Business
QCR Holdings, Inc. Announces Record Net Income of $15.1 Million for the Third Quarter of 2019
Third Quarter 2019 Highlights Net income of $15.1 million, or $0.94 per diluted shareAdjusted net income (non-GAAP) of $15.9 million, or $1.00 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Third Quarter 2019 Highlights\n Net income of $15.1 million, or $0.94 per diluted shareAdjusted net income (non-GAAP) of $15.9 million, or $1.00 per diluted shareExpanded NIM and NIM (TEY)(non-GAAP) each by 12 basis points, to 3.37% and 3.52%, respectivelyRecord noninterest income of $19.9 million for the quarter and $49.0 million year-to-dateDefinitive agreement to sell Rockford Bank & Trust (“RB&T”) to Heartland Financial USA, Inc.Excluding RB&T held for sale assets and liabilities:º Annualized loan and lease growth was 9.1% for the quarter and 9.4% year-to-dateº Deposits were down 1.7% on a linked quarter basis and up 9.6% annualized year-to-dateº Nonperforming assets were down $2.5 million, or 15.6% from the prior quarter MOLINE, Ill., Oct. 23, 2019 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $15.1 million and diluted earnings per share (“EPS”) of $0.94 for the third quarter of 2019, compared to net income of $13.5 million and diluted EPS of $0.85 for the second quarter of 2019. The third quarter results included $0.7 million of post-acquisition compensation, transition and integration costs (after-tax), compared to $0.6 million of similar costs in the second quarter of 2019. Excluding these expenses and some modest cost for early debt extinguishment, the Company reported adjusted net income (non-GAAP) of $15.9 million and adjusted diluted EPS of $1.00 for the third quarter of 2019, compared to adjusted net income (non-GAAP) of $14.1 million and adjusted diluted EPS of $0.88 for the second quarter of 2019. For the third quarter of 2018, net income and diluted EPS were $8.8 million and $0.55, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS were $10.4 million and $0.65, respectively. For the Quarter Ended September 30,June 30,September 30,$ in millions (except per share data) 2019 2019 2018Net Income$15.1$13.5$8.8Diluted EPS$0.94$0.85$0.55Adjusted Net Income (non-GAAP)(1)$15.9$14.1$10.4Adjusted Diluted EPS (non-GAAP)(1)$1.00$0.88$0.65(1) See GAAP to non-GAAP reconciliations. “We are very pleased with our results for the third quarter,” commented Larry J. Helling, Chief Executive Officer. “We delivered another record quarter of net income, driven by continued strong loan growth, an expanded net interest margin, record fee income, improved credit q...