Business
QCR Holdings, Inc. Announces Net Income of $27.2 Million for the First Quarter of 2023
First Quarter 2023 Highlights Net income of $27.2 million, or $1.60 per diluted shareAdjusted net income (non-GAAP) of $28.0 million, or $1.65 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"First Quarter 2023 Highlights Net income of $27.2 million, or $1.60 per diluted shareAdjusted net income (non-GAAP) of $28.0 million, or $1.65 per diluted shareCapital Markets Revenue from Swap Fees grew $5.7 million, or 50%, to $17.0 millionNoninterest expenses well controlled and down 2% on a linked-quarter basisAnnualized deposit growth, excluding brokered deposits, of 1.4% Uninsured and uncollateralized deposits improved to 23.8% of total depositsTangible book value (non-GAAP) per share increased 5.1%, or 20.5% annualizedTCE ratio grew 28 bps, or 4% to 8.21% MOLINE, Ill., April 26, 2023 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $27.2 million and diluted earnings per share (“EPS”) of $1.60 for the first quarter of 2023, compared to net income of $30.9 million and diluted EPS of $1.81 for the fourth quarter of 2022. “In the first quarter, we delivered strong results, highlighted by increased fee income and carefully managed expenses,” said Larry J. Helling, Chief Executive Officer. “In response to the current banking environment, we grew our deposits and significantly increased our balance sheet liquidity. In addition, we continued to improve upon our already strong capital levels.” Core Deposit Growth and Strengthened Liquidity During the first quarter of 2023, the Company’s deposits, excluding brokered deposits, grew $19.9 million to a total of $5.9 billion, or 1.4% on an annualized basis. The Company also added short-term brokered deposits of $497.5 million during the quarter to intentionally bolster on-balance sheet liquidity and fully eliminate overnight borrowings from the FHLB. Total uninsured and uncollateralized deposits improved during the first quarter and represented 23.8% of total deposits. The Company maintained approximately $1.5 billion of immediately available liquidity at quarter-end, which was more than the total amount of our uninsured or uncollateralized deposits. “We have built a strong and diversified deposit franchise over the past 30 years and our first-quarter deposit activity was a reflection of the importance of that franchise,” added Mr. Helling. “We are pleased with our level of uninsured and uncollateralized deposits and our strong liquidity position.” Net Income of $27.2 Million and Diluted EPS of $1.60 Adjusted net income (non-GAAP) and ...