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Iowa First Bancshares Corp. Reports Third Quarter Financial Results and Dividend Payment

Iowa First Bancshares Corp. Reports Third Quarter Financial Results and Dividend Payment

愛荷華州第一銀行股份公司公佈第三季度財務業績和股息支付
Businesswire ·  2021/11/04 05:11

MUSCATINE, Iowa--(BUSINESS WIRE)--Iowa First Bancshares Corp. (OTC Pink: IOFB) ("Iowa First" or the "Company"), the holding company for First National Bank of Muscatine and First National Bank in Fairfield, today reported financial results for the three month period ended September 30, 2021. Net income was $822,000 for the quarter ended September 30, 2021, compared to net income of $794,000 for the quarter ended September 30, 2020, an increase of $28,000 or 3.5%. Net interest income in the third quarter 2021 increased $488,000 from the quarter ended September 30, 2020 and was positively affected by the recognition of unearned loan fees on Paycheck Protection Program ("PPP") loans forgiven by the Small Business Administration ("SBA") in the third quarter of 2021, as well as a reduction in interest expense. Other factors affecting Iowa First's third quarter results year-over-year were provision for loan losses decreasing $170,000, noninterest income decreasing $443,000, noninterest expense increasing $152,000, and income tax expense increasing $35,000. Noninterest income was negatively affected by the reduction of loans sold to the secondary market as the demand for residential loan refinancing declined.

愛荷華州馬斯卡廷--(美國商業資訊)--愛荷華州第一銀行股份有限公司(場外交易代碼:IOFB)(“愛荷華州第一”或“公司”),馬斯卡廷第一國民銀行和費爾菲爾德第一國民銀行的控股公司今天公佈了截至2021年9月30日的三個月的財務業績。截至2021年9月30日的季度淨收益為82.2萬美元,而截至2020年9月30日的季度淨收益為79.4萬美元,增長2.8萬美元或3.5%。2021年第三季度的淨利息收入比截至2020年9月30日的季度增加了48.8萬美元,並受到2021年第三季度美國小企業管理局(SBA)免除的支付寶保護計劃(PPP)貸款未賺取貸款費用的確認以及利息支出減少的積極影響。影響愛荷華州第一季度業績的其他因素包括貸款損失準備金減少17萬美元,非利息收入減少44.3萬美元,非利息支出增加15.2萬美元,所得税支出增加3.5萬美元。由於住宅貸款再融資需求下降,出售給二級市場的貸款減少,非利息收入受到負面影響。

The Company recorded net income of $2,144,000 for the nine months ended September 30, 2021, compared with net income of $2,241,000 for the three quarters ended September 30, 2020, a decrease of $97,000 or 4.3%. Over that time period, net interest income increased $396,000, provision for loan losses decreased $125,000, noninterest income decreased $531,000, noninterest expense increased $100,000, and income tax expense decreased $13,000.

在截至2021年9月30日的9個月中,該公司錄得淨收益為2,144,000美元,而截至2020年9月30日的三個季度的淨收益為2,241,000美元,減少了97,000美元,降幅為4.3%。在此期間,淨利息收入增加了396,000美元,貸款損失準備金減少了125,000美元,非利息收入減少了531,000美元,非利息支出增加了100,000美元,所得税支出減少了13,000美元。

Iowa First maintains a strong capital position, as evidenced by its September 30, 2021 total risk-based capital ratio of 18.7%. Basic and diluted earnings per share were $1.91 for the nine months ended September 30, 2021, a decrease of $0.08 or 4% from the same period in 2020. The Company's annualized return on average assets for the first three quarters of 2021 and 2020 was .54% and .62% respectively. The Company's annualized return on average equity for the nine months ended September 30, 2021 and September 30, 2020 was 5.6% and 6.0%, respectively.

愛荷華州首先保持了強勁的資本狀況,2021年9月30日基於風險的總資本比率為18.7%就是明證。截至2021年9月30日的9個月,基本和稀釋後每股收益為1.91美元,較2020年同期減少0.08美元或4%。本公司於2021年及2020年首三季的年化平均資產回報率分別為0.54%及0.62%。本公司截至2021年9月30日及2020年9月30日止九個月的年化平均股本回報率分別為5.6%及6.0%。

Total assets at September 30, 2021 were $519,420,000, an increase of $2,695,000 (0.5%) from September 30, 2020. Gross loans outstanding decreased $39,893,000 (11.4%), while deposits increased $3,302,000 (0.7%) year-over-year. The allowance for loan losses totaled $6,597,000 at September 30, 2021, or 2.12% of gross loans outstanding. Nonaccrual loans totaled $7.5 million or 2.4% of gross loans outstanding at September 30, 2021, a decrease from $14.6 million or 4.2% at September 30, 2020. While nonaccrual loans remain at a higher than desired level, this significant decrease is a reflection of the continued focus at First National Bank in Fairfield on improving the quality of the overall loan portfolio and reducing the nonaccrual loans.

截至2021年9月30日,總資產為519,420,000美元,比2020年9月30日增加2,695,000美元(0.5%)。未償還貸款總額較去年同期減少39,893,000元(11.4%),存款則增加3,302,000元(0.7%)。截至2021年9月30日,貸款損失撥備總額為659.7萬美元,佔未償還貸款總額的2.12%。截至2021年9月30日,非權責發生貸款總額為750萬美元,佔未償還貸款總額的2.4%,低於2020年9月30日的1460萬美元,即4.2%。雖然非應計貸款仍然處於高於預期的水平,但這一顯著下降反映了費爾菲爾德第一國民銀行繼續把重點放在提高整體貸款組合的質量和減少非應計貸款上。

Both of the Iowa First banks were very active in the PPP loan program established through the SBA to assist businesses and farmers as they attempted to survive the coronavirus pandemic. Customer applications for loan forgiveness continue to be approved by the SBA. Outstanding PPP loans at September 30, 2021 were $3,454,000, a decrease of $20,270,000 (85.4%) from September 30, 2020.

愛荷華州的兩家第一銀行都非常積極地參與了通過SBA建立的PPP貸款計劃,以幫助企業和農民在冠狀病毒大流行中倖存下來。客户的貸款豁免申請繼續得到小企業管理局的批准。截至2021年9月30日,未償還購買力平價貸款為3,454,000美元,比2020年9月30日減少20,270,000美元(85.4%)。

The board of directors declared a quarterly cash dividend of $.15 per share payable November 30, 2021, to shareholders of record November 1, 2021. On an annualized basis this dividend represents a return of 2.22% on the December 31, 2020 stock price. Iowa First has paid a cash dividend to shareholders every year since 1989.

董事會宣佈,每股0.15美元的季度現金股息將於2021年11月30日支付給2021年11月1日登記在冊的股東。按年率計算,這一股息在2020年12月31日的股價上的回報率為2.22%。自1989年以來,愛荷華州First每年都向股東支付現金股息。

Iowa First Bancshares Corp. Pending Acquisition

愛荷華州第一銀行股份有限公司待收購

On November 1, 2021, Iowa First and MidWestOne Financial Group, Inc. ("MidWestOne"), the holding company for MidWestOne Bank, jointly announced the signing of a definitive agreement pursuant to which MidWestOne will acquire Iowa First and its subsidiary banks. The acquisition is expected to close during the first quarter of 2022 and is subject to approval by Iowa First's shareholders and regulatory agencies, as well as other customary closing conditions. Iowa First shareholders shall have the right to receive cash consideration in the amount of $47,582,612, or $42.64 per share, based on 1,115,939.22526 Iowa First shares issued and outstanding as of November 1, 2021, subject to adjustment pursuant to the terms of the definitive agreement.

2021年11月1日,愛荷華州第一和中西部金融集團,Inc.(“中西部“),中西部的控股公司銀行,共同宣佈簽署一項最終協議,根據該協議,中西部公司將收購愛荷華州第一銀行及其附屬銀行。此次收購預計將在2022年第一季度完成,並有待愛荷華州First的股東和監管機構的批准,以及其他慣常的完成條件。根據截至2021年11月1日發行和發行的1115939.22526股愛荷華州第一股,愛荷華州第一股東有權獲得47,582,612美元的現金對價,或每股42.64美元,根據最終協議的條款進行調整。

Iowa First will mail a proxy statement and other relevant materials to its shareholders. Iowa First shareholders are advised to read, when available, the proxy statement and amendments thereto because these documents will contain important information about MidWestOne, Iowa First and the proposed transaction. These documents also can be obtained free of charge from Iowa First when available, upon written request to Iowa First, c/o First National Bank of Muscatine, Attention: Chief Executive Officer, 300 East Second Street, Muscatine, Iowa 52761 or by calling 563-263-4221.

愛荷華州將首先向股東郵寄委託書和其他相關材料。建議愛荷華州第一股東在可用時閲讀委託書及其修正案,因為這些文件將包含有關中西部公司的重要信息。,愛荷華州第一和擬議的交易。如果有這些文件,也可以從愛荷華州第一銀行(Iowa First)免費獲取,如有書面要求,請聯繫愛荷華州第一國民銀行馬斯卡廷第一銀行(C/o First National Bank of Muscatine),注意:愛荷華州馬斯卡廷東第二街300號首席執行官,郵編:52761,或致電5632634221.

About Us

關於我們

Iowa First Bancshares Corp. is a bank holding company headquartered in Muscatine, Iowa. The Company provides a wide array of banking and other financial services to individuals, businesses and governmental organizations through its two wholly-owned national banks located in Muscatine and Fairfield, Iowa.

愛荷華州第一銀行股份有限公司是一家總部設在愛荷華州馬斯卡廷的銀行控股公司。該公司通過位於愛荷華州馬斯卡廷和費爾菲爾德的兩家全資全國性銀行向個人、企業和政府組織提供廣泛的銀行和其他金融服務。

Special Note Concerning Forward-Looking Statements

關於前瞻性陳述的特別説明

This press release contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and many factors could cause actual results to differ materially from the results anticipated or projected. Our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements or that could have a material effect on the operations and future prospects of the Company include, but are not limited to: (1) the effects of the COVID-19 pandemic, including its potential effects on the economic environment, the Company's customers and its operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic; (2) credit quality deterioration or pronounced and sustained reduction in real estate or other collateral values could cause an increase in the allowance for loan losses and a reduction in net income; (3) our management's ability to reduce and effectively manage interest rate risk and the impact of interest rates in general on the level and volatility of our net interest income (including the impact of LIBOR phase-out); (4) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (5) fluctuation in the value of our investment securities; (6) governmental monetary and fiscal policies; (7) legislative, regulatory and tax law changes; (8) the ability to attract and retain key executives and employees; (9) the sufficiency of the allowance for loan losses to absorb the amount of actual losses inherent in our loan portfolio; (10) our ability to adapt successfully to technological changes; (11) credit risks from concentrations (by geographic area and by industry) within our loan portfolio; (12) the effects of competition from numerous sources; (13) volatility, duration and matching risks of rate-sensitive assets and liabilities as well as liquidity risk; (14) operational risks, including data processing system failure or fraud; (15) the costs, effects and outcomes of existing or future litigation; (16) changes in general economic or industry conditions, nationally or in the communities in which we conduct business; (17) changes in accounting policies and practices (including as a result of the future implementation of the current expected credit loss (CECL) impairment standards, that will change how the Company estimates credit losses); (18) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which the Company and MidWestOne are a party; and (19) the failure to obtain necessary regulatory approvals and shareholder approval or to satisfy any of the other conditions to the proposed merger on a timely basis or at all.

本新聞稿包含公司及其管理層未來的口頭和書面陳述,其中可能包含有關公司財務狀況、經營結果、計劃、目標、未來業績和業務的前瞻性陳述。請投資者注意,所有前瞻性陳述都涉及風險和不確定因素,許多因素可能導致實際結果與預期或預測的結果大不相同。我們預測結果的能力,或未來計劃或戰略的實際效果,本質上是不確定的。此外,本文件中的所有陳述,包括前瞻性陳述,都只是截至發表之日的陳述,公司不承擔根據新信息或未來事件更新任何陳述的義務。可能導致實際結果與前瞻性陳述中陳述的結果大不相同或可能對公司的運營和未來前景產生實質性影響的因素包括但不限於:(1)新冠肺炎疫情的影響,包括它對經濟環境、公司客户及其運營的潛在影響,以及與疫情相關的聯邦、州或地方政府法律、法規或命令的任何變化;(2)信貸質素惡化或房地產或其他抵押品價值顯著及持續下降,可能導致貸款損失撥備增加及淨收益減少;。(3)管理層降低及有效管理利率風險的能力,以及一般利率對淨利息收入水平及波動性的影響(包括逐步取消倫敦銀行同業拆借利率的影響);。(4)經濟環境、競爭的變化。, (5)投資證券價值的波動;(6)政府的貨幣和財政政策;(7)立法、監管和税法的變化;(8)吸引和留住主要管理人員和員工的能力;(9)是否有足夠的貸款損失準備金來吸收我們貸款組合中固有的實際損失;(10)我們成功適應技術變化的能力;(9)貸款損失撥備是否足以吸收我們貸款組合中固有的實際損失;(10)我們成功適應技術變化的能力;(8)吸引和留住關鍵管理人員和員工的能力;(9)是否有足夠的貸款損失準備金來吸收我們貸款組合中固有的實際損失;(10)我們成功適應技術變化的能力;(11)我們貸款組合集中(按地理區域和行業)的信用風險;(12)來自多種來源的競爭的影響;(13)對利率敏感的資產和負債的波動性、持續時間和匹配風險,以及流動性風險;(14)操作風險,包括數據處理系統故障或欺詐;(15)現有或未來訴訟的成本、影響和結果;(16)國家或我們開展業務的社區的總體經濟或行業狀況的變化;(17)會計政策和做法的變化(包括未來實施現行的預期信用損失(CECL)減值準則,這將改變公司估計信用損失的方式);(18)發生任何事件、變化或其他情況,可能導致一方或雙方有權終止公司與中西部公司達成的合併協議未及時獲得必要的監管批准和股東批准,或未能及時或根本不滿足擬議合併的任何其他條件的;以及(19)未能獲得必要的監管批准和股東批准,或未能及時或根本不滿足擬議合併的任何其他條件。

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollar amounts in thousands, except share and per share data)

(unaudited)

For the Three
Months Ended
September 30, 2021

 

For the Three
Months Ended
September 30, 2020

 

For the Nine
Months Ended
September 30, 2021

 

For the Nine
Months Ended
September 30, 2020

Net Interest Income

$3,809

 

$3,321

 

$10,458

 

$10,062

Provision for Loan Losses

155

 

325

 

720

 

845

Noninterest Income

779

 

1,222

 

2,714

 

3,245

Noninterest Expense

3,367

 

3,215

 

9,667

 

9,567

Income Tax Expense

244

 

209

 

641

 

654

Net Income after Income Taxes

822

 

794

 

2,144

 

2,241

Net Income Per Common Share,

Basic and Diluted

$ 1.16

 

$0.71

 

$1.91

 

$1.99

Average year-to-date common shares outstanding,

Basic and Diluted

1,118,127

 

1,123,944

 

1,121,296

 

1,125,483

As of
September 30, 2021
 

 

As of
December 31, 2020
 

 

As of
September 30, 2020
 

 

Gross Loans

$310,572

 

$324,356

 

$350,465

 

Total Assets

519,420

 

511,522

 

516,725

 

Total Deposits

452,701

 

445,952

 

449,399

 

Tier 1 Capital

51,825

 

50,216

 

50,129

 

Return on Average Equity

5.6%

 

4.6%

 

6.0%

 

Return on Average Assets

.54

 

.48

 

.62

 

Net Interest Margin (tax equivalent)

2.80

 

2.93

 

2.98

 

Allowance as a Percent of Total Loans

2.12

 

1.88

 

1.75

 

綜合財務亮點

(美元金額以千為單位,不包括每股和每股數據)

(未經審計)

對於三個人來説
截至的月份
2021年9月30日

對於三個人來説
截至的月份
2020年9月30日

為了九個人
截至的月份
2021年9月30日

為了九個人
截至的月份
2020年9月30日

淨利息收入

$3,809

$3,321

$10,458

$10,062

貸款損失準備金

155

325

720

845

非利息收入

779

1,222

2,714

3,245

非利息支出

3,367

3,215

9,667

9,567

所得税費用

244

209

641

654

所得税後淨收益

822

794

2,144

2,241

每股普通股淨收入,

基本型和稀釋型

$ 1.16

$0.71

$1.91

$1.99

今年到目前為止已發行的平均普通股,

基本型和稀釋型

1,118,127

1,123,944

1,121,296

1,125,483

自.起
2021年9月30日

自.起
2020年12月31日

自.起
2020年9月30日

貸款總額

$310,572

$324,356

$350,465

總資產

519,420

511,522

516,725

總存款

452,701

445,952

449,399

第1級資本

51,825

50,216

50,129

平均股本回報率

5.6%

4.6%

6.0%

平均資產回報率

.54

.48

.62

淨息差(税額等值)

2.80

2.93

2.98

免税額佔貸款總額的百分比

2.12

1.88

1.75


Contacts
聯繫人

D. Scott Ingstad, Chairman, President and CEO (563-262-4202) Or
Teresa A. Carter, Chief Financial Officer (563-262-4214)

D·斯科特·英格斯塔德(D.Scott Ingstad),董事長、總裁兼首席執行官(563-262-4202)或首席財務官特蕾莎·A·卡特(Teresa A.Carter)(563-262-4214)

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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