Business
QCR Holdings, Inc. Announces Net Income of $26.7 Million for the First Quarter of 2024
First Quarter 2024 Highlights Net income of $26.7 million, or $1.58 per diluted shareCapital Markets Revenue of $16.5 millionAnnualized core deposit growth,
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"First Quarter 2024 Highlights Net income of $26.7 million, or $1.58 per diluted shareCapital Markets Revenue of $16.5 millionAnnualized core deposit growth, excluding brokered deposits, of 20.3%Increase in tangible book value (non-GAAP) per share of $1.12, or 10.2% annualizedTCE/TA ratio (non-GAAP) improved by 19 basis points to 8.94% MOLINE, Ill., April 23, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $26.7 million and diluted earnings per share (“EPS”) of $1.58 for the first quarter of 2024, compared to net income of $32.9 million and diluted EPS of $1.95 for the fourth quarter of 2023. Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the first quarter of 2024 were $26.9 million and $1.59, respectively. For the fourth quarter of 2023, adjusted net income (non-GAAP) was $33.3 million and adjusted diluted EPS (non-GAAP) was $1.97. For the first quarter of 2023, net income and diluted EPS were $27.2 million and $1.60, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $28.0 million and $1.65, respectively. For the Quarter Ended March 31,December 31,March 31,$ in millions (except per share data)202420232023Net Income$26.7 $32.9 $27.2Diluted EPS$1.58 $1.95 $1.60Adjusted Net Income (non-GAAP)*$26.9 $33.3 $28.0Adjusted Diluted EPS (non-GAAP)*$1.59 $1.97 $1.65 *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 adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations. “We delivered strong first quarter results, highlighted by significant fee income and continued growth in both our core deposit and loan balances,” said Larry J. Helling, Chief Executive Officer. “In addition, we continued to benefit from well-managed expenses, improved upon our already excellent asset quality and further strengthened our capital levels.” “Our bankers grew core deposits significantly during the quarter, adding to our strong and diversified deposit franchise. As a result, our ratio of loans held for investment to deposits improved...