QCR Holdings Q3 net income rises

Mon. October 27, 2008; Posted: 11:16 AM

Oct 27, 2008 (Datamonitor via COMTEX) -- QCRH | Quote | Chart | News | PowerRating -- QCR Holdings, a multi-bank holding company, has reported that its earnings for the third quarter ended September 30, 2008 were $4.3 million, or $0.83 per diluted share for common shareholders, as compared to $1.6 million and diluted earnings per share of $0.29 for the same period of 2007.

The company's earnings from continuing operations for the third quarter of 2008 were $1.6 million, which resulted in diluted earnings per share of $0.25, as against earnings of $1.7 million and diluted earnings per share of $0.32 for the comparable period of 2007.

Net interest margin increased a total of 40 basis points as compared to the third quarter of 2007, from 3% to 3.40%, which resulted in increased net interest income of $2.7 million, or 30.6%, from one year ago.

During the first nine months of 2008, the company's total assets increased at an annualized rate of 11.2%, or $164.9 million, to $1.64 billion from $1.48 billion at December 31, 2007. During this same period, loans/leases increased at an annualized rate of 13.8%, or $153.2 million, to $1.26 billion from $1.11 billion at December 31, 2007. Total deposits improved by $136.7 million to $1.07 billion at September 30, 2008 from $929.4 million at December 31, 2007, or an annualized rate of 14.7%.

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