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Sep 30, 2022
QCR Holdings Q3 2022 Earnings Report
Reported a strong quarter with net income driven by loan growth and improved credit quality.
Key Takeaways
QCR Holdings reported a strong third quarter with net income of $29.3 million and diluted EPS of $1.71. The company experienced robust lending activity with annualized loan growth of 14.5%, funded by deposit growth. They also raised $100 million in subordinated debt to bolster their capital position.
Net income was $29.3 million, and diluted EPS was $1.71.
Annualized loan growth reached 14.5%.
Deposits increased by $120.4 million.
Nonperforming assets decreased by $6.0 million from the previous quarter.
QCR Holdings
QCR Holdings
Forward Guidance
The company expects capital markets revenue to be in the range of $10 to $12 million for the fourth quarter and reaffirms loan growth of between 10% and 12%.
Positive Outlook
- Capital markets revenue expected between $10 to $12 million for Q4.
- Loan growth targeted between 10% and 12% for Q4.
- Strong capital position after subordinated debt issuance.
- Exceptional credit quality maintained.
- Pipeline for client projects is strong
Challenges Ahead
- Delays in funding low-income housing tax credit projects.
- Supply chain disruptions impacting client projects.
- Inflationary pressures affecting client projects.
- Higher interest rates affecting client projects.
- AOCI declined $24.8 million due to interest rate increases.