Moline-based QCR Holdings Inc. announced that the company earned a net income of $7.9 million for the quarter ended Sept. 30.
That figure includes a $601,000 in acquisition costs and post-acquisition transition and integration costs related to QCR Holdings purchase of Cedar Rapids-based Guaranty Bank and Trust Co. which closed Oct. 1.
Excluding those costs the company would report a net income of $8.8 million.
That compares to $6.1 million in net income for the same period in 2016, which included $1.5 million in acquisition and transition costs associated with the purchase of Community State Bank in Ankeny, Iowa, which closed Aug. 31, 2016. Without those costs the company would have reported net income of $7.5 million for that period.
For the nine months ended Sept. 30, the company reported a net income of $25.8 million, which includes acquisition costs. For the nine months ending Sept. 30, 2016, the company reported net income of $19.2 million that included acquisition costs.
“We are generally pleased with our core operating performance for the first nine months of the year and we continue to strategize and pursue ways to improve our profitability through our ongoing key initiatives,” Douglas Hultquist, President and CEO said in a news release.
The acquisition of Community State Bank in the third quarter of 2016 also contributed to profitability, Hultquist added.
QCR Holdings, Inc. is a multi-bank holding company that serves the Quad-City, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Rockford, Illinois, communities through its wholly owned subsidiary banks.