IF Bancorp Inc (IROQ) delivered QQ1 2025 revenue of $6.23 million, up 9.1% year over year but down 47.5% quarter over quarter, with net income of $0.633 million and earnings per share of $0.20. The kvartely results show a positive year-over-year trajectory in core earnings, but a sharp QoQ revenue decline that highlights seasonal dynamics or near-term pressure on the top line. Operating income of $0.851 million reflects a 13.66% operating margin, while the net margin stands at 10.16% for the quarter. The company’s gross margin is reported at 100% in the data set, suggesting either a data artifact or a minimal cost of revenue for the period; investors should verify the underlying cost structure in the accompanying 10-Q. Liquidity remains robust, with total cash and short-term investments near $200 million against total assets of about $893 million, yielding a comfortable current ratio around 2.8. The stock trades at a price-to-earnings ratio of approximately 25.7x and a price-to-book ratio near 0.83x, with a modest dividend yield around 1%. Profitability metrics (ROA ~0.07% and ROE ~0.8%) remain subdued versus regional peers, indicating a business that generates sound net income from a small earnings base but struggles to convert assets into higher returns. The investment thesis hinges on stabilizing deposits, meaningful loan growth, and potential non-interest income expansion from wealth and insurance products, balanced against a concentration of investment assets and sensitivity to rate and credit cycles.