Q1 2018 Highlights
QCR Holdings, Inc. (NASDAQ:QCRH), today announced net income of
$10.6 million and diluted earnings per share (“EPS”) of $0.74 for
the first quarter of 2018, compared to net income of $9.9 million
and diluted EPS of $0.70 for the fourth quarter of 2017. The fourth
quarter results included a number of non-core items. Excluding
these non-core items, the Company reported core net income
(non-GAAP) of $9.9 million and core diluted EPS of $0.70 for the
fourth quarter of 2017. Core net income for the first quarter
of 2018 was $10.6 million and core diluted EPS was $0.75. For the
first quarter of 2017, the Company reported net income of $9.2
million and diluted EPS of $0.68.
“We are very pleased with our strong start to 2018,” commented
Douglas M. Hultquist, President and Chief Executive Officer, “We
delivered solid organic loan growth, meaningful fee income,
excellent credit quality and improved profitability through the
execution of our ongoing key initiatives. We are also pleased
to announce that we have reached a definitive agreement to enter
the Springfield, Missouri market by merging with Springfield
Bancshares, Inc., the holding company of Springfield First
Community Bank, based in Springfield, Missouri. This will add a
fifth charter to our Company and provide us entry into the
attractive Springfield market, where we plan to continue to build
upon their strong reputation and market position.”
Annualized Loan and Lease Growth of
12.2%
During the first quarter of 2018, the Company’s total assets
increased $43.6 million, to a total of $4.0 billion, while total
loans and leases grew $90.4 million, or 3.1% on a linked quarter
basis. Loan and lease growth was primarily funded by a combination
of the excess liquidity the Company had at year-end, a modest
increase in deposits, and an increase in short-term borrowings.
“Annualized organic loan and lease growth was a healthy 12.2%
during the first quarter, and at the high end of our long-term
targeted growth rate of 10% – 12%,” commented Mr. Hultquist.
“Our loan growth was driven by healthy demand for both commercial
and industrial and commercial real estate loans and was broad based
across all of our charters. We continue to grow loans organically
through market share increases, attracting new clients that
appreciate our relationship-based community banking model.”
Annualized Net Interest Income Growth of
7.5%
Net interest income for the first quarter of 2018 totaled $32.4
million compared with $31.8 million for the fourth quarter of 2017,
and $27.7 million for the first quarter of 2017. The increase in
net interest income was due primarily to an increase in average
loan balances and the impact of higher loan yields, driven
principally by the Federal Reserve's December rate hike, partially
offset by higher funding costs. Acquisition-related net
accretion totaled $0.7 million for the first quarter of 2018,
consistent with the fourth quarter of 2017 and compared to $1.9
million for the first quarter of 2017. Excluding
acquisition-related net accretion, net interest income of $31.7
million for the first quarter of 2018 increased 2.1%, compared to
$31.0 million for the fourth quarter of 2017.
Net interest margin, excluding acquisition accounting net
accretion, was down five basis points from the fourth quarter of
2017. However, the lower tax rate in the first quarter of 2018 due
to the recently passed Tax Cuts and Jobs Act decreased the tax
equivalent yield (“TEY”) on the Company’s nontaxable securities and
loans, which negatively impacted net interest margin comparisons on
a linked quarter basis. Excluding the TEY adjustments and
acquisition accounting net accretion from each quarter, net
interest margin actually increased eight basis points.
Annualized Wealth Management Revenue
Growth of 10.8%Swap Fee Income and Gains on the
Sale of Government Guaranteed Loans of $1.3 million
Noninterest income for the first quarter of 2018 totaled $8.5
million, as compared to $9.7 million for the fourth quarter of
2017. The decrease was primarily due to $1.5 million lower
swap fee income, as the fourth quarter generated an outsized $2.5
million of swap fee income relative to a more normalized quarter.
Wealth management revenue was $3.2 million for the quarter, an
increase of 2.7% from the fourth quarter of 2017.
Noninterest income increased 17.3% from $7.3 million in the
first quarter of 2017. The increase was primarily attributable to
higher wealth management revenue, deposit service fees, and swap
fee income.
“Swap fee income and gains on the sale of government guaranteed
loans totaled $1.3 million for the first quarter, moderately higher
than our annualized expectation of $4.0 million. Given the nature
of this fee income source, large fluctuations can occur from
quarter-to-quarter, as we experienced in 2017,” stated Todd A.
Gipple, Executive Vice President, Chief Operating Officer and Chief
Financial Officer. “We are pleased with the annualized growth
of our wealth management revenue. These services are highly valued
by our clients and we continue to expect them to be a growing part
of our noninterest income revenue stream going forward.”
Noninterest Expenses Well Controlled and
Total $25.9 million for the First Quarter
Noninterest expenses for the first quarter of 2018 totaled $25.9
million, compared with $31.4 million and $21.3 million for the
fourth and first quarters of 2017, respectively. The linked quarter
decrease in noninterest expenses was primarily attributable to a
$4.4 million reduction in acquisition costs and post-acquisition
compensation, transition and integration costs which were incurred
in the fourth quarter of 2017 and were related to the acquisition
of Guaranty Bank & Trust Company (“Guaranty Bank”). In
addition, the Company realized the full amount of anticipated cost
savings from the Guaranty Bank acquisition during the first quarter
of 2018.
The Company’s operating efficiency ratio was 63.2% in the first
quarter of 2018, compared with 75.5% in the fourth quarter of 2017
and 60.9% in the first quarter of 2017.
Asset Quality Remains Solid
Nonperforming assets (“NPAs”) totaled $31.0 million, a decrease
of $1.3 million in the first quarter of 2018. The ratio of
NPAs to total assets was 0.77% at March 31, 2018, which was down
from 0.81% at December 31, 2017 and down from 0.81% a year
ago.
The Company’s provision for loan and lease losses totaled $2.5
million for the first quarter of 2018, which was up $285,000 from
the prior quarter, and up $435,000 compared to the first quarter of
2017. The linked quarter growth in the provision for loan and
lease losses was due to the growth in the loan and lease portfolio.
As of March 31, 2018, the Company’s allowance to total loans and
leases was 1.20%, which was up from 1.16% at December 31, 2017 and
down from 1.32% at March 31, 2017.
In accordance with generally accepted accounting principles for
acquisition accounting, the loans acquired through the acquisition
of Community State Bank and Guaranty Bank were recorded at market
value; therefore, there was no allowance associated with the
acquired loans. Management continues to evaluate the
allowance needed on the acquired loans factoring in the net
remaining discount ($7.3 million at March 31, 2018). 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 1.20% to
1.43%.
Capital Levels Remain Strong
As of March 31, 2018, the Company’s total risk-based capital
ratio was 11.37%, the common equity tier 1 ratio was 9.23%, and the
tangible common equity to tangible assets ratio was 8.10%. By
comparison, these respective ratios were 11.15%, 9.10% and 8.01% as
of December 31, 2017.
Continued Focus on Seven Key
Initiatives
The Company continues to focus on the following long-term
initiatives in an effort to improve profitability and drive
increased shareholder value:
- Strong organic loan and lease growth in order to maintain loans
and leases to total assets ratio in the range of 73% - 78%
- Grow core deposits to maintain reliance on wholesale funding at
less than 15% of assets
- Generate gains on sale of USDA and SBA loans, and fee income on
interest rate 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 industry to further boost ROAA, improve efficiency ratio, and
increase EPS
Conference Call Details
The Company will host an earnings call/webcast today, April 18,
2018 at 10:30 a.m. central time. Dial-in information for the
call is toll-free 888-317-6016 (international 412-317-6016).
Participants should request to join the QCR Holdings, Inc. call.
The event will be available for digital replay through May 2,
2018. The replay access information is toll-free 877-344-7529
(international 412-317-0088); access code 10119001. A webcast
of the teleconference can be accessed at the Company’s News and
Events page at http://www.qcrh.com. An archived version of the
webcast will be available at the same location shortly after the
live event has
ended. About
Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a
relationship-driven, multi-bank holding company, 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,
which merged with Cedar Rapids Bank & Trust in December
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, 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.
Contacts:
Todd A. GippleExecutive Vice PresidentChief Operating
OfficerChief Financial Officer(309)
743-7745tgipple@qcrh.com
Christopher J. LindellExecutive Vice PresidentCorporate
Communications(319) 743-7006clindell@qcrh.com
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
As of |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
2018 |
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
61,846 |
$ |
75,722 |
$ |
56,275 |
$ |
77,161 |
$ |
56,326 |
Federal funds sold and
interest-bearing deposits |
|
59,557 |
|
85,962 |
|
61,789 |
|
72,354 |
|
173,219 |
Securities |
|
640,906 |
|
652,382 |
|
583,936 |
|
593,485 |
|
557,646 |
Net loans/leases |
|
3,018,370 |
|
2,930,130 |
|
2,641,772 |
|
2,520,209 |
|
2,403,791 |
Core deposit
intangible |
|
8,774 |
|
9,079 |
|
6,689 |
|
6,919 |
|
7,150 |
Goodwill |
|
28,334 |
|
28,334 |
|
13,111 |
|
13,111 |
|
13,111 |
Other assets |
|
208,527 |
|
201,056 |
|
186,891 |
|
173,948 |
|
169,770 |
Total assets |
$ |
4,026,314 |
$ |
3,982,665 |
$ |
3,550,463 |
$ |
3,457,187 |
$ |
3,381,013 |
|
|
|
|
|
|
Total deposits |
$ |
3,280,001 |
$ |
3,266,655 |
$ |
2,894,268 |
$ |
2,870,234 |
$ |
2,805,931 |
Total borrowings |
|
334,802 |
|
309,479 |
|
296,145 |
|
230,263 |
|
231,534 |
Other liabilities |
|
51,083 |
|
53,244 |
|
47,011 |
|
51,607 |
|
47,708 |
Total stockholders'
equity |
|
360,428 |
|
353,287 |
|
313,039 |
|
305,083 |
|
295,840 |
Total liabilities and stockholders' equity |
$ |
4,026,314 |
$ |
3,982,665 |
$ |
3,550,463 |
$ |
3,457,187 |
$ |
3,381,013 |
|
|
|
|
|
|
ANALYSIS OF LOAN PORTFOLIO |
|
|
|
|
|
Loan/lease mix: |
|
|
|
|
|
Commercial and industrial loans |
$ |
1,201,086 |
$ |
1,134,516 |
$ |
1,034,530 |
$ |
942,539 |
$ |
851,578 |
Commercial real estate loans |
|
1,357,703 |
|
1,303,492 |
|
1,157,855 |
|
1,131,906 |
|
1,106,842 |
Direct
financing leases |
|
137,615 |
|
141,448 |
|
147,063 |
|
153,337 |
|
159,368 |
Residential real estate loans |
|
254,484 |
|
258,646 |
|
239,958 |
|
233,871 |
|
231,326 |
Installment and other consumer loans |
|
95,912 |
|
118,611 |
|
89,606 |
|
84,047 |
|
78,771 |
Deferred
loan/lease origination costs, net of fees |
|
8,103 |
|
7,773 |
|
7,742 |
|
7,866 |
|
7,965 |
Total loans/leases |
$ |
3,054,903 |
$ |
2,964,486 |
$ |
2,676,754 |
$ |
2,553,566 |
$ |
2,435,850 |
Less
allowance for estimated losses on loans/leases |
|
36,533 |
|
34,356 |
|
34,982 |
|
33,357 |
|
32,059 |
Net
loans/leases |
$ |
3,018,370 |
$ |
2,930,130 |
$ |
2,641,772 |
$ |
2,520,209 |
$ |
2,403,791 |
|
|
|
|
|
|
ANALYSIS OF SECURITIES PORTFOLIO |
|
|
|
|
|
Securities mix: |
|
|
|
|
|
U.S.
government sponsored agency securities |
$ |
36,868 |
$ |
38,097 |
$ |
39,340 |
$ |
41,944 |
$ |
47,556 |
Municipal
securities |
|
438,736 |
|
445,049 |
|
379,694 |
|
381,254 |
|
356,776 |
Residential mortgage-backed and related securities |
|
157,333 |
|
163,301 |
|
158,969 |
|
164,415 |
|
147,504 |
Other
securities |
|
7,969 |
|
5,935 |
|
5,933 |
|
5,872 |
|
5,810 |
Total
securities |
$ |
640,906 |
$ |
652,382 |
$ |
583,936 |
$ |
593,485 |
$ |
557,646 |
|
|
|
|
|
|
ANALYSIS OF DEPOSITS |
|
|
|
|
|
Deposit mix: |
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
784,815 |
$ |
789,548 |
$ |
715,537 |
$ |
760,625 |
$ |
777,150 |
Interest-bearing demand deposits |
|
1,789,019 |
|
1,855,893 |
|
1,614,894 |
|
1,526,103 |
|
1,486,047 |
Time
deposits |
|
496,644 |
|
516,058 |
|
430,270 |
|
478,580 |
|
458,170 |
Brokered
deposits |
|
209,523 |
|
105,156 |
|
133,567 |
|
104,926 |
|
84,564 |
Total
deposits |
$ |
3,280,001 |
$ |
3,266,655 |
$ |
2,894,268 |
$ |
2,870,234 |
$ |
2,805,931 |
|
|
|
|
|
|
ANALYSIS OF BORROWINGS |
|
|
|
|
|
Borrowings mix: |
|
|
|
|
|
Term FHLB
advances |
$ |
56,600 |
$ |
56,600 |
$ |
58,600 |
$ |
57,000 |
$ |
59,000 |
Overnight
FHLB advances (1) |
|
159,745 |
|
135,400 |
|
110,455 |
|
49,500 |
|
47,550 |
Wholesale
structured repurchase agreements |
|
35,000 |
|
35,000 |
|
45,000 |
|
45,000 |
|
45,000 |
Customer
repurchase agreements |
|
3,820 |
|
7,003 |
|
3,671 |
|
4,897 |
|
7,170 |
Federal
funds purchased |
|
13,040 |
|
6,990 |
|
12,340 |
|
13,320 |
|
12,300 |
Junior
subordinated debentures |
|
37,534 |
|
37,486 |
|
33,579 |
|
33,546 |
|
33,514 |
Other
borrowings |
|
29,063 |
|
31,000 |
|
32,500 |
|
27,000 |
|
27,000 |
Total
borrowings |
$ |
334,802 |
$ |
309,479 |
$ |
296,145 |
$ |
230,263 |
$ |
231,534 |
(1) At the most recent quarter-end, the weighted-average rate of
these overnight borrowings was 1.90%.
|
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
For the Quarter Ended |
|
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
|
2018 |
|
2017 |
|
|
2017 |
|
|
2017 |
|
2017 |
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
|
Interest income |
|
$ |
39,546 |
$ |
37,878 |
|
$ |
33,841 |
|
$ |
32,453 |
$ |
31,345 |
Interest expense |
|
|
7,143 |
|
6,085 |
|
|
5,285 |
|
|
4,406 |
|
3,676 |
Net interest
income |
|
|
32,403 |
|
31,793 |
|
|
28,556 |
|
|
28,047 |
|
27,669 |
Provision for
loan/lease losses |
|
|
2,540 |
|
2,255 |
|
|
2,087 |
|
|
2,023 |
|
2,105 |
Net
interest income after provision for loan/lease losses |
$ |
29,863 |
$ |
29,538 |
|
$ |
26,469 |
|
$ |
26,024 |
$ |
25,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust department
fees |
|
$ |
2,237 |
$ |
2,034 |
|
$ |
1,722 |
|
$ |
1,692 |
$ |
1,740 |
Investment advisory and
management fees |
|
|
952 |
|
1,071 |
|
|
969 |
|
|
868 |
|
962 |
Deposit service
fees |
|
|
1,531 |
|
1,622 |
|
|
1,522 |
|
|
1,459 |
|
1,316 |
Gain on sales of
residential real estate loans |
|
|
101 |
|
101 |
|
|
98 |
|
|
113 |
|
96 |
Gain on sales of
government guaranteed portions of loans |
|
|
358 |
|
34 |
|
|
92 |
|
|
87 |
|
951 |
Swap fee income |
|
|
959 |
|
2,460 |
|
|
194 |
|
|
327 |
|
114 |
Securities gains
(losses), net |
|
|
- |
|
(63 |
) |
|
(63 |
) |
|
38 |
|
- |
Earnings on bank-owned
life insurance |
|
|
418 |
|
445 |
|
|
428 |
|
|
459 |
|
470 |
Debit card fees |
|
|
766 |
|
741 |
|
|
755 |
|
|
743 |
|
703 |
Correspondent banking
fees |
|
|
265 |
|
231 |
|
|
239 |
|
|
200 |
|
245 |
Other |
|
|
954 |
|
1,038 |
|
|
746 |
|
|
796 |
|
687 |
Total
noninterest income |
|
$ |
8,541 |
$ |
9,714 |
|
$ |
6,702 |
|
$ |
6,782 |
$ |
7,284 |
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
$ |
15,978 |
$ |
16,060 |
|
$ |
13,424 |
|
$ |
12,931 |
$ |
13,307 |
Occupancy and equipment
expense |
|
|
3,066 |
|
3,221 |
|
|
2,516 |
|
|
2,699 |
|
2,502 |
Professional and data
processing fees |
|
|
2,708 |
|
3,382 |
|
|
2,951 |
|
|
2,341 |
|
2,083 |
Acquisition costs |
|
|
93 |
|
661 |
|
|
408 |
|
|
- |
|
- |
Post-acquisition
transition and integration costs |
|
|
- |
|
3,787 |
|
|
523 |
|
|
- |
|
- |
FDIC insurance, other
insurance and regulatory fees |
|
|
756 |
|
795 |
|
|
690 |
|
|
646 |
|
621 |
Loan/lease expense |
|
|
291 |
|
352 |
|
|
257 |
|
|
260 |
|
294 |
Net cost of operation
of other real estate |
|
|
132 |
|
120 |
|
|
(160 |
) |
|
28 |
|
14 |
Advertising and
marketing |
|
|
693 |
|
778 |
|
|
670 |
|
|
568 |
|
609 |
Bank service
charges |
|
|
441 |
|
439 |
|
|
460 |
|
|
447 |
|
424 |
Correspondent banking
expense |
|
|
205 |
|
203 |
|
|
204 |
|
|
202 |
|
198 |
CDI amortization |
|
|
305 |
|
308 |
|
|
231 |
|
|
231 |
|
231 |
Other |
|
|
1,195 |
|
1,245 |
|
|
1,221 |
|
|
1,052 |
|
990 |
Total
noninterest expense |
|
$ |
25,863 |
$ |
31,351 |
|
$ |
23,395 |
|
$ |
21,405 |
$ |
21,273 |
|
|
|
|
|
|
|
Net income
before taxes |
|
$ |
12,541 |
$ |
7,901 |
|
$ |
9,776 |
|
$ |
11,401 |
$ |
11,575 |
Income tax expense
(benefit) |
|
|
1,991 |
|
(2,001 |
) |
|
1,922 |
|
|
2,635 |
|
2,390 |
Net
income |
|
$ |
10,550 |
$ |
9,902 |
|
$ |
7,854 |
|
$ |
8,766 |
$ |
9,185 |
|
|
|
|
|
|
|
Basic
EPS |
|
$ |
0.76 |
$ |
0.72 |
|
$ |
0.60 |
|
$ |
0.67 |
$ |
0.70 |
Diluted
EPS |
|
$ |
0.74 |
$ |
0.70 |
|
$ |
0.58 |
|
$ |
0.65 |
$ |
0.68 |
Weighted average common
shares outstanding |
|
|
13,888,661 |
|
13,845,497 |
|
|
13,151,350 |
|
|
13,170,283 |
|
13,133,382 |
Weighted
average common and common equivalent shares outstanding |
|
14,205,584 |
|
14,193,191 |
|
|
13,507,955 |
|
|
13,532,324 |
|
13,488,417 |
|
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
For the Quarter Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
COMMON SHARE DATA |
|
|
|
|
|
Common shares
outstanding |
|
13,936,957 |
|
|
13,918,168 |
|
|
13,201,959 |
|
|
13,175,234 |
|
|
13,161,219 |
|
Book value per common
share (1) |
$ |
25.86 |
|
$ |
25.38 |
|
$ |
23.71 |
|
$ |
23.16 |
|
$ |
22.48 |
|
Tangible book value per
common share (2) |
$ |
23.20 |
|
$ |
22.70 |
|
$ |
22.21 |
|
$ |
21.64 |
|
$ |
20.94 |
|
Closing stock
price |
$ |
44.85 |
|
$ |
42.85 |
|
$ |
45.50 |
|
$ |
47.40 |
|
$ |
42.35 |
|
Market
capitalization |
$ |
625,073 |
|
$ |
596,393 |
|
$ |
600,689 |
|
$ |
624,506 |
|
$ |
557,378 |
|
Market price / book
value |
|
173.43 |
% |
|
168.81 |
% |
|
191.89 |
% |
|
204.70 |
% |
|
188.41 |
% |
Market price / tangible
book value |
|
193.33 |
% |
|
188.81 |
% |
|
204.85 |
% |
|
219.08 |
% |
|
202.26 |
% |
Earnings per common
share (basic) LTM (3) |
$ |
2.74 |
|
$ |
2.69 |
|
$ |
2.62 |
|
$ |
2.49 |
|
$ |
2.36 |
|
Price earnings ratio
LTM (3) |
|
16.37 |
x |
|
15.93 |
x |
|
17.37 |
x |
|
19.11 |
x |
|
17.94 |
x |
TCE / TA (4) |
|
8.10 |
% |
|
8.01 |
% |
|
8.31 |
% |
|
8.29 |
% |
|
8.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
|
Beginning balance |
$ |
353,287 |
|
$ |
313,039 |
|
$ |
305,083 |
|
$ |
295,840 |
|
$ |
286,041 |
|
Net income |
|
10,550 |
|
|
9,902 |
|
|
7,854 |
|
|
8,766 |
|
|
9,185 |
|
Other comprehensive
income (loss), net of tax |
|
(3,201 |
) |
|
(295 |
) |
|
275 |
|
|
702 |
|
|
411 |
|
Common stock cash
dividends declared |
|
(834 |
) |
|
(693 |
) |
|
(658 |
) |
|
(657 |
) |
|
(657 |
) |
Proceeds from issuance
of 678,670 shares of common stock, net of costs, as a result
of the acquisition of Guaranty Bank & Trust |
|
- |
|
|
30,741 |
|
|
- |
|
|
- |
|
|
- |
|
Other (5) |
|
626 |
|
|
593 |
|
|
485 |
|
|
432 |
|
|
860 |
|
Ending balance |
$ |
360,428 |
|
$ |
353,287 |
|
$ |
313,039 |
|
$ |
305,083 |
|
$ |
295,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL RATIOS (6): |
|
|
|
|
|
Total risk-based
capital ratio |
|
11.37 |
% |
|
11.15 |
% |
|
11.49 |
% |
|
11.65 |
% |
|
11.90 |
% |
Tier 1 risk-based
capital ratio |
|
10.31 |
% |
|
10.14 |
% |
|
10.35 |
% |
|
10.51 |
% |
|
10.75 |
% |
Tier 1 leverage capital
ratio |
|
9.05 |
% |
|
8.98 |
% |
|
9.23 |
% |
|
9.34 |
% |
|
9.37 |
% |
Common equity tier 1
ratio |
|
9.23 |
% |
|
9.10 |
% |
|
9.33 |
% |
|
9.46 |
% |
|
9.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE RATIOS AND OTHER METRICS |
|
|
|
|
|
Return on average
assets (annualized) |
|
1.06 |
% |
|
1.01 |
% |
|
0.90 |
% |
|
1.04 |
% |
|
1.12 |
% |
Return on average total
equity (annualized) |
|
11.84 |
% |
|
11.67 |
% |
|
10.15 |
% |
|
11.65 |
% |
|
12.63 |
% |
Net interest
margin |
|
3.50 |
% |
|
3.41 |
% |
|
3.43 |
% |
|
3.54 |
% |
|
3.65 |
% |
Net interest margin
(TEY) (Non-GAAP)(7) |
|
3.64 |
% |
|
3.69 |
% |
|
3.71 |
% |
|
3.81 |
% |
|
3.90 |
% |
Efficiency ratio
(Non-GAAP) (8) (12) |
|
63.17 |
% |
|
75.53 |
% |
|
66.35 |
% |
|
61.46 |
% |
|
60.86 |
% |
Gross loans and leases
/ total assets |
|
75.87 |
% |
|
74.43 |
% |
|
75.39 |
% |
|
73.86 |
% |
|
72.04 |
% |
Effective tax rate
(11) |
|
15.88 |
% |
|
-25.33 |
% |
|
19.66 |
% |
|
23.11 |
% |
|
20.65 |
% |
Tax benefit related to
stock options exercised and restricted stock awards vested (9) |
|
133 |
|
|
406 |
|
|
191 |
|
|
90 |
|
|
533 |
|
Full-time equivalent
employees (10) |
|
639 |
|
|
641 |
|
|
580 |
|
|
585 |
|
|
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
Assets |
$ |
3,994,691 |
|
$ |
3,923,337 |
|
$ |
3,503,148 |
|
$ |
3,378,195 |
|
$ |
3,274,713 |
|
Loans/leases |
|
3,019,376 |
|
|
2,930,711 |
|
|
2,629,626 |
|
|
2,488,828 |
|
|
2,398,387 |
|
Deposits |
|
3,239,562 |
|
|
3,256,481 |
|
|
2,882,106 |
|
|
2,835,711 |
|
|
2,692,009 |
|
Total stockholders'
equity |
|
356,525 |
|
|
339,468 |
|
|
309,596 |
|
|
300,868 |
|
|
290,906 |
|
(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 / TCA :
tangible common equity / total tangible assets. See GAAP to
non-GAAP reconciliations.(5) Includes mostly common stock issued
for options exercised and the employee stock purchase plan, as well
as stock-based compensation. (6) Ratios for the current
quarter are subject to change upon final calculation for regulatory
filings due after earnings release.(7) TEY : Tax equivalent
yield. See GAAP to Non-GAAP reconciliations.(8) See GAAP to
Non-GAAP reconciliations.(9) 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.(10) Full-time equivalent
employees increased in the 4th quarter of 2017 due to the
acquisition of Guaranty, as well as the filling of open positions
throughout the Company.(11) The effective tax rate for the fourth
quarter of 2017 and the full year were impacted by a $2.9 million
tax benefit recorded as a result of the Tax Cuts and Jobs Act.(12)
The efficiency ratio was unusually high in the fourth quarter of
2017 due to one-time acquisition costs and post-acquisition
transition and integration costs totaling $4.4 million.
|
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
ANALYSIS OF NET INTEREST INCOME AND
MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
March 31, 2018 |
|
December 31, 2017 |
|
March 31, 2017 |
|
|
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 |
$ |
19,703 |
$ |
56 |
1.15 |
% |
|
$ |
20,509 |
$ |
45 |
0.87 |
% |
|
$ |
11,092 |
$ |
15 |
0.55 |
% |
|
Interest-bearing
deposits at financial institutions |
|
49,531 |
|
197 |
1.61 |
% |
|
|
94,404 |
|
314 |
1.32 |
% |
|
|
92,551 |
|
199 |
0.87 |
% |
|
Securities (1) |
|
649,035 |
|
5,839 |
3.65 |
% |
|
|
635,389 |
|
6,111 |
3.82 |
% |
|
|
560,455 |
|
5,158 |
3.73 |
% |
|
Restricted investment
securities |
|
21,830 |
|
234 |
4.35 |
% |
|
|
18,180 |
|
196 |
4.28 |
% |
|
|
13,871 |
|
130 |
3.80 |
% |
|
Loans (1) |
|
3,019,376 |
|
34,573 |
4.64 |
% |
|
|
2,930,711 |
|
33,797 |
4.58 |
% |
|
|
2,398,387 |
|
27,793 |
4.70 |
% |
|
Total
earning assets (1) |
$ |
3,759,475 |
$ |
40,899 |
4.41 |
% |
|
$ |
3,699,193 |
$ |
40,463 |
4.34 |
% |
|
$ |
3,076,356 |
$ |
33,295 |
4.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits |
$ |
1,828,228 |
$ |
3,019 |
0.67 |
% |
|
$ |
1,903,983 |
$ |
2,787 |
0.58 |
% |
|
$ |
1,407,645 |
$ |
1,140 |
0.33 |
% |
|
Time deposits |
|
616,661 |
|
1,862 |
1.22 |
% |
|
|
546,376 |
|
1,445 |
1.05 |
% |
|
|
511,119 |
|
1,093 |
0.87 |
% |
|
Short-term
borrowings |
|
17,271 |
|
33 |
0.77 |
% |
|
|
31,120 |
|
38 |
0.48 |
% |
|
|
25,188 |
|
24 |
0.39 |
% |
|
Federal Home Loan Bank
advances (4) |
|
236,689 |
|
1,064 |
1.82 |
% |
|
|
143,171 |
|
616 |
1.71 |
% |
|
|
114,356 |
|
403 |
1.43 |
% |
|
Other borrowings |
|
64,680 |
|
718 |
4.50 |
% |
|
|
74,199 |
|
775 |
4.14 |
% |
|
|
74,761 |
|
683 |
3.71 |
% |
|
Junior subordinated
debentures |
|
37,510 |
|
447 |
4.83 |
% |
|
|
35,531 |
|
424 |
4.73 |
% |
|
|
33,497 |
|
333 |
4.03 |
% |
|
Total
interest-bearing liabilities |
$ |
2,801,039 |
$ |
7,143 |
1.03 |
% |
|
$ |
2,734,380 |
$ |
6,085 |
0.88 |
% |
|
$ |
2,166,566 |
$ |
3,676 |
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income /
spread (1) |
|
$ |
33,756 |
3.38 |
% |
|
|
$ |
34,378 |
3.46 |
% |
|
|
$ |
29,619 |
3.70 |
% |
|
Net interest margin
(2) |
|
|
3.50 |
% |
|
|
|
3.41 |
% |
|
|
|
3.65 |
% |
|
Net interest margin
(TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.64 |
% |
|
|
|
3.69 |
% |
|
|
|
3.90 |
% |
|
(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
prior to March 31, 2018 and 21% for periods including and after
March 31, 2018.(2) See "Select Financial Data - Subsidiaries" for a
breakdown of amortization/accretion included in net interest margin
for each period presented.(3) TEY : Tax equivalent yield. See
GAAP to Non-GAAP reconciliations.
|
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
As of |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
ROLLFORWARD OF ALLOWANCE FOR LOAN/LEASE
LOSSES |
|
|
|
|
|
Beginning balance |
$ |
34,356 |
|
$ |
34,982 |
|
$ |
33,357 |
|
$ |
32,059 |
|
$ |
30,757 |
|
Provision charged to
expense |
|
2,540 |
|
|
2,255 |
|
|
2,087 |
|
|
2,023 |
|
|
2,105 |
|
Loans/leases charged
off |
|
(436 |
) |
|
(2,979 |
) |
|
(650 |
) |
|
(851 |
) |
|
(893 |
) |
Recoveries on
loans/leases previously charged off |
|
73 |
|
|
98 |
|
|
188 |
|
|
126 |
|
|
90 |
|
Ending
balance |
$ |
36,533 |
|
$ |
34,356 |
|
$ |
34,982 |
|
$ |
33,357 |
|
$ |
32,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
Nonaccrual
loans/leases |
$ |
12,759 |
|
$ |
11,441 |
|
$ |
20,443 |
|
$ |
13,217 |
|
$ |
14,205 |
|
Accruing loans/leases
past due 90 days or more |
|
41 |
|
|
89 |
|
|
423 |
|
|
424 |
|
|
955 |
|
Troubled debt
restructures - accruing |
|
5,276 |
|
|
7,113 |
|
|
7,563 |
|
|
6,915 |
|
|
6,229 |
|
Total
nonperforming loans/leases |
|
18,076 |
|
|
18,643 |
|
|
28,429 |
|
|
20,556 |
|
|
21,389 |
|
Other real estate
owned |
|
12,750 |
|
|
13,558 |
|
|
5,135 |
|
|
5,174 |
|
|
5,625 |
|
Other repossessed
assets |
|
200 |
|
|
80 |
|
|
120 |
|
|
123 |
|
|
285 |
|
Total nonperforming assets |
$ |
31,026 |
|
$ |
32,281 |
|
$ |
33,684 |
|
$ |
25,853 |
|
$ |
27,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
Nonperforming assets /
total assets |
|
0.77 |
% |
|
0.81 |
% |
|
0.95 |
% |
|
0.75 |
% |
|
0.81 |
% |
Allowance / total
loans/leases (1) |
|
1.20 |
% |
|
1.16 |
% |
|
1.31 |
% |
|
1.31 |
% |
|
1.32 |
% |
Allowance /
nonperforming loans/leases (1) |
|
202.11 |
% |
|
184.28 |
% |
|
123.05 |
% |
|
162.27 |
% |
|
149.89 |
% |
Net charge-offs as a %
of average loans/leases |
|
0.01 |
% |
|
0.10 |
% |
|
0.02 |
% |
|
0.03 |
% |
|
0.03 |
% |
(1) Upon acquisition and per GAAP, acquired loans are recorded
at market value which eliminated the allowance and impacts these
ratios.
|
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
For the Quarter Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
SELECT FINANCIAL DATA - SUBSIDIARIES |
|
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,526,830 |
|
|
$ |
1,541,778 |
|
|
$ |
1,442,952 |
|
m2 Lease
Funds, LLC |
|
|
224,301 |
|
|
|
218,035 |
|
|
|
210,062 |
|
Cedar Rapids Bank and
Trust |
|
|
1,331,209 |
|
|
|
1,307,377 |
|
|
|
929,111 |
|
Community State Bank -
Ankeny |
|
|
696,979 |
|
|
|
670,516 |
|
|
|
608,431 |
|
Rockford Bank and
Trust |
|
|
468,112 |
|
|
|
461,651 |
|
|
|
398,455 |
|
|
|
|
|
|
|
|
TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,302,005 |
|
|
$ |
1,272,111 |
|
|
$ |
1,261,075 |
|
Cedar Rapids Bank and
Trust |
|
|
1,058,251 |
|
|
|
1,060,139 |
|
|
|
733,227 |
|
Community State Bank -
Ankeny |
|
|
563,540 |
|
|
|
570,620 |
|
|
|
527,171 |
|
Rockford Bank and
Trust |
|
|
379,552 |
|
|
|
382,002 |
|
|
|
312,817 |
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,150,120 |
|
|
$ |
1,136,753 |
|
|
$ |
1,015,241 |
|
m2 Lease
Funds, LLC |
|
|
223,654 |
|
|
|
215,236 |
|
|
|
208,459 |
|
Cedar Rapids Bank and
Trust |
|
|
1,011,971 |
|
|
|
973,971 |
|
|
|
673,431 |
|
Community State Bank -
Ankeny |
|
|
513,951 |
|
|
|
489,075 |
|
|
|
427,365 |
|
Rockford Bank and
Trust |
|
|
378,860 |
|
|
|
364,686 |
|
|
|
319,813 |
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
75 |
% |
|
|
74 |
% |
|
|
70 |
% |
Cedar Rapids Bank and
Trust |
|
|
76 |
% |
|
|
74 |
% |
|
|
72 |
% |
Community State Bank -
Ankeny |
|
|
74 |
% |
|
|
73 |
% |
|
|
70 |
% |
Rockford Bank and
Trust |
|
|
81 |
% |
|
|
79 |
% |
|
|
80 |
% |
|
|
|
|
|
|
|
ALLOWANCE AS A PERCENTAGE OF LOANS/LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
1.16 |
% |
|
|
1.11 |
% |
|
|
1.34 |
% |
m2 Lease
Funds, LLC |
|
|
1.67 |
% |
|
|
1.54 |
% |
|
|
1.72 |
% |
Cedar Rapids Bank and
Trust (2) |
|
|
1.24 |
% |
|
|
1.22 |
% |
|
|
1.66 |
% |
Community State Bank -
Ankeny (2) |
|
|
0.95 |
% |
|
|
0.89 |
% |
|
|
0.53 |
% |
Rockford Bank and
Trust |
|
|
1.51 |
% |
|
|
1.51 |
% |
|
|
1.58 |
% |
|
|
|
|
|
|
|
RETURN ON AVERAGE ASSETS (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
1.37 |
% |
|
|
2.82 |
% |
|
|
1.22 |
% |
Cedar Rapids Bank and
Trust |
|
|
1.45 |
% |
|
|
0.71 |
% |
|
|
1.33 |
% |
Community State Bank -
Ankeny (3) |
|
|
1.10 |
% |
|
|
0.96 |
% |
|
|
1.30 |
% |
Rockford Bank and
Trust |
|
|
0.61 |
% |
|
|
0.26 |
% |
|
|
0.86 |
% |
|
|
|
|
|
|
|
NET INTEREST MARGIN PERCENTAGE (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
3.51 |
% |
|
|
3.49 |
% |
|
|
3.71 |
% |
Cedar Rapids Bank and
Trust (6) |
|
|
3.70 |
% |
|
|
3.80 |
% |
|
|
3.75 |
% |
Community State Bank -
Ankeny (5) |
|
|
4.40 |
% |
|
|
4.71 |
% |
|
|
5.37 |
% |
Rockford Bank and
Trust |
|
|
3.29 |
% |
|
|
3.32 |
% |
|
|
3.43 |
% |
|
|
|
|
|
|
|
ACQUISITION-RELATED AMORTIZATION/ACCRETION |
|
|
|
|
|
|
INCLUDED IN NET INTEREST MARGIN, NET |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
$ |
243 |
|
|
$ |
221 |
|
|
$ |
9 |
|
Community State Bank -
Ankeny |
|
|
504 |
|
|
|
575 |
|
|
|
1,945 |
|
QCR Holdings, Inc.
(7) |
|
|
(48 |
) |
|
|
(51 |
) |
|
|
(33 |
) |
(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 for the 4th quarter of 2017
includes $753 thousand (after-tax) of conversion costs.(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 prior to
March 31, 2018 and 21% for periods including and after March 31,
2018.(5) Community State Bank's net interest margin percentage
includes various purchase accounting adjustments. Excluding
those adjustments, net interest margin would have been 3.97% for
the quarter ended March 31, 2018 and 4.33% for the quarter ended
December 31, 2017.(6) Cedar Rapids Bank and Trust's net interest
margin percentage includes various purchase accounting
adjustments. Excluding those adjustments, net interest margin
would have been 3.54% for the quarter ended March 31, 2018 and
3.71% for the quarter ended December 31, 2017.(7) Relates to the
trust preferred securities acquired as part of the Guaranty Bank
acquisition in 2017 and the Community National Bank acquisition in
2013.(8) Return on average assets for all entities was impacted in
the fourth quarter of 2017 by the adjustments to deferred tax
assets, as a result of the Tax Cuts and Jobs Act.
|
|
QCR HOLDINGS, INC. |
CONSOLIDATED FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
GAAP TO NON-GAAP RECONCILIATIONS |
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
(dollars in thousands, except per share data) |
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
$ |
360,428 |
|
|
$ |
353,287 |
|
|
$ |
313,039 |
|
|
$ |
305,083 |
|
|
$ |
295,840 |
|
Less:
Intangible assets |
|
37,108 |
|
|
|
37,413 |
|
|
|
19,800 |
|
|
|
20,030 |
|
|
|
20,261 |
|
Tangible common equity (non-GAAP) |
$ |
323,320 |
|
|
$ |
315,874 |
|
|
$ |
293,239 |
|
|
$ |
285,053 |
|
|
$ |
275,579 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
$ |
4,026,314 |
|
|
$ |
3,982,665 |
|
|
$ |
3,550,463 |
|
|
$ |
3,457,187 |
|
|
$ |
3,381,013 |
|
Less:
Intangible assets |
|
37,108 |
|
|
|
37,413 |
|
|
|
19,800 |
|
|
|
20,030 |
|
|
|
20,261 |
|
Tangible assets (non-GAAP) |
$ |
3,989,206 |
|
|
$ |
3,945,252 |
|
|
$ |
3,530,663 |
|
|
$ |
3,437,157 |
|
|
$ |
3,360,752 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets ratio (non-GAAP) |
|
8.10 |
% |
|
|
8.01 |
% |
|
|
8.31 |
% |
|
|
8.29 |
% |
|
|
8.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
CORE NET INCOME (2) |
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Net
income (GAAP) |
$ |
10,550 |
|
|
$ |
9,902 |
|
|
$ |
7,854 |
|
|
$ |
8,766 |
|
|
$ |
9,185 |
|
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring items (post-tax) (3): |
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
Securities gains, net |
$ |
- |
|
|
$ |
(41 |
) |
|
$ |
(41 |
) |
|
$ |
25 |
|
|
$ |
- |
|
Total nonrecurring income (non-GAAP) |
$ |
- |
|
|
$ |
(41 |
) |
|
$ |
(41 |
) |
|
$ |
25 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Expense: |
|
|
|
|
|
|
|
|
|
Losses on debt extinguishment, net |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Acquisition costs (4) |
|
73 |
|
|
|
430 |
|
|
|
265 |
|
|
|
- |
|
|
|
- |
|
Post-acquisition compensation,
transition and integration
costs |
|
- |
|
|
|
2,462 |
|
|
|
340 |
|
|
|
- |
|
|
|
- |
|
Total nonrecurring expense (non-GAAP) |
$ |
73 |
|
|
$ |
2,892 |
|
|
$ |
605 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Adjustment of tax expense related to the Tax Act |
$ |
- |
|
|
$ |
2,919 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Core net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(2) |
$ |
10,623 |
|
|
$ |
9,916 |
|
|
$ |
8,500 |
|
|
$ |
8,741 |
|
|
$ |
9,185 |
|
|
|
|
|
|
|
|
|
|
|
CORE EARNINGS PER COMMON SHARE (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(from above) |
$ |
10,623 |
|
|
$ |
9,916 |
|
|
$ |
8,500 |
|
|
$ |
8,741 |
|
|
$ |
9,185 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
13,888,661 |
|
|
|
13,845,497 |
|
|
|
13,151,350 |
|
|
|
13,170,283 |
|
|
|
13,133,382 |
|
Weighted average common
and common equivalent shares outstanding |
|
14,205,584 |
|
|
|
14,193,191 |
|
|
|
13,507,955 |
|
|
|
13,532,324 |
|
|
|
13,488,417 |
|
|
|
|
|
|
|
|
|
|
|
Core earnings
per common share (non-GAAP): |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.76 |
|
|
$ |
0.72 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
0.70 |
|
Diluted |
$ |
0.75 |
|
|
$ |
0.70 |
|
|
$ |
0.63 |
|
|
$ |
0.65 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
CORE RETURN ON AVERAGE ASSETS (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(from above) |
$ |
10,623 |
|
|
$ |
9,916 |
|
|
$ |
8,500 |
|
|
$ |
8,741 |
|
|
$ |
9,185 |
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
3,994,691 |
|
|
$ |
3,923,337 |
|
|
$ |
3,503,148 |
|
|
$ |
3,378,195 |
|
|
$ |
3,274,713 |
|
|
|
|
|
|
|
|
|
|
|
Core return on
average assets (annualized) (non-GAAP) |
|
1.06 |
% |
|
|
1.01 |
% |
|
|
0.97 |
% |
|
|
1.03 |
% |
|
|
1.12 |
% |
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN (TEY) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
$ |
32,403 |
|
|
$ |
31,793 |
|
|
$ |
28,556 |
|
|
$ |
28,047 |
|
|
$ |
27,669 |
|
|
|
|
|
|
|
|
|
|
|
Plus: Tax
equivalent adjustment (5) |
|
1,353 |
|
|
|
2,585 |
|
|
|
2,311 |
|
|
|
2,201 |
|
|
|
1,950 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income -
tax equivalent (Non-GAAP) |
$ |
33,756 |
|
|
$ |
34,378 |
|
|
$ |
30,867 |
|
|
$ |
30,248 |
|
|
$ |
29,619 |
|
|
|
|
|
|
|
|
|
|
|
Average earning
assets |
$ |
3,759,475 |
|
|
$ |
3,699,193 |
|
|
$ |
3,303,014 |
|
|
$ |
3,180,779 |
|
|
$ |
3,076,356 |
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(GAAP) |
|
3.50 |
% |
|
|
3.41 |
% |
|
|
3.43 |
% |
|
|
3.54 |
% |
|
|
3.65 |
% |
Net interest margin
(TEY) (Non-GAAP) |
|
3.64 |
% |
|
|
3.69 |
% |
|
|
3.71 |
% |
|
|
3.81 |
% |
|
|
3.90 |
% |
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
(GAAP) |
$ |
25,863 |
|
|
$ |
31,351 |
|
|
$ |
23,395 |
|
|
$ |
21,405 |
|
|
$ |
21,273 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
$ |
32,403 |
|
|
$ |
31,793 |
|
|
$ |
28,556 |
|
|
$ |
28,047 |
|
|
$ |
27,669 |
|
Noninterest income
(GAAP) |
|
8,541 |
|
|
|
9,714 |
|
|
|
6,702 |
|
|
|
6,782 |
|
|
|
7,284 |
|
Total
income |
$ |
40,944 |
|
|
$ |
41,507 |
|
|
$ |
35,258 |
|
|
$ |
34,829 |
|
|
$ |
34,953 |
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(noninterest expense/total income) (Non-GAAP) |
|
63.17 |
% |
|
|
75.53 |
% |
|
|
66.35 |
% |
|
|
61.46 |
% |
|
|
60.86 |
% |
(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% for periods
prior to March 31, 2018 and 21% for periods including and after
March 31, 2018.(4) Acquisition costs were analyzed individually for
deductibility. Presented amounts are tax-effected
accordingly.(5) Interest earned and yields on nontaxable securities
and loans are determined on a tax equivalent basis using a 35% tax
rate for each period prior to March 31, 2018 and 21% for periods
including and after March 31, 2018.(6) 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.(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.
Grafico Azioni QCR (NASDAQ:QCRH)
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