IF Bancorp Inc (NASDAQ:IROQ) stepped back early Monday, on reporting a 69,000-share buyback program.
The company, out of Watseka, Illinois, is the holding company for Iroquois Federal Savings and Loan Association. IROQ today announced that the Company’s Board of Directors increased the number of shares that may be purchased under the Company’s existing stock repurchase plan.
Prior to the increase, there were 69,326 shares that remained available to be repurchased under the Company’s stock repurchase plan adopted in mid-June.
The Board of Directors has increased the number of shares that may be repurchased under the plan by 251,150 shares so that, as of last Friday, there were a total of 320,476 shares of common stock, or approximately 9.0% of the Company’s outstanding shares, available to be repurchased under the plan.
Since announcing its first repurchase program in September 2012, the Company has repurchased 1,354,003 shares of its common stock at an average price of $17.49 per share.
CEO Walter Hasselbring stated "The continued repurchase of our common stock represents our long-term commitment to enhancing shareholder value. We intend to repurchase our common stock to the extent we believe that our stock price makes repurchases an attractive use of capital."
The Savings and Loan Association, founded in 1883, conducts its operations from seven full-service banking offices throughout Illinois, besides a loan production and wealth management office in Osage Beach, Missouri. The principal activity of the Association's wholly-owned subsidiary, L.C.I. Service Corporation, is the sale of property and casualty insurance.
Shares lost 32 cents, or 1.5%, to $21.57
