Business
QCR Holdings, Inc. Announces Net Income of $28.4 Million for the Second Quarter of 2023
Second Quarter 2023 Highlights Net income of $28.4 million, or $1.69 per diluted shareReturn on average assets of 1.44% and return on average total equity of
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Second Quarter 2023 Highlights Net income of $28.4 million, or $1.69 per diluted shareReturn on average assets of 1.44% and return on average total equity of 13.97%Annualized loan and lease growth of 12.2% Annualized core deposit growth, excluding brokered deposits, of 23.0% Uninsured and uncollateralized deposits further improved to 19.9% of total depositsCapital Markets Revenue grew $5.5 million, or 32.1%, to $22.5 millionTangible book value (non-GAAP) per share increased $1.28, or 13.2% annualizedTCE ratio (non-GAAP) grew 7 basis points to 8.28% MOLINE, Ill., July 26, 2023 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $28.4 million and diluted earnings per share (“EPS”) of $1.69 for the second quarter of 2023, compared to net income of $27.2 million and diluted EPS of $1.60 for the first quarter of 2023. “We delivered outstanding second quarter results, highlighted by robust loan and core deposit growth, significant fee income and continued strong asset quality,” said Larry J. Helling, Chief Executive Officer. “In addition, we continued to improve upon our already solid capital levels with exceptional earnings performance.” Robust Core Deposit Growth and Strengthened Liquidity During the second quarter of 2023, the Company’s core deposits, which exclude brokered deposits, grew $339.3 million to a total of $6.2 billion, or 23.0% on an annualized basis. Total uninsured and uncollateralized deposits further improved during the second quarter and represented 19.9% of total deposits at quarter-end. The Company maintained approximately $1.5 billion of immediately available liquidity at quarter-end, which exceeds the total amount of uninsured and uncollateralized deposits. “Our experienced bankers grew core deposits significantly during the quarter building upon our strong and diversified deposit franchise. As a result, our ratio of loans held for investment to deposits further improved to 92.1%,” added Mr. Helling. “We are very pleased with our level of uninsured and uncollateralized deposits and our strong liquidity position.” Net Income of $28.4 Million and Diluted EPS of $1.69 Both reported and adjusted (non-GAAP) net income and diluted EPS for the second quarter of 2023 were $28.4 million and $1.69, respectively. For the first quarter of 2023, net income and diluted EPS was ...