Guaranty Bank parent company reports flat profits in Q2

Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), the parent company of Guaranty Bank in Springfield, posted roughly flat profits in the second quarter.

QCR Holdings reported net income of $29.02 million, a slight decrease from $29.1 million in the same quarter last year, according to a news release. Diluted share earnings in the latest quarter were $1.72, a 1-cent decrease.

"We delivered strong second-quarter results highlighted by a significant increase in net interest income from the previous quarter, driven by both net interest margin expansion and strong loan growth, as well as improved capital markets revenue and disciplined noninterest expense management,” said Todd Gipple, QCR Holdings president and CEO, in the release. “These robust results led to continued capital accretion and a substantial increase in tangible book value per share."

As of June 30, Guaranty Bank's assets were $2.4 billion, roughly flat from the same time last year. Its deposits were $1.9 billion, up from $1.8 billion a year earlier.

"Our deep-rooted commitment to the communities where we live and work continues to be the driving force behind our success," Guaranty Bank CEO Monte McNew said in a separate news release. "Through our strategic partnership with QCR Holdings, a relationship-driven, multi-bank holding company, we’re able to maintain our local focus while leveraging the strength, scale, and efficiencies of a larger organization."

QCRH shares were trading at $75.55 as of 11:21 a.m., compared with a 52-week range of $60.83 to $96.08 per share.