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Springfield First Community Bank's assets were $745.5 million as of June 30.
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Springfield First Community Bank's assets were $745.5 million as of June 30.

SFC Bank's assets, deposits grow in Q2

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Springfield First Community Bank posted increased assets and deposits in the second quarter, according to an earnings report delivered yesterday by parent company QCR Holdings Inc. (Nasdaq: QCRH).

As of June 30, SFC Bank's assets were $745.5 million, an 11% jump from $671.6 million a year earlier. Deposits grew nearly 20% to $564.7 million from $471.3 million in second quarter 2019, according to a news release.

The release did not include profits for SFC Bank. However, the Federal Deposit Insurance Corp.'s most recent data show the Springfield bank's net income was $2.2 million in the first quarter, up from $1.7 million in the first three months of 2019.

Moline, Illinois-based QCR Holdings reported a 1.5% boost in second quarter net income to $13.7 million, or 86 cents per diluted share, according to the release.

“It’s difficult to predict the ultimate impact that this pandemic will have on our clients," QCR CEO Larry Helling said in the release of the COVID-19 crisis. "However, we believe our banks are well positioned to deal with the pandemic."

The company's assets were $5.6 billion and deposits were $4.3 billion as of June 30. Subsidiary SFC Bank operates its main branch at 2006 S. Glenstone Ave., along with a home loan center at 1615 E. Primrose St.

QCRH shares were trading at $30.04 as of 8:46 a.m., compared with a 52-week range of $22.39 to $44.76.

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