IF Bancorp, Inc. Reports Net Income of $597,000 for Q2 2023
Revenue Increases to $8,690,000 in the Second Quarter
IF Bancorp, Inc. (IROQ), a financial institution , has released its unaudited financial results for the second quarter ended June 30, 2023. The company reported a net income of $597,000 for the quarter, marking a decrease from $1,035,000 in the same period last year. However, the revenue for the second quarter of 2023 increased to $8,690,000, compared to $6,232,000 in Q2 2022.
Net Income Declines in Q2 2023
Quarter Ended June 30, 2023
In the second quarter of 2023, IF Bancorp, Inc. reported a net income of $597,000, down from $1,035,000 in the same period in 2022. This decrease in net income reflects the challenging economic environment faced by financial institutions in recent times.
Revenue Sees Growth in Q2
Quarter Ended June 30, 2023
While net income declined, IF Bancorp, Inc. saw a significant increase in its revenue for the second quarter of 2023. Revenue reached $8,690,000, compared to $6,232,000 in the same quarter of the previous year. This growth in revenue indicates that the company was able to generate more income from its core operations during this period.
Year-End Financial Overview
Year Ended June 30, 2023
For the year ended June 30, 2023, IF Bancorp, Inc. reported a net income of $4,660,000, a decrease from $5,784,000 in the previous fiscal year. This decline in net income over the year reflects the ongoing challenges faced by the company in the financial sector.
Year Ended June 30, 2023
Despite the decline in net income, the company's revenue for the year ended June 30, 2023, was $32,072,000, compared to $24,792,000 in the previous fiscal year. This increase in revenue indicates that IF Bancorp, Inc. was successful in growing its core business operations.
Earnings per Share
For the second quarter of 2023, IF Bancorp, Inc. reported earnings per share of $0.18 (basic) and $0.19 (diluted). For the year ended June 30, 2023, earnings per share were $1.50 (basic) and $1.46 (diluted). These figures reflect the company's profitability on a per-share basis.
Balance Sheet and Equity
As of June 30, 2023, IF Bancorp, Inc. reported total assets of $848,976, a slight decrease from $857,558 in the previous year. The company's cash and cash equivalents stood at $10,988, down significantly from $75,811 in the prior year.
Additionally, IF Bancorp, Inc. reported total stockholders' equity of $71,753 as of June 30, 2023, compared to $71,658 in the previous year. The book value per share was $21.39, indicating the value of each share based on the company's equity position.
Performance Ratios
Year Ended June 30, 2023
- Return on average assets: 0.56%
- Return on average equity: 6.56%
- Net interest margin on average interest earning assets: 2.80%
Year Ended June 30, 2022 (Comparison)
- Return on average assets: 0.74%
- Return on average equity: 7.07%
- Net interest margin on average interest earning assets: 2.93%
The performance ratios highlight the company's financial performance in terms of asset utilization, profitability, and net interest margin compared to the previous year.
IF Bancorp, Inc. reported a decrease in net income for the second quarter of 2023, but the company experienced revenue growth. The year-end results also indicated a decline in net income but an increase in revenue. The company's performance ratios provide additional insights into its financial health and efficiency.
