QCR Holdings, Inc. Announces Net Income Of $1.7 Million For Second Quarter Of 2010
MOLINE, Ill., July 26, 2010 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (Nasdaq:QCRH) today announced net income attributable to QCR Holdings, Inc. ("net income") of $1.7 million for the quarter ended June 30, 2010, or diluted earnings per share for common stockholders of $0.15 after preferred stock dividends of $1.0 million. By comparison, for the quarter ended March 31, 2010, the Company reported net income of $1.3 million, or diluted earnings per share of $0.06 after preferred stock dividends of $1.0 million. For the second quarter of 2009, the Company reported a net loss of $820 thousand, or diluted earnings per share of ($0.42) after preferred stock dividends of $1.1 million. For the six months ended June 30, 2010, the Company reported net income of $3.0 million compared to a net loss of $736 thousand for the same period in 2009.
The Company's net interest income for the current quarter totaled $12.5 million, a slight decrease from the prior quarter, and an increase of 4% over the second quarter of 2009. For the six months ended June 30, 2010, the Company reported net interest income of $25.4 million which is a 6% increase over the same period of 2009. Provision for loan/lease losses totaled $1.4 million for the second quarter of 2010, a decrease of $227 thousand from the prior quarter, and a decrease of $3.5 million from the second quarter of 2009. Further, the Company's provision for loan/lease losses for the first six months of 2010 totaled $3.0 million, a reduction of $6.3 million from the same period in 2009.
"This past week President Obama signed into law perhaps the most significant financial reform since the Great Depression," stated Douglas M. Hultquist, President and Chief Executive Officer. "While the provisions of the Act receiving the most public attention have generally been those more likely to affect larger institutions, the Act also contains many provisions which will affect smaller institutions such as ours. Many aspects of the Act are subject to future rulemaking, making it difficult to anticipate its overall financial impact on the Company at this time. However, it is possible that certain of the Act's provisions may curtail our revenue opportunities and increase our operating costs in the future. As we continue to operate in this challenging economic and regulatory environment, we will maintain our persistent focus on asset quality, liquidity, and capital. And, it will be critical to preserve our strong commitment to our relationship-based business model."
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