Business
QCR Holdings, Inc. Announces Record Net Income of $18.3 Million for the Fourth Quarter and $60.6 Million for the Full Year 2020
Fourth Quarter and Full Year 2020 Highlights Record net income of $18.3 million, or $1.14 per diluted shareAdjusted net income (non-GAAP) of $19.1 million, or
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Fourth Quarter and Full Year 2020 Highlights Record net income of $18.3 million, or $1.14 per diluted shareAdjusted net income (non-GAAP) of $19.1 million, or $1.20 per diluted shareNoninterest income of $32.0 million for the quarter and $113.8 million for the yearAdjusted NIM (TEY)(non-GAAP) was up 1 basis point after further adjusting for higher third quarter interest recoveries on previously charged-off loans Annualized core loan and lease growth (non-GAAP) of 9.0% for the quarter and 7.8% for the year, excluding SBA Paycheck Protection Program (“PPP”) loansCore deposits relatively stable for the quarter and up 22.3% for the yearProvision expense of $7.1 million for the quarter, increasing ALLL to total loans and leases, excluding PPP loans (non-GAAP), by 7 basis points to 2.12%Nonperforming assets improved by 22% for the quarter and now represent only 0.26% of total assets MOLINE, Ill., Jan. 27, 2021 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced record net income of $18.3 million and diluted earnings per share (“EPS”) of $1.14 for the fourth quarter of 2020, compared to net income of $17.3 million and diluted EPS of $1.09 for the third quarter of 2020. Pre-provision, pre-tax adjusted net income (non-GAAP) was $30.4 million in the fourth quarter of 2020, compared to a record $42.2 million in the third quarter of 2020. The Company reported adjusted net income (non-GAAP) of $19.1 million and adjusted diluted EPS of $1.20 for the fourth quarter of 2020, compared to adjusted net income (non-GAAP) of $17.7 million and adjusted diluted EPS of $1.11 for the third quarter of 2020. For the fourth quarter of 2019, net income and diluted EPS were $15.9 million and $0.99, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS were $15.4 million and $0.96, respectively. For the Quarter Ended December 31,September 30,December 31, $ in millions (except per share data)202020202019 Net Income$18.3 $17.3 $15.9 Diluted EPS$1.14 $1.09 $0.99 Adjusted Net Income (non-GAAP)$19.1 $17.7 $15.4 Adjusted Diluted EPS (non-GAAP)$1.20 $1.11 $0.96 Pre-Provision/Pre-Tax Adjusted Income (non-GAAP)$30.4 $42.2 $20.4 Pre-Provision/Pre-Tax Adjusted ROAA (non-GAAP) 2.08% 2.90% 1.58% See GAAP to non-GAAP reconciliations “We are very pleased with our financial performance in 2020, highlighted by record net i...