Business
QCR Holdings, Inc. Announces Second Quarter 2022 Results
Second Quarter 2022 Highlights Completed the acquisition of Guaranty Federal Bancshares, Inc. adding approximately $1.3 billion in assets, $808 million in
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Second Quarter 2022 Highlights Completed the acquisition of Guaranty Federal Bancshares, Inc. adding approximately $1.3 billion in assets, $808 million in loans and $1.1 billion in depositsReported net income of $15.2 million, or $0.87 per diluted shareAdjusted net income (non-GAAP) of $30.4 million, or $1.73 per diluted shareAcquisition/Post-acquisition related expenses and CECL Day 2 provision totaled $15.5 million, post-tax, or $0.88 per diluted shareNet Interest Margin (“NIM”) of 3.53% and Adjusted NIM (TEY)(non-GAAP) of 3.74% expanded significantly from the prior quarter by 23 and 24 basis points, respectivelyCapital Markets Revenue from Swap Fees of $13.0 million doubled from the first quarter of 2022Annualized loan and lease growth of 14.0% for the quarter, excluding loan balances acquired from the Guaranty Bank transaction and SBA Paycheck Protection Program (“PPP”) loans (non-GAAP)Repurchased 602,500 shares at an average price of $54.80 per share MOLINE, Ill., July 26, 2022 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $15.2 million and diluted earnings per share (“EPS”) of $0.87 for the second quarter of 2022, compared to net income of $23.6 million and diluted EPS of $1.49 for the first quarter of 2022. Included in the second quarter of 2022 results were $5.7 million of acquisition/post-acquisition related expenses and $9.8 million of CECL Day 2 provision, both post-tax. The CECL Day 2 provision was required to establish the initial credit loss allowances for the acquired non-PCD loan portfolio and off-balance sheet exposure as a result of the acquisition of Guaranty Federal Bancshares, which closed on April 1, 2022. $ in millions (except per share data)For the Quarter EndedJune 30, 2022Per Diluted ShareReported Net Income (GAAP)$15.2 $0.87 Acquisition/Post-Acquisition Related Expenses (Post-Tax)$5.7 $0.32 CECL Day 2 Provision (Post-Tax)*$9.8 $0.56 Other (Post-Tax)$(0.3)$(0.02)Adjusted Net Income (non-GAAP, see below)$30.4 $1.73 *CECL Day 2 provision to establish the initial non-PCD loan and off-balance sheet exposure credit loss allowances under ASU 2016-13, Financial Instruments – Credit Losses, for the acquired loan portfolio. Excluding acquisition/post-acquisition related expenses, the CECL Day 2 provision and other nonrecurring items, adjusted net income (non-...