2014 Q2 Form 10-K Financial Statement

#000119312515324316 Filed on September 21, 2015

View on sec.gov

Income Statement

Concept 2014 Q2 2014 2013 Q2
Revenue $18.96M
YoY Change 7.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $120.0K $418.0K $110.0K
YoY Change 9.09% -6.49% -8.33%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.148M
YoY Change 1.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.570M $5.339M $1.480M
YoY Change 6.08% -7.42% 12.12%
Income Tax $570.0K $1.862M $530.0K
% Of Pretax Income 36.31% 34.88% 35.81%
Net Earnings $1.000M $3.477M $940.0K
YoY Change 6.38% -6.28% 4.44%
Net Earnings / Revenue 18.34%
Basic Earnings Per Share $0.84
Diluted Earnings Per Share $241.5K $0.84 $222.2K
COMMON SHARES
Basic Shares Outstanding 4.428M shares 4.137M shares 4.571M shares
Diluted Shares Outstanding 4.137M shares

Balance Sheet

Concept 2014 Q2 2014 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $12.73M $6.580M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.124M $5.100M $4.293M
YoY Change 19.36% 18.6% -1.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.100M $2.100M $3.200M
YoY Change -34.38% -34.38%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $551.3M $551.3M $547.5M
YoY Change 0.7% 0.69% 7.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $1.100M $1.000M
YoY Change 10.0% 10.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.300M $2.300M $1.700M
YoY Change 35.29% 35.29%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.100M $1.100M $1.000M
YoY Change 10.0% 10.0% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.500M $4.500M $4.400M
YoY Change 2.27% 2.27% 7.32%
Total Long-Term Liabilities $4.500M $4.500M $4.400M
YoY Change 2.27% 2.27% 7.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.100M $1.100M $1.000M
Total Long-Term Liabilities $4.500M $4.500M $4.400M
Total Liabilities $469.3M $469.3M $465.8M
YoY Change 0.75% 0.75% 9.68%
SHAREHOLDERS EQUITY
Retained Earnings $37.54M $39.10M
YoY Change -3.98% 0.96%
Common Stock $46.73M $46.00K
YoY Change 101493.48% -4.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.09M $82.10M $81.75M
YoY Change
Total Liabilities & Shareholders Equity $551.3M $551.3M $547.5M
YoY Change 0.7% 0.69% 7.08%

Cashflow Statement

Concept 2014 Q2 2014 2013 Q2
OPERATING ACTIVITIES
Net Income $1.000M $3.477M $940.0K
YoY Change 6.38% -6.28% 4.44%
Depreciation, Depletion And Amortization $120.0K $418.0K $110.0K
YoY Change 9.09% -6.49% -8.33%
Cash From Operating Activities $2.030M $6.500M $2.360M
YoY Change -13.98% 7.15% 13.46%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K $1.249M -$100.0K
YoY Change 240.0% 226.11% 66.67%
Acquisitions
YoY Change
Other Investing Activities $27.82M $2.620M -$9.930M
YoY Change -380.16% -105.84% -56.45%
Cash From Investing Activities $27.48M $1.370M -$10.03M
YoY Change -373.98% -103.03% -56.12%
FINANCING ACTIVITIES
Cash Dividend Paid $415.0K
YoY Change
Common Stock Issuance & Retirement, Net $4.622M
YoY Change 38.42%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.24M -1.720M 840.0K
YoY Change -3580.95% -104.58% -95.63%
NET CHANGE
Cash From Operating Activities 2.030M 6.500M 2.360M
Cash From Investing Activities 27.48M 1.370M -10.03M
Cash From Financing Activities -29.24M -1.720M 840.0K
Net Change In Cash 270.0K 6.150M -6.830M
YoY Change -103.95% -481.28% 335.03%
FREE CASH FLOW
Cash From Operating Activities $2.030M $6.500M $2.360M
Capital Expenditures -$340.0K $1.249M -$100.0K
Free Cash Flow $2.370M $5.251M $2.460M
YoY Change -3.66% -7.6% 14.95%

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754000
CY2015Q2 iroq Real Estate Construction Loans
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CY2015Q2 iroq Maximum Amount Of One To Four Family Residential Mortgage Loans Can Be Approved By Loan Officer
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10000
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313000
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750000
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300000
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1000000
CY2015Q2 iroq Maximum Amount Of Unsecured Loans Residential Mortgage Loans Can Be Approved By Managing Officer
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300000
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496000
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50000
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1297000
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650000
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CY2014 us-gaap Current Income Tax Expense Benefit
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1815000
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52000
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136000
CY2014 us-gaap Increase Decrease In Advance Payments By Borrowers For Taxes And Insurance
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31000
CY2014 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
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CY2014 us-gaap Depreciation
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418000
CY2014 us-gaap Interest Expense Deposits
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2322000
CY2014 us-gaap Impaired Financing Receivable Average Recorded Investment
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4694000
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211000
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2165000
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136000
CY2014 iroq Esop Shares Earned
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312000
CY2014 iroq Telephone And Postage
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262000
CY2014 iroq Unpaid Principal Balances Of Mortgage Loans Serviced For Others
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74017000
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144000
CY2014 iroq Closing Price Of Share To Calculate Unearned Esop Shares
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16.49
CY2014 iroq Interest Expense Deposit Type Brokered Certificates Of Deposit
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148000
CY2014 iroq Esop Shares Earned Shares
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19245 shares
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2324000
CY2014 iroq Federal Home Loan Bank Dividends
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29000
CY2014 iroq Net Increase Decrease In Demand Deposits Money Market Now And Savings Accounts
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4744000
CY2014 iroq Interest Rate Adjustment Period
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P1Y
CY2014 iroq Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances
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826000
CY2014 iroq Benefits Paid
BenefitsPaid
78000
CY2014 iroq Supervisory Examinations
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152000
CY2014 iroq Insurance Bond Premiums
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121000
CY2014 iroq Stock Repurchased During Period Average Cost Per Share
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16.59
CY2014 iroq Organizational Dues And Subscriptions
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50000
CY2015 dei Document Fiscal Period Focus
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FY
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0.83
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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5332000
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0 shares
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0.10
CY2015 dei Document Fiscal Year Focus
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2015
CY2015 dei Amendment Flag
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false
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0 shares
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4242742 shares
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0.83
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P6Y
CY2015 dei Document Type
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10-K
CY2015 dei Entity Central Index Key
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0001514743
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P8Y4M24D
CY2015 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
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317543 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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0 shares
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0
CY2015 dei Entity Filer Category
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Smaller Reporting Company
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1.00 pure
CY2015 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
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0.10 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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8550 shares
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34 pure
CY2015 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.05 pure
CY2015 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.25 pure
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
CY2015 us-gaap Common Stock Dividends Per Share Declared
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0.10
CY2015 dei Current Fiscal Year End Date
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--06-30
CY2015 dei Entity Current Reporting Status
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Yes
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23857 shares
CY2015 dei Entity Registrant Name
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IF Bancorp, Inc.
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
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3925678 shares
CY2015 us-gaap Financing Receivable Modifications Number Of Contracts2
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CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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479 shares
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0 shares
CY2015 dei Entity Voluntary Filers
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No
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0
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
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3925199 shares
CY2015 dei Document Period End Date
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2015-06-30
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 0pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, fair value measurements and classifications of investment securities, loan servicing rights and income taxes.</p> </div>
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2015 dei Trading Symbol
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IROQ
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41000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0 shares
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516000
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264000
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185000
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720000
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94000
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51000
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18895000
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123000
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71000
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4380000
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27000
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3192000
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506000
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203000
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135000
CY2015 us-gaap Income Taxes Paid Net
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1761000
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123000
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692000
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3257000
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5000
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3320000
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0
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100000
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203000
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5000
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2044000
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47000
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75000
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8504000
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123000
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403000
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298000
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19000
CY2015 iroq Charitable Contribution Carryforward Period
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P5Y
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FederalHomeLoanBankDividends
30000
CY2015 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
84000
CY2015 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
57000
CY2015 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
278000
CY2015 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
48000
CY2015 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-120000
CY2015 us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
208000
CY2015 us-gaap Defined Benefit Plan Benefits Paid
DefinedBenefitPlanBenefitsPaid
84000
CY2015 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
96000
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Life Insurance
IncomeTaxReconciliationNondeductibleExpenseLifeInsurance
-90000
CY2015 us-gaap Noninterest Expense Printing And Fulfillment
NoninterestExpensePrintingAndFulfillment
184000
CY2015 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
460000
CY2015 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
540000
CY2015 us-gaap Defined Benefit Plan Amortization Of Transition Obligations Assets
DefinedBenefitPlanAmortizationOfTransitionObligationsAssets
25000
CY2015 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
47000
CY2015 us-gaap Occupancy Net
OccupancyNet
565000
CY2015 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
48000
CY2015 us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
578000
CY2015 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
1700000
CY2015 us-gaap Advertising Expense
AdvertisingExpense
386000
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1970000
CY2015 us-gaap Equipment Expense
EquipmentExpense
995000
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1737000
CY2015 us-gaap Increase Decrease In Postretirement Obligations
IncreaseDecreaseInPostretirementObligations
61000
CY2015 us-gaap Labor And Related Expense
LaborAndRelatedExpense
8474000
CY2015 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
10136000
CY2015 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-31000
CY2015 us-gaap Professional Fees
ProfessionalFees
515000
CY2015 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Accumulated Postretirement Benefit Obligation1
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation1
46000
CY2015 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
310000
CY2015 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
11663000
CY2015 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4952000
CY2015 us-gaap Noninterest Expense
NoninterestExpense
13420000
CY2015 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
134000
CY2015 us-gaap Increase Decrease In Advance Payments By Borrowers For Taxes And Insurance
IncreaseDecreaseInAdvancePaymentsByBorrowersForTaxesAndInsurance
-42000
CY2015 us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
ServicingAssetAtFairValueChangesInFairValueResultingFromChangesInValuationInputsOrChangesInAssumptions
-11000
CY2015 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
ServicingAssetAtFairValueOtherChangesInFairValue
-65000
CY2015 us-gaap Depreciation
Depreciation
430000
CY2015 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2433000
CY2015 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
5026000
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
192000
CY2015 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
269000000
CY2015 iroq Securities Sold Under Repurchase Agreements Average Balance
SecuritiesSoldUnderRepurchaseAgreementsAverageBalance
3398000
CY2015 iroq Benefit Costs
BenefitCosts
134000
CY2015 iroq Minimum Age To Be Attained By Employee To Avail Benefits Under Esop
MinimumAgeToBeAttainedByEmployeeToAvailBenefitsUnderEsop
P21Y
CY2015 iroq Percentage Of Shares Purchased Under Employee Stock Ownership Plan
PercentageOfSharesPurchasedUnderEmployeeStockOwnershipPlan
0.08 pure
CY2015 iroq Term Period On Residential Mortgage Loan
TermPeriodOnResidentialMortgageLoan
P15Y
CY2015 iroq Esop Shares Earned
EsopSharesEarned
310000
CY2015 iroq Repurchased Shares Average Price
RepurchasedSharesAveragePrice
16.52
CY2015 iroq Interest Bearing Deposits Maturity Period
InterestBearingDepositsMaturityPeriod
P5Y
CY2015 iroq Expected Loan Repayment Period
ExpectedLoanRepaymentPeriod
P20Y
CY2015 iroq Accrual Of Interest On Loans Due Discontinued Period
AccrualOfInterestOnLoansDueDiscontinuedPeriod
P90D
CY2015 iroq Period Of Treasury Rate Used To Determine Risk Free Interest Rate
PeriodOfTreasuryRateUsedToDetermineRiskFreeInterestRate
P7Y
CY2015 iroq Number Of Stock Repurchase Plans
NumberOfStockRepurchasePlans
1 Number_of_stock_repurchase
CY2015 iroq Minimum Period To Consider As Defaults
MinimumPeriodToConsiderAsDefaults
P90D
CY2015 iroq Telephone And Postage
TelephoneAndPostage
256000
CY2015 iroq Unpaid Principal Balances Of Mortgage Loans Serviced For Others
UnpaidPrincipalBalancesOfMortgageLoansServicedForOthers
73823000
CY2015 iroq Audit And Accounting Services
AuditAndAccountingServices
101000
CY2015 iroq Closing Price Of Share To Calculate Unearned Esop Shares
ClosingPriceOfShareToCalculateUnearnedEsopShares
16.53
CY2015 iroq Income Tax Examination Minimum Likelihood Of Tax Benefits Being Realized Upon Settlement
IncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement
0.50 pure
CY2015 iroq Stock Repurchase Program Authorization Date
StockRepurchaseProgramAuthorizationDate
2014-05-14
CY2015 iroq Interest Expense Deposit Type Brokered Certificates Of Deposit
InterestExpenseDepositTypeBrokeredCertificatesOfDeposit
181000
CY2015 iroq Esop Shares Earned Shares
ESOPSharesEarnedShares
19245 shares
CY2015 iroq Cash And Cash Equivalents Maximum Original Maturity Period
CashAndCashEquivalentsMaximumOriginalMaturityPeriod
P3M
CY2015 iroq Securities Sold Under Repurchase Agreements Maximum Balance
SecuritiesSoldUnderRepurchaseAgreementsMaximumBalance
4403000
CY2015 iroq Unsecured Loans Limited To Period
UnsecuredLoansLimitedToPeriod
P12M
CY2015 iroq Net Increase Decrease In Demand Deposits Money Market Now And Savings Accounts
NetIncreaseDecreaseInDemandDepositsMoneyMarketNowAndSavingsAccounts
18589000
CY2015 iroq Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvances
793000
CY2015 iroq Benefits Paid
BenefitsPaid
84000
CY2015 iroq Supervisory Examinations
SupervisoryExaminations
149000
CY2015 iroq Insurance Bond Premiums
InsuranceBondPremiums
119000
CY2015 iroq Stock Repurchased During Period Average Cost Per Share
StockRepurchasedDuringPeriodAverageCostPerShare
16.60
CY2015 iroq Organizational Dues And Subscriptions
OrganizationalDuesAndSubscriptions
50000
CY2015 iroq Tier One Capital Conservation Buffer To Risk Weighted Assets Required Under Regulatory
TierOneCapitalConservationBufferToRiskWeightedAssetsRequiredUnderRegulatory
0.025 pure
CY2015 iroq Consumer Loan Term In Year
ConsumerLoanTermInYear
P7Y
CY2015 iroq Defined Benefit Plan Retirement Age
DefinedBenefitPlanRetirementAge
72 Age
CY2015 iroq Tier One Risk Based Capital To Risk Weighted Assets Conservation Buffer
TierOneRiskBasedCapitalToRiskWeightedAssetsConservationBuffer
0.00625 pure
CY2015 iroq Tier One Deductions And Other Adjustments Percentage
TierOneDeductionsAndOtherAdjustmentsPercentage
0.40 pure
CY2011Q3 iroq Percentage Of Donated Share Of Common Stock
PercentageOfDonatedShareOfCommonStock
0.07 pure
CY2011Q3 iroq Cash Donation
CashDonation
450000
CY2011Q3 iroq Donated Shares Of Common Stock
DonatedSharesOfCommonStock
10.00
CY2011Q3 iroq Value Of Donated Stock And Cash Expensed
ValueOfDonatedStockAndCashExpensed
3597550
CY2011Q3 iroq Value Of Donated Shares Of Common Stock
ValueOfDonatedSharesOfCommonStock
3147550
CY2011Q3 iroq Number Of Donated Shares Of Common Stock
NumberOfDonatedSharesOfCommonStock
314755 shares

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