Loading...
•
Jun 30, 2020
QCR Holdings Q2 2020 Earnings Report
Reported EPS of $0.86 driven by record pre-provision/pre-tax adjusted net income.
Key Takeaways
QCR Holdings announced net income of $13.7 million and diluted earnings per share of $0.86 for the second quarter of 2020. The company delivered record pre-provision, pre-tax adjusted net income, driven by strong loan growth, strong fee income, and careful management of noninterest expenses.
Delivered record pre-provision, pre-tax adjusted net income, driven by strong loan growth, strong fee income, and careful management of noninterest expenses.
Successfully funded over $350 million of PPP loans to both new and existing customers and grew core loans by over 8% on an annualized basis.
Core deposit gathering was even stronger during the quarter with the outsized growth in deposits creating significant excess liquidity that led to compression in net interest margin.
Reduced nonperforming assets by 21%, through the sale of an OREO property.
QCR Holdings
QCR Holdings
Forward Guidance
The company expects organic loan growth of between 3% and 5% for the full year.