QCR (US:QCRH) Newsfilterยท2024-07-24 20:05Core Insights - QCR Holdings, Inc. reported a net income of $29.1 million and diluted earnings per share (EPS) of $1.72 for Q2 2024, showing an increase from $26.7 million and $1.58 in Q1 2024 [1][9]. Financial Performance - Net interest income for Q2 2024 was $56.2 million, up $1.5 million or nearly 3% from Q1 2024, with an annualized growth rate of 11% [3][9]. - Adjusted net interest margin (NIM) on a tax-equivalent yield (TEY) basis expanded by 2 basis points to 3.26% from Q1 2024 [4][12]. - Noninterest income increased to $30.9 million in Q2 2024, up from $26.9 million in Q1 2024, with capital markets revenue at $17.8 million [4][9]. - Noninterest expenses were well-controlled at $49.9 million, down $0.8 million or nearly 2% from the previous quarter [5][14]. Asset Quality and Growth - Total loans and leases grew by $206.1 million to $6.9 billion, with year-to-date loan growth at 9.5% annualized [6][16]. - The ratio of criticized loans to total loans improved to 2.41% from 2.75% in the previous quarter, indicating enhanced asset quality [6][17]. - The company's nonperforming assets (NPAs) to total assets ratio was 0.39%, a slight increase from 0.36% in the prior quarter [17]. Capital and Liquidity - The company maintained strong capital levels, with a total risk-based capital ratio of 14.33% and a Tier 1 risk-based capital ratio of 10.58% as of June 30, 2024 [29]. - As of June 30, 2024, QCR Holdings had approximately $3.1 billion in available liquidity sources [15]. Shareholder Value - Tangible book value per share increased by $1.72, or 15.3% annualized, during Q2 2024, reflecting strong earnings and a modest dividend [19].