Moline-based QCR Holdings, Inc. — which owns Quad City Bank & Trust — today announced net income of $27 million for the fourth quarter of 2021, compared to net income of $31.6 million for the third quarter.
The company also reported record net income of $98.9 million for the full year. During the fourth quarter of 2021, QCR’s loans and leases, excluding PPP loans (non-GAAP), increased $135.8 million to a total of $4.7 billion.
“We are very pleased with our 2021 financial performance, highlighted by record net income and earnings per share,” CEO Larry J. Helling said in a Tuesday release. “Our strong results were driven by robust loan growth of 17% for the year, as we capitalized on strengthening economic conditions in our markets as well as the value that our clients place on relationship-based community banking. Additionally, we expanded our net interest margin, produced solid fee income, carefully managed expenses and maintained excellent credit quality.”
“In November, we were excited to announce the anticipated acquisition of Guaranty Federal Bancshares, Inc., which will enhance our market share in the vibrant Springfield and southwest Missouri markets,” he said. “It will enable us to extend our high-performing and profitable niche business lines into those markets. We expect this transaction to close late in the first quarter or early in the second quarter, and look forward to welcoming Guaranty Bank to the team.”
“Our continued robust loan growth was driven by strength in both our traditional commercial lending and leasing business and our Specialty Finance Group,” added Helling. “We believe this is a testament to the underlying economic strength across our markets and our relationship-based community banking model, emphasizing the importance of strong relationships with new and existing clients. Given our current pipeline, we are targeting organic loan growth for the full year 2022 of between 8% and 10%, consistent with our long-term goals.”
QCR Holdings, Inc., headquartered in Moline, serves the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly-owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services.
Quad City Bank & Trust Company, based in Bettendorf, commenced operations in 1994; Cedar Rapids Bank & Trust Company started in 2001; Community State Bank, based in Ankeny, Iowa, was acquired by the company in 2016, and Springfield First Community Bank, based in Springfield, Mo., was acquired in 2018.
Additionally, QCR serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company offers equipment loans and leases to businesses through its wholly-owned subsidiary, m2 Equipment Finance, LLC, based in Milwaukee, Wis., and also provides correspondent banking services.
The company has 24 locations in Iowa, Missouri, Wisconsin and Illinois. As of Dec. 31, 2021, the company had approximately $6.1 billion in assets, $4.7 billion in loans and $4.9 billion in deposits. For more information, visit .
