Guaranty Bank parent company improves quarterly profits

Guaranty Bank's parent company reported higher net income during the second quarter.

Moline, Illinois-based QCR Holdings Inc.'s (Nasdaq: QCRH) profits were up 4.4% to $28.4 million from $27.2 million a year earlier, according to a news release. Diluted share earnings came to $1.69, up from $1.60 per share from the same quarter of 2022.

“We delivered outstanding second-quarter results, highlighted by robust loan and core deposit growth, significant fee income and continued strong asset quality,” QCR CEO Larry Helling said in the release. “In addition, we continued to improve upon our already solid capital levels with exceptional earnings performance.”

As of June 30, Guaranty Bank's assets were $2.2 billion and deposits were $1.6 billion. QCR, which also operates Cedar Rapids Bank and Trust, Community State Bank and Quad City Bank and Trust, had assets of $8.2 billion and deposits of $6.6 billion at the end of the quarter.

QCRH shares were trading at $53.41 as of 10:31 a.m., compared with a 52-week range of $35.14 to $62.85 per share.