Iowa First Bancshares Corp. Reports Third 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 September 30, 2021. Net income was $822,000 for the quarter ended September 30, 2021, compared to net income of $794,000 for the quarter ended September 30, 2020, an increase of $28,000 or 3.5%. Net interest income in the third quarter 2021 increased $488,000 from the quarter ended September 30, 2020 and was positively affected by the recognition of unearned loan fees on Paycheck Protection Program (“PPP”) loans forgiven by the Small Business Administration (“SBA”) in the third quarter of 2021, as well as a reduction in interest expense. Other factors affecting Iowa First’s third quarter results year-over-year were provision for loan losses decreasing $170,000, noninterest income decreasing $443,000, noninterest expense increasing $152,000, and income tax expense increasing $35,000. Noninterest income was negatively affected by the reduction of loans sold to the secondary market as the demand for residential loan refinancing declined.... Read more

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