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IF Bancorp Inc. (IROQ-1.73%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net income increase to $1.9 million from $651,000 in the same period the previous year. This increase is attributed to higher net interest income and noninterest income.
Net interest income rose to $9.8 million, a 9.7% increase from the previous year, primarily due to a rise in interest and dividend income.
Interest and dividend income increased by $2.4 million, driven by higher interest income on loans, while interest expense also rose by $1.5 million.
Noninterest income grew by 30.4% to $2.7 million, with gains in mortgage banking income, gain on sale of loans, and brokerage commissions.
Noninterest expense increased by 5.1% to $10.0 million, mainly due to higher compensation and benefits costs.
Total assets decreased slightly to $885.1 million from $887.7 million at the end of June 2024, with a decrease in investment securities and cash, partially offset by an increase in net loans receivable.
Deposits fell by 6.2% to $682.1 million, influenced by a significant withdrawal from a public entity.
The company maintained a well-capitalized status under regulatory capital requirements as of December 31, 2024.
IF Bancorp's allowance for credit losses stood at $7.3 million, reflecting a decrease from $7.5 million at the end of June 2024.
The company reported no significant changes in its internal controls over financial reporting during the quarter.
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 February 12, 2025. To report an error, please email earnings@qz.com.