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The purchase of Guaranty Bank by QCR means the merger of the local company with SFC Bank.
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The purchase of Guaranty Bank by QCR means the merger of the local company with SFC Bank.

New Guaranty Bank parent company boosts profits

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Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), which on April 1 finalized its acquisition of Springfield's Guaranty Federal Bancshares Inc. (Nasdaq: GFED), reported higher earnings in the first quarter.

The holding company's net income rose 31% to $23.6 million, or $1.49 per diluted share, compared with $18 million, or $1.12 per diluted share, a year earlier, according to a news release. The results do not include financials from Guaranty Bank, since QCR's quarter closed March 31.

"We’re eager to continue to grow in the vibrant southwest Missouri region, and we look forward to serving our clients and our communities as one bank and one team," QCR CEO Larry Helling said in the release.

Through the $152 million purchase of Guaranty Bank, QCR merged the company with Springfield First Community Bank, which it bought in 2018 in a $90.7 million deal. The combined company, operating under the Guaranty Bank name, has $2 billion in assets, $1.6 billion in deposits and $1.5 billion in loans, according to past reporting.

QCR's quarterly release shows SFC Bank's assets grew 17% to $956.3 million in the first quarter, up from $818.6 million a year earlier. Deposits for SFC Bank were down 8% to $555.6 million from $602.3 million, and total loans and leases were up roughly 11% to $744.1 million from $667 million.

“Our accelerated loan growth in the first quarter was driven by strength in our traditional commercial lending, leasing and specialty finance business,” Helling said in the release. “This is a testament to the economic vibrancy in our markets as well as our relationship-based community banking model.”

As of March 31, QCR's assets were $6.2 billion and deposits were $4.8 billion, according to the release.

QCRH shares were trading at $53.40 as of 10:16 a.m., compared with a 52-week range of $44.75 to $62.34 per share.

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