QCR Holdings Inc. in Moline, Ill., said Monday that an expanding margin helped its second-quarter net income climb 26% from a year earlier, to $1.8 million.
The $1.58 billion-asset multibank holding company said that its net interest margin rose for the sixth time in as many quarters. It went up 23 basis points from the first quarter and 42 basis points from a year earlier, to 3.36%.
Nonperforming assets were virtually unchanged from the first quarter but increased 61% from a year earlier, to $11.9 million, or 0.75% of total assets.
The loan-loss provision fell 30% from the first quarter but jumped 92% from a year earlier, to $1.6 million.
Citing last month's "devastating" floods, QCR said its Cedar Rapids Bank and Trust increased its allowance ratio 8 basis points from the first quarter, to 1.4% of total loans.
QCR's stock edged up 0.7% by late Monday, to $13.01.