Iowa First Bancshares Corp. Reports Second Quarter Financial Results and Dividend Payment

Iowa First Bancshares Corp. (OTCQB: IOFB) today reported net income of $902,000 for the quarter ended June 30, 2013, compared to the record-setting net income of $1,134,000 for the quarter ended June 30, 2012. The decrease in second quarter net income year-over-year of $232,000 or 20.5% was heavily influenced by (1) continued relatively low market interest rates, despite an upward spike in rates near the end of the quarter, (2) high levels of liquidity resulting from deposit growth, and (3) intense competitive pressure which served to limit rates available on loans. These and other factors resulted in net interest income decreasing $227,000 or 6.7% during the second quarter of 2013 compared to the second quarter of 2012. No provision for loan losses was necessary in the second quarter of 2013. During the second quarter of 2012 a $180,000 reversal of provision expense was recognized. Noninterest income for the second quarter of 2013 was $58,000 or 6.0% less than the second quarter of 2012 primarily due to reductions in service charges on deposit accounts and income from mortgage loan origination and net loan servicing fees. Partially offsetting the aforementioned reductions in net income, noninterest expense declined by $118,000 or 4.2% and income tax expense decreased $115,000 or 19.9%.... Read more

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