QCR Holdings, Inc. Announces Net Income of $27.8 Million for Q3 2024

QCR Holdings, Inc. (NASDAQ: QCRH) reported its financial results for the third quarter ending September 30, 2024, through a press release issued on October 23, 2024. The company disclosed a net income of $27.8 million and diluted earnings per share of $1.64 for the quarter, compared to net income of $29.1 million and diluted EPS of $1.72 for the previous quarter.

Adjusted net income (non-GAAP) for Q3 2024 stood at $30.3 million, with adjusted diluted EPS (non-GAAP) at $1.78. In comparison, adjusted net income for Q2 2024 was $29.3 million, and adjusted diluted EPS was $1.73. For the same period in 2023, adjusted net income amounted to $25.4 million, with adjusted diluted EPS at $1.51.

The Company highlighted several key financial metrics for the third quarter of 2024, including a significant increase of $3.6 million in net interest income from the previous quarter, amounting to a 6% growth. Additionally, net interest margin expanded by 8 basis points to 3.34% (adjusted NIM TEY, non-GAAP).

Capital markets revenue for the quarter was reported at $16.3 million, while the tangible book value per share grew by $2.35, representing a 20% annualized increase. The TCE/TA ratio (non-GAAP) improved to 9.24%.

QCR Holdings attributed the growth in net interest income to loans and investments, combined with margin expansion, stable funding costs, and increased loan discount accretion. Loan yields rose, contributing to the positive performance.

The Company emphasized a well-controlled noninterest expense of $53.6 million for the quarter, impacted by one-time charges related to the decision to discontinue offerings at m2 Equipment Finance, LLC.

Regarding deposit and loan growth, QCR Holdings reported a notable increase in core deposits and total loans and leases held for investment. Furthermore, asset quality remained robust, with nonperforming assets unchanged from the previous quarter and a decline in total criticized loans.

The Company’s tangible common equity to tangible assets ratio increased to 9.24%, alongside strong growth in tangible book value per share.

QCR Holdings will host an earnings call/webcast on October 24, 2024, at 10:00 a.m. Central Time to discuss these financial results.

For more information on QCR Holdings, Inc. and its operations, please visit their website at www.qcrh.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read QCR’s 8K filing here.

About QCR

QCR Holdings, Inc, a multi-bank holding company, provides commercial and consumer banking, and trust and asset management services. The company’s deposit products include noninterest-bearing demand, interest-bearing demand, time, and brokered deposits. It also provides various commercial and retail lending/leasing, and investment services to corporations, partnerships, individuals, and government agencies.