Parent company reports increased assets, deposits for SFC Bank

Springfield First Community Bank's assets and deposits were on the rise in 2020, according to the latest financial earnings report from parent company QCR Holdings Inc. (Nasdaq: QCRH).

The Springfield company's assets grew roughly 4% to $780 million to close out the year, compared with $748.8 million as of Dec. 31, 2019, according to a news release from Moline, Illinois-based QCR Holdings. SFC Bank's deposits at the end of 2020 were roughly $569 million, a 7% increase from a year earlier.

Additionally, SFC Bank's total loans and leases rose by more than 14% to $624.6 million as of Dec. 31.

The QCR Holdings release does not detail SFC Bank's earnings for the year. The most recent Federal Deposit Insurance Corp. data for SFC Bank show net income was up by over 19% to nearly $7 million for the nine-month period that ended Sept. 30 compared with the same time in 2019.

SFC Bank recently announced the promotion of Monte McNew to succeed nine-year CEO Rob Fulp, who retired.

At parent company QCR Holdings, total profits rose 6% to $60.6 million in 2020, according to the release.

QCRH shares were trading at $39.14 as of 11:48 a.m., compared with a 52-week range of $22.39 to $43.38 per share.