IF Bancorp, Inc. reported a net income of $1.9 million for the six months ended December 31, 2024, a significant increase from $651,000 during the same period in 2023. This growth was driven by a 9.7% rise in net interest income, which reached $9.8 million, and a decrease in provisions for credit losses. Interest and dividend income rose by 12.3% to $21.9 million, primarily due to a $2.6 million increase in interest income from loans. The company's net interest margin improved to 2.32%, up from 2.16% in the prior year, reflecting a favorable shift in the interest rate environment.
In terms of operational metrics, total assets decreased slightly by 0.3% to $885.1 million, primarily due to a $7.6 million decline in investment securities. However, net loans receivable increased by $8.4 million, or 1.3%, driven by growth in commercial real estate and multi-family loans. The company’s total deposits fell by 6.2% to $682.1 million, largely attributed to a significant withdrawal of $62.7 million from a public entity's account. Despite this, the company saw an increase in certificates of deposit, indicating a shift in customer preferences.
The filing also highlighted strategic developments, including an increase in Federal Home Loan Bank advances, which rose to $99 million from $33 million, reflecting the company's efforts to bolster liquidity. The allowance for credit losses decreased to $7.3 million, or 1.12% of total loans, down from $7.9 million, indicating improved asset quality. Non-performing loans remained low at $248,000, or 0.1% of total loans, consistent with the company's conservative underwriting practices.
Looking ahead, IF Bancorp expressed optimism about its financial outlook, citing a strong capital position categorized as "well capitalized" under regulatory standards. The company plans to continue focusing on its core banking and mortgage services while managing its loan portfolio prudently. The management remains vigilant regarding market conditions and potential economic challenges, emphasizing the importance of maintaining adequate liquidity and capital reserves to support future growth.
About IF Bancorp, Inc.
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