Business
QCR Holdings, Inc. Announces Second Quarter Earnings and Continued COVID-19 Pandemic Response
EPS of $0.86 Driven by Record Pre-Provision/Pre-Tax Adjusted Net Income Second Quarter 2020 Highlights Net income of $13.7 million, or $0.86 per diluted
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"EPS of $0.86 Driven by Record Pre-Provision/Pre-Tax Adjusted Net Income\n Second Quarter 2020 Highlights Net income of $13.7 million, or $0.86 per diluted shareAdjusted net income (non-GAAP) of $14.0 million, or $0.88 per diluted shareNoninterest income of $28.6 million Net interest margin was stable, excluding the impact of excess liquidityRecord pre-provision, pre-tax adjusted net income (non-GAAP) of $36.8 millionPre-provision, pre-tax adjusted ROAA (non-GAAP) of 2.54%Provision expense of $19.9 million for the quarter, increasing ALLL by 33 bps to 1.47%Nonperforming assets to total assets of 0.24%, improving 8 basis points from the prior quarterAnnualized core loan and lease growth (non-GAAP) of 8.4% for the quarter, excluding SBA Paycheck Protection Program (“PPP”) loansAnnualized deposit growth of 17.2% for the quarter PPP loan participation of 1,655 totaling $358 million to both new and existing clients MOLINE, Ill., July 27, 2020 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $13.7 million and diluted earnings per share (“EPS”) of $0.86 for the second quarter of 2020, compared to net income of $11.2 million and diluted EPS of $0.70 for the first quarter of 2020. Pre-provision, pre-tax adjusted net income (non-GAAP) increased $14.0 million in the second quarter, compared to the first quarter led by strong loan growth, net interest income, and record swap fee income. Provision expense increased $11.5 million in the second quarter, compared to the first quarter. This increase was due primarily to qualitative factors in response to deteriorating economic prospects as a result of the COVID-19 pandemic. The Company reported adjusted net income (non-GAAP) of $14.0 million and adjusted diluted EPS (non-GAAP) of $0.88 for the second quarter of 2020, compared to adjusted net income (non-GAAP) of $12.4 million and adjusted diluted EPS (non-GAAP) of $0.77 for the first quarter of 2020. For the second quarter of 2019, net income and diluted EPS were $13.5 million and $0.85, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $14.1 million and $0.88, respectively. For the Quarter Ended June 30,March 31,June 30, $ in millions (except per share data) 2020 2020 2019 Net Income$ 13.7 $ 11.2 $ 13.5 Diluted EPS$ 0.86 $ 0.70 $ 0.85 Adjusted Net Income (...