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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, Inc. (NASDAQ: IROQ) announced a cash dividend of $0.20 per common share, payable on April 14, 2023, to shareholders of record as of March 24, 2023. President and CEO Walter H. Hasselbring, III, expressed confidence in the company's long-term commitment to enhancing stockholder value, indicating plans for future semiannual dividends, contingent on financial conditions. Iroquois Federal Savings and Loan Association, a community-oriented financial institution, operates seven full-service banking offices across Illinois and one in Missouri, offering various retail and commercial lending and deposit services.
IF Bancorp, Inc. (NASDAQ: IROQ) reported unaudited net income of $1.4 million, or $0.44 per basic share, for the three months ending December 31, 2022, a decrease from $1.7 million, or $0.56 per share in 2021. Net interest income rose to $6.0 million from $5.7 million year-over-year. A provision for credit losses was recorded at $101,000, contrasting with a credit loss of $(76,000) in 2021. Non-interest income declined to $868,000 from $1.4 million. Total assets decreased to $823.7 million. Deposits fell sharply to $667.3 million, influenced by a $57.6 million public entity withdrawal. Stockholders’ equity was $71.1 million, down from $71.7 million.
IF Bancorp, Inc. (NASDAQ: IROQ) reported unaudited net income of $2.0 million for Q3 2022, a slight increase from $1.9 million in Q3 2021. Basic earnings per share were $0.63, up from $0.62 year-over-year. Net interest income rose to $6.3 million from $5.6 million. However, noninterest income fell to $1.2 million from $1.5 million, and noninterest expenses increased to $4.8 million. Total assets decreased to $806.9 million from $857.6 million, with a significant decline in cash and cash equivalents. Stockholders’ equity also dropped to $67.5 million.
IF Bancorp, Inc. (NASDAQ: IROQ) reported a net income of $5.8 million or $1.88 per basic share for the fiscal year ending June 30, 2022, up from $5.3 million or $1.76 per basic share in 2021. The company also recorded a quarterly net income of $1.0 million for Q4 2022, unchanged from Q4 2021. Total assets increased to $857.6 million, while deposits rose to $752.0 million. However, non-interest income fell to $5.5 million, and stockholders’ equity decreased to $71.7 million.
IF Bancorp, Inc. (NASDAQ: IROQ) announced a cash dividend of $0.20 per common share, payable on October 14, 2022, to stockholders of record by September 23, 2022. President and CEO Walter H. Hasselbring, III, expressed commitment to enhancing stockholder value through ongoing dividend payments, contingent on the company’s financial stability. Iroquois Federal Savings and Loan Association operates across several locations in Illinois and Missouri, providing various retail and commercial banking services.
IF Bancorp, Inc. (NASDAQ: IROQ) reported unaudited net income of $1.2 million, or $0.37 per share for the three months ended March 31, 2022, down from $1.6 million, or $0.51 per share a year earlier. Net interest income increased to $5.4 million from $5.0 million. The company recorded a loan loss provision of $242,000, contrasting with a credit for loan losses of $(101,000) in the prior year. For the nine months ended March 31, net income was $4.7 million, up from $4.4 million in the same period in 2021, with total assets at $786.4 million.
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