Business
QCR Holdings, Inc. Announces Net Income of $29.1 Million for the Second Quarter of 2024
Second Quarter 2024 Highlights Net income of $29.1 million, or $1.72 per diluted shareNet interest income up $1.5 million, or nearly 3% from the prior
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Second Quarter 2024 Highlights Net income of $29.1 million, or $1.72 per diluted shareNet interest income up $1.5 million, or nearly 3% from the prior quarter, an 11% annualized growth rateAdjusted NIM (TEY)(non-GAAP) expanded by 2 basis points from the prior quarter Noninterest income up $4.0 million, or 15% from the prior quarterContinued strong capital markets revenue of $17.8 millionWell-controlled noninterest expenses of $49.9 million, down $0.8 million, or nearly 2% from the prior quarterTangible book value (non-GAAP) per share growth of $1.72, or 15% annualized MOLINE, Ill., July 24, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.1 million and diluted earnings per share (“EPS”) of $1.72 for the second quarter of 2024, compared to net income of $26.7 million and diluted EPS of $1.58 for the first quarter of 2024. Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the second quarter of 2024 were $29.3 million and $1.73, respectively. For the first quarter of 2024, adjusted net income (non-GAAP) was $26.9 million and adjusted diluted EPS (non-GAAP) was $1.59. For the second quarter of 2023, both net income and adjusted net income (non-GAAP) were $28.4 million, and both diluted EPS and adjusted diluted EPS (non-GAAP) were $1.69. For the Quarter Ended June 30,March 31,June 30, $ in millions (except per share data)202420242023 Net Income$29.1$26.7$28.4 Diluted EPS$1.72$1.58$1.69 Adjusted Net Income (non-GAAP)*$29.3$26.9$28.4 Adjusted Diluted EPS (non-GAAP)*$1.73$1.59$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 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 outstanding second quarter results, highlighted by expanded net interest margin and growth in net interest income. We also had another quarter of strong capital markets revenue and well-controlled expenses,” said Larry J. Helling, Chief Executive Officer. “In addition, we maintained our excellent asset quality and further strengthened our capital level...