IF Bancorp(IROQ) - 2026 Q1 - Quarterly Results

Financial Performance - For the three months ended September 30, 2025, net income was $1.4 million, or $0.43 per share, compared to $633,000, or $0.20 per share for the same period in 2024, representing a 120% increase in net income year-over-year [2][9]. - Net interest income increased to $6.2 million for the three months ended September 30, 2025, up from $4.8 million in the same period of 2024, reflecting a 29% growth [4][9]. - Interest income rose to $11.1 million for the three months ended September 30, 2025, compared to $10.9 million for the same period in 2024, while interest expense decreased to $4.9 million from $6.1 million, resulting in a net interest margin of 2.97% [4][10]. - The provision for credit losses recorded a credit of $42,000 in the three months ended September 30, 2025, compared to a provision of $382,000 in the same period of 2024, indicating improved asset quality [4][12]. - The company expects continued improvement in financial performance, driven by the repricing of the loan portfolio and funding mix in the current interest rate environment [3]. Asset and Equity Changes - Total assets decreased to $862.3 million at September 30, 2025, from $887.7 million at June 30, 2025, primarily due to a significant decrease in cash and cash equivalents [5][11]. - Deposits decreased to $680.3 million at September 30, 2025, from $721.3 million at June 30, 2025, largely due to the withdrawal of approximately $59.3 million in deposits from a public entity [5][11]. - Stockholders' equity increased to $84.5 million at September 30, 2025, from $81.8 million at June 30, 2025, driven by a decrease in accumulated other comprehensive loss and net income [5][11]. Non-Performing Assets - Non-performing assets increased to $1.1 million at September 30, 2025, representing 0.12% of total assets, compared to 0.02% at June 30, 2025 [12][12]. Strategic Initiatives - The company announced a strategic alliance with ServBank, aiming to enhance financial results and profitability moving forward [3].