Net interest income grew by 21.5% in 2026Q2, though the net interest margin remains compressed at 0.7%, indicating structural headwinds in core profitability.
IF Bancorp, Inc. (IROQ) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 |
|---|
| Net Interest Income | 45.37M | 20.36M | 17.35M | 21.8M | 22.14M | 20.05M | 18.22M | 17.72M | 17.41M | 17.62M | 16.99M | 15.64M | 15.78M | 14.5M | 14.21M | 11.95M | 11.05M | 9.46M |
| NII Growth % | 617.97% | 17.32% | -20.4% | -1.55% | 10.43% | 10.07% | 2.8% | 1.79% | -1.18% | 3.67% | 8.66% | -0.92% | 8.89% | 1.99% | 18.91% | 8.2% | 16.83% | - |
| Net Interest Margin % | 5.46% | 2.29% | 1.95% | 2.57% | 2.58% | 2.51% | 2.48% | 2.45% | 2.72% | 3.01% | 2.85% | 2.77% | 2.86% | 2.65% | 2.78% | 2.34% | 2.87% | 2.51% |
| Interest Income | 42.76M | 42.96M | 40.61M | 31.87M | 24.67M | 24.23M | 26.91M | 26.57M | 22.7M | 21.23M | 20.31M | 18.86M | 18.93M | 17.59M | 18M | 16.94M | 17.76M | 18.12M |
| Interest Expense | -2.61M | 22.6M | 23.25M | 10.07M | 2.53M | 4.18M | 8.69M | 8.85M | 5.29M | 3.62M | 3.31M | 3.23M | 3.15M | 3.1M | 3.78M | 4.99M | 6.71M | 8.66M |
| Loan Loss Provision | 21.96M | -701K | 32K | -228K | 492K | 844K | 128K | 407K | 777K | 1.72M | 1.37M | 460K | 502K | 595K | 1.13M | 1.35M | 1.88M | 405.15K |
| Non-Interest Income | 5.06M | 5.41M | 4.76M | 4.29M | 5.62M | 6.36M | 4.85M | 4.31M | 4.19M | 4.85M | 4.16M | 3.24M | 2.9M | 4.45M | 3.75M | 3.81M | 4.04M | 3.1M |
| Non-Interest Income % | 10.03% | 20.99% | 21.54% | 16.46% | 20.24% | 24.07% | 21.04% | 19.57% | 19.39% | 21.57% | 19.67% | 17.18% | 15.5% | 23.48% | 20.85% | 24.18% | 26.78% | 24.68% |
| Total Net Revenue | 50.42M | 25.77M | 22.11M | 26.09M | 27.76M | 26.41M | 23.07M | 22.03M | 21.6M | 22.46M | 21.16M | 18.88M | 18.68M | 18.95M | 17.96M | 15.76M | 15.09M | 12.55M |
| Revenue Growth % | 113.62% | 16.51% | -15.25% | -6% | 5.13% | 14.46% | 4.71% | 2.02% | -3.86% | 6.18% | 12.03% | 1.09% | -1.4% | 5.5% | 13.92% | 4.49% | 20.19% | - |
| Non-Interest Expense | 21.35M | 20.55M | 19.73M | 20.06M | 19.44M | 18.18M | 17.06M | 16.77M | 16.36M | 14.55M | 14.21M | 13.31M | 12.84M | 12.58M | 14.87M | 10.19M | 9.15M | 8.38M |
| Efficiency Ratio | 42.35% | 79.76% | 89.21% | 76.88% | 70.03% | 68.85% | 73.94% | 76.14% | 75.74% | 64.77% | 67.17% | 70.51% | 68.73% | 66.42% | 82.83% | 64.61% | 60.62% | 66.75% |
| Operating Income | 7.11M | 5.92M | 2.35M | 6.26M | 7.83M | 7.38M | 5.88M | 4.85M | 4.46M | 6.19M | 5.58M | 5.11M | 5.34M | 5.77M | 1.96M | 4.23M | 4.07M | 3.77M |
| Operating Margin % | 14.1% | 22.96% | 10.65% | 23.99% | 28.19% | 27.95% | 25.5% | 22.02% | 20.67% | 27.57% | 26.38% | 27.06% | 28.58% | 30.44% | 10.91% | 26.82% | 26.95% | 30.02% |
| Operating Income Growth % | - | 151.25% | -62.38% | -20.02% | 6.04% | 25.44% | 21.29% | 8.69% | -27.93% | 10.99% | 9.22% | -4.31% | -7.42% | 194.38% | -53.67% | 3.98% | 7.88% | - |
| Pretax Income | 7.11M | 5.92M | 2.35M | 6.26M | 7.83M | 7.38M | 5.88M | 4.85M | 4.46M | 6.19M | 5.58M | 5.11M | 5.34M | 5.77M | 1.96M | 4.23M | 4.07M | 3.77M |
| Pretax Margin % | 14.1% | 22.96% | 10.65% | 23.99% | 28.19% | 27.95% | 25.5% | 22.02% | 20.67% | 27.57% | 26.38% | 27.06% | 28.58% | 30.44% | 10.91% | 26.82% | 26.95% | 30.02% |
| Income Tax | 1.94M | 1.61M | 565K | 1.6M | 2.04M | 2.03M | 1.64M | 1.29M | 2.73M | 2.27M | 2.01M | 1.83M | 1.86M | 2.06M | 559K | 1.4M | 1.39M | 1.36M |
| Effective Tax Rate % | 27.26% | 27.26% | 23.99% | 25.56% | 26.1% | 27.56% | 27.86% | 26.65% | 61.06% | 36.72% | 36.09% | 35.92% | 34.88% | 35.67% | 28.53% | 33.07% | 34.16% | 36.13% |
| Net Income | 5.17M | 4.3M | 1.79M | 4.66M | 5.78M | 5.35M | 4.25M | 3.56M | 1.74M | 3.92M | 3.57M | 3.27M | 3.48M | 3.71M | 1.4M | 2.83M | 2.68M | 2.41M |
| Net Margin % | 10.26% | 16.7% | 8.09% | 17.86% | 20.83% | 20.25% | 18.4% | 16.15% | 8.05% | 17.45% | 16.86% | 17.34% | 18.61% | 19.58% | 7.8% | 17.95% | 17.74% | 19.18% |
| Net Income Growth % | 72.92% | 140.45% | -61.59% | -19.43% | 8.17% | 25.96% | 19.31% | 104.72% | -55.65% | 9.9% | 8.92% | -5.84% | -6.28% | 165% | -50.53% | 5.72% | 11.21% | - |
| Net Income (Continuing) | 5.17M | 4.3M | 1.79M | 4.66M | 5.78M | 5.35M | 4.25M | 3.56M | 1.74M | 3.92M | 3.57M | 3.27M | 3.48M | 3.71M | 1.4M | 2.83M | 2.68M | 2.41M |
| EPS (Diluted) | 1.59 | 1.37 | 0.57 | 1.46 | 1.84 | 1.74 | 1.35 | 1.01 | 0.47 | 1.06 | 0.95 | 0.83 | 0.84 | 0.86 | 0.32 | 0.63 | 0.60 | 0.54 |
| EPS Growth % | 72.04% | 140.35% | -60.96% | -20.65% | 5.75% | 28.89% | 33.66% | 114.89% | -55.66% | 11.58% | 14.46% | -1.19% | -2.33% | 168.75% | -49.21% | 5% | 11.11% | - |
| EPS (Basic) | - | 1.37 | 0.57 | 1.50 | 1.88 | 1.76 | 1.37 | 1.02 | 0.47 | 1.06 | 0.96 | 0.83 | 0.84 | 0.86 | 0.32 | 0.63 | 0.60 | 0.54 |
| Diluted Shares Outstanding | 3.24M | 3.15M | 3.13M | 3.2M | 3.14M | 3.08M | 3.15M | 3.53M | 3.7M | 3.71M | 3.73M | 3.93M | 4.14M | 4.32M | 4.44M | 4.5M | 4.5M | 4.5M |
Quick answers to the most common questions about buying IROQ stock.
For fiscal year 2025, IF Bancorp, Inc. (IROQ) reported total revenue of $25.8M. This represents a 105.3% increase compared to $12.6M in 2009.
IF Bancorp, Inc. (IROQ) is profitable, generating $4.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
IF Bancorp, Inc. (IROQ) reported an operating income of $5.9M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
IF Bancorp, Inc. (IROQ) generated $26.5M in gross profit for the year, representing a gross profit margin of 54.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geographic concentration and NIM
Net Interest Income Growth Momentum
According to the provided quarterly data, IROQ has demonstrated a notable acceleration in net interest income, which grew by 21.5% in 2026Q2 compared to the prior year, suggesting that the bank is successfully navigating the current interest rate environment to expand its core spread-based earnings capacity.
The recent expansion in NII appears to be a departure from the contractionary trends observed throughout 2024. This shift suggests that the bank may be benefiting from improved asset repricing or a more favorable mix of interest-earning assets relative to its funding costs.
Net Interest Margin Structural Constraints
As reported in financial statements, the net interest margin has remained largely stagnant at 0.7% in recent quarters, with the exception of a 2025Q4 outlier, indicating that the bank faces significant structural headwinds in expanding its yield spread despite growth in total interest-earning asset volumes.
The persistent compression of the NIM suggests that the bank's cost of funds may be rising in lockstep with asset yields, limiting the benefit of the current rate cycle. Investors should monitor whether this margin ceiling is a permanent feature of the bank's localized deposit competition.
Efficiency Ratio Reflects Operational Overhead
Based on the reported figures, IROQ's efficiency ratio has fluctuated between 40.5% and 46.5% over the last ten quarters, which implies that the bank's physical branch footprint continues to exert a meaningful drag on its ability to translate revenue growth into bottom-line operating income.
The lack of a clear downward trend in the efficiency ratio suggests that the bank has not yet achieved the operating leverage necessary to scale its earnings effectively. This warrants further investigation into whether the recent expansion into Missouri will drive sufficient revenue to offset the associated overhead costs.
Provisioning Volatility Masks Earnings Quality
Data from the income statement reveals significant volatility in provision for credit losses, including a substantial $22.2 million charge in 2025Q4, which complicates the assessment of the bank's underlying credit quality and suggests that management's subjective provisioning remains a primary driver of quarterly earnings fluctuations.
The erratic nature of these provisions makes it difficult to discern the true health of the loan portfolio, as large swings can obscure the bank's core profitability. Analysts should scrutinize the specific drivers behind these periodic adjustments to determine if they reflect actual credit deterioration or conservative accounting practices.