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Mar 31, 2022
QCR Holdings Q1 2022 Earnings Report
Reported a solid quarter with net income driven by loan growth and an expanding net interest margin.
Key Takeaways
QCR Holdings announced a net income of $23.6 million and diluted earnings per share of $1.49 for Q1 2022. The company experienced annualized loan growth of 14.6%. The acquisition of Guaranty Federal Bancshares was successfully completed on April 1st.
Net income was $23.6 million, with diluted EPS of $1.49.
Adjusted net income (non-GAAP) was $24.4 million, and adjusted diluted EPS (non-GAAP) was $1.54.
Annualized loan and lease growth was 14.6%, excluding PPP loans.
Net interest income totaled $45.7 million.
QCR Holdings
QCR Holdings
QCR Holdings Revenue by Segment
Revenue by Segment
Wealth Management Revenue
CapyFin.comCapital Markets Revenue
CapyFin.com Forward Guidance
The company is increasing its targeted loan growth to between 10% and 12% for the full year. Capital markets revenue is expected to be in a range of $13 to $15 million per quarter for the remainder of 2022.
Positive Outlook
- The company expects continued NIM expansion in this rising rate environment.
- Capital markets revenue is expected to be in a range of $13 to $15 million per quarter for the remainder of 2022.
- The company is increasing its targeted loan growth to between 10% and 12% for the full year.
- Asset quality remains excellent.
- Continued strong capital levels.
Challenges Ahead
- Capital markets revenue was below guidance due to delays in funding low-income housing tax credit projects.
- Core deposits decreased by $83.3 million during the quarter.
- AOCI declined $27.3 million during the first quarter due to a decrease in the value of its available for sale securities portfolio.
- Supply chain disruptions and inflationary pressures are causing project delays.
- Noninterest income decreased primarily due to a decline in capital markets revenue from swap fees.
Revenue & Expenses
Visualization of income flow from segment revenue to net income