Companies IF Bancorp, Inc.
IF Bancorp (IROQ): executive pay, fiscal 2024
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CEO pay, last three years
- $819,707FY2023
- $574,160FY2024
CEO total pay was $574,160 in fiscal 2024, down from $819,707 in fiscal 2023.
FY2024: salary $447,000 · bonus $0 · stock awards $0 · option awards $0
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Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Walter Hasselbring | $447,000 | $0 | $0 | $0 | $20,326 | $0 | $106,834 | $574,160 |
| President and Chief Executive Officer | ||||||||
| Pamela Verkler | 319,000 | 0 | 0 | 0 | 12,433 | 0 | 106,029 | 437,462 |
| Senior Executive Vice President and Chief Financial Officer | ||||||||
| Thomas Chamberlain | 294,000 | 0 | 0 | 0 | 11,278 | 0 | 52,771 | 358,049 |
| Senior Executive Vice President | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2024 total | FY2023 total | FY2022 total | Δ FY2023→2024 |
|---|---|---|---|---|
| Walter Hasselbring | $574,160 | $819,707 | — | ↓ −245,547 |
| Pamela Verkler | 437,462 | 609,580 | — | ↓ −172,118 |
| Thomas Chamberlain | 358,049 | 522,117 | — | ↓ −164,068 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The compensation program is designed to link compensation with performance, taking into account competitive compensation levels in similar banks, and to attract and retain talented executives motivated to drive the Company's goals and provide long-term value to stockholders. Base salaries are targeted at the 50th percentile of peer banks, with a portion of total compensation at risk based on annual and long-term performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Blanchard Consulting Group |
| Clawback policy | true |
| Anti-hedging | false |
| Anti-pledging | false |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2024
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Pamela Verkler | RSU | 2,800 | — | $45,304 |
| Thomas Chamberlain | RSU | 2,800 | — | 45,304 |
| Walter Hasselbring | RSU | 3,600 | — | 58,248 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Gary MartinIndependent · Board Chair · Audit · Compensation (Chair) · Corporate Governance (Chair) | $105,036 | $0 | $0 | — | $0 | $105,036 |
| Richard S. StenzingerIndependent · Audit (Chair) · Compensation · Nominating | 56,805 | 0 | 0 | — | 0 | 56,805 |
| Dennis C. WittenbornIndependent · Audit · Compensation · Corporate Governance | 55,018 | 0 | 0 | — | 0 | 55,018 |
| Joseph A. CowanIndependent · Audit · Compensation | 50,550 | 0 | 0 | — | 0 | 50,550 |
| Wayne A. LehmannIndependent · Audit · Compensation | 50,550 | 0 | 0 | — | 0 | 50,550 |
| Alan D. MartinIndependent · Audit · Compensation · Nominating · Corporate Governance | 50,550 | 0 | 0 | — | 0 | 50,550 |
| Rodney E. YerglerIndependent · Audit · Compensation · Nominating | 50,550 | 0 | 0 | — | 0 | 50,550 |
| Pamela J. VerklerEmployee director | — | — | — | — | — | 0 |
| Walter H. Hasselbring IIIEmployee director | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $50,550 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 61,272 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2024 |
|---|---|
| Cash retainers and fees | $419,059 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $419,059 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names IF Bancorp as a peer
Companies that benchmark against IROQ
No companies currently name IROQ as a compensation peer in their most recent disclosure.
This is the complete answer, not a partial one — the list is never padded.
Disclosed peer group — fiscal year 2024
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
Of the companies IF Bancorp, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including IF Bancorp, Inc..
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Middlefield Banc Corp. | 2024 | Ronald Zimmerly | $475,000 | $513,292 | $0 | $192,913 | $1,263,438 |
| 2 | SB Financial Group, Inc. | 2025 | Mark Klein | 505,819 | 162,685 | 0 | 274,157 | 1,040,425 |
| 3 | Consumers Bancorp, Inc. | 2026 | Ralph Lober II | 500,332 | 95,900 | 0 | 164,392 | 1,037,169 |
| 4 | Landmark Bancorp, Inc. | 2025 | Abigail Wendel | 476,370 | 0 | 0 | 252,000 | 767,476 |
| 5 | Richmond Mutual Bancorporation, Inc. | 2024 | Garry Kleer | 490,385 | 0 | 0 | 0 | 728,330 |
| 6 | Ohio Valley Banc Corp. | 2025 | Larry Miller II | 392,169 | 0 | 0 | 0 | 702,007 |
| 7 | United Bancorp, Inc. | 2025 | Scott Everson | 510,280 | 0 | 0 | 137,117 | 650,373 |
| 8 | BankFinancial Corporation | 2024 | F. Morgan Gasior | 504,422 | 0 | 0 | 40,367 | 608,919 |
| 9 | IF Bancorp, Inc. | 2024 | Walter Hasselbring | 447,000 | 0 | 0 | 20,326 | 574,160 |
| 10 | CSB Bancorp, Inc. | 2025 | Eddie Steiner | 342,692 | 0 | 0 | 0 | 467,522 |
| 11 | First Capital, Inc. | 2025 | Michael Frederick | 293,810 | 15,240 | — | 42,344 | 393,421 |
| — | HMN Financial, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| IF Bancorp, Inc. | not disclosed | not disclosed | not disclosed | Blanchard Consulting Group |
| BankFinancial Corporation | not disclosed | not disclosed | not disclosed | Cook & Co. |
| Consumers Bancorp, Inc. | not disclosed | RSU 100 | No | Blanchard Consulting Group |
| CSB Bancorp, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| First Capital, Inc. | not disclosed | Restricted Stock 100 | not disclosed | not disclosed |
| HMN Financial, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Landmark Bancorp, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Middlefield Banc Corp. | not disclosed | not disclosed | Yes — total shareholder return (TSR) percentile rank | Meridian Compensation Partners, LLC |
| Ohio Valley Banc Corp. | not disclosed | ESOP 100 | not disclosed | not disclosed |
| Richmond Mutual Bancorporation, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| SB Financial Group, Inc. | not disclosed | RSU 100 | not disclosed | Blanchard Consulting Group (BCG) |
| United Bancorp, Inc. | not disclosed | RSU 100 | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2024 | 2024-11-25 | 1,023,660 | 1,400,471 | 28,187 | 42.23% | Failed |
| 2023 | 2023-11-20 | 1,065,422 | 844,940 | 20,891 | 55.77% | Passed |
| 2023 | 2023-11-20 | 1,065,422 | 844,940 | 20,891 | 55.77% | Passed |
| 2022 | 2022-11-21 | 1,739,203 | 369,119 | 13,132 | 82.49% | Passed |
| 2021 | 2021-11-22 | 1,474,183 | 455,200 | 14,956 | 76.41% | Passed |
| 2020 | 2020-11-23 | 1,974,282 | 323,441 | 90,055 | 85.92% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2024 | 2024-11-25 | 42.23%a |
| 2023 | 2023-11-20 | 55.77%b |
| 2023 | 2023-11-20 | 55.77%c |
a. Voting standard not stated in the filing.
b. Approved under the standard stated in the filing — “In counting votes on the non-binding stockholder proposal, abstentions and broker non-votes will have no effect on the outcome of the vote.”.
c. Approved under the standard stated in the filing — “In counting votes on the approval of the advisory, non-binding proposal to approve the executive compensation described in this proxy statement, abstentions and broker non-votes will have no effect on the outcome of the vote.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (31 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Walter Hasselbring. DEF 14A, filed 2024-10-16. Section “Executive Compensation”. As printed: 574,160. View filing ↗
- Section 01, Pamela Verkler. DEF 14A, filed 2024-10-16. Section “Executive Compensation”. As printed: 437,462. View filing ↗
- Section 01, Thomas Chamberlain. DEF 14A, filed 2024-10-16. Section “Executive Compensation”. As printed: 358,049. View filing ↗
- Section 08, Gary Martin. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 105,036. View filing ↗
- Section 08, Richard S. Stenzinger. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 56,805. View filing ↗
- Section 08, Dennis C. Wittenborn. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 55,018. View filing ↗
- Section 08, Joseph A. Cowan. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 50,550. View filing ↗
- Section 08, Wayne A. Lehmann. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 50,550. View filing ↗
- Section 08, Alan D. Martin. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 50,550. View filing ↗
- Section 08, Rodney E. Yergler. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 50,550. View filing ↗
- Section 08, Pamela J. Verkler. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Walter H. Hasselbring III. DEF 14A, filed 2024-10-16. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-11-26. Item 5.07 · say-on-pay result. As reported: 42.23% (votes for as printed: 1,023,660). View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-11-21. Item 5.07 · say-on-pay result. As reported: 55.77% (votes for as printed: 1,065,422). View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-11-21. Item 5.07 · say-on-pay result. As reported: 55.77% (votes for as printed: 1,065,422). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 419,059 + equity 0 + all other 0 = 419,059, summed across the director compensation table rows.
- Middlefield Banc Corp., Section 10b CEO total. DEF 14A, filed 2025-04-04. CEO total compensation as printed in Middlefield Banc Corp.'s own proxy. As printed: 1,263,438. View filing ↗
- SB Financial Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-06. CEO total compensation as printed in SB Financial Group, Inc.'s own proxy. As printed: 1,040,425. View filing ↗
- Consumers Bancorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-09-10. CEO total compensation as printed in Consumers Bancorp, Inc.'s own proxy. As printed: 1,037,169. View filing ↗
- Landmark Bancorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Landmark Bancorp, Inc.'s own proxy. As printed: 767,476. View filing ↗
- Richmond Mutual Bancorporation, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-16. CEO total compensation as printed in Richmond Mutual Bancorporation, Inc.'s own proxy. As printed: 728,330. View filing ↗
- Ohio Valley Banc Corp., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Ohio Valley Banc Corp.'s own proxy. As printed: 702,007. View filing ↗
- United Bancorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in United Bancorp, Inc.'s own proxy. As printed: 650,373. View filing ↗
- BankFinancial Corporation, Section 10b CEO total. DEF 14A, filed 2025-06-16. CEO total compensation as printed in BankFinancial Corporation's own proxy. As printed: 608,919. View filing ↗
- IF Bancorp, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2024-10-16. CEO total compensation as printed in IF Bancorp, Inc.'s own proxy. As printed: 574,160. View filing ↗
- CSB Bancorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in CSB Bancorp, Inc.'s own proxy. As printed: 467,522. View filing ↗
- First Capital, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in First Capital, Inc.'s own proxy. As printed: 393,421. View filing ↗
- Section 10a, Middlefield Banc Corp. reciprocity. DEF 14A. Middlefield Banc Corp.'s most recent proxy was read; its disclosed peer group does not include IF Bancorp, Inc.. View filing ↗
- Section 10a, CSB Bancorp, Inc. reciprocity. DEF 14A. CSB Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include IF Bancorp, Inc.. View filing ↗
- Section 10a, SB Financial Group, Inc. reciprocity. DEF 14A. SB Financial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include IF Bancorp, Inc.. View filing ↗