Business
QCR Holdings, Inc. Announces Net Income of $23.6 Million for the First Quarter of 2022
First Quarter 2022 Highlights Net income of $23.6 million, or $1.49 per diluted shareAdjusted net income (non-GAAP) of $24.4 million, or $1.54 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"First Quarter 2022 Highlights Net income of $23.6 million, or $1.49 per diluted shareAdjusted net income (non-GAAP) of $24.4 million, or $1.54 per diluted shareNet Interest Margin (“NIM”) of 3.30% and Adjusted NIM (TEY)(non-GAAP) of 3.50% Annualized loan and lease growth of 14.6% for the quarter, excluding SBA Paycheck Protection Program (“PPP”) loans (non-GAAP)Nonperforming assets improved for the quarter and represented a record low of 0.04% of total assetsAllowance for credit losses (“ACL”) to total loans/leases of 1.55% MOLINE, Ill., April 26, 2022 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $23.6 million and diluted earnings per share (“EPS”) of $1.49 for the first quarter of 2022, compared to net income of $27.0 million and diluted EPS of $1.71 for the fourth quarter of 2021. Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the first quarter of 2022 were $24.4 million and $1.54, respectively. For the fourth quarter of 2021, adjusted net income (non-GAAP) was $27.4 million and adjusted diluted EPS (non-GAAP) was $1.73. For the first quarter of 2021, adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $18.6 million and $1.16, respectively. For the Quarter Ended March 31,December 31,March 31,$ in millions (except per share data) 2022 2021 2021Net Income$23.6 $27.0 $18.0 Diluted EPS$1.49 $1.71 $1.12 Adjusted Net Income (non-GAAP)$24.4 $27.4 $18.6 Adjusted Diluted EPS (non-GAAP)$1.54 $1.73 $1.16 Adjusted non-GAAP measurements of financial performance exclude non-recurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations. “We delivered another solid quarter of net income, driven by exceptional loan growth, an expanding net interest margin, well managed expenses and continued strong credit quality,” said Larry J. Helling, Chief Executive Officer. “Building on the momentum we established last year, we generated robust lending activity again in the first quarter with annualized loan growth of 14.6%.” “On April 1st, we successfully completed the acquisition of Guaranty Federal Bancs...