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Jun 30, 2023
QCR Holdings Q2 2023 Earnings Report
Announced net income of $28.4 million for the second quarter of 2023.
Key Takeaways
QCR Holdings reported a net income of $28.4 million and diluted EPS of $1.69 for the second quarter of 2023. The company experienced strong core deposit growth, significant fee income, and continued strong asset quality.
Core deposits grew by $339.3 million, reaching a total of $6.2 billion, representing an annualized growth of 23.0%.
Noninterest income increased by 26% to $32.5 million, driven by $22.5 million in capital markets revenue.
Loans and leases grew by $189.3 million, totaling $6.4 billion, which is an annualized growth of 12.2%.
The ratio of nonperforming assets to total assets remained strong at 0.32%.
QCR Holdings
QCR Holdings
Forward Guidance
Increased guidance for loan growth for the remainder of the year to be in the range of 9 to 12% on an annualized basis, which would result in a 0 to 3% growth rate on an annualized basis net of planned LIHTC loan securitizations.