Q2 2024 QCR Holdings Inc Earnings Call Transcript
Key Points
- QCR Holdings Inc (QCRH) reported strong second-quarter results with net income of $29 million, or $1.72 per diluted share.
- Net interest income increased by nearly 3% in the second quarter, driven by higher average loan balances and an expanded margin.
- The company experienced robust fee income, particularly from capital markets revenue of $18 million and wealth management revenue growth of 26% year-to-date.
- Asset quality remains excellent with a decline in total criticized loans for the third consecutive quarter and stable credit trends.
- QCR Holdings Inc (QCRH) maintained tight control over operating expenses, achieving a nearly 2% decrease compared to the previous quarter.
- Non-performing assets as a percentage of total assets increased slightly, driven primarily by a few specific relationships.
- The company expects a modest loss on the upcoming securitization of tax-exempt LIHTC loans in the third quarter.
- Total deposits declined modestly during the quarter, indicating potential challenges in deposit growth.
- The company is cautious about capital deployment due to macroeconomic uncertainties, including geopolitical tensions and upcoming elections.
- The efficiency ratio, although improved, may not be sustainable at the current level in the long term.
Greetings, and welcome to the QCR Holdings Incorporated earnings conference call for the second quarter of 2024. Yesterday, after market closed, the company distributed its second-quarter earnings press release. If there is anyone on the call who has not received a copy, you may access it on the company's website at www.qcrh.com.
With us today from management are Mr. Larry Helling, CEO, and Mr. Todd Gipple, President and CFO. Management will provide a summary of the financial results, and then we'll open up the call for questions from analysts. Before we begin, I would like to remind you, everyone, that some of the information management will be providing today falls under the guidelines of forward-looking statements as defined by the Securities and Exchange Commission.
As part of these guidelines, any statements made during this call concerning the company's hopes, beliefs, expectations, and predictions of the future are forward-looking statements, and actual results could differ materially from those projected. Additionally,
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