Iowa First Bancshares reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $3,864,000 against $3,822,000 a year ago. Net income after income taxes was $205,000 against net loss of $1,752,000 a year ago. Basic and diluted earnings per share were $0.18 against basic and diluted loss per share of $1.55 a year ago. Net income of $2,798,000 compared favorably to net income of $1,430,000 for the year ended December 31, 2016. These results would have been better were it not for new federal income tax legislation, as subsequently will be explained in some detail. For the year, the company reported net interest income of $15,527,000 against $14,951,000 a year ago. Net income after income taxes was $2,798,000 against $1,430,000 a year ago. Basic and diluted earnings per share were $2.47 against $1.27 a year ago. Return on average equity was 6.1% against 3.1% a year ago. Return on average assets was 0.58% against 0.30% a year ago.