Executive Summary

Q3 2025 EPS was $0.31, down sequentially from $0.38 but up year over year from $0.22, as net interest margin continued to improve while deposit competition remained difficult .
Total revenue (net interest income after provision plus noninterest income) was approximately $6.66M, down slightly from ~$6.72M in Q2 2025 but up from ~$5.85M in Q1 2025; the quarter benefited from a $262K credit for credit losses .
Balance sheet trends: deposits rose modestly to $683.98M, borrowings fell to $104.91M, and book value per share increased to $23.55; non‑performing assets remained low at 0.04% of assets .
No formal guidance was issued; a semiannual cash dividend of $0.20 per share (declared on Feb 12, 2025) underscores capital discipline and shareholder return focus .

What Went Well and What Went Wrong

What Went Well

Net interest margin continued to improve (2.38% for the nine months ended March 31, 2025 vs. 2.32% for the six months and 2.27% for Q1), supporting earnings quality despite competitive funding markets .
CEO emphasized ongoing evaluation of shareholder enhancement opportunities and highlighted book value per share at $23.55, reflecting equity growth amidst operating progress .
Asset quality remained strong with non‑performing assets at just $377K (0.04% of total assets) and allowance coverage of 1.10% of loans, indicating conservative credit posture .

What Went Wrong

Sequential EPS declined to $0.31 from $0.38 as noninterest expense increased and revenue was slightly lower quarter over quarter, tempering momentum from Q2’s stronger print .
Deposit competition remained difficult per management commentary, and elevated funding costs, while down from Q2, continued to constrain spread dynamics .
Loans declined sequentially to $638.19M (from $647.66M in Q2), and non‑performing assets rose modestly vs. June 30, 2024, though still at low absolute levels, warranting monitoring .

Financial Results

Metric	Q1 2025 (Sep 30, 2024)	Q2 2025 (Dec 31, 2024)	Q3 2025 (Mar 31, 2025)
Total Revenue ($USD Millions)	$5.85	$6.72	$6.66
Diluted EPS ($USD)	$0.20	$0.38	$0.31
Net Income ($USD Millions)	$0.633	$1.219	$1.011
Net Interest Margin % (period-to-date)	2.27%	2.32%	2.38%
Interest Expense ($USD Millions)	$6.09	$5.99	$5.42
Noninterest Income ($USD Millions)	$1.41	$1.26	$1.18

Notes: Total Revenue is defined here as net interest income after provision plus noninterest income (consistent with how S&P Global recognizes “Revenue actual” for banks) .

Q3 2025 YoY comparison (three months ended March 31):

Metric	Q3 2024	Q3 2025	YoY Change
Net Income ($USD Millions)	$0.708	$1.011	+42.8%
Diluted EPS ($USD)	$0.22	$0.31	+40.9%
Net Interest Income ($USD Millions)	$4.26	$5.22	+22.7%
Interest Expense ($USD Millions)	$6.54	$5.42	−17.1%

KPIs and Balance Sheet

KPI	Q1 2025 (Sep 30, 2024)	Q2 2025 (Dec 31, 2024)	Q3 2025 (Mar 31, 2025)
Deposits ($USD Millions)	$677.159	$682.126	$683.979
Net Loans Receivable ($USD Millions)	$647.064	$647.664	$638.193
Total Borrowings ($USD Millions)	$126.587	$117.438	$104.909
Total Stockholders’ Equity ($USD Millions)	$78.765	$75.939	$78.940
Book Value per Share ($USD)	$23.49	$22.66	$23.55
Non-Performing Assets to Total Assets (%)	0.02%	0.03%	0.04%
Allowance for Credit Losses to Total Loans (%)	1.14%	1.12%	1.10%

Income composition detail (drivers)

Line Item ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
Net Interest Income	$4.82	$5.02	$5.22
Provision (Credit) for Credit Losses	$(0.382) expense	$(0.450) credit	$(0.262) credit
Net Interest Income After Provision	$4.44	$5.47	$5.49
Noninterest Income	$1.41	$1.26	$1.18
Noninterest Expense	$5.00	$5.04	$5.27

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Qtr	None provided	None provided	Maintained (no formal guidance)
Net Interest Margin	FY/Qtr	None provided	Commentary: “continued to improve”	Qualitative improvement (no ranges)
Operating Expenses	FY/Qtr	None provided	None provided	Maintained (no formal guidance)
Tax Rate	FY/Qtr	None provided	None provided	Maintained
Dividend per Share	Semiannual	$0.20 declared for April 15, 2025	Semiannual dividend policy reiterated	Maintained

Earnings Call Themes & Trends

Note: No earnings call transcript was filed for Q3 2025 based on document search [List: earnings-call-transcript none].

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Funding environment & deposits	“Competitive environment for deposits remains difficult” (Q2); tax‑driven public entity outflows explained (Q1 & Q2)	Competition remained difficult; deposits modestly higher sequentially	Stabilizing sequentially; structural pressure persists
Net interest margin	Recovering (2.27% in Q1; 2.32% for six months in Q2)	Continued improvement (2.38% for nine months)	Improving
Asset quality	NPAs 0.02% (Q1) and 0.03% (Q2)	NPAs 0.04%; ACL-to-loans 1.10%	Still strong; slight uptick
Capital & book value	Book value $23.49 (Q1)	Book value $22.66 (Q2)	Book value $23.55 (Q3); equity up
Strategic posture	“Move the Association forward” (Q1)	Continued discipline on loans/funding (Q2)	Board/management “evaluating shareholder enhancement opportunities” (Q3)

Management Commentary

“Our net interest margin continued to improve, contributing to a modest improvement in our earnings and quarterly results. Our book value per share finished the March 31, 2025 quarter at $23.55. And as we have reported, the Board and management are always evaluating and exploring shareholder enhancement opportunities.” — Walter H. “Chip” Hasselbring, III, Chairman and CEO .
“While the Federal Reserve has begun easing short term rates, the competitive environment for deposits remains difficult. We held the balances in our loan portfolio steady as we were disciplined based on the funding environment. Our net interest margin continues to recover and our book value per share finished the December 31, 2024 quarter at $22.66.” — Walter H. “Chip” Hasselbring, III .
“We were pleased to see earnings improvement… Our capital ratios and asset quality remain strong.” — Walter H. “Chip” Hasselbring (Q1) .

Q&A Highlights

No Q&A section available; no earnings call transcript was found for Q3 2025 [List: earnings-call-transcript none].

Estimates Context

S&P Global consensus estimates for Q3 2025 EPS and revenue were not available for IROQ at the time of review (no consensus values shown) [GetEstimates]*.
S&P Global “Revenue actual” aligns with the company’s net interest income after provision plus noninterest income, recognizing $6.66M for Q3 2025* [GetEstimates].
Implication: With limited Street coverage, estimate revisions are unlikely to drive near‑term narrative; investors should anchor on actuals and sequential/YoY trends .
*Values retrieved from S&P Global.

Key Takeaways for Investors

Margin recovery remains the core driver: NIM improvement (2.38% nine‑month) and lower interest expense vs. prior year underpin better earnings quality .
Funding conditions are still competitive, but deposits rose sequentially and borrowings fell, signaling improved balance sheet positioning into Q4 .
Credit remains benign: NPAs at 0.04% and robust allowance coverage offer resilience if macro softens .
Sequential EPS pullback owes to slightly lower revenue and higher noninterest expense; watch cost discipline and fee trends in upcoming quarters .
Dividend continuity ($0.20 semiannual) and management’s focus on shareholder enhancement opportunities add a supportive capital return and strategic optionality backdrop .
Monitor loan growth and mix: loans dipped sequentially; funding costs and deposit competition will dictate growth pacing and spread capture .
With sparse sell‑side coverage, catalysts will likely be operational (margin trajectory, deposit trends) rather than estimate beats/misses; use company‑reported metrics and KPIs to track trajectory .

IF Bancorp, Inc. (IROQ)·Q3 2025 Earnings Summary