IF Bancorp, Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended December 31, 2017
January 31, 2018 at 09:15 pm
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IF Bancorp, Inc. announced unaudited earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported interest and dividend income of $5,670,000 compared to $5,338,000 a year ago. Net interest income was $4,447,000 compared to $4,461,000 a year ago. Income before taxes was $951,000 compared to $1,861,000 a year ago. Net loss was $728,000 or $0.20 per basic and diluted share compared to net income of $1,170,000 or $0.32 per basic and diluted share a year ago.
For the six months, the company reported interest and dividend income of $11,138,000 compared to $10,756,000 a year ago. Net interest income was $8,858,000 compared to $8,972,000 a year ago. Income before taxes was $2,464,000 compared to $3,936,000 a year ago. Net income was $247,000 or $0.07 per basic and diluted share compared to $2,473,000 or $0.66 per diluted share a year ago. Return on average assets was 0.08%. Return on average equity was 0.58%. As at December 31, 2017, the company’s book value per share was $21.18.
IF Bancorp, Inc. operates as a holding company for Iroquois Federal Savings and Loan Association (Iroquois Federal). The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of Iroquois Federal. Iroquois Federal operates as a federally chartered savings association. Its business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in a range of loans. The Company offers a range of deposit accounts, including savings accounts, certificates of deposit, money market accounts, and commercial and personal checking accounts, among others. It also offers alternative delivery channels, including automated teller machines (ATMs), online banking and bill pay, and mobile banking with mobile deposit and bill pay. It conducts its operations in seven full-service banking offices, and a loan production and wealth management office in Missouri.