QCR posts improved 2Q earnings

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By Jennifer DeWitt | Monday, July 28, 2008 |

QCR Holdings Inc., the parent company of Quad-City Bank & Trust, said Monday that it posted $1.8 million in second quarter earnings — a significant improvement from the previous quarter and a year ago.

The Moline-based QCRsaid its latest earnings resulted in diluted earnings per common share of 29 cents. The results, for the quarter ended June 30, represent an increase in earnings per share of 6 cents, or 26.1 percent, from the same quarter a year ago. In 2007, QCR reported earnings of $1.3 million and diluted earnings per share of 23 cents.

It also represents an improvement of 24 cents over the first quarter of 2008 when earnings were $686,000, or 5 cents for diluted earnings per share.

Quarter-to-quarter net interest income increased by $1.2 million, or approximately 11.5 percent, as net interest margin improved for the sixth consecutive quarter to 3.36 percent, which represented a 23 basis point improvement from the prior quarter.

Despite damage in many Iowa communities caused by June floods, QCR remains positive about the Cedar Rapids market, which was the hardest hit of its four banking markets.

Larry Helling, the president and CEO of Cedar Rapids Bank & Trust, said the flooding “has and will continue to have significant ramifications on the local economy and the community for many years.”

“The impact that it will have on specific individuals and companies in the market is unclear, and it will take many months to completely assess the effect that it will have on our clients.”

In the first six months of 2008, QCR’s total assets have increased at an annualized rate of 14.5 percent, or $107.2 million, to $1.58 billion. During this same period, loans/leases increased at an annualized rate of 16.8 percent, or $92.8 million, to $1.20 billion. Total deposits increased by $52.7 million to $982.1 million at June 30, or an annualized rate of 11.3 percent.

Stockholders’ equity increased $481,000 to $86.6 million as of June 30.

QCR and its subsidiaries employ a total of 374 people as of June 30, which is up from 334 a year ago.

Jennifer DeWitt can be contacted at (563) 383-2318 or jdewitt@qctimes.com.