QCR Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $9.1 billion, up from $8.5 billion at the end of 2023. This growth was driven by a rise in cash and due from banks, which reached $103.8 million, and a substantial increase in loans receivable held for sale, which surged to $167 million from just $2.6 million at the end of 2023.

For the third quarter of 2024, QCR Holdings reported total interest and dividend income of $125.4 million, a notable increase from $108.6 million in the same quarter of 2023. Net interest income also rose to $59.7 million, reflecting an 8% year-over-year increase. The company’s net income for Q3 2024 was $27.8 million, compared to $25.1 million in Q3 2023, resulting in basic earnings per share of $1.65, up from $1.50.

Over the first nine months of 2024, total revenue reached $445.1 million, compared to $405 million in the same period of 2023. Net income for this period was $83.6 million, an increase from $80.7 million in the prior year. The company’s net interest margin improved to 2.90%, with a tax-equivalent adjusted margin of 3.34%.

Strategically, QCR Holdings completed a Low-Income Housing Tax Credit (LIHTC) loan securitization in August 2024, selling $230.7 million in loans while retaining beneficial interests totaling $36.7 million. This transaction resulted in a net loss of $473,000. The company also reported a restructuring expense of $1.95 million in Q3 2024, reflecting ongoing adjustments to its operational structure.

On the balance sheet, total deposits increased by $470.6 million, or 7%, during the first nine months of 2024, with a notable rise in interest-bearing demand deposits. The company’s stockholders' equity rose to $976.6 million, up from $828.4 million a year earlier, bolstered by retained earnings that grew to $635.6 million.

In terms of credit quality, the allowance for credit losses on loans/leases held for investment was 1.30%, down from 1.39% a year prior. Nonperforming assets increased slightly to $35.7 million, maintaining a ratio of 0.39% of total assets.

Overall, QCR Holdings demonstrated robust growth in revenue and profitability, alongside strategic initiatives aimed at enhancing its market position and managing credit risk effectively.