QCR Holdings, Inc. (QCRH) has reported a 44.12 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $9.18 million, or $0.68 a share in the quarter, compared with $6.37 million, or $0.53 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $9.18 million, or $0.68 a share compared with $6.19 million or $0.52 a share, a year ago.  

Revenue during the quarter grew 29.60 percent to $32.85 million from $25.35 million in the previous year period. Net interest income for the quarter rose 34.34 percent over the prior year period to $27.67 million. Non-interest income for the quarter rose 6.77 percent over the last year period to $7.28 million.

QCR Holdings, Inc. has made provision of $2.10 million for loan losses during the quarter, up 1.54 percent from $2.07 million in the same period last year.

Net interest margin improved 28 basis points to 3.65 percent in the quarter from 3.37 percent in the last year period. Efficiency ratio for the quarter improved to 60.86 percent from 61.83 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"Our operating performance for the first quarter was strong," commented Douglas M. Hultquist, president and chief executive officer, "and we continue to strategize and pursue ways to improve our profitability through our ongoing key initiatives. Our return on average assets has improved to 1.12% from 0.98%, when comparing the first quarter of 2017 to the same period of the prior year. This is the result of strong year-over-year organic loan growth, robust growth in core deposits, reductions in wholesale borrowings, margin improvements, modest operating expense growth, and strong fee income. Our acquisition of Community State Bank, based in Ankeny, Iowa (“CSB”) also contributed to our improved profitability."

Investments stood at $557.65 million as on Mar. 31, 2017, up 3.78 percent or $20.33 million from year-ago. Shareholders equity stood at $295.84 million as on Mar. 31, 2017, up 25.81 percent or $60.70 million from year-ago.

Return on average assets moved up 14 basis points to 1.12 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity increased 161 basis points to 12.63 percent in the quarter from 11.02 percent in the last year period.

Nonperforming assets moved up 45.97 percent or $8.60 million to $27.30 million on Mar. 31, 2017 from $18.70 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.81 percent in the quarter, up from 0.71 percent in the last year period.

Tier-1 leverage ratio stood at 9.40 percent for the quarter, down from 9.85 percent for the previous year quarter. Book value per share was $22.48 for the quarter, up 12.96 percent or $2.58 compared to $19.90 for the same period last year.