IF Bancorp, Inc., incorporated on March 4, 2011, is the holding company for Iroquois Federal Savings and Loan Association (Iroquois Federal). The Company is primarily engaged in the business of directing, planning and coordinating the business activities of Iroquois Federal. Iroquois Federal is a federally chartered savings association. Its business consists primarily of taking deposits from the public and investing those deposits, together with funds generated from operations and borrowings, in a range of loans.
The Company offers alternative delivery channels, including automated teller machines (ATMs), online banking and bill pay, mobile banking with mobile deposit and bill pay, automated clearing house (ACH) origination, remote deposit capture and telephone banking. The Company also offers annuities, mutual funds, individual and group retirement plans, life, disability and health insurance, individual securities, managed accounts and other financial services at all of its locations through Iroquois Financial, a division of Iroquois Federal. Raymond James Financial Services, Inc. serves as the broker-dealer for Iroquois Financial. The Company conducts its operations from its banking offices located in the municipalities of Watseka, Danville, Clifton, Hoopeston and Savoy, Illinois and its loan production and wealth management office in Osage Beach, Missouri. The Company's primary lending market includes the Illinois counties of Vermilion, Iroquois and Champaign, as well as the adjacent counties in Illinois and Indiana. The Company's loan production and wealth management office in Osage Beach, Missouri, serves the Missouri counties of Camden, Miller and Morgan.
Lending Activities
The Company's principal lending activity is the origination of one- to four-family residential mortgage loans, multi-family loans, commercial real estate loans (including farm loans), home equity loans and lines of credit, commercial business loans, consumer loans (consisting primarily of automobile loans), and construction loans and land development loans. In addition to loans originated by Iroquois Federal, the Company's loan portfolio includes loan purchases, which are secured by single-family homes located primarily in the Midwest. Its loan portfolio also includes commercial loan participations, which are secured by both real estate and other business assets. As of June 30, 2016, the Company's total loans amounted to $443.7 million.
Investment Activity
The Company invests only in investment securities, including the United States Treasury or Government guaranteed securities, the United States Government agency securities, securities issued or guaranteed by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae), bank-qualified municipal securities, bank-qualified money market instruments, and bank-qualified corporate bonds. The Company invests in mortgage-backed securities issued or guaranteed by United States government-sponsored enterprises. The Company also invests in municipal obligations. As of June 30, 2016, the Company's investment securities portfolio amounted to $117.04 million.
Sources of Funds
Deposits are the Company's primary source of funds for its lending and investment activities. The Company borrows from the Federal Home Loan Bank of Chicago, to supplement cash flow needs, to lengthen the maturities of liabilities for interest rate risk management purposes and to manage its cost of funds. The Company's additional sources of funds are the proceeds from the sale of loans originated for sale, scheduled loan payments, maturing investments, loan prepayments, retained earnings and income on other earning assets. The Company generates deposits primarily from the areas in which its branch offices are located. The Company offers a range of deposit accounts, including savings accounts, certificates of deposit, money market accounts, commercial and personal checking accounts, individual retirement accounts and health savings accounts. As of June 30, 2016, the Company's total deposits amounted to $415.8 million.
Subsidiary Activity
The Company offers a line of property and casualty insurance products through Iroquois Federal's subsidiary, L.C.I. Service Corporation, doing business as, Iroquois Insurance Agency. Iroquois Insurance Agency is an insurance agency with offices in Watseka and Danville, Illinois.
201 E Cherry St
The company trades on NASDAQ exchange. The company headquarter is located in Illinois, IL. The company was established in the 2011.| Ticker | IROQ |
| Long Name | IF Bancorp, Inc. |
| Short Name | IF Bancorp |