Iowa First Bancshares Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net interest income of $3,773,000 against $3,689,000 a year ago. Net income after income taxes was $393,000 against $1,000,000 a year ago. Net income per common share, basic and diluted was $0.35 against $0.89 a year ago. Return on average equity was 3.5% against 8.8% a year ago. Return on average assets was 0.33% against 0.88% a year ago. The main reason for this reduction in net income was significant deterioration in one loan relationship at Fairfield subsidiary bank, resulting in charge-off of approximately $1,000,000 and concomitant replenishment of allowance for loan losses by substantially increasing the provision for loan losses.

Net loans charged-off during the first quarter totaled $1,160,000 against $39,000 a year ago.