Iowa First Bancshares Corp. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $3,632,000 against $3,569,000 a year ago. Net income was $1,000,000 compared to $1,023,000 for the quarter ended December 31, 2014, a modest decrease of $23,000 or 2.3%. The decrease in fourth quarter net income year-over-year of $23,000 was primarily attributable to higher provision for loan losses which rose $100,000 and noninterest expense which grew $89,000. Basic and diluted earnings per share were $0.89 against $0.91 for the same period in 2014.

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.