Corporate parent of Cedar Rapids Bank & Trust posts higher earnings
Moline, Ill.-based bank holding company records net income of $3.3 million
QCR Holdings, the corporate parent of Cedar Rapids Bank & Trust, posted slightly higher first quarter net income and earnings per share compared with the first quarter of 2012.
The Moline, Ill.-based bank holding company recorded net income of $3.3 million, or 49 cents per share, for the quarter that ended on March 31, up from $3.2 million, or 48 cents per share, in the same quarter of 2012.
On Feb. 14, QCR Holdings announced plans to acquire Community National Bank in Waterloo, a bank chartered in 1997 with eight locations and total assets of $287.7 million on Dec. 31, 2012. The transaction, which is expected to close on May 13, is subject to approval by Community National shareholders and certain closing conditions.
On Jan. 31, 2013, Quad City Bank & Trust, owned by QCR Holdings, sold its $10.2 million credit card loan portfolio for a pre-tax gain of $495,000. In addition, QCB&T sold its issuing and agent operations for a pre-tax gain on sale of $355,000.
For the quarter that ended on March 31, 2013, QCR Holdings incurred pre-tax costs related to the transactions of $257,000, resulting in a net pre-tax gain of $593,000.
Cedar Rapids Bank & Trust posted net income of $1.8 million for the quarter that ended on March 31, 2013, an increase of $483,000 over the same period of 2012. CRB&T had assets of $598.9 million on March 31, 2013, a decline of $26.9 million, or 4 percent, from Dec. 31, 2012.
During the first quarter of 2013, loans grew $4.7 million, or 1 percent, and deposits fell $40 million, or 9 percent.CRB&T recognized pre-tax gains on sales of U.S. Small Business Administration and U.S. Department of Agriculture loans of $845,000 as compared to pre-tax gains of $9,000 for the same quarter of 2012.