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, 2002
--------------
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
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IOWA FIRST BANCSHARES CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
STATE OF IOWA 42-1211285
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(State or other jurisdiction (IRS Employer of
incorporation or organization) Identification No.)
300 East Second Street
Muscatine, Iowa 52761
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(Address of principal executive offices)
563-263-4221
-------------------------------
(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, 2002 there were 1,456,604 shares of the registrant's common stock
outstanding.
1
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, 2002 and December 31, 2001
Consolidated Condensed Statements of
Income, Three months Ended
March 31, 2002 and 2001
Consolidated Condensed Statements of
Cash Flows, Three months Ended
March 31, 2002 and 2001
Notes to Consolidated Condensed
Financial Statements
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations
PART II Other Information
Item 4. Submission of Matters to a Vote of
Security Holders
Item 6. Exhibits and Reports on Form 8-K
Signatures
2
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousands)
(Unaudited)
March 31, December 31,
2002 2001
--------------------------
ASSETS
Cash and due from banks ............................ $ 12,508 $ 14,661
Interest-bearing deposits at financial institutions 1,890 1,620
Federal funds sold ................................. 42,800 31,000
Investment securities available for sale ........... 40,799 44,466
Loans, net of allowance for possible loan losses
March 31, 2002, $3,221; December 31, 2001,
$3,182 .......................................... 273,762 272,695
Bank premises and equipment, net ................... 4,953 5,055
Life insurance contracts ........................... 3,404 3,361
Restricted investment securities ................... 3,868 3,868
Other assets ....................................... 3,451 3,871
-------------------------
TOTAL ASSETS .................................... $ 387,435 $ 380,597
=========================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Noninterest bearing deposits ....................... $ 42,098 $ 42,165
Interest bearing deposits .......................... 232,489 225,359
-------------------------
TOTAL DEPOSITS .................................. 274,587 267,524
Notes payable ...................................... 5,372 5,419
Securities sold under agreements to
repurchase ...................................... 5,724 5,068
Federal Home Loan Bank advances .................... 68,984 70,706
Treasury tax and loan open note .................... 996 622
Company obligated mandatorily redeemable preferred
securities of subsidiary trust ................... 4,000 4,000
Other liabilities .................................. 2,097 1,976
-------------------------
TOTAL LIABILITIES ............................... 361,760 355,315
-------------------------
Redeemable common stock held by employee stock
ownership plan with 401(k) provisions (KSOP) ..... 2,242 2,242
-------------------------
STOCKHOLDERS' EQUITY
Common stock ....................................... 200 200
Additional paid-in capital ......................... 4,263 4,265
Retained earnings .................................. 32,468 31,944
Accumulated other comprehensive income ............. 722 858
Less net cost of common shares acquired for the
treasury ......................................... (11,978) (11,985)
Less maximum cash obligation related to KSOP shares (2,242) (2,242)
-------------------------
TOTAL STOCKHOLDERS' EQUITY ...................... 23,433 23,040
-------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ......... $ 387,435 $ 380,597
=========================
See Notes to Consolidated Condensed Financial Statements.
3
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
2002 2001
------------------
INTEREST INCOME:
Interest and fees on loans ......................... $4,896 $5,688
Interest on investment securities available for sale 532 872
Interest on federal funds sold ..................... 149 159
Dividends on restricted investment securities ...... 26 53
Other interest ..................................... 24 --
---------------
Total interest income .............................. 5,627 6,772
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INTEREST EXPENSE:
Interest on deposits ............................... 1,544 2,789
Interest on notes payable .......................... 108 120
Interest on other borrowed funds ................... 1,079 1,138
Interest on company obligated mandatorily
redeemable preferred securities .................. 102 4
---------------
Total interest expense ............................. 2,833 4,051
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Net interest income ................................ 2,794 2,721
Provision for loan losses ............................. 68 39
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Net interest income after provision for
loan losses ..................................... 2,726 2,682
Investment securities gains ........................... 72 61
Other income .......................................... 607 557
Other expense ......................................... 2,176 2,057
---------------
Income before income taxes ......................... $1,229 $1,243
Applicable income taxes ............................... 374 391
---------------
Net income ............................................ $ 855 $ 852
===============
Net income per common share, basic and diluted ........ $ 0.59 $ 0.57
===============
Dividends declared per common share ................... $ 0.23 $ 0.22
===============
Comprehensive income .................................. $ 719 $1,526
===============
See Notes to Consolidated Condensed Financial Statements.
4
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
For The Three Months Ended March 31, 2002 and 2001
(In Thousands)
2002 2001
---------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income .............................................. $ 855 $ 852
Adjustments to reconcile net income to net cash provided
by operating activities:
Proceeds from real estate loans sold ................. 2,754 642
Real estate loans underwritten and sold .............. (2,729) (635)
Gains on real estate loans sold ...................... (25) (7)
Provision for loan losses ............................ 68 39
Investment securities gains, net ..................... (72) (61)
Depreciation ......................................... 158 157
Amortization of premiums and accretion of discounts
on investment securities available for sale, net ... 6 (2)
Net decrease in other assets ......................... 320 1,240
Net increase in other liabilities .................... 201 308
--------------------
Net cash provided by operating activities ............... $ 1,536 $ 2,533
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CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) in interest-bearing deposits at
financial inst$tution .............................. (270) $ (1,432)
Net (increase) decrease in federal funds sold ........ (11,800) 2,900
Proceeds from sales, maturities, calls and paydowns
of available for sale securities ................... 7,887 8,306
Purchases of available for sale securities ........... (4,370) (2,464)
Net (increase) in loans .............................. (1,135) (7,112)
Purchases of bank premises and equipment ............. (56) (307)
Increase in cash value of life insurance contracts ... (43) (44)
---------------------
Net cash (used in) investing activities .............. $ (9,787) $ (153)
---------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) in noninterest bearing deposits ....... $ (67) $ (8,995)
Net increase in interest bearing deposits ............ 7,130 10,556
Net increase (decrease) in securities sold under
agreements to repurchase ........................... 656 (544)
Repayment of notes payable ........................... (47) (44)
Net decrease in line of credit ....................... -- (125)
Net increase (decrease) in treasury tax and loan open
note ............................................... 374 (727)
Advances from Federal Home Loan Bank ................. -- 1,400
Payments of advances from Federal Home Loan Bank ..... (1,722) (11,436)
Net proceeds from issuance of company obligated
mandatorily redeemable preferred securities of
subsidiary trust ................................... -- 3,832
Cash dividends paid .................................. (331) (332)
Purchases of common stock for the treasury ........... -- (385)
Proceeds from issuance of common stock ............... 105 --
---------------------
Net cash provided by (used in) financing activities .. $ 6,098 $ (6,800)
---------------------
Net (decrease) in cash and due from banks ............ (2,153) (4,420)
Cash and due from banks:
Beginning ............................................ $ 14,661 $ 16,182
---------------------
Ending ............................................... $ 12,508 $ 11,762
=====================
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest ........................................... $ 2,828 $ 4,149
Income taxes ............ .......................... -- 11
Supplemental Schedule of Noncash Investing and Financing
Activities:
Change in accumulated other comprehensive income,
unrealized gains (losses) on investment securities
available for sale, net ............................. (136) 674
See Notes to Consolidated Condensed Financial Statements.
5
IOWA FIRST BANCSHARES CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Note 1. Nature of Business and Significant Accounting Policies
Nature of business:
Iowa First Bancshares Corp. (the "Company") is a bank holding company
headquartered in Muscatine, Iowa. The Company owns the outstanding stock of two
national banks, First National Bank of Muscatine (Muscatine) and First National
Bank in Fairfield (Fairfield). First National Bank of Muscatine has a total of
five locations in Muscatine, Iowa. First National Bank in Fairfield has two
locations in Fairfield, Iowa. Each bank is engaged in the general commercial
banking business and provides full service banking to individuals and
businesses, including checking, savings and other deposit accounts, commercial
loans, consumer loans, real estate loans, safe deposit facilities, transmitting
of funds, trust services, and such other banking services as are usual and
customary for commercial banks. The Company also owns the outstanding stock of
Iowa First Capital Trust I, which was capitalized in March 2001 for the purpose
of issuing Company Obligated Mandatorily Redeemable Preferred Securities.
Reclassifications:
Certain amounts in the prior year financial statements have been reclassified,
with no effect on net income or stockholders' equity, to conform with current
year presentations.
Note 2. Capital Stock and Earnings Per Share
Common shares and preferred stock authorized total 6,000,000 shares and 500,000
shares, respectively. Basic earnings per share is arrived at by dividing net
income by the weighted average number of shares of common stock outstanding for
the respective period. Diluted earnings per share is arrived at by dividing net
income by the weighted average number of common stock and common stock
equivalents outstanding for the respective period. The average number of shares
of common stock outstanding for the first three months of 2002 and 2001 were
1,456,473 and 1,495,714, respectively. There were no common stock equivalents in
2002 or 2001.
6
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, 2002, were $387,435,000. Muscatine's
total assets were $285,397,000 which reflects a $6,373,000 (2.3%) increase from
December 31, 2001, total assets. Fairfield's total assets were $99,987,000 at
March 31, 2002, an increase of $1,032,000 (1.0%) when compared to December 31,
2001, total assets. Total consolidated assets increased by 1.8% during the first
three months of 2002. Compared to March 31, 2001, however, total consolidated
assets have increased $11,819,000 (3.1%).
Net loans totaled $273,762,000 at March 31, 2002. Net loans at Muscatine
decreased by $848,000 (0.4%) during the first three months. Net loans increased
at Fairfield by $1,915,000 (2.8%) during the first three months. Consolidated
net loans increased by $1,067,000 (0.4%) year-to-date.
Total available for sale securities decreased $3,667,000 during the first three
months of 2002 while federal funds sold increased $11,800,000. The Banks
emphasize purchase of securities with maturities of five years and less as such
purchases typically offer reasonable yields with little credit risk as well as
limited interest rate risk. Additionally, selected securities with longer
maturities are owned in order to enhance overall portfolio yield without
significantly increasing risk. In the low interest rate environment experienced
during the first quarter of 2002, the banks purchased fewer securities than the
total of securities that were sold, matured, called, or paid down. Furthermore,
most of the securities that were purchased had relatively short maturities.
Securities sold during the current year of $2,997,000 have resulted in net gains
recognized totaling $72,000.
Total deposits at March 31, 2002, were $274,587,000. Deposits, net of
intercompany deposits, at Muscatine increased $5,706,000 (3.0%) from the prior
year end. Fairfield's total deposits increased $1,357,000 (1.8%) during the same
period. This represents a combined deposit increase of nearly $7.1 million
(2.6%) for the Company during the first three months of 2002. Additionally,
securities sold under agreements to repurchase increased $656,000 to $5.7
million and advances borrowed from the Federal Home Loan Bank decreased
$1,722,000 to total $69.0 million at quarter end.
On March 28, 2001, the Company issued 4,000 shares totaling $4,000,000 of
Company Obligated Mandatorily Redeemable Preferred Securities of Iowa First
Capital Trust I. The securities provide for cumulative cash distributions
calculated at a 10.18% annual rate. The Company may, at one or more times, defer
interest payments on the capital securities for up to 10 consecutive semi-annual
periods, but not beyond June 8, 2036. At the end of the deferral period, all
accumulated and unpaid distributions will be paid. The capital securities will
be redeemed on June 8, 2031; however, the Company has the option to shorten the
maturity date to a date not earlier than June 8, 2011. The redemption price
begins at 105.09% to par and is reduced 51 basis points each year until June 8,
2021 when the capital securities can be redeemed at par. Holders of the capital
securities have no voting rights, are unsecured, and rank junior in priority of
payment to all of the Company's indebtedness and senior to the Company's capital
stock. For regulatory purposes, the entire amount of the capital securities is
allowed in the calculation of Tier 1 capital. The capital securities are
included in the balance sheet as a liability with the cash distributions
included in interest expense.
Results of Operation
Consolidated net income was $855,000 for the first quarter of 2002. This was
$3,000 or 0.3% more than the same period last year. However, net income per
share for the first three months of 2002 was $.59 which represented $.02 or 3.5%
more than the prior year. Net interest income increased from the first quarter
of 2001 to the first quarter of 2002 by $73,000 (2.7%), provision for loan
losses increased $29,000 (74.4%), securities gains increased by $11,000 (18.0%),
other income increased by $50,000 (9.0%), operating expenses increased $119,000
(5.8%), and income tax expense decreased $17,000 (4.3%).
7
The net interest income increase during the first quarter 2002 compared to the
first quarter 2001 resulted from a greater decline in interest expense paid on
liabilities than the decrease in interest income earned on assets. During 2001,
the prime lending rate dropped a precipitous 475 basis points with most other
short-term market interest rates also experiencing sizable declines. This quick,
substantial decline in the prime lending rate caused downward pressure on the
Company's interest income; however, the balance sheet structure allowed even
more rapid reductions in the cost of funds. The usage of wholesale funding
sources, while mitigating intermediate and long-term interest rate risk,
increases interest expense. The Company somewhat reduced its reliance on such
wholesale funding sources during the first quarter of 2002. The interest expense
associated with the debt incurred to purchase treasury shares and the interest
expense related to the aforementioned Company Obligated Mandatorily Redeemable
Preferred Securities also adds pressure to the net interest income. Finally, the
intense competition for all types of loans and deposits limits the Company's
ability to control pricing and other terms when dealing with customers.
Provisions for loan losses were $68,000 for the three months ended March 31,
2002. This was $29,000 more than the first quarter of 2001. Net loan charge-offs
through March 31, 2002 totaled $29,000 compared to net charge-offs of $42,000
for the first three months of 2001. The allowance for loan losses is maintained
at the level considered adequate by management of the Banks to provide for
losses that are probable. The allowance is increased by provisions charged to
operating expense and reduced by net charge-offs. In determininig the adequacy
of the allowance balance the Banks make continuous evaluations of the loan
portfolio and related off-balance sheet commitments, consider current economic
conditions, historical loan loss experience, review of specific problem loans,
and other factors.
Nonaccrual loans totaled $696,000 at March 31, 2002, $13,000 less than the end
of the first quarter in 2001. Other real estate owned totaled $251,000, an
increase of $44,000 from a year ago, and loans past due 90 days or more and
still accruing totaled $245,000 which was $691,000 less than at the end of the
first quarter of 2001. The allowance for possible loan losses of $3,221,000
represents 1.2% of net loans and 270% of total nonaccrual loans, other real
estate owned, and loans past due 90 days or more and still accruing.
The efficiency ratio, defined as noninterest expense as a percent of net
interest income plus noninterest income, was 62.7% for the first three months of
2002 compared to 62.2% for all of 2001. The primary reason for this change is
the increase in other operating expenses, a substantial portion of which is
attributable to expanded technology costs.
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.
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, 2002, rate sensitive liabilities exceeded
rate sensitive assets within a one year maturity range and, thus, the Company is
theoretically 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.
8
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 stability of the Company's funding, and thus its ability to manage
liquidity, is greatly enhanced by its consumer deposit base. Consumer deposits
tend to be small in size, diversified across a large base of individuals, and
are government insured to the extent permitted by law. Total deposits at March
31, 2002, were $274,587,000 or 71% of total liabilities and equity.
Federal funds sold overnight totaled $42,800,000 or 11% of March 31, 2002, total
assets. These federal funds sold may be used to fund loans as well as deposit
withdrawals, or for other purposes as defined by management.
Securities available for sale with a cost totaling $39,648,000 at quarter-end
included net unrealized gains of $1,151,000. 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 $393,000 (1.7%) during the three months ended
March 31, 2002.
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 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, 2002 with the requirements
to be considered adequately capitalized is presented below.
For Capital
Actual Adequacy Purposes
- --------------------------------------------------------------------------------
Tier 1 risk-based capital 10.79% 4.00%
Total risk-based capital 12.01% 8.00%
Tier 1 leverage ratio 7.48% 4.00%
Impact of Inflation and Changing Prices
The financial statements and related data presented herein have been prepared in
accordance with accounting prinicles generally accepted in the United States of
America, 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.
9
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.
In the normal course of business, the Banks are involved in various legal
proceedings. In the current opinion of management, any liability resulting from
such proceedings would not have a material effect on the Company's financial
statements.
The Company has in the past purchased shares of its outstanding common stock for
the treasury as they become available. Additional future share repurchases have
been authorized by the board of directors. During the first quarter of 2002, no
shares were purchased under the existing stock repurchase program.
Current Accounting Developments
In July 2001, the Financial Accounting Standards Board issued Statement 141,
"Business Combinations" and Statement 142, "Goodwill and Other Intangible
Assets". Statement 141 eliminates the pooling method for accounting for business
combinations; requires that intangible assets that meet certain criteria be
reported separately from goodwill; and requires negative goodwill arising from a
business combination to be recorded as an extraordinary gain. Statement 142
eliminates the amortization of goodwill and other intangibles that are
determined to have an indefinite life; and requires, at a minimum, annual
impairment tests for goodwill and other intangible assets that are determined to
have an indefinite life. For the Company, the provisions of the Statements were
generally effective January 1, 2002. Implementation of the Statements had no
impact on the financial statements, except that annual goodwill amortization
expense of $56,000 will no longer be recorded. For the three months ended March
31, 2001 goodwill amortization of $14,000 was recorded, thereby decreasing
earnings per share by $.01 per share.
10
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 18, 2002, the
shareholders elected the following individuals to the Board of Directors for the
indicated terms:
Votes in Favor Votes Against Term
- ---------------------------------------------------------------------
Craig R. Foss 1,216,894 0 3 Years
Donald R. Heckman 1,207,674 0 3 Years
D. Scott Ingstad 1,037,485 0 3 Years
Beverly J. White 1,215,094 0 3 Years
Stephen R. Cracker 1,036,535 0 2 Years
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, 2002.
11
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)
5/14/02 /s/ George A. Shepley
- ---------------- -------------------------------
Date George A. Shepley, Chairman of
the Board
5/14/02 /s/ Kim K. Bartling
- ---------------- -------------------------------
Date Kim K. Bartling, Executive Vice
President, Chief Operating
Officer & Treasurer
12