QCR Holdings, Inc. (NASDAQ:QCRH) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET
Company Participants
Larry Helling - CEO
Todd Gipple - President, COO & CFO
Conference Call Participants
Damon DelMonte - KBW
Daniel Tamayo - Raymond James
Brian Martin - Janney Montgomery Scott
Nathan Race - Piper Sandler
Jeff Rulis - D.A. Davidson
Operator
Greetings, and welcome to the QCR Holdings, Inc. Earnings Conference Call for the Third Quarter of 2022. Yesterday, after market close, the company distributed its third quarter earnings press release. If there is anyone on the call who has not received a copy, you may access it on the company's website, www.qcrh.com. With us today from management are Larry Helling, CEO; and Todd Gipple, President, COO and CFO. Management will provide a brief summary of the financial results, and then we'll open up the call to questions from analysts.
Before we begin, I would like to remind everyone that some of the information management will be providing today falls under the guidelines of forward-looking statements as defined by the Securities and Exchange Commission. As part of these guidelines, any statements made during this call concerning the company's hopes, beliefs, expectations and predictions of the future, are forward-looking statements, and actual results could differ materially from those projected. Additional information on these factors is included in the company's SEC filings, which are available on the company's website. Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not substitute for the most directly comparable GAAP measures. The press release available on the website contains the financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures. As a reminder, this conference is being recorded and will be available for replay through November 3, 2022, starting this afternoon approximately one hour after the completion of this call. It will also be accessible on the company's website.
At this time, I will now turn the call over to Mr. Larry Helling at QCR Holdings.
Larry Helling
Thank you, operator. Welcome, ladies and gentlemen, and thank you for taking the time to join us today. I will start the call with a brief discussion regarding our third quarter performance. Todd will follow with additional details on our financial results for the quarter. We delivered another strong quarter of net income, driven by exceptional loan growth, improved credit quality, and carefully managed expenses. In addition, we strengthened our total risk-based capital ratio for the quarter with our previously announced 100 million subordinated debt issuance. This transaction increased our total risk-based capital ratio by 140 basis points. We posted core earnings of $28.9 million or a $1.69 per share, generating a ROAA of 1.51% after adjusting for non-recurring items.