IF Bancorp(IROQ) - 2026 Q2 - Quarterly Results

Financial Performance - For the three months ended December 31, 2025, net income was $1.3 million, or $0.41 per share, compared to $1.2 million, or $0.38 per share for the same period in 2024, representing a 8.3% increase in net income year-over-year [2] - Net interest income for the three months ended December 31, 2025, was $6.0 million, up from $5.0 million in the same period of 2024, reflecting a 20% increase [3] - Noninterest income increased to $1.4 million for the three months ended December 31, 2025, compared to $1.3 million for the same period in 2024, a growth of 7.7% [3] - Noninterest expense rose to $5.5 million for the three months ended December 31, 2025, from $5.0 million in the same period of 2024, primarily due to increased professional services related to the merger [3] - The return on average assets improved to 0.64% for the six months ended December 31, 2025, compared to 0.49% for the year ended June 30, 2025 [11] Asset and Deposit Changes - Total assets decreased to $830.4 million at December 31, 2025, down from $887.7 million at June 30, 2025, a decline of approximately 6.4% [5] - Deposits decreased to $649.6 million at December 31, 2025, from $721.3 million at June 30, 2025, a reduction of about 9.9% due to the withdrawal of $59.3 million in deposits from a public entity [5] Credit Quality - The provision for credit losses was $34,000 for the three months ended December 31, 2025, compared to a credit of $450,000 for the same period in 2024, indicating a significant improvement in asset quality [3] Merger Announcement - The company announced a pending merger with ServBanc Holdco, Inc., valued at approximately $89.8 million, expected to close in the first quarter of 2026 [6] Stockholders' Equity - Stockholders' equity increased to $87.4 million at December 31, 2025, from $81.8 million at June 30, 2025, an increase of approximately 6.9% [5]