QCR Holdings, Inc (QCRH) has reported a 5.87 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $6.11 million, or $0.46 a share in the quarter, compared with $6.49 million, or $0.55 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $7.54 million, or $0.57 a share compared with $6.20 million or $0.52 a share, a year ago. Revenue during the quarter surged 30.28 percent to $32.45 million from $24.90 million in the previous year period. Net interest income for the quarter rose 17.35 percent over the prior year period to $23.63 million. Non-interest income for the quarter rose 62.78 percent over the last year period to $10.42 million.
Qcr Holdings has made provision of $1.61 million for loan losses during the quarter, down 1.65 percent from $1.64 million in the same period last year.
Net interest margin improved 20 basis points to 3.71 percent in the quarter from 3.51 percent in the last year period. Efficiency ratio for the quarter deteriorated to 71.89 percent from 61.88 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“Our core operating performance for the first nine months of 2016 has been solid,” commented Douglas M. Hultquist, president and chief executive officer, “and we continue to strategize and explore ways to improve our profitability through our ongoing key initiatives. Our core return on average assets (non-GAAP) has improved from 0.77% to 1.02%, when comparing the first nine months of 2015 to the same period of the current year. This is the result of solid loan growth, reductions in wholesale borrowings, continued margin improvements, and strong fee income.”
Liabilities outpace assets growth
Total assets stood at $3,280.99 million as on Sep. 30, 2016, up 27.37 percent compared with $2,575.85 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,000.13 million as on Sep. 30, 2016, up 27.41 percent from $2,354.74 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $2,331.77 million as on Sep. 30, 2016, up 34.77 percent compared with $1,730.14 million on Sep. 30, 2015. Deposits stood at $2,594.91 million as on Sep. 30, 2016, up 39.86 percent compared with $1,855.32 million on Sep. 30, 2015. Investments stood at $564.93 million as on Sep. 30, 2016, down 4.37 percent or $25.85 million from year-ago. Shareholders equity stood at $280.86 million as on Sep. 30, 2016, up 27.02 percent or $59.74 million from year-ago.
Return on average assets moved down 16 basis points to 0.85 percent in the quarter from 1.01 percent in the last year period. At the same time, return on average equity decreased 124 basis points to 8.78 percent in the quarter from 10.02 percent in the last year period.
Nonperforming assets moved down 16.06 percent or $4.35 million to $22.75 million on Sep. 30, 2016 from $27.10 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.69 percent in the quarter, down from 0.80 percent in the last year period.
Tier-1 leverage ratio stood at 10.09 percent for the quarter, up from 9.73 percent for the previous year quarter. Book value per share was $21.48 for the quarter, up 13.95 percent or $2.63 compared to $18.85 for the same period last year.
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