IF Bancorp(US:IROQ)2024-08-29 20:19Financial Performance - Net income for the fiscal year ended June 30, 2024, was $1.8 million, a decrease of $2.9 million or 61.6% from $4.7 million in the previous year[3] - Net interest income decreased to $17.7 million for the year ended June 30, 2024, down from $22.0 million for the year ended June 30, 2023[3] - Noninterest income rose to $4.4 million for the year ended June 30, 2024, compared to $4.1 million for the year ended June 30, 2023[3] - Return on average assets decreased to 0.20% for the year ended June 30, 2024, down from 0.56% for the previous year[10] Interest and Loans - Interest income increased to $41.0 million for the year ended June 30, 2024, compared to $32.1 million for the year ended June 30, 2023[3] - Net loans receivable rose to $639.3 million at June 30, 2024, up from $587.5 million at June 30, 2023[4] Assets and Borrowings - Total assets increased to $887.7 million at June 30, 2024, from $849.0 million at June 30, 2023[4] - Total borrowings increased significantly to $76.0 million at June 30, 2024, from $30.3 million at June 30, 2023[4] Credit Losses and Dividends - The allowance for credit losses on loans increased to $7.5 million at June 30, 2024, from $7.1 million at June 30, 2023[5] - The company plans to pay a cash dividend of $0.20 per common share on or about October 18, 2024[5]