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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event
Reported): July 24, 2024
QCR Holdings, Inc.
(Exact Name of Registrant as Specified in
Charter)
Delaware |
0-22208 |
42-1397595 |
(State or Other Jurisdiction of
Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification
Number) |
3551 Seventh Street, Moline, Illinois 61265 |
(Address of Principal Executive Offices) (Zip Code) |
(309) 736-3584
(Registrant's telephone number, including
area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name of each exchange on
which registered |
Common Stock, $1.00 Par Value |
QCRH |
The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On July 24, 2024, QCR Holdings,
Inc. (the “Company”) issued a press release disclosing financial results for the quarter ended June 30, 2024. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information
in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being “furnished” and will not, except
to the extent required by applicable law or regulation, be deemed “filed” by the Company for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,
nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
QCR Holdings, Inc. |
|
|
|
Date: July 24, 2024 |
By: |
/s/ Todd A.
Gipple |
|
|
Todd A. Gipple |
|
|
President and Chief Financial Officer |
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/906465/000110465924082329/tm2419965d1_ex99-1img001.jpg)
PRESS RELEASE | |
FOR IMMEDIATE RELEASE |
QCR Holdings, Inc.
Announces Net Income of $29.1 Million
for the Second
Quarter of 2024
Second Quarter 2024 Highlights
| · | Net
income of $29.1 million, or $1.72 per diluted share |
| · | Net
interest income up $1.5 million, or nearly 3% from the prior quarter, an 11% annualized growth
rate |
| · | Adjusted
NIM (TEY)(non-GAAP) expanded by 2 basis points from the prior quarter |
| · | Noninterest
income up $4.0 million, or 15% from the prior quarter |
| · | Continued
strong capital markets revenue of $17.8 million |
| · | Well-controlled
noninterest expenses of $49.9 million, down $0.8 million, or nearly 2% from the prior quarter |
| · | Tangible
book value (non-GAAP) per share growth of $1.72, or 15% annualized |
Moline, IL, July 24, 2024 – QCR Holdings, Inc.
(NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.1 million and diluted earnings per share (“EPS”)
of $1.72 for the second quarter of 2024, compared to net income of $26.7 million and diluted EPS of $1.58 for the first quarter of 2024.
Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP)
for the second quarter of 2024 were $29.3 million and $1.73, respectively. For the first quarter of 2024, adjusted net income (non-GAAP)
was $26.9 million and adjusted diluted EPS (non-GAAP) was $1.59. For the second quarter of 2023, both net income and adjusted net income
(non-GAAP) were $28.4 million, and both diluted EPS and adjusted diluted EPS (non-GAAP) were $1.69.
| |
For the
Quarter Ended | |
| |
June 30, | | |
March 31, | | |
June 30, | |
$ in millions (except per share data) | |
2024 | | |
2024 | | |
2023 | |
Net Income | |
$ | 29.1 | | |
$ | 26.7 | | |
$ | 28.4 | |
Diluted EPS | |
$ | 1.72 | | |
$ | 1.58 | | |
$ | 1.69 | |
Adjusted Net Income (non-GAAP)* | |
$ | 29.3 | | |
$ | 26.9 | | |
$ | 28.4 | |
Adjusted Diluted EPS (non-GAAP)* | |
$ | 1.73 | | |
$ | 1.59 | | |
$ | 1.69 | |
*Adjusted non-GAAP measurements of financial performance exclude
non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation
of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide
a better indicator of future performance. See GAAP to non-GAAP reconciliations.
“We delivered outstanding second quarter
results, highlighted by expanded net interest margin and growth in net interest income. We also had another quarter of strong capital
markets revenue and well-controlled expenses,” said Larry J. Helling, Chief Executive Officer. “In addition, we maintained
our excellent asset quality and further strengthened our capital levels.”
Net Interest Income Grew 3% and Margin
Expanded
Net interest income for the second quarter of 2024 totaled $56.2 million,
an increase of $1.5 million from the first quarter of 2024, driven by an expanded margin and strong loan growth.
Loan discount accretion was $268 thousand during the second quarter, a decrease of $95 thousand from the prior quarter.
Net interest margin (“NIM”) was 2.82% and NIM on a tax-equivalent
yield (“TEY”) basis (non-GAAP) was 3.27% for the second quarter, as compared to 2.82% and 3.25% for the prior quarter, respectively.
Adjusted NIM TEY (non-GAAP) of 3.26%, represented an increase of 2 basis points from 3.24% for the first quarter of 2024.
“Our adjusted NIM, on a tax equivalent yield basis, expanded
by 2 basis points from the first quarter to 3.26% and was at the upper end of our guidance range,” said Todd A. Gipple, President
and Chief Financial Officer. “The increase was due to a combination of higher loan yields and moderating deposit costs. Notably,
the shift in our deposit composition has stabilized as our noninterest-bearing deposits remained steady combined with modest changes
in our interest-bearing and core time deposits. Looking ahead, we anticipate further growth in net interest income and are guiding to
a third quarter adjusted NIM TEY (non-GAAP) in a range of static to up 5 basis points.”
Strong Noninterest Income Including $17.8 Million
of Capital Markets Revenue
Noninterest income for the second quarter of 2024 totaled $30.9 million,
up from $26.9 million in the first quarter of 2024. The Company generated $17.8 million of capital markets revenue in the quarter, as
compared to $16.5 million in the prior quarter. Wealth management revenue was $4.3 million for the quarter, a slight increase from the
first quarter of 2024 and up just over 26% on an annualized basis year-to-date. Additionally, the Company realized income of $2.2 million
from bank owned life insurance policy proceeds received during the second quarter of 2024.
“Our capital markets revenue was strong again in the second quarter as our low-income housing tax credit (“LIHTC”) lending
and revenue from swap fees continues to benefit from the strong demand for affordable housing,” added Mr. Gipple. “Our LIHTC
lending and capital markets revenue pipelines remain healthy. In addition, our wealth management business is wellpositioned for further
growth as we continue to add new clients and expand geographically into our Southwest Missouri and Central Iowa markets.”
Well-Controlled Noninterest Expenses of $49.9
Million
Noninterest expense for the second quarter of 2024 totaled $49.9
million, compared to $50.7 million for the first quarter and $49.7 million for the second quarter of 2023. The linked-quarter
decrease was primarily due to lower salaries and employee benefits and lower loan/lease expense, partially offset by higher
professional and data processing expense. This created positive operating leverage and contributed to a 500 basis point reduction in
the Company’s efficiency ratio (non-GAAP) which improved to 57% in the second quarter.
Solid Deposit Levels
During the second quarter of 2024, the Company’s total deposits
decreased modestly by $42.1 million, or less than 1%, to $6.8 billion. “Year-to-date, we have grown total deposits by $250.7 million,
or 7.7% on an annualized basis, reflecting our ongoing commitment to expanding our market share and establishing new relationships within
the communities we serve,” added Mr. Helling.
Total uninsured and uncollateralized deposits remain very low at 18%
of total deposits as of the end of the second quarter of 2024, as compared to 20% as of the end of the first quarter of 2024. The Company
maintained approximately $3.1 billion of available liquidity sources as of June 30, 2024, which included $1.2 billion of immediately
available liquidity.
Continued Loan Growth
During the second quarter of 2024, the Company’s total loans
and leases grew $206.1 million to $6.9 billion. At quarter end, the Company held $243.2 million of LIHTC loans as loans held for sale
in anticipation of the Company’s next loan securitization.
“Our year-to-date total loan growth is 9.5% annualized, which
is within our annual target range of 8% to 10%. Year-to-date loan growth, net of loans identified for securitization, stands at 2.1%
annualized,” added Mr. Helling. “Given our current pipeline and the ongoing strength of our markets, we are maintaining
our loan growth target for the full year 2024 of 8% to 10%, prior to the loan securitizations that we have planned for the year.”
Asset Quality Remains Excellent
The Company’s nonperforming assets (“NPAs”) to total
assets ratio was 0.39% on June 30, 2024, increasing modestly from 0.36% on March 31, 2024. NPAs totaled $34.5 million at the
end of the second quarter of 2024, a $3.2 million increase from the prior quarter.
Notably, as a leading indicator of asset quality, the Company's total
criticized loans were down by $17.1 million on a linked-quarter basis, and the ratio of criticized loans to total loans and leases as
of June 30, 2024 improved to 2.41%, as compared to 2.75% as of March 31, 2024.
The Company recorded a total provision for credit losses of $5.5 million
during the quarter with $4.3 million related to credit loss expense for loans and $1.2 million related to unfunded commitments.
Charge-offs were down significantly in the second quarter of 2024 at $1.8 million, a decrease of $1.8 million, or 50% from the prior
quarter.
The increased provision during the quarter was due to strong loan
growth and the impact of declining GDP on the Company’s CECL model factors. The increased provision combined with the sharp reduction
in charge-offs resulted in an allowance for credit losses to total loans held for investment that was static quarter over quarter at
1.33%.
Continued Strong Capital Levels
As of June 30, 2024, the Company’s total risk-based capital
ratio increased to 14.33%, the common equity tier 1 ratio increased to 10.00% and the tangible common equity to tangible assets ratio
(“TCE”) (non-GAAP) increased to 9.00%. By comparison, these ratios were 14.30%, 9.91% and 8.94%, respectively, as of March 31,
2024. The Company remains focused on growing capital and targeting TCE (non-GAAP) in the top quartile of its peer group.
The Company’s tangible book value per share (non-GAAP) increased
by $1.72, or 15.3% annualized, during the second quarter of 2024. The change in accumulated other comprehensive income was negligible
as of the end of the second quarter when comparing to the prior quarter of 2024. Tangible book value per share has grown by $6.66 since
June 30, 2023, for an annualized growth rate of nearly 17%. The combination of strong earnings and a modest dividend primarily contributed
to the improvement in tangible book value per share (non-GAAP).
Conference Call Details
The Company will host an earnings
call/webcast tomorrow, July 25, 2024, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free:
888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be
available for replay through August 1, 2024. The replay access information is 877-344-7529 (international 412-317-0088); access
code 8771212. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com.
An archived version of the webcast will be available at the same location shortly after the live event has ended.
About Us
QCR Holdings, Inc., headquartered
in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des
Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer
banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced
operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community
State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, Springfield First Community Bank, based in Springfield,
Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and
merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. Additionally,
the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids
Bank & Trust Company. Quad City Bank & Trust Company offers equipment loans and leases to businesses through its wholly
owned subsidiary, m2 Equipment Finance, LLC, based in Waukesha, Wisconsin, and also provides correspondent banking services. The Company
has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of June 30, 2024, the Company had $8.9 billion in assets, $6.9 billion
in loans and $6.8 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.
Special Note Concerning Forward-Looking
Statements. This document contains, and future oral and written statements of the Company and its management may contain,
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition,
results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based
upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are
generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”,
“predict,” “suggest,” “project”, “appear,” “plan,” “intend,”
“estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,”
“likely,” “might,” “potential,” “continue,” “annualized,” “target,”
“outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this
document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to
update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of
the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements.
These factors include, among others, the following: (i) the strength of the local, state, national and international
economies(including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future
terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing
Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic
deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse
external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory
agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local,
state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the
upcoming 2024 presidential election or any changes in response to failures of other banks; (vi) increased competition in the
financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the
inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable
electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of
acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or
employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company;
(xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations
in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to
certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who
have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their
exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information
technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security
controls or cybersecurity-related incidents, and (xixi) the ability of the Company to manage the risks associated with the foregoing
as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. Additional information concerning the Company and its business, including
additional factors that could materially affect the Company’s financial results, is included in the Company’s filings
with the Securities and Exchange Commission.
Contact:
Todd A. Gipple
President
Chief Financial Officer
(309) 743-7745
tgipple@qcrh.com
QCR Holding, Inc.
Consolidated Financial
Highlights
(Unaudited)
| |
As of | |
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| |
| |
(dollars in thousands) | |
CONDENSED BALANCE SHEET | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash and due from banks | |
$ | 92,173 | | |
$ | 80,988 | | |
$ | 97,123 | | |
$ | 104,265 | | |
$ | 84,084 | |
Federal funds sold and interest-bearing deposits | |
| 102,262 | | |
| 77,020 | | |
| 140,369 | | |
| 80,650 | | |
| 175,012 | |
Securities, net of allowance for credit losses | |
| 1,033,199 | | |
| 1,031,861 | | |
| 1,005,528 | | |
| 896,394 | | |
| 882,888 | |
Loans receivable held for sale (1) | |
| 246,124 | | |
| 275,344 | | |
| 2,594 | | |
| 278,893 | | |
| 295,057 | |
Loans/leases receivable held for investment | |
| 6,608,262 | | |
| 6,372,992 | | |
| 6,540,822 | | |
| 6,327,414 | | |
| 6,084,263 | |
Allowance for credit losses | |
| (87,706 | ) | |
| (84,470 | ) | |
| (87,200 | ) | |
| (87,669 | ) | |
| (85,797 | ) |
Intangibles | |
| 12,441 | | |
| 13,131 | | |
| 13,821 | | |
| 14,537 | | |
| 15,228 | |
Goodwill | |
| 139,027 | | |
| 139,027 | | |
| 139,027 | | |
| 139,027 | | |
| 139,027 | |
Derivatives | |
| 194,354 | | |
| 183,888 | | |
| 188,978 | | |
| 291,295 | | |
| 170,294 | |
Other assets | |
| 531,855 | | |
| 509,768 | | |
| 497,832 | | |
| 495,251 | | |
| 466,617 | |
Total assets | |
$ | 8,871,991 | | |
$ | 8,599,549 | | |
$ | 8,538,894 | | |
$ | 8,540,057 | | |
$ | 8,226,673 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total deposits | |
$ | 6,764,667 | | |
$ | 6,806,775 | | |
$ | 6,514,005 | | |
$ | 6,494,852 | | |
$ | 6,606,720 | |
Total borrowings | |
| 768,671 | | |
| 489,633 | | |
| 718,295 | | |
| 712,126 | | |
| 418,368 | |
Derivatives | |
| 221,798 | | |
| 211,677 | | |
| 214,098 | | |
| 320,220 | | |
| 195,841 | |
Other liabilities | |
| 180,536 | | |
| 184,122 | | |
| 205,900 | | |
| 184,476 | | |
| 183,055 | |
Total stockholders' equity | |
| 936,319 | | |
| 907,342 | | |
| 886,596 | | |
| 828,383 | | |
| 822,689 | |
Total liabilities
and stockholders' equity | |
$ | 8,871,991 | | |
$ | 8,599,549 | | |
$ | 8,538,894 | | |
$ | 8,540,057 | | |
$ | 8,226,673 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ANALYSIS OF LOAN PORTFOLIO | |
| | | |
| | | |
| | | |
| | | |
| | |
Loan/lease mix: (2) | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial and industrial - revolving | |
$ | 362,115 | | |
$ | 326,129 | | |
$ | 325,243 | | |
$ | 299,588 | | |
$ | 304,617 | |
Commercial and industrial - other | |
| 1,370,561 | | |
| 1,374,333 | | |
| 1,390,068 | | |
| 1,381,967 | | |
| 1,308,853 | |
Commercial and industrial
- other - LIHTC | |
| 92,637 | | |
| 96,276 | | |
| 91,710 | | |
| 105,601 | | |
| 93,700 | |
Total commercial and industrial | |
| 1,825,313 | | |
| 1,796,738 | | |
| 1,807,021 | | |
| 1,787,156 | | |
| 1,707,170 | |
Commercial real estate, owner occupied | |
| 633,596 | | |
| 621,069 | | |
| 607,365 | | |
| 610,618 | | |
| 609,717 | |
Commercial real estate, non-owner occupied | |
| 1,082,457 | | |
| 1,055,089 | | |
| 1,008,892 | | |
| 955,552 | | |
| 963,814 | |
Construction and land development | |
| 331,454 | | |
| 410,918 | | |
| 477,424 | | |
| 472,695 | | |
| 437,682 | |
Construction and land development - LIHTC | |
| 750,894 | | |
| 738,609 | | |
| 943,101 | | |
| 921,359 | | |
| 870,084 | |
Multi-family | |
| 329,239 | | |
| 296,245 | | |
| 284,721 | | |
| 282,541 | | |
| 280,418 | |
Multi-family - LIHTC | |
| 1,148,244 | | |
| 1,007,321 | | |
| 711,422 | | |
| 874,439 | | |
| 820,376 | |
Direct financing leases | |
| 25,808 | | |
| 28,089 | | |
| 31,164 | | |
| 34,401 | | |
| 32,937 | |
1-4 family real estate | |
| 583,542 | | |
| 563,358 | | |
| 544,971 | | |
| 539,931 | | |
| 535,405 | |
Consumer | |
| 143,839 | | |
| 130,900 | | |
| 127,335 | | |
| 127,615 | | |
| 121,717 | |
Total loans/leases | |
$ | 6,854,386 | | |
$ | 6,648,336 | | |
$ | 6,543,416 | | |
$ | 6,606,307 | | |
$ | 6,379,320 | |
Less allowance for
credit losses | |
| 87,706 | | |
| 84,470 | | |
| 87,200 | | |
| 87,669 | | |
| 85,797 | |
Net loans/leases | |
$ | 6,766,680 | | |
$ | 6,563,866 | | |
$ | 6,456,216 | | |
$ | 6,518,638 | | |
$ | 6,293,523 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ANALYSIS OF SECURITIES PORTFOLIO | |
| | | |
| | | |
| | | |
| | | |
| | |
Securities mix: | |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. government sponsored agency securities | |
$ | 20,101 | | |
$ | 14,442 | | |
$ | 14,973 | | |
$ | 16,002 | | |
$ | 18,942 | |
Municipal securities | |
| 885,046 | | |
| 884,469 | | |
| 853,645 | | |
| 764,017 | | |
| 743,608 | |
Residential mortgage-backed and related
securities | |
| 54,708 | | |
| 56,071 | | |
| 59,196 | | |
| 57,946 | | |
| 60,958 | |
Asset backed securities | |
| 12,721 | | |
| 14,285 | | |
| 15,423 | | |
| 16,326 | | |
| 17,393 | |
Other securities | |
| 38,464 | | |
| 40,539 | | |
| 41,115 | | |
| 43,272 | | |
| 43,156 | |
Trading securities | |
| 22,362 | | |
| 22,258 | | |
| 22,368 | | |
| - | | |
| - | |
Total securities (3) | |
$ | 1,033,402 | | |
$ | 1,032,064 | | |
$ | 1,006,720 | | |
$ | 897,563 | | |
$ | 884,057 | |
Less allowance for
credit losses | |
| 203 | | |
| 203 | | |
| 1,192 | | |
| 1,169 | | |
| 1,169 | |
Net securities | |
$ | 1,033,199 | | |
$ | 1,031,861 | | |
$ | 1,005,528 | | |
$ | 896,394 | | |
$ | 882,888 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ANALYSIS OF DEPOSITS | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposit mix: | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest-bearing demand deposits | |
$ | 956,445 | | |
$ | 955,167 | | |
$ | 1,038,689 | | |
$ | 1,027,791 | | |
$ | 1,101,605 | |
Interest-bearing demand deposits | |
| 4,644,918 | | |
| 4,714,555 | | |
| 4,338,390 | | |
| 4,416,725 | | |
| 4,374,847 | |
Time deposits | |
| 859,593 | | |
| 875,491 | | |
| 851,950 | | |
| 788,692 | | |
| 765,801 | |
Brokered deposits | |
| 303,711 | | |
| 261,562 | | |
| 284,976 | | |
| 261,644 | | |
| 364,467 | |
Total deposits | |
$ | 6,764,667 | | |
$ | 6,806,775 | | |
$ | 6,514,005 | | |
$ | 6,494,852 | | |
$ | 6,606,720 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ANALYSIS OF BORROWINGS | |
| | | |
| | | |
| | | |
| | | |
| | |
Borrowings mix: | |
| | | |
| | | |
| | | |
| | | |
| | |
Term FHLB advances | |
$ | 135,000 | | |
$ | 135,000 | | |
$ | 135,000 | | |
$ | 135,000 | | |
$ | 135,000 | |
Overnight FHLB advances | |
| 350,000 | | |
| 70,000 | | |
| 300,000 | | |
| 295,000 | | |
| - | |
Other short-term borrowings | |
| 1,600 | | |
| 2,700 | | |
| 1,500 | | |
| 470 | | |
| 1,850 | |
Subordinated notes | |
| 233,276 | | |
| 233,170 | | |
| 233,064 | | |
| 232,958 | | |
| 232,852 | |
Junior subordinated
debentures | |
| 48,795 | | |
| 48,763 | | |
| 48,731 | | |
| 48,698 | | |
| 48,666 | |
Total borrowings | |
$ | 768,671 | | |
$ | 489,633 | | |
$ | 718,295 | | |
$ | 712,126 | | |
$ | 418,368 | |
| (1) | Loans with a fair value
of $243.2 million, $274.8 million, $278.0 million and $291.0 million have been identified
for securitization and are included in LHFS at June 30, 2024, March 31, 2024, September 30,
2023 and June 30, 2023 respectively. |
| (2) | Loan categories with
significant LIHTC loan balances have been broken out separately. Total LIHTC balances
within the loan/lease portfolio were $2.0 billion at June 30, 2024. |
| (3) | As of June 30, 2024,
March 31, 2024 and December 31, 2023, trading securities consisted of retained
beneficial interests acquired in conjunction with Freddie Mac securitizations completed by
the Company in 2023. |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
| |
For the
Quarter Ended | |
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| |
| |
(dollars in thousands, except per share
data) | |
INCOME STATEMENT | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest income | |
$ | 119,746 | | |
$ | 115,049 | | |
$ | 112,248 | | |
$ | 108,568 | | |
$ | 98,377 | |
Interest expense | |
| 63,583 | | |
| 60,350 | | |
| 56,512 | | |
| 53,313 | | |
| 45,172 | |
Net interest income | |
| 56,163 | | |
| 54,699 | | |
| 55,736 | | |
| 55,255 | | |
| 53,205 | |
Provision for credit losses | |
| 5,496 | | |
| 2,969 | | |
| 5,199 | | |
| 3,806 | | |
| 3,606 | |
Net interest income after provision
for credit losses | |
$ | 50,667 | | |
$ | 51,730 | | |
$ | 50,537 | | |
$ | 51,449 | | |
$ | 49,599 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Trust fees | |
$ | 3,103 | | |
$ | 3,199 | | |
$ | 3,084 | | |
$ | 2,863 | | |
$ | 2,844 | |
Investment advisory and management fees | |
| 1,214 | | |
| 1,101 | | |
| 1,052 | | |
| 947 | | |
| 986 | |
Deposit service fees | |
| 1,986 | | |
| 2,022 | | |
| 2,008 | | |
| 2,107 | | |
| 2,034 | |
Gains on sales of residential real estate loans, net | |
| 540 | | |
| 382 | | |
| 323 | | |
| 476 | | |
| 500 | |
Gains on sales of government guaranteed portions of loans,
net | |
| 12 | | |
| 24 | | |
| 24 | | |
| - | | |
| - | |
Capital markets revenue | |
| 17,758 | | |
| 16,457 | | |
| 36,956 | | |
| 15,596 | | |
| 22,490 | |
Securities gains, net | |
| - | | |
| - | | |
| - | | |
| - | | |
| 12 | |
Earnings on bank-owned life insurance | |
| 2,964 | | |
| 868 | | |
| 832 | | |
| 1,807 | | |
| 838 | |
Debit card fees | |
| 1,571 | | |
| 1,466 | | |
| 1,561 | | |
| 1,584 | | |
| 1,589 | |
Correspondent banking fees | |
| 510 | | |
| 512 | | |
| 465 | | |
| 450 | | |
| 356 | |
Loan related fee income | |
| 962 | | |
| 836 | | |
| 845 | | |
| 800 | | |
| 770 | |
Fair value gain (loss) on derivatives and trading securities | |
| 51 | | |
| (163 | ) | |
| (582 | ) | |
| (336 | ) | |
| 83 | |
Other | |
| 218 | | |
| 154 | | |
| 1,161 | | |
| 299 | | |
| 18 | |
Total noninterest income | |
$ | 30,889 | | |
$ | 26,858 | | |
$ | 47,729 | | |
$ | 26,593 | | |
$ | 32,520 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
$ | 31,079 | | |
$ | 31,860 | | |
$ | 41,059 | | |
$ | 32,098 | | |
$ | 31,459 | |
Occupancy and equipment expense | |
| 6,377 | | |
| 6,514 | | |
| 6,789 | | |
| 6,228 | | |
| 6,100 | |
Professional and data processing fees | |
| 4,823 | | |
| 4,613 | | |
| 4,223 | | |
| 4,456 | | |
| 4,078 | |
FDIC insurance, other insurance and regulatory fees | |
| 1,854 | | |
| 1,945 | | |
| 2,115 | | |
| 1,721 | | |
| 1,927 | |
Loan/lease expense | |
| 151 | | |
| 378 | | |
| 834 | | |
| 826 | | |
| 652 | |
Net cost of (income from) and gains/losses on operations of
other real estate | |
| 28 | | |
| (30 | ) | |
| 38 | | |
| 3 | | |
| - | |
Advertising and marketing | |
| 1,565 | | |
| 1,483 | | |
| 1,641 | | |
| 1,429 | | |
| 1,735 | |
Communication and data connectivity | |
| 318 | | |
| 401 | | |
| 449 | | |
| 478 | | |
| 471 | |
Supplies | |
| 259 | | |
| 275 | | |
| 333 | | |
| 335 | | |
| 281 | |
Bank service charges | |
| 622 | | |
| 568 | | |
| 761 | | |
| 605 | | |
| 621 | |
Correspondent banking expense | |
| 363 | | |
| 305 | | |
| 300 | | |
| 232 | | |
| 221 | |
Intangibles amortization | |
| 690 | | |
| 690 | | |
| 716 | | |
| 691 | | |
| 765 | |
Payment card processing | |
| 706 | | |
| 646 | | |
| 836 | | |
| 733 | | |
| 542 | |
Trust expense | |
| 379 | | |
| 425 | | |
| 413 | | |
| 432 | | |
| 337 | |
Other | |
| 674 | | |
| 617 | | |
| 431 | | |
| 814 | | |
| 538 | |
Total noninterest expense | |
$ | 49,888 | | |
$ | 50,690 | | |
$ | 60,938 | | |
$ | 51,081 | | |
$ | 49,727 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income before income taxes | |
$ | 31,668 | | |
$ | 27,898 | | |
$ | 37,328 | | |
$ | 26,961 | | |
$ | 32,392 | |
Federal and state income tax expense | |
| 2,554 | | |
| 1,172 | | |
| 4,473 | | |
| 1,840 | | |
| 3,967 | |
Net income | |
$ | 29,114 | | |
$ | 26,726 | | |
$ | 32,855 | | |
$ | 25,121 | | |
$ | 28,425 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 1.73 | | |
$ | 1.59 | | |
$ | 1.96 | | |
$ | 1.50 | | |
$ | 1.70 | |
Diluted EPS | |
$ | 1.72 | | |
$ | 1.58 | | |
$ | 1.95 | | |
$ | 1.49 | | |
$ | 1.69 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| 16,814,814 | | |
| 16,783,348 | | |
| 16,734,080 | | |
| 16,717,303 | | |
| 16,701,950 | |
Weighted average common and common equivalent shares outstanding | |
| 16,921,854 | | |
| 16,910,675 | | |
| 16,875,952 | | |
| 16,847,951 | | |
| 16,799,527 | |
QCR Holding, Inc.
Consolidated Financial
Highlights
(Unaudited)
| |
For the
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
| |
(dollars in thousands, except per share
data) | |
INCOME STATEMENT | |
| | | |
| | |
Interest income | |
$ | 234,795 | | |
$ | 192,594 | |
Interest expense | |
| 123,933 | | |
| 82,579 | |
Net interest income | |
| 110,862 | | |
| 110,015 | |
Provision for credit losses | |
| 8,465 | | |
| 7,534 | |
Net interest income after provision
for credit losses | |
$ | 102,397 | | |
$ | 102,481 | |
| |
| | | |
| | |
Trust fees | |
$ | 6,302 | | |
$ | 5,750 | |
Investment advisory and management fees | |
| 2,315 | | |
| 1,865 | |
Deposit service fees | |
| 4,008 | | |
| 4,062 | |
Gains on sales of residential real estate loans, net | |
| 922 | | |
| 812 | |
Gains on sales of government guaranteed portions of loans,
net | |
| 36 | | |
| 30 | |
Capital markets revenue | |
| 34,215 | | |
| 39,513 | |
Securities losses, net | |
| - | | |
| (451 | ) |
Earnings on bank-owned life insurance | |
| 3,832 | | |
| 1,545 | |
Debit card fees | |
| 3,037 | | |
| 3,055 | |
Correspondent banking fees | |
| 1,022 | | |
| 747 | |
Loan related fee income | |
| 1,798 | | |
| 1,421 | |
Fair value loss on derivatives and trading securities | |
| (112 | ) | |
| (344 | ) |
Other | |
| 372 | | |
| 357 | |
Total noninterest income | |
$ | 57,747 | | |
$ | 58,362 | |
| |
| | | |
| | |
Salaries and employee benefits | |
$ | 62,939 | | |
$ | 63,462 | |
Occupancy and equipment expense | |
| 12,891 | | |
| 12,014 | |
Professional and data processing fees | |
| 9,436 | | |
| 7,592 | |
Post-acquisition compensation, transition and integration
costs | |
| - | | |
| 207 | |
FDIC insurance, other insurance and regulatory fees | |
| 3,799 | | |
| 3,301 | |
Loan/lease expense | |
| 529 | | |
| 1,208 | |
Net cost of (income from) and gains/losses on operations of
other real estate | |
| (2 | ) | |
| (67 | ) |
Advertising and marketing | |
| 3,048 | | |
| 2,972 | |
Communication and data connectivity | |
| 719 | | |
| 1,136 | |
Supplies | |
| 534 | | |
| 586 | |
Bank service charges | |
| 1,190 | | |
| 1,226 | |
Correspondent banking expense | |
| 668 | | |
| 431 | |
Intangibles amortization | |
| 1,380 | | |
| 1,531 | |
Payment card processing | |
| 1,352 | | |
| 1,087 | |
Trust expense | |
| 804 | | |
| 551 | |
Other | |
| 1,291 | | |
| 1,275 | |
Total noninterest expense | |
$ | 100,578 | | |
$ | 98,512 | |
| |
| | | |
| | |
Net income before income taxes | |
$ | 59,566 | | |
$ | 62,331 | |
Federal and state income tax expense | |
| 3,726 | | |
| 6,749 | |
Net income | |
$ | 55,840 | | |
$ | 55,582 | |
| |
| | | |
| | |
Basic EPS | |
$ | 3.32 | | |
$ | 3.32 | |
Diluted EPS | |
$ | 3.30 | | |
$ | 3.29 | |
| |
| | | |
| | |
Weighted average common shares outstanding | |
| 16,799,081 | | |
| 16,739,120 | |
Weighted average common and common equivalent shares outstanding | |
| 16,916,264 | | |
| 16,870,830 | |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
| |
As
of and for the Quarter Ended | | |
For
the Six Months Ended | |
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
(dollars
in thousands, except per share data) | |
COMMON SHARE DATA | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares outstanding | |
| 16,824,985 | | |
| 16,807,056 | | |
| 16,749,254 | | |
| 16,731,646 | | |
| 16,713,853 | | |
| | | |
| | |
Book value per common share (1) | |
$ | 55.65 | | |
$ | 53.99 | | |
$ | 52.93 | | |
$ | 49.51 | | |
$ | 49.22 | | |
| | | |
| | |
Tangible book value per common share (Non-GAAP)
(2) | |
$ | 46.65 | | |
$ | 44.93 | | |
$ | 43.81 | | |
$ | 40.33 | | |
$ | 39.99 | | |
| | | |
| | |
Closing stock price | |
$ | 60.00 | | |
$ | 60.74 | | |
$ | 58.39 | | |
$ | 48.52 | | |
$ | 41.03 | | |
| | | |
| | |
Market capitalization | |
$ | 1,009,499 | | |
$ | 1,020,861 | | |
$ | 977,989 | | |
$ | 811,819 | | |
$ | 685,769 | | |
| | | |
| | |
Market price / book value | |
| 107.82 | % | |
| 112.51 | % | |
| 100.31 | % | |
| 98.00 | % | |
| 83.36 | % | |
| | | |
| | |
Market price / tangible book value | |
| 128.62 | % | |
| 135.18 | % | |
| 133.29 | % | |
| 120.30 | % | |
| 102.59 | % | |
| | | |
| | |
Earnings per common share (basic)
LTM (3) | |
$ | 6.78 | | |
$ | 6.75 | | |
$ | 6.78 | | |
$ | 6.65 | | |
$ | 6.89 | | |
| | | |
| | |
Price earnings ratio LTM (3) | |
| 8.85
x | | |
| 9.00
x | | |
| 8.61
x | | |
| 7.30
x | | |
| 5.96
x | | |
| | | |
| | |
TCE / TA (Non-GAAP) (4) | |
| 9.00 | % | |
| 8.94 | % | |
| 8.75 | % | |
| 8.05 | % | |
| 8.28 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
CONDENSED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning balance | |
$ | 907,342 | | |
$ | 886,596 | | |
$ | 828,383 | | |
$ | 822,689 | | |
$ | 801,494 | | |
| | | |
| | |
Net income | |
| 29,114 | | |
| 26,726 | | |
| 32,855 | | |
| 25,121 | | |
| 28,425 | | |
| | | |
| | |
Other comprehensive income (loss),
net of tax | |
| (368 | ) | |
| (5,373 | ) | |
| 25,363 | | |
| (19,415 | ) | |
| (6,336 | ) | |
| | | |
| | |
Common stock cash dividends declared | |
| (1,008 | ) | |
| (1,008 | ) | |
| (1,004 | ) | |
| (1,003 | ) | |
| (1,003 | ) | |
| | | |
| | |
Repurchase and cancellation of
shares of common stock as a result of a share repurchase program | |
| - | | |
| - | | |
| - | | |
| - | | |
| (967 | ) | |
| | | |
| | |
Other (5) | |
| 1,239 | | |
| 401 | | |
| 999 | | |
| 991 | | |
| 1,076 | | |
| | | |
| | |
Ending balance | |
$ | 936,319 | | |
$ | 907,342 | | |
$ | 886,596 | | |
$ | 828,383 | | |
$ | 822,689 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
REGULATORY CAPITAL RATIOS
(6): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total risk-based capital ratio | |
| 14.33 | % | |
| 14.30 | % | |
| 14.29 | % | |
| 14.48 | % | |
| 14.64 | % | |
| | | |
| | |
Tier 1 risk-based capital ratio | |
| 10.58 | % | |
| 10.50 | % | |
| 10.27 | % | |
| 10.30 | % | |
| 10.34 | % | |
| | | |
| | |
Tier 1 leverage capital ratio | |
| 10.41 | % | |
| 10.33 | % | |
| 10.03 | % | |
| 9.92 | % | |
| 10.06 | % | |
| | | |
| | |
Common equity tier 1 ratio | |
| 10.00 | % | |
| 9.91 | % | |
| 9.67 | % | |
| 9.68 | % | |
| 9.70 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
KEY PERFORMANCE RATIOS AND
OTHER METRICS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average assets (annualized) | |
| 1.34 | % | |
| 1.25 | % | |
| 1.53 | % | |
| 1.21 | % | |
| 1.44 | % | |
| 1.30 | % | |
| 1.42 | % |
Return on average total equity
(annualized) | |
| 12.72 | % | |
| 11.83 | % | |
| 15.35 | % | |
| 11.95 | % | |
| 13.97 | % | |
| 12.32 | % | |
| 13.91 | % |
Net interest margin | |
| 2.82 | % | |
| 2.82 | % | |
| 2.90 | % | |
| 2.89 | % | |
| 2.93 | % | |
| 2.82 | % | |
| 3.05 | % |
Net interest margin (TEY) (Non-GAAP)(7) | |
| 3.27 | % | |
| 3.25 | % | |
| 3.32 | % | |
| 3.31 | % | |
| 3.29 | % | |
| 3.26 | % | |
| 3.40 | % |
Efficiency ratio (Non-GAAP) (8) | |
| 57.31 | % | |
| 62.15 | % | |
| 58.90 | % | |
| 62.41 | % | |
| 58.01 | % | |
| 59.65 | % | |
| 58.51 | % |
Gross loans/leases held for investment
/ total assets | |
| 74.48 | % | |
| 74.11 | % | |
| 76.60 | % | |
| 74.09 | % | |
| 73.96 | % | |
| 74.48 | % | |
| 77.54 | % |
Gross loans/leases held for investment
/ total deposits | |
| 97.69 | % | |
| 93.63 | % | |
| 100.41 | % | |
| 97.42 | % | |
| 92.09 | % | |
| 97.69 | % | |
| 96.56 | % |
Effective tax rate | |
| 8.06 | % | |
| 4.20 | % | |
| 11.98 | % | |
| 6.82 | % | |
| 12.25 | % | |
| 6.26 | % | |
| 10.83 | % |
Full-time equivalent employees
(9) | |
| 988 | | |
| 986 | | |
| 996 | | |
| 987 | | |
| 1009 | | |
| 988 | | |
| 1009 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
AVERAGE BALANCES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Assets | |
$ | 8,776,002 | | |
$ | 8,550,855 | | |
$ | 8,535,732 | | |
$ | 8,287,813 | | |
$ | 7,924,597 | | |
$ | 8,663,429 | | |
$ | 7,915,763 | |
Loans/leases | |
| 6,779,075 | | |
| 6,598,614 | | |
| 6,483,572 | | |
| 6,476,512 | | |
| 6,219,980 | | |
| 6,688,844 | | |
| 6,192,700 | |
Deposits | |
| 6,687,188 | | |
| 6,595,453 | | |
| 6,485,154 | | |
| 6,342,339 | | |
| 6,292,481 | | |
| 6,641,324 | | |
| 6,236,374 | |
Total stockholders' equity | |
| 921,986 | | |
| 903,371 | | |
| 852,163 | | |
| 837,734 | | |
| 816,882 | | |
| 912,679 | | |
| 805,845 | |
| (1) | Includes
accumulated other comprehensive income (loss). |
| (2) | Includes
accumulated other comprehensive income (loss) and excludes intangible assets. See
GAAP to Non-GAAP reconciliations. |
| (3) | LTM
: Last twelve months. |
| (4) | TCE
/ TCA : tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations. |
| (5) | Includes
mostly common stock issued for options exercised and the employee stock purchase plan, as
well as stock-based compensation. |
| (6) | Ratios
for the current quarter are subject to change upon final calculation for regulatory filings
due after earnings release. |
| (7) | TEY
: Tax equivalent yield. See GAAP to Non-GAAP reconciliations. |
| (8) | See
GAAP to Non-GAAP reconciliations. |
| (9) | The
increase in full-time equivalent employees in the second quarter of 2023 and the subsequent
decline in the third quarter of 2023 includes 19 summer interns |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
ANALYSIS
OF NET INTEREST INCOME AND MARGIN
| |
For
the Quarter Ended | |
| |
June 30,
2024 | | |
March 31,
2024 | | |
June 30,
2023 | |
| |
Average
Balance | | |
Interest
Earned or Paid | | |
Average
Yield or Cost | | |
Average
Balance | | |
Interest
Earned or Paid | | |
Average
Yield or Cost | | |
Average
Balance | | |
Interest
Earned or Paid | | |
Average
Yield or Cost | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
(dollars
in thousands) | |
Fed funds sold | |
$ | 13,065 | | |
$ | 183 | | |
| 5.54 | % | |
$ | 19,955 | | |
$ | 269 | | |
| 5.42 | % | |
$ | 16,976 | | |
$ | 223 | | |
| 5.27 | % |
Interest-bearing deposits at financial
institutions | |
| 80,998 | | |
| 1,139 | | |
| 5.66 | % | |
| 91,557 | | |
| 1,200 | | |
| 5.27 | % | |
| 90,814 | | |
| 1,123 | | |
| 4.96 | % |
Investment securities - taxable | |
| 377,747 | | |
| 4,286 | | |
| 4.53 | % | |
| 373,540 | | |
| 4,261 | | |
| 4.55 | % | |
| 342,991 | | |
| 3,693 | | |
| 4.30 | % |
Investment securities - nontaxable
(1) | |
| 704,761 | | |
| 9,462 | | |
| 5.37 | % | |
| 685,969 | | |
| 9,349 | | |
| 5.45 | % | |
| 577,494 | | |
| 6,217 | | |
| 4.31 | % |
Restricted investment securities | |
| 43,398 | | |
| 869 | | |
| 7.92 | % | |
| 38,085 | | |
| 674 | | |
| 7.00 | % | |
| 35,031 | | |
| 506 | | |
| 5.71 | % |
Loans (1) | |
| 6,779,075 | | |
| 112,719 | | |
| 6.69 | % | |
| 6,598,614 | | |
| 107,673 | | |
| 6.56 | % | |
| 6,219,980 | | |
| 93,159 | | |
| 6.01 | % |
Total earning
assets (1) | |
$ | 7,999,044 | | |
$ | 128,658 | | |
| 6.46 | % | |
$ | 7,807,720 | | |
$ | 123,426 | | |
| 6.35 | % | |
$ | 7,283,286 | | |
$ | 104,921 | | |
| 5.78 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest-bearing deposits | |
$ | 4,649,625 | | |
$ | 40,924 | | |
| 3.54 | % | |
$ | 4,529,325 | | |
$ | 39,072 | | |
| 3.47 | % | |
$ | 3,965,592 | | |
$ | 27,227 | | |
| 2.75 | % |
Time deposits | |
| 1,091,870 | | |
| 12,128 | | |
| 4.47 | % | |
| 1,107,622 | | |
| 12,345 | | |
| 4.48 | % | |
| 1,190,440 | | |
| 11,219 | | |
| 3.78 | % |
Short-term borrowings | |
| 1,622 | | |
| 21 | | |
| 5.18 | % | |
| 1,763 | | |
| 23 | | |
| 5.16 | % | |
| 1,980 | | |
| 34 | | |
| 6.82 | % |
Federal Home Loan Bank advances | |
| 464,231 | | |
| 6,238 | | |
| 5.32 | % | |
| 355,220 | | |
| 4,738 | | |
| 5.28 | % | |
| 211,593 | | |
| 2,653 | | |
| 4.96 | % |
Subordinated debentures | |
| 233,207 | | |
| 3,582 | | |
| 6.14 | % | |
| 233,101 | | |
| 3,480 | | |
| 5.97 | % | |
| 232,782 | | |
| 3,303 | | |
| 5.68 | % |
Junior subordinated
debentures | |
| 48,774 | | |
| 688 | | |
| 5.58 | % | |
| 48,742 | | |
| 692 | | |
| 5.62 | % | |
| 48,647 | | |
| 738 | | |
| 6.00 | % |
Total interest-bearing
liabilities | |
$ | 6,489,329 | | |
$ | 63,581 | | |
| 3.93 | % | |
$ | 6,275,773 | | |
$ | 60,350 | | |
| 3.86 | % | |
$ | 5,651,034 | | |
$ | 45,174 | | |
| 3.20 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income (1) | |
| | | |
$ | 65,077 | | |
| | | |
| | | |
$ | 63,076 | | |
| | | |
| | | |
$ | 59,747 | | |
| | |
Net interest margin (2) | |
| | | |
| | | |
| 2.82 | % | |
| | | |
| | | |
| 2.82 | % | |
| | | |
| | | |
| 2.93 | % |
Net interest margin (TEY) (Non-GAAP)
(1) (2) (3) | |
| | | |
| | | |
| 3.27 | % | |
| | | |
| | | |
| 3.25 | % | |
| | | |
| | | |
| 3.29 | % |
Adjusted net interest margin (TEY)
(Non-GAAP) (1) (2) (3) | |
| | | |
| | | |
| 3.26 | % | |
| | | |
| | | |
| 3.24 | % | |
| | | |
| | | |
| 3.28 | % |
| |
For
the Six Months Ended | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
June 30,
2024 | | |
June 30,
2023 | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average
Balance | | |
Interest
Earned or Paid | | |
Average
Yield or Cost | | |
Average
Balance | | |
Interest
Earned or Paid | | |
Average
Yield or Cost | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | |
| | |
| | |
| | |
| | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
(dollars
in thousands) | |
|
|
|
|
|
|
|
|
|
|
|
|
Fed funds sold | |
$ | 16,510 | | |
$ | 452 | | |
| 5.41 | % | |
$ | 18,119 | | |
$ | 457 | | |
| 5.09 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits at financial
institutions | |
| 86,277 | | |
| 2,339 | | |
| 5.45 | % | |
| 82,246 | | |
| 1,945 | | |
| 4.77 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - taxable | |
| 375,644 | | |
| 8,546 | | |
| 4.54 | % | |
| 337,844 | | |
| 7,059 | | |
| 4.17 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - nontaxable
(1) | |
| 695,365 | | |
| 18,813 | | |
| 5.41 | % | |
| 598,244 | | |
| 13,009 | | |
| 4.35 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted investment securities | |
| 40,742 | | |
| 1,543 | | |
| 7.49 | % | |
| 36,391 | | |
| 1,018 | | |
| 5.56 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) | |
| 6,688,844 | | |
| 220,392 | | |
| 6.63 | % | |
| 6,192,700 | | |
| 181,707 | | |
| 5.92 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total earning
assets (1) | |
$ | 7,903,382 | | |
$ | 252,085 | | |
| 6.41 | % | |
$ | 7,265,544 | | |
$ | 205,195 | | |
| 5.69 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits | |
$ | 4,589,479 | | |
$ | 80,027 | | |
| 3.51 | % | |
$ | 4,016,217 | | |
$ | 51,003 | | |
| 2.56 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits | |
| 1,099,746 | | |
| 24,473 | | |
| 4.48 | % | |
| 1,031,062 | | |
| 17,222 | | |
| 3.37 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings | |
| 1,688 | | |
| 44 | | |
| 5.19 | % | |
| 4,642 | | |
| 132 | | |
| 5.75 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances | |
| 409,725 | | |
| 10,977 | | |
| 5.30 | % | |
| 253,729 | | |
| 6,174 | | |
| 4.84 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated debentures | |
| 233,154 | | |
| 7,062 | | |
| 6.06 | % | |
| 232,731 | | |
| 6,615 | | |
| 5.68 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debentures | |
| 48,758 | | |
| 1,381 | | |
| 5.60 | % | |
| 48,630 | | |
| 1,433 | | |
| 5.86 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities | |
$ | 6,382,550 | | |
$ | 123,964 | | |
| 3.90 | % | |
$ | 5,587,011 | | |
$ | 82,579 | | |
| 2.97 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (1) | |
| | | |
$ | 128,121 | | |
| | | |
| | | |
$ | 122,616 | | |
| | |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) | |
| | | |
| | | |
| 2.82 | % | |
| | | |
| | | |
| 3.05 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (TEY) (Non-GAAP)
(1) (2) (3) | |
| | | |
| | | |
| 3.26 | % | |
| | | |
| | | |
| 3.40 | % |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net interest margin (TEY)
(Non-GAAP) (1) (2) (3) | |
| | | |
| | | |
| 3.24 | % | |
| | | |
| | | |
| 3.38 | % |
|
|
|
|
|
|
|
|
|
|
|
|
| (1) | Includes
nontaxable securities and loans. Interest earned and yields on nontaxable securities
and loans are determined on a tax equivalent basis using a 21% tax rate. |
| (2) | See
"Select Financial Data - Subsidiaries" for a breakdown of amortization/accretion
included in net interest margin for each period presented. |
| (3) | TEY
: Tax equivalent yield. See GAAP to Non-GAAP reconciliations. |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
| |
As of | |
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| |
| |
(dollars in thousands, except per share
data) | |
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning balance | |
$ | 84,470 | | |
$ | 87,200 | | |
$ | 87,669 | | |
$ | 85,797 | | |
$ | 86,573 | |
Change in ACL for transfer of loans to LHFS | |
| 498 | | |
| (3,377 | ) | |
| 266 | | |
| 175 | | |
| (2,277 | ) |
Credit loss expense | |
| 4,343 | | |
| 3,736 | | |
| 2,519 | | |
| 3,260 | | |
| 3,313 | |
Loans/leases charged off | |
| (1,751 | ) | |
| (3,560 | ) | |
| (3,354 | ) | |
| (1,816 | ) | |
| (1,947 | ) |
Recoveries on loans/leases previously
charged off | |
| 146 | | |
| 471 | | |
| 100 | | |
| 253 | | |
| 135 | |
Ending balance | |
$ | 87,706 | | |
$ | 84,470 | | |
$ | 87,200 | | |
$ | 87,669 | | |
$ | 85,797 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
NONPERFORMING ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | |
Nonaccrual loans/leases | |
$ | 33,546 | | |
$ | 29,439 | | |
$ | 32,753 | | |
$ | 34,568 | | |
$ | 26,062 | |
Accruing loans/leases past due 90 days
or more | |
| 87 | | |
| 142 | | |
| 86 | | |
| - | | |
| 83 | |
Total nonperforming loans/leases | |
| 33,633 | | |
| 29,581 | | |
| 32,839 | | |
| 34,568 | | |
| 26,145 | |
Other real estate owned | |
| 369 | | |
| 784 | | |
| 1,347 | | |
| 120 | | |
| - | |
Other repossessed assets | |
| 512 | | |
| 962 | | |
| - | | |
| - | | |
| - | |
Total nonperforming
assets | |
$ | 34,514 | | |
$ | 31,327 | | |
$ | 34,186 | | |
$ | 34,688 | | |
$ | 26,145 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ASSET QUALITY RATIOS | |
| | | |
| | | |
| | | |
| | | |
| | |
Nonperforming assets / total assets | |
| 0.39 | % | |
| 0.36 | % | |
| 0.40 | % | |
| 0.41 | % | |
| 0.32 | % |
ACL for loans and leases / total loans/leases held for investment | |
| 1.33 | % | |
| 1.33 | % | |
| 1.33 | % | |
| 1.39 | % | |
| 1.41 | % |
ACL for loans and leases / nonperforming loans/leases | |
| 260.77 | % | |
| 285.55 | % | |
| 265.54 | % | |
| 253.61 | % | |
| 328.16 | % |
Net charge-offs as a % of average loans/leases | |
| 0.02 | % | |
| 0.05 | % | |
| 0.05 | % | |
| 0.02 | % | |
| 0.03 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
INTERNALLY ASSIGNED RISK RATING (1) (2) | |
| | | |
| | | |
| | | |
| | | |
| | |
Special mention | |
$ | 85,096 | | |
$ | 111,729 | | |
$ | 125,308 | | |
$ | 128,052 | | |
$ | 117,761 | |
Substandard (3) | |
| 80,345 | | |
| 70,841 | | |
| 70,425 | | |
| 72,550 | | |
| 67,192 | |
Doubtful (3) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total Criticized loans (4) | |
$ | 165,441 | | |
$ | 182,570 | | |
$ | 195,733 | | |
$ | 200,602 | | |
$ | 184,953 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Classified loans as a % of total loans/leases (3) | |
| 1.17 | % | |
| 1.07 | % | |
| 1.08 | % | |
| 1.10 | % | |
| 1.05 | % |
Total Criticized loans as a % of total loans/leases (4) | |
| 2.41 | % | |
| 2.75 | % | |
| 2.99 | % | |
| 3.04 | % | |
| 2.90 | % |
| (1) | During
the first quarter of 2024, the Company revised the risk rating scale used for credit quality
monitoring. |
| (2) | Amounts
exclude the government guaranteed portion, if any. The Company assigns internal
risk ratings of Pass for the government guaranteed portion. |
| (3) | Classified
loans are defined as loans with internally assigned risk ratings of 10 or 11 (7 or 8 prior
to January 1, 2024), regardless of performance and include loans identified as Substandard
or Doubtful. |
| (4) | Total
Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or
11 (6, 7, or 8 prior to January 1, 2024), regardless of performance and include loans
identified as Special Mention, Substandard, or Doubtful. |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
| |
For the
Quarter Ended | | |
For the
Six Months Ended | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
SELECT FINANCIAL DATA - SUBSIDIARIES | |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| |
| |
(dollars in thousands) | |
TOTAL ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
$ | 2,559,049 | | |
$ | 2,618,727 | | |
$ | 2,611,832 | | |
| | | |
| | |
m2 Equipment Finance, LLC | |
| 359,012 | | |
| 350,801 | | |
| 322,838 | | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
| 2,428,267 | | |
| 2,423,936 | | |
| 2,389,623 | | |
| | | |
| | |
Community State Bank | |
| 1,531,109 | | |
| 1,445,230 | | |
| 1,332,966 | | |
| | | |
| | |
Guaranty Bank | |
| 2,369,754 | | |
| 2,327,985 | | |
| 2,179,844 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TOTAL DEPOSITS | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
$ | 2,100,520 | | |
$ | 2,161,515 | | |
$ | 2,166,249 | | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
| 1,721,564 | | |
| 1,757,353 | | |
| 1,791,861 | | |
| | | |
| | |
Community State Bank | |
| 1,188,551 | | |
| 1,187,926 | | |
| 1,073,907 | | |
| | | |
| | |
Guaranty Bank | |
| 1,791,448 | | |
| 1,743,514 | | |
| 1,653,299 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TOTAL LOANS & LEASES | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
$ | 2,107,605 | | |
$ | 2,046,038 | | |
$ | 1,925,162 | | |
| | | |
| | |
m2 Equipment Finance, LLC | |
| 363,897 | | |
| 354,815 | | |
| 328,479 | | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
| 1,736,438 | | |
| 1,680,127 | | |
| 1,728,280 | | |
| | | |
| | |
Community State Bank | |
| 1,162,686 | | |
| 1,113,070 | | |
| 1,025,844 | | |
| | | |
| | |
Guaranty Bank | |
| 1,847,658 | | |
| 1,809,101 | | |
| 1,700,034 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TOTAL LOANS & LEASES / TOTAL DEPOSITS | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
| 100 | % | |
| 95 | % | |
| 89 | % | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
| 101 | % | |
| 96 | % | |
| 96 | % | |
| | | |
| | |
Community State Bank | |
| 98 | % | |
| 94 | % | |
| 96 | % | |
| | | |
| | |
Guaranty Bank | |
| 103 | % | |
| 104 | % | |
| 103 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TOTAL LOANS & LEASES / TOTAL ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
| 82 | % | |
| 78 | % | |
| 74 | % | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
| 72 | % | |
| 69 | % | |
| 72 | % | |
| | | |
| | |
Community State Bank | |
| 76 | % | |
| 77 | % | |
| 77 | % | |
| | | |
| | |
Guaranty Bank | |
| 78 | % | |
| 78 | % | |
| 78 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ACL ON LOANS/LEASES AS A PERCENTAGE OF LOANS/LEASES | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
| 1.43 | % | |
| 1.40 | % | |
| 1.44 | % | |
| | | |
| | |
m2 Equipment Finance, LLC | |
| 3.86 | % | |
| 3.75 | % | |
| 3.46 | % | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
| 1.38 | % | |
| 1.34 | % | |
| 1.41 | % | |
| | | |
| | |
Community State Bank | |
| 1.08 | % | |
| 1.12 | % | |
| 1.27 | % | |
| | | |
| | |
Guaranty Bank | |
| 1.13 | % | |
| 1.15 | % | |
| 0.22 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
RETURN ON AVERAGE ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
| 0.88 | % | |
| 0.79 | % | |
| 0.82 | % | |
| 0.84 | % | |
| 1.02 | % |
Cedar Rapids Bank and Trust | |
| 2.94 | % | |
| 3.09 | % | |
| 3.52 | % | |
| 3.01 | % | |
| 3.30 | % |
Community State Bank | |
| 1.26 | % | |
| 1.25 | % | |
| 1.42 | % | |
| 1.25 | % | |
| 1.46 | % |
Guaranty Bank | |
| 1.42 | % | |
| 0.88 | % | |
| 0.97 | % | |
| 1.15 | % | |
| 0.99 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
NET INTEREST MARGIN PERCENTAGE (2) | |
| | | |
| | | |
| | | |
| | | |
| | |
Quad City Bank and Trust (1) | |
| 3.39 | % | |
| 3.31 | % | |
| 3.28 | % | |
| 3.35 | % | |
| 3.36 | % |
Cedar Rapids Bank and Trust | |
| 3.75 | % | |
| 3.77 | % | |
| 3.69 | % | |
| 3.76 | % | |
| 3.86 | % |
Community State Bank | |
| 3.72 | % | |
| 3.75 | % | |
| 3.90 | % | |
| 3.74 | % | |
| 3.94 | % |
Guaranty Bank (3) | |
| 2.99 | % | |
| 2.98 | % | |
| 3.10 | % | |
| 2.99 | % | |
| 3.30 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN
NET INTEREST MARGIN, NET | |
| | | |
| | | |
| | | |
| | | |
| | |
Cedar Rapids Bank and Trust | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | (8 | ) |
Community State Bank | |
| (1 | ) | |
| (1 | ) | |
| (1 | ) | |
| (2 | ) | |
| 70 | |
Guaranty Bank | |
| 301 | | |
| 396 | | |
| 168 | | |
| 697 | | |
| 965 | |
QCR Holdings, Inc. (4) | |
| (32 | ) | |
| (32 | ) | |
| (33 | ) | |
| (64 | ) | |
| (65 | ) |
| (1) | Quad
City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned
and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately
for certain (applicable) measurements. |
| (2) | Includes
nontaxable securities and loans. Interest earned and yields on nontaxable securities
and loans are determined on a tax equivalent basis using a 21% federal tax rate. |
| (3) | Guaranty
Bank's net interest margin percentage includes various purchase accounting adjustments. Excluding
those adjustments, net interest margin (Non-GAAP) would have been 2.86% for the quarter ended
June 30, 2024, 2.91% for the quarter ended March 31, 2024 and 3.11 for the quarter
ended June 30, 2023. |
| (4) | Relates
to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017
and the Community National Bank acquisition in 2013. |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
| |
As of | |
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | |
GAAP TO NON-GAAP RECONCILIATIONS | |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| |
| |
(dollars in thousands, except per share
data) | |
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1) | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stockholders' equity (GAAP) | |
$ | 936,319 | | |
$ | 907,342 | | |
$ | 886,596 | | |
$ | 828,383 | | |
$ | 822,689 | |
Less: Intangible assets | |
| 151,468 | | |
| 152,158 | | |
| 152,848 | | |
| 153,564 | | |
| 154,255 | |
Tangible common equity (non-GAAP) | |
$ | 784,851 | | |
$ | 755,184 | | |
$ | 733,748 | | |
$ | 674,819 | | |
$ | 668,434 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets (GAAP) | |
$ | 8,871,991 | | |
$ | 8,599,549 | | |
$ | 8,538,894 | | |
$ | 8,540,057 | | |
$ | 8,226,673 | |
Less: Intangible assets | |
| 151,468 | | |
| 152,158 | | |
| 152,848 | | |
| 153,564 | | |
| 154,255 | |
Tangible assets (non-GAAP) | |
$ | 8,720,523 | | |
$ | 8,447,391 | | |
$ | 8,386,046 | | |
$ | 8,386,493 | | |
$ | 8,072,418 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible common equity to tangible assets ratio (non-GAAP) | |
| 9.00 | % | |
| 8.94 | % | |
| 8.75 | % | |
| 8.05 | % | |
| 8.28 | % |
| (1) | This
ratio is a non-GAAP financial measure. The Company's management believes that
this measurement is important to many investors in the marketplace who are interested in
changes period-to-period in common equity. In compliance with applicable rules of
the SEC, this non-GAAP measure is reconciled to stockholders' equity and total assets, which
are the most directly comparable GAAP financial measures. |
QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
GAAP TO NON-GAAP
RECONCILIATIONS | |
For
the Quarter Ended | | |
For
the Six Months Ended | |
| |
June 30, | | |
March 31, | | |
December 31, | | |
September 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
ADJUSTED NET
INCOME (1) | |
2024 | | |
2024 | | |
2023 | | |
2023 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
(dollars
in thousands, except per share data) | |
Net
income (GAAP) | |
$ | 29,114 | | |
$ | 26,726 | | |
$ | 32,855 | | |
$ | 25,121 | | |
$ | 28,425 | | |
$ | 55,840 | | |
$ | 55,582 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Less non-core
items (post-tax) (2): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Securities
gains (losses), net | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9 | | |
| - | | |
| (356 | ) |
Fair value
gain (loss) on derivatives, net | |
| (145 | ) | |
| (144 | ) | |
| (460 | ) | |
| (265 | ) | |
| 66 | | |
| (288 | ) | |
| (272 | ) |
Total non-core
income (non-GAAP) | |
$ | (145 | ) | |
$ | (144 | ) | |
$ | (460 | ) | |
$ | (265 | ) | |
$ | 75 | | |
$ | (288 | ) | |
$ | (628 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Post-acquisition
compensation, transition and integration costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 164 | |
Total non-core
expense (non-GAAP) | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 164 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted net income (non-GAAP)
(1) | |
$ | 29,259 | | |
$ | 26,870 | | |
$ | 33,315 | | |
$ | 25,386 | | |
$ | 28,350 | | |
$ | 56,128 | | |
$ | 56,374 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
ADJUSTED EARNINGS PER
COMMON SHARE (1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted net income (non-GAAP)
(from above) | |
$ | 29,259 | | |
$ | 26,870 | | |
$ | 33,315 | | |
$ | 25,386 | | |
$ | 28,350 | | |
$ | 56,128 | | |
$ | 56,374 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| 16,814,814 | | |
| 16,783,348 | | |
| 16,734,080 | | |
| 16,717,303 | | |
| 16,701,950 | | |
| 16,799,081 | | |
| 16,739,120 | |
Weighted average common and common
equivalent shares outstanding | |
| 16,921,854 | | |
| 16,910,675 | | |
| 16,875,952 | | |
| 16,847,951 | | |
| 16,799,527 | | |
| 16,916,264 | | |
| 16,870,830 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted earnings per common
share (non-GAAP): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 1.74 | | |
$ | 1.60 | | |
$ | 1.99 | | |
$ | 1.52 | | |
$ | 1.70 | | |
$ | 3.34 | | |
$ | 3.37 | |
Diluted | |
$ | 1.73 | | |
$ | 1.59 | | |
$ | 1.97 | | |
$ | 1.51 | | |
$ | 1.69 | | |
$ | 3.32 | | |
$ | 3.34 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
ADJUSTED RETURN ON AVERAGE
ASSETS AND AVERAGE EQUITY (1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted net income (non-GAAP)
(from above) | |
$ | 29,259 | | |
$ | 26,870 | | |
$ | 33,315 | | |
$ | 25,386 | | |
$ | 28,350 | | |
$ | 56,128 | | |
$ | 56,374 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Average Assets | |
$ | 8,776,002 | | |
$ | 8,550,855 | | |
$ | 8,535,732 | | |
$ | 8,287,813 | | |
$ | 7,924,597 | | |
$ | 8,663,429 | | |
$ | 7,915,763 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted return on average
assets (annualized) (non-GAAP) | |
| 1.33 | % | |
| 1.26 | % | |
| 1.56 | % | |
| 1.23 | % | |
| 1.43 | % | |
| 1.30 | % | |
| 1.42 | % |
Adjusted return on average
equity (annualized) (non-GAAP) | |
| 12.69 | % | |
| 11.90 | % | |
| 15.64 | % | |
| 12.12 | % | |
| 13.88 | % | |
| 12.30 | % | |
| 13.99 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
NET INTEREST MARGIN (TEY)
(3) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income (GAAP) | |
$ | 56,163 | | |
$ | 54,699 | | |
$ | 55,736 | | |
$ | 55,255 | | |
$ | 53,205 | | |
$ | 110,862 | | |
$ | 110,015 | |
Plus:
Tax equivalent adjustment (4) | |
| 8,914 | | |
| 8,377 | | |
| 7,954 | | |
| 7,771 | | |
| 6,542 | | |
| 17,259 | | |
| 12,601 | |
Net interest income - tax equivalent
(Non-GAAP) | |
$ | 65,077 | | |
$ | 63,076 | | |
$ | 63,690 | | |
$ | 63,026 | | |
$ | 59,747 | | |
$ | 128,121 | | |
$ | 122,616 | |
Less: Acquisition
accounting net accretion | |
| 268 | | |
| 363 | | |
| 673 | | |
| 539 | | |
| 134 | | |
| 631 | | |
| 962 | |
Adjusted net interest income | |
$ | 64,809 | | |
$ | 62,713 | | |
$ | 63,017 | | |
$ | 62,487 | | |
$ | 59,613 | | |
$ | 127,490 | | |
$ | 121,654 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Average earning assets | |
$ | 7,999,044 | | |
$ | 7,807,720 | | |
$ | 7,631,035 | | |
$ | 7,573,785 | | |
$ | 7,283,286 | | |
$ | 7,903,382 | | |
$ | 7,265,544 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest margin (GAAP) | |
| 2.82 | % | |
| 2.82 | % | |
| 2.90 | % | |
| 2.89 | % | |
| 2.93 | % | |
| 2.82 | % | |
| 3.05 | % |
Net interest margin (TEY)
(Non-GAAP) | |
| 3.27 | % | |
| 3.25 | % | |
| 3.32 | % | |
| 3.31 | % | |
| 3.29 | % | |
| 3.26 | % | |
| 3.40 | % |
Adjusted net interest margin
(TEY) (Non-GAAP) | |
| 3.26 | % | |
| 3.24 | % | |
| 3.29 | % | |
| 3.28 | % | |
| 3.28 | % | |
| 3.24 | % | |
| 3.38 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
EFFICIENCY RATIO (5) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest expense (GAAP) | |
$ | 49,888 | | |
$ | 50,690 | | |
$ | 60,938 | | |
$ | 51,081 | | |
$ | 49,727 | | |
$ | 100,578 | | |
$ | 98,512 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income (GAAP) | |
$ | 56,163 | | |
$ | 54,699 | | |
$ | 55,736 | | |
$ | 55,255 | | |
$ | 53,205 | | |
$ | 110,862 | | |
$ | 110,015 | |
Noninterest
income (GAAP) | |
| 30,889 | | |
| 26,858 | | |
| 47,729 | | |
| 26,593 | | |
| 32,520 | | |
| 57,747 | | |
| 58,362 | |
Total income | |
$ | 87,052 | | |
$ | 81,557 | | |
$ | 103,465 | | |
$ | 81,848 | | |
$ | 85,725 | | |
$ | 168,609 | | |
$ | 168,377 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Efficiency ratio (noninterest
expense/total income) (Non-GAAP) | |
| 57.31 | % | |
| 62.15 | % | |
| 58.90 | % | |
| 62.41 | % | |
| 58.01 | % | |
| 59.65 | % | |
| 58.51 | % |
| (1) | Adjusted
net income, adjusted earnings per common share, adjusted return on average assets and average
equity are non-GAAP financial measures. The Company's management believes that these measurements
are important to investors as they exclude non-core or non-recurring income and expense items,
therefore, they provide a more realistic run-rate for future periods. In compliance with
applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which
is the most directly comparable GAAP financial measure. |
| (2) | Non-core
or nonrecurring items (post-tax) are calculated using an estimated effective federal tax
rate of 21%. |
| (3) | Interest
earned and yields on nontaxable securities and loans are determined on a tax equivalent basis
using a 21% effective federal tax rate. |
| (4) | Net
interest margin (TEY) is a non-GAAP financial measure. The Company's management utilizes
this measurement to take into account the tax benefit associated with certain loans and securities. It
is also standard industry practice to measure net interest margin using tax-equivalent measures.
In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled
to net interest income, which is the most directly comparable GAAP financial measure. In
addition, the Company calculates net interest margin without the impact of acquisition accounting
net accretion as this can fluctuate and it's difficult to provide a more realistic run-rate
for future periods. |
| (5) | Efficiency
ratio is a non-GAAP measure. The Company's management utilizes this ratio to compare
to industry peers. The ratio is used to calculate overhead as a percentage of
revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is
reconciled to noninterest expense, net interest income and noninterest income, which are
the most directly comparable GAAP financial measures. |
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