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

Iowa First Bancshares Corp. (OTC Pink: IOFB) (“Iowa First” or the “Company”), the holding company for First National Bank of Muscatine and First National Bank in Fairfield, today reported financial results for the three month period ended March 31, 2021. Net income was $475,000 for the quarter ended March 31, 2021, compared to net income of $765,000 for the quarter ended March 31, 2020, a decrease of $290,000 or 37.9%. The decrease in first quarter net income year-over-year of $290,000 was primarily attributable to lower net interest income which decreased $384,000. Other factors affecting Iowa First’s first quarter results were provision for loan losses increasing $150,000, noninterest income increasing $141,000, noninterest expense decreasing $19,000, and income tax expense decreasing $84,000.... Read more

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