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QCR Holdings Inc. (Nasdaq: QCRH), the parent company of Springfield First Community Bank, posted decreased earnings in the first quarter as the COVID-19 crisis impacted operations.
Moline, Illinois-based QCR Holdings reported $11.2 million in profits, a 13% decrease from $12.9 million in first quarter 2019. Diluted share earnings fell to 70 cents from 81 cents per share, according to a news release.
"As a country, we are in the midst of an unprecedented challenge with the onset of the COVID-19 pandemic, and it remains difficult to predict the ultimate impact on our clients because the depth and duration of this pandemic are still unknown,” QCR CEO Larry Helling said in the release. “However, each of our banks is well capitalized.
“Though the public health crisis did impact our results in the form of lower loan growth and an increased provision for loan losses, our overall credit quality remained strong and our company was solidly profitable through the first quarter."
Through April 24, the company's banks received Small Business Administration approval to award 1,300 Paycheck Protection Loans totaling $333 million. Helling said the company's client base should grow as a result.
First quarter financial notes for QCR Holdings:
• Loans and leases rose slightly, by $14.5 million, to $3.7 billion.
• Provision for loan and lease losses rose 292% to $8.4 million.
• The company repurchased roughly 101,000 shares of its common stock at an investment of approximately $3.8 million. Share buybacks were paused March 16 due to the pandemic.
As of March 31, QCR had $5.2 billion in assets and $4.2 billion in deposits, according to the release. SFC Bank, which operates its main branch at 2006 S. Glenstone Ave., reported assets of $708.7 million at the end of the quarter. The QCR subsidiary also has a home loan center at 1615 E. Primrose St.
QCRH shares were trading at $31.23 as of 9:21 a.m., compared with a 52-week range of $22.39 to $44.76.
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