IF Bancorp(US:IROQ)2024-11-04 21:19Financial Performance - For the three months ended September 30, 2024, net income was $633,000, or $0.20 per share, compared to $466,000, or $0.15 per basic share for the same period in 2023, representing a 35.8% increase in net income [1][2]. - Net interest income increased to $4.8 million for the three months ended September 30, 2024, from $4.6 million in the same period of 2023, reflecting a growth of 4.3% [2]. - Interest income rose to $10.9 million for the three months ended September 30, 2024, up from $9.3 million in 2023, marking an increase of 17.3% [2][8]. - Noninterest income rose to $1.4 million for the three months ended September 30, 2024, compared to $1.1 million in 2023, an increase of 27.0% [2][8]. - The return on average assets for the three months ended September 30, 2024, was 0.28%, up from 0.20% for the year ended June 30, 2024 [9]. - The net interest margin on average interest-earning assets was 2.27% for the three months ended September 30, 2024, compared to 2.10% for the year ended June 30, 2024 [9]. Assets and Equity - Total assets at September 30, 2024, were $893.4 million, an increase from $887.7 million at June 30, 2024, indicating a growth of 0.8% [3][10]. - Stockholders' equity increased to $78.8 million at September 30, 2024, from $73.9 million at June 30, 2024, representing a growth of 6.6% [3][10]. Deposits and Credit Losses - Deposits decreased significantly to $677.2 million at September 30, 2024, from $727.2 million at June 30, 2024, a decline of 6.9% due to the withdrawal of $62.7 million in deposits from a public entity [3][10]. - The provision for credit losses was $382,000 for the three months ended September 30, 2024, compared to $222,000 for the same period in 2023, reflecting a 72.1% increase [2][8].