IF Bancorp, Inc. (IROQ): Business Model Canvas [Dec-2025 Updated]

You're digging into how a community bank like IF Bancorp, Inc. (IROQ) actually makes money when rates are tricky, and honestly, their model is classic: gather deposits-they held $721.3 million as of mid-2025-and turn that into loans, aiming to widen that Net Interest Margin. With Net Interest Income landing at $20.8 million against $22.6 million in interest expense for FY 2025, managing that spread is everything. It's a tightrope walk between personalized local service across their seven Illinois branches and the cost of compliance, but their $887.7 million asset base shows they are holding steady. It's all about the NIM. I've mapped out the nine core pieces of their strategy below so you can see exactly where the risk and reward lie for this operation.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports IF Bancorp, Inc.'s operations as of late 2025, specifically focusing on the external relationships that are critical to its funding, technology, and product distribution. These partnerships are the scaffolding for Iroquois Federal Savings and Loan Association's business.

The most significant development is the pending acquisition agreement. This isn't just an alliance; it's a full takeover that will fundamentally change the ownership structure. ServBanc Holdco, Inc., the parent of Servbank, National Association, entered into a definitive agreement to acquire IF Bancorp, Inc. for approximately $89.8 million in cash on October 30, 2025. The agreed-upon price for IF Bancorp, Inc. shareholders is $27.20 per share. This transaction, which requires regulatory and shareholder approval, is targeted to close in the first quarter of 2026.

For supplemental funding and liquidity management, the relationship with the Federal Home Loan Bank (FHLB) remains a key component, especially given the competitive deposit environment. Here's a look at the borrowing reliance as of the end of the third quarter of fiscal year 2026:

Funding Source	Balance as of September 30, 2025 (in millions)	Balance as of June 30, 2025 (in millions)
Total Borrowings (including repurchase agreements)	$87.3	$72.9

This shows an increased reliance on wholesale funding, moving from $72.9 million to $87.3 million over the quarter. Honestly, this signals the ongoing difficulty in attracting and retaining core deposits, even with deposits only dipping to $680.3 million at September 30, 2025, partly due to public tax money withdrawals of about $59.3 million.

For the technology backbone, IF Bancorp, Inc. relies on external providers to deliver modern banking conveniences. While the specific vendor names aren't public in the latest filings, we know the services they must support:

• Online banking and bill pay
• Mobile banking with mobile deposit capabilities
• ACH origination services
• Remote deposit capture functionality
• Telephone banking infrastructure

The revenue generated from non-deposit product offerings-the insurance and brokerage side-is bundled into the overall non-interest income line. The wholly owned subsidiary, L.C.I. Service Corporation, handles the property and casualty insurance sales. The full-year 2025 revenue for IF Bancorp, Inc. was reported at $26.46 million, with non-interest income for the third quarter ending September 30, 2025, being $1.1 million. This income stream is supported by partnerships with various brokerage and insurance carriers to offer:

• Property and casualty insurance
• Annuities and mutual funds
• Individual and group retirement plans
• Life, disability, and health insurance products
• Individual securities and managed accounts

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Key Activities

You're looking at the core engine of IF Bancorp, Inc. (IROQ), which is fundamentally about taking deposits and turning them into loans, all while managing the balance sheet carefully. Here's how the key activities break down based on their late 2025 financial positioning.

Core deposit gathering and interest expense management

This activity is about keeping the funding engine running efficiently. Management has noted that the competitive environment for deposits remains difficult, which puts pressure on funding costs. Still, IF Bancorp, Inc. managed to improve its Net Interest Margin (NIM) to 2.47% for the fiscal year ended June 30, 2025, up from 2.10% in fiscal 2024. This improvement helped drive net interest income up to $20.8 million for FY 2025.

You see the direct impact of deposit flows on the balance sheet. Deposits stood at $680.3 million as of September 30, 2025, down from $721.3 million at June 30, 2025. This recent drop was largely due to the seasonal withdrawal of approximately $59.3 million in tax-related public funds during the quarter ending September 30, 2025. To manage this, total borrowings increased to $87.3 million at September 30, 2025, up from $72.9 million at June 30, 2025.

Interest expense management shows success in the latest periods:

• Interest expense for the three months ended September 30, 2025, was $4.9 million.
• Interest expense for the three months ended September 30, 2024, was $6.1 million.
• Interest expense for the full fiscal year 2025 was $22.6 million, down from $23.3 million in fiscal 2024.

They are definitely managing the cost of funds down, even if deposit gathering is a constant fight.

Originating and servicing residential and commercial real estate loans

The primary use of those gathered deposits is lending, with a heavy concentration in real estate. IF Bancorp, Inc. directs, plans, and coordinates the investment of deposits and borrowings into various loans. The net loans receivable balance was $619.3 million as of September 30, 2025, a slight sequential decrease from $633.6 million at June 30, 2025.

The composition of the loan book is quite specific to their local market focus:

Loan Category	Key Characteristics/Examples
Residential Mortgages	One- to four-family residential mortgage loans
Multi-family Loans	Multi-family mortgage loans
Commercial Real Estate (CRE)	Commercial real estate loans, such as farm loans
Consumer & Other	Home equity lines of credit, commercial business loans, consumer loans (primarily automobile loans), construction loans, and land development loans

The bank also engages in servicing, though specific servicing fee income isn't explicitly detailed in the latest summaries, the activity is inherent in their loan operations.

Managing the investment securities portfolio for liquidity and yield

The investment securities portfolio acts as a secondary source of liquidity and a place to hold assets that generate yield outside of the loan book. The size of this portfolio has been relatively stable, though it saw a slight increase recently.

• Investment securities at September 30, 2025, totaled $189.8 million.
• Investment securities at June 30, 2025, were $187.8 million.
• Investment securities at December 31, 2024, were $182.9 million.

The management of these assets impacts the balance sheet equity; the increase in accumulated other comprehensive income (loss) for FY 2025 was mainly due to unrealized depreciation on available-for-sale securities, net of tax. This shows the direct link between portfolio management and capital health.

Regulatory compliance and risk management oversight

This is the guardrail activity, ensuring asset quality remains sound. IF Bancorp, Inc. demonstrated a conservative credit posture through fiscal 2025 and into the first quarter of fiscal 2026. Risk management success is evident in the reversal of loan loss provisions.

For the fiscal year ended June 30, 2025, the company recorded a $701,000 credit to its provision for credit losses, a significant swing from the $32,000 provision recorded in fiscal 2024. This positive trend continued into the quarter ending September 30, 2025, with a $42,000 credit to the provision.

Asset quality metrics remain strong:

• Non-performing assets (NPAs) were only $377,000, representing 0.04% of total assets, as of March 31, 2025.
• Allowance coverage for loans was 1.10% as of March 31, 2025.

This oversight activity is what allowed the bank to post a strong net income of $4.3 million for FY 2025, a 140.4% increase year-over-year.

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Key Resources

You're looking at the core assets that power IF Bancorp, Inc.'s operations as of late 2025. These are the tangible and human foundations supporting their value proposition across Illinois and Missouri.

The balance sheet provides the first look at the scale of these resources. As of the end of their fiscal year on June 30, 2025, IF Bancorp, Inc. reported Total assets of $887.7 million. This capital base is heavily weighted toward lending, which is the primary engine for a savings and loan association.

Here's a breakdown of the key financial resources, comparing the fiscal year-end to the most recent reported quarter end, September 30, 2025, to show the near-term movement in the resource base. Honestly, you see a slight contraction in the total asset base in the subsequent quarter.

Key Financial Metric	As of June 30, 2025	As of September 30, 2025
Total Assets	$887.7 million	$862.3 million
Net Loan Portfolio	$633.6 million	$619.3 million
Total Deposits (Funding Base)	$721.3 million	$680.3 million

The Net loan portfolio stood at $633.6 million at June 30, 2025, representing the bulk of the earning assets. Supporting this lending activity is the funding side, where a stable deposit base totaled $721.3 million as of that same date. What this estimate hides is the volatility in that deposit base; by September 30, 2025, deposits had dropped to $680.3 million, largely due to the withdrawal of tax monies from a public entity. Still, the core deposit franchise remains critical.

Beyond the balance sheet numbers, the physical footprint and the people running the show are essential resources for IF Bancorp, Inc.

The physical infrastructure supporting customer relationships includes:

• Seven full-service Illinois branches
• One Missouri Loan Production Office in Osage Beach

This geographic presence allows them to service their primary lending market across Illinois counties like Vermilion, Iroquois, Champaign, and Kankakee, plus the Missouri counties of Camden, Miller, and Morgan.

The human capital is quantified by the team size. IF Bancorp, Inc. relies on an experienced staff of approximately 107 employees. That number is the engine driving loan origination, deposit management, and regulatory compliance across their footprint. Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Value Propositions

You're looking at the core promises IF Bancorp, Inc. makes to its customers and the market as of late 2025. These aren't just marketing slogans; they are backed by the balance sheet and the physical footprint of Iroquois Federal Savings and Loan Association.

Localized, community-focused banking with personalized service

IF Bancorp, Inc. anchors its service in a defined geographic area. The Association conducts its operations from seven full-service banking offices across Illinois, specifically in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign. Furthermore, it maintains a loan production office in Osage Beach, Missouri. This physical presence supports a commitment to localized service delivery.

Full-service financial suite: banking, lending, and wealth management

The value proposition extends beyond simple checking and savings. IF Bancorp, Inc. provides a comprehensive set of financial tools for both individual and corporate clients. This suite includes:

• Banking products like savings accounts, commercial and personal checking, IRAs, and HSAs.
• A diverse lending portfolio covering one- to four-family residential mortgages, multi-family mortgages, commercial real estate, farm loans, home equity lines of credit, commercial business loans, and consumer automobile loans.
• Additional financial services, including the sale of property and casualty insurance, annuities, mutual funds, and various retirement plans.

Financial stability with a strong capital ratio and low non-performing assets

The financial health of IF Bancorp, Inc. provides a bedrock for customer confidence. You can see this strength reflected in key metrics as of the third quarter of fiscal year 2026. The bank maintained a solid equity position, with the average stockholders' equity to average total assets ratio reported at 9.56% as of September 30, 2025. Asset quality remains a key feature, with non-performing assets (NPA) to total assets standing at 0.12% at September 30, 2025. This low level of troubled assets supports the reported net income of $1.4 million for the three months ended September 30, 2025.

Here's a quick look at the scale of the balance sheet supporting these claims as of September 30, 2025:

Metric	Amount	Date/Period
Total Assets	$862.3 million	September 30, 2025
Total Deposits	$680.3 million	September 30, 2025
Net Loans Receivable	$619.3 million	September 30, 2025
Book Value Per Share	$25.22	September 30, 2025

Competitive deposit products like CDs and money market accounts

To attract and retain funding, IF Bancorp, Inc. offers a range of deposit options designed to meet different customer needs. The company explicitly lists Certificates of Deposit (CDs) and Money Market Accounts (MMAs) among its deposit offerings. The total deposit base stood at $680.3 million at the end of September 2025. The ability to manage funding costs, as evidenced by the decrease in interest expense to $4.9 million for the three months ended September 30, 2025, from $6.1 million the prior year, suggests effective management of these deposit liabilities in the rate environment.

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Customer Relationships

You're running a community-focused bank, so your customer relationships are the core of how you operate, blending personal service with necessary digital tools. For IF Bancorp, Inc., this means relying heavily on its physical footprint and staff to maintain that connection, even as the industry shifts.

Relationship-driven, high-touch model through branch staff

The foundation of IF Bancorp, Inc.'s customer relationship strategy is definitely its physical presence. The Association operates across seven full-service banking offices in Illinois-Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign-plus a loan production office in Osage Beach, Missouri. This network is designed to serve individual and corporate customers within a 100-mile radius of its primary lending market. To support this high-touch approach, the company has a total employee count of 107 as of late 2025. This relatively small team size, compared to national banks, suggests a direct, personal relationship between staff and the customer base that holds deposits totaling $680.3 million as of September 30, 2025.

• Seven full-service banking offices in Illinois.
• One loan production office in Missouri.
• Total staff count of 107 employees.
• Serving individual and corporate customers locally.

Dedicated commercial and mortgage lending officers

For your business clients, the relationship is managed by specialized personnel. The lending officers focus on the core asset classes that make up the loan portfolio, which had a total value of $619.3 million at September 30, 2025. These officers handle complex products like multi-family residential loans, commercial real estate loans, and commercial business loans. This dedicated structure helps ensure that complex credit decisions and relationship management are handled by experts familiar with the local market dynamics.

Automated self-service via online and mobile banking platforms

While the high-touch model is key, IF Bancorp, Inc. must also meet modern expectations for convenience. The Association offers alternative delivery channels, which includes online and mobile banking platforms for routine transactions. To be fair, while specific adoption rates for IF Bancorp, Inc. aren't public, the broader U.S. market in 2025 shows that 76% of adults use mobile banking apps, and 73% actively use online banking services. Furthermore, industry-wide, it's projected that 80% of all U.S. bank transactions will be conducted through digital platforms in 2025. This means the self-service channels are critical for handling the day-to-day needs of customers, freeing up branch staff for the high-value, relationship-driven interactions.

Here's a quick look at the scale of the customer base IF Bancorp, Inc. is managing across its various services as of the end of the fiscal year 2025 and the start of FY 2026:

Metric	As of June 30, 2025	As of September 30, 2025
Total Assets	$887.7 million	$862.3 million
Total Deposits	$721.3 million	$680.3 million
Net Loans Receivable	$633.6 million	$619.3 million
Net Interest Income (TTM)	$20.8 million (FY 2025)	$6.2 million (Q1 FY 2026)

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Channels

You're looking at how IF Bancorp, Inc., through its primary operating entity, Iroquois Federal Savings and Loan Association, gets its services to customers as of late 2025. The channel strategy is a mix of traditional brick-and-mortar presence in Illinois and targeted outreach for lending and specialized services.

The core physical delivery mechanism is the established branch network across Illinois. This network supports the primary banking and mortgage services offered to individual and corporate customers within a roughly 100-mile radius of these locations. The geographic spread is key to maintaining local market penetration.

The digital channels are the necessary complement to the physical footprint, allowing for modern banking convenience. While specific adoption rates aren't public in the latest filings, the capabilities are standard for the industry.

For loan origination outside the immediate branch area, IF Bancorp, Inc. uses a dedicated Loan Production Office (LPO). This office focuses specifically on generating new loan business.

Finally, specialized services are delivered through a wholly-owned subsidiary, ensuring a separate, focused channel for non-core banking products.

Here are the key components of the IF Bancorp, Inc. channel strategy, paired with some relevant financial context as of the third quarter of fiscal year 2025 (data as of September 30, 2025, unless otherwise noted):

Channel Component	Description/Location	Relevant Financial Metric (Q3 FY2025)	Associated Financial Data Point
Physical Branch Network	Seven full-service banking offices in Illinois: Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign.	Primary driver for deposit base.	Deposits: $680.3 million (as of 9/30/2025)
Loan Production Office (LPO)	Office in Osage Beach, Missouri, focused on loan origination.	Supports loan portfolio growth outside core Illinois market.	Net Loans Receivable: $619.3 million (as of 9/30/2025)
Digital Channels	Mobile banking, online bill pay, and ATM access.	Supports customer service and transaction efficiency.	Net Interest Income: $6.2 million (for the three months ended 9/30/2025)
L.C.I. Service Corporation	Wholly-owned subsidiary selling property and casualty insurance.	Contributes to noninterest income stream.	Noninterest Income: $1.1 million (for the three months ended 9/30/2025)

You can see the scale of the operation reflected in the balance sheet figures from the end of September 2025. Total assets stood at $862.3 million.

The operational structure supports the income generation across different streams. The primary banking activities generate interest income, while the insurance sales channel contributes to noninterest income.

The specific locations served by the Association are:

• Watseka, Illinois
• Danville, Illinois
• Clifton, Illinois
• Hoopeston, Illinois
• Savoy, Illinois
• Bourbonnais, Illinois
• Champaign, Illinois
• Osage Beach, Missouri (LPO only)

The overall financial health, as demonstrated by the latest reported earnings, shows profitability improvement through these channels. Net income for the quarter ending September 30, 2025, was $1.392 million, resulting in a basic EPS of $0.43.

The L.C.I. Service Corporation channel is explicitly tied to noninterest income, which for the quarter ending September 30, 2025, was reported at $1.1 million. The company is subject to regulation by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for the Association, and the Federal Reserve for the holding company.

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Customer Segments

You're looking at the core base of customers IF Bancorp, Inc. (IROQ) serves through its Association, Iroquois Federal Savings and Loan Association. This is a community bank focused on a specific geographic footprint, which dictates who they lend to and take deposits from.

The primary lending market is tightly defined, centering around the seven full-service banking offices in Illinois and the loan production office in Missouri. Specifically, the core Illinois counties are Vermilion, Iroquois, Champaign, and Kankakee, plus adjacent counties in Illinois and Indiana within a 30-mile radius of a location. The Missouri presence is anchored by the Osage Beach LPO, serving Camden, Miller, and Morgan counties. This local focus means the customer segments are deeply tied to the regional economies there.

For retail banking, IF Bancorp, Inc. attracts individuals and households looking for traditional savings and checking accounts. These core deposit accounts form the foundation of their funding. As of the fiscal year end on June 30, 2025, total deposits stood at $721.3 million. However, you see the volatility in this segment, as deposits dropped to $680.3 million by September 30, 2025.

The commercial side targets small to mid-sized businesses, particularly those needing financing secured by real estate. The lending activity includes commercial real estate loans and farm loans. For context on the size of these commercial relationships, loans secured by commercial real estate had an average loan balance of $633,000 as of June 30, 2024. The total loan portfolio, which funds these commercial and residential customers, was $633.6 million at June 30, 2025.

A distinct, though temporary, customer segment involves public entities. These relationships are characterized by large, temporary deposit balances that fluctuate based on governmental cash cycles. You saw this clearly in the first quarter of fiscal year 2026; deposits fell by approximately $59.3 million during the three months ended September 30, 2025, because a public entity withdrew real estate tax monies for distribution. That's a significant, expected swing for this type of client.

Here's a quick look at the balance sheet metrics tied to these customer groups as of the latest reporting periods:

Financial Metric	Reporting Date	Amount
Total Deposits	June 30, 2025	$721.3 million
Total Deposits	September 30, 2025	$680.3 million
Net Loans Receivable	June 30, 2025	$633.6 million
Public Entity Deposit Fluctuation (Q1 FY26)	Three Months Ended September 30, 2025	$59.3 million withdrawal
Average Commercial Real Estate Loan Balance	June 30, 2024	$633,000

The Association's lending efforts are concentrated on specific asset types that align with their relationship banking philosophy. They focus on originating loans that are collateralized by assets, mainly real estate, of the borrowers. The types of customers served through lending include:

• One- to four-family residential mortgage loan customers.
• Multi-family property owners.
• Commercial real estate borrowers (owner-occupied businesses, retail rentals, churches, office buildings).
• Farm business owners seeking real estate-secured loans.
• Customers utilizing home equity lines of credit.
• Commercial business loan clients.
• Retail customers with consumer loans, mostly automobile loans.

The underwriting standard emphasizes a primary banking relationship, meaning they prefer customers who maintain an active deposit banking relationship alongside their lending needs. That's how they try to keep underwriting integrity high.

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for IF Bancorp, Inc. as of late 2025. For a bank holding company like IF Bancorp, Inc., the cost structure is heavily weighted toward the cost of funds and the operational expenses required to maintain a regulated financial institution.

Significant interest expense on deposits and borrowings is a major outflow. For the fiscal year ended June 30, 2025, IF Bancorp, Inc. reported an interest expense of $22.6 million. This figure reflects the cost of attracting and retaining customer deposits and utilizing wholesale funding sources, such as Federal Home Loan Bank advances. This compares to $23.3 million for the prior fiscal year, showing a slight decrease in the cost of funding year-over-year, which helped improve the net interest margin. For the three months ended September 30, 2025, this cost was $4.9 million.

The next major category is noninterest expenses, which cover everything outside of interest paid on liabilities. For the full fiscal year ended June 30, 2025, total noninterest expense for IF Bancorp, Inc. reached $20.5 million. This is up from $19.7 million in the prior fiscal year. Looking at the most recent quarter, the noninterest expense for the three months ended September 30, 2025, was $5.5 million, an increase from $5.0 million for the same period in 2024.

Within that noninterest expense bucket, you have several key drivers. You definitely need to account for compensation and employee benefits for the staff. This is typically one of the largest components of noninterest expense for a community bank, covering salaries, payroll taxes, and benefits for the personnel running the Association's operations and lending activities.

Also embedded in the noninterest expense are costs related to maintaining the physical and digital presence. This includes noninterest expenses for branch operations and technology infrastructure. For IF Bancorp, Inc., this covers occupancy costs for its locations in Illinois and Missouri, equipment expenses, and data processing fees necessary to support banking services.

Finally, operating as a regulated entity means substantial, non-negotiable costs. These are the regulatory and compliance costs (FDIC, OCC, etc.). These costs include federal deposit insurance premiums paid to the Federal Deposit Insurance Corporation (FDIC) and various examination and supervision fees levied by the Office of the Comptroller of the Currency (OCC) and the Illinois Department of Financial and Professional Regulation. These are essential expenditures to maintain the license to operate.

Here's a quick look at the key expense figures from the latest reported periods:

Expense Category	Fiscal Year Ended June 30, 2025 (Amount)	Three Months Ended September 30, 2025 (Amount)
Interest Expense	$22.6 million	$4.9 million
Total Noninterest Expense	$20.5 million	$5.5 million

The composition of noninterest expense for IF Bancorp, Inc. generally includes:

• Compensation and benefits for employees.
• Occupancy and equipment costs for branches.
• Data processing fees.
• Professional fees for legal and audit services.
• Marketing expenditures.
• Federal deposit insurance premiums.

The management team is focused on the net interest margin, but the noninterest expense line is where day-to-day operational efficiency is measured. If onboarding takes 14+ days, churn risk rises, but for a bank, inefficient branch staffing or outdated tech stacks can quickly erode those margin gains.

Finance: draft 13-week cash view by Friday.

IF Bancorp, Inc. (IROQ) - Canvas Business Model: Revenue Streams

You're looking at the core ways IF Bancorp, Inc. brings in money as of late 2025. For a bank holding company like IF Bancorp, Inc., the revenue streams are heavily weighted toward the balance sheet-what they lend out versus what they borrow.

The primary engine is the spread between what they earn on assets and what they pay on liabilities. For the fiscal year ended June 30, 2025, Net Interest Income (NII) from the loan and investment portfolios totaled $20.8 million. This was a solid jump from $17.7 million in the prior fiscal year, showing improved margin management.

The asset side driving this NII is the loan portfolio. As of June 30, 2025, the Net loans receivable on the books stood at $633.6 million. The total Interest income generated from this portfolio, along with investment securities, for the full fiscal year 2025 was $43.4 million. To be fair, this $43.4 million figure is total interest income, not just interest earned on the loan portfolio, but it's the best figure we have for interest earnings before interest expense is subtracted to get NII.

Beyond the core lending spread, IF Bancorp, Inc. generates revenue from noninterest sources. For the fiscal year ended June 30, 2025, Noninterest income reached $4.9 million, up from $4.4 million the year before. This category bundles several fee-based services.

Here's a quick breakdown of the components that make up the revenue streams:

Revenue Component	FY 2025 Amount	Context/Source
Net Interest Income (NII)	$20.8 million	From loan and investment portfolios.
Total Interest Income	$43.4 million	Interest earned on assets before interest expense.
Net Loans Receivable (Portfolio Size)	$633.6 million	Balance as of June 30, 2025.
Total Noninterest Income	$4.9 million	Includes service charges and fees.

The noninterest income stream is supported by the activities of Iroquois Federal Savings and Loan Association, which include offering various services to clients. These activities contribute to the service charges and fees component of the noninterest income.

The specific fee-based revenue sources that feed into that $4.9 million figure include:

• Service charges and fees earned on deposit accounts.
• Fees related to the loan servicing process.
• Commissions from selling property and casualty insurance.
• Revenue from offering annuities.
• Commissions from selling mutual funds.

If onboarding takes 14+ days, churn risk rises; similarly, if the loan portfolio growth stalls while deposit costs remain high, the NII expansion seen in FY 2025 could reverse. Finance: draft 13-week cash view by Friday.