IF Bancorp, Inc. reported its financial results for the nine months ending March 31, 2025, revealing a net income of $2.9 million, a significant increase from $1.4 million during the same period in 2024. This growth was driven by a 13.8% rise in net interest income, which reached $15.1 million, up from $13.2 million. The increase in net interest income was attributed to a $2.2 million rise in interest and dividend income, despite a $413,000 increase in interest expenses. The company's net interest margin improved to 2.38%, compared to 2.10% in the prior year.
Total assets for IF Bancorp decreased by $8.6 million, or 1.0%, to $879.1 million as of March 31, 2025, primarily due to a $5.9 million decline in investment securities and a $1.1 million decrease in loans receivable. The company’s net loans receivable fell slightly to $638.2 million, reflecting a decrease in construction and consumer loans, while commercial real estate loans saw a $7.6 million increase. Deposits also decreased by $43.2 million, or 5.9%, largely due to significant withdrawals from a public entity that collects real estate taxes.
In terms of operational metrics, IF Bancorp's non-performing loans remained low, totaling $337,000, or less than 0.1% of total loans, as of March 31, 2025. The allowance for credit losses was reported at $7.1 million, down from $7.5 million at the end of June 2024, reflecting management's assessment of the loan portfolio's risk. The company maintained a strong capital position, categorized as "well capitalized" under regulatory standards, with a Community Bank Leverage Ratio of 9.79%.
Looking ahead, IF Bancorp's management expressed confidence in the company's ability to navigate market conditions, emphasizing a commitment to conservative loan underwriting and maintaining liquidity. The company plans to continue focusing on its core banking and mortgage services while exploring opportunities for growth in its commercial real estate portfolio. The outlook remains cautiously optimistic, with management monitoring economic conditions and adjusting strategies as necessary to ensure sustained performance.
About IF Bancorp, Inc.
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