•
|
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.
|
•
|
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.
|
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
| ||||||||||||
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
|
%
|
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
|
%
|
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.
|
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Disclaimer
IF Bancorp Inc. published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 20:41:07 UTC.