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Guaranty Bank was acquired by QCR during the second quarter.
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Guaranty Bank was acquired by QCR during the second quarter.

Guaranty Bank parent company's profits slip

Posted online

Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), the parent company of Guaranty Bank, reported a decrease in quarterly profits.

The company's second-quarter net income slid 32% to $15.2 million from $22.3 million a year earlier, according to a news release. It was the first full quarter of QCR ownership of Guaranty, which was acquired for $152 million on April 1.

With the purchase, QCR merged Guaranty Bank’s operations with that of Springfield First Community Bank, a company QCR purchased in 2018 for $90.7 million, according to past reporting. Guaranty Bank is the surviving name of the joint entity in the Springfield-area market.

"We’re eager to continue to grow in the vibrant southwest Missouri region, and we look forward to serving our clients and our communities," QCR CEO Larry Helling said in the release.

As of June 30, Guaranty Bank's assets were roughly $2 billion, up from $850.1 million a year earlier, according to the release. QCR, which has $7.4 billion in total assets, additionally serves as the holding company for Iowa businesses Quad City Bank and Trust Co., Cedar Rapids Bank and Trust Co. and Community State Bank.

QCRH shares were trading at $57.81 as of 11:15 a.m., compared with a 52-week range of $47.36 to $62.34 per share.

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