QCR Holdings Q3 adjusted EPS beats analyst estimates
QCRH•QCR Holdings reported Q3 adjusted EPS of $2.21, above the $2.09 analyst estimate, and adjusted net income of $36.40 million, above the $34.41 million estimate. The company reaffirmed Q4 annualized gross loan growth guidance of 10% to 15%.
1. Quarterly results
QCR Holdings reported Q3 adjusted EPS of $2.21, compared with analyst estimates of $2.09. Adjusted net income was $36.40 million, above the $34.41 million estimate, while net interest income was $68.70 million.
2. Growth and outlook
The company attributed record Q3 results to margin expansion and loan growth. Net interest margin increased 3 basis points to 3.58% TEY, and annualized loan growth excluding M2 portfolio runoff was 11%. Capital markets revenue rose 10% from the prior quarter.
3. Fourth-quarter expectations
QCR Holdings reaffirmed Q4 annualized gross loan growth guidance of 10% to 15%. It expects net interest margin (TEY) to remain relatively static and capital markets revenue to be $18 million to $20 million. The company repurchased $9.5 million in shares during Q3.
