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

Iowa First Bancshares Corp. (OTC Pink: IOFB) today reported net income of $796,000 for the quarter ended September 30, 2020, compared to net income of $784,000 for the quarter ended September 30, 2019, resulting in an increase in third quarter net income year-over-year of $12,000 (1.5%). During the quarter ending September 30, 2020, the company experienced an increase in noninterest income of $358,000 (41.4%) when compared to the same quarter in 2019. This increase was primarily attributable to servicing fee income and gains from residential real estate mortgages sold to the secondary market as consumers refinance to take advantage of the historically low interest rates. The decrease in third quarter net interest income year-over-year of $226,000 (6.4%) was heavily influenced by the substantial decrease in interest rates by the Federal Reserve Bank (Fed) in March 2020, which significantly reduced loan portfolio yields and interest earned on deposits maintained at the Fed by our banks. Provision for loan losses increased $20,000 (6.6%), noninterest expense increased $124,000 (4.0%) and income tax expense decreased $24,000 (10.3%) when comparing the third quarter of 2020 to the same quarter in 2019.... Read more

Older articles featuring IOFB: