UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from to
Commission file number 2-89283
IOWA FIRST BANCSHARES CORP.
(Exact name of registrant as specified in its charter)
STATE OF IOWA 42-1211285
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
300 East Second Street
Muscatine, Iowa 52761
(Address of principal executive offices)
319-263-4221
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES X NO
At March 31, 1995 there were 577,601 shares of the registrant's common stock
outstanding.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
INDEX TO FORM 10-Q
PAGE NO.
PART 1 Financial Information
Item 1. Financial Statements
Consolidated Condensed Balance Sheets,
March 31, 1995 and December 31, 1994 1
Consolidated Condensed Statements of
Operations, Three Months Ended
March 31, 1995 and 1994 2
Consolidated Condensed Statements of
Cash Flows, Three Months Ended
March 31, 1995 and 1994 3
Notes to Consolidated Condensed
Financial Statements 4-6
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations 7-12
PART II Other Information
Item 4. Submission of Matters to a Vote of
Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousands)
(Unaudited)
March 31, December 31,
1995 1994
ASSETS
Cash and due from banks $ 12,682 $ 11,720
Investment securities held to maturity (fair
value March 31, 1995 $51,486; December 31,
1994 $52,022) 52,343 53,659
Investment securities available for sale (cost
March 31, 1995 $13,938; December 31, 1994
($16,160) 13,759 15,791
Federal funds sold and securities purchased
under resale agreements 2,575 3,337
Loans, net of allowance for possible loan
losses March 31, 1995 $2,570; December 31,
1994 $2,526 165,346 162,015
Bank premises and equipment, net 4,471 4,545
Other assets 2,761 2,733
TOTAL ASSETS $253,937 $253,800
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest bearing deposits $ 32,335 $ 35,336
Interest bearing deposits 193,611 193,687
TOTAL DEPOSITS $225,946 $229,023
Securities sold under agreements
to repurchase 5,126 2,248
Other liabilities 1,575 1,857
TOTAL LIABILITIES $232,647 $233,128
STOCKHOLDERS' EQUITY
Common stock $ 200 $ 200
Surplus 3,800 3,800
Retained earnings 17,683 17,193
$ 21,683 $ 21,193
Unrealized gains (losses) on securities
available for sale, net (105) (233)
Less net cost of common shares acquired
for the treasury 288 288
TOTAL STOCKHOLDERS' EQUITY $ 21,290 $ 20,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $253,937 $253,800
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
1995 1994
INTEREST INCOME:
Interest and fees on loans $ 3,462 $ 3,045
Interest on investment securities 982 974
Interest on federal funds sold and securities
purchased under resale agreements 16 84
Other interest - - 1
Total interest income $ 4,460 $ 4,104
INTEREST EXPENSE:
Interest on deposits and securities sold
under repurchase agreements $ 2,038 $ 1,741
Interest on note payable - - 20
Total interest expense $ 2,038 $ 1,761
Net interest income $ 2,422 $ 2,343
Provision for loan losses 15 15
Net interest income after provision for
loan losses $ 2,407 $ 2,328
Investment securities gains (losses) 2 30
Other income 370 402
Other expense 1,747 1,774
Income before income taxes $ 1,032 $ 986
Applicable income taxes 329 311
Net income $ 703 $ 675
Per share data:
Net earnings per common share $ 1.19 $ 1.16
Dividends declared per common share
(declared semi-annually until quarterly
dividend declarations began first quarter of
1995) $ .37 $ - -
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 703 $ 675
Adjustments to reconcile net income to net
cash provided by operating activities:
Proceeds from FHLMC 130 1,205
Loans underwritten for FHLMC (129) (1,189)
Gains on loans sold to FHLMC (1) (16)
Provision for loan losses 15 15
Investment securities (gains) losses, net (2) (30)
Depreciation 114 118
Deferred income taxes - - (179)
Amortization of premiums and accretion of discounts
on loans and investment securities, net 75 90
(Increase) in other assets (28) (178)
(Decrease) in other liabilities (282) (388)
Net cash provided by operating activities $ 595 $ 123
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in federal funds sold $ 762 $ (150)
Proceeds from maturities of investment securities 4,281 6,068
Proceeds from sales of investment securities 1,002 3,560
Purchases of investment securities (1,692) (9,346)
Net (increase) in loans (3,346) (828)
Purchases of bank premises and equipment (40) (99)
Net cash provided by (used in) investing
activities $ 967 $ (795)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) in noninterest bearing deposits $ (3,001) $ (2,465)
Net increase (decrease) in interest
bearing deposits (76) 5,956
Net increase in securities sold under
agreements to repurchase 2,878 238
Cash dividends paid (401) (342)
Purchases of common stock for the treasury,
net of sales - - - -
Net cash provided by (used in) financing
activities $ (600) $ 3,387
Net increase in cash and due from banks $ 962 $ 2,715
Cash and due from banks:
Beginning 11,720 9,100
Ending $ 12,682 $ 11,815
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest $ 1,764 $ 1,730
Income taxes - - - -
See Notes to Consolidated Condensed Financial Statements.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Nature of Business and Significant Accounting Policies
Nature of business:
Iowa First Bancshares Corp. is a bank holding company providing bank
and bank related services through it's subsidiaries.
Significant accounting policies:
Principles of consolidation:
The accompanying consolidated financial statements include the accounts
of the Company and its wholly-owned subsidiaries, First National Bank of
Muscatine (Muscatine) and First National Bank in Fairfield (Fairfield),
collectively referred to herein as (Banks). All material intercompany
accounts and transactions have been eliminated in consolidation. The
unaudited interim financial statements presented reflect all adjustments
which are, in the opinion of management, necessary to a fair statement of
the results for the interim periods. All such adjustments are of a normal
recurring nature.
Presentation of cash flows:
For purposes of reporting cash flows, cash and due from banks include
cash on-hand and amounts due from banks. Cash flows from demand deposits,
NOW accounts, savings accounts, and federal funds sold are reported net,
since their original maturities are less than three months. Cash flows are
also reported net for securities sold under agreements to repurchase,
certificates of deposits, and loans.
Investment securities:
Investment securities held to maturity are those debt securities that
the Banks have the ability and intent to hold until maturity regardless of
changes in market conditions, liquidity needs or changes in general economic
conditions. Such securities are carried at cost adjusted for amortization
of premiums and accretion of discounts. If the ability or intent to hold to
maturity is not present for certain specified securities, such securities
are considered available for sale as the Banks intend to hold them for an
indefinite period of time but not necessarily to maturity. Any decision to
sell a security classified as available for sale would be based on various
factors, including significant movements in interest rates, changes in the
maturity mix of the Banks' assets and liabilities, liquidity needs,
regulatory capital considerations, and other similar factors. Securities
available for sale are carried at fair value. Unrealized gains or losses
are reported as increases or decreases in stockholders' equity, net of the
related deferred tax effect. There are no securities held for trading
purposes. Realized gains or losses, determined on the basis of the cost of
specific securities sold, are included in earnings.
Loans and direct lease financing:
Loans are stated at the amount of unpaid principal, reduced by unearned
discount and an allowance for loan losses. The allowance for loan losses is
maintained at the level considered adequate by management of the Banks to
provide for losses that can be reasonably anticipated. The allowance is
increased by provisions charged to operating expense and reduced by net
charge-offs. In determining the adequacy of the allowance balance, the
Banks make continuous credit reviews of the loan portfolio and consider
current economic conditions, historical loan loss experience, review of
specific problem loans and other factors. Unearned interest on discounted
loans is amortized to income over the life of the loans using the interest
method. For all other loans, interest is accrued daily on the outstanding
balances. Accrual of interest is discontinued on a loan when management
believes, after considering collection efforts and other factors, that the
borrower's financial condition is such that collection of interest is
doubtful. Generally this occurs when the collection of interest or
principal has become 90 days past due.
<PAGE>
Financial Accounting Standards Board (FASB) Statement No. 114,
Accounting by Creditors for Impairment of a Loan, as amended by FASB
Statement No. 118, was adopted as of January 1, 1995. Under these
standards, loans considered to be impaired are reduced to the present value
of expected future cash flows or to the fair value of collateral, by
allocating a portion of the allowance for loan losses to such loans. If
these allocations cause the allowance for loan losses to require increase,
such increase is reported as bad debt expense. Cash interest payments
collected on impaired loans are recorded as interest income. The effect of
adopting these standards was not material.
The leasing operations consist principally of the leasing of various
types of medical and transportation equipment. All of the leases are
classified and accounted for as direct financing leases. Under the direct
financing method of accounting for leases, the total net rentals receivable
under the lease contracts and the estimated unguaranteed residual value of
the leased equipment, net of unearned income, are recorded as a net
investment in direct financing leases and the unearned income is recognized
each month as it is earned so as to provide a constant periodic rate of
return on the unrecovered investment.
Direct loan and lease origination fees and costs are generally being
deferred and the net amount amortized as an adjustment of the related loan's
or lease's yield. The Banks generally amortize these amounts over the
contractual life. Commitment fees based upon a percentage of customers'
unused lines of credit and fees related to standby letters of credit are not
significant.
Bank premises and equipment:
Bank premises and equipment are stated at cost less accumulated
depreciation. Depreciation is computed primarily by the straight-line
method based on estimated useful lives.
Other assets:
Other real estate (ORE), which is included in other assets, represents
properties acquired through foreclosure, in-substance foreclosure or other
proceedings. ORE is recorded at the lower of the amount of the loan or fair
market value of the properties. Any write-down to fair market value at the
time of transfer to ORE is charged to the allowance for loan losses.
Property is evaluated regularly to ensure that the recorded amount is
supported by the current fair market value.
Income taxes:
The Company files its tax return on a consolidated basis with its
subsidiary banks. The entities follow the direct reimbursement method of
accounting for income taxes under which income taxes or credits which result
from the subsidiary banks' inclusion in the consolidated tax return are paid
to or received from the parent company.
Statement of Financial Accounting Standard No. 109 ("FAS 109"),
Accounting for Income Taxes, was adopted in 1993. Under the asset and
liability method of accounting for income taxes prescribed by FAS 109,
deferred tax assets and liabilities are recognized for the estimated future
tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax
rates in effect for the year in which those temporary differences are
expected to be recovered or settled. Under FAS 109, the effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date.
Deferred income taxes have not been provided on the equity in
undistributed net income of the subsidiaries as the entities file a
consolidated income tax return.
Trust assets:
Trust assets (other than cash deposits) held by the Banks in fiduciary
or agency capacities for its customers are not included in the accompanying
consolidated balance sheets since such items are not assets of the Banks.
<PAGE>
Fair value of financial instruments:
FAS No. 107, Disclosures about Fair Market Value of Financial
Instruments, requires disclosure of fair value information about financial
instruments, whether or not recognized in the balance sheet, for which it is
practicable to estimate that value. Interim condensed financial statements
are not required to include the disclosures outlined by FAS 107 and,
accordingly, are not included herein.
Note 2. Capital Stock and Earnings Per Share
Common shares and preferred stock authorized total 2,000,000 shares and
500,000 shares, respectively. Primary earnings per share are arrived at by
dividing net income by the weighted average number of shares of common stock
and common stock equivalents outstanding for the respective period. The
weighted average number of shares of common stock and common stock
equivalents outstanding for the first three months of 1995 was 593,063.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Discussion and Analysis of Financial Condition
The Company's total assets at March 31, 1995, were $253,937,000.
Muscatine's total assets were $170,857,000 which reflects a $1,074,000 (.6%)
decrease from December 31, 1994, total assets. Fairfield's total assets
were $81,329,000 at March 31, 1995, which is an increase of $1,122,000
(1.4%) when compared to December 31, 1994, total assets. Total consolidated
assets increased by .1% during the first three months of 1995.
Net loans totaled $165,346,000 at March 31, 1995. Net loans at Muscatine
increased by $1,846,000 (1.7%) during the first three months. Net loans
increased at Fairfield by $1,485,000 (2.9%) during the first three months.
Consolidated net loans increased by 2.1% during the first quarter of 1995.
Total held to maturity and available for sale securities decreased
$3,350,000 during the first three months of 1995 due to maturities and sales
utilized to generate funds for loan growth. The Banks continue to
emphasize purchase of securities with maturities of five years and less as
such purchases offer better yields than shorter term investments with very
little credit risk as well as limited interest rate risk. Additionally,
selected securities with longer maturities have been purchased in order to
enhance overall portfolio yield without significantly increasing risk. At
March 31, 1995, less than 10% of investment securities mature in more than
five years and less than 2% mature in more than ten years. Securities
totaling approximately $1 million were sold from the available for sale
securities portfolio during the year with net gains before tax on these
sales of approximately $2,000.
Total deposits at March 31, 1995, were $225,946,000. Deposits at Muscatine
decreased approximately $4.4 million during the first quarter. Fairfield's
total deposits increased approximately $1.1 million during the same period.
This represents a combined deposit decrease of 1.3% for the Company during
the first three months of 1995. Somewhat offsetting this deposit decline,
securities sold under agreements to repurchase increased $2.9 million at
Muscatine and in total.
Results of Operations
Consolidated net income from continuing operations was $703,000, or $1.19
per share, for the first quarter of 1995, a 4% increase from the same period
last year. This improvement resulted primarily from increased net interest
margin and expense control.
The Company has been able to expand the net interest margin, as compared to
the prior year by actively managing asset quality, growth of the loan
portfolio, and rates paid on assets and liabilities. Management does not
believe these levels of net interest margin are sustainable indefinitely as
the Federal Reserve Bank has been raising short-term interest rates which
will likely continue to put pressure on the Banks' net interest margins.
Provisions for loan losses were $15,000 for the three months ended March 31,
1995, the same as in 1994. Net loan recoveries totaled $29,000 compared to
net loan charge-offs of $52,000 for the first quarter of 1995 and 1994,
respectively.
Nonaccrual loans were reduced modestly during the past twelve months
totaling $1.301 million at March 31, 1995, $168,000 less than the end of the
first quarter in 1994. Other real estate owned totaled $187,000, and loans
past due 90 days or more and still accruing totaled $130,000. The reserve
for loan losses of $2,570,000 represents 1.6% of net loans and 159% of total
nonaccrual loans, other real estate owned, and loans past due 90 days or
more and still accruing.
<PAGE>
Interest Rate Sensitivity
The Company manages its balance sheet to minimize the impact of interest
rate movements on its earnings. The term "rate sensitive" refers to those
assets and liabilities which are "sensitive" to fluctuations in rates and
yields. When interest rates move, earnings may be affected in many ways.
Interest rates on assets and liabilities may change at different times or by
different amounts. Maintaining a proper balance between rate sensitive
earning assets and rate sensitive liabilities is the principal function of
asset and liability management of a banking organization.
<PAGE>
The following table shows the interest rate sensitivity position at several
repricing intervals (dollar amounts in thousands):
<TABLE>
<CAPTION>
Repricing Maturities at March 31, 1995
Non-
Less Than 3-12 1-5 More Than Interest
3 Months Months Years 5 years Bearing Total
<S> <C> <C> <C> <C> <C> <C>
Assets:
Loans $ 51,394 $ 29,860 $ 72,198 $ 13,163 $ 1,301 $167,916
Investments 10,716 9,794 40,355 5,227 10 66,102
Other earning assets 3,492 - - - - - - - - 3,492
Nonearning assets - - - - - - - - 16,427 16,427
Total assets $ 65,602 $ 39,654 $112,553 $ 18,390 $ 17,738 $253,937
Liabilities and Equity:
Deposits $ 44,307 $ 85,158 $ 64,146 $ - - $ 32,335 $225,946
Other purchased funds 3,876 750 500 - - - - 5,126
Other liab. - - - - - - - - 1,575 1,575
Equity - - - - - - - - 21,290 21,290
Total liabilities and equity $ 48,183 $ 85,908 $ 64,646 $ - - $ 55,200 $253,937
Repricing gap $ 17,419 $(46,254) $ 47,907 $ 18,390 $(37,462) $ - -
Cumulative repricing gap $ 17,419 $(28,835) $ 19,072 $ 37,462 $ - - $ - -
</TABLE>
<PAGE>
The data in this table incorporates the contractual characteristics as well
as an estimate of the actual repricing characteristics of the Company's
assets and liabilities. Based on the estimate, twenty percent of the
savings and NOW accounts are reflected in the less than three months
category, 30% in the three month to one year category, with the remaining
50% in the 1-5 year time frame. Money market accounts are estimated as 25%
in the less than three months category and 75% in the three months to one
year time frame.
A positive repricing gap for a given period exists when total interest-
earning assets exceed total interest-bearing liabilities and a negative gap
exists when total interest-bearing liabilities are in excess of interest-
earning assets. Generally a positive repricing gap will result in increased
net interest income in a rising rate environment and decreased net interest
income in a falling rate environment. A negative repricing gap tends to
produce increased net interest income in a falling rate environment and
decreased net interest income in a rising rate environment. At March 31,
1995, rate sensitive liabilities exceeded rate sensitive assets within a one
year maturity range by $28.8 million and, thus, the Company is positioned to
benefit from a decline in interest rates within the next year.
The Company's repricing gap position is useful for measuring general
relative risk levels. However, even with perfectly matched repricing of
assets and liabilities, interest rate risk cannot be avoided entirely.
Interest rate risk remains in the form of prepayment risk of assets and
liabilities, timing lags in adjusting certain assets and liabilities that
have varying sensitivities to market interest rates, and basis risk. Basis
risk refers to the possibility that the repricing behavior of variable-rate
assets could differ from the repricing characteristics of liabilities which
reprice in the same time period. Even though these assets are match-funded,
the spread between asset yields and funding costs could change.
Because the repricing gap position does not capture these risks, Management
utilizes simulation modeling to measure and manage the rate sensitivity
exposure of earnings. The Company's simulation model provides a projection
of the effect on net interest income of various interest rate scenarios and
balance sheet strategies.
Liquidity
For banks, liquidity represents ability to meet both loan commitments and
deposit withdrawals. Factors which influence the need for liquidity are
varied, but include general economic conditions, asset/liability mix, bank
reputation, future FDIC funding needs, changes in regulatory environment,
and credit standing. Assets which provide liquidity consist principally of
loans, cash and due from banks, investment securities, and short-term
investments such as federal funds. Maturities of securities held for
investment purposes and loan payments provide a constant flow of funds
available for cash needs. Additionally, liquidity can be gained by the sale
of loans or securities prior to maturity if such assets had previously been
designated as available for sale. Interest rates, relative to the rate paid
by the security or loan sold, along with the maturity of the security or
loan, are the major determinates of the price which can be realized upon
sale.
The subsidiary banks do not have brokered deposits.
At March 31, 1995, the investment portfolio included $206,000 of gross
unrealized gains and $1,063,000 of gross unrealized losses related to
securities intended to be held until maturity. Such amounts are not
expected to have a material effect on future earnings beyond the usual
amortization of acquisition premium or discount, because no significant sale
of such investments is anticipated. Securities available for sale with a
cost totaling $13,938,000 at quarter-end included $42,000 of gross
unrealized gains and $221,000 of gross unrealized losses. These securities
may be sold in whole or in part to increase liquid assets, reposition the
investment portfolio, or for other purposes as defined by Management.
Capital
Stockholders' equity increased $618,000 (3%) during the three months ended
March 31, 1995.
<PAGE>
Federal regulatory agencies have adopted various capital standards for
financial institutions, including risk-based capital standards. The primary
objectives of the risk-based capital framework are to provide a more
consistent system for comparing capital positions of financial institutions
and to take into account the different inherent risks among financial
institutions' assets and off-balance-sheet items.
Risk-based capital standards have been supplemented with requirements for a
minimum Tier 1 capital to assets ratio (leverage ratio). In addition,
regulatory agencies consider the published capital levels as minimum levels
and may require a Financial Institution to maintain capital at higher
levels.
A comparison of the Company's capital as of March 31, 1995 with the minimum
requirements is presented below.
Minimum
Actual Requirements
Tier 1 risk-based capital 13.16% 4.00%
Total risk-based capital 14.71% 8.00%
Tier 1 leverage ratio 8.42% 3.00%
Impact of Inflation and Changing Prices
The financial statements and related data presented herein have been
prepared in accordance with generally accepted accounting principles, which
require the measurement of financial position and operating results in terms
of historical dollars without considering changes in the relative purchasing
power of money over time due to inflation.
Unlike most industrial companies, virtually all of the assets and
liabilities of a financial institution are monetary in nature. As a result,
interest rates have a more significant impact on a financial institution's
performance than the effects of general levels of inflation. Interest rates
do not necessarily move in the same direction or in the same magnitude as
the price of goods and services. In the current interest rate environment,
liquidity and the maturity structure of the Company's assets and liabilities
are critical to the maintenance of acceptable performance levels.
Trends, Events or Uncertainties
Officers and Directors of the Company and its subsidiaries have had, and may
have in the future, banking transactions in the ordinary course of business
of the Company's subsidiaries. All such transactions are on substantially
the same terms, including interest rates on loans and collateral, as those
prevailing at the time for comparable transactions with others, involve no
more than normal risk of collectibility, and present no other unfavorable
features.
At its meeting on June 15, 1989, the Company's Board of Directors authorized
a stock repurchase program, to repurchase up to 10 percent of the Company's
shares or 60,000 shares. Through March 31, 1995, over 22,000 shares of
common stock have been purchased under the program, net of sales to the
Company's Employee Stock Ownership Plan. The Company expects to continue
repurchase of its common stock from time to time under the repurchase
program.
The Company is not, at this time, actively investigating any specific
possible purchase of other banking or nonbank organizations, but may in the
future.
Besides those previously discussed, management is not aware of any trends,
events, or uncertainties that will have or that are reasonably likely to
have material effect on the Company's liquidity, capital resources or
operations.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
OTHER INFORMATION
ITEM 4. Submission of Matters to a Vote of Security Holders.
At the Annual Meeting of the Company held at its offices on April 20,
1995, the shareholders elected the following individuals to the Board of
Directors for three year terms:
Votes in Favor Votes Against
Roy J. Carver, Jr. 474,936 600
Dean H. Holst 469,956 5,640
Dr. Victor G. McAvoy 469,518 6,438
ITEM 6. Exhibits and reports on Form 8-K.
Reports on Form 8-K. No Form 8-K has been
filed for the quarter
ended March 31, 1995.
<PAGE>
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IOWA FIRST BANCSHARES CORP.
(Registrant)
/s/George A. Shepley
Date 5/09/95 George A. Shepley, Chairman of
the Board, President & Chief
Executive Officer
/s/Kim K. Bartling
Date 5/09/95 Kim K. Bartling, Senior Vice
President, Chief Financial
Officer & Treasurer
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 12,682
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 2,575
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 13,759
<INVESTMENTS-CARRYING> 52,343
<INVESTMENTS-MARKET> 51,486
<LOANS> 167,916
<ALLOWANCE> 2,570
<TOTAL-ASSETS> 253,937
<DEPOSITS> 225,946
<SHORT-TERM> 5,126
<LIABILITIES-OTHER> 1,575
<LONG-TERM> 0
<COMMON> 200
0
0
<OTHER-SE> 21,090
<TOTAL-LIABILITIES-AND-EQUITY> 253,937
<INTEREST-LOAN> 3,462
<INTEREST-INVEST> 982
<INTEREST-OTHER> 16
<INTEREST-TOTAL> 4,460
<INTEREST-DEPOSIT> 2,038
<INTEREST-EXPENSE> 2,038
<INTEREST-INCOME-NET> 2,422
<LOAN-LOSSES> 15
<SECURITIES-GAINS> 2
<EXPENSE-OTHER> 1,747
<INCOME-PRETAX> 1,032
<INCOME-PRE-EXTRAORDINARY> 1,032
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 703
<EPS-PRIMARY> 1.19
<EPS-DILUTED> 1.19
<YIELD-ACTUAL> 0
<LOANS-NON> 1,301
<LOANS-PAST> 130
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 2,526
<CHARGE-OFFS> 19
<RECOVERIES> 48
<ALLOWANCE-CLOSE> 2,570
<ALLOWANCE-DOMESTIC> 2,570
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
