IF Bancorp Inc (IROQ) reported QQ3 2024 results with a modest profit profile and a highly leveraged, but still manageable, balance sheet. Revenue of $5.40 million declined 5.9% year-over-year but rose 1.85% quarter-over-quarter, yielding net income of $0.708 million and earnings per share of $0.22 for the quarter. The operating margin stood at roughly 17.6%, driving a net profit margin near 13.1%. While the quarter shows positive earnings momentum on a QoQ basis, the year-over-year decline and a notably small ROA/ROE highlight ongoing earnings quality challenges for a small regional bank in a competitive environment. The balance sheet reflects a total asset base of about $905 million with high leverage (debt to capitalization around 62.6%), a sizable long-term debt load, and a substantial level of other non-current assets, which together imply sensitivity to rate movements and balance sheet discipline will be critical going forward. Cash generation remains weak on a standalone operating basis (operating cash flow of $0.019 million; free cash flow negative by about $0.067 million), while investing activities were meaningfully negative due to portfolio actions and other investing activities, with net cash used by investing of approximately $13.0 million. Management commentary is not embedded in the transcript provided, but typical themes for a bank of this size include balance sheet optimization, deposit stability, cost discipline, and risk controls in a rate environment. The investment backdrop remains challenging with ROA and ROE well below mid-tier peers, suggesting the stock may trade at a discount to book value, consistent with a price-to-book around 0.73x. Investors should monitor NIM trajectory, deposit costs, credit quality signals, and capital adequacy as key drivers of longer-term value.