QCR Holdings, Inc. (QCRH), a multi-bank holding company headquartered in Moline, Illinois, reported a net income of $113.85 million for the year ended December 31, 2024, resulting in diluted earnings per share (EPS) of $6.71. This compares to a net income of $113.56 million and diluted EPS of $6.73 for the same period in 2023. The company's consolidated assets totaled $9 billion as of December 31, 2024, including $6.7 billion in total loans and leases and $7.1 billion in deposits. The company employed 980 full-time equivalent (FTE) employees at the end of 2024, slightly fewer than the 996 FTEs employed at the end of 2023.
Net interest income increased by $10.8 million (4.9%) in 2024 compared to 2023, primarily due to higher average loan and investment balances and margin expansion from increased loan yields, partially offset by higher interest-bearing deposit costs. Noninterest income decreased by $17.2 million (12.9%), mainly due to lower capital markets revenue from swap fees, while noninterest expense decreased by $2.9 million (1.4%), primarily due to lower variable incentive compensation. The company's provision for credit losses increased by $559,000 in 2024 compared to 2023, attributed to loan growth and increased net charge-offs.
Strategic developments in 2024 included loan growth of 3.7% (9.6% excluding loan securitizations), driven by LIHTC and traditional lending businesses. The company completed two LIHTC loan securitizations totaling $386.5 million in carrying value, resulting in a net gain of $955,000. Correspondent banking activities continued to grow, with 189 downstream banks and total deposits of $681.1 million as of December 31, 2024. Capital markets revenue, primarily from swap fee income, totaled $71.1 million in 2024, down from $92.1 million in 2023. Assets under management in the wealth management segment increased by $1.1 billion in 2024, with 469 new relationships and $1.5 billion in new assets.
The company's strategic financial metrics for 2024 showed loan and lease growth of 9.6% (excluding securitizations), a 10.8% decrease in fee income, and a 2.4% decrease in noninterest expense. QCRH's outlook anticipates continued growth in its LIHTC lending business and correspondent banking, while acknowledging potential volatility in capital markets revenue and the impact of interest rate changes on net interest income. The company also highlighted risks associated with credit quality, liquidity, competition, and regulatory changes, emphasizing the need for effective risk management.
About QCR HOLDINGS INC
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