Business
QCR Holdings, Inc. Announces Record Net Income of $31.6 Million for the Third Quarter of 2021
Third Quarter 2021 Highlights Record net income of $31.6 million, or $1.99 per diluted shareNet Interest Margin (“NIM”) increased by 8 basis points and
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights Record net income of $31.6 million, or $1.99 per diluted shareNet Interest Margin (“NIM”) increased by 8 basis points and Adjusted NIM (TEY)(non-GAAP) increased by 9 bps to 3.36% and 3.53%, respectivelyAdjusted net interest income (non-GAAP) increased $2.8 million, or 6.2%Annualized core loan and lease growth (non-GAAP) of 23% for the quarter and 18% YTD, excluding SBA Paycheck Protection Program (“PPP”) loansAnnualized core deposit growth of 15.6% for the quarter Nonperforming assets improved by 32% for the quarter and now represent only 0.11% of total assetsAllowance for credit losses (“ACL”) to total loans/leases of 1.79%, excluding PPP loans (non-GAAP) MOLINE, Ill., Oct. 27, 2021 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced record net income of $31.6 million and diluted earnings per share (“EPS”) of $1.99 for the third quarter of 2021, compared to net income of $22.3 million and diluted EPS of $1.39 for the second quarter of 2021. Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the third quarter of 2021 were the same as GAAP net income and diluted EPS, as there were no meaningful non-core adjustments during the quarter. For the second quarter of 2021, adjusted net income (non-GAAP) was $22.5 million and adjusted diluted EPS (non-GAAP) was $1.40. For the third quarter of 2020, adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $17.7 million and $1.11, respectively. For the Quarter Ended September 30,June 30,September 30, $ in millions (except per share data)202120212020 Net Income$31.6$22.3$17.3 Diluted EPS$1.99$1.39$1.09 Adjusted Net Income (non-GAAP)$31.6$22.5$17.7 Adjusted Diluted EPS (non-GAAP)$1.99$1.40$1.11 ______________________________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 are very pleased with our outstanding financial performance for the third quarter,” said Larry J. Helling, Chief Executive Officer. “We delivered another record quarter of net income, driven...