QCR (US:QCRH)2024-04-23 20:05Financial Performance - Net income for Q1 2024 was $26.7 million, with diluted EPS of $1.58, down from $32.9 million and $1.95 in Q4 2023[2] - Adjusted net income (non-GAAP) for Q1 2024 was $26.9 million, compared to $33.3 million in Q4 2023[3] - Net income for the quarter was $26,726,000, down from $32,855,000 in the prior quarter, representing a decrease of 18.6%[39] - Basic EPS for the quarter was $1.59, compared to $1.96 in the previous quarter, a decline of 18.9%[39] - Adjusted net income (non-GAAP) for Q1 2024 was $26,855,000, a decrease of 19.5% from $33,315,000 in Q4 2023[64] - Adjusted earnings per common share (non-GAAP) for Q1 2024 were $1.60 (basic) and $1.59 (diluted), compared to $1.99 (basic) and $1.97 (diluted) in Q4 2023[64] Income and Expenses - Noninterest income totaled $26.9 million, down from $47.7 million in Q4 2023, with capital markets revenue at $16.5 million[12] - Total noninterest income decreased to $26,858,000 from $47,729,000 in the previous quarter, a decline of 43.8%[39] - Total noninterest expense decreased to $50,690,000 from $60,938,000 in the previous quarter, a reduction of 16.8%[39] - Noninterest expense (GAAP) for Q1 2024 was $50,690,000, a decrease from $60,938,000 in Q4 2023[65] Asset and Deposit Growth - Total assets increased to $8,599,549 thousand as of March 31, 2024, compared to $8,538,894 thousand at December 31, 2023, reflecting a growth of 0.7%[34] - Total deposits rose to $6,806,775 thousand, up 4.5% from $6,514,005 thousand at December 31, 2023[35] - Total assets for Quad City Bank and Trust increased to $2,618,727,000 from $2,448,957,000 in the previous quarter, representing a growth of 6.9%[55] - Total deposits at Quad City Bank and Trust rose to $2,161,515,000, up 14.9% from $1,878,375,000 in the previous quarter[55] Loan and Lease Performance - Total loans and leases grew by $104.9 million to $6.6 billion, representing a 6.4% annualized growth[19] - The company maintains a loan growth target of 8% to 10% for the full year 2024[21] - The loan portfolio included significant LIHTC balances totaling $1.9 billion as of March 31, 2024[36] - Total loans and leases for Quad City Bank and Trust increased to $2,046,038,000, a rise of 3.1% from $1,983,679,000 in the previous quarter[55] Asset Quality - Nonperforming assets decreased by 8.5% to $31.3 million, improving the ratio of NPAs to total assets to 0.36%[22] - The allowance for credit losses decreased to $84,470 thousand from $87,200 thousand, indicating improved asset quality[34] - Nonperforming assets totaled $31,327 thousand, representing 0.36% of total assets, an improvement from 0.40% in the previous quarter[52] - The allowance for credit losses on loans/leases decreased to $84,470 thousand from $87,200 thousand in the previous quarter[52] Capital and Ratios - The total risk-based capital ratio was 14.30%, with a common equity tier 1 ratio of 9.91% as of March 31, 2024[25] - Tangible book value per share (non-GAAP) increased by $1.12, or 10.2% annualized[26] - Total stockholders' equity increased to $907,342 thousand, up from $886,596 thousand, marking a growth of 2.8%[34] - Total stockholders' equity rose to $903,371,000, an increase of 6.00% from $852,163,000 in the prior quarter[43] Efficiency and Returns - The efficiency ratio (Non-GAAP) increased to 62.15% from 58.90% in the previous quarter, indicating a decline in operational efficiency[42] - Return on average assets (annualized) decreased to 1.25% from 1.53% in the previous quarter[42] - Adjusted return on average assets (annualized) decreased to 1.26% in Q1 2024 from 1.56% in Q4 2023[65] - The net interest margin (TEY) (non-GAAP) for Q1 2024 was 3.25%, a decrease from 3.32% in Q4 2023[65]