IF Bancorp, Inc. reported its financial results for the three months ending September 30, 2025, revealing a net income of $1.4 million, a significant increase from $633,000 during the same period in 2024. This growth in profitability was primarily driven by a 28.3% rise in net interest income, which reached $6.2 million, compared to $4.8 million in the prior year. The company's net interest margin improved to 2.97%, up from 2.27%, reflecting a favorable shift in interest rates and a decrease in interest expenses, which fell to $4.9 million from $6.1 million.
Total assets decreased by $25.3 million, or 2.9%, to $862.3 million as of September 30, 2025, down from $887.7 million at the end of June 2025. This decline was largely attributed to a $14.3 million reduction in net loans, which totaled $619.3 million, and a $12.1 million decrease in cash and cash equivalents. The loan portfolio saw a notable decrease in multi-family and commercial real estate loans, while one- to four-family mortgage loans experienced a slight increase. The company’s allowance for credit losses on loans decreased to $6.5 million, or 1.04% of total loans, from $6.6 million at the end of June 2025.
In terms of operational metrics, total deposits fell by $41 million, or 5.7%, to $680.3 million, primarily due to a significant withdrawal of noninterest-bearing demand accounts. The company reported a decrease in demand deposits by $69.2 million, while savings and money market accounts saw an increase. The Federal Home Loan Bank advances rose to $69.1 million, up from $54.1 million, indicating a strategic move to bolster liquidity amid fluctuating deposit levels.
Looking ahead, IF Bancorp announced a planned merger with ServBanc Holdco, Inc., which is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals. The merger agreement stipulates that shareholders will receive approximately $89.8 million, or $27.20 per share, subject to adjustments. This strategic development is anticipated to enhance the company's market position and operational capabilities, aligning with its long-term growth objectives.
About IF Bancorp, Inc.
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