Business
QCR Holdings, Inc. Announces Record Third Quarter Earnings Despite Elevated COVID-19 Provisioning
EPS of $1.09 Driven by Record Pre-Provision/Pre-Tax Adjusted Net Income Third Quarter 2020 Highlights Record net income of $17.3 million, or $1.09 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"EPS of $1.09 Driven by Record Pre-Provision/Pre-Tax Adjusted Net Income\nThird Quarter 2020 Highlights\n Record net income of $17.3 million, or $1.09 per diluted shareAdjusted net income (non-GAAP) of $17.7 million, or $1.11 per diluted shareRecord noninterest income of $38.0 million, driven by record swap fee income of $26.7 millionRecord pre-provision, pre-tax adjusted net income (non-GAAP) of $42.2 millionPre-provision, pre-tax adjusted ROAA (non-GAAP) of 2.90%NIM increased by 22 bps and NIM (TEY)(non-GAAP) increased by 24 bps to 3.36% and 3.51%, respectivelyAnnualized core loan and lease growth (non-GAAP) of 11.5% for the quarter, excluding SBA Paycheck Protection Program (“PPP”) loansProvision expense of $20.3 million for the quarter, increasing ALLL to total loans and leases, excluding PPP loans (non-GAAP), by 44 bps to 2.05%Annualized core deposit growth of 36.4% for the quarter Loan Relief Program (“LRP”) participation down approximately 90% from the prior quarter to only 1.95% of total loans and leases MOLINE, Ill., Oct. 27, 2020 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced record quarterly net income of $17.3 million and diluted earnings per share (“EPS”) of $1.09 for the third quarter of 2020, compared to net income of $13.7 million and diluted EPS of $0.86 for the second quarter of 2020. Pre-provision, pre-tax adjusted net income (non-GAAP) increased $5.4 million in the third quarter compared to the second quarter, led by record swap fee income, strong loan growth and improved net interest income and margin. The Company reported adjusted net income (non-GAAP) of $17.7 million and adjusted diluted EPS (non-GAAP) of $1.11 for the third quarter of 2020, compared to adjusted net income (non-GAAP) of $14.0 million and adjusted diluted EPS (non-GAAP) of $0.88 for the second quarter of 2020. For the third quarter of 2019, net income and diluted EPS were $15.1 million and $0.94, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $15.9 million and $1.00, respectively. For the Quarter Ended September 30,June 30,September 30,$ in millions (except per share data) 2020 2020 2019 Net Income$17.3 $13.7 $15.1 Diluted EPS$1.09 $0.86 $0.94 Adjusted Net Income (non-GAAP)$17.7 $14.0 $15.9 Adjusted Diluted EPS (non-GAAP)$1.11 $0.88 $1.00 Pre-Provision/Pre-Tax...