QCR Holdings, Inc. (NASDAQ:QCRH) today announced net income of $7.9
million and diluted earnings per share (“EPS”) of $0.58 for the
quarter ended September 30, 2017. This included $601 thousand
of acquisition costs and post-acquisition transition and
integration costs (after-tax) related to the previously announced
acquisition of Guaranty Bank and Trust Company (“Guaranty Bank”),
based in Cedar Rapids, Iowa, which closed on October 1, 2017.
Excluding these costs and other non-core items, the Company
reported core net income (non-GAAP) of $8.5 million and diluted EPS
of $0.63. By comparison, for the quarter ended June 30, 2017,
the Company reported net income of $8.8 million and diluted EPS of
$0.65. For the quarter ended September 30, 2016, the Company
reported net income of $6.1 million and diluted EPS of $0.46.
This included $1.5 million of acquisition costs and
post-acquisition transition and integration costs (after-tax)
related to the acquisition of Community State Bank (“CSB”) based in
Ankeny, Iowa, which closed on August 31, 2016. Excluding
these costs and other non-core items, the Company reported core net
income (non-GAAP) of $7.5 million and diluted EPS of $0.57 for the
quarter ending September 30, 2016.
For the nine months ended September 30, 2017, the Company
reported net income of $25.8 million, and diluted EPS of
$1.91. Excluding acquisition costs, post-acquisition
transition and integration costs, and other non-core items, the
Company reported core net income (non-GAAP) of $26.4 million and
diluted EPS of $1.96. By comparison, for the nine months
ended September 30, 2016, the Company reported net income of $19.2
million, and diluted EPS of $1.52. Excluding acquisition
costs, post-acquisition transition and integration costs, and other
non-core items, the Company reported core net income (non-GAAP) of
$20.6 million and diluted EPS of $1.64 for the nine months ended
September 30, 2016.
“We are generally pleased with our core operating performance
for the first nine months of the year,” commented Douglas M.
Hultquist, President and Chief Executive Officer, “and we continue
to strategize and pursue ways to improve our profitability through
our ongoing key initiatives. Our return on average assets has
improved to 1.02% from 0.94%, when comparing the first nine months
of 2017 to the same period of the prior year. This is the
result of strong organic loan growth, solid growth in core
deposits, and margin improvements. The acquisition of
CSB in the third quarter of 2016 also contributed to our improved
profitability.
“Our quarter-over-quarter results were down due to three key
factors. First, acquisition-related net accretion was down
$1.1 million when comparing the third quarter of 2017 to the second
quarter of 2017. Secondly, swap fee income and gains from the
sale of government guaranteed loans continue to be slow.
Lastly, we’ve seen an increase in noninterest expense of
approximately 5% excluding acquisition costs and post-acquisition
transition and integration costs. Salaries and employee
benefits increased from filling open positions, and legal expense
also increased.”
Net Interest Income Improvement
Driven By Strong Loan Growth and Yield
Increase
Net interest income totaled $28.6 million for the quarter ended
September 30, 2017. By comparison, net interest income
totaled $28.0 million and $23.6 million for the quarters ended June
30, 2017 and September 30, 2016, respectively.
Acquisition-related net accretion totaled $474 thousand for the
quarter ended September 30, 2017. By comparison,
acquisition-related net accretion totaled $1.5 million for the
quarter ended June 30, 2017. Excluding acquisition-related
net accretion, net interest income of $28.1 million for the third
quarter of 2017 increased 6%, compared to $26.5 million for the
quarter ended June 30, 2017.
Net interest income totaled $84.3 million for the nine months
ended September 30, 2017. By comparison, net interest income
totaled $65.2 million for the nine months ended September 30,
2016.
“Net interest margin (excluding acquisition accounting net
accretion) increased three basis points when comparing linked
quarters at 3.65% for the third quarter of 2017 and 3.62% for the
second quarter of 2017,” stated Todd A. Gipple, Executive Vice
President, Chief Operating Officer and Chief Financial
Officer. “Due to our exceptional loan growth during the
second and third quarters of this year, we’ve been able to shift
our mix of earning assets, driving margin improvement.
Additionally, loan yield (excluding loan discount accretion)
increased three basis points from 4.39% to 4.42% when comparing the
second quarter of 2017 to the third quarter of 2017.”
Annualized Loan and Lease Growth of 19.2%
for Second Consecutive Quarter
During the third quarter of 2017, the Company’s total assets
increased $93.3 million, or 3%, to a total of $3.55 billion, while
total loans and leases grew $123.2 million, or 4.8% (19.2% when
annualized). Loan and lease growth was primarily funded by
short-term borrowings and deposit growth.
“Organic loan and lease growth totaled $271.3 million for
the first nine months of the year, or an annual growth rate of
15.0%,” commented Mr. Hultquist. “This was another very
strong quarter of loan growth and while we’ve already attained our
annual loan growth target for the year of 10-12% and are optimistic
about the fourth quarter, we believe organic loan growth for the
fourth quarter will be at a more normalized level. We intend
to continue our organic growth primarily through market share
increases, as customers continue to appreciate the way we do
business and are attracted to our relationship-based community
banking model.”
“Swap fee income and gains on the sale of government guaranteed
loans totaled $1.8 million for the first nine months of the
year. The third quarter of 2017 continued to be slow in this
area but the pipeline remains active. Given the nature of
this fee income source, large fluctuations can occur from
quarter-to-quarter,” said Mr. Gipple. “We plan to continue
executing these types of transactions, as they provide unique and
beneficial solutions for our clients.”
Nonperforming Assets Increase in Third
QuarterDue to the Addition of One Large
Relationship
Nonperforming assets (“NPAs”) increased $7.8 million in the
current quarter. The ratio of NPAs to total assets was 0.95%
at September 30, 2017, which was up from 0.75% at June 30, 2017 and
up from 0.69% a year ago.
“One large CRE relationship was the primary cause of the
increase in NPAs in the third quarter. We believe that this
issue is isolated and not reflective of the overall portfolio,”
stated Mr. Hultquist. He continued, “We remain committed to
improving asset quality.”
The Company’s provision for loan and lease losses totaled $2.1
million for the third quarter of 2017, which was up slightly from
the prior quarter, and up $479 thousand compared to the third
quarter of 2016. As of September 30, 2017, the Company’s
allowance to total loans and leases was 1.31%, which was flat
compared to June 30, 2017 and up from 1.22% at September 30,
2016.
In accordance with generally accepted accounting principles for
acquisition accounting, the loans acquired through the acquisition
of CSB were recorded at market value; therefore, there was no
allowance associated with CSB’s loans at acquisition.
Management continues to evaluate the allowance needed on the
acquired CSB loans factoring in the net remaining discount ($5.6
million at September 30, 2017). When factoring this remaining
discount into the Company’s allowance to total loans and leases
calculation, the Company’s allowance as a percentage of total loans
and leases increases from 1.31% to 1.52%.
Capital Levels Remain Strong
As
of September 30, 2017, the Company’s total risk-based capital ratio
was 11.49%, the common equity tier 1 ratio was 9.33%, and the
tangible common equity to tangible assets ratio increased to
8.31%. By comparison, these respective ratios were 11.65%,
9.46% and 8.29% as of June 30,
2017. “As
a result of solid earnings performance, capital ratios continue to
be strong and we are growing tangible common equity at a steady
pace,” stated Mr. Gipple. He continued, “Tangible common
equity has increased $35.1 million or 14% year-over-year when
comparing September 30, 2017 to the same period of the prior
year.”
Acquisition of Guaranty Bank,
Headquartered in Cedar Rapids, Iowa
Effective
October 1st, the Company completed its previously announced
acquisition of Guaranty Bank. The acquisition and subsequent
merger of Guaranty Bank into Cedar Rapids Bank & Trust Company
(“CRBT”) in the fourth quarter of 2017 will enhance the footprint
and deposit base of CRBT. Guaranty Bank had approximately
$257.2 million in assets and approximately $212.3 million in
deposits as of September 30, 2017.
“We
are delighted to welcome the Guaranty Bank employees, clients and
shareholders to QCR Holdings,” commented Mr. Hultquist. “This
transaction provides the opportunity for us to expand our footprint
in Cedar Rapids, partner with a financial institution with a rich
legacy and help create the dominant community bank franchise in the
Cedar Rapids area. Both organizations focus on recruiting the best
people, delivering exceptional, local client service and building
the communities they serve.”
Continued Focus on Seven Key
Initiatives
The Company continues to focus on the following initiatives in an
effort to improve profitability and drive increased shareholder
value:
- Continue strong organic loan and lease growth to maintain loans
and leases to total assets ratio in the range of 73-78%
- Continue to focus on growing core deposits to maintain reliance
on wholesale funding at less than 15% of assets
- Continue to focus on generating gains on sale of USDA and SBA
loans, and fee income on swaps, as a significant and consistent
component of core revenue
- Grow wealth management net income by 10% annually
- Carefully manage noninterest expense growth
- Maintain asset quality metrics at better than peer levels
- Participate as an acquirer in the consolidation taking place in
our markets to further boost ROAA, improve efficiency ratio, and
increase EPS
Conference Call Details
The Company will host an earnings call/webcast on November 3,
2017 at 11 a.m. central time. Dial-in information for the
call is toll-free 1-888-317-6016 (international 1-412-317-6016).
Participants should request to join the QCR Holdings, Inc.
call. The event will be archived and available for digital replay
through November 17, 2017. The replay access information is
toll-free 1-877-344-7529 (international 1-412-317-0088); access
code 10112157. A webcast of the teleconference can be
accessed at the Company’s News and Events page at
http://www.qcrh.com or
https://services.choruscall.com/links/qcrh171103.html . The
archived audio webcast will be available until November 3,
2018. Participants should visit the Company’s website or call
in to the conference line set forth above at least 10 minutes prior
to the scheduled start of the call.
About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a
relationship-driven, multi-bank holding company, which serves the
Quad City, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, 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, Community State Bank, which is based
in Ankeny, Iowa and was acquired by the Company in 2016, 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 wealth management
services. Quad City Bank & Trust Company also provides
correspondent banking services. In addition, Quad City Bank
& Trust Company engages in commercial leasing through its
wholly owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee,
Wisconsin. Additionally, the Company serves the
Waterloo/Cedar Falls, Iowa community through Community Bank &
Trust, a division of Cedar Rapids Bank & Trust Company.
The Company enhanced its presence in Cedar Rapids, Iowa with the
acquisition of Guaranty Bank & Trust Company in October
2017.
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, national and international economies;
(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; (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)
unexpected results of acquisitions, including the acquisition of
Guaranty Bank, which may include failure to realize the anticipated
benefits of the acquisition and the possibility that the
transaction costs may be greater than anticipated; (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.
|
|
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|
|
|
|
|
|
As of |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2016 |
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
56,275 |
|
$ |
77,161 |
|
$ |
56,326 |
|
$ |
70,570 |
|
$ |
61,213 |
Federal funds sold and
interest-bearing deposits |
|
|
61,789 |
|
|
72,354 |
|
|
173,219 |
|
|
86,206 |
|
|
96,047 |
Securities |
|
|
583,936 |
|
|
593,485 |
|
|
557,646 |
|
|
574,022 |
|
|
564,930 |
Net loans/leases |
|
|
2,641,772 |
|
|
2,520,209 |
|
|
2,403,791 |
|
|
2,374,730 |
|
|
2,331,774 |
Core deposit
intangible |
|
|
6,689 |
|
|
6,919 |
|
|
7,150 |
|
|
7,381 |
|
|
7,614 |
Goodwill |
|
|
13,111 |
|
|
13,111 |
|
|
13,111 |
|
|
13,111 |
|
|
13,632 |
Other assets |
|
|
186,891 |
|
|
173,948 |
|
|
169,770 |
|
|
175,924 |
|
|
205,776 |
Total assets |
|
$ |
3,550,463 |
|
$ |
3,457,187 |
|
$ |
3,381,013 |
|
$ |
3,301,944 |
|
$ |
3,280,986 |
|
|
|
|
|
|
|
Total deposits |
|
$ |
2,894,268 |
|
$ |
2,870,234 |
|
$ |
2,805,931 |
|
$ |
2,669,261 |
|
$ |
2,594,913 |
Total borrowings |
|
|
296,145 |
|
|
230,263 |
|
|
231,534 |
|
|
290,952 |
|
|
312,104 |
Other liabilities |
|
|
47,011 |
|
|
51,607 |
|
|
47,708 |
|
|
55,690 |
|
|
93,112 |
Total stockholders'
equity |
|
|
313,039 |
|
|
305,083 |
|
|
295,840 |
|
|
286,041 |
|
|
280,857 |
Total liabilities and stockholders' equity |
|
$ |
3,550,463 |
|
$ |
3,457,187 |
|
$ |
3,381,013 |
|
$ |
3,301,944 |
|
$ |
3,280,986 |
|
|
|
|
|
|
|
ANALYSIS OF LOAN PORTFOLIO |
|
|
|
|
|
|
Loan/lease mix: |
|
|
|
|
|
|
Commercial and industrial loans (1) |
|
$ |
1,034,530 |
|
$ |
942,539 |
|
$ |
851,578 |
|
$ |
827,637 |
|
$ |
804,308 |
Commercial real estate loans |
|
|
1,157,855 |
|
|
1,131,906 |
|
|
1,106,842 |
|
|
1,093,459 |
|
|
1,070,305 |
Direct
financing leases (1) |
|
|
147,063 |
|
|
153,337 |
|
|
159,368 |
|
|
165,419 |
|
|
166,924 |
Residential real estate loans |
|
|
239,958 |
|
|
233,871 |
|
|
231,326 |
|
|
229,233 |
|
|
229,081 |
Installment and other consumer loans |
|
|
89,606 |
|
|
84,047 |
|
|
78,771 |
|
|
81,666 |
|
|
81,918 |
Deferred
loan/lease origination costs, net of fees |
|
|
7,742 |
|
|
7,866 |
|
|
7,965 |
|
|
8,073 |
|
|
8,065 |
Total loans/leases |
|
$ |
2,676,754 |
|
$ |
2,553,566 |
|
$ |
2,435,850 |
|
$ |
2,405,487 |
|
$ |
2,360,601 |
Less
allowance for estimated losses on loans/leases |
|
|
34,982 |
|
|
33,357 |
|
|
32,059 |
|
|
30,757 |
|
|
28,827 |
Net
loans/leases |
|
$ |
2,641,772 |
|
$ |
2,520,209 |
|
$ |
2,403,791 |
|
$ |
2,374,730 |
|
$ |
2,331,774 |
|
|
|
|
|
|
|
ANALYSIS OF SECURITIES PORTFOLIO |
|
|
|
|
|
|
Securities mix: |
|
|
|
|
|
|
U.S.
government sponsored agency securities |
|
$ |
39,340 |
|
$ |
41,944 |
|
$ |
47,556 |
|
$ |
46,084 |
|
$ |
67,885 |
Municipal
securities |
|
|
379,694 |
|
|
381,254 |
|
|
356,776 |
|
|
374,463 |
|
|
360,330 |
Residential mortgage-backed and related securities |
|
|
158,969 |
|
|
164,415 |
|
|
147,504 |
|
|
147,702 |
|
|
133,173 |
Other
securities |
|
|
5,933 |
|
|
5,872 |
|
|
5,810 |
|
|
5,773 |
|
|
3,542 |
Total
securities |
|
$ |
583,936 |
|
$ |
593,485 |
|
$ |
557,646 |
|
$ |
574,022 |
|
$ |
564,930 |
|
|
|
|
|
|
|
ANALYSIS OF DEPOSITS |
|
|
|
|
|
|
Deposit mix: |
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
$ |
715,537 |
|
$ |
760,625 |
|
$ |
777,150 |
|
$ |
797,415 |
|
$ |
764,615 |
Interest-bearing demand deposits |
|
|
1,614,894 |
|
|
1,526,103 |
|
|
1,486,047 |
|
|
1,369,226 |
|
|
1,298,781 |
Time
deposits |
|
|
430,270 |
|
|
478,580 |
|
|
458,170 |
|
|
439,169 |
|
|
420,470 |
Brokered
deposits |
|
|
133,567 |
|
|
104,926 |
|
|
84,564 |
|
|
63,451 |
|
|
111,047 |
Total
deposits |
|
$ |
2,894,268 |
|
$ |
2,870,234 |
|
$ |
2,805,931 |
|
$ |
2,669,261 |
|
$ |
2,594,913 |
|
|
|
|
|
|
|
ANALYSIS OF BORROWINGS |
|
|
|
|
|
|
Borrowings mix: |
|
|
|
|
|
|
Term FHLB
advances |
|
$ |
58,600 |
|
$ |
57,000 |
|
$ |
59,000 |
|
$ |
63,000 |
|
$ |
83,343 |
Overnight
FHLB advances (2) |
|
|
110,455 |
|
|
49,500 |
|
|
47,550 |
|
|
74,500 |
|
|
55,300 |
Wholesale
structured repurchase agreements |
|
|
45,000 |
|
|
45,000 |
|
|
45,000 |
|
|
45,000 |
|
|
45,000 |
Customer
repurchase agreements |
|
|
3,671 |
|
|
4,897 |
|
|
7,170 |
|
|
8,132 |
|
|
8,265 |
Federal
funds purchased |
|
|
12,340 |
|
|
13,320 |
|
|
12,300 |
|
|
31,840 |
|
|
51,750 |
Junior
subordinated debentures |
|
|
33,579 |
|
|
33,546 |
|
|
33,514 |
|
|
33,480 |
|
|
33,446 |
Other
borrowings |
|
|
32,500 |
|
|
27,000 |
|
|
27,000 |
|
|
35,000 |
|
|
35,000 |
Total
borrowings |
|
$ |
296,145 |
|
$ |
230,263 |
|
$ |
231,534 |
|
$ |
290,952 |
|
$ |
312,104 |
|
|
|
|
|
|
|
(1) m2
Lease Funds, LLC also originates equipment financing agreements,
which are classified as commercial and industrial loans. |
|
(2) At the
most recent quarter-end, the weighted-average rate of these
overnight borrowings was 1.32%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
Interest
income |
|
$ |
97,639 |
|
|
$ |
74,232 |
Interest
expense |
|
|
13,367 |
|
|
|
8,995 |
Net
interest income |
|
|
84,272 |
|
|
|
65,237 |
Provision
for loan/lease losses |
|
|
6,215 |
|
|
|
4,879 |
Net
interest income after provision for loan/lease losses |
|
$ |
78,057 |
|
|
$ |
60,358 |
|
|
|
|
|
|
Trust
department fees |
|
$ |
5,154 |
|
|
$ |
4,607 |
Investment
advisory and management fees |
|
|
2,799 |
|
|
|
2,117 |
Deposit
service fees |
|
|
4,297 |
|
|
|
3,029 |
Gain on
sales of residential real estate loans |
|
|
307 |
|
|
|
289 |
Gain on
sales of government guaranteed portions of loans |
|
|
1,130 |
|
|
|
2,701 |
Swap fee
income |
|
|
635 |
|
|
|
1,358 |
Securities
gains (losses), net |
|
|
(25 |
) |
|
|
4,628 |
Earnings on
bank-owned life insurance |
|
|
1,357 |
|
|
|
1,324 |
Debit card
fees |
|
|
2,201 |
|
|
|
1,127 |
Correspondent banking fees |
|
|
684 |
|
|
|
801 |
Other |
|
|
|
2,229 |
|
|
|
2,027 |
Total noninterest income |
|
$ |
20,768 |
|
|
$ |
24,008 |
|
|
|
|
|
|
Salaries
and employee benefits |
|
$ |
39,662 |
|
|
$ |
32,921 |
Occupancy
and equipment expense |
|
|
7,717 |
|
|
|
5,798 |
Professional and data processing fees |
|
|
7,375 |
|
|
|
4,921 |
Acquisition
costs |
|
|
408 |
|
|
|
1,364 |
Post-acquisition transition and integration costs |
|
|
523 |
|
|
|
1,037 |
FDIC
insurance, other insurance and regulatory fees |
|
|
1,957 |
|
|
|
1,867 |
Loan/lease
expense |
|
|
811 |
|
|
|
420 |
Net cost of
(income from) operation of other real estate |
|
|
(118 |
) |
|
|
513 |
Advertising
and marketing |
|
|
1,847 |
|
|
|
1,367 |
Bank
service charges |
|
|
1,331 |
|
|
|
1,247 |
Losses on
debt extinguishment, net |
|
|
- |
|
|
|
4,220 |
Correspondent banking expense |
|
|
604 |
|
|
|
565 |
Other |
|
|
|
3,956 |
|
|
|
2,939 |
Total noninterest expense |
|
$ |
66,073 |
|
|
$ |
59,179 |
|
|
|
|
|
|
Net
income before taxes |
|
$ |
32,752 |
|
|
$ |
25,187 |
Income tax
expense |
|
|
6,947 |
|
|
|
6,030 |
Net
income |
|
|
$ |
25,805 |
|
|
$ |
19,157 |
|
|
|
|
|
|
Basic EPS |
|
$ |
1.96 |
|
|
$ |
1.55 |
Diluted EPS |
|
$ |
1.91 |
|
|
$ |
1.52 |
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
13,151,672 |
|
|
|
12,398,491 |
Weighted
average common and common equivalent shares outstanding |
|
|
13,509,566 |
|
|
|
12,580,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
September
30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
|
|
|
2017 |
|
2017 |
2017 |
2016 |
2016 |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
|
Interest
income |
|
$ |
33,841 |
|
$ |
32,453 |
$ |
31,345 |
$ |
32,236 |
|
$ |
26,817 |
Interest
expense |
|
|
5,285 |
|
|
4,406 |
|
3,676 |
|
2,956 |
|
|
3,186 |
Net
interest income |
|
|
28,556 |
|
|
28,047 |
|
27,669 |
|
29,280 |
|
|
23,631 |
Provision
for loan/lease losses |
|
|
2,087 |
|
|
2,023 |
|
2,105 |
|
2,599 |
|
|
1,608 |
Net
interest income after provision for loan/lease losses |
|
$ |
26,469 |
|
$ |
26,024 |
$ |
25,564 |
$ |
26,681 |
|
$ |
22,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust
department fees |
|
$ |
1,722 |
|
$ |
1,692 |
$ |
1,740 |
$ |
1,558 |
|
$ |
1,519 |
Investment
advisory and management fees |
|
|
969 |
|
|
868 |
|
962 |
|
876 |
|
|
766 |
Deposit
service fees |
|
|
1,522 |
|
|
1,459 |
|
1,316 |
|
1,411 |
|
|
1,151 |
Gain on
sales of residential real estate loans |
|
|
98 |
|
|
113 |
|
96 |
|
142 |
|
|
144 |
Gain on
sales of government guaranteed portions of loans |
|
|
92 |
|
|
87 |
|
951 |
|
458 |
|
|
219 |
Swap fee
income |
|
|
194 |
|
|
327 |
|
114 |
|
350 |
|
|
334 |
Securities
gains (losses), net |
|
|
(63 |
) |
|
38 |
|
- |
|
(36 |
) |
|
4,252 |
Earnings on
bank-owned life insurance |
|
|
428 |
|
|
459 |
|
470 |
|
447 |
|
|
450 |
Debit card
fees |
|
|
755 |
|
|
743 |
|
703 |
|
688 |
|
|
475 |
Correspondent banking fees |
|
|
239 |
|
|
200 |
|
245 |
|
249 |
|
|
254 |
Other |
|
|
|
746 |
|
|
796 |
|
687 |
|
886 |
|
|
859 |
Total noninterest income |
|
$ |
6,702 |
|
$ |
6,782 |
$ |
7,284 |
$ |
7,029 |
|
$ |
10,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
$ |
13,424 |
|
$ |
12,931 |
$ |
13,307 |
$ |
13,396 |
|
$ |
11,202 |
Occupancy
and equipment expense |
|
|
2,516 |
|
|
2,699 |
|
2,502 |
|
2,630 |
|
|
2,086 |
Professional and data processing fees |
|
|
2,951 |
|
|
2,341 |
|
2,083 |
|
2,192 |
|
|
1,931 |
Acquisition
costs |
|
|
408 |
|
|
- |
|
- |
|
- |
|
|
1,037 |
Post-acquisition transition and integration costs |
|
|
523 |
|
|
- |
|
- |
|
40 |
|
|
1,009 |
FDIC
insurance, other insurance and regulatory fees |
|
|
690 |
|
|
646 |
|
621 |
|
683 |
|
|
583 |
Loan/lease
expense |
|
|
257 |
|
|
260 |
|
294 |
|
242 |
|
|
103 |
Net cost of
(income from) operation of other real estate |
|
|
(160 |
) |
|
28 |
|
14 |
|
78 |
|
|
133 |
Advertising
and marketing |
|
|
670 |
|
|
568 |
|
609 |
|
760 |
|
|
548 |
Bank
service charges |
|
|
460 |
|
|
447 |
|
424 |
|
446 |
|
|
415 |
Losses on
debt extinguishment, net |
|
|
- |
|
|
- |
|
- |
|
357 |
|
|
4,137 |
Correspondent banking expense |
|
|
204 |
|
|
202 |
|
198 |
|
186 |
|
|
206 |
Other |
|
|
|
1,452 |
|
|
1,283 |
|
1,221 |
|
1,298 |
|
|
1,090 |
Total noninterest expense |
|
$ |
23,395 |
|
$ |
21,405 |
$ |
21,273 |
$ |
22,308 |
|
$ |
24,480 |
|
|
|
|
|
|
|
|
Net
income before taxes |
|
$ |
9,776 |
|
$ |
11,401 |
$ |
11,575 |
$ |
11,402 |
|
$ |
7,966 |
Income tax
expense |
|
|
1,922 |
|
|
2,635 |
|
2,390 |
|
2,873 |
|
|
1,858 |
Net
income |
|
|
$ |
7,854 |
|
$ |
8,766 |
$ |
9,185 |
$ |
8,529 |
|
$ |
6,108 |
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
0.60 |
|
$ |
0.67 |
$ |
0.70 |
$ |
0.65 |
|
$ |
0.47 |
Diluted EPS |
|
$ |
0.58 |
|
$ |
0.65 |
$ |
0.68 |
$ |
0.64 |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
13,151,350 |
|
|
13,170,283 |
|
13,133,382 |
|
13,087,592 |
|
|
13,066,777 |
Weighted
average common and common equivalent shares outstanding |
|
13,507,955 |
|
|
13,532,324 |
|
13,488,417 |
|
13,323,883 |
|
|
13,269,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Nine Months Ended |
|
|
September
30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
COMMON SHARE DATA |
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
|
13,201,959 |
|
|
|
13,175,234 |
|
|
|
13,161,219 |
|
|
|
13,106,845 |
|
|
|
13,075,307 |
|
|
|
|
Book value per common
share (1) |
|
$ |
23.71 |
|
|
$ |
23.16 |
|
|
$ |
22.48 |
|
|
$ |
21.82 |
|
|
$ |
21.48 |
|
|
|
|
Tangible book value per
common share (2) |
|
$ |
22.21 |
|
|
$ |
21.64 |
|
|
$ |
20.94 |
|
|
$ |
20.11 |
|
|
$ |
19.74 |
|
|
|
|
Closing stock
price |
|
$ |
45.50 |
|
|
$ |
47.40 |
|
|
$ |
42.35 |
|
|
$ |
43.30 |
|
|
$ |
31.74 |
|
|
|
|
Market
capitalization |
|
$ |
600,689 |
|
|
$ |
624,506 |
|
|
$ |
557,378 |
|
|
$ |
567,526 |
|
|
$ |
415,010 |
|
|
|
|
Market price / book
value |
|
|
191.89 |
% |
|
|
204.70 |
% |
|
|
188.41 |
% |
|
|
198.41 |
% |
|
|
147.77 |
% |
|
|
|
Market price / tangible
book value |
|
|
204.85 |
% |
|
|
219.08 |
% |
|
|
202.26 |
% |
|
|
215.36 |
% |
|
|
160.79 |
% |
|
|
|
Earnings per common
share (basic) LTM (3) |
|
$ |
2.62 |
|
|
$ |
2.49 |
|
|
$ |
2.36 |
|
|
$ |
2.20 |
|
|
$ |
2.13 |
|
|
|
|
Price earnings ratio
LTM (3) |
17.37 x |
19.11 x |
17.94 x |
19.68 x |
14.90 x |
|
|
|
TCE / TA (4) |
|
|
8.31 |
% |
|
|
8.29 |
% |
|
|
8.20 |
% |
|
|
8.04 |
% |
|
|
7.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
305,083 |
|
|
$ |
295,840 |
|
|
$ |
286,041 |
|
|
$ |
280,857 |
|
|
$ |
275,117 |
|
|
|
|
Net income |
|
|
7,854 |
|
|
|
8,766 |
|
|
|
9,185 |
|
|
|
8,529 |
|
|
|
6,108 |
|
|
|
|
Other comprehensive
income (loss), net of tax |
|
|
275 |
|
|
|
702 |
|
|
|
411 |
|
|
|
(3,681 |
) |
|
|
(361 |
) |
|
|
|
Common stock cash
dividends declared |
|
|
(658 |
) |
|
|
(657 |
) |
|
|
(657 |
) |
|
|
(523 |
) |
|
|
(521 |
) |
|
|
|
Other (5) |
|
|
485 |
|
|
|
432 |
|
|
|
860 |
|
|
|
859 |
|
|
|
514 |
|
|
|
|
Ending balance |
|
$ |
313,039 |
|
|
$ |
305,083 |
|
|
$ |
295,840 |
|
|
$ |
286,041 |
|
|
$ |
280,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL RATIOS: |
|
|
|
|
|
|
|
|
Total risk-based
capital ratio |
|
|
11.49 |
% |
|
|
11.65 |
% |
|
|
11.90 |
% |
|
|
11.56 |
% |
|
|
11.33 |
% |
|
|
|
Tier 1 risk-based
capital ratio |
|
|
10.35 |
% |
|
|
10.51 |
% |
|
|
10.75 |
% |
|
|
10.46 |
% |
|
|
10.29 |
% |
|
|
|
Tier 1 leverage capital
ratio |
|
|
9.23 |
% |
|
|
9.34 |
% |
|
|
9.37 |
% |
|
|
9.10 |
% |
|
|
10.09 |
% |
|
|
|
Common equity tier 1
ratio |
|
|
9.33 |
% |
|
|
9.46 |
% |
|
|
9.64 |
% |
|
|
9.41 |
% |
|
|
9.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE RATIOS AND OTHER METRICS |
|
|
|
|
|
|
|
|
Return on average
assets (annualized) |
|
|
0.90 |
% |
|
|
1.04 |
% |
|
|
1.12 |
% |
|
|
1.04 |
% |
|
|
0.85 |
% |
|
|
1.02 |
% |
|
|
0.94 |
% |
Return on average total
equity (annualized) |
|
|
10.15 |
% |
|
|
11.65 |
% |
|
|
12.63 |
% |
|
|
12.04 |
% |
|
|
8.78 |
% |
|
|
11.45 |
% |
|
|
10.02 |
% |
Net interest
margin |
|
|
3.43 |
% |
|
|
3.54 |
% |
|
|
3.65 |
% |
|
|
3.80 |
% |
|
|
3.48 |
% |
|
|
3.54 |
% |
|
|
3.42 |
% |
Net interest margin
(TEY) (Non-GAAP)(6) |
|
|
3.71 |
% |
|
|
3.81 |
% |
|
|
3.90 |
% |
|
|
4.02 |
% |
|
|
3.71 |
% |
|
|
3.81 |
% |
|
|
3.65 |
% |
Efficiency ratio
(Non-GAAP) (7) |
|
|
66.35 |
% |
|
|
61.46 |
% |
|
|
60.86 |
% |
|
|
61.44 |
% |
|
|
71.89 |
% |
|
|
62.90 |
% |
|
|
66.31 |
% |
Gross loans and leases
/ total assets |
|
|
75.39 |
% |
|
|
73.86 |
% |
|
|
72.04 |
% |
|
|
72.85 |
% |
|
|
71.95 |
% |
|
|
75.39 |
% |
|
|
71.95 |
% |
Effective tax rate |
|
|
19.66 |
% |
|
|
23.11 |
% |
|
|
20.65 |
% |
|
|
25.20 |
% |
|
|
23.32 |
% |
|
|
21.21 |
% |
|
|
23.94 |
% |
Tax
benefit related to stock options exercised and restricted stock
awards vested (8) |
|
|
191 |
|
|
|
90 |
|
|
|
533 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
814 |
|
|
|
N/A |
|
Full-time equivalent
employees (9) |
|
|
580 |
|
|
|
585 |
|
|
|
561 |
|
|
|
572 |
|
|
|
572 |
|
|
|
580 |
|
|
|
572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
Assets |
|
$ |
3,503,148 |
|
|
$ |
3,378,195 |
|
|
$ |
3,274,713 |
|
|
$ |
3,277,814 |
|
|
$ |
2,865,947 |
|
|
$ |
3,385,352 |
|
|
$ |
2,702,992 |
|
Loans/leases |
|
|
2,629,626 |
|
|
|
2,488,828 |
|
|
|
2,398,387 |
|
|
|
2,358,960 |
|
|
|
2,077,376 |
|
|
|
2,505,614 |
|
|
|
1,937,086 |
|
Deposits |
|
|
2,882,106 |
|
|
|
2,835,711 |
|
|
|
2,692,009 |
|
|
|
2,717,923 |
|
|
|
2,243,397 |
|
|
|
2,803,275 |
|
|
|
2,085,524 |
|
Total stockholders'
equity |
|
|
309,596 |
|
|
|
300,868 |
|
|
|
290,906 |
|
|
|
283,292 |
|
|
|
278,369 |
|
|
|
300,457 |
|
|
|
255,002 |
|
|
|
|
|
|
|
|
|
|
(1)
Includes accumulated other comprehensive income (loss). |
|
|
|
|
|
|
|
|
(2) Includes accumulated other comprehensive income (loss) and
excludes intangible assets. |
|
|
|
|
|
|
(3) LTM :
Last twelve months. |
|
|
|
|
|
|
|
|
(4) TCE / TA : tangible common equity / total tangible
assets. See GAAP to non-GAAP reconciliations. |
|
|
|
|
|
(5) Mainly common stock issued for options exercised and the
employee stock purchase plan, as well as stock-based
compensation. |
|
(6) TEY : Tax equivalent yield. See GAAP to Non-GAAP
reconciliations. |
|
(7) See
GAAP to Non-GAAP reconciliations. |
|
(8) ASC 2016-09 became effective on January 1, 2017 and
affects the accounting for stock compensation. This amount
reflects the tax benefit recognized as a result of this new
standard. |
(9) Full-time equivalent employees ("FTEs") increased in the
second quarter of 2017 due to the addition of summer interns (13.6
FTEs). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET INTEREST INCOME AND
MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
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 |
$ |
19,966 |
$ |
52 |
|
1.03 |
% |
|
$ |
18,742 |
$ |
38 |
|
0.81 |
% |
|
$ |
17,685 |
$ |
13 |
0.29 |
% |
Interest-bearing
deposits at financial institutions |
|
42,178 |
|
141 |
|
1.33 |
% |
|
|
86,236 |
|
220 |
|
1.02 |
% |
|
|
67,807 |
|
103 |
0.60 |
% |
Securities (1) |
|
593,451 |
|
5,808 |
|
3.88 |
% |
|
|
573,747 |
|
5,384 |
|
3.76 |
% |
|
|
525,417 |
|
4,826 |
3.65 |
% |
Restricted investment
securities |
|
17,793 |
|
173 |
|
3.86 |
% |
|
|
13,226 |
|
132 |
|
4.00 |
% |
|
|
14,877 |
|
132 |
3.53 |
% |
Loans (1) |
|
2,629,626 |
|
29,978 |
|
4.52 |
% |
|
|
2,488,828 |
|
28,881 |
|
4.65 |
% |
|
|
2,077,376 |
|
23,330 |
4.47 |
% |
Total
earning assets (1) |
$ |
3,303,014 |
$ |
36,152 |
|
4.34 |
% |
|
$ |
3,180,779 |
$ |
34,655 |
|
4.37 |
% |
|
$ |
2,703,162 |
$ |
28,404 |
4.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,613,162 |
$ |
2,230 |
|
0.55 |
% |
|
$ |
1,566,106 |
$ |
1,835 |
|
0.47 |
% |
|
$ |
1,116,325 |
$ |
717 |
0.26 |
% |
Time deposits |
|
530,120 |
|
1,326 |
|
0.99 |
% |
|
|
527,719 |
|
1,156 |
|
0.88 |
% |
|
|
422,603 |
|
755 |
0.71 |
% |
Short-term
borrowings |
|
16,138 |
|
33 |
|
0.81 |
% |
|
|
17,936 |
|
19 |
|
0.42 |
% |
|
|
30,208 |
|
12 |
0.16 |
% |
Federal Home Loan Bank
advances (4) |
|
146,556 |
|
608 |
|
1.65 |
% |
|
|
76,739 |
|
354 |
|
1.85 |
% |
|
|
118,564 |
|
421 |
1.41 |
% |
Other borrowings |
|
72,617 |
|
726 |
|
3.97 |
% |
|
|
72,000 |
|
696 |
|
3.88 |
% |
|
|
116,856 |
|
975 |
3.32 |
% |
Junior subordinated
debentures |
|
33,563 |
|
362 |
|
4.28 |
% |
|
|
33,530 |
|
347 |
|
4.15 |
% |
|
|
33,430 |
|
306 |
3.64 |
% |
Total
interest-bearing liabilities |
$ |
2,412,156 |
$ |
5,285 |
|
0.87 |
% |
|
$ |
2,294,030 |
$ |
4,407 |
|
0.77 |
% |
|
$ |
1,837,986 |
$ |
3,186 |
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income /
spread (1) |
|
$ |
30,867 |
|
3.47 |
% |
|
|
$ |
30,248 |
|
3.60 |
% |
|
|
$ |
25,218 |
3.49 |
% |
Net interest margin
(2) |
|
|
|
3.43 |
% |
|
|
|
|
3.54 |
% |
|
|
|
3.48 |
% |
Net interest margin
(TEY) (Non-GAAP) (1) (2) (3) |
|
|
|
3.71 |
% |
|
|
|
|
3.81 |
% |
|
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
September 30, 2017 |
|
September 30, 2016 |
|
|
|
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 |
$ |
16,600 |
$ |
105 |
|
0.85 |
% |
|
$ |
16,364 |
$ |
36 |
|
0.29 |
% |
|
|
|
|
Interest-bearing
deposits at financial institutions |
|
73,655 |
|
560 |
|
1.02 |
% |
|
|
53,063 |
|
226 |
|
0.57 |
% |
|
|
|
|
Securities (1) |
|
575,884 |
|
16,350 |
|
3.80 |
% |
|
|
527,162 |
|
14,084 |
|
3.57 |
% |
|
|
|
|
Restricted investment
securities |
|
14,963 |
|
435 |
|
3.89 |
% |
|
|
14,396 |
|
396 |
|
3.67 |
% |
|
|
|
|
Loans (1) |
|
2,505,614 |
|
86,821 |
|
4.63 |
% |
|
|
1,937,085 |
|
63,784 |
|
4.40 |
% |
|
|
|
|
Total
earning assets (1) |
$ |
3,186,716 |
$ |
104,271 |
|
4.37 |
% |
|
$ |
2,548,070 |
$ |
78,526 |
|
4.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,528,971 |
$ |
5,205 |
|
0.46 |
% |
|
$ |
994,476 |
$ |
1,931 |
|
0.26 |
% |
|
|
|
|
Time deposits |
|
522,986 |
|
3,575 |
|
0.91 |
% |
|
|
415,808 |
|
2,175 |
|
0.70 |
% |
|
|
|
|
Short-term
borrowings |
|
19,754 |
|
76 |
|
0.51 |
% |
|
|
55,623 |
|
74 |
|
0.18 |
% |
|
|
|
|
Federal Home Loan Bank
advances |
|
112,550 |
|
1,365 |
|
1.62 |
% |
|
|
125,319 |
|
1,278 |
|
1.36 |
% |
|
|
|
|
Other borrowings |
|
73,126 |
|
2,104 |
|
3.85 |
% |
|
|
106,201 |
|
2,624 |
|
3.30 |
% |
|
|
|
|
Junior subordinated
debentures |
|
33,530 |
|
1,042 |
|
4.15 |
% |
|
|
33,825 |
|
913 |
|
3.61 |
% |
|
|
|
|
Total
interest-bearing liabilities |
$ |
2,290,917 |
$ |
13,367 |
|
0.78 |
% |
|
$ |
1,731,252 |
$ |
8,995 |
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income /
spread (1) |
|
$ |
90,904 |
|
3.59 |
% |
|
|
$ |
69,531 |
|
3.43 |
% |
|
|
|
|
Net interest margin
(2) |
|
|
|
3.54 |
% |
|
|
|
|
3.42 |
% |
|
|
|
|
Net interest margin
(TEY) (Non-GAAP) (1) (2) (3) |
|
|
|
3.81 |
% |
|
|
|
|
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes nontaxable securities and loans. Interest earned and
yields on nontaxable securities and loans are determined on a tax
equivalent basis using a 35% tax rate |
|
|
for each period
presented. |
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
September
30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
ROLLFORWARD OF ALLOWANCE FOR LOAN/LEASE
LOSSES |
|
|
|
|
|
Beginning balance |
$ |
33,357 |
|
$ |
32,059 |
|
$ |
30,757 |
|
$ |
28,827 |
|
$ |
28,097 |
|
Provision charged to
expense |
|
2,087 |
|
|
2,023 |
|
|
2,105 |
|
|
2,599 |
|
|
1,608 |
|
Loans/leases charged
off |
|
(650 |
) |
|
(851 |
) |
|
(893 |
) |
|
(755 |
) |
|
(987 |
) |
Recoveries on
loans/leases previously charged off |
|
188 |
|
|
126 |
|
|
90 |
|
|
86 |
|
|
109 |
|
Ending
balance |
$ |
34,982 |
|
$ |
33,357 |
|
$ |
32,059 |
|
$ |
30,757 |
|
$ |
28,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
Nonaccrual
loans/leases |
$ |
20,443 |
|
$ |
13,217 |
|
$ |
14,205 |
|
$ |
13,919 |
|
$ |
14,371 |
|
Accruing loans/leases
past due 90 days or more |
|
423 |
|
|
424 |
|
|
955 |
|
|
967 |
|
|
392 |
|
Troubled debt
restructures - accruing |
|
7,563 |
|
|
6,915 |
|
|
6,229 |
|
|
6,347 |
|
|
1,825 |
|
Total
nonperforming loans/leases |
|
28,429 |
|
|
20,556 |
|
|
21,389 |
|
|
21,233 |
|
|
16,588 |
|
Other real estate
owned |
|
5,135 |
|
|
5,174 |
|
|
5,625 |
|
|
5,523 |
|
|
5,808 |
|
Other repossessed
assets |
|
120 |
|
|
123 |
|
|
285 |
|
|
202 |
|
|
353 |
|
Total nonperforming assets |
$ |
33,684 |
|
$ |
25,853 |
|
$ |
27,299 |
|
$ |
26,958 |
|
$ |
22,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
Nonperforming assets /
total assets |
|
0.95 |
% |
|
0.75 |
% |
|
0.81 |
% |
|
0.82 |
% |
|
0.69 |
% |
Allowance / total
loans/leases (1) |
|
1.31 |
% |
|
1.31 |
% |
|
1.32 |
% |
|
1.28 |
% |
|
1.22 |
% |
Allowance /
nonperforming loans/leases (1) |
|
123.05 |
% |
|
162.27 |
% |
|
149.89 |
% |
|
144.85 |
% |
|
173.78 |
% |
Net charge-offs as a %
of average loans/leases |
|
0.02 |
% |
|
0.03 |
% |
|
0.03 |
% |
|
0.03 |
% |
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Upon acquisition and per GAAP, acquired loans are recorded
at market value, which eliminated the allowance and impacts these
ratios. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Nine Months Ended |
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
SELECT FINANCIAL DATA - SUBSIDIARIES |
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,456,251 |
|
|
$ |
1,400,308 |
|
|
$ |
1,407,733 |
|
|
|
|
|
|
|
m2 Lease
Funds, LLC |
|
|
216,997 |
|
|
|
215,689 |
|
|
|
208,080 |
|
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
1,007,062 |
|
|
|
993,769 |
|
|
|
887,593 |
|
|
|
|
|
|
|
Community State
Bank |
|
|
631,963 |
|
|
|
642,761 |
|
|
|
580,210 |
|
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
445,099 |
|
|
|
426,160 |
|
|
|
393,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,164,828 |
|
|
$ |
1,205,516 |
|
|
$ |
1,110,512 |
|
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
845,576 |
|
|
|
789,750 |
|
|
|
727,446 |
|
|
|
|
|
|
|
Community State
Bank |
|
|
547,915 |
|
|
|
554,767 |
|
|
|
481,256 |
|
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
358,940 |
|
|
|
346,893 |
|
|
|
294,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,111,964 |
|
|
$ |
1,045,625 |
|
|
$ |
994,628 |
|
|
|
|
|
|
|
m2 Lease
Funds, LLC |
|
|
214,959 |
|
|
|
214,253 |
|
|
|
206,800 |
|
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
755,817 |
|
|
|
728,562 |
|
|
|
634,929 |
|
|
|
|
|
|
|
Community State
Bank |
|
|
453,898 |
|
|
|
442,845 |
|
|
|
419,498 |
|
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
355,075 |
|
|
|
336,534 |
|
|
|
311,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
76 |
% |
|
|
75 |
% |
|
|
71 |
% |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
75 |
% |
|
|
73 |
% |
|
|
72 |
% |
|
|
|
|
|
|
Community State
Bank |
|
|
72 |
% |
|
|
69 |
% |
|
|
72 |
% |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
80 |
% |
|
|
79 |
% |
|
|
79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE AS A PERCENTAGE OF TOTAL
LOANS/LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
1.28 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
|
|
|
|
m2 Lease
Funds, LLC |
|
|
1.68 |
% |
|
|
1.60 |
% |
|
|
1.69 |
% |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
1.55 |
% |
|
|
1.58 |
% |
|
|
1.69 |
% |
|
|
|
|
|
|
Community State Bank
(2) |
|
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.07 |
% |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
1.52 |
% |
|
|
1.59 |
% |
|
|
1.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
1.19 |
% |
|
|
1.26 |
% |
|
|
1.12 |
% |
|
|
1.22 |
% |
|
|
1.10 |
% |
|
|
Cedar Rapids Bank and
Trust |
|
|
1.30 |
% |
|
|
1.23 |
% |
|
|
1.48 |
% |
|
|
1.28 |
% |
|
|
1.44 |
% |
|
|
Community State Bank
(3) |
|
|
1.04 |
% |
|
|
1.26 |
% |
|
|
0.39 |
% |
|
|
1.20 |
% |
|
|
0.39 |
% |
|
|
Rockford Bank and
Trust |
|
|
0.67 |
% |
|
|
0.82 |
% |
|
|
0.96 |
% |
|
|
0.78 |
% |
|
|
0.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN PERCENTAGE (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
3.60 |
% |
|
|
3.63 |
% |
|
|
3.61 |
% |
|
|
3.65 |
% |
|
|
3.63 |
% |
|
|
Cedar Rapids Bank and
Trust |
|
|
3.72 |
% |
|
|
3.66 |
% |
|
|
3.93 |
% |
|
|
3.71 |
% |
|
|
3.82 |
% |
|
|
Community State Bank
(5) |
|
|
4.54 |
% |
|
|
5.06 |
% |
|
|
4.99 |
% |
|
|
4.98 |
% |
|
|
4.99 |
% |
|
|
Rockford Bank and
Trust |
|
|
3.35 |
% |
|
|
3.40 |
% |
|
|
3.50 |
% |
|
|
3.39 |
% |
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN
NET |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST MARGIN, NET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
$ |
(7 |
) |
|
$ |
(6 |
) |
|
$ |
(9 |
) |
|
$ |
(22 |
) |
|
$ |
360 |
|
|
|
Community State
Bank |
|
|
513 |
|
|
|
1,580 |
|
|
|
447 |
|
|
|
4,149 |
|
|
|
447 |
|
|
|
QCR Holdings, Inc.
(6) |
|
|
(32 |
) |
|
|
(33 |
) |
|
|
(34 |
) |
|
|
(99 |
) |
|
|
(103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Quad City
Bank and Trust figures include m2 Lease Funds, LLC, as this entity
is wholly-owned and consolidated with the Bank. m2 Lease
Funds, LLC |
|
|
|
|
is also presented
separately for certain (applicable) measurements. |
|
|
|
|
|
|
|
|
|
|
|
(2) |
|
Upon
acquisition and per GAAP, acquired loans are recorded at market
value, which eliminated the allowance and impacts this
ratio. |
|
|
|
|
|
(3) |
|
Community
State Bank's return on average assets includes acquisition costs
and various purchase accounting adjustments. |
|
|
|
|
|
|
|
(4) |
|
Includes
nontaxable securities and loans. Interest earned and yields
on nontaxable securities and loans are determined on a tax
equivalent basis using |
|
|
|
|
a 35% tax rate for each
period presented. |
|
|
|
|
|
|
|
|
|
|
|
(5) |
|
Community
State Bank's net interest margin percentage includes various
purchase accounting adjustments. Excluding those adjustments,
net interest |
|
|
|
|
margin
would have been 4.21% for the quarter ended September 30, 2017,
3.95% for the quarter ended June 30, 2017 and 3.90% for the quarter
ended September 30, 2016. |
|
(6) |
|
Relates to
the trust preferred securities acquired as part of the Community
National Bank acquisition in 2013. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Of |
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
|
|
GAAP TO NON-GAAP RECONCILIATIONS |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
|
$ |
313,039 |
|
|
$ |
305,083 |
|
|
$ |
295,840 |
|
|
$ |
286,041 |
|
|
$ |
280,857 |
|
|
|
|
|
Less:
Intangible assets |
|
|
19,800 |
|
|
|
20,030 |
|
|
|
20,261 |
|
|
|
22,522 |
|
|
|
22,755 |
|
|
|
|
|
Tangible
common equity (non-GAAP) |
|
$ |
293,239 |
|
|
$ |
285,053 |
|
|
$ |
275,579 |
|
|
$ |
263,519 |
|
|
$ |
258,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
|
$ |
3,550,463 |
|
|
$ |
3,457,187 |
|
|
$ |
3,381,013 |
|
|
$ |
3,301,944 |
|
|
$ |
3,280,986 |
|
|
|
|
|
Less:
Intangible assets |
|
|
19,800 |
|
|
|
20,030 |
|
|
|
20,261 |
|
|
|
22,522 |
|
|
|
22,755 |
|
|
|
|
|
Tangible
assets (non-GAAP) |
|
$ |
3,530,663 |
|
|
$ |
3,437,157 |
|
|
$ |
3,360,752 |
|
|
$ |
3,279,422 |
|
|
$ |
3,258,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets ratio (non-GAAP) |
|
|
8.31 |
% |
|
|
8.29 |
% |
|
|
8.20 |
% |
|
|
8.04 |
% |
|
|
7.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
September 30, |
|
September 30, |
CORE NET INCOME (2) |
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (GAAP) |
|
$ |
7,854 |
|
|
$ |
8,766 |
|
|
$ |
9,185 |
|
|
$ |
8,529 |
|
|
$ |
6,108 |
|
|
$ |
25,805 |
|
|
$ |
19,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring items (post-tax) (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities gains, net |
|
$ |
(41 |
) |
|
$ |
25 |
|
|
$ |
- |
|
|
$ |
(23 |
) |
|
$ |
2,764 |
|
|
$ |
(16 |
) |
|
$ |
3,009 |
|
Total
nonrecurring income (non-GAAP) |
|
$ |
(41 |
) |
|
$ |
25 |
|
|
$ |
- |
|
|
$ |
(23 |
) |
|
$ |
2,764 |
|
|
$ |
(16 |
) |
|
$ |
3,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses on
debt extinguishment, net |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
232 |
|
|
$ |
2,689 |
|
|
$ |
- |
|
|
$ |
2,743 |
|
Acquisition costs |
|
|
265 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
674 |
|
|
|
265 |
|
|
|
887 |
|
Post-acquisition transition and integration costs |
|
|
340 |
|
|
|
- |
|
|
|
- |
|
|
|
26 |
|
|
|
832 |
|
|
|
340 |
|
|
|
850 |
|
Total
nonrecurring expense (non-GAAP) |
|
$ |
605 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
258 |
|
|
$ |
4,195 |
|
|
$ |
605 |
|
|
$ |
4,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(2) |
|
$ |
8,500 |
|
|
$ |
8,741 |
|
|
$ |
9,185 |
|
|
$ |
8,810 |
|
|
$ |
7,539 |
|
|
$ |
26,426 |
|
|
$ |
20,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE EARNINGS PER COMMON SHARE (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(from above) |
|
$ |
8,500 |
|
|
$ |
8,741 |
|
|
$ |
9,185 |
|
|
$ |
8,810 |
|
|
$ |
7,539 |
|
|
$ |
26,426 |
|
|
$ |
20,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
|
13,151,350 |
|
|
|
13,170,283 |
|
|
|
13,133,382 |
|
|
|
13,087,592 |
|
|
|
13,066,777 |
|
|
|
13,151,672 |
|
|
|
12,398,491 |
|
Weighted average common
and common equivalent shares outstanding |
|
|
13,507,955 |
|
|
|
13,532,324 |
|
|
|
13,488,417 |
|
|
|
13,323,883 |
|
|
|
13,269,703 |
|
|
|
13,509,566 |
|
|
|
12,580,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core earnings
per common share (non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
0.70 |
|
|
$ |
0.67 |
|
|
$ |
0.58 |
|
|
$ |
2.01 |
|
|
$ |
1.66 |
|
Diluted |
|
$ |
0.63 |
|
|
$ |
0.65 |
|
|
$ |
0.68 |
|
|
$ |
0.66 |
|
|
$ |
0.57 |
|
|
$ |
1.96 |
|
|
$ |
1.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE RETURN ON AVERAGE ASSETS (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(from above) |
|
$ |
8,500 |
|
|
$ |
8,741 |
|
|
$ |
9,185 |
|
|
$ |
8,810 |
|
|
$ |
7,539 |
|
|
$ |
26,426 |
|
|
$ |
20,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
|
$ |
3,503,148 |
|
|
$ |
3,378,195 |
|
|
$ |
3,274,713 |
|
|
$ |
3,277,814 |
|
|
$ |
2,865,947 |
|
|
$ |
3,385,352 |
|
|
$ |
2,702,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core return on
average assets (annualized) (non-GAAP) |
|
|
0.97 |
% |
|
|
1.03 |
% |
|
|
1.12 |
% |
|
|
1.08 |
% |
|
|
1.05 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN (TEY) (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
|
$ |
28,556 |
|
|
$ |
28,047 |
|
|
$ |
27,669 |
|
|
$ |
29,280 |
|
|
$ |
23,631 |
|
|
$ |
84,272 |
|
|
$ |
65,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Tax
equivalent adjustment (6) |
|
|
2,311 |
|
|
|
2,201 |
|
|
|
1,950 |
|
|
|
1,727 |
|
|
|
1,587 |
|
|
|
6,632 |
|
|
|
4,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income -
tax equivalent (Non-GAAP) |
|
$ |
30,867 |
|
|
$ |
30,248 |
|
|
$ |
29,619 |
|
|
$ |
31,007 |
|
|
$ |
25,218 |
|
|
$ |
90,904 |
|
|
$ |
69,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning
assets |
|
$ |
3,303,014 |
|
|
$ |
3,180,779 |
|
|
$ |
3,076,356 |
|
|
$ |
3,069,122 |
|
|
$ |
2,703,162 |
|
|
$ |
3,186,716 |
|
|
$ |
2,548,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(GAAP) |
|
|
3.43 |
% |
|
|
3.54 |
% |
|
|
3.65 |
% |
|
|
3.80 |
% |
|
|
3.48 |
% |
|
|
3.54 |
% |
|
|
3.42 |
% |
Net interest margin
(TEY) (Non-GAAP) |
|
|
3.71 |
% |
|
|
3.81 |
% |
|
|
3.90 |
% |
|
|
4.02 |
% |
|
|
3.71 |
% |
|
|
3.81 |
% |
|
|
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
(GAAP) |
|
$ |
23,395 |
|
|
$ |
21,405 |
|
|
$ |
21,273 |
|
|
$ |
22,308 |
|
|
$ |
24,480 |
|
|
$ |
66,073 |
|
|
$ |
59,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
|
$ |
28,556 |
|
|
$ |
28,047 |
|
|
$ |
27,669 |
|
|
$ |
29,280 |
|
|
$ |
23,631 |
|
|
$ |
84,272 |
|
|
$ |
65,237 |
|
Noninterest income
(GAAP) |
|
|
6,702 |
|
|
|
6,782 |
|
|
|
7,284 |
|
|
|
7,029 |
|
|
|
10,423 |
|
|
|
20,768 |
|
|
|
24,008 |
|
Total
income |
|
$ |
35,258 |
|
|
$ |
34,829 |
|
|
$ |
34,953 |
|
|
$ |
36,309 |
|
|
$ |
34,054 |
|
|
$ |
105,040 |
|
|
$ |
89,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(noninterest expense/total income) (Non-GAAP) |
|
|
66.35 |
% |
|
|
61.46 |
% |
|
|
60.86 |
% |
|
|
61.44 |
% |
|
|
71.89 |
% |
|
|
62.90 |
% |
|
|
66.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
(2) Core net income, core net income attributable to QCR
Holdings, Inc. common stockholders, core earnings per common share
and core return on average assets are non-GAAP financial
measures. The Company's management believes that these
measurements are important to investors as they exclude
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, this non-GAAP measure is reconciled to
net income, which is the most directly comparable GAAP financial
measure. |
(3) Nonrecurring items (post-tax) are calculated using an
estimated effective tax rate of 35%. |
(4) Acquisition costs were analyzed individually for
deductibility. Presented amounts are tax-effected
accordingly. |
(5) 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. |
(6) Interest earned and yields on nontaxable securities and
loans are determined on a tax equivalent basis using a 35% tax rate
for each period presented. |
(7) 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. |
|
Contact:Todd A. GippleExecutive Vice PresidentChief Operating
OfficerChief Financial Officer(309) 743-7745
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Ott 2023 a Ott 2024