IF Bancorp, Inc. (IROQ) | Investment Case

1. Company Snapshot

1.a. Company Description

IF Bancorp, Inc.operates as the savings and loan holding company for Iroquois Federal Savings and Loan Association that provides a range of banking and financial services to individual and corporate clients.The company offers various deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, individual retirement accounts, and health savings accounts.

It also provides loans comprising one- to four-family residential mortgage loans; multi-family mortgage loans; commercial real estate loans, such as farm loans; home equity lines of credit; commercial business loans; and consumer loans primarily consisting of automobile loans, as well as construction loans and land development loans.In addition, the company sells property and casualty insurance, as well as offers annuities; mutual funds; individual and group retirement plans; life, disability, and health insurance; individual securities; managed accounts; and other financial services.Further, it invests in securities; and provides ATM, online banking and bill pay, mobile banking, ACH origination, remote deposit capture, and telephone banking services.

As of August 31, 2021, it operated a network of seven full-service banking offices located in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois; and a loan production and wealth management office in Osage Beach, Missouri.IF Bancorp, Inc.was founded in 1883 and is headquartered in Watseka, Illinois.

Show Full description

1.b. Last Insights on IROQ

Positive drivers behind IF Bancorp's recent performance include the approval of Stilwell's proposal to sell the company, which indicates stockholders' confidence in the company's value. The appointment of a new Board Chair, Lead Independent Director, and President, Walter H. Hasselbring, III, is also a positive development, as it brings new leadership and a fresh perspective to the company. This change in leadership, combined with the potential sale of the company, may lead to increased efficiency and profitability.

1.c. Company Highlights

Last Price	26.4
Change Percentage	0.23%
Open	26.49
Previous Close	26.34
Market Cap ( Millions)	86
Volume	367
Year High	26.5
Year Low	22.04
M A 50	25.8
M A 200	24.84

FCF Yield	7.62%
Dividend Yield	1.52%
ROE	6.42%
Debt / Equity	89.10%
Net Debt / EBIDTA	775.04%
Price To Book	1.04
Price Earnings Ratio	16.89
Price To FCF	13.12
Price To sales	1.77
EV / EBITDA	20.3

2. Transcript Summary

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3. NewsRoom

$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of IF Bancorp, Inc. (NASDAQ: IROQ)

Nov -05

Source: globenewswire.com

ServBanc Holdco, Inc. and IF Bancorp, Inc. Announce Agreement to Merge

Oct -30

Source: businesswire.com

IF Bancorp, Inc. Announces Results for Fourth Quarter and Fiscal Year Ended June 30, 2025

Aug -29

Source: businesswire.com

STOCKHOLDERS APPROVE STILWELL'S PROPOSAL TO SELL IF BANCORP

Dec -03

Source: prnewswire.com

IF Bancorp, Inc. and Iroquois Federal Savings and Loan Association Announce Appointment of New Board Chair, Lead Independent Director and President

Nov -26

Source: businesswire.com

Stilwell Will Vote in Favor of Proposal to Sell IF Bancorp

Oct -21

Source: globenewswire.com

IF Bancorp, Inc. Announces Cash Dividend

Feb -14

Source: businesswire.com

IF Bancorp, Inc. Announces Results for Second Quarter of Fiscal Year 2024

Jan -30

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Community Banking Services

Expected Growth: 4.5%

Growing demand for personalized banking services, increasing adoption of digital banking platforms, and strategic expansion into underserved communities drive growth in community banking services.

7. Detailed Products

Commercial Loans

IF Bancorp, Inc. offers a range of commercial loans to businesses, including term loans, lines of credit, and construction loans, to support their growth and expansion plans.

Mortgage Loans

The company provides mortgage loans to individuals and families to purchase or refinance their homes, offering competitive rates and flexible repayment terms.

Consumer Loans

IF Bancorp, Inc. offers consumer loans for personal expenses, debt consolidation, and other financial needs, with flexible repayment terms and competitive interest rates.

Deposit Accounts

The company provides a range of deposit accounts, including checking, savings, and certificates of deposit, to help individuals and businesses manage their finances and earn interest.

Treasury Management Services

IF Bancorp, Inc. offers treasury management services, including cash management, wire transfers, and account reconciliation, to help businesses optimize their cash flow and financial operations.

Online Banking and Mobile Banking

The company provides online banking and mobile banking services, allowing customers to manage their accounts, transfer funds, and pay bills remotely.

8. IF Bancorp, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for IF Bancorp, Inc. is medium due to the presence of alternative financial institutions and online banking services.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of concentration of customers and the presence of multiple banking options.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers and the lack of concentration of suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the low barriers to entry and the presence of fintech companies.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple banks and financial institutions competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	38.17%
Debt Cost	6.53%
Equity Weight	61.83%
Equity Cost	6.53%
WACC	6.53%
Leverage	61.72%

11. Quality Control: IF Bancorp, Inc. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Farmers & Merchants Bancorp

A-Score: 5.4/10

Value: 4.9

Growth: 5.2

Quality: 7.0

Yield: 7.0

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

IF Bancorp

A-Score: 5.4/10

Value: 4.1

Growth: 2.3

Quality: 4.7

Yield: 4.0

Momentum: 8.5

Volatility: 8.7

1-Year Total Return ->

Texas Community Bancshares

A-Score: 5.2/10

Value: 3.7

Growth: 4.6

Quality: 4.5

Yield: 1.0

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

Peapack-Gladstone

A-Score: 4.9/10

Value: 7.0

Growth: 5.2

Quality: 5.9

Yield: 1.0

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

Amerant Bancorp

A-Score: 4.7/10

Value: 6.9

Growth: 4.3

Quality: 4.4

Yield: 3.0

Momentum: 4.0

Volatility: 5.7

1-Year Total Return ->

Glen Burnie

A-Score: 3.1/10

Value: 5.2

Growth: 1.6

Quality: 3.6

Yield: 4.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-1.10%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.53%

IF Bancorp, Inc. - US44951J1051

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IROQ

1.c. Company Highlights

Lower Quality

Fairly Valued

Stable Momentum

Average Growth

Expensive

Medium Volatility

Average Quality

Strong Momentum

Average Yield

Lower Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Community Banking Services

Expected Growth: 4.5%

7. Detailed Products

Commercial Loans

Mortgage Loans

Consumer Loans

Deposit Accounts

Treasury Management Services

Online Banking and Mobile Banking

8. IF Bancorp, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: IF Bancorp, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

26.4$

Current Price

26.4$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA