Business
QCR Holdings, Inc. Announces Record Net Income of $32.9 Million for the Fourth Quarter and Record Net Income of $113.6 Million for the Full Year 2023
Fourth Quarter Highlights Record fourth quarter net income of $32.9 million, or $1.95 per diluted shareRecord Capital Markets Revenue of $37.0 millionImproved
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Highlights Record fourth quarter net income of $32.9 million, or $1.95 per diluted shareRecord Capital Markets Revenue of $37.0 millionImproved NIM, which increased by 1 basis point from the prior quarter Significant increase in tangible book value (non-GAAP) per share of $3.48, or 35% annualizedTCE/TA ratio (non-GAAP) improved by 70 basis points to 8.75%Completion of first two securitizations of $265 million of low-income housing tax credit loans Full Year Highlights Record annual net income of $113.6 million, or $6.73 per diluted shareRecord adjusted net income (non-GAAP) of $115.1 million, or $6.82 per diluted shareRecord Capital Markets Revenue of $92.1 million, an increase of $50.8 million, or 123%Loan and lease growth of 11% prior to loan securitizations Deposit growth of 9%Tangible book value (non-GAAP) per share increased $6.99, or 19%Increased TCE/TA ratio (non-GAAP) by 82 basis points to 8.75% MOLINE, Ill., Jan. 23, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced record quarterly net income of $32.9 million and diluted earnings per share (“EPS”) of $1.95 for the fourth quarter of 2023, compared to net income of $25.1 million and diluted EPS of $1.49 for the third quarter of 2023. For the full year, the Company reported net income of $113.6 million, or $6.73 per diluted share. Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the fourth quarter of 2023 were $33.3 million and $1.97, respectively. For the third quarter of 2023, adjusted net income (non-GAAP) was $25.4 million and adjusted diluted EPS (non-GAAP) was $1.51. For the fourth quarter of 2022, net income and diluted EPS were $30.9 million and $1.81, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $31.1 million and $1.83, respectively. For the Quarter Ended December 31,September 30,December 31,$ in millions (except per share data)202320232022Net Income$32.9$25.1$30.9Diluted EPS$1.95$1.49$1.81Adjusted Net Income (non-GAAP)*$33.3$25.4$31.1Adjusted Diluted EPS (non-GAAP)*$1.97$1.51$1.83 *Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring 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...