Business
QCR Holdings, Inc. Announces First Quarter Earnings and Response to COVID-19 Pandemic
First Quarter 2020 Highlights Net income of $11.2 million, or $0.70 per diluted shareAdjusted net income (non-GAAP) of $12.4 million, or $0.77 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"First Quarter 2020 Highlights\n Net income of $11.2 million, or $0.70 per diluted shareAdjusted net income (non-GAAP) of $12.4 million, or $0.77 per diluted shareNIM increased by 4bps and NIM (TEY)(non-GAAP) increased by 5bps to 3.40% and 3.56%, respectivelyNoninterest income of $15.2 million Annualized loan and lease growth of 1.6% for the quarter Annualized deposit growth of 26.5% for the quarter Provision expense of $8.4 million for the quarter, increasing ALLL by 16bps to 1.14%Elected to defer CECL implementation as allowed by the March 27, 2020 CARES Act COVID-19 Pandemic Response Update The Company has fully implemented its Business Continuity PlanAll charters are providing routine banking services through online banking, drive-up windows and limited lobby accessWe are actively responding to client needs, including offering a Loan Relief Program (“LRP”) to impacted clients: As of April 24, 2020, 1,935 clients have been added to the LRP with loans totaling $439 million Enrolling clients (including new clients) in the SBA Paycheck Protection Program (“PPP”): As of April 24, 2020, we have received approvals from the SBA for 1,300 PPP loans totaling $333 million We remain fully staffed and have implemented a number of actions to support our employees, including: Alternative work practices such as working in shifts, social distancing in our facilities, adding remote work options for approximately half of our workforce, and online meeting platformsDiscontinued business travel and large events MOLINE, Ill., April 28, 2020 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $11.2 million and diluted earnings per share (“EPS”) of $0.70 for the first quarter of 2020, compared to net income of $15.9 million and diluted EPS of $0.99 for the fourth quarter of 2019. Provision expense increased $7.4 million in the first quarter of 2020, compared to the fourth quarter of 2019, as a result of increased qualitative factors in response to deteriorating economic conditions as a result of the COVID-19 pandemic. The first quarter results included $517 thousand of disposition costs due to the sale of Rockford Bank and Trust (“RB&T”) and a $500 thousand goodwill impairment charge related to the pending sale of the Bates Companies (“Bates”). The fourth quarter of 2019 results included a $12.3 million...