Guaranty Bank's parent company started the year with a first-quarter net income increase of 15%.
Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH) reported profits of $27.2 million, compared with $23.6 million in the same quarter of 2022, according to a news release. Diluted share earnings improved to $1.60 from $1.49 per share year over year.
“In the first quarter, we delivered strong results, highlighted by increased fee income and carefully managed expenses,” said Larry Helling, QCR's CEO, in the release. “In response to the current banking environment, we grew our deposits and significantly increased our balance sheet liquidity. In addition, we continued to improve upon our already strong capital levels.”
As of March 31, Guaranty Bank's assets were $2.1 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 billion and deposits of $6.5 billion at the end of the quarter.
QCRH shares were trading at $40.51 as of 11:14 a.m., compared with a 52-week range of $38.28 to $62.85 per share.
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