IF Bancorp is the holding company for Iroquois Federal Savings and Loan Association, a federally chartered community savings bank headquartered in Watseka, Illinois. Iroquois Federal operates seven full-service branches across east-central Illinois and a loan production office in the Lake of the Ozarks region of Missouri. The core business is traditional community banking: gathering deposits from local individuals and businesses and deploying those funds into loans. The loan portfolio is predominantly real estate-backed, with commercial real estate (~32% of loans), one-to-four-family residential mortgages (~28%), multi-family real estate (~20%), and commercial business loans (~15%) making up the bulk. Historically a residential mortgage-focused thrift, Iroquois Federal has been deliberately shifting its mix toward commercial real estate, multi-family, and commercial business loans, which carry higher yields and shorter durations. Like most community banks, Iroquois Federal earns primarily through net interest income — the spread between interest earned on loans and investments and interest paid on deposits. Certificates of deposit represent the largest funding source. The bank sells most long-term fixed-rate residential mortgages to manage duration risk. Beyond core banking, Iroquois Federal offers property and casualty insurance through its L.C.I. Service Corporation subsidiary, and investment and brokerage products through its Iroquois Financial division. Iroquois Federal holds strong deposit market share in its core Illinois markets, ranking first in Vermilion County and second in Iroquois County.