QCR HOLDINGS INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Interest Expense
Comparing 2023 to 2022, interest expense increased $131.0 million, or 213%, year-over-year. The increase is primarily due to a significant increase in cost of funds given the sharp rising rate environment and the shift of the composition of deposits from noninterest bearing and lower beta deposits to higher beta deposits as well as a full year of GFED expense reflected in the Company’s 2023 results, compared to nine months of such expense reflected in the Company’s 2022 results. The Company’s cost of funds was 3.31% for the year ending December 31, 2023, which was up from 1.28% for the year ending December 31, 2022.
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