IF Bancorp, Inc. Announces Results For Fiscal Year Ended June 30, 2012

IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced net income of $1.4 million, or $.32 per basic and diluted share for the fiscal year ended June 30, 2012, compared to $2.8 million earned by the Association for the fiscal year ended June 30, 2011.

For the year ended June 30, 2012, net interest income was $14.2 million compared to $12.0 million for the year ended June 30, 2011. The provision for loan losses decreased to $1.1 million for the year ended June 30, 2012, from $1.4 million for the year ended June 30, 2011. Interest income increased to $18.0 million for the year ended June 30, 2012, from $16.9 million for the year ended June 30, 2011. Interest expense decreased to $3.8 million for the year ended June 30, 2012, from $5.0 million for the year ended June 30, 2011. Non-interest income decreased to $3.7 million for the year ended June 30, 2012, from $3.8 million for the year ended June 30, 2011. Non-interest expense increased to $14.8 million for the year ended June 30, 2012, from $10.2 million for the year ended June 30, 2011. This increase was primarily due to a contribution to our newly established charitable foundation, Iroquois Federal Foundation, Inc., of 314,755 shares of IF Bancorp, Inc. stock (valued at $3,147,550 at the time of conversion) as well as a cash donation of $450,000 from the Association. For the year ended June 30, 2012, income tax expense totaled $559,000 compared to $1.4 million for the year ended June 30, 2011.

Total assets at June 30, 2012 were $511.3 million compared to $510.8 at June 30, 2011. Cash and cash equivalents decreased to $8.2 million at June 30, 2012, from $60.5 million at June 30, 2011. This large decrease was a result of our mutual-to-stock conversion that closed on July 7, 2011. The stock offering in connection with the conversion was oversubscribed which resulted in $68.9 million in over subscriptions being refunded to subscribers shortly after the closing of the conversion. Investment securities increased to $223.3 million at June 30, 2012, from $190.3 million at June 30, 2011. Net loans receivable increased to $258.9 million at June 30, 2012, from $240.0 million at June 30, 2011. Deposits decreased to $344.5 million at June 30, 2012, from $444.1 million at June 30, 2011. The primary reason for the large decrease in deposits was due to our mutual-to-stock conversion which closed on July 7, 2011, for which we held approximately $113 million in escrow deposit balances at June 30, 2011. Total borrowings increased to $75.0 million at June 30, 2012 from $22.5 million at June 30, 2011. Stockholders’ equity increased to $86.6 million at June 30, 2012 from $39.4 million at June 30, 2011.

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