IF Bancorp, Inc.
IF Bancorp, Inc. is the holding company for Iroquois Federal, a federally chartered savings institution based in Watseka, Illinois. It gathers deposits, makes consumer and commercial loans, and supplements traditional banking with insurance, brokerage, annuity, and wealth-management services through affiliated and third-party channels.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore funding products including savings, checking, money market and CDs.
Consumer, mortgage and commercial loans that generate net interest income.
Customer service fees and transaction services such as bill pay and ACH.
Property and casualty insurance products sold through the subsidiary agency.
Annuities, mutual funds, securities and managed accounts offered through affiliates.
Customers
The company serves retail households, small businesses, and local commercial borrowers in its Illinois and Missouri markets. Deposits are sourced mainly from communities around its branch network, while loans are extended to consumers, homeowners, farmers and local businesses that need relationship-based banking. It also sells insurance and investment products to existing banking customers seeking one-stop financial services.
Individuals and households that place savings, checking, money market and CD balances with the bank for convenience and local relationship banking.
Homebuyers and consumers using mortgage, home-related and personal lending products for local underwriting and service.
Local businesses that need operating deposits, ACH, treasury-style services and commercial loans.
Bank customers and local residents buying insurance, annuities, retirement plans and brokerage services.
Residents in the Lake of the Ozarks area who support mortgage demand and wealth-management cross-sell.
Strategy
The company is focused on relationship banking in its core Illinois markets while using a Missouri office to expand mortgage and wealth-management activity. Management also emphasizes cross-selling insurance and investment products to deepen customer relationships and diversify fee income beyond spread-based banking. A pending merger with ServBanc Holdco, Inc. is part of the current strategic backdrop and could reshape the platform if completed.
Low-cost local funding and relationship lending are central to spread income and franchise value.
Insurance and wealth-management products reduce reliance on net interest margin.
The Lake of the Ozarks region offers mortgage demand and retirement-related financial services opportunities.
The transaction could alter scale, operating structure and execution priorities.
Geography
Business is concentrated in eastern Illinois, especially the communities surrounding the bank's offices in Iroquois and Vermilion Counties. The company also operates in Champaign and Kankakee Counties and has a loan production and wealth-management office in Osage Beach, Missouri serving the Lake of the Ozarks region. Geography matters because deposit gathering is highly local, while the Missouri office targets a growing retirement and permanent-residence market that supports mortgage demand.
Risks
Earnings are highly sensitive to interest-rate movements because the business depends on net interest income from deposits, loans and borrowings. The company also faces local competition for both deposits and loans, plus operational and cybersecurity risk from high transaction volumes and third-party service providers. Credit quality can weaken if customer supply chains, federal funding or local economic conditions disrupt borrowers' cash flow.
- Interest rate sensitivityImpact: HighLikelihood: Medium
Profitability depends on the spread between asset yields and funding costs.
Exposure: Net interest income and margin
- Cybersecurity and third-party processing riskImpact: HighLikelihood: Medium
The company relies on vendors and internal controls to process customer transactions and protect data.
Exposure - Borrower credit deteriorationImpact: HighLikelihood: Medium
Supply-chain disruptions, federal funding changes or local downturns can impair repayment capacity.
Exposure: Loan losses and provision expense
- Local deposit and loan competitionImpact: MediumLikelihood: Medium
The bank competes with banks, credit unions, mortgage brokers and insurers in its markets.
Exposure: Growth and pricing
- Merger execution riskImpact: Medium
A delayed or disrupted ServBanc transaction could distract management and affect strategic plans.
Exposure: Integration and timing
Accounting
Judgemental itemsManagement judgment on borrower risk directly affects provision expense and earnings.
Impact: Loan loss reserve and net income
Yield and funding-cost changes flow quickly through reported spread income.
Impact: Core earnings and margin
Insurance commissions, brokerage income and mortgage banking fees can vary with transaction timing.
Impact: Noninterest income volatility
Market movements can affect investment valuations and comprehensive income.
Impact: Equity and reported gains/losses
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Last updated: 24/09/2026