Iowa First Bancshares Corp. Reports Second Quarter Financial Results, Dividend Payment and Inclusion in Top Community Bank List

Iowa First Bancshares Corp. (OTCQB: IOFB) today reported net income of $891,000 for the quarter ended June 30, 2011, compared to net income of $760,000 for the quarter ended June 30, 2010, an increase of $131,000 or 17.2%. The increase in net income during the second quarter of 2011 compared to the second quarter of 2010 resulted primarily from a decrease in provision for loan losses totaling $160,000 or 47.1%. Also positively impacting this comparison of the second quarter of 2011 versus 2010 was an increase of $63,000 or 7.5% in noninterest income and a very modest decrease of $8,000 in noninterest expense. Reducing net income for the quarter ending June 30, 2011 compared to June 30, 2010 was a decline of $46,000 or 1.4% in net interest income and an increase of $54,000 or 15.0% in income tax expense.... Read more

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