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Mar 31, 2020
QCR Holdings Q1 2020 Earnings Report
QCR Holdings announced first quarter earnings, reporting net income of $11.2 million and EPS of $0.70, while addressing the COVID-19 pandemic's impact.
Key Takeaways
QCR Holdings reported a net income of $11.2 million and diluted EPS of $0.70 for Q1 2020. The results were impacted by the COVID-19 pandemic, leading to increased provision expense. However, the company's credit quality remained strong and it remained profitable.
Net income was $11.2 million and diluted EPS was $0.70 for the first quarter of 2020.
Adjusted net income (non-GAAP) was $12.4 million and adjusted diluted EPS (non-GAAP) was $0.77 for the first quarter of 2020.
Annualized loan and lease growth was 1.6% for the quarter.
The company received approvals from the SBA to fund 1,300 loans totaling $333 million as of April 24th.
QCR Holdings
QCR Holdings
Forward Guidance
Due to the impact of the COVID-19 pandemic, the Company may not be able to achieve its previously announced long-term strategic initiatives for the full year 2020. The company is also withdrawing its previously announced targeted range for full-year organic loan growth and swap fee income and gain on sale of guaranteed portions of loans.
Challenges Ahead
- The Company may not be able to achieve its previously announced long-term strategic initiatives for the full year 2020.
- The company is withdrawing its previously announced targeted range for full-year organic loan growth.
- The company is withdrawing its previously announced targeted range for full-year swap fee income.
- The company is withdrawing its previously announced targeted range for gain on sale of guaranteed portions of loans.
- Loan production slowed significantly in March and that trend has continued into the second quarter.