Iowa First Bancshares Corp. Reports Second 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 June 30, 2021. Net income was $847,000 for the quarter ended June 30, 2021, compared to net income of $682,000 for the quarter ended June 30, 2020, an increase of $165,000 or 24.2%. The increase in second quarter net income year-over-year of $165,000 was primarily attributable to higher net interest income which increased $292,000. Net interest income was positively affected by the recognition of unearned loan fees on PPP loans forgiven by the Small Business Administration (SBA) in the second quarter of 2021. Other factors affecting Iowa First’s second quarter results year-over-year were provision for loan losses decreasing $105,000, noninterest income decreasing $229,000, noninterest expense decreasing $33,000, and income tax expense increasing $36,000.... Read more

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