In This Story
QCR Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $27.8 million, or $1.64 per diluted share, compared to $25.1 million, or $1.49 per diluted share, in the same quarter the previous year.
Net interest income for the quarter was $59.7 million, up from $55.3 million in the previous year, due to higher loan and investment average balances.
Provision for credit losses decreased to $3.5 million from $3.8 million in the previous year, reflecting overall credit quality improvements.
Noninterest income was $27.2 million, compared to $26.6 million in the previous year, with a decrease in BOLI income offset by higher wealth management revenue.
Noninterest expense increased to $53.6 million from $51.1 million, primarily due to restructuring and goodwill impairment charges related to the discontinuation of new loans and leases at m2.
Total assets as of September 30, 2024, were $9.1 billion, with net loans/leases of $6.8 billion and deposits of $7.0 billion.
The filing details a securitization of LIHTC loans through Freddie Mac (FMCC-5.78%), resulting in a net loss of $473 thousand.
QCR Holdings continues to focus on correspondent banking, executing interest rate swaps, and expanding its wealth management client base.
The company reported a tangible book value per share increase and an improved TCE/TA ratio of 9.24%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the QCR Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.