity increased to $85.3 million at June 30, 2021 from $82.6 million at June 30, 2020. The allowance for loan losses increased $365,000 to $6.6 million at June 30, 2021, from $6.2 million at June 30, 2020. The increase was the result of a provision for loan losses of $844,000, partially offset by net charge-offs of $479,000. As announced on August 11, 2021, IF Bancorp, Inc. will pay a cash dividend of $0.175 per common share on or about October 15, 2021, to stockholders of record as of the close of business on September 24, 2021. 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 and wealth management 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. Cautionary Note Regarding Forward-Looking Statements 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." These forward-looking statements include, but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. 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; 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 (“Risk 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. Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: demand for our products and services may be negatively impacted as a result of the COVID-19 pandemic; the COVID-19 pandemic may continue to have a negative impact on the economy and overall financial stability of us, the communities where we have our branches, the state of Illinois and the United States, and may also exacerbate the effects of the other Risk Factors; if the economy is unable to fully reopen, and increased levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase; limitations may be placed on our ability to foreclose on properties during the pandemic; we have continued to accrue interest and fees on loans to customers that have been negatively impacted by COVID-19 and who have been permitted to defer payments in accordance with regulatory guidance. Should eventual credit losses on these loans with deferred payments emerge, interest income and fees accrued would need to be reversed; litigation, regulatory enforcement risk and reputation risk regarding our participation in the PPP and the risk that the SBA may not fund some or all PPP loan guaranties; collateral for loans, especially real estate, may decline in value; our allowance for loan losses may have to be increased if borrowers experience financial difficulties; the net worth and liquidity of loan guarantors may decline; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities; a material decrease in net income or a net loss over several quarters could result in a decrease in the rate of our semi-annual cash dividend; actions taken by the federal, state or local governments to cushion the impact of COVID-19 on consumers and businesses may have a negative impact on us and our business; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board; our wealth management revenues may decline with continuing market turmoil; the unanticipated loss or unavailability of key employees due to the outbreak, which could harm our ability to operate our business or execute our business strategy, especially as we may not be successful in finding and integrating suitable successors; we rely on third party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us; our cyber security risks are increased by the COVID-19 pandemic as the result of an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experience additional resolution costs. 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, 2021 Quarter Ended June 30, 2020 Year Ended June 30, 2021 Year Ended June 30, 2020 (unaudited) (unaudited) (unaudited) Interest income $ 5,928 $ 6,386 $ 24,357 $ 26,982 Interest expense 711 1,615 4,178 8,694 Net interest income 5,217 4,771 20,179 18,288 Provision for loan losses 679 (70 ) 844 128 Net interest income after provision for loan losses 4,538 4,841 19,335 18,160 Non-interest income 1,397 1,349 6,258 4,810 Non-interest expense 4,591 4,283 18,212 17,086 Income before taxes 1,344 1,907 7,381 5,884 Income tax expense 351 536 2,034 1,639 Net income $ 993 $ 1,371 $ 5,347 $ 4,245 Earnings per share (1): Basic $ 0.33 $ 0.45 $ 1.76 $ 1.37 Diluted $ 0.32 $ 0.45 $ 1.74 $ 1.35 Weighted average shares outstanding (1): Basic 3,045,520 3,026,275 3,038,303 3,103,339 Diluted 3,103,955 3,036,033 3,078,867 3,148,032 Performance Ratios Year Ended June 30, 2021 Year Ended June 30, 2020 (unaudited) Return on average assets 0.72 % 0.61 % Return on average equity 6.34 % 5.30 % Net interest margin on average interest earning assets 2.86 % 2.75 % ________________________ Footnotes on following page Selected Balance Sheet Data (Dollars in thousands, except per share data) Year Ended June 30, 2021 Year Ended June 30, 2020 (unaudited) Assets $ 797,341 $ 735,517 Cash and cash equivalents 62,735 33,467 Investment securities 189,891 162,394 Net loans receivable 513,371 509,817 Deposits 667,632 601,700 Total borrowings, including repurchase agreements 34,245 41,238 Total stockholders’ equity 85,304 82,564 Book value per share (2) 26.33 25.48 Average stockholders’ equity to average total assets 11.40 % 11.55 % Asset Quality (Dollars in thousands) Year Ended June 30, 2021 Year Ended June 30, 2020 (unaudited) Non-performing assets (3) $ 411 $ 1,095 Allowance for loan losses 6,599 6,234 Non-performing assets to total assets 0.05 % 0.15 % Allowance for losses to total loans 1.27 % 1.21 % Allowance for losses to total loans excluding PPP loans (4) 1.32 % 1.27 % (1) Shares outstanding do not include ESOP shares not committed for release. (2) Total stockholders’ equity divided by shares outstanding of 3,240,376 at both June 30, 2021 and 2020, respectively. (3) Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale. (4) Paycheck Protection Program (PPP) loans are administered by the SBA and are fully guaranteed by the U.S. government. |
businesswire.com |
2021-08-31 20:15:00 |
Czytaj oryginał (ang.) |
| 3 Long-Term Payers Announce Dividends |
The Chemours Co (NYSE:CC), IF Bancorp Inc (NASDAQ:IROQ) and Equinix Inc (NASDAQ:EQIX) all announced dividends on Wednesday, Feb. 10. |
gurufocus.com |
2021-02-11 14:01:24 |
Czytaj oryginał (ang.) |
| IF Bancorp, Inc. Announces Results for Second Quarter of Fiscal Year 2021 |
WATSEKA, Ill.--(BUSINESS WIRE)--IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $1.5 million, or $0.48 per basic and diluted share, for the three months ended December 31, 2020, compared to net income of $964,000, or $0.32 per basic share and $0.31 per diluted share, for the three months ended December 31, 2019. For the three months ended December 31, 2020, net interest income was $5.1 million compared to $4.3 million for the three months ended December 31, 2019. We recorded a credit for loan losses of $(49,000) for the three months ended December 31, 2020, compared to a credit for loan losses of $(30,000) for the three months ended December 31, 2019. Interest income decreased to $6.2 million for the three months ended December 31, 2020, from $6.8 million for the three months ended December 31, 2019. Interest expense decreased to $1.2 million for the three months ended December 31, 2020, from $2.4 million for the three months ended December 31, 2019. Non-interest income increased to $1.5 million for the three months ended December 31, 2020, from $1.2 million for the three months ended December 31, 2019. Non-interest expense increased to $4.5 million for the three months ended December 31, 2020, from $4.3 million for the three months ended December 31, 2019. Provision for income tax increased to $571,000 for the three months ended December 31, 2020, from $372,000 for the three months ended December 31, 2019. The Company announced unaudited net income of $2.8 million, or $0.92 per basic share and $0.91 per diluted share for the six months ended December 31, 2020, compared to $2.1 million, or $0.65 per basic share and $0.64 per diluted share for the six months ended December 31, 2019. For the six months ended December 31, 2020, net interest income was $9.9 million compared to $8.9 million for the six months ended December 31, 2019. We recorded a provision for loan losses of $266,000 for the six months ended December 31, 2020, compared to a credit for loan losses of $(84,000) for the six months ended December 31, 2019. This increase was primarily the result of an increase in risk associated with outstanding loans due to a change in portfolio mix and, to a lesser extent, additional reserves for all loans that remain under temporary COVID-19 modifications. The increase in reserves was partially offset by the addition of SBA Paycheck Protection Program (PPP) loans that do not require a reserve since they are 100% guaranteed by the U.S. government. While we have closed 305 SBA PPP loans representing $26.3 million in funding, after SBA forgiveness, we have 191 loans totaling $17.4 million remaining in our portfolio at December 31, 2020, Interest income decreased to $12.5 million for the six months ended December 31, 2020, from $13.8 million for the six months ended December 31, 2019. Interest expense decreased to $2.6 million for the six months ended December 31, 2020 from $4.9 million for the six months ended December 31, 2019. Our interest income could be reduced in the future due to COVID-19. In keeping with guidance from our regulators, we are executing payment deferrals for our lending clients that are adversely affected by the pandemic. At December 31, 2020, we have 169 loans with current balances of $85.7 million that have received COVID-19 modifications. These modifications allow borrowers to pay interest only for up to six months. As of December 31, 2020, 148 of these loans totaling $58.5 million have returned to principal and interest payments, leaving 21 loans for $27.2 million still under temporary modifications. Non-interest income increased to $3.2 million for the six months ended December 31, 2020, from $2.3 million for the six months ended December 31, 2019. The increase in non-interest income was mostly due to an increase in gain on sale of loans as a result of a significant increase in refinance activity stimulated by a low interest environment, and also by an increase in gain on sale of available-for-sale securities. Non-interest expense increased to $9.0 million for the six months ended December 31, 2020 from $8.5 million for the six months ended December 31, 2019. Provision for income tax increased to $1.1 million for the six months ended December 31, 2020, from $787,000 for the six months ended December 31, 2019. Total assets at December 31, 2020 were $713.4 million compared to $735.5 million at June 30, 2020. Cash and cash equivalents decreased to $7.7 million at December 31, 2020, from $33.5 million at June 30, 2020. Investment securities increased to $167.6 million at December 31, 2020, from $162.4 million at June 30, 2020. Net loans receivable decreased to $506.8 million at December 31, 2020, from $509.8 million at June 30, 2020. Deposits decreased to $587.4 million at December 31, 2020, from $601.7 million at June 30, 2020. Total borrowings, including repurchase agreements, decreased to $31.6 million at December 31, 2020 from $41.2 million at June 30, 2020. Stockholders’ equity increased to $84.9 million at December 31, 2020 from $82.6 million at June 30, 2020. Equity increased due to net income of $2.8 million, and ESOP and stock equity plan activity of $284,000, partially offset by a decrease of $270,000 in accumulated other comprehensive income, net of tax, and the payment of approximately $454,000 in dividends to our shareholders. 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 and wealth management 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 the COVID-19 pandemic; 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 December 31, For the Six Months Ended December 31, 2020 2019 2020 2019 (unaudited) Interest and dividend income $ 6,238 $ 6,789 $ 12,503 $ 13,797 Interest expense 1,188 2,448 2,565 4,870 Net interest income 5,050 4,341 9,938 8,927 Provision (credit) for loan losses (49 ) (30 ) 266 (84 ) Net interest income after provision for loan losses 5,099 4,371 9,672 9,011 Non-interest income 1,463 1,223 3,214 2,291 Non-interest expense 4,528 4,258 9,009 8,451 Income before taxes 2,034 1,336 3,877 2,851 Income tax expense 571 372 1,083 787 Net income (loss) $ 1,463 $ 964 $ 2,794 $ 2,064 Earnings (loss) per share (1) Basic $ 0.48 $ 0.32 $ 0.92 $ 0.65 Diluted $ 0.48 $ 0.31 $ 0.91 $ 0.64 Weighted average shares outstanding (1) Basic 3,035,898 3,042,630 3,033,492 3,173,685 Diluted 3,072,496 3,099,912 3,057,633 3,228,463 footnotes on following page Performance Ratios For the Six Months Ended December 31, 2020 For the Year Ended June 30, 2020 (unaudited) Return on average assets 0.77% 0.61% Return on average equity 6.66% 5.30% Net interest margin on average interest earning assets 2.86% 2.75% Selected Balance Sheet Data (Dollars in thousands, except per share data) At December 31, 2020 At June 30, 2020 (unaudited) Assets $ 713,399 $ 735,517 Cash and cash equivalents 7,665 33,467 Investment securities 167,551 162,394 Net loans receivable 506,786 509,817 Deposits 587,365 601,700 Federal Home Loan Bank borrowings, repurchase agreements and other borrowings 31,571 41,238 Total stockholders’ equity 84,918 82,564 Book value per share (2) 26.21 25.48 Average stockholders’ equity to average total assets 11.52 % 11.55 % Asset Quality (Dollars in thousands) At December 31, 2020 At June 30, 2020 (unaudited) Non-performing assets (3) $ 674 $ 1,095 Allowance for loan losses 6,449 6,234 Non-performing assets to total assets 0.09 % 0.15 % Allowance for losses to total loans 1.26 % 1.21 % Allowance for losses to total loans excluding PPP loans (4) 1.30 % 1.27 % Shares outstanding do not include ESOP shares not committed for release. Total stockholders’ equity divided by shares outstanding of 3,240,376 at both December 31, 2020, and June 30, 2020. Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale. Paycheck Protection Program (PPP) loans are administered by the SBA and are fully guaranteed by the U.S. government. |
businesswire.com |
2021-01-29 18:15:00 |
Czytaj oryginał (ang.) |
| What Is Direct Deposit: How It Works and How You Can Set It Up |
Learn how direct deposit can save you time and headaches. |
gobankingrates.com |
2020-06-24 21:58:43 |
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| Ex-Coinbase VP Antonio Alvarez Joins Crypto.com to Head Compliance |
Crypto.com, a digital asset financial service provider, announced on Thursday the appointment of Antonio Alvarez as its chief compliance officer. |
financemagnates.com |
2020-06-04 13:30:31 |
Czytaj oryginał (ang.) |
| IF Bancorp (NASDAQ:IROQ) Shares Cross Below 200-Day Moving Average of $20.33 |
IF Bancorp Inc (NASDAQ:IROQ)’s share price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.33 and traded as low as $15.47. IF Bancorp shares last traded at $15.47, with a volume of 2,000 shares traded. Separately, ValuEngine cut IF Bancorp from a “sell” rating […] |
thelincolnianonline.com |
2020-05-27 13:22:43 |
Czytaj oryginał (ang.) |