IF Bancorp(US:IROQ)2023-05-10 15:03Financial Performance - Net interest income increased to $17.3 million for the nine months ended March 31, 2023, from $16.6 million for the same period in 2022[172]. - The Company’s net income for the nine months ended March 31, 2023, was $4.1 million, compared to $4.7 million for the same period in 2022[174]. - Net income for the nine months ended March 31, 2023, decreased by $686,000 to $4.1 million, compared to $4.7 million for the same period in 2022[198]. - Interest and dividend income rose by $4.8 million, or 26.0%, to $23.4 million for the nine months ended March 31, 2023, compared to $18.6 million for the same period in 2022[200]. - Noninterest income decreased by $1.4 million, or 31.8%, to $3.0 million for the nine months ended March 31, 2023, from $4.4 million for the same period in 2022[206]. - Noninterest income decreased by $512,000, or 35.2%, to $942,000 for the three months ended March 31, 2023, from $1.5 million for the same period in 2022, primarily due to declines in mortgage banking income and brokerage commissions[218]. Loan and Asset Management - Net loans receivable increased by $59.6 million, or 11.5%, to $578.5 million at March 31, 2023, compared to $518.9 million at June 30, 2022[190]. - Non-performing loans totaled $335,000, or 0.1% of total loans, at March 31, 2023, down from $1.2 million, or 0.2%, at June 30, 2022[173]. - Total loans for the three months ended March 31, 2023, amounted to $581.6 million, generating interest income of $6.69 million with a yield of 4.60%[247]. - Commitments to fund loans totaled $16.7 million as of March 31, 2023, down from $28.0 million at June 30, 2022[237]. Capital and Liquidity - The Association was categorized as "well capitalized" under regulatory capital requirements as of March 31, 2023[174]. - The Company maintains total liquidity sources providing $429.5 million of additional capacity as of March 31, 2023[179]. - The allowance for credit losses was $7.5 million, or 1.29% of total loans at March 31, 2023, compared to $6.6 million, or 1.31% of total loans at March 31, 2022[205]. - The allowance for credit losses increased by $483,000 to $7.5 million at March 31, 2023, from $7.1 million at June 30, 2022[226]. - As of March 31, 2023, the Association had Federal Home Loan Bank advances of $56.5 million and the ability to borrow an additional $92.4 million from the Federal Home Loan Bank of Chicago[238]. - The Association's Community Bank Leverage Ratio was 9.8% as of March 31, 2023, exceeding the minimum requirement of 9.0%[245]. Expense Management - Interest expense increased by $4.1 million, or 215.6%, to $6.1 million for the nine months ended March 31, 2023, from $1.9 million for the same period in 2022[201]. - Noninterest expense remained stable at $14.6 million for both the nine months ended March 31, 2023, and 2022[208]. - Noninterest expense decreased by $202,000, or 4.0%, to $4.8 million for the three months ended March 31, 2023, from $5.0 million for the same period in 2022[219]. Asset Composition - Total assets decreased by $14.6 million, or 1.7%, to $843.0 million at March 31, 2023, from $857.6 million at June 30, 2022[189]. - Investment securities decreased by $13.2 million, or 6.0%, to $207.7 million at March 31, 2023, from $220.9 million at June 30, 2022[191]. - The Association's total assets as of March 31, 2023, were $841.351 million, compared to $778.673 million as of March 31, 2022[248]. - Total interest-earning assets increased by $129 million to $2.195 billion for the three months ended March 31, 2023, compared to the same period in 2022[254]. Interest Rate and Yield Analysis - The net interest income for the three months ended March 31, 2023, was $5.036 million, resulting in a net interest margin of 2.52%[248]. - For the nine months ended March 31, 2023, total interest-earning assets were $779.846 million, yielding interest income of $23.382 million at a yield of 4.00%[251]. - The average interest-bearing liabilities for the nine months ended March 31, 2023, were $688.407 million, with total interest expense of $6.051 million, resulting in a cost of 1.17%[251]. - The interest rate spread for the nine months ended March 31, 2023, was 2.83%[251]. - There were no material changes in interest rate risk as of March 31, 2023, compared to the analysis disclosed in the Company's Form 10-K for the fiscal year ended June 30, 2022[255].