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Qcr Holdings (QCRH) has reported a 25.70 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $8.53 million, or $0.64 a share in the quarter, compared with $6.78 million, or $0.57 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $8.81 million, or $0.66 a share compared with $6.28 million or $0.53 a share, a year ago. Revenue during the quarter surged 35.27 percent to $33.71 million from $24.92 million in the previous year period. Net interest income for the quarter rose 47.24 percent over the prior year period to $29.28 million. Non-interest income for the quarter rose 13.15 percent over the last year period to $7.03 million.
Qcr Holdings has made provision of $2.60 million for loan losses during the quarter, up 120.82 percent from $1.18 million in the same period last year.
Net interest margin improved 60 basis points to 3.80 percent in the quarter from 3.20 percent in the last year period. Efficiency ratio for the quarter deteriorated to 61.44 percent from 60.82 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"Our core operating performance for 2016 has been solid," 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 core return on average assets (non-GAAP) has improved to 1.03% from 0.82%, when comparing the full year of 2016 to the prior year. This is the result of strong organic loan growth, robust growth in core deposits, reductions in wholesale borrowings, continued margin improvements, modest operating expense growth, and strong fee income."
Liabilities outpace assets growth
Total assets stood at $3,301.94 million as on Dec. 31, 2016, up 27.33 percent compared with $2,593.20 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,015.90 million as on Dec. 31, 2016, up 27.40 percent from $2,367.31 million on Dec. 31, 2015. Loans outpace deposit growth
Net loans stood at $2,374.73 million as on Dec. 31, 2016, up 34.02 percent compared with $1,771.88 million on Dec. 31, 2015. Deposits stood at $2,669.26 million as on Dec. 31, 2016, up 41.93 percent compared with $1,880.67 million on Dec. 31, 2015. Investments stood at $574.02 million as on Dec. 31, 2016, down 0.53 percent or $3.09 million from year-ago. Shareholders equity stood at $286.04 million as on Dec. 31, 2016, up 26.63 percent or $60.16 million from year-ago.
Return on average assets was stable at 1.04 percent in the quarter, when compared with the last year period. At the same time, return on average equity decreased 10 basis points to 12.04 percent in the quarter from 12.14 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.82 percent in the quarter, up from 0.74 percent in the last year period.
Tier-1 leverage ratio stood at 9.10 percent for the quarter, down from 9.75 percent for the previous year quarter. Book value per share was $21.82 for the quarter, up 13.59 percent or $2.61 compared to $19.21 for the same period last year.
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