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• A local, community version of **Bank of America**.
• The neighborhood bank equivalent to **JPMorgan Chase**.
• A small-town bank, like a single, independent branch of **Wells Fargo**.

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• Deposit Accounts: Services that allow individuals and businesses to save money and manage transactions, including checking, savings, money market, and certificate of deposit accounts.
• Residential Mortgage Loans: Provides financing for customers to purchase or refinance owner-occupied and non-owner-occupied residential properties.
• Commercial Real Estate Loans: Offers financing for the acquisition, development, and refinancing of income-producing commercial properties.
• Commercial & Industrial Loans: Extends credit to businesses for operational needs, equipment purchases, and expansion initiatives.
• Consumer Loans: Provides financing to individuals for various personal needs, such as vehicle purchases, home equity, and other personal expenses.
• Wealth Management & Trust Services: Offers financial planning, investment management, and estate administration services to help clients manage and grow their assets.

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IF Bancorp (symbol: IROQ) operates as a bank holding company for Iroquois Federal Savings and Loan Association. As a financial institution, it primarily serves individuals and businesses directly by providing financial services and products, rather than selling a product or service to other companies as its "major customers" in a traditional supply chain sense.

Its customer base can be broadly categorized as follows:

• Individual Consumers: This category includes individuals and families who utilize IF Bancorp's retail banking services. These services typically include checking accounts, savings accounts, certificates of deposit (CDs), residential mortgage loans, home equity loans, and various other personal consumer loans.
• Small to Medium-sized Businesses (SMBs): This category encompasses local businesses, entrepreneurs, and sole proprietorships that require commercial banking services. These often include business checking and savings accounts, commercial real estate loans, commercial and industrial (C&I) loans, and lines of credit to support their operations and growth.

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Mr. Hasselbring has served as Chief Executive Officer and Chairman of IF Bancorp and Iroquois Federal since 2024. He previously served as President and Chief Executive Officer and Director of IF Bancorp and Iroquois Federal since 2015. Mr. Hasselbring has been with Iroquois Federal since 1978, holding various responsibilities including Senior Executive Vice President and Chief Operating Officer, Vice President of Loans, Danville Branch Manager, and Marketing Officer. He holds a B.S. degree in Business Administration with an emphasis in Management and Marketing and a minor in Economics from Olivet University.

Ms. Verkler has served with Iroquois Federal since 1982. Before her current position, she held roles such as staff accountant, Assistant Treasurer, and Treasurer. Ms. Verkler has a bachelor's degree in business from the University of Illinois and possesses over 40 years of experience in the financial services industry. Her responsibilities encompass the supervision and oversight of the Accounting, Financial Management, Human Resources, and Investment areas. She also chairs the Asset/Liability Management Committee and has served as vice president and treasurer of the Iroquois Federal Foundation since its formation in 2011.

Mr. Chamberlain was appointed President of IF Bancorp and Iroquois Federal in November 2024. Prior to this appointment, he served as Senior Executive Vice President and Chief Lending Officer of Iroquois Federal starting in July 2010. He joined Iroquois Federal in July 2004 as Vice President and Manager of the Danville Office, where he was responsible for management and commercial loan activities. Before joining Iroquois Federal, Mr. Chamberlain worked with First Mid Bank & Trust for over 18 years in branch management and lending and trust/farm management departments. He holds an MBA from Eastern Illinois University and a bachelor's degree from the University of Illinois, and is a graduate of the ABA Stonier Graduate School of Banking.

Ms. Hamilton serves as the Executive Vice President and Chief Operating Officer.

Mr. Morris holds the titles of Chief Lending Officer and Executive Vice President.

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The key risks to IF Bancorp's (symbol: IROQ) business are:

1. Interest Rate Risk: IF Bancorp faces the risk of rising interest rates squeezing profit margins. This directly impacts the bank's core profitability, as higher interest rates can increase the cost of funding while the rates on existing loans may not adjust commensurately, or new loan demand might decrease.
2. Competition and Technology Lag: The company is challenged by intense competition from both traditional banks and financial technology (fintech) applications. IF Bancorp has been noted for lagging behind fintech apps in terms of technological features, which could impact its ability to attract and retain customers in a rapidly evolving digital banking landscape.
3. Loan Portfolio Vulnerability to Economic Downturns: IF Bancorp's loan portfolio, particularly its farm loans (which constitute 12% of its portfolio) and commercial properties, is vulnerable to a recession or downturns in the broader economy. A significant portion of its loan book is heavily backed by real estate, increasing its exposure to fluctuations in the real estate market.

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The clear emerging threats for IF Bancorp (IROQ), a traditional community bank, stem from the rapid growth and increasing adoption of:

1. Digital-only banks (neobanks) and fintech platforms: Companies like Chime, Varo, Ally Bank, and other challenger banks operate with significantly lower overhead, offering competitive rates, lower fees, and a superior digital-first customer experience. This directly threatens IF Bancorp's ability to attract and retain younger, digitally-savvy customers for basic deposit accounts (checking, savings) and consumer lending products, eroding its traditional customer base.

2. Online lending platforms: Fintech lenders, such as Rocket Mortgage, SoFi, LendingClub, and numerous others, have streamlined the loan application and approval process, particularly for mortgages, personal loans, and small business loans. Their ability to offer faster, more convenient, and often fully digital loan origination threatens IF Bancorp's core lending business by capturing market share from customers seeking efficiency and speed over traditional in-branch processes.

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IF Bancorp (symbol: IROQ) operates as a savings and loan holding company for Iroquois Federal Savings and Loan Association, offering a range of banking and financial services to individual and corporate clients. Their main products and services include various deposit accounts (savings, certificates of deposit, money market, checking, individual retirement accounts, and health savings accounts) and a variety of loans such as one-to-four-family residential mortgages, multifamily mortgages, commercial real estate loans (including farm loans), commercial business loans, construction loans, land development loans, and home equity lines of credit.

The company is headquartered in Watseka, Illinois, and primarily operates through seven full-service banking offices in Illinois, with a loan production and wealth management office in Osage Beach, Missouri. Their primary lending market encompasses the Illinois counties of Vermilion, Iroquois, Champaign, and Kankakee, as well as adjacent counties in Illinois and Indiana, and specific counties in Missouri (Camden, Miller, and Morgan) for their loan production office.

Based on their operations, the addressable markets for IF Bancorp's main products and services are primarily within Illinois for community banking, residential mortgages, and commercial lending:

• Community Banking Services: The total assets held by 313 Illinois-based community banks, which serves as an indicator of the overall market for community banking services (including deposits and loans), was approximately $224.8 billion in Q4 2024 for the U.S. state of Illinois.
• Commercial Banking: The market size of the Commercial Banking industry in Illinois is projected to be $70.8 billion in 2025 for the U.S. state of Illinois.
• Residential Mortgage Market: The median home price in Illinois was $303,100 in September 2025, representing a 3.8% increase compared to the previous year. The Illinois housing market is expected to see home prices increase by 3–5% in 2025.

Due to the highly localized nature of some of their offerings and the specificity of certain loan types and additional financial services (like insurance and wealth management) within their precise operating counties in Illinois, Indiana, and Missouri, specific addressable market sizes for all individual products within their exact geographic footprint are not readily available. Therefore, more granular market sizing for these specific products and smaller regions cannot be provided beyond the broader Illinois market data.

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IF Bancorp (symbol: IROQ) has several expected drivers of future revenue growth, focusing on its core banking operations and strategic financial management.

1. Net Interest Income (NII) Expansion: The company anticipates revenue growth through the continued expansion of its net interest margin. This is achieved by effectively repricing its loan portfolio and strategically managing its funding mix, particularly within the prevailing interest rate environment.
2. Growth in Loan Portfolio: A key driver is the expansion of its core lending activities. IF Bancorp, through its subsidiary Iroquois Federal Savings & Loan Association, focuses on providing a full range of banking and mortgage services. Increased origination of one-to-four family residential, multi-family, commercial real estate, and other loan types within its service area is expected to directly contribute to higher interest income.
3. Increase in Non-Interest Income: Future revenue growth is also expected from an increase in non-interest income. Recent performance has shown gains in areas such as mortgage banking income, gains on the sale of loans, and brokerage commissions. Continued growth or diversification in these fee-generating services will bolster overall revenue.
4. Strategic Market Penetration: As a regional bank operating primarily within a 100-mile radius of its Illinois and Missouri locations, IF Bancorp drives revenue by increasing its market share and customer base within this existing geographic footprint. This organic growth within its established service areas leads to a greater volume of loans and deposits.

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Share Repurchases

• IF Bancorp did not conduct any share repurchases during the quarter ended June 30, 2025.
• The company does not currently have an active stock repurchase plan in place.

Share Issuance

• Stockholders' equity increased by approximately $167,000 for the three months ended September 30, 2025, partly due to ESOP and stock equity plan activity.
• For the six months ended December 31, 2024, employee stock ownership plan (ESOP) and stock equity plan activity contributed $284,000 to the increase in stockholders' equity.

Inbound Investments

• ServBanc Holdco, Inc. entered into a definitive agreement to acquire IF Bancorp, Inc. for approximately $89.8 million in cash.
• Under the terms of the agreement, IF Bancorp shareholders are expected to receive approximately $27.20 per share in cash, subject to certain potential adjustments.
• The investment firm STILWELL JOSEPH acquired 11,378 shares on August 26, 2025, increasing its total holdings in IF Bancorp to 297,399 shares, representing 8.90% of the firm's portfolio and a significant commitment to the company.

Outbound Investments

• No significant outbound investments (e.g., acquisitions of other companies) by IF Bancorp have been reported in the last 3-5 years.

Capital Expenditures

• IF Bancorp has experienced fluctuating capital expenditures.
• Specific dollar values for capital expenditures or expected capital expenditures for the upcoming year are not readily available in the provided information.