Q3 profits drop 14% for Guaranty Bank parent company

Guaranty Bank's parent company posted a decrease in third-quarter net income.

Moline, Illinois-based QCR Holdings Inc.'s (Nasdaq: QCRH) profits were $25.1 million, a 14.3% drop from $29.3 million in the same three-month period a year earlier, according to a news release. Diluted earnings per share dipped to $1.49 from $1.71 per share year over year.

Still, company officials were bullish about the quarterly report.

“We delivered solid third-quarter results, highlighted by a static net interest margin, robust loan growth and significant fee income,” said Larry Helling, CEO of QCR Holdings, in the release. "Our third-quarter and year-to-date results demonstrate the continued strength of our franchise, our commitment to relationship banking and the successful execution of our strategic initiatives.”

As of Sept. 30, Guaranty Bank's assets were $2.2 billion and deposits were $1.7 billion. QCR, which also operates Cedar Rapids Bank and Trust, Community State Bank and Quad City Bank and Trust, had assets of $8.5 billion and deposits of $6.5 billion at the end of the quarter.

QCRH shares were trading at $47.66 as of 11:25 a.m., compared with a 52-week range of $35.14 to $54.54 per share.