New SFC Bank owner posts 19% earnings gain

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QCR Holdings completes purchase of SFC Bank

Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), the new owner of Springfield First Community Bank, reported a 19 percent uptick in second-quarter net income.

The company’s earnings came to $10.4 million, or 73 cents per diluted share, compared with $8.8 million, or 64 cents per share, a year earlier, according to a news release.

QCR recorded $500,000 in post-acquisition costs during the quarter ahead of closing on its $90.7 million acquisition of SFC Bank on July 1.

“We are excited they have joined us, as this merger fits well with our strategic growth plans by combining two high-performing financial institutions who share similar values and approaches to client service and community involvement,” QCR President and CEO Douglas Hultquist said in the release. “The merger also positions us to continue growing our franchise and creating value for our shareholders."

Second-quarter financial notes:
    •    Interest income rose 26 percent to $40.8 million.
    •    Salaries and employee benefits climbed 22 percent to $15.8 million.
    •    The company took on SFC Bank’s $573 million in assets, $487 million in loans and $439 million in deposits.

As of July 1, QCR had assets of $4.7 billion, deposits of $3.7 billion and loans of $3.6 billion, according to the release.

QCRH shares were trading at $45.15 as of 8:53 a.m., compared with a 52-week range of $39.85 to $49.70.