IF Bancorp, the holding company for Iroquois Federal Savings and Loan Association, announced net income of $3.3 million, or $0.83 per basic and diluted share for the fiscal year ended June 30, 2015.
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This compares to $3.5 million, or $0.84 per basic and diluted share for the fiscal year ended June 30, 2014 and net income of $790,000, or $0.20 per basic and diluted share for the three months ended June 30, 2015, compared to $1.0 million, or $0.25 per basic and diluted share for the three months ended June 30, 2014.
For the year ended June 30, 2015, net interest income was $15.7 million compared to $15.8 million for the year ended June 30, 2014. The provision for loan losses decreased to $460,000 for the year ended June 30, 2015, from $502,000 for the year ended June 30, 2014.
Interest income decreased slightly to $18.9 million for the year ended June 30, 2015, from $19.0 million for the year ended June 30, 2014. Interest expense increased to $3.2 million for the year ended June 30, 2015, from $3.1 million for the year ended June 30, 2014.
Non-interest income increased to $3.3 million for the year ended June 30, 2015, from $3.1 million for the year ended June 30, 2014. Non-interest expense increased to $13.4 million for the year ended June 30, 2015, from $13.0 million for the year ended June 30, 2014. For the year ended June 30, 2015, income tax expense totaled $1.8 million compared to $1.9 million for the year ended June 30, 2014.
Total assets at June 30, 2015 were $563.7 million compared to $551.3 at June 30, 2014. Cash and cash equivalents increased to $13.2 million at June 30, 2015, from $12.7 million at June 30, 2014.
Investment securities decreased to $170.6 million at June 30, 2015, from $184.6 million at June 30, 2014. Net loans receivable increased to $356.2 million at June 30, 2015, from $329.9 million at June 30, 2014. Deposits increased to $415.5 million at June 30, 2015, from $404.6 million at June 30, 2014.
Total borrowings, including repurchase agreements, increased to $62.0 million at June 30, 2015 from $59.1 million at June 30, 2014. Stockholders’ equity decreased to $80.4 million at June 30, 2015 from $82.1 million at June 30, 2014.
This decrease was due to the repurchase of 298,383 shares of common stock at an aggregate cost of approximately $5.0 million, partially offset by net income of $3.3 million. ■