XML 37 R27.htm IDEA: XBRL DOCUMENT v3.21.2

Loans and Allowance for Loan Losses (Tables)

3 Months Ended

Sep. 30, 2021

Categories of Loans

Classes of loans include:		September 30, 2021				June 30, 2021
Real estate loans:
One- to four-family, including home equity loans		$	117,854			$	117,435
Multi-family			97,211				104,433
Commercial			163,859				155,884
Home equity lines of credit			6,274				6,688
Construction			31,209				25,345
Commercial			88,962				103,088
Consumer			7,615				7,653
Total loans			512,984				520,526
Less:
Unearned fees and discounts, net			231				556
Allowance for loan losses			6,470				6,599
Loans, net		$	506,283			$	513,371

Allowance for Loan Losses and Recorded Investment in Loans Based on Portfolio Segment and Impairment Method

The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of the three-month periods ended September 30, 2021 and 2020 and the year ended June 30, 2021:

		Three Months Ended September 30, 2021 Real Estate Loans
		One- to Four- Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for loan losses:
Balance, beginning of period		$	967			$	1,674			$	1,831			$	67
Provision charged to expense			6				(112	)			85				(4	)
Losses charged off			—				—				—				—
Recoveries			1				—				—				—
Balance, end of period		$	974			$	1,562			$	1,916			$	63
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	974			$	1,562			$	1,916			$	63
Loans:
Ending balance		$	117,854			$	97,211			$	163,859			$	6,274
Ending balance: individually evaluated for impairment		$	1,086			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	116,768			$	97,211			$	163,859			$	6,274

		Three Months Ended September 30, 2021 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for loan losses:
Balance, beginning of period		$	258			$	1,740			$	62			$	6,599
Provision charged to expense			63				(174	)			9				(127	)
Losses charged off			—				—				(10	)			(10	)
Recoveries			—				5				2				8
Balance, end of period		$	321			$	1,571			$	63			$	6,470
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	321			$	1,571			$	63			$	6,470
Loans:
Ending balance		$	31,209			$	88,962			$	7,615			$	512,984
Ending balance: individually evaluated for impairment		$	—			$	43			$	—			$	1,129
Ending balance: collectively evaluated for impairment		$	31,209			$	88,919			$	7,615			$	511,855

		Year Ended June 30, 2021 Real Estate Loans
		One- to Four- Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for loan losses:
Balance, beginning of year		$	1,044			$	1,514			$	1,706			$	87
Provision charged to expense			(64	)			160				125				(20	)
Losses charged off			(15	)			—				—				—
Recoveries			2				—				—				—
Balance, end of year		$	967			$	1,674			$	1,831			$	67
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	967			$	1,674			$	1,831			$	67
Loans:
Ending balance		$	117,435			$	104,433			$	155,884			$	6,688
Ending balance: individually evaluated for impairment		$	1,252			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	116,183			$	104,433			$	155,884			$	6,688

		Year Ended June 30, 2021 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for loan losses:
Balance, beginning of year		$	240			$	1,583			$	60			$	6,234
Provision charged to expense			18				611				14				844
Losses charged off			—				(473	)			(25	)			(513	)
Recoveries			—				19				13				34
Balance, end of year		$	258			$	1,740			$	62			$	6,599
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	258			$	1,740			$	62			$	6,599
Loans:
Ending balance		$	25,345			$	103,088			$	7,653			$	520,526
Ending balance: individually evaluated for impairment		$	—			$	46			$	—			$	1,298
Ending balance: collectively evaluated for impairment		$	25,345			$	103,042			$	7,653			$	519,228

		Three Months Ended September 30, 2020 Real Estate Loans
		One- to Four- Family				Multi-Family				Commercial				Home Equity Lines of Credit
Allowance for loan losses:
Balance, beginning of year		$	1,044			$	1,514			$	1,706			$	87
Provision charged to expense			4				227				168				(5	)
Losses charged off			(15	)			—				—				—
Recoveries			—				—				—				—
Balance, end of year		$	1,033			$	1,741			$	1,874			$	82
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	1,033			$	1,741			$	1,874			$	82
Loans:		$	125,574			$	106,886			$	157,096			$	8,147
Ending balance		$	1,277			$	—			$	—			$	—
Ending balance: individually evaluated for impairment		$	124,297			$	106,886			$	157,096			$	8,147

		Three Months Ended September 30, 2020 (Continued)
		Construction				Commercial				Consumer				Total
Allowance for loan losses:
Balance, beginning of year		$	240			$	1,583			$	60			$	6,234
Provision charged to expense			(155	)			61				15				315
Losses charged off			—				(29	)			(13	)			(57	)
Recoveries			—				9				5				14
Balance, end of year		$	85			$	1,624			$	67			$	6,506
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—
Ending balance: collectively evaluated for impairment		$	85			$	1,624			$	67			$	6,506
Loans:
Ending balance		$	10,050			$	109,182			$	8,098			$	525,033
Ending balance: individually evaluated for impairment		$	—			$	55			$	4			$	1,336
Ending balance: collectively evaluated for impairment		$	10,050			$	109,127			$	8,094			$	523,697

Credit Risk Profile of Association's Loan Portfolio Based on Rating Category and Payment Activity

The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity:

		Real Estate Loans
		One- to Four- Family				Multi-Family				Commercial				Home Equity Lines of Credit				Construction				Commercial				Consumer				Total
September 30, 2021 :
Pass		$	116,337			$	96,950			$	162,821			$	6,274			$	31,209			$	83,868			$	7,615			$	505,074
Watch			1,124				—				943				—				—				5,051				—				7,118
Substandard			393				261				95				—				—				43				—				792
Doubtful			—				—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—				—
Total		$	117,854			$	97,211			$	163,859			$	6,274			$	31,209			$	88,962			$	7,615			$	512,984

		Real Estate Loans
		One- to Four- Family				Multi-Family				Commercial				Home Equity Lines of Credit				Construction				Commercial				Consumer				Total
June 30, 2021:
Pass		$	116,980			$	104,170			$	154,833			$	6,688			$	25,345			$	97,078			$	7,652			$	512,946
Watch			—				—				954				—				—				5,964				1				6,919
Substandard			455				263				97				—				—				46				—				861
Doubtful			—				—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—				—
Total		$	117,435			$	104,433			$	155,884			$	6,688			$	25,345			$	103,088			$	7,653			$	520,526

Association's Loan Portfolio Aging Analysis

The following tables present the Company’s loan portfolio aging analysis:

		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days				Total Past Due				Current				Total Loans Receivable				Total Loans > 90 Days & Accruing
September 30, 2021:
Real estate loans:
One- to four-family		$	962			$	35			$	34			$	1,031			$	116,823			$	117,854			$	—
Multi-family			—				—				—				—				97,211				97,211				—
Commercial			—				—				—				—				163,859				163,859				—
Home equity lines of credit			—				—				—				—				6,274				6,274				—
Construction			—				—				—				—				31,209				31,209				—
Commercial			9				—				—				9				88,953				88,962				—
Consumer			32				—				—				32				7,583				7,615				—
Total		$	1,003			$	35			$	34			$	1,072			$	511,912			$	512,984			$	—

		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days				Total Past Due				Current				Total Loans Receivable				Total Loans > 90 Days & Accruing
June 30, 2021:
Real estate loans:
One- to four-family		$	320			$	52			$	152			$	524			$	116,911			$	117,435			$	118
Multi-family			—				—				—				—				104,433				104,433				—
Commercial			86				—				—				86				155,798				155,884				—
Home equity lines of credit			55				—				—				55				6,633				6,688				—
Construction			—				—				—				—				25,345				25,345				—
Commercial			9				—				—				9				103,079				103,088				—
Consumer			6				—				—				6				7,647				7,653				—
Total		$	476			$	52			$	152			$	680			$	519,846			$	520,526			$	118

Summary of Impaired Loans

The following tables present impaired loans:

														Three Months Ended September 30, 2021
		Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized				Interest on Cash Basis
September 30, 2021:
Loans without a specific valuation allowance
Real estate loans:
One- to four-family		$	1,086			$	1,086			$	—			$	1,088			$	5			$	4
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			43				43				—				44				1				1
Consumer			—				—				—				—				—				—
Loans with a specific allowance
Real estate loans:
One- to four-family			—				—				—				—				—				—
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Consumer			—				—				—				—				—				—
Total:
Real estate loans:
One- to four-family			1,086				1,086				—				1,088				5				4
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			43				43				—				44				1				1
Consumer			—				—				—				—				—				—
		$	1,129			$	1,129			$	—			$	1,132			$	6			$	5

														Year Ended June 30, 2021
		Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized				Interest on Cash Basis
June 30, 2021:
Loans without a specific valuation allowance
Real estate loans:
One- to four-family		$	1,252			$	1,252			$	—			$	1,271			$	67			$	50
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			46				46				—				265				19				23
Consumer			—				—				—				—				—				—
Loans with a specific allowance
Real estate loans:
One- to four-family		$	—			$	—			$	—			$	—			$	—			$	—
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Consumer			—				—				—				—				—				—
Total:
Real estate loans:
One- to four-family
Multi-family		$	1,252			$	1,252			$	—			$	1,271			$	67			$	50
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Consumer			46				46				—				265				19				23
			—				—				—				—				—				—
		$	1,298			$	1,298			$	—			$	1,536			$	86			$	73

														Three Months Ended September 30, 2020
		Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized				Interest on Cash Basis
September 30, 2020:
Loans without a specific valuation allowance
Real estate loans:
One- to four-family		$	1,277			$	1,277			$	—			$	1,283			$	19			$	17
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			55				55				—				57				—				—
Consumer			4				4				—				5				—				—
Loans with a specific allowance
Real estate loans:
One- to four-family			—				—				—				—				—				—
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Consumer			—				—				—				—				—				—
Total:
Real estate loans:
One- to four-family			1,277				1,277				—				1,283				19				17
Multi-family			—				—				—				—				—				—
Commercial			—				—				—				—				—				—
Home equity line of credit			—				—				—				—				—				—
Construction			—				—				—				—				—				—
Commercial			55				55				—				57				—				—
Consumer			4				4				—				5				—				—
		$	1,336			$	1,336			$	—			$	1,345			$	19			$	17

Loans Modified as Troubled Debt Restructurings

The following table presents the Company’s nonaccrual loans at September 30, 2021 and June 30, 2021:

		September 30, 2021				June 30, 2021
Mortgages on real estate:
One- to four-family		$	34			$	34
Multi-family			—				—
Commercial			—				—
Home equity lines of credit			—				—
Construction loans			—				—
Commercial business loans			—				—
Consumer loans			—				—
Total		$	34			$	34

Nonaccrual 1 [Member]

Nonaccrual Loans

The following table presents the Company’s nonaccrual loans at September 30, 2021 and June 30, 2021:

		September 30, 2021				June 30, 2021
Mortgages on real estate:
One- to four-family		$	34			$	34
Multi-family			—				—
Commercial			—				—
Home equity lines of credit			—				—
Construction loans			—				—
Commercial business loans			—				—
Consumer loans			—				—
Total		$	34			$	34

Nonaccrual 2 [Member]

Nonaccrual Loans

The following table presents the recorded balance, at original cost, of troubled debt restructurings, as of September 30, 2021 and June 30, 2021. All TDRs were performing according to the terms of the restructuring as of September 30, 2021, and with the exception of a single one- to four-family residential loan for $118,000, all were performing according to the terms of restructuring as of June 30, 2021. All loans listed as of September 30, 2021 and June 30, 2021 were accruing.

		September 30, 2021				June 30, 2021
Real estate loans
One- to four-family		$	1,052			$	1,218
Multi-family			—				—
Commercial			—				—
Home equity lines of credit			—				—
Total real estate loans			1,052				1,218
Construction loans			—				—
Commercial business loans			43				46
Consumer loans			—				—
Total		$	1,095			$	1,264

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

+ Details

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of impaired financing receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5212-111524

+ Details

Name:	us-gaap_ImpairedFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI http://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919258-210447

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524

+ Details

Name:	us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis=iroq_NonaccrualOneMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis=iroq_NonaccrualTwoMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: