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Iowa First Bancshares Corp. (OTC Pink: IOFB) reported a net income of
Iowa First Bancshares Corp. (OTC Pink: IOFB) reported third-quarter 2021 net income of $822,000, up 3.5% year-over-year. Major drivers included increased net interest income, boosted by PPP loan fee recognition. However, noninterest income decreased by $443,000 due to lower demand for residential loan refinancing and increased noninterest expense. Over nine months, net income dropped to $2,144,000, a 4.3% decline. The company maintains a strong capital position with a risk-based capital ratio of 18.7% and declared a quarterly dividend of $0.15 per share.
Iowa First Bancshares Corp. (OTC Pink: IOFB) reported Q2 2021 net income of $847,000, a 24.2% increase from $682,000 in Q2 2020, driven by a $292,000 rise in net interest income due to PPP loan fee recognitions. For the first half, net income fell to $1,322,000, down 8.6% year-over-year. Key figures include a total risk-based capital ratio of 18.6%, basic earnings per share of $1.18 (down 9%), and total assets increased by 6.4% to $525.3 million. The board declared a $0.15 per share dividend, maintaining a cash dividend history since 1989.
Iowa First Bancshares Corp. (OTC Pink: IOFB) reported a 91.4% decrease in fourth quarter net income at $84,000 for Q4 2020, down from $974,000 in Q4 2019, primarily due to a $1,145,000 rise in provision for loan losses.
The full-year income also fell to $2,327,000, which is a 33.1% decline from last year. Basic earnings per share decreased to $2.07, down by $1.01. A capital injection of $450,000 was made into its Fairfield bank to ensure compliance with capital requirements, and a dividend suspension was announced amid economic uncertainties.