Iowa First Bancshares Corp. reported net income of $674,000 for the third quarter ended September 30, 2009, compared to net income of $992,000 for the quarter ended September 30, 2008, a decrease of $318,000 or 32.1%. The decline in net income was heavily influenced by provisions for loan losses which increased to $500,000 during the third quarter of 2009 compared to $132,000 during the third quarter of 2008. Basic and diluted earnings per share were $0.59 for the three months ended September 30, 2009, $0.27 or 31.4% less than the same period in 2008. Net interest income was $3.334 million against $3.438 million a year ago. The company recorded net income of $2,362,000 for the nine months ended September 30, 2009, compared with net income of $2,704,000 for the three quarters ended September 30, 2008, a decrease of $342,000 or 12.6%. The primary reasons for this reduction in net income were increased provisions for loan losses as well as much higher FDIC insurance premium expense during the first nine months of 2009 compared to the same period in 2008. Basic and diluted earnings per share were $2.07 for the nine months ended September 30, 2009, which was $0.27 or 11.5% less than the same period in 2008. The company's annualized return on average assets for the first three quarters of 2009 and 2008 was 0.79% and 0.89%, respectively. The company's annualized return on average equity for the nine months ended September 30, 2009 and September 30, 2008 was 10.5% and 12.4%, respectively. Net interest income was $9.893 million against $10.107 million a year ago.

Iowa First Bancshares Corp. reported earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income after income taxes of $650,000 compared to net income after income taxes of $731,000 for the quarter ended June 30, 2008, a decrease of $81,000 or 11.1%. Basic and diluted earnings per share were $0.57 compared to $0.64 for the same period in 2008. The company reported net interest income of $3,161,000 compared to net interest income of $3,314,000 for the same period last year. The decline in net income resulted primarily from FDIC insurance premiums which totaled $215,000 during the second quarter of 2009 compared to only $14,000 during the same quarter of 2008. The company recorded net income after income taxes of $1,688,000 for the six months ended June 30, 2009, compared with net income after income taxes of $1,712,000 for the two quarters ended June 30, 2008, a decrease of $24,000 or 1.4%. Basic and diluted earnings per share were $1.48 for the six months ended June 30, 2009, unchanged from the same period in 2008. The company's annualized return on average assets for the first two quarters of 2009 and 2008 was 0.84%. The company's annualized return on average equity for the six months ended June 30, 2009 and June 30, 2008 was 11.4% and 11.9% respectively. The company reported net interest income of $6,559,000 compared to net interest income of $6,669,000 for the same period last year. The primary reason for this net income decrease was much higher FDIC insurance premium expense during the first six months of 2009 compared to the same period in 2008. The board of directors declared a $0.285 per common share cash dividend to be paid to shareholders of record June 30, 2009.

Iowa First Bancshares Corp. reported earnings results for first quarter ended March 31, 2009. For the quarter, the company reported net income after income taxes of $1,038,000 or $0.91 per basic and diluted share on net interest income of $3,398,000 compared to net income after income taxes of $981,000 or $0.84 per basic and diluted share on net interest income of $3,355,000 for the same period a year ago. The increase of $0.07 or 8.3% in earnings per share was achieved in spite of higher provision for loan losses of $270,000 during the first quarter of 2009, compared to $78,000 during the first quarter of 2008. The board of directors declared a $0.285 per share cash dividend to be paid on April 28, 2009, to shareholders of record March 31, 2009. On an annualized basis this dividend represents a return of 6.3% on the December 31, 2008 stock price.