Iowa First Bancshares Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 01, 2016 at 12:00 pm EDT
Iowa First Bancshares Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net interest income of $3,750,000 against $3,651,000 a year ago. Net income after income taxes was $1,101,000 against $1,090,000 a year ago. Net income per basic and diluted share was $0.973 against $0.965 a year ago. The increase in third quarter net income year-over-year of $11,000 (1.0%) was primarily attributable to higher net interest income of $99,000 (2.7%). This increase in net interest income was augmented by a $66,000 (7.5%) increase in noninterest income. Noninterest expense increased $44,000 (1.6%) and provision for loan losses was raised $135,000 or (450%).
For the nine months, the company reported net interest income of $11,129,000 against $10,696,000 a year ago. Net income after income taxes was $3,182,000 against $3,125,000 a year ago. Net income per basic and diluted share was $2.816 against $2.770 a year ago. Return on average equity was 9.1% against 9.6% a year ago. Return on average assets was 0.91% against 0.94% a year ago. The primary factors contributing to this earnings improvement included a $433,000 (4.0%) increase in net interest income and an $113,000 (4.4%) increase in noninterest income. Offsetting some of these income gains, noninterest expense increased $259,000 (3.1%) and provision for loan losses was raised $285,000 (317%). Income
tax expense declined $55,000 (3.3%).