Businesswire·2025-10-31 20:15Core Insights - IF Bancorp, Inc. reported unaudited net income of $1.4 million, or $0.43 per share, for the three months ended September 30, 2025, an increase from $633,000, or $0.20 per share, for the same period in 2024 [1][8]. Financial Performance - Net interest income rose to $6.2 million for the three months ended September 30, 2025, compared to $4.8 million for the same period in 2024 [3][8]. - Interest income increased to $11.1 million in Q1 2026 from $10.9 million in Q1 2025, while interest expense decreased to $4.9 million from $6.1 million [3][8]. - A credit to the provision for credit losses of $42,000 was recorded in Q1 2026, contrasting with a provision of $382,000 in Q1 2025 [3][8]. - Noninterest income decreased to $1.1 million in Q1 2026 from $1.4 million in Q1 2025, while noninterest expense increased to $5.5 million from $5.0 million [3][8]. - Income tax expense for Q1 2026 totaled $512,000, up from $218,000 in Q1 2025 [3][8]. Balance Sheet Highlights - Total assets decreased to $862.3 million at September 30, 2025, from $887.7 million at June 30, 2025 [4][9]. - Cash and cash equivalents fell to $8.0 million from $20.1 million, while investment securities increased to $189.8 million from $187.8 million [4][9]. - Net loans receivable decreased to $619.3 million from $633.6 million, and deposits decreased to $680.3 million from $721.3 million, primarily due to a withdrawal of $59.3 million from a public entity [4][9]. - Total stockholders' equity increased to $84.5 million from $81.8 million, driven by a decrease in accumulated other comprehensive loss and net income [4][9]. Performance Ratios - Return on average assets was 0.64% for the three months ended September 30, 2025, compared to 0.49% for the previous year [8]. - Return on average equity improved to 6.69% from 5.52% [8]. - Net interest margin on average interest-earning assets increased to 2.97% from 2.47% [8]. Asset Quality - Non-performing assets rose to $1.1 million at September 30, 2025, from $211,000 at June 30, 2025 [9]. - The allowance for credit losses was $6.5 million, slightly down from $6.6 million [9]. - Non-performing assets to total assets ratio increased to 0.12% from 0.02% [9].