QCR Holdings, Inc. has recently released its 10-K report, providing an insight into its financial performance and operations. The multi-bank holding company, headquartered in Moline, Illinois, offers commercial and consumer banking, trust, and asset management services. As of December 31, 2024, the company held $9.0 billion in consolidated assets, with $6.7 billion in total loans/leases and $7.1 billion in deposits.
In the Management’s Discussion and Analysis of Financial Condition and Results of Operations section, the company reported a net income of $113.9 million for the year ended December 31, 2024, with diluted earnings per share (EPS) of $6.71, compared to a net income of $113.6 million and diluted EPS of $6.73 for the same period in 2023. Notably, the company achieved record annual net income and adjusted net income (non-GAAP) of $119.3 million, or $7.03 per diluted share (non-GAAP) in 2024.
The company's net interest income increased by $10.8 million, or 4.9%, in 2024 compared to the previous year, primarily due to higher loan and investment average balances and margin expansion from higher loan yields. However, noninterest income decreased by $17.2 million, or 12.9%, mainly attributable to lower capital markets revenue from swap fees.
QCR Holdings, Inc. has established strategic financial metrics, including growing loans/leases by 9% per year, growing fee-based income by at least 6% per year, and limiting annual operating expense growth to 5% per year. The company reported loan and lease growth of 9.6% annually, fee income growth of (10.8)% annually, and noninterest expense growth of (2.4)% annually for the year ending December 31, 2024.
In 2024, the company took several actions to support its corporate strategy, including growing loans and leases by 3.7%, completing two Low-Income Housing Tax Credit (LIHTC) loan securitizations, and continuing to expand its correspondent banking line of business across Iowa, Wisconsin, Missouri, and Illinois. The market has reacted to these announcements by moving the company's shares 0.9% to a price of $75.33. If you want to know more, read the company's complete 10-K report here.
