Business
QCR Holdings, Inc. Announces Net Income of $25.1 Million for the Third Quarter of 2023
Third Quarter 2023 Highlights Net income of $25.1 million, or $1.49 per diluted shareAdjusted net income (non-GAAP) of $25.4 million, or $1.51 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Third Quarter 2023 Highlights Net income of $25.1 million, or $1.49 per diluted shareAdjusted net income (non-GAAP) of $25.4 million, or $1.51 per diluted shareNet interest income of $55.3 million, up 3.9% from the second quarterNIM (TEY)(non-GAAP) of 3.31% increased by 2 basis points from the prior quarter while Adjusted NIM (TEY)(non-GAAP) of 3.28% remained static Capital Markets Revenue of $15.6 million and $55.1 million year-to-dateTangible book value (non-GAAP) per share increased $0.34, or 3.4% annualized MOLINE, Ill., Oct. 25, 2023 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $25.1 million and diluted earnings per share (“EPS”) of $1.49 for the third quarter of 2023, compared to net income of $28.4 million and diluted EPS of $1.69 for the second quarter of 2023. Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the third quarter of 2023 were $25.4 million and $1.51, respectively. For the second quarter of 2023, adjusted net income (non-GAAP) was $28.4 million and adjusted diluted EPS (non-GAAP) was $1.69. For the third quarter of 2022, adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $28.9 million and $1.69, respectively. For the Quarter Ended September 30,June 30,September 30,$ in millions (except per share data)202320232022Net Income$25.1$28.4$29.3Diluted EPS$1.49$1.69$1.71Adjusted Net Income (non-GAAP)*$25.4$28.4$28.9Adjusted Diluted EPS (non-GAAP)*$1.51$1.69$1.69 *Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring 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 solid third quarter results, highlighted by a static net interest margin, robust loan growth and significant fee income,” said Larry J. Helling, Chief Executive Officer. “In addition, our deposit base is stable, our capital ratios are strong, and our asset quality remains sound. Our third quarter and year-to-date results demonstrate the continued strength of our franchise, our commitment to relationship banking and the successful execution of our strate...