Iowa First Bancshares Corp. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
For the full year, the company reported net interest income of $14,329,000 against $13,886,000 a year ago. Net income was $4,125,000 compared with $4,256,000 for the full year ended December 31, 2014, a modest decrease of $131,000 or 3.1%. The primary factors contributing to this earnings decrease included an increase of $556,000 in noninterest expense, a $130,000 increase in provision for loan losses, and a small $13,000 reduction in noninterest income. Basic and diluted earnings per share were $3.66 against $3.78 for the same period in 2014. The company's annualized return on average assets for 2015 and 2014 was 0.92% and 0.97%, respectively. The company's annualized return on average equity for the twelve months ended December 31, 2015 and December 31, 2014 was 9.4% and 10.5%, respectively.