IF Bancorp, Inc. Announces Results for First Quarter of Fiscal Year 2025 (Unaudited)
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.
- 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
- 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
The balance sheet shows mixed signals with total assets marginally increasing to
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
Total assets at September 30, 2024 were
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
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
|
||||
|
|
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
|
For the Year Ended
|
|
(unaudited) |
|
Return on average assets |
|
|
Return on average equity |
|
|
Net interest margin on average interest earning assets |
|
|
Selected Balance Sheet Data (Dollars in thousands, except per share data) |
||||||
|
At
|
At
|
||||
|
(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
|
At
|
||||
|
(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104920757/en/
Walter H. Hasselbring, III
(815) 432-2476
Source: IF Bancorp, Inc.
FAQ
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