Financial Performance - Net interest income decreased to $4.6 million for the three months ended September 30, 2023, down from $6.3 million for the same period in 2022[157]. - Net income for the three months ended September 30, 2023, was $466,000, compared to $2.0 million for the same period in 2022, reflecting a decrease due to lower net interest income and increased provision for credit losses[159]. - Net income for the three months ended September 30, 2023, decreased by $1.5 million to $466,000, compared to $2.0 million for the same period in 2022[177]. - Noninterest income decreased by $90,000, or 7.4%, to $1.1 million for the three months ended September 30, 2023, from $1.2 million for the same period in 2022[186]. - Noninterest expense remained unchanged at $4.8 million for both the three months ended September 30, 2023, and September 30, 2022[187]. Asset and Liability Management - Total assets increased by $21.7 million, or 2.6%, to $870.7 million at September 30, 2023, primarily due to a $27.1 million increase in net loans[168]. - Total liabilities were $783.3 million as of September 30, 2023, compared to $733.9 million as of June 30, 2023[214]. - Total interest-earning assets amounted to $811.6 million for the three months ended September 30, 2023, with a net interest income of $4.6 million[214]. - Total interest-earning assets increased by $2,213 million, with loans contributing $2,133 million to this increase[217]. - Total interest-bearing liabilities rose to $3,880 million, with certificates of deposit accounting for $2,081 million of the total[217]. Loan and Deposit Activity - Net loans receivable increased by $27.1 million, or 4.6%, to $614.6 million at September 30, 2023, driven by a 42.8% increase in construction loans[169]. - Deposits decreased by $48.2 million, or 6.6%, to $687.1 million at September 30, 2023, with a significant drop in noninterest bearing demand accounts[174]. - Interest-bearing checking or NOW accounts saw a decrease of $6 million, while savings accounts increased by $61 million[217]. - Commitments to fund loans increased to $15.5 million as of September 30, 2023, from $5.1 million as of June 30, 2023[204]. Interest Income and Expense - Interest income increased by $2.2 million, or 31.3%, to $9.3 million for the three months ended September 30, 2023, from $7.1 million for the same period in 2022[180]. - Interest expense increased by $3.9 million, or 468.6%, to $4.7 million for the three months ended September 30, 2023, from $828,000 for the same period in 2022[181]. - The net interest margin decreased to 2.26% for the three months ended September 30, 2023, down from 3.26% in the same period of 2022[214]. Credit Quality - The allowance for credit losses on off-balance sheet credit exposures decreased to $129,000 at September 30, 2023, from $216,000 at June 30, 2023[175]. - Non-performing loans totaled $136,000, or 0.1% of total loans, at September 30, 2023, consistent with the previous quarter[158]. - The allowance for credit losses increased by $311,000 to $7.5 million at September 30, 2023, from $7.1 million at June 30, 2023[196]. - At September 30, 2023, total non-performing loans to total loans was 0.02%[186]. - Provision for credit losses recorded was $222,000 for the three months ended September 30, 2023, compared to a credit for credit losses of $(88,000) for the same period in 2022[184]. Capital and Liquidity - The Association was categorized as "well capitalized" under federal regulations as of September 30, 2023[159]. - The Community Bank Leverage Ratio was 9.5% as of September 30, 2023, meeting the minimum requirement of 9.0%[212]. - As of September 30, 2023, the liquidity ratio averaged 27.2% of total assets, compared to 29.3% for the year ended June 30, 2023[199]. - Cash and cash equivalents totaled $13.6 million, with interest-earning time deposits at $1.3 million as of September 30, 2023[201]. - The company anticipates sufficient funds to meet current commitments through liquid assets and borrowing capacity[203]. Risk Management - The company performed an internal interest rate risk analysis, with no material changes in interest rate risk as of September 30, 2023[218]. - The analysis of Earnings at Risk and Value at Risk was conducted at least quarterly, ensuring ongoing risk assessment[218].

Financial Position - As of June 30, 2023, consolidated assets were $849.0 million, a decrease from $857.6 million in 2022, while consolidated deposits decreased from $752.0 million to $735.3 million[15]. - The company’s total loans, net of allowance for credit losses, were $587.5 million as of June 30, 2023, compared to $518.9 million in 2022[34]. - Total deposits amounted to $683.7 million as of June 30, 2023, with an average interest rate of 1.17%, compared to $660.7 million and 0.31% in 2022[141]. - The aggregate amount of uninsured deposits was $312.3 million at June 30, 2023, down from $333.9 million in 2022[141]. - Iroquois Federal's capital exceeded all applicable requirements as of June 30, 2023[164]. - As of June 30, 2023, Iroquois Federal was classified as "well-capitalized" with a total risk-based capital ratio exceeding 10.0%[179]. Loan Portfolio Composition - The loan portfolio composition as of June 30, 2023, included one- to four-family residential loans at $163.9 million (27.57%), multi-family loans at $89.6 million (15.08%), and commercial loans at $193.7 million (32.59%)[34]. - As of June 30, 2023, one- to four-family residential mortgage loans accounted for $163.9 million, or 27.6% of the total loan portfolio[40]. - Commercial real estate loans comprised $193.7 million, or 32.6% of the loan portfolio, while multi-family loans accounted for $89.6 million, or 15.1%[52]. - At June 30, 2023, commercial business loans outstanding were $79.7 million, representing 13.4% of the total loan portfolio, with $44.9 million in unfunded commitments[62]. - Construction loans made up $51.0 million, or 8.6% of the total loan portfolio, secured by various real estate properties[66]. Loan Performance and Credit Quality - Non-performing loans to total loans ratio improved to 0.02% at June 30, 2023, compared to 0.22% at June 30, 2022[82]. - Non-performing loans decreased to $117,000 at June 30, 2023, down from $1.2 million at June 30, 2022[122]. - Total delinquent loans decreased by $1.1 million to $202,000 at June 30, 2023, from $1.3 million at June 30, 2022[90]. - Troubled debt restructurings amounted to approximately $215,000 at June 30, 2023, down from $998,000 at June 30, 2022[86]. - The allowance for credit losses increased by $87,000 to $7.1 million at June 30, 2023, compared to $7.1 million at June 30, 2022[114]. Regulatory Compliance and Capital Requirements - The risk-based capital standards require a minimum common equity Tier 1 capital ratio of 4.5%, Tier 1 capital ratio of 6%, and total capital ratio of 8%[158]. - Iroquois Federal opted into the community bank leverage ratio framework effective March 31, 2020, with a required leverage ratio of 9%[163][162]. - The company has sufficient capital to increase purchases of loan participations, which totaled $46.1 million at June 30, 2023, up from $30.0 million at June 30, 2022[74]. - The company’s loan approval limits allow for one- to four-family residential mortgage loans up to $100,000 by loan officers and up to $2 million by the Loan Committee[76]. - The company is required to hold shares of capital stock in the Federal Home Loan Bank, and it was in compliance with this requirement as of June 30, 2023[187]. Market Position and Competition - The company ranked second in Iroquois County with a 19.95% deposit market share and first in Vermilion County with a 25.86% deposit market share as of June 30, 2022[28]. - The primary lending market includes counties with a population decline, except for Champaign County, which saw a 2.7% increase since April 2010[24]. - The company emphasizes the origination of commercial loans, which generally carry higher risks compared to residential real estate loans[202]. Operational Risks and Challenges - The company may face increased cybersecurity risks if employees are required to work remotely due to health crises, potentially disrupting business operations[213]. - The company’s financial condition may be adversely affected by epidemics or pandemics, impacting general commercial activity and economic conditions[212]. - Management's involvement is crucial for resolving non-performing assets, which can distract from overall operations and income-generating activities[208]. Investment and Funding - The company held $3.4 million in municipal securities, all issued by local governments and school districts within its market area[130]. - The company had $3.1 million in Federal Home Loan Bank of Chicago common stock related to borrowing activities totaling $19.5 million as of June 30, 2023[131]. - At June 30, 2023, the company invested $14.8 million in bank-owned life insurance, which was 16.2% of its Tier 1 capital plus allowance for credit losses[132]. - The company is increasingly dependent on external funding sources, which may affect financial flexibility and profitability if access to these sources is constrained[203].

Financial Performance - Net interest income increased to $17.3 million for the nine months ended March 31, 2023, from $16.6 million for the same period in 2022[172]. - The Company’s net income for the nine months ended March 31, 2023, was $4.1 million, compared to $4.7 million for the same period in 2022[174]. - Net income for the nine months ended March 31, 2023, decreased by $686,000 to $4.1 million, compared to $4.7 million for the same period in 2022[198]. - Interest and dividend income rose by $4.8 million, or 26.0%, to $23.4 million for the nine months ended March 31, 2023, compared to $18.6 million for the same period in 2022[200]. - Noninterest income decreased by $1.4 million, or 31.8%, to $3.0 million for the nine months ended March 31, 2023, from $4.4 million for the same period in 2022[206]. - Noninterest income decreased by $512,000, or 35.2%, to $942,000 for the three months ended March 31, 2023, from $1.5 million for the same period in 2022, primarily due to declines in mortgage banking income and brokerage commissions[218]. Loan and Asset Management - Net loans receivable increased by $59.6 million, or 11.5%, to $578.5 million at March 31, 2023, compared to $518.9 million at June 30, 2022[190]. - Non-performing loans totaled $335,000, or 0.1% of total loans, at March 31, 2023, down from $1.2 million, or 0.2%, at June 30, 2022[173]. - Total loans for the three months ended March 31, 2023, amounted to $581.6 million, generating interest income of $6.69 million with a yield of 4.60%[247]. - Commitments to fund loans totaled $16.7 million as of March 31, 2023, down from $28.0 million at June 30, 2022[237]. Capital and Liquidity - The Association was categorized as "well capitalized" under regulatory capital requirements as of March 31, 2023[174]. - The Company maintains total liquidity sources providing $429.5 million of additional capacity as of March 31, 2023[179]. - The allowance for credit losses was $7.5 million, or 1.29% of total loans at March 31, 2023, compared to $6.6 million, or 1.31% of total loans at March 31, 2022[205]. - The allowance for credit losses increased by $483,000 to $7.5 million at March 31, 2023, from $7.1 million at June 30, 2022[226]. - As of March 31, 2023, the Association had Federal Home Loan Bank advances of $56.5 million and the ability to borrow an additional $92.4 million from the Federal Home Loan Bank of Chicago[238]. - The Association's Community Bank Leverage Ratio was 9.8% as of March 31, 2023, exceeding the minimum requirement of 9.0%[245]. Expense Management - Interest expense increased by $4.1 million, or 215.6%, to $6.1 million for the nine months ended March 31, 2023, from $1.9 million for the same period in 2022[201]. - Noninterest expense remained stable at $14.6 million for both the nine months ended March 31, 2023, and 2022[208]. - Noninterest expense decreased by $202,000, or 4.0%, to $4.8 million for the three months ended March 31, 2023, from $5.0 million for the same period in 2022[219]. Asset Composition - Total assets decreased by $14.6 million, or 1.7%, to $843.0 million at March 31, 2023, from $857.6 million at June 30, 2022[189]. - Investment securities decreased by $13.2 million, or 6.0%, to $207.7 million at March 31, 2023, from $220.9 million at June 30, 2022[191]. - The Association's total assets as of March 31, 2023, were $841.351 million, compared to $778.673 million as of March 31, 2022[248]. - Total interest-earning assets increased by $129 million to $2.195 billion for the three months ended March 31, 2023, compared to the same period in 2022[254]. Interest Rate and Yield Analysis - The net interest income for the three months ended March 31, 2023, was $5.036 million, resulting in a net interest margin of 2.52%[248]. - For the nine months ended March 31, 2023, total interest-earning assets were $779.846 million, yielding interest income of $23.382 million at a yield of 4.00%[251]. - The average interest-bearing liabilities for the nine months ended March 31, 2023, were $688.407 million, with total interest expense of $6.051 million, resulting in a cost of 1.17%[251]. - The interest rate spread for the nine months ended March 31, 2023, was 2.83%[251]. - There were no material changes in interest rate risk as of March 31, 2023, compared to the analysis disclosed in the Company's Form 10-K for the fiscal year ended June 30, 2022[255].

Financial Performance - Net income for the six months ended December 31, 2022, was $3.4 million, compared to $3.6 million for the same period in 2021[166]. - Net income decreased by $300,000 to $1.4 million for the three months ended December 31, 2022, compared to $1.7 million for the same period in 2021[206]. - Noninterest income decreased by $899,000, or 30.1%, to $2.1 million for the six months ended December 31, 2022 from $3.0 million for the same period in 2021[202]. - Noninterest income decreased by $572,000, or 39.7%, to $868,000 for the three months ended December 31, 2022, primarily due to a decrease in gain on sale of loans[214]. - Noninterest expense increased by $217,000, or 2.3%, to $9.8 million for the six months ended December 31, 2022 from $9.6 million for the same period in 2021[204]. - Noninterest expense increased by $60,000, or 1.2%, to $4.9 million for the three months ended December 31, 2022, with equipment and advertising expenses being the largest contributors[215]. Asset and Liability Management - Total assets decreased by $33.8 million, or 3.9%, to $823.7 million at December 31, 2022, from $857.6 million at June 30, 2022[185]. - Total assets as of December 31, 2022, were $816.50 million, an increase from $773.80 million as of December 31, 2021[245]. - Net loans receivable increased by $42.3 million, or 8.2%, to $561.3 million at December 31, 2022 from $518.9 million at June 30, 2022[186]. - Investment securities decreased by $12.8 million, or 5.8%, to $208.1 million at December 31, 2022 from $220.9 million at June 30, 2022[187]. - Deposits decreased by $84.7 million, or 11.3%, to $667.3 million at December 31, 2022 from $752.0 million at June 30, 2022[190]. - The total interest-bearing liabilities increased to $689.40 million for the three months ended December 31, 2022, compared to $628.94 million in 2021[245]. Income and Expense Analysis - Net interest income increased to $12.3 million for the six months ended December 31, 2022, compared to $11.3 million for the same period in 2021[164]. - Net interest income for the three months ended December 31, 2022, was $6.045 million, up from $5.679 million in 2021[245]. - Interest and dividend income increased by $2.6 million, or 20.9%, to $15.2 million for the six months ended December 31, 2022 from $12.6 million for the same period in 2021[196]. - Interest and dividend income rose by $1.8 million, or 28.5%, to $8.1 million for the three months ended December 31, 2022, primarily due to a $1.5 million increase in interest income on loans[208]. - Interest expense surged by $1.4 million, or 228.7%, to $2.1 million for the three months ended December 31, 2022, due to an 80 basis point increase in the average cost of interest-bearing liabilities[209]. Credit Quality and Risk Management - Non-performing loans totaled $251,000, or 0.1% of total loans, at December 31, 2022, down from $1.2 million, or 0.2%, at June 30, 2022[165]. - The total non-performing loans to total loans ratio was 0.04% at December 31, 2022, down from 0.22% at June 30, 2022[202]. - The allowance for credit losses was $7.2 million, or 1.26% of total loans, at December 31, 2022[201]. - The provision for credit losses totaled $101,000 for the three months ended December 31, 2022, compared to a credit for credit losses of $(76,000) for the same period in 2021[213]. - The allowance for credit losses increased by $114,000 to $7.2 million at December 31, 2022, reflecting an increase in the loan portfolio[223]. - The Company continues to monitor market risks and assess its earnings at risk and value at risk on a quarterly basis[252]. Capital and Liquidity - As of December 31, 2022, the Association was categorized as "well capitalized" under regulatory capital requirements[166]. - The Community Bank Leverage Ratio was 9.9% as of December 31, 2022, slightly up from 9.8% in June 2022, exceeding the minimum requirement of 9.0%[242]. - The liquidity ratio averaged 30.2% of total assets for the three months ended December 31, 2022, indicating sufficient liquidity to meet financial obligations[227]. - The Company maintains access to multiple sources of liquidity, although elevated funding costs could adversely affect the net interest margin[171]. Shareholder Activity - The Company repurchased 1,674,479 shares of common stock under stock repurchase plans as of December 31, 2022[159].

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______________ to _______________ Commission File No. 001-35226 IF Bancorp, Inc. (Exact name of registrant as specified in its charter) Maryland 45-1834449 (Sta ...

Financial Position - As of June 30, 2022, IF Bancorp had consolidated assets of $857.6 million, consolidated deposits of $752.0 million, and consolidated equity of $71.7 million[18]. - The company ranked second in Iroquois County with a 20.96% deposit market share and first in Vermilion County with a 25.56% deposit market share as of June 30, 2021[30]. - Total deposits increased to $660.748 million as of June 30, 2022, up from $608.268 million in 2021, representing an increase of 8.5%[143]. - Iroquois Federal's capital exceeded all applicable regulatory requirements as of June 30, 2022[165]. - As of June 30, 2022, Iroquois Federal was classified as "well-capitalized" with a total risk-based capital ratio of 10.0% or greater[181]. Loan Portfolio Composition - The loan portfolio composition as of June 30, 2022, included one- to four-family loans at $132.5 million (25.20%), multi-family loans at $88.2 million (16.78%), and commercial loans at $167.4 million (31.84%)[37]. - As of June 30, 2022, the total loan portfolio included $132.5 million in one- to four-family residential mortgage loans, representing 25.2% of the total[43]. - Commercial real estate loans comprised $167.4 million, or 31.8% of the total loan portfolio, while multi-family real estate loans accounted for $88.2 million, or 16.8%[54]. - At June 30, 2022, commercial business loans outstanding were $80.4 million, representing 15.3% of the total loan portfolio[64]. - Construction loans made up $41.3 million, or 7.9% of the total loan portfolio, as of June 30, 2022[68]. Loan Performance and Risk - The total non-performing loans amounted to $1.174 million, a significant increase from $152,000 in 2021[84]. - The total delinquent loans increased to $1.339 million at June 30, 2022, up from $204,000 at June 30, 2021, primarily due to two purchased loans that received COVID-19 modifications[93]. - At June 30, 2022, troubled debt restructurings were approximately $998,000, down from $1.3 million in 2021[88]. - Non-performing assets totaled $1.294 million at June 30, 2022, compared to $411,000 in 2021[84]. - The ratio of non-performing loans to total loans was 0.22% at June 30, 2022, compared to 0.03% in 2021[85]. Allowance for Loan Losses - The allowance for loan losses increased by $453,000 to $7.1 million at June 30, 2022, compared to $6.6 million at June 30, 2021, due to loan growth and changes in the loan portfolio mix[113]. - The allowance for loan losses methodology includes specific allowances for impaired loans and a general allowance based on estimated credit losses inherent in the loan portfolio[104]. - The allowance for loan losses represented 1.34% of total loans at June 30, 2022, up from 1.27% at June 30, 2021[125]. - The allowance for loan losses to non-performing loans at the end of the period was 600.68% at June 30, 2022, compared to 4341.45% at June 30, 2021[124]. - The company's net charge-offs for the entire portfolio total was 0.04% as of June 30, 2022, down from 0.06% in 2021[116]. Economic and Market Conditions - The unemployment rate in Iroquois County decreased from 4.7% to 3.9%, and in Vermilion County from 7.2% to 5.5% over the past year[26]. - Future growth opportunities will be influenced by economic and demographic characteristics of the primary market area, particularly in Champaign County, which has experienced population growth[26]. - The economic impact of the COVID-19 pandemic has caused significant disruptions, affecting the company's financial condition and operations[203]. - The Federal Reserve Board's target federal funds rate was 1.50% to 1.75% at June 30, 2022, which may impact net interest margin and income[210]. - The company may face challenges in maintaining sufficient funding sources to support future growth, relying on FHLB advances and brokered certificates of deposit[211]. Regulatory Environment - Iroquois Federal received a "satisfactory" rating under the Community Reinvestment Act in its most recent federal examination[171]. - The FDIC insures deposits at Iroquois Federal up to a maximum of $250,000 per depositor[182]. - The OCC has the authority to take enforcement actions against Iroquois Federal for non-compliance with safety and soundness standards[176]. - Federal regulations permit Iroquois Federal to establish branches in any state, subject to OCC approval[179]. - The Dodd-Frank Act requires savings and loan holding companies to act as a source of strength for their subsidiaries, impacting capital management strategies[198].

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-35226 IF Bancorp, Inc. (Exact name of registrant as specified in its charter) Maryland 45-1834449 (State or other jurisdiction of incorpor ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______________ to _______________ Commission File No. 001-35226 201 East Cherry Street, Watseka, Illinois 60970 (Address of Principal Executive Offices) Zip Code ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-35226 IF Bancorp, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 201 East Ch ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35226 IF BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 45-1834449 (State or other jurisdiction of ...