IF Bancorp, Inc. Announces Financial Results for Quarter Ended September 30, 2024

IF Bancorp, Inc., the holding company for Iroquois Federal Savings and Loan Association, recently disclosed its financial outcomes for the quarter concluding on September 30, 2024. The company reported unaudited net income of $633,000, corresponding to $0.20 per basic and diluted share during this quarter. This marks an improvement from the $466,000 reported income in the same period of the previous year.

Walter H. “Chip” Hasselbring, the President and Chief Executive Officer, commented optimistically on the financial results, noting that despite the Federal Reserve’s gradual reduction in interest rates, the full impact is anticipated to take some time to reflect in the financials. Nevertheless, the company expressed delight in observing enhanced earnings for the quarter. Hasselbring highlighted that the capital ratios and asset quality of the company are robust, further stating the organization’s readiness to progress amidst the competitive banking environment.

Regarding the financial specifics, net interest income for the quarter was $4.8 million, up from $4.6 million in the same quarter of the previous year. Interest income surged to $10.9 million while interest expense rose to $6.1 million. The provision for credit losses was recorded at $382,000, higher than the $222,000 reported in the corresponding quarter last year. Noninterest income for the quarter increased to $1.4 million, with noninterest expenses also rising to $5.0 million. Income tax expense stood at $218,000 for the quarter compared to $175,000 in the prior-year period.

As of September 30, 2024, total assets amounted to $893.4 million, with cash and cash equivalents at $7.8 million, and investment securities at $192.7 million. Net loans receivable increased to $647.1 million, albeit deposits decreased to $677.2 million. Stockholders’ equity rose to $78.8 million, primarily influenced by an increase of $4.8 million in accumulated other comprehensive income (loss), along with net income and activity related to the ESOP and stock equity plan.

IF Bancorp, Inc. acts as the savings and loan holding company for Iroquois Federal Savings and Loan Association, established in 1883 and headquartered in Watseka, Illinois. The association operates from seven full-service banking offices and a loan production office. L.C.I. Service Corporation, a subsidiary of the association, deals with the sale of property and casualty insurance.

The press release advised caution with regard to forward-looking statements, underlining that various factors could lead to actual outcomes differing from anticipated results. These factors encompass economic conditions, interest rates, regulatory changes, and other economic, competitive, and technological factors.

If you have any further queries, you can refer to the full details provided in their official filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read IF Bancorp’s 8K filing here.

IF Bancorp Company Profile

IF Bancorp, Inc operates as the savings and loan holding company for Iroquois Federal Savings and Loan Association that provides a range of banking and financial services to individual and corporate clients. The company offers various deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, individual retirement accounts, and health savings accounts.