QCR Holdings reports higher earnings

The corporate parent of Cedar Rapids Bank & Trust Co. posted higher first-quarter earnings and growth in loans and leases when compared with the same quarter of 2015.

QCR Holdings of Moline, Ill., recorded net income of $6.4 million, or 53 cents per share, in the quarter that ended on March 31, up from $4.2 million, or 52 cents per share, in the same quarter of 2015.

Net interest income totaled $20.6 million for the quarter that ended on March 31, an improvement over net interest income of $17.8 million for the first quarter of 2015.

'We started out the year strong and are quite pleased with our operating performance,” said Douglas Hultquist, president and CEO of QCR Holdings in a news release. 'Net interest margin significantly expanded, organic loan growth was strong, growth in noninterest bearing deposits was solid and fee income for the quarter was robust.”

'Our return on average assets (ROAA) has improved significantly from 0.67 percent a year ago to 0.98 percent in the current quarter. We have nearly achieved our targeted ROAA of 1 percent and we expect to continue to enhance profitability through our ongoing key initiatives.”

QCR Holdings' total assets increased $47.5 million, or 2 percent, to $2.64 billion, while total loans and leases grew $75.8 million. The loan and lease growth was funded primarily by deposit growth and reductions in the company's securities portfolio.

'Loan and lease growth was very strong in the first quarter, helping us exceed our targeted annual organic growth rate of 10 percent to 12 percent,” said Todd Gipple, executive vice president, chief operating officer and chief financial officer, in a news release.

'Solid loan and lease growth has continued to help us move our loan and lease to total asset ratio up to 71 percent from 66 percent a year ago.”