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QCR (QCRH) - 2024 Q2 - Quarterly Results
QCR QCR (US:QCRH)2024-07-24 20:05

Financial Performance - Net income for Q2 2024 was $29.1 million, or $1.72 per diluted share, compared to $26.7 million and $1.58 per diluted share in Q1 2024, representing a 9% increase in net income[1][2] - Adjusted net income for Q2 2024 was $29.3 million, with adjusted diluted EPS at $1.73, up from $26.9 million and $1.59 in Q1 2024[2][3] - Net income for Q2 2024 was $29,114 thousand, compared to $28,425 thousand in Q2 2023, reflecting a 2.4% increase[36] - Basic EPS for Q2 2024 was $1.73, an increase from $1.70 in Q2 2023, indicating a growth of 1.8%[36] - The company reported a net income of $29.1 million for Q2 2024, reflecting strong financial performance[51] Income and Revenue - Interest income for Q2 2024 reached $119,746 thousand, up from $98,377 thousand in Q2 2023, representing a 21.7% increase year-over-year[36] - Total noninterest income for Q2 2024 was $30,889 thousand, up from $32,520 thousand in Q2 2023, showing a decrease of 5.0%[36] - Capital markets revenue for Q2 2024 was $17,758 thousand, up from $15,596 thousand in Q2 2023, representing a 13.9% increase[36] - Total income for June 2024 reached $87,052 thousand, compared to $81,557 thousand in March 2024, indicating a 6.1% increase[59] Expenses and Efficiency - Noninterest expenses were well-controlled at $49.9 million, down from $50.7 million in Q1 2024, contributing to a 500 basis point improvement in the efficiency ratio to 57%[9][8] - Total noninterest expense for the six months ended June 30, 2024, was $100,578 thousand, compared to $98,512 thousand in the same period last year, reflecting a 2.1% increase[39] - Efficiency ratio (noninterest expense/total income) improved to 57.31% in June 2024 from 62.15% in March 2024, showing enhanced operational efficiency[59] Loans and Leases - Total loans and leases grew by $206.1 million to $6.9 billion, with year-to-date loan growth at 9.5% annualized, within the target range of 8% to 10%[14][15] - Total loans/leases increased to $6,854,386 thousand, up from $6,648,336 thousand, representing a growth of approximately 3.1%[31] - Net loans/leases reached $6,766,680 thousand, compared to $6,563,866 thousand, indicating an increase of about 3.1%[31] - Total commercial and industrial loans reached $1,825,313 thousand, an increase from $1,796,738 thousand, representing a growth of approximately 1.6%[31] - Multi-family loans, including LIHTC, increased to $1,477,483 thousand from $1,303,566 thousand, indicating a significant growth of about 13.3%[31] Asset Quality - The company's nonperforming assets ratio was 0.39%, with total NPAs at $34.5 million, a slight increase from the prior quarter[17][18] - Total nonperforming assets increased to $34.514 million in Q2 2024 from $31.327 million in Q1 2024, indicating a deterioration in asset quality[48] - The ratio of nonperforming assets to total assets was 0.39% in Q2 2024, up from 0.36% in Q1 2024, highlighting increasing asset quality issues[48] - Total criticized loans decreased to $165.441 million in Q2 2024 from $182.570 million in Q1 2024, showing improvement in credit quality[48] Capital and Ratios - The company's total risk-based capital ratio increased to 14.33%, with the common equity tier 1 ratio at 10.00% as of June 30, 2024[23] - Tangible book value per share increased by $1.72, or 15.3% annualized, during Q2 2024, reflecting strong earnings and a modest dividend[24] - Return on average assets (annualized) increased to 1.34% from 1.25% in the previous quarter[41] - Return on average total equity (annualized) rose to 12.72% from 11.83% in the previous quarter[41] Deposits and Borrowings - Total deposits decreased to $6,764,667 thousand from $6,806,775 thousand, reflecting a decline of approximately 0.6%[33] - Total borrowings increased significantly to $768,671 thousand from $489,633 thousand, representing a rise of approximately 56.9%[33] - Noninterest-bearing demand deposits were $956,445 thousand, slightly up from $955,167 thousand, reflecting a growth of about 0.1%[33] Market Presence and Growth - The company has expanded its banking services across multiple communities, enhancing its market presence in Iowa, Missouri, Wisconsin, and Illinois[47] - The average yield on loans was 6.69%, up from 6.56% in the prior quarter, indicating a positive trend in loan profitability[43]