Wed, Sep 11, 6:03 PM (101 days ago)
For the fiscal year ending June 30, 2024, IF Bancorp, Inc. reported total assets of $887.7 million, up from $849.0 million in 2023, driven by an increase in net loans, which rose by $51.8 million to $639.3 million. However, net income fell sharply to $1.8 million from $4.7 million in 2023, primarily due to a significant decrease in net interest income, which dropped to $17.7 million from $22.0 million, alongside an increase in interest expenses from $10.1 million to $23.3 million. The interest rate spread narrowed to 1.78% from 2.62%. The allowance for credit losses increased to $7.5 million, representing 1.16% of total loans. Non-performing assets rose to $173,000, maintaining a low ratio of 0.02% of total assets. The company remains well-capitalized, exceeding regulatory requirements with a Community Bank Leverage Ratio of 9.23%. Looking forward, the company faces risks from rising interest rates and economic conditions affecting credit quality, particularly in commercial real estate and multi-family loans, which account for significant portions of their portfolio.