Business
QCR Holdings, Inc. Announces Record Net Income of $22.3 Million for the Second Quarter of 2021
Second Quarter 2021 Highlights Record net income of $22.3 million, or $1.39 per diluted shareAdjusted net income (non-GAAP) of $22.5 million, or $1.40 per
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Second Quarter 2021 Highlights Record net income of $22.3 million, or $1.39 per diluted shareAdjusted net income (non-GAAP) of $22.5 million, or $1.40 per diluted shareNet Interest Margin (“NIM”) increased by 2 basis points and Adjusted NIM (TEY)(non-GAAP) increased by 4 bps to 3.28% and 3.44%, respectivelyAdjusted net interest income (non-GAAP) increased $1.9 million, or 4.4%Annualized core loan and lease growth (non-GAAP) of 14.9% for the quarter, excluding SBA Paycheck Protection Program (“PPP”) loansAnnualized core deposit growth of 4.9% for the quarter Allowance for credit losses (“ACL”) to total loans/leases of 1.85%, excluding PPP loans (non-GAAP)Nonperforming assets improved by 28% for the quarter and now represent only 0.17% of total assets MOLINE, Ill., July 26, 2021 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced record net income of $22.3 million and diluted earnings per share (“EPS”) of $1.39 for the second quarter of 2021, compared to net income of $18.0 million and diluted EPS of $1.12 for the first quarter of 2021. The Company reported adjusted net income (non-GAAP) of $22.5 million and adjusted diluted EPS (non-GAAP) of $1.40 for the second quarter of 2021, compared to adjusted net income (non-GAAP) of $18.6 million and adjusted diluted EPS (non-GAAP) of $1.16 for the first quarter of 2021. For the second quarter of 2020, net income and diluted EPS were $13.7 million and $0.86, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $14.0 million and $0.88, respectively. For the Quarter Ended June 30,March 31,June 30, $ in millions (except per share data) 2021 2021 2020 Net Income$22.3$18.0$13.7 Diluted EPS$1.39$1.12$0.86 Adjusted Net Income (non-GAAP)$22.5$18.6$14.0 Adjusted Diluted EPS (non-GAAP)$1.40$1.16$0.88 _________________________________________________________________________________________________________Adjusted non-GAAP measurements of financial performance exclude non-recurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations. “We delivered a record quarter of net income, ...