QCR (US:QCRH)2025-01-22 21:02Financial Performance - Fourth quarter net income was $30.2 million, or $1.77 per diluted share, compared to $27.8 million and $1.64 in the previous quarter [2]. - Full year record net income reached $113.9 million, or $6.71 per diluted share, with adjusted net income of $119.3 million, or $7.03 per diluted share (non-GAAP) [5]. - Net income for Q4 2024 was $30,225,000, an increase from $27,785,000 in Q3 2024, reflecting a growth of 5.2% [43]. - Net income for the year ended December 31, 2024, was $113,850,000, slightly up from $113,558,000 in 2023 [45]. - Basic EPS for the year ended December 31, 2024, was $6.77, compared to $6.79 in 2023, reflecting a minor decrease of 0.3% [45]. - Adjusted net income (non-GAAP) for Q4 2024 was $32,819 thousand, up 1.5% from $32,855 thousand in Q4 2023 [70]. - Adjusted earnings per common share (non-GAAP) for Q4 2024 was $1.95, an increase from $1.99 in Q4 2023, reflecting a decrease of 2.0% [70]. Income and Revenue - Record quarterly net interest income of $61.2 million, an increase of $1.5 million from the previous quarter, with a net interest margin (NIM) of 2.95% [5][8]. - Interest income for Q4 2024 was $121,642,000, a slight decrease from $125,420,000 in Q3 2024 [43]. - Total noninterest income for Q4 2024 was $30,625,000, up from $27,157,000 in Q3 2024, representing an increase of 9.1% [43]. - Total noninterest income for the year ended December 31, 2024, was $115,529,000, down from $132,684,000 in 2023, a decrease of 12.9% [45]. - Noninterest income for the fourth quarter totaled $30.6 million, with significant capital markets revenue of $20.6 million, up from $16.3 million in the prior quarter [12]. Assets and Liabilities - Total assets increased to $9,026,030 thousand as of December 31, 2024, compared to $8,538,894 thousand a year earlier, reflecting a growth of 5.7% [38]. - Total deposits rose to $7,061,187 thousand, up 8.4% from $6,514,005 thousand in the previous year [39]. - Net loans/leases reached $6,694,563 thousand, showing an increase from $6,456,216 thousand year-over-year, which is a growth of 3.7% [38]. - Total borrowings decreased to $569,532 thousand from $718,295 thousand, reflecting a reduction of 20.7% [39]. - The allowance for credit losses stood at $89,841 thousand, slightly up from $87,200 thousand a year ago, indicating a proactive approach to risk management [38]. Efficiency and Ratios - The efficiency ratio improved to 58.26% in the fourth quarter, with expectations for noninterest expenses in the range of $52 to $55 million for Q1 2025 [16]. - The tangible book value per share increased by $1.21, or 10% annualized, during the fourth quarter, and by $6.40, or 15%, for the full year [30]. - The efficiency ratio (Non-GAAP) improved to 58.26%, down from 61.65% in the previous quarter, indicating better cost management [48]. - The total risk-based capital ratio improved to 14.10%, up from 14.29% a year ago, indicating a slight decrease in capital adequacy [47]. - Return on average assets (annualized) was 1.34%, an increase from 1.29% in the previous quarter [48]. Credit Quality - Nonperforming assets (NPAs) totaled $45.6 million, with a ratio of NPAs to total assets at 0.50% [21][22]. - Total nonperforming assets increased to $45,554,000 as of December 31, 2024, up from $35,689,000 in the previous quarter, representing a 27.5% increase [58]. - The allowance for credit losses on loans/leases ended at $89,841,000, an increase from $86,321,000 in the prior quarter, reflecting a credit loss expense of $6,832,000 for the quarter [58]. - Nonperforming loans/leases totaled $44,350,000, up from $34,778,000 in the previous quarter, indicating a significant rise of 27.5% [58]. Market and Shareholder Information - Common shares outstanding increased to 16,882,045 as of December 31, 2024, compared to 16,749,254 a year earlier, reflecting a growth of approximately 0.79% [47]. - Book value per common share rose to $59.08, up from $52.93 a year ago, representing an increase of 11.7% [47]. - Market capitalization reached $1,361,368,000, a significant increase from $977,989,000 in the previous year, marking a growth of approximately 39.1% [47].