QCR HOLDINGS INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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Interest Expense
Interest expense increased $22.9 million, comparing the first quarter of 2024 to the same period of 2023. Several non-client factors drove this increase, including the maturity of $125 million of interest rates caps on the Company’s indexed deposits and the conversion of $65 million of subordinated debt to a higher floating rate, which contributed a combined $1.3 million of additional interest expense. The Company’s cost of funds was 3.86% for the quarter ended March 31, 2024, which was up from 2.74% for the quarter ended March 31, 2023.
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