Latest Iowa First Bancshs (IOFB) Headlines
Iowa First Bancshares Corp. Reports 2013 Financial Results
Business Wire - Thu Jan 30, 11:00AM CST
Iowa First Bancshares Corp. (OTCQB:IOFB) today reported net income for the year ended December 31, 2013 exceeded budget, but fell short of the record-breaking earnings of the prior year. Net income for the twelve months ended December 31, 2013 totaled $3,480,000 compared with net income of $4,106,000 for 2012, a decrease of $626,000 or 15.3%. Prior to 2013, the Company had enjoyed four consecutive years of rising net income. Earnings per share of $3.09 in 2013 compared to the prior year's record high of $3.66. The decline in earnings for 2013 versus 2012 was largely anticipated as discussed below.
Iowa First Bancshares Corp. Reports Third Quarter and Year-to-Date 2013 Financial Results and Dividend Payment
Business Wire - Fri Oct 25, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB) today reported financial results for both the third quarter and first three quarters of 2013. Net income of $997,000 for the quarter ended September 30, 2013, compared to the record-setting net income of $1,205,000 for the quarter ended September 30, 2012, a decrease of $208,000 or 17.3%. The decrease in net income during the third quarter of 2013 compared to the third quarter of 2012 resulted from a decline in net interest income of $79,000 or 2.4%. Also negatively influencing the comparison of the third quarter of 2013 versus 2012 was a decrease of $171,000 or 17.1% in noninterest income, while noninterest expense during the third quarter of 2013 was $65,000 or 2.5% more than the total for the third quarter of 2012. Income tax expense was $107,000 or 18.5% lower during the third quarter of 2013 compared to the same period in 2012.
Iowa First Bancshares reports reduced net income for Q2 2013 over 2012 and dividend payment of USD0.285 per share
M2 - Mon Jul 22, 3:35AM CDT
Iowa First Bancshares Corp (OTCQB:IOFB), a bank holding company, on Friday reported for the second quarter ended 30 June 2013 a net income of USD902,000 or USD0.80 basic and diluted earnings per share, 20.8% less than the record-setting net income of USD1.1m or USD1.01 basic and diluted earnings per share for the quarter ended 30 June 2012.
Iowa First Bancshares Corp. Reports Second Quarter Financial Results and Dividend Payment
Business Wire - Fri Jul 19, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB) today reported net income of $902,000 for the quarter ended June 30, 2013, compared to the record-setting net income of $1,134,000 for the quarter ended June 30, 2012. The decrease in second quarter net income year-over-year of $232,000 or 20.5% was heavily influenced by (1) continued relatively low market interest rates, despite an upward spike in rates near the end of the quarter, (2) high levels of liquidity resulting from deposit growth, and (3) intense competitive pressure which served to limit rates available on loans. These and other factors resulted in net interest income decreasing $227,000 or 6.7% during the second quarter of 2013 compared to the second quarter of 2012. No provision for loan losses was necessary in the second quarter of 2013. During the second quarter of 2012 a $180,000 reversal of provision expense was recognized. Noninterest income for the second quarter of 2013 was $58,000 or 6.0% less than the second quarter of 2012 primarily due to reductions in service charges on deposit accounts and income from mortgage loan origination and net loan servicing fees. Partially offsetting the aforementioned reductions in net income, noninterest expense declined by $118,000 or 4.2% and income tax expense decreased $115,000 or 19.9%.
Iowa First Bancshares Corp. Achieves National Recognition
Business Wire - Mon May 06, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB), the parent company of First National Bank of Muscatine, Iowa, and First National Bank in Fairfield, Iowa, has again been recognized for superior financial performance. In the May 2013 edition of American Banker Magazine's ranking of the top 200 community banks and thrifts, Iowa First Bancshares Corp. was recognized for its outstanding three-year average return on equity. Employing this important financial benchmark Iowa First not only made the top 200 list, but was ranked number sixty-eight among all U.S. community banking and thrift organizations with less than two billion dollars in assets. Iowa First Bancshares Corp. has been the only Iowa based banking organization included in this prestigious ranking for each of the last five years. Kim Bartling, Executive Vice President, Chief Operating Officer & Treasurer of Iowa First, commented, "Our team of dedicated bankers are hon
Iowa First Bancshares Corp. Reports First Quarter Financial Results and Dividend Payment
Business Wire - Mon Apr 22, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB) today reported operating results for the three month period ended March 31, 2013. Consolidated net income totaled $650,000 compared to net income of $902,000 for the same period last year. The decrease in first quarter net income year-over-year of $252,000 or 27.9% was primarily attributable to one non-recurring transaction, the early redemption of company obligated mandatorily redeemable preferred securities ("Trust Preferred Securities"). These trust preferred securities had a 2031 scheduled redemption date and carried an interest rate of 10.18%. The early redemption in 2013 resulted in a one-time payment of a premium totaling $183,000 and another current expense totaling $102,000 to recognize unamortized issuance costs associated with the trust preferred securities. Consummation of this early redemption, while reducing net income in the short-term, will serve to enhance Iowa First's future earnings as the current borrowing rate for the funds used to redeem the securities is only 3.00%, compared to the previous rate of 10.18%. Using these rates, the recurring annual pretax savings to Iowa First will be approximately equal to the one-time additional cost incurred to redeem the trust preferred securities. Adjusting for the impact of the early redemption of the trust preferred securities, net income during the first quarter of 2013 would have been approximately $840,000 or only 6.9% less than the first quarter of 2012, as opposed to the 27.9% reduction discussed above.
Iowa First Bancshares Corp. Reports 2013 Financial Results
Business Wire - Thu Jan 30, 11:00AM CST
Iowa First Bancshares Corp. (OTCQB:IOFB) today reported net income for the year ended December 31, 2013 exceeded budget, but fell short of the record-breaking earnings of the prior year. Net income for the twelve months ended December 31, 2013 totaled $3,480,000 compared with net income of $4,106,000 for 2012, a decrease of $626,000 or 15.3%. Prior to 2013, the Company had enjoyed four consecutive years of rising net income. Earnings per share of $3.09 in 2013 compared to the prior year's record high of $3.66. The decline in earnings for 2013 versus 2012 was largely anticipated as discussed below.
Iowa First Bancshares Corp. Reports Third Quarter and Year-to-Date 2013 Financial Results and Dividend Payment
Business Wire - Fri Oct 25, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB) today reported financial results for both the third quarter and first three quarters of 2013. Net income of $997,000 for the quarter ended September 30, 2013, compared to the record-setting net income of $1,205,000 for the quarter ended September 30, 2012, a decrease of $208,000 or 17.3%. The decrease in net income during the third quarter of 2013 compared to the third quarter of 2012 resulted from a decline in net interest income of $79,000 or 2.4%. Also negatively influencing the comparison of the third quarter of 2013 versus 2012 was a decrease of $171,000 or 17.1% in noninterest income, while noninterest expense during the third quarter of 2013 was $65,000 or 2.5% more than the total for the third quarter of 2012. Income tax expense was $107,000 or 18.5% lower during the third quarter of 2013 compared to the same period in 2012.
Iowa First Bancshares reports reduced net income for Q2 2013 over 2012 and dividend payment of USD0.285 per share
M2 - Mon Jul 22, 3:35AM CDT
Iowa First Bancshares Corp (OTCQB:IOFB), a bank holding company, on Friday reported for the second quarter ended 30 June 2013 a net income of USD902,000 or USD0.80 basic and diluted earnings per share, 20.8% less than the record-setting net income of USD1.1m or USD1.01 basic and diluted earnings per share for the quarter ended 30 June 2012.
Iowa First Bancshares Corp. Reports Second Quarter Financial Results and Dividend Payment
Business Wire - Fri Jul 19, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB) today reported net income of $902,000 for the quarter ended June 30, 2013, compared to the record-setting net income of $1,134,000 for the quarter ended June 30, 2012. The decrease in second quarter net income year-over-year of $232,000 or 20.5% was heavily influenced by (1) continued relatively low market interest rates, despite an upward spike in rates near the end of the quarter, (2) high levels of liquidity resulting from deposit growth, and (3) intense competitive pressure which served to limit rates available on loans. These and other factors resulted in net interest income decreasing $227,000 or 6.7% during the second quarter of 2013 compared to the second quarter of 2012. No provision for loan losses was necessary in the second quarter of 2013. During the second quarter of 2012 a $180,000 reversal of provision expense was recognized. Noninterest income for the second quarter of 2013 was $58,000 or 6.0% less than the second quarter of 2012 primarily due to reductions in service charges on deposit accounts and income from mortgage loan origination and net loan servicing fees. Partially offsetting the aforementioned reductions in net income, noninterest expense declined by $118,000 or 4.2% and income tax expense decreased $115,000 or 19.9%.
Iowa First Bancshares Corp. Achieves National Recognition
Business Wire - Mon May 06, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB), the parent company of First National Bank of Muscatine, Iowa, and First National Bank in Fairfield, Iowa, has again been recognized for superior financial performance. In the May 2013 edition of American Banker Magazine's ranking of the top 200 community banks and thrifts, Iowa First Bancshares Corp. was recognized for its outstanding three-year average return on equity. Employing this important financial benchmark Iowa First not only made the top 200 list, but was ranked number sixty-eight among all U.S. community banking and thrift organizations with less than two billion dollars in assets. Iowa First Bancshares Corp. has been the only Iowa based banking organization included in this prestigious ranking for each of the last five years. Kim Bartling, Executive Vice President, Chief Operating Officer & Treasurer of Iowa First, commented, "Our team of dedicated bankers are hon
Iowa First Bancshares Corp. Reports First Quarter Financial Results and Dividend Payment
Business Wire - Mon Apr 22, 11:00AM CDT
Iowa First Bancshares Corp. (OTCQB: IOFB) today reported operating results for the three month period ended March 31, 2013. Consolidated net income totaled $650,000 compared to net income of $902,000 for the same period last year. The decrease in first quarter net income year-over-year of $252,000 or 27.9% was primarily attributable to one non-recurring transaction, the early redemption of company obligated mandatorily redeemable preferred securities ("Trust Preferred Securities"). These trust preferred securities had a 2031 scheduled redemption date and carried an interest rate of 10.18%. The early redemption in 2013 resulted in a one-time payment of a premium totaling $183,000 and another current expense totaling $102,000 to recognize unamortized issuance costs associated with the trust preferred securities. Consummation of this early redemption, while reducing net income in the short-term, will serve to enhance Iowa First's future earnings as the current borrowing rate for the funds used to redeem the securities is only 3.00%, compared to the previous rate of 10.18%. Using these rates, the recurring annual pretax savings to Iowa First will be approximately equal to the one-time additional cost incurred to redeem the trust preferred securities. Adjusting for the impact of the early redemption of the trust preferred securities, net income during the first quarter of 2013 would have been approximately $840,000 or only 6.9% less than the first quarter of 2012, as opposed to the 27.9% reduction discussed above.
