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Moline, Illinois-based QCR Holdings completed its acquisition of Guaranty Bank in 2022.
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Moline, Illinois-based QCR Holdings completed its acquisition of Guaranty Bank in 2022.

Guaranty Bank parent company reports record annual profits

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Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), which last year purchased Springfield's Guaranty Bank, eked out a record in full-year profits.

For the year ended Dec. 31, QCR's net income was $99.1 million, a less than 1% increase from a year earlier, according to a news release.

Contributing to the increase was fourth-quarter net income of $30.9 million, a 14.4% increase.

“We delivered another quarter of strong results, enabling us to achieve record annual net income. Our full-year performance was driven by robust loan growth, increased net interest income and excellent credit quality,” said Larry Helling, CEO of QCR, in the release. “Our team accomplished this while successfully closing and integrating our largest acquisition to date, where we significantly strengthened our company’s position in the vibrant southwest Missouri region."

QCR finalized its $152 million acquisition of Guaranty Bank in April 2022. Through the deal, QCR merged Guaranty Bank's operations with Springfield First Community Bank, which it bought in 2018 in a $90.7 million deal, according to past reporting.

As of Dec. 31, QCR's assets were $7.9 billion, deposits were $6 billion and loans were $6.1 billion, according to the release. Guaranty Bank had $2.1 billion in assets, $1.6 billion in deposits, and $1.7 billion in loans and leases at the end of the year.

QCRH shares were trading at $50.56 as of 9:18 a.m., compared with a 52-week range of $46.83 to $62.85 per share.


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