Guaranty Bank parent company reports record profits

The publicly traded parent company of Springfield-based Guaranty Bank reported fourth-quarter and full-year profits that officials say were the best in company history. The news delivered a 52-week stock price high yesterday of $61.91 per share.

Net income at Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH) rose 14.6% to $113.6 million during 2023, compared with profits of $99.1 million in 2022, according to a news release.

Fourth-quarter profits came to $32.9 million, a 6.3% increase from $30.9 million in the same quarter of 2022.

"We are pleased to deliver record fourth-quarter and full-year results highlighted by significant fee income and robust loan growth,” QCR Holdings CEO Larry Helling said in the release. "We enter 2024 with a solid deposit and loan pipeline, a strong balance sheet, excellent credit quality and well-managed expenses."

As of Dec. 31, Guaranty Bank's assets were $2.3 billion and deposits were nearly $1.8 billion. That compares with assets of $2.1 billion and deposits of $1.6 billion at the end of 2022.

QCRH shares were trading at $60.10 as of 9:47 a.m., compared with a 52-week range of $35.14 to $61.91 per share.