QCR Holdings, Inc. Announces Redemption of $15 Million of Small Business Lending Fund Preferred Stock
31 Marzo 2014 - 10:00PM
QCR Holdings, Inc. (Nasdaq:QCRH) today announced the redemption of
$15.0 million of Small Business Lending Fund Preferred Stock ("SBLF
Preferred Stock"). The Company had originally issued $40.1 million
of SBLF Preferred Stock to the United States Department of the
Treasury ("Treasury") under the Small Business Lending Fund Program
in September of 2011, and had previously redeemed $10.2 million of
the SBLF Preferred Stock in June of 2012.
"We are quite pleased to have been approved by Treasury and our
primary federal regulator, the Federal Reserve Bank of Chicago, to
execute this partial redemption of our SBLF Preferred Stock,"
stated Douglas M. Hultquist, President and Chief Executive
Officer. "As a result of this partial redemption, we have
$14.9 million of SBLF Preferred Stock remaining, and our goal is to
completely redeem this remaining amount during 2014."
Capital Levels Remain Strong as QCR
Holdings, Inc. Continues to Execute on the
Company's Long-Term Capital Plan
"With today's redemption of $15.0 million in SBLF Preferred
Stock, we continue to demonstrate strong execution of our long-term
capital plan," stated Todd A. Gipple, Executive Vice President,
Chief Operating Officer, and Chief Financial Officer. "This
further redemption of SBLF Preferred Stock, when combined with our
December 2013 conversion of the $25.0 million of Series E
Non-Cumulative Convertible Perpetual Preferred Stock, has
significantly changed our mix of capital from preferred equity to
common equity – and will reduce our annual preferred dividend
commitment by a combined $3.1 million."
Mr. Gipple continued, "The reduction of our preferred dividend
commitment from today's redemption will increase subsequent
earnings per share by approximately $0.17 annually, and we are
focused on working towards the complete redemption of the remaining
$14.9 million of SBLF Preferred Stock yet this calendar
year. In addition to significantly reducing our preferred
dividend commitment, the execution of our capital plan continues to
demonstrate our ability to reach our intended target of a tangible
common equity ratio of 6.5%. The Company and our subsidiary
banks continue to maintain capital at levels well above the
existing minimum requirements administered by the federal
regulatory agencies, and we were able to fund the redemption of the
SBLF Preferred Stock with the distribution of surplus capital from
the subsidiary banks and without using our holding company credit
facilities."
The Company expects to release first quarter 2014 earnings
results on Thursday, April 24, 2014.
About QCR Holdings, Inc.
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 Bancorporation 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
Community National Bancorporation; (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.
CONTACT: Todd A. Gipple
Executive Vice President
Chief Operating Officer
Chief Financial Officer
(309) 743-7745
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