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IF Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $633,000 from $466,000 in the same quarter the previous year. This increase is attributed to a rise in net interest income and noninterest income.
Net interest income increased to $4.8 million for the quarter, compared to $4.6 million in the previous year, with the increase due to a rise in interest income from loans.
Interest expense for the quarter was $6.1 million, up from $4.7 million in the previous year, primarily due to higher interest rates and increased borrowing.
The company reported a provision for credit losses of $382,000 for the quarter, compared to $222,000 in the previous year.
Noninterest income increased to $1.4 million from $1.1 million, driven by higher customer service fees and other income.
Noninterest expense increased to $5.0 million from $4.8 million, with increases in compensation and benefits, advertising, and professional services.
The company had total assets of $893.4 million as of September 30, 2024, up from $887.7 million at the end of June 2024.
Deposits decreased to $677.2 million from $727.2 million, while Federal Home Loan Bank advances increased to $83.5 million from $33.0 million.
The company maintained a Community Bank Leverage Ratio of 9.5% as of September 30, 2024, exceeding the 9.0% minimum required to be considered well-capitalized.
The filing also details various financial agreements and commitments, including Federal Home Loan Bank advances and lines of credit.
IF Bancorp does not anticipate significant changes in its financial condition or results of operations in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IF Bancorp Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.