SFC Bank parent company hits $5B asset goal

Springfield First Community Bank’s growth in quarterly assets helped parent company QCR Holdings Inc. (Nasdaq: QCRH) reach a goal.

Moline, Illinois-based QCR Holdings, which purchased SFC Bank in July 2018 for $90.7 million, hit $5 billion in assets for the first time in its history during the first quarter, according to a news release.

“We are generally pleased with our start to 2019 and during the quarter surpassed $5 billion in assets, a significant milestone for the company,” QCR Holdings President and CEO Douglas Hultquist said in the release.

With $638.5 million in assets as of March 31, SFC Bank represented 12.6% of QCR’s $5.07 billion total. SFC Bank’s assets were up nearly 1% in the first quarter compared with $632.8 million as of Dec. 31, 2018.

Additionally, SFC Bank’s deposits as of March 31 were $445.1 million, equating to 10.6% of QCR’s $4.2 billion total; loans and leases at SFC were nearly $492 million, or 13% of QCR’s $3.8 billion total, according to the release.

During the first quarter, QCR Holdings reported a 22% increase in net income to $12.9 million, or 81 cents per diluted share, compared with $10.6 million, or 74 cents per diluted share, a year earlier.

QCR also owns Quad City Bank and Trust, Cedar Rapids Bank and Trust, Community State Bank-Ankeny, Rockford Bank and Trust and M2 Lease Funds LLC, according to the release.

QCRH shares were trading at $33.66 as of 9:55 a.m., compared with a 52-week range of $30.15 to $49.60.