Welcome to our dedicated page for IF Bancorp news (Ticker: IROQ), a resource for investors and traders seeking the latest updates and insights on IF Bancorp stock.
IF Bancorp, Inc. (NASDAQ: IROQ) operates as the savings and loan holding company for Iroquois Federal Savings and Loan Association. The company offers a comprehensive range of banking and financial services to both individual and corporate clients. Key services include various deposit accounts such as savings accounts, certificates of deposit, money market accounts, and commercial and personal checking accounts. Additionally, it provides individual retirement accounts and health savings accounts.
Loan Services: IF Bancorp, Inc. specializes in multiple types of loans, including one- to four-family residential mortgage loans, multi-family mortgage loans, and commercial real estate loans, which encompass farm loans. The company also extends home equity lines of credit, commercial business loans, and consumer loans, primarily consisting of automobile loans. Furthermore, it offers construction loans and land development loans.
Insurance and Investment Products: The company also engages in selling property and casualty insurance, along with annuities, mutual funds, individual and group retirement plans, life, disability, and health insurance. They also offer individual securities and managed accounts.
IF Bancorp, Inc. functions as a holding company, primarily directing, planning, and coordinating the business activities of Iroquois Federal. The association takes deposits from the general public and invests these deposits, together with funds generated from operations and borrowings, into various loans. This process supports multi-family residential and mortgage loans, commercial real estate loans, home equity lines of credit, consumer loans, and more.
The company is known for its commitment to providing a range of financial products and services through various alternative delivery channels. Investors and clients appreciate the company's diversified portfolio and robust financial health. They stay up-to-date with the latest developments through a steady stream of news and updates provided by the company.
IF Bancorp (NASDAQ: IROQ) stockholders have approved Stilwell Activist Investments' proposal to sell the company with a 3:2 margin at the 2024 Annual Meeting. Although the proposal is non-binding, it recommends that the Board of Directors take necessary steps to promptly effectuate a company sale.
Stilwell, one of IROQ's largest stockholders, stated that if the stockholder-approved proposal doesn't lead to a prompt sale, they intend to seek board representation at IROQ's 2025 annual meeting. The proposal was submitted under Rule 14a-8 of the Securities Exchange Act, citing subpar returns on company assets for many years as the primary reason for recommending the sale.
IF Bancorp (NASDAQ: IROQ) announced key leadership changes. Walter H. Hasselbring, III, current CEO, has been elected as Chair of the Boards, succeeding Gary Martin who retired due to age limits. Thomas J. Chamberlain, previously Chief Lending Officer and Senior Executive VP, has been appointed as President, while Hasselbring continues as CEO. Joseph A. Cowan, who has served as independent director since 2000, was appointed as Lead Independent Director. The restructuring combines Chair and CEO positions while maintaining board independence through the Lead Independent Director role.
IF Bancorp (NASDAQ: IROQ) reported unaudited net income of $633,000 ($0.20 per share) for Q1 FY2025, up from $466,000 ($0.15 per share) in Q1 FY2024. Net interest income increased to $4.8 million from $4.6 million year-over-year. Interest income rose to $10.9 million from $9.3 million, while interest expense increased to $6.1 million from $4.7 million. Total assets reached $893.4 million, with net loans receivable at $647.1 million. Deposits decreased to $677.2 million, largely due to a $62.7 million withdrawal from a public entity. Stockholders' equity improved to $78.8 million from $73.9 million.
IF Bancorp (NASDAQ: IROQ) reported net income of $1.8 million ($0.57 per share) for the fiscal year ended June 30, 2024, down from $4.7 million ($1.50 per share) in 2023. For Q4 2024, net income was $431,000 ($0.13 per share), compared to $597,000 ($0.19 per share) in Q4 2023. Key financial highlights include:
- Net interest income decreased to $17.7 million from $22.0 million
- Interest income increased to $41.0 million from $32.1 million
- Interest expense rose to $23.3 million from $10.1 million
- Total assets grew to $887.7 million from $849.0 million
- Net loans receivable increased to $639.3 million from $587.5 million
- Deposits decreased to $727.2 million from $735.3 million
The company announced a cash dividend of $0.20 per share, payable on October 18, 2024.
IF Bancorp, Inc. (NASDAQ: IROQ), the holding company for Iroquois Federal Savings and Loan Association, has announced a cash dividend of $0.20 per common share. The dividend will be paid on October 18, 2024, to stockholders of record as of the close of business on September 27, 2024. Walter H. Hasselbring, III, President and CEO, expressed the company's commitment to enhancing stockholder value through semiannual dividend payments, subject to financial conditions. Iroquois Federal operates from seven full-service banking offices in Illinois and a loan production office in Missouri, offering a range of retail and commercial lending and deposit services.
IF Bancorp, Inc. announced unaudited net income of $708,000 for Q3 FY 2024, with net interest income at $4.3 million. The Company reported a decrease in net income and interest income compared to the same period in 2023. However, interest expense and non-interest income increased. Total assets, loans receivable, and stockholders' equity saw an increase, while deposits decreased. The Company remains focused on navigating the challenging interest rate environment.
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