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what it is
It is a small Illinois thrift that takes local deposits and turns them into home, real estate, and business loans.
how it gets paid
Last year If Bancorp made $43M in revenue. one- to four-family residential mortgages was the main engine at $16.8M, or 39% of sales.
why it's growing
Revenue grew 5.9% last year. The quarter looked huge because both revenue and EPS rose 105% from a weak prior-year base.
what just happened
Quarterly revenue reached $22M, up 105% vs. prior year, while EPS also doubled to $0.84.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
17.1x trailing p/e — the market's not buying it — or you found a deal
1.5% dividend yield — cash in your pocket every quarter
$1.37 fy2025 eps est
xvary composite: 55/100 — below average
What they do
It is a small Illinois thrift that takes local deposits and turns them into home, real estate, and business loans.
Deposits (your cash parked at the bank → cheaper money to lend out → better loan economics) are the edge here. IF Bancorp runs with 109 employees and sticks to local lending, which keeps the model simple and the customer ties personal. When your checking account, mortgage, and business loan all sit in one hometown bank, moving is a chore, and that friction helps keep funding stable.
How they make money
$43M
annual revenue · their business grew +5.9% last year
one- to four-family residential mortgages
$16.8M
commercial real estate loans
$8.6M
multi-family mortgage loans
$5.2M
home equity lines of credit
$4.3M
commercial business loans
$4.3M
consumer loans and other banking income
$3.8M
The products that matter
core spread income
Net Interest Income
$28.6M · 67% of revenue
This is the engine. At $28.6M, it drives two-thirds of revenue, so you should care more about deposit costs and loan pricing than about headline corporate storytelling.
main driver
fees and other revenue
Non-Interest Income
$14.4M · 33% of revenue
A third of revenue comes from outside the core spread business. For a bank this small, that is useful ballast because it keeps every rate move from dictating the whole quarter.
useful ballast
local lending book
Loan Portfolio
6.33% roe · 15.96x balance-sheet multiplier
The loan book is the real bet. With return on equity at 6.33%, there is not a giant profit cushion here. Credit quality has to stay clean because small mistakes show up quickly in a small bank.
credit watch
Key numbers
$27.20
deal price
This is the signed cash takeout price. Plain English: your upside is capped near a hard ceiling, and today's $27.35 quote already sits above it.
$43M
annual revenue
This is a very small bank. Plain English: one ugly credit cycle can move the whole story.
17.1x
trailing p/e
That multiple is ordinary for a steady bank, but this is no longer a normal earnings story. It is a merger spread story.
0.4
beta
Beta (how jumpy a stock is versus the market → lower means calmer → less day-to-day drama) looks low, which fits a cash-deal situation.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IROQ right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue reached $22M, up 105% vs. prior year, while EPS also doubled to $0.84.
The quarter looked huge because both revenue and EPS rose 105% from a weak prior-year base, according to the provided SEC-verified figures. That strength matters, but it sits next to fiscal 2024 EPS of just $0.57 versus $1.46 in fiscal 2023.
$22M
revenue
$0.84
eps
+105%
vs. last year growth
the number that mattered
The number that mattered was $27.20, not $0.84, because the signed cash deal now matters more to your return than one quarter of bank earnings.
source: company earnings report, 2026
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What could go wrong
IROQ's risk profile is unusually simple: the bank is small, the earnings base is small, and the disclosed legal issue is large enough to dominate the story if it gets worse.
high
Legal and regulatory overhang
A november 2025 SEC filing says the company is named in legal proceedings and regulatory investigations. For a bank this size, the headline matters even before any final outcome lands.
Quarterly net income is $1.4M. A fine, settlement, or operating restriction would hit a small profit base fast.
med
Spread compression
Net interest income is $28.6M, or 67% of revenue. If deposit costs rise faster than loan yields, the main engine slows.
When two-thirds of revenue comes from the spread business, a small margin squeeze does outsized damage to earnings.
med
ServBanc integration risk
The merger is closed. Now management has to prove the combined bank produces cleaner operations, not just a larger org chart.
At an $89M market cap, one messy quarter can reset sentiment quickly and keep valuation trapped.
med
Illinois credit concentration
This is still a local lender. Deposits, loan demand, and credit quality are tied to one regional economy instead of a broad national footprint.
You do not get much geographic diversification here. If local credit weakens, you feel it across more than one line item.
An $89M bank earning $1.4M in a quarter does not have much room for unforced errors.
source: institutional data · regulatory filings · risk analysis
Pay attention to
spread watch
net interest income after the merger
$28.6M of net interest income is 67% of revenue. If that line stalls or reverses, the core thesis weakens fast.
regulatory
any update to the SEC-related matter
The legal headline is not background noise when quarterly net income is only $1.4M. You want clarity here, not delay.
earnings
the next quarterly print
EPS was $0.41 versus $0.38 from last year. You want to see that improvement repeat, not disappear after one good report.
returns
return on equity above the current 6.33%
The catch is simple: 6.33% return on equity is decent for survival and weak for re-rating. Better returns have to show up before the stock deserves a richer story.
Analyst rankings
earnings predictability
45 / 100
in human-speak, the numbers are lumpy enough that one quarter should not win the argument for you.
risk rank
3
this sits around the middle of the safety spectrum — not alarming, not a bunker.
price stability
85 / 100
the stock trades calmly. The business still has things to prove.
source: institutional data
Institutional activity
institutional ownership data for IROQ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
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