QCR Holdings, Inc., the Moline-based parent company of Quad-City Bank & Trust, recently reported a record net income of $15.1 million, or 84 cents per share, for its third quarter, compared to net income of $13.5 million for the second quarter of 2019.
The bank recorded a net income of $8.8 million for the third quarter of 2018.
“We delivered another record quarter of net income, driven by continued strong loan growth, an expanded net interest margin, record fee income, improved credit quality and careful management of noninterest expenses,” said Larry J. Helling, chief executive officer, in a news release.
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QCR also obtained a “definitive agreement” to sell Rockford Bank & Trust to Heartland Financial USA, Inc. A news release on the third-quarter earnings said the transaction is valued at about $59 million and is expected to close during the fourth quarter of 2019.
In addition to the Quad-Cities, QCR’s banks serve the Cedar Rapids, Cedar Valley, Des Moines/Ankeny markets in Iowa and Rockford in Illinois.