Guaranty Bank parent company profits slip

Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), the parent company of Guaranty Bank in Springfield, reported reduced net income in the third quarter.

Profits were down 7.3% to $29.3 million from $31.6 million in the same quarter last year, according to a news release. Diluted share earnings were $1.71, a drop from $1.99 per share.

Despite the financial dip, CEO Larry Helling praised the bank’s loan and deposit activity.

"Building on the momentum we established in the first half of the year, we generated robust lending activity again in the third quarter with annualized loan growth of 14.5%," he said in the release. "This was funded primarily by growth in deposits during the quarter."

As of Sept. 30, Guaranty Bank's assets were $2.1 billion, an increase from $880 million a year earlier. Deposits at the Springfield-based institution grew to $1.6 billion from roughly $607 million.

QCRH shares were trading at $52.65 as of 9:54 a.m., compared with a 52-week range of $50.31 to $62.85 per share.