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IF Bancorp, Inc. Announces Results for First Quarter of Fiscal Year 2025 (Unaudited)

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IF Bancorp (NASDAQ: IROQ) reported unaudited net income of $633,000 ($0.20 per share) for Q1 FY2025, up from $466,000 ($0.15 per share) in Q1 FY2024. Net interest income increased to $4.8 million from $4.6 million year-over-year. Interest income rose to $10.9 million from $9.3 million, while interest expense increased to $6.1 million from $4.7 million. Total assets reached $893.4 million, with net loans receivable at $647.1 million. Deposits decreased to $677.2 million, largely due to a $62.7 million withdrawal from a public entity. Stockholders' equity improved to $78.8 million from $73.9 million.

IF Bancorp (NASDAQ: IROQ) ha riportato un utile netto non verificato di $633.000 ($0,20 per azione) per il primo trimestre dell'anno fiscale 2025, in aumento rispetto ai $466.000 ($0,15 per azione) nel primo trimestre dell'anno fiscale 2024. Il reddito da interessi è aumentato a $4,8 milioni rispetto ai $4,6 milioni dell'anno precedente. Il reddito da interessi è salito a $10,9 milioni da $9,3 milioni, mentre le spese per interessi sono aumentate a $6,1 milioni da $4,7 milioni. Gli attivi totali hanno raggiunto $893,4 milioni, con prestiti netti a $647,1 milioni. I depositi sono diminuiti a $677,2 milioni, principalmente a causa di un prelievo di $62,7 milioni da parte di un ente pubblico. Il capitale degli azionisti è migliorato a $78,8 milioni rispetto ai $73,9 milioni.

IF Bancorp (NASDAQ: IROQ) reportó un ingreso neto no auditado de $633,000 ($0.20 por acción) para el primer trimestre del año fiscal 2025, un incremento respecto a $466,000 ($0.15 por acción) en el primer trimestre del año fiscal 2024. Los ingresos por intereses aumentaron a $4.8 millones desde $4.6 millones en comparación interanual. Los ingresos por intereses subieron a $10.9 millones desde $9.3 millones, mientras que los gastos por intereses se incrementaron a $6.1 millones desde $4.7 millones. Los activos totales alcanzaron $893.4 millones, con préstamos netos a $647.1 millones. Los depósitos disminuyeron a $677.2 millones, en gran parte debido a un retiro de $62.7 millones de una entidad pública. El patrimonio de los accionistas mejoró a $78.8 millones desde $73.9 millones.

IF Bancorp (NASDAQ: IROQ)는 2025 회계연도 1분기에 대해 감사받지 않은 순이익 $633,000 ($0.20 주당)을 보고했으며, 이는 2024 회계연도 1분기의 $466,000 ($0.15 주당)에서 증가한 수치입니다. 순이자 수익은 지난해 $4.6백만에서 $4.8백만으로 증가하였습니다. 이자 수익은 $10.9백만에서 $9.3백만으로 증가하였고, 이자 비용도 $4.7백만에서 $6.1백만으로 증가하였습니다. 총 자산은 $893.4백만에 도달하였으며, 순 대출금은 $647.1백만입니다. 예금은 $677.2백만으로 감소하였으며, 이는 주 공공기관에서의 $62.7백만 인출 때문입니다. 주주 자본은 $73.9백만에서 $78.8백만으로 개선되었습니다.

IF Bancorp (NASDAQ: IROQ) a déclaré un revenu net non vérifié de $633,000 ($0,20 par action) pour le premier trimestre de l'exercice 2025, en hausse par rapport à $466,000 ($0,15 par action) au premier trimestre de l'exercice 2024. Les revenus d'intérêts ont augmenté à $4,8 millions contre $4,6 millions d'une année sur l'autre. Les revenus d'intérêts ont augmenté à $10,9 millions contre $9,3 millions, tandis que les charges d'intérêts ont été de $6,1 millions en hausse par rapport à $4,7 millions. Les actifs totaux ont atteint $893,4 millions, avec des prêts nets s'élevant à $647,1 millions. Les dépôts ont diminué à $677,2 millions, principalement en raison d'un retrait de $62,7 millions d'une entité publique. Les capitaux propres des actionnaires ont augmenté à $78,8 millions contre $73,9 millions.

IF Bancorp (NASDAQ: IROQ) berichtete einen unverifizierten Nettogewinn von $633.000 ($0,20 pro Aktie) für das erste Quartal des Geschäftsjahres 2025, ein Anstieg von $466.000 ($0,15 pro Aktie) im ersten Quartal des Geschäftsjahres 2024. Das Nettozins-Ergebnis stieg auf $4,8 Millionen von $4,6 Millionen im Jahresvergleich. Die Zinserträge stiegen auf $10,9 Millionen von $9,3 Millionen, während die Zinsaufwendungen auf $6,1 Millionen von $4,7 Millionen anstiegen. Die Gesamtaktiva erreichten $893,4 Millionen, wobei die Nettokredite bei $647,1 Millionen lagen. Die Einlagen gingen auf $677,2 Millionen zurück, hauptsächlich aufgrund einer Abhebung von $62,7 Millionen durch eine öffentliche Stelle. Das Eigenkapital der Aktionäre verbesserte sich auf $78,8 Millionen von $73,9 Millionen.

Positive
  • Net income increased 35.8% YoY to $633,000
  • Net interest income grew to $4.8 million from $4.6 million YoY
  • Interest income rose by 17.2% to $10.9 million
  • Net loans receivable increased to $647.1 million from $639.3 million
  • Stockholders' equity improved to $78.8 million from $73.9 million
Negative
  • Interest expense increased 29.8% to $6.1 million
  • Provision for credit losses increased to $382,000 from $222,000
  • Deposits decreased significantly from $727.2M to $677.2M
  • Noninterest expense increased to $5.0 million from $4.8 million

Insights

The Q1 FY2025 results show modest improvement with net income increasing 35.8% to $633,000 ($0.20 EPS) from $466,000 YoY. Net interest income grew slightly to $4.8M, while interest income rose to $10.9M. However, higher interest expenses of $6.1M and increased provisions for credit losses of $382,000 partially offset these gains.

The balance sheet shows mixed signals with total assets marginally increasing to $893.4M. The significant deposit outflow of $62.7M from a public entity was compensated by increased borrowings, rising to $126.6M. The improvement in stockholders' equity to $78.8M, primarily driven by reduced unrealized losses in available-for-sale securities, indicates strengthening financial position despite challenging interest rate conditions.

WATSEKA, Ill.--(BUSINESS WIRE)-- IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $633,000, or $0.20 per basic and diluted share, for the three months ended September 30, 2024, compared to $466,000, or $0.15 per basic share and $0.14 per diluted share, for the three months ended September 30, 2023.

Walter H. “Chip” Hasselbring, President and Chief Executive Officer, commented, “While the Federal Reserve has recently begun the process of easing the interest rate environment, it will be a while until the full effects of lower interest rates are felt in our financial results. That being said, we were pleased to see earnings improvement in our quarterly results. Our capital ratios and asset quality remain strong. We look forward to moving the Association forward in this competitive banking environment.”

For the three months ended September 30, 2024, net interest income was $4.8 million compared to $4.6 million for the three months ended September 30, 2023. Interest income increased to $10.9 million for the three months ended September 30, 2024, from $9.3 million for the three months ended September 30, 2023. Interest expense increased to $6.1 million for the three months ended September 30, 2024, from $4.7 million for the three months ended September 30, 2023. We recorded a provision for credit losses of $382,000 in the three months ended September 30, 2024, compared to a provision for credit losses of $222,000 in the three months ended September 30, 2023. Noninterest income increased to $1.4 million for the three months ended September 30, 2024, from $1.1 million for the three months ended September 30, 2023. Noninterest expense increased to $5.0 million for the three months ended September 30, 2024, from $4.8 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, income tax expense totaled $218,000 compared to $175,000 for the three months ended September 30, 2023.

Total assets at September 30, 2024 were $893.4 million compared to $887.7 million at June 30, 2024. Cash and cash equivalents decreased to $7.8 million at September 30, 2024, from $9.6 million at June 30, 2024. Investment securities increased to $192.7 million at September 30, 2024, from $190.5 million at June 30, 2024. Net loans receivable increased to $647.1 million at September 30, 2024, from $639.3 million at June 30, 2024. Deposits decreased to $677.2 million at September 30, 2024, from $727.2 million at June 30, 2024. The large decrease in deposits was due to approximately $62.7 million in deposits from a public entity that collects real estate taxes that were withdrawn during the three months ended September 30, 2024, when tax monies were distributed. Total borrowings, including repurchase agreements, increased to $126.6 million at September 30, 2024 from $76.0 million at June 30, 2024. Stockholders’ equity increased to $78.8 million at September 30, 2024 from $73.9 million at June 30, 2024. Equity increased primarily due to an increase of $4.8 million in accumulated other comprehensive income (loss), net of tax, net income of $633,000, and ESOP and stock equity plan activity of $134,000, partially offset by the accrual of approximately $670,000 in dividends to our stockholders. The increase in accumulated other comprehensive income (loss) was primarily due to a decrease in unrealized depreciation on available-for-sale securities, net of tax.

IF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan Association. The Association, originally chartered in 1883 and headquartered in Watseka, Illinois, conducts its operations from seven full-service banking offices located in Watseka, Danville, Clifton, Hoopeston, Savoy, Champaign and Bourbonnais, Illinois and a loan production office in Osage Beach, Missouri. The principal activity of the Association’s wholly owned subsidiary, L.C.I. Service Corporation, is the sale of property and casualty insurance.

This press release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend" and "potential." For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions, including as a result of pandemics; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in forward-looking statements.

Selected Income Statement Data

(Dollars in thousands, except per share data)

 

 

For the Three Months Ended
September 30,

 

 

2024

 

2023

 

(unaudited)

Interest income

$

10,913

$

9,291

Interest expense

 

6,092

 

4,708

Net interest income

 

4,821

 

4,583

Provision for credit losses

 

382

 

222

Net interest income after provision for credit losses

 

4,439

 

4,361

Noninterest income

 

1,408

 

1,128

Noninterest expense

 

4,996

 

4,848

Income before taxes

 

851

 

641

Income tax expense

 

218

 

175

 

 

 

Net income

$

633

$

466

 

 

 

Earnings per share (1)

Basic

$

0.20

$

0.15

Diluted

 

0.20

 

0.14

Weighted average shares outstanding (1)

 

 

Basic

 

3,220,717

 

3,203,072

Diluted

 

3,220,717

 

3,266,753

 

 

footnotes on following page

 

Performance Ratios

 

 

For the Three Months Ended
September 30, 2024

For the Year Ended
June 30, 2024

 

(unaudited)

 

Return on average assets

0.28%

0.20%

Return on average equity

3.28%

2.54%

Net interest margin on average interest earning assets

2.27%

2.10%

Selected Balance Sheet Data

(Dollars in thousands, except per share data)

 

 

At
September 30, 2024

At
June 30, 2024

 

(unaudited)

 

Assets

$

893,425

 

$

887,745

 

Cash and cash equivalents

 

7,784

 

 

9,571

 

Investment securities

 

192,651

 

 

190,475

 

Net loans receivable

 

647,064

 

 

639,297

 

Deposits

 

677,159

 

 

727,177

 

Federal Home Loan Bank borrowings, repurchase agreements and other borrowings

 

126,587

 

 

76,021

 

Total stockholders’ equity

 

78,765

 

 

73,916

 

Book value per share (2)

 

23.49

 

 

22.04

 

Average stockholders’ equity to average total assets

 

8.68

%

 

7.99

%

Asset Quality

(Dollars in thousands)

 

 

At
September 30, 2024

At
June 30, 2024

 

(unaudited)

 

Non-performing assets (3)

$

201

 

$

173

 

Allowance for credit losses

 

7,472

 

 

7,499

 

Non-performing assets to total assets

 

0.02

%

 

0.02

%

Allowance for credit losses on loans to total loans

 

1.14

%

 

1.16

%

(1)

Shares outstanding do not include ESOP shares not committed for release.

(2)

Total stockholders’ equity divided by shares outstanding of 3,353,026 at both September 30, 2024, and at June 30, 2024.

(3)

Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.

 

Walter H. Hasselbring, III

(815) 432-2476

Source: IF Bancorp, Inc.

FAQ

What was IF Bancorp's (IROQ) earnings per share for Q1 FY2025?

IF Bancorp reported earnings of $0.20 per basic and diluted share for Q1 FY2025.

How much did IF Bancorp's (IROQ) deposits decrease in Q1 FY2025?

Deposits decreased by $50 million to $677.2 million, primarily due to a $62.7 million withdrawal from a public entity's tax distribution.

What was IF Bancorp's (IROQ) net interest income for Q1 FY2025?

IF Bancorp's net interest income was $4.8 million for Q1 FY2025, compared to $4.6 million in the same period last year.

How much did IF Bancorp's (IROQ) total assets change as of September 30, 2024?

Total assets increased to $893.4 million as of September 30, 2024, compared to $887.7 million at June 30, 2024.

IF Bancorp, Inc.

NASDAQ:IROQ

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Banks - Regional
Savings Institution, Federally Chartered
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United States of America
WATSEKA