Reported Earnings • Feb 01
Second quarter 2026 earnings released: EPS: US$0.41 (vs US$0.38 in 2Q 2025) Second quarter 2026 results: EPS: US$0.41 (up from US$0.38 in 2Q 2025). Revenue: US$7.30m (up 8.5% from 2Q 2025). Net income: US$1.33m (up 8.9% from 2Q 2025). Profit margin: 18% (in line with 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Director Scott Dworschak was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
First quarter 2026 earnings released: EPS: US$0.43 (vs US$0.20 in 1Q 2025) First quarter 2026 results: EPS: US$0.43 (up from US$0.20 in 1Q 2025). Revenue: US$7.37m (up 26% from 1Q 2025). Net income: US$1.39m (up 120% from 1Q 2025). Profit margin: 19% (up from 11% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Oct 31
ServBanc Holdco, Inc. entered into a definitive agreement to acquire IF Bancorp, Inc. (NasdaqCM:IROQ) for $91.1 million. ServBanc Holdco, Inc. entered into a definitive agreement to acquire IF Bancorp, Inc. (NasdaqCM:IROQ) for $91.1 million on October 29, 2025. IF Bancorp’s shareholders will receive approximately $89.8 million, or $27.20 per share, in cash for each share of IF Bancorp common stock, subject to certain potential adjustments.
The transaction is subject to approval of board of directors of ServBanc and IF Bancorp, regulatory approvals, the approval of IF Bancorp shareholder, expiration of applicable waiting periods, accuracy of specified representations and warranties of each party, the performance in all material respects by each party of its obligations under the Merger Agreement, the absence of any injunctions or other legal restraints and other conditions set forth in the definitive agreement. The transaction has been unanimously approved by both board of directors and is expected to close in the first quarter of 2026.
Upon termination of the Merger Agreement under certain circumstances, IF Bancorp will be obligated to pay either (i) a termination fee of $2.69 million plus up to $0.89 million of costs incurred in connection with the Merger, or (ii) the expenses incurred by ServBanc in connection with the Merger, up to $0.4 million. Under the Merger Agreement, one current director of IF Bancorp will be appointed to the board of directors of Servbank effective as of the closing of the Bank Merger.
Lorenzo Zefferino and Jim Crotty of Performance Trust Capital Partners, LLC served as exclusive financial advisors and Peter G. Weinstock and Beth A. Whitaker of Hunton Andrews Kurth LLP served as legal advisor to ServBanc Holdco. Keefe Bruyette & Woods, Inc. served as financial advisor and Larry Spacassi of Luse Gorman, PC served as legal counsel to IF Bancorp. Announcement • Sep 27
IF Bancorp, Inc. Appoints Scott J. Dworschak to Its Board of Directors, Effective September 26, 2025 On September 24, 2025, the Board of Directors of IF Bancorp, Inc. appointed Scott J. Dworschak to the Company's Board of Directors, effective immediately. As of the date of this filing, Mr. Dworschak's committee appointments have not yet been finalized. Mr. Dworschak was also appointed to the Board of Directors of Iroquois Federal Savings and Loan Association (the Bank"), the Company's wholly owned subsidiary. Upcoming Dividend • Sep 19
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 26 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.4%). Reported Earnings • Sep 12
Full year 2025 earnings released: EPS: US$1.37 (vs US$0.57 in FY 2024) Full year 2025 results: EPS: US$1.37 (up from US$0.57 in FY 2024). Revenue: US$26.5m (up 20% from FY 2024). Net income: US$4.30m (up 140% from FY 2024). Profit margin: 16% (up from 8.1% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.47% (up from 2.10% in FY 2024). Cost-to-income ratio: 79.8% (down from 89.2% in FY 2024). Non-performing loans: 0.01% (down from 0.03% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Aug 17
Dividend of US$0.20 announced Dividend of US$0.20 is the same as last year. Ex-date: 26th September 2025 Payment date: 17th October 2025 Dividend yield will be 1.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 58% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.6% EPS decline seen over the last 5 years. Announcement • Aug 14
IF Bancorp, Inc. Declares Cash Dividend, Payable on October 17, 2025 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on October 17, 2025, to stockholders of record as of the close of business on September 26, 2025. Reported Earnings • May 01
Third quarter 2025 earnings released: EPS: US$0.31 (vs US$0.22 in 3Q 2024) Third quarter 2025 results: EPS: US$0.31 (up from US$0.22 in 3Q 2024). Revenue: US$6.66m (up 15% from 3Q 2024). Net income: US$1.01m (up 43% from 3Q 2024). Profit margin: 15% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 14
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 21 March 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (2.9%). Declared Dividend • Feb 16
First half dividend of US$0.20 announced Dividend of US$0.20 is the same as last year. Ex-date: 21st March 2025 Payment date: 15th April 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 53% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.0% EPS decline seen over the last 5 years. Announcement • Feb 13
If Bancorp, Inc. Declares Cash Dividend, Payable on April 15, 2025 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on April 15, 2025, to stockholders of record as of the close of business on March 21, 2025. Reported Earnings • Jan 31
Second quarter 2025 earnings released: EPS: US$0.38 (vs US$0.058 in 2Q 2024) Second quarter 2025 results: EPS: US$0.38 (up from US$0.058 in 2Q 2024). Revenue: US$6.72m (up 36% from 2Q 2024). Net income: US$1.22m (up US$1.03m from 2Q 2024). Profit margin: 18% (up from 3.7% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 17
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to US$24.53. The fair value is estimated to be US$19.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 41%. Buy Or Sell Opportunity • Dec 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to US$23.47. The fair value is estimated to be US$19.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 41%. Announcement • Nov 26
IF Bancorp, Inc. and Iroquois Federal Savings and Loan Association Announces Executive Changes IF Bancorp, Inc. and Iroquois Federal Savings and Loan Association (the Association), announced that the Boards of Directors (the Boards) of the Company and the Association unanimously elected Walter H. Hasselbring, III, the current President and Chief Executive Officer of the Company and the Association, as Chair of the Boards. Mr. Hasselbring succeeds, Gary Martin, who, having reached the age limit established by the Board of Directors in the Company’s bylaws, retired from the Boards on November 25, 2024, immediately prior to the Company’s Annual Meeting of Stockholders. In conjunction with these changes, Mr. Hasselbring resigned from his position as President of the Company and the Association and the Boards have appointed Thomas J. Chamberlain, current Chief Lending Officer of the Association and Senior Executive Vice President of the Company and the Association, as President of the Company and the Association. Mr. Hasselbring will continue to serve as the Chief Executive Officer of the Company and the Association and continue to oversee their strategic initiatives while Mr. Chamberlain will oversee the day-to-day operations. In accordance with the Company’s Corporate Governance Guidelines and to provide effective oversight and independence of the Boards, the Boards appointed Joseph A. Cowan as Lead Independent Director. Mr. Cowan has served as an independent director of the Company and the Association since 2000. The Boards have determined that combining the Chair and Chief Executive Officer positions, along with appointing a Lead Independent Director and a new President, is the appropriate structure for the Company and the Association at this time and helps provide strong and consistent leadership for management and the Boards. Announcement • Nov 17
Stilwell Value LLC Urges Prompt Sale of IF Bancorp, Inc On November 15, 2024, Stilwell Value LLC announced that it filed this Second Amendment to report that members of the Group have purchased shares of Common Stock. Stilwell Value expressed that IF Bancorp, Inc. should be sold at the earliest opportunity for the highest price available. Stilwell Value stated that on May 28, 2024, it submitted a stockholder proposal to the Company pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended, calling for the prompt sale of the Company. Stilwell Value also stated that if the proposal does not lead to the Company’s prompt sale, it intends to seek board representation at the Company. Additionally, Stilwell Value expressed that the purpose of acquiring shares of Common Stock of the Company is to profit from the appreciation in the market price of the shares through asserting shareholder rights. Moreover, Stilwell Value expressed their belief that the value of the Company’s assets is not adequately reflected in the current market price of the Common Stock. Reported Earnings • Nov 05
First quarter 2025 earnings released: EPS: US$0.20 (vs US$0.14 in 1Q 2024) First quarter 2025 results: EPS: US$0.20 (up from US$0.14 in 1Q 2024). Revenue: US$5.85m (up 6.5% from 1Q 2024). Net income: US$633.0k (up 36% from 1Q 2024). Profit margin: 11% (up from 8.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Oct 17
IF Bancorp, Inc., Annual General Meeting, Nov 25, 2024 IF Bancorp, Inc., Annual General Meeting, Nov 25, 2024. Location: administrative office of iroquois federal savings, and loan association, at 204 east cherry street, illinois, watseka, United States Buy Or Sell Opportunity • Oct 01
Now 20% undervalued Over the last 90 days, the stock has risen 19% to US$19.39. The fair value is estimated to be US$24.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Earnings per share has declined by 34%. Upcoming Dividend • Sep 20
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 18 October 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 30
Full year 2024 earnings released: EPS: US$0.57 (vs US$1.50 in FY 2023) Full year 2024 results: EPS: US$0.57 (down from US$1.50 in FY 2023). Revenue: US$22.1m (down 16% from FY 2023). Net income: US$1.79m (down 62% from FY 2023). Profit margin: 8.1% (down from 18% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 18
Dividend of US$0.20 announced Dividend of US$0.20 is the same as last year. Ex-date: 27th September 2024 Payment date: 18th October 2024 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 28% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.5% EPS decline seen over the last 5 years. Announcement • Aug 15
IF Bancorp, Inc. Announces Cash Dividend, Payable on October 18, 2024 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on October 18, 2024, to stockholders of record as of the close of business on September 27, 2024. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.2% per year over the past 5 years. Minor Risks Dividend not forecast to be well covered by earnings in 3 years (null payout ratio in 3 years). Profit margins are more than 30% lower than last year (8.7% net profit margin). Market cap is less than US$100m (US$52.2m market cap). Reported Earnings • May 02
Third quarter 2024 earnings released: EPS: US$0.22 (vs US$0.22 in 3Q 2023) Third quarter 2024 results: EPS: US$0.22 (up from US$0.22 in 3Q 2023). Revenue: US$5.79m (flat on 3Q 2023). Net income: US$708.0k (up 2.6% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 14
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.0%). Declared Dividend • Feb 18
First half dividend of US$0.20 announced Dividend of US$0.20 is the same as last year. Ex-date: 21st March 2024 Payment date: 15th April 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 28% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.4% EPS decline seen over the last 5 years. Announcement • Feb 15
IF Bancorp, Inc. Announces Cash Dividend, Payable on April 15, 2024 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on April 15, 2024, to stockholders of record as of the close of business on March 22, 2024. Reported Earnings • Jan 31
Second quarter 2024 earnings released: EPS: US$0.058 (vs US$0.44 in 2Q 2023) Second quarter 2024 results: EPS: US$0.058 (down from US$0.44 in 2Q 2023). Revenue: US$4.94m (down 28% from 2Q 2023). Net income: US$185.0k (down 87% from 2Q 2023). Profit margin: 3.7% (down from 21% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Buying Opportunity • Dec 27
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be US$21.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.0%. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$17.92, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 9x in the Banks industry in the US. Total loss to shareholders of 14% over the past three years. Reported Earnings • Nov 01
First quarter 2024 earnings released: EPS: US$0.14 (vs US$0.63 in 1Q 2023) First quarter 2024 results: EPS: US$0.14 (down from US$0.63 in 1Q 2023). Revenue: US$5.49m (down 27% from 1Q 2023). Net income: US$466.0k (down 76% from 1Q 2023). Profit margin: 8.5% (down from 26% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Sep 14
Upcoming dividend of US$0.20 per share at 2.8% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 13 October 2023. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.7%). Reported Earnings • Sep 01
Full year 2023 earnings released: EPS: US$1.50 (vs US$1.88 in FY 2022) Full year 2023 results: EPS: US$1.50 (down from US$1.88 in FY 2022). Revenue: US$26.3m (down 3.6% from FY 2022). Net income: US$4.66m (down 19% from FY 2022). Profit margin: 18% (down from 21% in FY 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
Third quarter 2023 earnings released: EPS: US$0.22 (vs US$0.38 in 3Q 2022) Third quarter 2023 results: EPS: US$0.22 (down from US$0.38 in 3Q 2022). Revenue: US$5.74m (down 13% from 3Q 2022). Net income: US$690.0k (down 40% from 3Q 2022). Profit margin: 12% (down from 18% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be US$19.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 14%. Upcoming Dividend • Mar 16
Upcoming dividend of US$0.20 per share at 2.5% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (6.9%). Recent Insider Transactions Derivative • Mar 03
Senior EVP exercised options to buy US$107k worth of stock. On the 28th of February, Pamela Verkler exercised options to buy 6k shares at a strike price of around US$16.63, costing a total of US$100k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since September 2022, Pamela has owned 42.30k shares directly. Company insiders have collectively bought US$687k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Feb 16
IF Bancorp, Inc. Declares Cash Dividend, Payable on April 14, 2023 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on April 14, 2023, to stockholders of record as of the close of business on March 24, 2023. Reported Earnings • Jan 29
Second quarter 2023 earnings released: EPS: US$0.44 (vs US$0.56 in 2Q 2022) Second quarter 2023 results: EPS: US$0.44 (down from US$0.56 in 2Q 2022). Revenue: US$6.81m (down 5.3% from 2Q 2022). Net income: US$1.40m (down 18% from 2Q 2022). Profit margin: 21% (down from 24% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Nov 23
IF Bancorp, Inc. Approves the Election of Richard S. Stenzinger as Director The Annual Meeting of Stockholders of IF Bancorp, Inc. was held on November 21, 2022, approved the election of Richard S. Stenzinger as director. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. President, CEO & Director Chip Hasselbring was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
First quarter 2023 earnings released: EPS: US$0.63 (vs US$0.62 in 1Q 2022) First quarter 2023 results: EPS: US$0.63 (up from US$0.62 in 1Q 2022). Revenue: US$7.56m (up 4.3% from 1Q 2022). Net income: US$1.97m (up 4.1% from 1Q 2022). Profit margin: 26% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 01
Now 22% undervalued Over the last 90 days, the stock is up 6.9%. The fair value is estimated to be US$23.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 22%. Buying Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be US$24.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 22%. Upcoming Dividend • Sep 15
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 14 October 2022. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (6.3%). Recent Insider Transactions Derivative • Sep 13
President exercised options to buy US$155k worth of stock. On the 12th of September, Walter Hasselbring exercised options to buy 8k shares at a strike price of around US$16.63, costing a total of US$133k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since December 2021, Walter has owned 50.98k shares directly. Company insiders have collectively bought US$471k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Sep 02
Full year 2022 earnings released: EPS: US$1.88 (vs US$1.76 in FY 2021) Full year 2022 results: EPS: US$1.88 (up from US$1.76 in FY 2021). Revenue: US$27.3m (up 6.6% from FY 2021). Net income: US$5.78m (up 8.2% from FY 2021). Profit margin: 21% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 12
IF Bancorp, Inc., Annual General Meeting, Nov 21, 2022 IF Bancorp, Inc., Annual General Meeting, Nov 21, 2022. Announcement • Aug 11
IF Bancorp, Inc. Announces Cash Dividend, Payable on October 14, 2022 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.20 per common share. The dividend will be paid on October 14, 2022, to stockholders of record as of the close of business on September 23, 2022. Buying Opportunity • Jul 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be US$22.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 26%. Buying Opportunity • Jun 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be US$22.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 26%. Reported Earnings • May 01
Third quarter 2022 earnings released: EPS: US$0.38 (vs US$0.51 in 3Q 2021) Third quarter 2022 results: EPS: US$0.38 (down from US$0.51 in 3Q 2021). Revenue: US$6.60m (down 2.5% from 3Q 2021). Net income: US$1.15m (down 26% from 3Q 2021). Profit margin: 18% (down from 23% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. President, CEO & Director Chip Hasselbring was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 17
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 15 April 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (3.7%). Lower than average of industry peers (5.4%). Announcement • Feb 10
IF Bancorp, Inc. Announces Cash Dividend, Payable on April 15, 2022 IF Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.175 per common share. The dividend will be paid on April 15, 2022, to stockholders of record as of the close of business on March 25, 2022. Reported Earnings • Jan 30
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: US$0.56 (up from US$0.48 in 2Q 2021). Revenue: US$7.20m (up 9.6% from 2Q 2021). Net income: US$1.70m (up 17% from 2Q 2021). Profit margin: 24% (up from 22% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 19% share price gain to US$27.00, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 12x in the Mortgage industry in the US. Total returns to shareholders of 43% over the past three years. Recent Insider Transactions Derivative • Dec 04
Senior EVP & CLO exercised options to buy US$95k worth of stock. On the 30th of November, Thomas Chamberlain exercised options to buy 4k shares at a strike price of around US$16.63, costing a total of US$67k. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. Since June 2021, Thomas' direct individual holding has increased from 42.08k shares to 42.82k. Company insiders have collectively bought US$193k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Oct 30
First quarter 2022 earnings released: EPS US$0.62 (vs US$0.44 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: US$7.24m (up 15% from 1Q 2021). Net income: US$1.89m (up 42% from 1Q 2021). Profit margin: 26% (up from 21% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 16
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 15 October 2021. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (3.3%). Recent Insider Transactions Derivative • Sep 14
President exercised options to buy US$90k worth of stock. On the 9th of September, Walter Hasselbring exercised options to buy 4k shares at a strike price of around US$16.63, costing a total of US$67k. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. Since December 2020, Walter has owned 46.23k shares directly. Company insiders have collectively bought US$71k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Sep 01
Full year 2021 earnings released: EPS US$1.76 (vs US$1.37 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: US$25.6m (up 11% from FY 2020). Net income: US$5.35m (up 26% from FY 2020). Profit margin: 21% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jun 28
IF Bancorp, Inc.(NasdaqCM:IROQ) dropped from Russell Microcap Growth Index IF Bancorp, Inc.(NasdaqCM:IROQ) dropped from Russell Microcap Growth Index Reported Earnings • May 03
Third quarter 2021 earnings released: EPS US$0.51 (vs US$0.27 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$6.77m (up 24% from 3Q 2020). Net income: US$1.56m (up 93% from 3Q 2020). Profit margin: 23% (up from 15% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 19
Upcoming Dividend of US$0.15 Per Share Will be paid on the 16th of April to those who are registered shareholders by the 25th of March. The trailing yield of 1.4% is below the top quartile of American dividend payers (3.5%), and is lower than industry peers (3.0%). Reported Earnings • Jan 31
Second quarter 2021 earnings released: EPS US$0.48 (vs US$0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$6.56m (up 17% from 2Q 2020). Net income: US$1.46m (up 52% from 2Q 2020). Profit margin: 22% (up from 17% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 09
New 90-day high: US$21.69 The company is up 37% from its price of US$15.80 on 09 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Mortgage industry, which is up 1.0% over the same period.