QCR Holdings, Inc. (Nasdaq:QCRH) (the "Company") today announced
net income attributable to QCR Holdings, Inc. ("Net Income") of
$3.8 million for the quarter ended September 30, 2013, or diluted
earnings per common share ("EPS") of $0.51 after preferred stock
dividends of $811 thousand. By comparison, for the quarter ended
June 30, 2013, the Company reported Net Income of $4.0 million, or
diluted EPS of $0.59 after preferred stock dividends of $811
thousand. For the third quarter of 2012, the Company reported Net
Income of $3.1 million, or diluted EPS of $0.44 after preferred
stock dividends of $811 thousand. For the first three quarters of
2013, the Company reported Net Income of $11.1 million, or diluted
EPS of $1.59 after preferred stock dividends of $2.4 million. This
was an increase of $1.8 million, or 19%, over the same period in
2012.
"Our core earnings expanded in the third quarter with the help
of a full quarter of earnings from Community National Bank ("CNB"),
which we acquired in May of this year," explained Douglas M.
Hultquist, President and Chief Executive Officer. "Specifically,
net interest income grew $1.6 million, or 10%, compared to the
second quarter of 2013. Most of this was attributable to the
addition of CNB. Excluding the bargain purchase gain of $1.8
million recognized in the second quarter of 2013, our noninterest
income jumped $827 thousand, or 16%, led by wealth management and
deposit service fee income. Quad City Bank & Trust recognized
gains of $417 thousand as we sold securities as part of a bond swap
strategy, where we took advantage of a unique market opportunity to
generate gains and grow future interest income with modest
diversification and duration extension. Partially offsetting these
revenue increases, we incurred $1.8 million more in noninterest
expenses as a result of the full quarter of CNB's existing cost
structure. We are executing our integration plan and fully expect
to increase operational efficiency and realize the expected costs
savings in the fourth quarter."
Mr. Hultquist added, "We also incurred $389 thousand in
acquisition and conversion costs this quarter. As a result, if you
remove the bond gains noted above and these acquisition and
conversion costs from our third quarter results, our core earnings
were $3.8 million and $0.51 in EPS for the quarter."
Net Interest Income and Margin Expand in
the Current Quarter
Net interest income totaled $17.3 million for the quarter ended
September 30, 2013, which was an increase of 10% from the prior
quarter and an increase of 18% compared to the same quarter of
2012. For the first three quarters of 2013, net interest
income grew 9% over the same period of 2012. Net interest
margin was 3.07% for the third quarter of 2013, compared to 2.99%
for the prior quarter, and compared to 3.20% for the second quarter
of 2012. For the first three quarters of 2013, the Company's
net interest margin was 3.03% compared to 3.18% for the same period
of 2012.
Mr. Hultquist added, "The reasons for our margin expansion
quarter-over-quarter in 2013 are twofold. First, we had our
first full quarter of earnings from CNB, including $463 thousand of
net interest income recognized on net accretion of the market value
adjustments and intangibles recorded upon acquisition. Second,
we continue to have success in organically growing earning assets
in our legacy markets. The impact of growth in earning assets
has outpaced the impact of declining yields which appear to have
slowed. We continue to place a strong emphasis on loan and
deposit growth in all of our markets. Considering the highly
competitive environment, it's more important than ever that our
talented bankers execute on our relationship-based business
model."
Continued Growth of Loans and
Deposits
During the third quarter of 2013, the Company's total assets
grew $38.9 million, or 2%, to a total of $2.49
billion. Loans/leases grew slightly at 1% while securities
were flat. The Company's liquid assets (cash and federal funds
sold) grew $27.2 million. Most of the asset growth was funded
with deposits which grew $25.1 million, or 2%.
"Despite a highly competitive climate and a period of slow
economic recovery, we are pleased to report continued growth in
loans and leases during the quarter," remarked Todd A. Gipple,
Executive Vice President, Chief Operating Officer, and Chief
Financial Officer. "In addition, we were successful in
shifting the mix of our deposit portfolio as brokered time deposits
fell $66.2 million, or 13%, and transactional demand deposits rose
$91.2 million, or 8%. Of the latter, we continue to grow our
noninterest bearing deposit portfolio with additional growth of
$21.4 million, or 4%, for the current quarter. We remain
committed to growing quality loans and leases and supporting our
communities. As we did this quarter, we expect to fund future
loan/lease growth primarily with core deposits. Additionally,
we remain committed to reducing our reliance on longer term
wholesale borrowing which tends to be higher cost than core
deposits."
Sales of Mason City, IA and Austin, MN
Branches of CNB Finalized
On October 4, 2013, the Company completed its previously
announced sale of the two Mason City, Iowa, branches of CNB to
Clear Lake Bank & Trust Company. The Company sold certain
assets and liabilities of the two Mason City branches, including
deposits of approximately $62 million and loans of approximately
$26 million.
On October 11, 2013, the Company completed its previously
announced sale of the two Austin, Minnesota, branches of CNB to
Eastwood Bank. The Company sold certain assets and liabilities
of the two Austin branches, including deposits of approximately $37
million and loans of approximately $31 million.
Mr. Gipple explained, "Based on the premiums we received in
completing these two transactions, we anticipate recognizing an
after-tax gain in the range of approximately $1.6 to $2.0 million
in the fourth quarter of 2013. CNB had created strong deposit
franchises in these markets with a talented group of employees and
a solid client base. It was simply a case where the markets
were not a strong strategic fit for our Company and divesting these
markets frees up significant capital and other resources to better
focus on the Waterloo/Cedar Falls community and our other legacy
markets."
Nonperforming Assets Improve
1%
Nonperforming assets at September 30, 2013 were $33.7 million,
which were down $390 thousand, or approximately 1%, from June 30,
2013. In addition, the ratio of nonperforming assets-to-total
assets was 1.35% at September 30, 2013, which was down from 1.39%
at June 30, 2013, and down from 1.44% at September 30,
2012. Generally, the vast majority of the Company's
nonperforming assets consist of nonaccrual loans/leases, accruing
troubled debt restructurings, and other real estate owned
("OREO").
"During the current quarter, we were able to reduce our
nonperforming assets by 1%," stated Mr.
Hultquist. "Additionally, we experienced a shift in the mix of
our nonperforming assets as we foreclosed on the properties
securing a few nonaccrual loans and shifted approximately $5.0
million from nonaccrual loans to OREO. We are confident in our
valuation approach to OREO and in our ability to sell the OREO
timely at minimal additional loss. Our lending/leasing
practices and credit culture remain unchanged, and we will continue
our strong commitment to improving our overall asset quality."
Provision for loan/lease losses ("provision") totaled $1.4
million for the third quarter of 2013, which is down $153 thousand
from the prior quarter, and down $129 thousand from the third
quarter of 2012. For the first three quarters of 2013, the
Company's provision totaled $3.9 million which was an increase of
$620 thousand, or 19%, from the same period of 2012. With the
provision of $1.4 million more than offsetting the net charge-offs
totaling $461 thousand (only three basis points of average
loans/leases during the current quarter), the Company's allowance
for loan/lease losses ("allowance") grew to $22.1 million at
September 30, 2013. As of September 30, 2013, the Company's
allowance to total loans/leases was 1.43%, which was up from 1.38%
at June 30, 2013, and down from 1.56% at September 30,
2012. In accordance with generally accepted accounting
principles for acquisition accounting, the acquired CNB loans were
recorded at market value; therefore, there was no allowance
associated with CNB's loans at acquisition. Further, the
Company's allowance to total nonperforming loans/leases was 89% at
September 30, 2013, which was up from 71% at June 30, 2013 and up
from 81% at September 30, 2012.
Capital Levels Remain Strong
As of September 30, 2013, the Company and its subsidiary banks
continued to maintain capital at levels well above the existing
minimum requirements administered by the federal regulatory
agencies.
"With the CNB acquisition and continued organic growth, we
are pleased to continue to report regulatory capital ratios that
are still well in excess of those levels required to be considered
'well-capitalized' today," stated Mr. Gipple. "Additionally,
we remain strongly committed to our long-term capital plan of
self-generating the capital necessary to grow tangible common
equity and to continue redemption of the remaining Small Business
Lending Fund preferred capital without a dilutive common equity
raise."
Mr. Gipple added, "We were pleased with the final regulatory
capital rules recently confirmed by the joint federal regulatory
agencies. We believe that our current capital structure and
execution of our existing capital plan without the need for a
dilutive common equity raise will be more than sufficient to meet
and exceed the revised regulatory capital ratios as required by
Basel III."
Financial highlights as of September 30, 2013 for the Company's
primary subsidiaries were as follows:
- Quad City Bank & Trust, the Company's first subsidiary
bank, which opened in 1994, had total consolidated assets of $1.25
billion at September 30, 2013, which was an increase of $21.5
million, or 2% from June 30, 2013. Loans/leases grew $6.7
million, or 1%, in the current quarter. The growth was funded
from federal funds purchased and customer repurchase agreements
(combined increase of $31.1 million, or 14%) and net cash flow from
the securities portfolio (taxable securities declined $17.5
million, or 4%, while tax-exempt municipal securities grew $12.7
million, or 30%). The majority of these municipal securities
are located in the Midwest with thorough underwriting conducted
before investment. The bank realized net income of $7.7
million for the first nine months of 2013, which compares to $8.2
million for the same period of 2012. The decline was primarily
the result of increased provision for specific commercial credits.
- Included in the discussion above and consolidated with Quad
City Bank & Trust, m2 Lease Funds, LLC, the Company's leasing
subsidiary, grew leases $6.7 million, or 6%, during the third
quarter of 2013. Further, m2 realized pre-tax net income of
$2.7 million for the first nine months of 2013, which was up
slightly from the same period of 2012.
- Cedar Rapids Bank & Trust, which opened in 2001, had total
assets of $651.3 million at September 30, 2013, which was an
increase of $31.8 million, or 5%, from June 30, 2013. The bank
grew loans $6.7 million, or 2%, during the third quarter of
2013. The loan growth was funded by core deposits (increase of
$40.1 million, or 10%). Additionally, the bank reduced its reliance
on wholesale funds as Federal Home Loan Bank ("FHLB") advances fell
$4.6 million during the quarter. The bank realized net income
of $5.1 million for the first three quarters of 2013, which was an
increase of $811 thousand, or 19%, over the same period of
2012. The bank continues to have success in generating strong
noninterest income from gains on sales of the government guaranteed
portion of SBA and USDA loans. This continues to be a core
strategy for the bank and the Company. On October 26, 2013,
Cedar Rapids Bank & Trust grew with the addition of CNB's
branch locations through the merger of CNB with and into the
bank. CNB's merged branch offices will operate as a division
of Cedar Rapids Bank & Trust under the name "Community Bank
& Trust."
- Rockford Bank & Trust, which opened in 2005, had total
assets of $333.8 million at September 30, 2013, which was down
slightly from June 30, 2013. During the third quarter of 2013,
loans decreased $3.7 million, or 2%, primarily due to a $4.0
million loan that is 75% government guaranteed under the SBA
program which was foreclosed on and moved into OREO. Taxable
securities declined $3.1 million, or 7%, while tax-exempt municipal
securities grew $5.1 million. The majority of these municipal
securities are located in the Midwest with thorough underwriting
conducted before investment. The bank realized net income of
$1.0 million for the first three quarters of 2013, which was an
increase of $812 thousand from the same period of 2012.
- Community National Bank, which opened in 1997 and was acquired
by the Company on May 13, 2013, had total assets of $276.4 million
at September 30, 2013, which was flat from June 30, 2013. The
bank's assets consisted primarily of loans totaling $189.7 million
and a securities portfolio of $41.5 million. Funding these
assets, the bank had $240.4 million of deposits. The bank
reported net income for the quarter of $592 thousand. On October
26, 2013, CNB merged with and into Cedar Rapids Bank &
Trust. CNB's merged branch offices will operate as a division
of Cedar Rapids Bank & Trust under the name "Community Bank
& Trust."
QCR Holdings, Inc., headquartered in Moline, Illinois, is a
relationship-driven, multi-bank holding company, which serves the
Quad City, Cedar Rapids, and Rockford communities through its
wholly owned subsidiary banks. Quad City Bank & Trust
Company, which is based in Bettendorf, Iowa, and commenced
operations in 1994, Cedar Rapids Bank & Trust Company, which is
based in Cedar Rapids, Iowa, and commenced operations in 2001, and
Rockford Bank & Trust Company, which is based in Rockford,
Illinois, and commenced operations in 2005, provide full-service
commercial and consumer banking and trust and asset management
services. Quad City Bank & Trust Company also engages in
commercial leasing through its wholly owned subsidiary, m2 Lease
Funds, LLC, based in Milwaukee, Wisconsin. With the
acquisition of Community National Bank on May 13, 2013, the Company
now serves the Waterloo/Cedar Falls, Iowa community through
Community Bank & Trust, a division of Cedar Rapids Bank &
Trust Company.
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," "predict," "suggest," "appear," "plan," "intend,"
"estimate," "annualize," "may," "will," "would," "could," "should"
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 and national economy; (ii) the economic impact of
any future terrorist threats and attacks, and the response of the
United States to any such threats and attacks; (iii) changes
in state and federal laws, regulations and governmental policies
concerning the Company's general business, including Basel III, the
Dodd-Frank Wall Street Reform and Consumer Protection Act and the
regulations issued thereunder; (iv) changes in interest rates and
prepayment rates of the Company's assets; (v) increased
competition in the financial services sector and the inability to
attract new customers; (vi) changes in technology and the
ability to develop and maintain secure and reliable electronic
systems; (vii) the integration of acquired entities, including CNB;
(viii) the loss of key executives or employees;
(ix) changes in consumer spending; (x) unexpected
outcomes of existing or new litigation involving the Company; and
(xi) changes in accounting policies and practices. 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.
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
As of |
|
September 30, 2013 |
June 30, 2013 |
December 31, 2012 |
September 30,
2012 |
|
(dollars in thousands, except
share data) |
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE
SHEET |
Amount |
% |
Amount |
% |
Amount |
% |
Amount |
% |
Cash, federal funds sold, and
interest-bearing deposits |
$ 122,779 |
5% |
$ 95,557 |
4% |
$ 110,488 |
5% |
$ 95,727 |
5% |
Securities |
703,699 |
28% |
703,467 |
29% |
602,239 |
29% |
591,351 |
29% |
Net loans/leases |
1,517,321 |
61% |
1,509,570 |
62% |
1,267,462 |
61% |
1,224,875 |
61% |
Core deposit intangible |
3,311 |
0% |
3,440 |
0% |
-- |
0% |
-- |
0% |
Goodwill |
3,223 |
0% |
3,223 |
0% |
3,223 |
0% |
3,223 |
0% |
Other assets |
135,381 |
6% |
131,514 |
6% |
110,318 |
5% |
108,770 |
5% |
Total assets |
$ 2,485,714 |
100% |
$ 2,446,771 |
100% |
$ 2,093,730 |
100% |
$ 2,023,946 |
100% |
|
|
|
|
|
|
|
|
|
Total deposits |
$ 1,741,832 |
70% |
$ 1,716,780 |
70% |
$ 1,374,114 |
66% |
$ 1,343,235 |
66% |
Total borrowings |
557,513 |
22% |
549,990 |
22% |
547,758 |
26% |
511,561 |
25% |
Other liabilities |
38,416 |
2% |
34,555 |
1% |
31,424 |
1% |
30,029 |
2% |
Total stockholders' equity |
147,953 |
6% |
145,446 |
6% |
140,434 |
7% |
139,121 |
7% |
Total liabilities and stockholders'
equity |
$ 2,485,714 |
100% |
$ 2,446,771 |
100% |
$ 2,093,730 |
100% |
$ 2,023,946 |
100% |
|
|
|
|
|
|
|
|
|
SELECTED
INFORMATION FOR COMMON STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Common stockholders' equity * |
$ 94,791 |
|
$ 92,283 |
|
$ 87,271 |
|
$ 85,958 |
|
Common shares outstanding |
5,810,602 |
|
5,797,067 |
|
4,918,202 |
|
4,862,778 |
|
Book value per common share ** |
$ 16.31 |
|
$ 15.92 |
|
$ 17.74 |
|
$ 17.65 |
|
Tangible book value per common share ** |
$ 15.19 |
|
$ 14.77 |
|
$ 17.08 |
|
$ 16.98 |
|
Closing stock price |
$ 15.89 |
|
$ 15.45 |
|
$ 13.22 |
|
$ 14.98 |
|
Market capitalization |
$ 92,330 |
|
$ 89,565 |
|
$ 65,019 |
|
$ 72,844 |
|
Market price / book value |
97.40% |
|
97.05% |
|
74.50% |
|
84.89% |
|
Market price / tangible book value |
104.64% |
|
104.63% |
|
77.39% |
|
88.24% |
|
Tangible common equity *** / total tangible
assets (TCE/TA) |
3.56% |
|
3.51% |
|
4.02% |
|
4.09% |
|
TCE/TA excluding accumulated other
comprehensive income |
3.96% |
|
3.89% |
|
3.80% |
|
3.78% |
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL
RATIOS: |
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
12.43% |
**** |
12.20% |
|
12.71% |
|
12.98% |
|
Tier 1 risk-based capital ratio |
11.02% |
**** |
10.82% |
|
11.27% |
|
11.52% |
|
Tier 1 leverage capital ratio |
7.77% |
**** |
8.07% |
|
8.13% |
|
8.12% |
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended September
30, |
|
For the nine months ended
September 30, |
|
CONDENSED STATEMENT OF
STOCKHOLDERS' EQUITY |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Beginning balance |
$ 145,446 |
|
$ 139,322 |
|
$ 140,434 |
|
$ 144,433 |
|
Net income |
3,812 |
|
3,185 |
|
11,122 |
|
9,861 |
|
Other comprehensive income (loss), net of
tax |
(818) |
|
1,644 |
|
(14,746) |
|
1,368 |
|
Preferred and common cash dividends
declared |
(811) |
|
(811) |
|
(2,663) |
|
(2,875) |
|
Issuance of 834,715 shares of common stock
for acquisition of CNB, net |
-- |
|
-- |
|
13,017 |
|
-- |
|
Redemption of 10,223 shares of Series F
Preferred Stock |
-- |
|
-- |
|
-- |
|
(10,223) |
|
Purchase of noncontrolling interest |
-- |
|
(4,527) |
|
-- |
|
(4,527) |
|
Other ***** |
324 |
|
308 |
|
789 |
|
1,084 |
|
Ending balance |
$ 147,953 |
|
$ 139,121 |
|
$ 147,953 |
|
$ 139,121 |
|
|
|
|
|
|
|
|
|
|
* Includes noncontrolling
interests and accumulated other comprehensive income |
**Includes accumulated other
comprehensive income and excludes noncontrolling interests |
***Tangible common equity is
defined as total common stockholders' equity excluding equity of
noncontrolling interests and excluding goodwill and other
intangibles. This ratio is a non-GAAP financial
measure. The Company's management believes that this measure
is important to many investors in the marketplace who are
interested in changes period to period in common equity exclusive
of changes in intangible assets. |
****Subject to change upon final
calculation for regulatory filings due after earnings release |
*****Includes mostly common stock
issued for options exercised and the employee stock purchase plan,
as well as stock-based compensation. |
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
As of |
|
September 30, 2013 |
June 30, 2013 |
December 31, 2012 |
September 30, 2012 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
ANALYSIS OF LOAN
DATA |
Amount |
% |
Amount |
% |
Amount |
% |
Amount |
% |
Nonaccrual loans/leases |
$ 22,126 |
66% |
$ 27,782 |
82% |
$ 17,932 |
60% |
$ 17,731 |
61% |
Accruing loans/leases past due 90 days or
more |
61 |
0% |
3 |
0% |
159 |
1% |
203 |
1% |
Troubled debt restructures - accruing |
2,739 |
8% |
2,178 |
6% |
7,300 |
25% |
6,009 |
21% |
Other real estate owned |
8,496 |
25% |
3,860 |
11% |
3,955 |
13% |
5,003 |
17% |
Other repossessed assets |
255 |
1% |
244 |
1% |
212 |
1% |
116 |
0% |
Total nonperforming assets |
$ 33,677 |
100% |
$ 34,067 |
100% |
$ 29,558 |
100% |
$ 29,062 |
100% |
|
|
|
|
|
|
|
|
|
Net charge-offs (calendar year-to-date) |
$ 1,808 |
|
$ 1,347 |
|
$ 3,235 |
|
$ 2,698 |
|
|
|
|
|
|
|
|
|
|
Loan/lease mix: |
|
|
|
|
|
|
|
|
Commercial and industrial loans |
$ 471,257 |
31% |
$ 470,416 |
31% |
$ 394,244 |
31% |
$ 355,004 |
29% |
Commercial real estate loans |
714,701 |
46% |
724,006 |
47% |
593,979 |
46% |
594,904 |
48% |
Direct financing leases |
121,268 |
8% |
114,755 |
8% |
103,686 |
8% |
102,039 |
8% |
Residential real estate loans |
150,825 |
10% |
143,093 |
9% |
115,582 |
9% |
112,492 |
9% |
Installment and other consumer loans |
77,226 |
5% |
74,569 |
5% |
76,720 |
6% |
76,838 |
6% |
Deferred loan/lease origination costs,
net of fees |
4,106 |
0% |
3,887 |
0% |
3,176 |
0% |
3,015 |
0% |
Total loans/leases |
$ 1,539,383 |
100% |
$ 1,530,726 |
100% |
$ 1,287,387 |
100% |
$ 1,244,292 |
100% |
Less allowance for estimated losses on
loans/leases |
22,062 |
|
21,156 |
|
19,925 |
|
19,417 |
|
Net loans/leases |
$ 1,517,321 |
|
$ 1,509,570 |
|
$ 1,267,462 |
|
$ 1,224,875 |
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF SECURITIES
DATA |
|
|
|
|
|
|
|
|
Securities mix: |
|
|
|
|
|
|
|
|
U.S. government sponsored agency
securities |
$ 367,525 |
52% |
$ 382,306 |
55% |
$ 338,609 |
57% |
$ 343,244 |
59% |
Residential mortgage-backed and related
securities |
166,545 |
24% |
177,155 |
25% |
163,601 |
27% |
155,691 |
26% |
Municipal securities |
166,771 |
24% |
141,381 |
20% |
97,615 |
16% |
90,032 |
15% |
Other securities |
2,858 |
0% |
2,625 |
0% |
2,414 |
0% |
2,384 |
0% |
Total securities |
$ 703,699 |
100% |
$ 703,467 |
100% |
$ 602,239 |
100% |
$ 591,351 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF DEPOSIT
DATA |
|
|
|
|
|
|
|
|
Deposit mix: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
$ 515,365 |
30% |
$ 493,964 |
29% |
$ 450,660 |
33% |
$ 417,284 |
31% |
Interest-bearing demand deposits |
780,546 |
45% |
710,745 |
42% |
587,201 |
43% |
567,578 |
42% |
Time deposits |
382,819 |
22% |
451,991 |
26% |
290,933 |
21% |
308,083 |
23% |
Brokered time deposits |
63,103 |
4% |
60,080 |
3% |
45,320 |
3% |
50,290 |
4% |
Total deposits |
$ 1,741,833 |
100% |
$ 1,716,780 |
100% |
$ 1,374,114 |
100% |
$ 1,343,235 |
100% |
|
|
|
|
|
|
|
|
|
ANALYSIS OF BORROWINGS
DATA |
|
|
|
|
|
|
|
|
Borrowings mix: |
|
|
|
|
|
|
|
|
FHLB advances |
$ 205,350 |
37% |
$ 209,950 |
38% |
$ 202,350 |
37% |
$ 196,350 |
38% |
Wholesale structured repurchase
agreements |
130,000 |
23% |
130,000 |
24% |
130,000 |
24% |
130,000 |
25% |
Customer repurchase agreements |
124,330 |
22% |
115,326 |
21% |
104,943 |
19% |
114,248 |
22% |
Federal funds purchased |
44,930 |
8% |
41,860 |
8% |
66,140 |
12% |
26,640 |
6% |
Junior subordinated debentures |
40,257 |
7% |
40,210 |
7% |
36,085 |
7% |
36,085 |
7% |
Other |
12,646 |
2% |
12,644 |
2% |
8,240 |
1% |
8,238 |
2% |
Total borrowings |
$ 557,513 |
100% |
$ 549,990 |
100% |
$ 547,758 |
100% |
$ 511,561 |
100% |
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
For the Quarter
Ended |
For the Nine Months
Ended |
|
September 30, 2013 |
June 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 |
|
(dollars in thousands, except
per share data) |
|
|
|
|
|
|
CONDENSED INCOME
STATEMENT |
|
|
|
|
|
Interest income |
$ 21,996 |
$ 20,139 |
$ 19,487 |
$ 60,673 |
$ 58,396 |
Interest expense |
4,686 |
4,431 |
4,858 |
13,463 |
15,047 |
Net interest income |
17,310 |
15,708 |
14,629 |
47,210 |
43,349 |
Provision for loan/lease losses |
1,367 |
1,520 |
1,496 |
3,945 |
3,325 |
Net interest income after provision for
loan/lease losses |
15,943 |
14,188 |
13,133 |
43,265 |
40,024 |
Noninterest income |
5,935 |
6,949 |
4,117 |
18,087 |
12,141 |
Noninterest expense |
17,027 |
15,235 |
13,031 |
46,220 |
38,878 |
Net income before taxes |
4,851 |
5,902 |
4,219 |
15,132 |
13,287 |
Income tax expense |
1,039 |
1,857 |
1,035 |
4,010 |
3,426 |
Net income |
$ 3,812 |
$ 4,045 |
$ 3,184 |
$ 11,122 |
$ 9,861 |
Less: Net income attributable to
noncontrolling interests |
-- |
-- |
127 |
-- |
495 |
Net income attributable to QCR Holdings,
Inc. |
$ 3,812 |
$ 4,045 |
$ 3,057 |
$ 11,122 |
$ 9,366 |
|
|
|
|
|
|
Less: Preferred stock dividends |
811 |
811 |
811 |
2,432 |
2,685 |
Net income attributable to QCR Holdings, Inc.
common stockholders |
$ 3,001 |
$ 3,234 |
$ 2,246 |
$ 8,690 |
$ 6,681 |
|
|
|
|
|
|
Earnings per share attributable to QCR
Holdings, Inc.: |
|
|
|
|
|
Basic |
$ 0.52 |
$ 0.60 |
$ 0.45 |
$ 1.62 |
$ 1.37 |
Diluted |
$ 0.51 |
$ 0.59 |
$ 0.44 |
$ 1.59 |
$ 1.35 |
|
|
|
|
|
|
Earnings per common share (basic)
attributable to QCR Holdings, Inc. LTM * |
$ 2.12 |
$ 2.05 |
$ 1.73 |
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
5,806,019 |
5,393,062 |
4,978,699 |
5,375,557 |
4,871,626 |
Weighted average common and common equivalent
shares outstanding |
5,915,279 |
5,497,275 |
5,080,288 |
5,482,298 |
4,938,514 |
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
Assets |
$ 2,456,167 |
$ 2,323,336 |
$ 2,030,209 |
$ 2,296,505 |
$ 2,013,525 |
Loans/leases |
$ 1,529,771 |
$ 1,418,389 |
$ 1,227,326 |
$ 1,409,067 |
$ 1,212,323 |
Deposits |
$ 1,738,310 |
$ 1,551,095 |
$ 1,321,547 |
$ 1,557,757 |
$ 1,292,360 |
Total stockholders' equity |
$ 146,038 |
$ 146,671 |
$ 139,222 |
$ 144,631 |
$ 142,329 |
Common stockholders' equity |
$ 93,537 |
$ 90,659 |
$ 86,058 |
$ 91,031 |
$ 83,503 |
|
|
|
|
|
|
KEY PERFORMANCE
RATIOS |
|
|
|
|
|
Return on average assets (annualized)
*** |
0.62% |
0.70% |
0.60% |
0.65% |
0.62% |
Return on average common equity (annualized)
** |
12.83% |
14.27% |
10.44% |
12.73% |
10.67% |
Return on average total equity (annualized)
*** |
10.44% |
11.03% |
8.78% |
10.25% |
8.77% |
Price earnings ratio LTM * |
7.50 x |
7.54 x |
8.66 x |
7.50 x |
8.66 x |
Net interest margin (TEY) |
3.07% |
2.99% |
3.20% |
3.03% |
3.18% |
Nonperforming assets / total assets |
1.35% |
1.39% |
1.44% |
1.35% |
1.44% |
Net charge-offs / average loans/leases |
0.03% |
0.08% |
0.07% |
0.13% |
0.22% |
Allowance / total loans/leases **** |
1.43% |
1.38% |
1.56% |
1.43% |
1.56% |
Allowance / nonperforming loans **** |
88.51% |
70.61% |
81.10% |
88.51% |
81.10% |
Efficiency ratio |
73.25% |
67.24% |
69.51% |
70.78% |
70.06% |
Full-time equivalent employees ***** |
431 |
438 |
355 |
431 |
355 |
|
|
|
|
|
|
* LTM: Last twelve months |
** The numerator for this ratio
is "Net income attributable to QCR Holdings, Inc. common
stockholders" |
*** The numerator for this ratio
is "Net income attributable to QCR Holdings, Inc." |
**** Upon acquisition per GAAP,
the loans are recorded at market value which eliminated the
allowance and impacts these ratios. |
***** CNB had 75 and 77 full-time
equivalent employees at September 30, 2013 and June 30, 2013,
respectively. |
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET
INTEREST INCOME AND MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter
Ended |
|
September 30, 2013 |
June 30, 2013 |
September 30, 2012 |
|
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) |
|
|
|
|
|
|
|
|
|
|
Securities * |
$ 717,195 |
$ 4,043 |
2.24% |
$ 714,808 |
$ 4,040 |
2.27% |
$ 619,650 |
$ 3,930 |
2.52% |
Loans * |
1,529,771 |
18,440 |
4.78% |
1,418,389 |
16,530 |
4.67% |
1,227,326 |
16,002 |
5.19% |
Other |
80,903 |
226 |
1.11% |
60,099 |
196 |
1.31% |
55,064 |
211 |
1.52% |
Total earning assets * |
$ 2,327,869 |
$ 22,709 |
3.87% |
$ 2,193,296 |
$ 20,766 |
3.80% |
$ 1,902,040 |
$ 20,143 |
4.21% |
|
|
|
|
|
|
|
|
|
|
Deposits |
$ 1,212,602 |
$ 1,394 |
0.46% |
$ 1,049,017 |
$ 1,177 |
0.45% |
$ 914,950 |
$ 1,489 |
0.65% |
Borrowings |
533,138 |
3,292 |
2.45% |
593,416 |
3,254 |
2.20% |
540,293 |
3,369 |
2.48% |
Total interest-bearing liabilities |
$ 1,745,740 |
4,686 |
1.06% |
$ 1,642,433 |
4,431 |
1.08% |
$ 1,455,243 |
4,858 |
1.33% |
|
|
|
|
|
|
|
|
|
|
Net interest income / spread * |
|
$ 18,023 |
2.81% |
|
$ 16,335 |
2.72% |
|
$ 15,285 |
2.89% |
Net interest margin * |
|
|
3.07% |
|
|
2.99% |
|
|
3.20% |
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended |
|
|
|
|
September 30, 2013 |
September 30, 2012 |
|
|
|
|
Average Balance |
Interest Earned or
Paid |
Average Yield or
Cost |
Average Balance |
Interest Earned or
Paid |
Average Yield or
Cost |
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities * |
$ 693,547 |
$ 11,742 |
2.26% |
$ 603,756 |
$ 10,890 |
2.41% |
|
|
|
Loans * |
1,409,067 |
50,221 |
4.77% |
1,212,323 |
48,307 |
5.32% |
|
|
|
Other |
65,533 |
606 |
1.24% |
68,823 |
669 |
1.30% |
|
|
|
Total earning assets * |
$ 2,168,147 |
$ 62,569 |
3.86% |
$ 1,884,902 |
$ 59,866 |
4.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ 1,052,740 |
$ 3,687 |
0.47% |
$ 896,329 |
$ 4,834 |
0.72% |
|
|
|
Borrowings |
559,724 |
9,776 |
2.34% |
551,756 |
10,213 |
2.47% |
|
|
|
Total interest-bearing liabilities |
$ 1,612,464 |
13,463 |
1.12% |
$ 1,448,085 |
15,047 |
1.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / spread * |
|
$ 49,106 |
2.74% |
|
$ 44,819 |
2.85% |
|
|
|
Net interest margin * |
|
|
3.03% |
|
|
3.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes nontaxable securities
and loans. Interest earned and yields on nontaxable securities
and loans are determined on a tax equivalent basis using a 34% tax
rate for each period presented. |
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL
HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
For the Quarter
Ended |
For the Nine Months
Ended |
|
September 30, 2013 |
June 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 |
ANALYSIS OF NONINTEREST
INCOME |
(dollars in thousands) |
Trust department fees |
$ 1,312 |
$ 1,197 |
$ 915 |
$ 3,549 |
$ 2,650 |
Investment advisory and management fees |
634 |
695 |
576 |
1,939 |
1,776 |
Deposit service fees |
1,229 |
1,054 |
847 |
3,191 |
2,627 |
Gain on sales of residential real estate
loans |
185 |
247 |
424 |
722 |
987 |
Gain on sales of government guaranteed
portions of loans |
338 |
766 |
261 |
1,949 |
979 |
Earnings on cash surrender value of life
insurance |
466 |
424 |
400 |
1,329 |
1,197 |
Credit card fees, net of processing
costs |
58 |
85 |
140 |
193 |
410 |
Subtotal |
$ 4,222 |
$ 4,468 |
$ 3,563 |
$ 12,872 |
$ 10,626 |
Bargain purchase gain on CNB acquisition |
-- |
1,841 |
-- |
1,841 |
-- |
Losses on other real estate owned, net |
(3) |
(83) |
(746) |
(533) |
(1,324) |
Securities gains |
417 |
16 |
-- |
433 |
105 |
Other * |
1,299 |
707 |
1,300 |
3,474 |
2,734 |
Total noninterest income |
$ 5,935 |
$ 6,949 |
$ 4,117 |
$ 18,087 |
$ 12,141 |
|
|
|
|
|
|
ANALYSIS OF NONINTEREST
EXPENSE |
|
|
|
|
|
Salaries and employee benefits |
$ 9,803 |
$ 9,186 |
$ 8,201 |
$ 27,732 |
$ 24,582 |
Occupancy and equipment expense |
1,915 |
1,587 |
1,460 |
4,931 |
4,177 |
Professional and data processing fees |
1,903 |
1,439 |
1,066 |
4,482 |
3,343 |
FDIC and other insurance |
713 |
627 |
599 |
1,896 |
1,756 |
Loan/lease expense |
396 |
252 |
273 |
893 |
755 |
Advertising and marketing |
406 |
412 |
437 |
1,083 |
1,057 |
Postage and telephone |
277 |
258 |
191 |
753 |
716 |
Stationery and supplies |
143 |
151 |
140 |
405 |
418 |
Bank service charges |
307 |
284 |
211 |
866 |
610 |
Subtotal |
$ 15,863 |
$ 14,196 |
$ 12,578 |
$ 43,041 |
$ 37,414 |
Acquisition costs |
389 |
432 |
-- |
1,178 |
-- |
Other-than-temporary-impairment losses on
securities |
-- |
-- |
-- |
-- |
62 |
Other |
775 |
607 |
453 |
2,001 |
1,402 |
Total noninterest expense |
$ 17,027 |
$ 15,235 |
$ 13,031 |
$ 46,220 |
$ 38,878 |
|
|
|
|
|
|
* Following is a detailed breakdown of Other
Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of credit card loan
portfolio |
$ -- |
$ -- |
$ -- |
$ 495 |
$ -- |
Gain on sale of credit card issuing
operations |
-- |
-- |
-- |
355 |
-- |
Debit card fees |
265 |
257 |
240 |
752 |
729 |
Fees on interest rate swaps on commercial
loans |
44 |
-- |
94 |
51 |
300 |
Miscellaneous |
990 |
450 |
966 |
1,821 |
1,705 |
TOTAL |
$ 1,299 |
$ 707 |
$ 1,300 |
$ 3,474 |
$ 2,734 |
CONTACT: Todd A. Gipple
Executive Vice President
Chief Operating Officer
Chief Financial Officer
(309) 743-7745
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