Business
QCR Holdings, Inc. Announces Record Net Income of $15.9 Million for the Fourth Quarter and $57.4 Million for the Full Year 2019
Fourth Quarter 2019 Highlights Net income of $15.9 million, or $0.99 per diluted shareAdjusted net income (non-GAAP) of $15.4 million, or $0.96 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Highlights\n Net income of $15.9 million, or $0.99 per diluted shareAdjusted net income (non-GAAP) of $15.4 million, or $0.96 per diluted shareNIM and NIM (TEY)(non-GAAP) at 3.36% and 3.51%, respectivelyNoninterest income of $29.8 million for the quarter and $78.8 million for the yearCompleted the sale of the operations of Rockford Bank & Trust (“RB&T”) to Heartland Financial USA, Inc.Excluding RB&T held for sale assets and liabilities: Annualized loan and lease growth was 8.9% for the quarter and 10.9% for the yearAnnualized deposit growth was 11.5% for the quarter and 10.3% for the yearNonperforming assets were down $0.2 million, or 1.2% from the prior quarter MOLINE, Ill., Jan. 22, 2020 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $15.9 million and diluted earnings per share (“EPS”) of $0.99 for the fourth quarter of 2019, compared to net income of $15.1 million and diluted EPS of $0.94 for the third quarter of 2019. The fourth quarter results included a $12.3 million gain on sale and $3.3 million of disposition costs due to the sale of RB&T. Additionally there was a $3.0 million goodwill impairment charge related to the Bates Companies as a result of the decision to exit the Rockford market. The fourth quarter results also included $1.5 million of post-acquisition compensation, transition and integration costs (after-tax), compared to $0.7 million of similar costs in the third quarter of 2019. Excluding these expenses and some modest cost for early debt extinguishment, the Company reported adjusted net income (non-GAAP) of $15.4 million and adjusted diluted EPS of $0.96 for the fourth quarter of 2019, compared to adjusted net income (non-GAAP) of $15.9 million and adjusted diluted EPS of $1.00 for the third quarter of 2019. For the fourth quarter of 2018, net income and diluted EPS were $13.3 million and $0.84, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS were $14.5 million and $0.91, respectively. For the Quarter Ended December 31,September 30,December 31, $ in millions (except per share data) 2019 2019 2018 Net Income$ 15.9$ 15.1$ 13.3 Diluted EPS$ 0.99$ 0.94$ 0.84 Adjusted Net Income (non-GAAP)(1)$ 15.4$ 15.9$ 14.5 Adjusted Diluted EPS (non-GAAP)(1) $ 0.96$ 1.00$ 0.91 (1) See GAAP to non-GAAP reconciliations. “We are ve...