QCR Holdings, Inc. Announces 2017 Fourth Quarter Earnings Call and Increase in the Value of the Company’s Deferred Tax Asse...
22 Gennaio 2018 - 10:00PM
QCR Holdings, Inc. (NASDAQ:QCRH) announced today that its 2017
fourth quarter earnings results will be released at the close of
market on February 1, 2018. As previously announced,
the Company completed the acquisition of Guaranty Bank and Trust
Company during the fourth quarter. The finalization of the purchase
accounting adjustments related to the acquisition and the
revaluation of the Company’s deferred tax asset as of December 31,
2017, as discussed further below, will cause the Company to release
fourth quarter earnings results at that time.
The Company will host an earnings call/webcast on February 2,
2018 at 10 a.m. central time. Douglas M. Hultquist, President and
Chief Executive Officer, and Todd A. Gipple, Executive Vice
President, Chief Operating Officer and Chief Financial Officer,
will conduct the teleconference/webcast. Shareholders, analysts and
other interested parties are invited to join.
The earnings call will be broadcast over the internet on the
Company’s website, or interested parties may listen to the
Company’s earnings call via teleconference. Participants should
visit the Company’s website or call in to the conference line set
forth below at least 10 minutes prior to the scheduled start of the
call.
On December 22, 2017, the U.S. government enacted comprehensive
tax legislation commonly referred to as the Tax Cuts and Jobs Act
(the “Tax Act”). The Tax Act introduces tax reform that reduces the
current corporate federal income tax rate from 35% to 21%, among
other changes. The corporate tax rate reduction is effective
January 1, 2018. The Company has determined that the Tax Act
requires a revaluation of its net deferred tax asset. Deferred
income taxes result from temporary differences between the tax
basis of assets and liabilities and their reported amounts in the
financial statements, which will result in taxable or deductible
amounts in future years. Deferred tax assets and liabilities are
measured using enacted rates expected to apply to taxable income in
years in which those temporary differences are expected to be
recovered or settled. Deferred tax assets and liabilities are
adjusted through income tax expense as changes in tax laws are
enacted.
The Company has determined that, based on current information,
the Tax Act's impact will be to increase the value of the Company's
net deferred tax asset by approximately $2.9 million, which will be
recorded as a reduction in income tax expense during the fourth
quarter of 2017. While the Company is in a net deferred tax asset
position, certain tax credits that are components of the net
deferred tax assets do not require revaluation. Excluding
these tax credits the Company is in a net deferred tax liability
position and this net deferred tax liability position will now be
valued at the Company’s new lower corporate income tax rate of 21%.
The impact is an increase in fourth quarter 2017 earnings of
approximately $0.21 per share and a 1% increase in tangible book
value as of December 31, 2017.
In addition to increasing earnings for the fourth quarter of
2017, the Tax Act is expected to be an ongoing benefit to the
Company. Management plans to comment on the impact of
the new lower corporate tax rate during the fourth quarter earnings
call.
The Company’s revaluation of its net deferred tax asset and
other relevant details remain subject to modifications as the
Company finalizes its financial results for the year ended December
31, 2017 and as information and analysis regarding the Tax Act and
other relevant factors emerge.
Teleconference: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
February 16, 2018. The replay access information is toll-free
1-877-344-7529 (international 1-412-317-0088); access code
10116044.
Webcast: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/qcrh180202.html. The archived
audio webcast will be available until February 2, 2019.
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.
Contact:Todd A. GippleExecutive Vice PresidentChief Operating
OfficerChief Financial Officer(309) 743-7745
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