Deposits, assets rise in Q3 at SFC Bank

Springfield First Community Bank is in deposit and asset growth mode, according to the third-quarter financial report from parent company QCR Holdings Inc. (Nasdaq: QCRH).

QCR reported in a news release that SFC Bank's deposits grew 2.3% to $605.9 million from $592.5 million a year earlier. For the three months ending Sept. 30, assets at the Springfield bank were up 9.5% to $880.1 million compared with the same quarter of 2020.

During the quarter, QCR reported systemwide net income of $31.6 million, an 83% increase from $17.3 million a year earlier.

"This exceptional performance is reflective of our core values, one of which is our relationship-based community banking model, emphasizing the importance of strong relationships with new and existing clients," QCR CEO Larry Helling said in the release.

QCR does not report net income for its subsidiaries in its quarterly reports. However, according to Federal Deposit Insurance Corp. data, SFC Bank's net income for the first half of 2021 was roughly $6 million, a 45% increase from $4.1 million for the first six months of 2020.