QCR Holdings, Inc. Announces Record Net Income for Full Year 2024

QCR Holdings, Inc. (NASDAQ: QCRH) recently disclosed its financial results for the quarter and year ending on December 31, 2024. The company reported net income of $30.2 million for the fourth quarter of 2024, with adjusted net income totaling $32.8 million. For the full year 2024, QCR Holdings achieved a record net income of $113.9 million.

The quarter was marked by several highlights, including achieving record quarterly net interest income of $61.2 million, a 5 basis points increase in net interest margin, and a notable performance in capital markets revenue, further driven by a gain on securitization. The company’s tangible book value per share grew by $1.21 during the quarter.

Throughout the full year 2024, QCR Holdings also reached significant milestones. The annual net income of $113.9 million, or $6.71 per diluted share, represented a new record for the company. Adjusted net income for the year stood at $119.3 million. The firm reported robust loan growth of 10% prior to loan securitizations and strong deposit growth of 8% during the year.

Larry J. Helling, the Chief Executive Officer, remarked on the company’s exceptional fourth quarter performance, emphasizing significant growth in net interest income and robust loan growth. Todd A. Gipple, President, and Chief Financial Officer, mentioned that the adjusted net interest margin improved to 3.40%, attributing it to a decrease in funding costs and aggressive reactions to recent Fed interest rate cuts.

Moreover, QCR Holdings reported on capital markets revenue totaling $20.6 million for the fourth quarter, an increase from the previous quarter, indicating strong performance in this segment. Noninterest expenses remained under control throughout the quarter, with a focus on maintaining asset quality and controlling core operating expenses.

The company’s emphasis continues to revolve around relationship-driven banking to deliver operational excellence for its shareholders. QCR Holdings plans to host an earnings call/webcast on January 23, 2025, to discuss these financial results in further detail.

For additional information concerning the financial results and business operations of QCR Holdings, visit the company’s website at www.qcrh.com.

(Contact information and reference to the company’s contact person are not included in this news article as per SEC guidelines.)

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read QCR’s 8K filing here.

QCR Company Profile

QCR Holdings, Inc, a multi-bank holding company, provides commercial and consumer banking, and trust and asset management services. The company’s deposit products include noninterest-bearing demand, interest-bearing demand, time, and brokered deposits. It also provides various commercial and retail lending/leasing, and investment services to corporations, partnerships, individuals, and government agencies.