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Springfield First Community Bank’s assets were $693.9 million as of Sept. 30.
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Springfield First Community Bank’s assets were $693.9 million as of Sept. 30.

SFC Bank’s assets, deposits continue to grow

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Last edited 2:23 p.m., Oct. 31, 2019

Under new ownership since summer 2018, Springfield First Community Bank’s assets and deposits have continued to grow.

Parent company QCR Holdings Inc. (Nasdaq: QCRH) reported SFC Bank’s assets were up 11% to $693.9 million and deposits were up 10% to $484.2 million as of Sept. 30, compared with the same time in 2018, according to a news release.

SFC Bank ranked No. 7 in deposits held in the Springfield metropolitan statistical area as of June 30, according to data released last month by the Federal Deposit Insurance Corp. The company’s deposits in the metro area were $471.3 million, representing 4.3% of the market share.

SFC Bank’s earnings were not included in QCR Holdings’ third quarter earnings report. FDIC data show SFC Bank’s second quarter net income dropped 17% to $2.1 million compared with a year earlier. SFC Bank CEO Rob Fulp said the business changed to a C corporation in 2019 from an S corporation in 2018, resulting in higher taxes that reduced net income. 

In the third quarter, Moline, Illinois-based QCR Holdings posted record net income of roughly $15 million, a nearly 72% increase from $8.8 million a year earlier, according to the release. Diluted share earnings grew to 94 cents from 55 cents in the same quarter of 2018.

“We continue to attract new clients that appreciate our relationship-based community banking model,” QCR CEO Larry Helling said in the release.

QCRH shares hit a new 52-week high this morning of $40. Its 52-week low is $30.15.

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