Fourth Quarter 2018 Highlights
QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced
net income of $13.3 million and diluted earnings per share (“EPS”)
of $0.84 for the fourth quarter of 2018, compared to net income of
$8.8 million and diluted EPS of $0.55 for the third quarter of
2018. The fourth quarter results included $1.2 million of
acquisition and post-acquisition compensation, transition and
integration costs (after-tax), compared to $1.6 million of similar
costs in the third quarter of 2018. Excluding these adjustments,
the Company reported adjusted net income (non-GAAP) of $14.5
million and adjusted diluted EPS of $0.91 for the fourth quarter of
2018, compared to adjusted net income (non-GAAP) of $10.4 million
and adjusted diluted EPS of $0.65 for the third quarter of 2018.
For the fourth quarter of 2017, GAAP net income and adjusted net
income (non-GAAP) were the same at $9.9 million and $0.70 per
diluted share.
For the year ended December 31, 2018, the Company reported net
income of $43.1 million, and diluted EPS of $2.86. Adjusting for
acquisition and post-acquisition compensation, transition and
integration costs, the Company reported adjusted net income
(non-GAAP) of $46.4 million and adjusted diluted EPS of $3.08. By
comparison, for the year ended December 31, 2017, the Company
reported net income of $35.7 million and diluted EPS of $2.61, and
adjusted net income (non-GAAP) of $36.3 million and adjusted
diluted EPS of $2.66.
On October 1, 2018, the Company completed its previously
announced acquisition of Bates Financial Advisors, Inc., Bates
Financial Services, Inc., Bates Securities, Inc., and Bates
Financial Group, Inc. (the “Bates Companies”). The Bates Companies
are headquartered in Rockford, Illinois and added approximately
$700 million in assets under management, as of September 30,
2018.
“We are pleased with our financial performance in 2018,
delivering record net income, which translated into a 16% increase
in adjusted earnings per share,” said Doug Hultquist, President and
CEO of the Company. “Our strong financial results were driven by
increases in both loans and deposits and significantly higher
noninterest income. And while our net interest margin was adversely
impacted by the flattening of the yield curve over the course of
2018, we were able to grow adjusted net interest income by 19% from
2017. We also were pleased to have completed our merger with
Springfield Bancshares, an excellent strategic and cultural fit for
our company, and the acquisition of the Bates Companies, a nice
addition to our wealth management business.”
Mr. Hultquist continued, “We finished the year with strong
momentum in the fourth quarter, delivering solid loan and lease
production, successfully attracting new deposits and generating
record fee income. We were also successful in reducing our
nonperforming assets by 33%, as we monetized a number of positions
during the quarter. Looking to 2019, we remain optimistic, as we
continue to make the investments that we believe will lead to
improved profitability and enhanced shareholder value in the years
to come.”
Annualized Organic Loan and Lease Growth
of 8.7% for the Quarterand 9.8% for the
Year
During the fourth quarter of 2018, the Company’s total assets
increased $157.0 million, to a total of $4.9 billion, while total
loans and leases grew $79.4 million, or a 2.2% increase, compared
to the third quarter of 2018. Loan and lease growth was funded by
an increase in core deposits. Core deposits (excluding brokered
deposits) increased $187.0 million, or 5.3% on a linked quarter
basis. At quarter-end, the percentage of wholesale funds to total
assets was 13.8%, which is a solid decline from 15.9% from the
third quarter. Additionally, at quarter-end, the percentage
of gross loans and leases to total assets was 75%, a slight decline
from the third quarter, as a result of an increase in liquidity due
to the strong growth in core deposits.
“Our loan growth for the quarter was driven by strong loan
production, with particular strength in commercial and industrial
and owner occupied commercial real estate loans,” added Mr.
Hultquist. “However, we continue to experience an elevated level of
payoffs, driven by a combination of factors, including business
clients experiencing healthy cash flows, clients selling their
companies, or real estate developer clients selling their completed
projects. Because of the trends that we are experiencing in
paydowns, combined with a general sense of caution among a number
of our clients, we are adjusting our goal for organic loan growth
in 2019 to between 8% and 10%.”
Net Interest Income of $39.6
million
Net interest income for the fourth quarter of 2018 totaled $39.6
million, compared to $38.3 million for the third quarter of 2018
and $31.8 million for the fourth quarter of 2017. The increase in
net interest income was due to an increase in average loan balances
of $87.2 million, or a 2.4% increase, on a linked quarter basis.
Acquisition-related net accretion totaled $2.6 million (pre-tax)
for the fourth quarter of 2018, compared to $1.7 million in the
third quarter of 2018 and $0.7 million for the fourth quarter of
2017. Adjusted net interest income (non-GAAP) was $38.7 million for
the fourth quarter of 2018, compared to $38.2 million for the third
quarter of 2018, or an increase of 1.4% on a linked quarter
basis.
Net interest income totaled $142.4 million for the year ended
December 31, 2018, compared to $116.1 million for the year ended
December 31, 2017.
In the fourth quarter, reported net interest margin was 3.48%,
and on a tax-equivalent yield basis, net interest margin was 3.63%.
This represented an increase in net interest margin and
tax-equivalent net interest margin from the third quarter of two
basis points and three basis points, respectively. Net interest
margin, excluding acquisition-related net accretion was 3.40% in
the fourth quarter, for a decline of five basis points from the
third quarter of 2018. This decline in adjusted net interest margin
was due to increases in the Company’s cost of funds (due to both
mix and rate) and excess liquidity due to the strong deposit growth
in the quarter, and was partially offset by higher yields on the
Company’s loans.
|
For the Quarter Ended |
|
For the Year Ended |
|
Dec. 31, |
|
Sept. 30, |
|
Dec. 31, |
|
Dec. 31, |
|
|
Dec. 31, |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
|
2017 |
NIM |
3.48% |
|
3.46% |
|
3.41% |
|
3.46% |
|
|
3.50% |
NIM
(TEY)(non-GAAP)(1) |
3.63% |
|
3.60% |
|
3.69% |
|
3.62% |
|
|
3.78% |
Adjusted NIM
(TEY)(non-GAAP)(1) |
3.40% |
|
3.45% |
|
3.61% |
|
3.48% |
|
|
3.64% |
(1) See
GAAP to non-GAAP reconciliations. |
“Competition for new deposits remains strong, and as a result,
our overall cost of funds, excluding acquisition amortization,
increased by thirteen basis points during the quarter,” stated Todd
A. Gipple, Executive Vice President, Chief Operating Officer and
Chief Financial Officer. “Excluding the impact of
acquisition-related accretion, our adjusted loan yields on a
tax-equivalent basis increased by eleven basis points during the
fourth quarter.”
Record Noninterest Income of $15.3
millionLed by Swap Fee Income of $7.1
million
Noninterest income for the fourth quarter of 2018 totaled $15.3
million, compared to $8.8 million for the third quarter of 2018.
The significant increase was primarily due to $6.0 million in
higher swap fee income and a $0.6 million increase in wealth
management revenue primarily due to the acquisition of the Bates
Companies. Wealth management revenue was $3.9 million for the
quarter, a 19.0% increase from the third quarter of 2018.
Noninterest income increased 57.3% when comparing the current
quarter to the fourth quarter of 2017.
Noninterest income totaled $41.5 million for the year ended
December 31, 2018, compared to $30.5 million for the year ended
December 31, 2017.
“Noninterest income was up over 73% from the third quarter of
2018, driven primarily by significantly higher swap fee income,
which is correlated to our strong production from our Specialty
Finance Group in the area of tax credit lending where our clients
are locking in long-term fixed rate financing,” added Mr. Gipple.
“Additionally, we are pleased with our full year wealth management
revenue growth of over 20%, despite a down market for equities,
which reflects our success in attracting new assets under
management. For 2018, swap fee income and gain on sale of loans
combined for over $11 million, well in excess of our annual target
of $4 million.”
Noninterest Expenses of $36.4
million
Noninterest expenses for the fourth quarter of 2018 totaled
$36.4 million, compared to $30.5 million and $31.4 million for the
third quarter of 2018 and fourth quarter of 2017, respectively. The
linked quarter increase was due to a number of factors, including a
$2.5 million increase in net costs of operations of other real
estate. The Company reduced the carrying value of an OREO
property by $2.0 million and also sold an OREO property at a loss
of $424 thousand. There was also a $1.4 million increase in
incentives and commissions, driven by the higher swap fee income.
Salaries were $1.1 million higher than the third quarter of 2018 as
a result of the Bates Companies acquisition and company-wide
headcount additions in both business development and operational
support. Additionally, there was a $1.2 million increase in
professional and data processing fees.
Asset Quality Improvement
Nonperforming assets (“NPAs”) totaled $27.9 million, a decrease
of $13.6 million from the third quarter of 2018, primarily due to a
combination of factors, including $4.9 million in net charge-offs
on loans, a $3.5 million paydown on a large nonaccrual loan, a $1.3
million reduction in OREO from a sale (including a $0.4 million
loss on sale), and a $2.0 million write-down of an OREO property
that the Company is actively marketing for sale. The lower NPAs
resulted in the ratio of NPAs to total assets improving to 0.56% at
December 31, 2018, down from 0.87% at September 30, 2018 and down
from 0.81% at December 31, 2017.
The Company’s provision for loan and lease losses totaled $1.6
million for the fourth quarter of 2018, which was down $4.6 million
from the prior quarter and down $0.6 million compared to the fourth
quarter of 2017. The linked quarter decrease in the provision for
loan and lease losses was primarily due to a more favorable outcome
than expected on a large credit that was partially charged off. As
of December 31, 2018, the Company’s allowance to total loans and
leases was 1.07%, which was down from 1.18% at September 30, 2018
and down from 1.16% at December 31, 2017.
In accordance with generally accepted accounting principles for
acquisition accounting, the loans acquired through past
acquisitions were recorded at market value; therefore, there was no
allowance associated with the acquired loans at the acquisition
date. Management continues to evaluate the allowance needed on the
acquired loans factoring in the net remaining discount ($11.6
million at December 31, 2018).
Capital Levels
As of December 31, 2018, the Company’s total risk-based capital
ratio was 10.72%, the common equity Tier 1 ratio was 8.89%, and the
tangible common equity to tangible assets ratio was 7.78%. By
comparison, these respective ratios were 10.87%, 8.92% and 7.82% as
of September 30, 2018. The decline in capital ratios from September
30, 2018 to December 31, 2018 was the result of the Bates Companies
transaction, including the related purchase accounting adjustments,
as well as balance sheet growth during the quarter.
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 government guaranteed 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 return on average assets, improve
efficiency ratio, and increase EPS
Conference
Call Details
The Company will host an earnings call/webcast tomorrow, January
25, 2019, at 10:00 a.m. central time. Dial-in information for the
call is toll-free 888-346-9286 (international 412-317-5253).
Participants should request to join the QCR Holdings, Inc. call.
The event will be available for digital replay through
February 8, 2019. The replay access information is toll-free
877-344-7529 (international 412-317-0088); access code 10127800. A
webcast of the teleconference can be accessed at the Company’s News
and Events page at 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 serving the Quad
Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, Springfield
and Rockford communities through its wholly owned subsidiary banks
which provide full-service commercial and consumer banking and
trust and wealth management services. Quad City Bank & Trust
Company, based in Bettendorf, Iowa, commenced operations in 1994,
Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa,
commenced operations in 2001, Community State Bank, based in
Ankeny, Iowa, was acquired by the Company in 2016, and Rockford
Bank & Trust Company, based in Rockford, Illinois, commenced
operations in 2005. In 2018, the Company acquired the Bates
Companies, a wealth management firm. 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. In July
2018, QCR Holdings completed a merger with Springfield Bancshares,
Inc., the holding company of Springfield First Community Bank of
Springfield, Missouri. With this addition of Springfield First
Community Bank, the Company has 27 locations in Illinois, Iowa,
Wisconsin and Missouri. As of December 31, 2018, QCR Holdings had
approximately $4.9 billion in assets, $3.7 billion in loans and
$4.0 billion in deposits. For additional information, please visit
our website at www.qcrh.com.
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, state, 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 |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
2018 |
2018 |
2018 |
2018 |
2017 |
|
|
|
|
|
|
|
(dollars in thousands) |
CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
85,523 |
$ |
73,407 |
$ |
69,069 |
$ |
61,846 |
$ |
75,722 |
Federal funds sold and
interest-bearing deposits |
|
159,596 |
|
129,660 |
|
51,667 |
|
59,557 |
|
85,962 |
Securities |
|
662,969 |
|
650,745 |
|
657,997 |
|
640,906 |
|
652,382 |
Net loans/leases |
|
3,692,907 |
|
3,610,309 |
|
3,077,247 |
|
3,018,370 |
|
2,930,130 |
Intangibles |
|
17,450 |
|
16,137 |
|
8,470 |
|
8,774 |
|
9,079 |
Goodwill |
|
77,832 |
|
73,618 |
|
28,091 |
|
28,334 |
|
28,334 |
Other assets |
|
253,433 |
|
238,856 |
|
214,342 |
|
208,527 |
|
201,056 |
Total assets |
$ |
4,949,710 |
$ |
4,792,732 |
$ |
4,106,883 |
$ |
4,026,314 |
$ |
3,982,665 |
|
|
|
|
|
|
Total deposits |
$ |
3,977,030 |
$ |
3,788,277 |
$ |
3,298,276 |
$ |
3,280,001 |
$ |
3,266,655 |
Total borrowings |
|
404,969 |
|
483,635 |
|
380,392 |
|
334,802 |
|
309,479 |
Other liabilities |
|
94,573 |
|
63,433 |
|
58,627 |
|
51,083 |
|
53,244 |
Total stockholders'
equity |
|
473,138 |
|
457,387 |
|
369,588 |
|
360,428 |
|
353,287 |
Total liabilities and stockholders' equity |
$ |
4,949,710 |
$ |
4,792,732 |
$ |
4,106,883 |
$ |
4,026,314 |
$ |
3,982,665 |
|
|
|
|
|
|
ANALYSIS OF LOAN PORTFOLIO |
|
|
|
|
|
Loan/lease mix: |
|
|
|
|
|
Commercial and industrial loans |
$ |
1,429,410 |
$ |
1,380,543 |
$ |
1,273,000 |
$ |
1,201,086 |
$ |
1,134,516 |
Commercial real estate loans |
|
1,766,111 |
|
1,727,326 |
|
1,349,319 |
|
1,357,703 |
|
1,303,492 |
Direct
financing leases |
|
117,968 |
|
126,752 |
|
133,197 |
|
137,615 |
|
141,448 |
Residential real estate loans |
|
302,979 |
|
309,288 |
|
257,434 |
|
254,484 |
|
258,646 |
Installment and other consumer loans |
|
107,162 |
|
100,191 |
|
92,952 |
|
95,912 |
|
118,611 |
Deferred
loan/lease origination costs, net of fees |
|
9,124 |
|
9,286 |
|
8,890 |
|
8,103 |
|
7,773 |
Total loans/leases |
$ |
3,732,754 |
$ |
3,653,386 |
$ |
3,114,792 |
$ |
3,054,903 |
$ |
2,964,486 |
Less
allowance for estimated losses on loans/leases |
|
39,847 |
|
43,077 |
|
37,545 |
|
36,533 |
|
34,356 |
Net
loans/leases |
$ |
3,692,907 |
$ |
3,610,309 |
$ |
3,077,247 |
$ |
3,018,370 |
$ |
2,930,130 |
|
|
|
|
|
|
ANALYSIS OF SECURITIES PORTFOLIO |
|
|
|
|
|
Securities mix: |
|
|
|
|
|
U.S.
government sponsored agency securities |
$ |
36,411 |
$ |
36,492 |
$ |
35,667 |
$ |
36,868 |
$ |
38,097 |
Municipal
securities |
|
459,409 |
|
453,275 |
|
458,510 |
|
438,736 |
|
445,049 |
Residential mortgage-backed and related securities |
|
159,249 |
|
155,733 |
|
158,534 |
|
157,333 |
|
163,301 |
Other
securities |
|
7,900 |
|
5,245 |
|
5,286 |
|
7,969 |
|
5,935 |
Total
securities |
$ |
662,969 |
$ |
650,745 |
$ |
657,997 |
$ |
640,906 |
$ |
652,382 |
|
|
|
|
|
|
ANALYSIS OF DEPOSITS |
|
|
|
|
|
Deposit mix: |
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
791,101 |
$ |
802,090 |
$ |
746,822 |
$ |
784,815 |
$ |
789,548 |
Interest-bearing demand deposits |
|
2,204,206 |
|
2,094,814 |
|
1,865,382 |
|
1,789,019 |
|
1,855,893 |
Time
deposits |
|
704,903 |
|
615,323 |
|
519,999 |
|
496,644 |
|
516,058 |
Brokered
deposits |
|
276,820 |
|
276,050 |
|
166,073 |
|
209,523 |
|
105,156 |
Total
deposits |
$ |
3,977,030 |
$ |
3,788,277 |
$ |
3,298,276 |
$ |
3,280,001 |
$ |
3,266,655 |
|
|
|
|
|
|
ANALYSIS OF BORROWINGS |
|
|
|
|
|
Borrowings mix: |
|
|
|
|
|
Term FHLB
advances |
$ |
76,327 |
$ |
63,399 |
$ |
46,600 |
$ |
56,600 |
$ |
56,600 |
Overnight
FHLB advances (1) |
|
190,165 |
|
295,730 |
|
207,500 |
|
159,745 |
|
135,400 |
Wholesale
structured repurchase agreements |
|
35,000 |
|
35,000 |
|
35,000 |
|
35,000 |
|
35,000 |
Customer
repurchase agreements |
|
2,084 |
|
3,049 |
|
2,186 |
|
3,820 |
|
7,003 |
Federal
funds purchased |
|
26,690 |
|
8,670 |
|
15,400 |
|
13,040 |
|
6,990 |
Junior
subordinated debentures |
|
37,670 |
|
37,626 |
|
37,581 |
|
37,534 |
|
37,486 |
Other
borrowings |
|
37,033 |
|
40,161 |
|
36,125 |
|
29,063 |
|
31,000 |
Total
borrowings |
$ |
404,969 |
$ |
483,635 |
$ |
380,392 |
$ |
334,802 |
$ |
309,479 |
|
|
|
|
|
|
(1) At the
most recent quarter-end, the weighted-average rate of these
overnight borrowings was 2.63%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR HOLDINGS,
INC.CONSOLIDATED FINANCIAL
HIGHLIGHTS(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
|
2018 |
2018 |
2018 |
2018 |
2017 |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
INCOME STATEMENT |
|
|
|
|
|
|
Interest
income |
|
$ |
52,703 |
|
$ |
49,831 |
|
$ |
40,799 |
|
$ |
39,546 |
$ |
37,878 |
|
Interest
expense |
|
|
13,110 |
|
|
11,517 |
|
|
8,714 |
|
|
7,143 |
|
6,085 |
|
Net
interest income |
|
|
39,593 |
|
|
38,314 |
|
|
32,085 |
|
|
32,403 |
|
31,793 |
|
Provision
for loan/lease losses |
|
|
1,611 |
|
|
6,206 |
|
|
2,301 |
|
|
2,540 |
|
2,255 |
|
Net
interest income after provision for loan/lease losses |
|
$ |
37,982 |
|
$ |
32,108 |
|
$ |
29,784 |
|
$ |
29,863 |
$ |
29,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust
department fees |
|
$ |
2,216 |
|
$ |
2,196 |
|
$ |
2,058 |
|
$ |
2,237 |
$ |
2,034 |
|
Investment
advisory and management fees |
|
|
1,657 |
|
|
1,059 |
|
|
1,058 |
|
|
952 |
|
1,071 |
|
Deposit
service fees |
|
|
1,623 |
|
|
1,656 |
|
|
1,610 |
|
|
1,531 |
|
1,622 |
|
Gain on
sales of residential real estate loans |
|
|
361 |
|
|
337 |
|
|
102 |
|
|
101 |
|
101 |
|
Gain on
sales of government guaranteed portions of loans |
|
|
- |
|
|
46 |
|
|
- |
|
|
358 |
|
34 |
|
Swap fee
income |
|
|
7,069 |
|
|
1,110 |
|
|
1,649 |
|
|
959 |
|
2,460 |
|
Securities
gains (losses), net |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
(63 |
) |
Earnings on
bank-owned life insurance |
|
|
341 |
|
|
474 |
|
|
399 |
|
|
418 |
|
445 |
|
Debit card
fees |
|
|
807 |
|
|
846 |
|
|
844 |
|
|
766 |
|
741 |
|
Correspondent banking fees |
|
|
179 |
|
|
195 |
|
|
213 |
|
|
265 |
|
231 |
|
Other |
|
|
|
1,026 |
|
|
890 |
|
|
979 |
|
|
954 |
|
1,038 |
|
Total noninterest income |
|
$ |
15,279 |
|
$ |
8,809 |
|
$ |
8,912 |
|
$ |
8,541 |
$ |
9,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
$ |
19,779 |
|
$ |
17,433 |
|
$ |
15,804 |
|
$ |
15,978 |
$ |
16,060 |
|
Occupancy
and equipment expense |
|
|
3,367 |
|
|
3,318 |
|
|
3,133 |
|
|
3,066 |
|
3,221 |
|
Professional and data processing fees |
|
|
3,577 |
|
|
2,396 |
|
|
2,771 |
|
|
2,708 |
|
3,382 |
|
Acquisition
costs |
|
|
(4 |
) |
|
1,292 |
|
|
414 |
|
|
93 |
|
661 |
|
Post-acquisition transition and integration costs |
|
|
1,427 |
|
|
494 |
|
|
165 |
|
|
- |
|
3,787 |
|
FDIC
insurance, other insurance and regulatory fees |
|
|
1,065 |
|
|
933 |
|
|
840 |
|
|
756 |
|
795 |
|
Loan/lease
expense |
|
|
624 |
|
|
369 |
|
|
260 |
|
|
291 |
|
352 |
|
Net cost of
(income from) operation of other real estate |
|
|
2,477 |
|
|
(50 |
) |
|
(70 |
) |
|
132 |
|
120 |
|
Advertising
and marketing |
|
|
1,122 |
|
|
984 |
|
|
753 |
|
|
693 |
|
778 |
|
Bank
service charges |
|
|
469 |
|
|
462 |
|
|
466 |
|
|
441 |
|
439 |
|
Correspondent banking expense |
|
|
207 |
|
|
205 |
|
|
204 |
|
|
205 |
|
203 |
|
CDI
amortization |
|
|
540 |
|
|
542 |
|
|
305 |
|
|
305 |
|
308 |
|
Other |
|
|
|
1,760 |
|
|
2,122 |
|
|
1,325 |
|
|
1,195 |
|
1,245 |
|
Total noninterest expense |
|
$ |
36,410 |
|
$ |
30,500 |
|
$ |
26,370 |
|
$ |
25,863 |
$ |
31,351 |
|
|
|
|
|
|
|
|
|
Net
income before taxes |
|
$ |
16,851 |
|
$ |
10,417 |
|
$ |
12,326 |
|
$ |
12,541 |
$ |
7,901 |
|
Income tax
expense (benefit) |
|
|
3,535 |
|
|
1,608 |
|
|
1,881 |
|
|
1,991 |
|
(2,001 |
) |
Net
income |
|
|
$ |
13,316 |
|
$ |
8,809 |
|
$ |
10,445 |
|
$ |
10,550 |
$ |
9,902 |
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
0.85 |
|
$ |
0.56 |
|
$ |
0.75 |
|
$ |
0.76 |
$ |
0.72 |
|
Diluted EPS |
|
$ |
0.84 |
|
$ |
0.55 |
|
$ |
0.73 |
|
$ |
0.74 |
$ |
0.70 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
15,641,401 |
|
|
15,625,123 |
|
|
13,919,565 |
|
|
13,888,661 |
|
13,845,497 |
|
Weighted
average common and common equivalent shares outstanding |
|
15,898,591 |
|
|
15,922,324 |
|
|
14,232,423 |
|
|
14,205,584 |
|
14,193,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR HOLDINGS, INC.CONSOLIDATED
FINANCIAL HIGHLIGHTS(Unaudited) |
|
|
|
For the Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
INCOME STATEMENT |
|
|
|
|
Interest
income |
|
$ |
182,879 |
|
$ |
135,517 |
|
Interest
expense |
|
|
40,484 |
|
|
19,452 |
|
Net
interest income |
|
|
142,395 |
|
|
116,065 |
|
Provision
for loan/lease losses |
|
|
12,658 |
|
|
8,470 |
|
Net
interest income after provision for loan/lease losses |
|
$ |
129,737 |
|
$ |
107,595 |
|
|
|
|
|
|
|
Trust
department fees |
|
$ |
8,707 |
|
$ |
7,188 |
|
Investment
advisory and management fees |
|
|
4,726 |
|
|
3,870 |
|
Deposit
service fees |
|
|
6,420 |
|
|
5,919 |
|
Gain on
sales of residential real estate loans |
|
|
901 |
|
|
409 |
|
Gain on
sales of government guaranteed portions of loans |
|
|
405 |
|
|
1,164 |
|
Swap fee
income |
|
|
10,787 |
|
|
3,095 |
|
Securities
gains (losses), net |
|
|
- |
|
|
(88 |
) |
Earnings on
bank-owned life insurance |
|
|
1,632 |
|
|
1,802 |
|
Debit card
fees |
|
|
3,263 |
|
|
2,942 |
|
Correspondent banking fees |
|
|
852 |
|
|
916 |
|
Other |
|
|
|
3,848 |
|
|
3,265 |
|
Total noninterest income |
|
$ |
41,541 |
|
$ |
30,482 |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
$ |
68,994 |
|
$ |
55,722 |
|
Occupancy
and equipment expense |
|
|
12,884 |
|
|
10,938 |
|
Professional and data processing fees |
|
|
11,452 |
|
|
10,757 |
|
Acquisition
costs |
|
|
1,795 |
|
|
1,069 |
|
Post-acquisition compensation, transition and integration
costs |
|
|
2,086 |
|
|
4,310 |
|
FDIC
insurance, other insurance and regulatory fees |
|
|
3,594 |
|
|
2,752 |
|
Loan/lease
expense |
|
|
1,544 |
|
|
1,164 |
|
Net cost of
operation of other real estate |
|
|
2,489 |
|
|
2 |
|
Advertising
and marketing |
|
|
3,552 |
|
|
2,625 |
|
Bank
service charges |
|
|
1,838 |
|
|
1,771 |
|
Correspondent banking expense |
|
|
821 |
|
|
807 |
|
CDI
amortization |
|
|
1,692 |
|
|
1,001 |
|
Other |
|
|
|
6,402 |
|
|
4,506 |
|
Total noninterest expense |
|
$ |
119,143 |
|
$ |
97,424 |
|
|
|
|
|
|
|
Net
income before taxes |
|
$ |
52,135 |
|
$ |
40,653 |
|
Income tax
expense |
|
|
9,015 |
|
|
4,946 |
|
Net
income |
|
|
$ |
43,120 |
|
$ |
35,707 |
|
|
|
|
|
|
|
Basic EPS |
|
$ |
2.92 |
|
$ |
2.68 |
|
Diluted EPS |
|
$ |
2.86 |
|
$ |
2.61 |
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
14,768,687 |
|
|
13,325,128 |
|
Weighted
average common and common equivalent shares outstanding |
|
|
15,064,730 |
|
|
13,680,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR HOLDINGS,
INC.CONSOLIDATED FINANCIAL
HIGHLIGHTS(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Year Ended |
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
December 31, |
|
December 31, |
|
2018 |
2018 |
2018 |
2018 |
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
COMMON SHARE DATA |
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
15,718,208 |
|
|
15,673,760 |
|
|
13,973,940 |
|
|
13,936,957 |
|
|
13,918,168 |
|
|
|
|
Book value per common
share (1) |
$ |
30.10 |
|
$ |
29.18 |
|
$ |
26.45 |
|
$ |
25.86 |
|
$ |
25.38 |
|
|
|
|
Tangible book value per
common share (2) |
$ |
24.04 |
|
$ |
23.46 |
|
$ |
23.83 |
|
$ |
23.20 |
|
$ |
22.70 |
|
|
|
|
Closing stock
price |
$ |
32.09 |
|
$ |
40.85 |
|
$ |
47.45 |
|
$ |
44.85 |
|
$ |
42.85 |
|
|
|
|
Market
capitalization |
$ |
504,397 |
|
$ |
640,273 |
|
$ |
663,063 |
|
$ |
625,073 |
|
$ |
596,393 |
|
|
|
|
Market price / book
value |
|
106.61 |
% |
|
139.98 |
% |
|
179.41 |
% |
|
173.43 |
% |
|
168.81 |
% |
|
|
|
Market price / tangible
book value |
|
133.49 |
% |
|
174.16 |
% |
|
199.10 |
% |
|
193.33 |
% |
|
188.81 |
% |
|
|
|
Earnings per common
share (basic) LTM (3) |
$ |
2.92 |
|
$ |
2.79 |
|
$ |
2.83 |
|
$ |
2.74 |
|
$ |
2.69 |
|
|
|
|
Price earnings ratio
LTM (3) |
|
10.98 |
x |
|
14.64 |
x |
|
16.77 |
x |
|
16.37 |
x |
|
15.93 |
x |
|
|
|
TCE / TA (4) |
|
7.78 |
% |
|
7.82 |
% |
|
8.18 |
% |
|
8.10 |
% |
|
8.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
|
|
|
|
Beginning balance |
$ |
457,387 |
|
$ |
369,588 |
|
$ |
360,428 |
|
$ |
353,287 |
|
$ |
313,039 |
|
|
|
|
Net income |
|
13,316 |
|
|
8,809 |
|
|
10,445 |
|
|
10,550 |
|
|
9,902 |
|
|
|
|
Other comprehensive
income (loss), net of tax |
|
1,943 |
|
|
(612 |
) |
|
(1,335 |
) |
|
(3,201 |
) |
|
(295 |
) |
|
|
|
Common stock cash
dividends declared |
|
(939 |
) |
|
(938 |
) |
|
(836 |
) |
|
(834 |
) |
|
(693 |
) |
|
|
|
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 |
|
|
|
|
Proceeds from issuance
of 1,689,561 shares of common stock, net of costs, as a
result of the acquisition of Springfield First Community
Bank |
|
- |
|
|
80,063 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
Proceeds from issuance
of 23,501 shares of common stock, net of costs, as a result
of the acquisition of Bates Companies |
|
1,000 |
|
|
|
|
|
|
|
|
Other (5) |
|
431 |
|
|
477 |
|
|
886 |
|
|
626 |
|
|
593 |
|
|
|
|
Ending balance |
$ |
473,138 |
|
$ |
457,387 |
|
$ |
369,588 |
|
$ |
360,428 |
|
$ |
353,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL RATIOS (6): |
|
|
|
|
|
|
|
|
Total risk-based
capital ratio |
|
10.72 |
% |
|
10.87 |
% |
|
11.23 |
% |
|
11.25 |
% |
|
11.15 |
% |
|
|
|
Tier 1 risk-based
capital ratio |
|
9.78 |
% |
|
9.83 |
% |
|
10.19 |
% |
|
10.21 |
% |
|
10.14 |
% |
|
|
|
Tier 1 leverage capital
ratio |
|
8.76 |
% |
|
8.87 |
% |
|
9.22 |
% |
|
9.08 |
% |
|
8.98 |
% |
|
|
|
Common equity tier 1
ratio |
|
8.89 |
% |
|
8.92 |
% |
|
9.16 |
% |
|
9.14 |
% |
|
9.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE RATIOS AND OTHER METRICS |
|
|
|
|
|
|
|
|
Return on average
assets (annualized) |
|
1.10 |
% |
|
0.75 |
% |
|
1.03 |
% |
|
1.06 |
% |
|
1.01 |
% |
|
|
0.98 |
% |
|
1.01 |
% |
Return on average total
equity (annualized) |
|
11.42 |
% |
|
8.08 |
% |
|
11.45 |
% |
|
11.84 |
% |
|
11.67 |
% |
|
|
10.62 |
% |
|
11.51 |
% |
Net interest
margin |
|
3.48 |
% |
|
3.46 |
% |
|
3.37 |
% |
|
3.50 |
% |
|
3.41 |
% |
|
|
3.46 |
% |
|
3.50 |
% |
Net interest margin
(TEY) (Non-GAAP)(7) |
|
3.63 |
% |
|
3.60 |
% |
|
3.52 |
% |
|
3.64 |
% |
|
3.69 |
% |
|
|
3.62 |
% |
|
3.78 |
% |
Efficiency ratio
(Non-GAAP) (8) (12) |
|
66.35 |
% |
|
64.72 |
% |
|
64.32 |
% |
|
63.17 |
% |
|
75.53 |
% |
|
|
64.77 |
% |
|
66.48 |
% |
Gross loans and leases
/ total assets |
|
75.41 |
% |
|
76.23 |
% |
|
75.84 |
% |
|
75.87 |
% |
|
74.43 |
% |
|
|
75.41 |
% |
|
74.43 |
% |
Gross loans and leases
/ total deposits |
|
93.86 |
% |
|
96.44 |
% |
|
94.44 |
% |
|
93.14 |
% |
|
90.75 |
% |
|
|
93.86 |
% |
|
90.75 |
% |
Effective tax rate
(11) |
|
20.98 |
% |
|
15.44 |
% |
|
15.26 |
% |
|
15.88 |
% |
|
-25.33 |
% |
|
|
17.29 |
% |
|
12.17 |
% |
Tax
benefit related to stock options exercised and restricted stock
awards vested (9) |
|
83 |
|
|
9 |
|
|
200 |
|
|
133 |
|
|
406 |
|
|
|
425 |
|
|
1,220 |
|
Full-time equivalent
employees (10) |
|
755 |
|
|
728 |
|
|
666 |
|
|
639 |
|
|
641 |
|
|
|
755 |
|
|
641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
Assets |
$ |
4,842,232 |
|
$ |
4,677,875 |
|
$ |
4,053,684 |
|
$ |
3,994,691 |
|
$ |
3,923,337 |
|
|
$ |
4,392,121 |
|
$ |
3,519,848 |
|
Loans/leases |
|
3,699,885 |
|
|
3,612,648 |
|
|
3,077,517 |
|
|
3,019,376 |
|
|
2,930,711 |
|
|
|
3,352,357 |
|
|
2,611,888 |
|
Deposits |
|
3,986,236 |
|
|
3,840,077 |
|
|
3,343,003 |
|
|
3,239,562 |
|
|
3,256,481 |
|
|
|
3,602,221 |
|
|
2,916,577 |
|
Total stockholders'
equity |
|
466,271 |
|
|
436,065 |
|
|
365,031 |
|
|
356,525 |
|
|
339,468 |
|
|
|
405,973 |
|
|
310,210 |
|
|
|
|
|
|
|
|
|
|
(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 2018 due to the acquisition of the Bates Companies and
several new positions created to build scale. |
Full-time equivalent employees
increased in the 3rd quarter of 2018 due to the acquisition of SFC
Bank. |
|
|
Full-time equivalent employees
increased in the 2nd quarter of 2018 due primarily to the addition
of summer interns and several new positions created to build
scale. |
Full-time equivalent employees
increased in the 4th quarter of 2017 due to the acquisition of
Guaranty Bank & Trust, 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 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 |
|
|
December 31, 2018 |
|
September 30, 2018 |
|
December 31, 2017 |
|
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fed funds sold |
|
$ |
20,426 |
$ |
115 |
2.23 |
% |
|
$ |
23,199 |
$ |
105 |
1.80 |
% |
|
$ |
20,509 |
$ |
45 |
0.87 |
% |
Interest-bearing deposits at financial institutions |
|
98,875 |
|
517 |
2.07 |
% |
|
|
61,815 |
|
323 |
2.07 |
% |
|
|
94,404 |
|
314 |
1.32 |
% |
Securities (1) |
|
|
671,613 |
|
6,231 |
3.68 |
% |
|
|
667,142 |
|
5,973 |
3.55 |
% |
|
|
635,389 |
|
6,111 |
3.82 |
% |
Restricted
investment securities |
|
22,478 |
|
318 |
5.61 |
% |
|
|
22,683 |
|
330 |
5.77 |
% |
|
|
18,180 |
|
196 |
4.28 |
% |
Loans (1) |
|
|
3,699,885 |
|
47,273 |
5.07 |
% |
|
|
3,612,648 |
|
44,648 |
4.90 |
% |
|
|
2,930,711 |
|
33,797 |
4.58 |
% |
Total earning assets (1) |
$ |
4,513,277 |
$ |
54,454 |
4.79 |
% |
|
$ |
4,387,487 |
$ |
51,379 |
4.65 |
% |
|
$ |
3,699,193 |
$ |
40,463 |
4.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
2,211,148 |
$ |
6,110 |
1.10 |
% |
|
$ |
2,214,480 |
$ |
5,432 |
0.97 |
% |
|
$ |
1,903,983 |
$ |
2,787 |
0.58 |
% |
Time deposits |
|
|
956,754 |
|
4,433 |
1.84 |
% |
|
|
825,020 |
|
3,290 |
1.58 |
% |
|
|
546,376 |
|
1,445 |
1.05 |
% |
Short-term
borrowings |
|
20,129 |
|
98 |
1.93 |
% |
|
|
21,407 |
|
78 |
1.45 |
% |
|
|
31,120 |
|
38 |
0.48 |
% |
Federal
Home Loan Bank advances |
|
190,232 |
|
974 |
2.03 |
% |
|
|
209,111 |
|
1,273 |
2.42 |
% |
|
|
143,171 |
|
616 |
1.71 |
% |
Other borrowings |
|
|
72,264 |
|
970 |
5.33 |
% |
|
|
74,503 |
|
925 |
4.93 |
% |
|
|
74,199 |
|
775 |
4.14 |
% |
Junior
subordinated debentures |
|
37,644 |
|
525 |
5.53 |
% |
|
|
37,600 |
|
519 |
5.48 |
% |
|
|
35,531 |
|
424 |
4.73 |
% |
Total interest-bearing liabilities |
$ |
3,488,171 |
$ |
13,110 |
1.49 |
% |
|
$ |
3,382,121 |
$ |
11,517 |
1.35 |
% |
|
$ |
2,734,380 |
$ |
6,085 |
0.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income / spread (1) |
|
$ |
41,344 |
3.30 |
% |
|
|
$ |
39,862 |
3.30 |
% |
|
|
$ |
34,378 |
3.46 |
% |
Net
interest margin (2) |
|
|
3.48 |
% |
|
|
|
3.46 |
% |
|
|
|
3.41 |
% |
Net
interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.63 |
% |
|
|
|
3.60 |
% |
|
|
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
|
|
|
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fed funds sold |
|
$ |
20,472 |
$ |
338 |
1.65 |
% |
|
$ |
17,577 |
$ |
149 |
0.85 |
% |
|
|
|
|
Interest-bearing deposits at financial institutions |
|
66,275 |
|
1,267 |
1.91 |
% |
|
|
78,842 |
|
874 |
1.11 |
% |
|
|
|
|
Securities (1) |
|
|
659,017 |
|
23,621 |
3.58 |
% |
|
|
590,761 |
|
22,460 |
3.80 |
% |
|
|
|
|
Restricted
investment securities |
|
22,023 |
|
1,093 |
4.96 |
% |
|
|
15,768 |
|
631 |
4.00 |
% |
|
|
|
|
Loans (1) |
|
|
3,352,357 |
|
163,197 |
4.87 |
% |
|
|
2,611,888 |
|
120,618 |
4.62 |
% |
|
|
|
|
Total earning assets (1) |
$ |
4,120,144 |
$ |
189,516 |
4.60 |
% |
|
$ |
3,314,836 |
$ |
144,732 |
4.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
2,043,314 |
$ |
18,651 |
0.91 |
% |
|
$ |
1,622,723 |
$ |
7,992 |
0.49 |
% |
|
|
|
|
Time deposits |
|
|
766,020 |
|
12,024 |
1.57 |
% |
|
|
528,834 |
|
5,020 |
0.95 |
% |
|
|
|
|
Short-term
borrowings |
|
19,458 |
|
271 |
1.39 |
% |
|
|
22,596 |
|
114 |
0.50 |
% |
|
|
|
|
Federal
Home Loan Bank advances |
|
202,715 |
|
4,193 |
2.07 |
% |
|
|
120,206 |
|
1,981 |
1.65 |
% |
|
|
|
|
Other borrowings |
|
|
69,623 |
|
3,346 |
4.81 |
% |
|
|
73,394 |
|
2,879 |
3.92 |
% |
|
|
|
|
Junior
subordinated debentures |
|
37,578 |
|
1,999 |
5.32 |
% |
|
|
34,030 |
|
1,466 |
4.31 |
% |
|
|
|
|
Total interest-bearing liabilities |
$ |
3,138,708 |
$ |
40,484 |
1.29 |
% |
|
$ |
2,401,783 |
$ |
19,452 |
0.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income / spread (1) |
|
$ |
149,032 |
3.31 |
% |
|
|
$ |
125,280 |
3.56 |
% |
|
|
|
|
Net
interest margin (2) |
|
|
3.46 |
% |
|
|
|
3.50 |
% |
|
|
|
|
Net
interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.62 |
% |
|
|
|
3.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
2018 |
2018 |
2018 |
2018 |
2017 |
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
ROLLFORWARD OF ALLOWANCE FOR LOAN/LEASE
LOSSES |
|
|
|
|
|
Beginning balance |
$ |
43,077 |
|
$ |
37,545 |
|
$ |
36,533 |
|
$ |
34,356 |
|
$ |
34,982 |
|
Provision charged to
expense |
|
1,611 |
|
|
6,206 |
|
|
2,301 |
|
|
2,540 |
|
|
2,255 |
|
Loans/leases charged
off |
|
(4,967 |
) |
|
(991 |
) |
|
(1,525 |
) |
|
(436 |
) |
|
(2,979 |
) |
Recoveries on
loans/leases previously charged off |
|
126 |
|
|
317 |
|
|
236 |
|
|
73 |
|
|
98 |
|
Ending
balance |
$ |
39,847 |
|
$ |
43,077 |
|
$ |
37,545 |
|
$ |
36,533 |
|
$ |
34,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
Nonaccrual
loans/leases |
$ |
14,260 |
|
$ |
23,576 |
|
$ |
12,554 |
|
$ |
12,759 |
|
$ |
11,441 |
|
Accruing loans/leases
past due 90 days or more |
|
632 |
|
|
1,410 |
|
|
20 |
|
|
41 |
|
|
89 |
|
Troubled debt
restructures - accruing |
|
3,659 |
|
|
4,240 |
|
|
1,327 |
|
|
5,276 |
|
|
7,113 |
|
Total
nonperforming loans/leases |
|
18,551 |
|
|
29,226 |
|
|
13,901 |
|
|
18,076 |
|
|
18,643 |
|
Other real estate
owned |
|
9,378 |
|
|
12,204 |
|
|
12,750 |
|
|
12,750 |
|
|
13,558 |
|
Other repossessed
assets |
|
8 |
|
|
150 |
|
|
150 |
|
|
200 |
|
|
80 |
|
Total nonperforming assets |
$ |
27,937 |
|
$ |
41,580 |
|
$ |
26,801 |
|
$ |
31,026 |
|
$ |
32,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
Nonperforming assets /
total assets |
|
0.56 |
% |
|
0.87 |
% |
|
0.65 |
% |
|
0.77 |
% |
|
0.81 |
% |
Allowance / total
loans/leases (1) |
|
1.07 |
% |
|
1.18 |
% |
|
1.21 |
% |
|
1.20 |
% |
|
1.16 |
% |
Allowance /
nonperforming loans/leases (1) |
|
214.80 |
% |
|
147.39 |
% |
|
270.09 |
% |
|
202.11 |
% |
|
184.28 |
% |
Net charge-offs as a %
of average loans/leases |
|
0.13 |
% |
|
0.02 |
% |
|
0.04 |
% |
|
0.01 |
% |
|
0.10 |
% |
|
|
|
|
|
|
(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 |
|
For the Year Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
SELECT FINANCIAL DATA - SUBSIDIARIES |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,623,369 |
|
|
$ |
1,579,327 |
|
|
$ |
1,541,778 |
|
|
|
|
|
|
m2 Lease
Funds, LLC |
|
|
231,662 |
|
|
|
235,214 |
|
|
|
218,035 |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
1,379,222 |
|
|
|
1,354,294 |
|
|
|
1,307,377 |
|
|
|
|
|
|
Community State Bank -
Ankeny |
|
|
785,364 |
|
|
|
734,536 |
|
|
|
670,516 |
|
|
|
|
|
|
Springfield First
Community Bank |
|
|
632,849 |
|
|
|
623,520 |
|
|
|
N/A |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
509,622 |
|
|
|
484,059 |
|
|
|
461,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,308,085 |
|
|
$ |
1,288,387 |
|
|
$ |
1,272,111 |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
1,167,552 |
|
|
|
1,086,908 |
|
|
|
1,060,139 |
|
|
|
|
|
|
Community State Bank -
Ankeny |
|
|
627,127 |
|
|
|
586,929 |
|
|
|
570,620 |
|
|
|
|
|
|
Springfield First
Community Bank |
|
|
449,983 |
|
|
|
439,669 |
|
|
|
N/A |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
431,110 |
|
|
|
401,565 |
|
|
|
382,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
$ |
1,233,117 |
|
|
$ |
1,195,380 |
|
|
$ |
1,136,753 |
|
|
|
|
|
|
m2 Lease
Funds, LLC |
|
|
228,646 |
|
|
|
232,846 |
|
|
|
215,236 |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
1,037,469 |
|
|
|
1,046,053 |
|
|
|
973,971 |
|
|
|
|
|
|
Community State Bank -
Ankeny |
|
|
582,453 |
|
|
|
538,723 |
|
|
|
489,075 |
|
|
|
|
|
|
Springfield First
Community Bank |
|
|
475,801 |
|
|
|
480,969 |
|
|
|
N/A |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
403,914 |
|
|
|
392,262 |
|
|
|
364,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
94% |
|
|
|
93% |
|
|
|
89% |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
89% |
|
|
|
96% |
|
|
|
92% |
|
|
|
|
|
|
Community State Bank -
Ankeny |
|
|
93% |
|
|
|
92% |
|
|
|
86% |
|
|
|
|
|
|
Springfield First
Community Bank |
|
|
106% |
|
|
|
109% |
|
|
|
N/A |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
94% |
|
|
|
98% |
|
|
|
95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
76% |
|
|
|
76% |
|
|
|
74% |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
|
75% |
|
|
|
77% |
|
|
|
74% |
|
|
|
|
|
|
Community State Bank -
Ankeny |
|
|
74% |
|
|
|
73% |
|
|
|
73% |
|
|
|
|
|
|
Springfield First
Community Bank |
|
|
75% |
|
|
|
77% |
|
|
|
N/A |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
79% |
|
|
|
81% |
|
|
|
79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE AS A PERCENTAGE OF LOANS/LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
1.09% |
|
|
|
1.11% |
|
|
|
1.11% |
|
|
|
|
|
|
m2 Lease
Funds, LLC |
|
|
1.49% |
|
|
|
1.50% |
|
|
|
1.54% |
|
|
|
|
|
|
Cedar Rapids Bank and
Trust (2) |
|
|
1.19% |
|
|
|
1.26% |
|
|
|
1.22% |
|
|
|
|
|
|
Community State Bank -
Ankeny (2) |
|
|
1.05% |
|
|
|
1.01% |
|
|
|
0.89% |
|
|
|
|
|
|
Springfield First
Community Bank |
|
|
0.21% |
|
|
|
0.10% |
|
|
|
N/A |
|
|
|
|
|
|
Rockford Bank and
Trust |
|
|
1.72% |
|
|
|
2.71% |
|
|
|
1.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETURN ON AVERAGE
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
1.22% |
|
|
|
1.36% |
|
|
|
2.82% |
|
|
|
1.31% |
|
|
|
1.65% |
|
|
Cedar Rapids Bank and
Trust |
|
|
1.78% |
|
|
|
1.47% |
|
|
|
0.71% |
|
|
|
1.54% |
|
|
|
1.12% |
|
|
Community State Bank -
Ankeny |
|
|
0.94% |
|
|
|
1.43% |
|
|
|
0.96% |
|
|
|
1.18% |
|
|
|
1.14% |
|
|
Springfield First
Community Bank |
|
|
1.74% |
|
|
|
1.51% |
|
|
|
N/A |
|
|
|
1.64% |
|
|
|
N/A |
|
|
Rockford Bank and
Trust |
|
|
1.29% |
|
|
|
(2.04)% |
|
|
|
0.26% |
|
|
|
0.15% |
|
|
|
0.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN PERCENTAGE (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City Bank and
Trust (1) |
|
|
3.20% |
|
|
|
3.38% |
|
|
|
3.49% |
|
|
|
3.38% |
|
|
|
3.61% |
|
|
Cedar Rapids Bank and
Trust (5) |
|
|
3.60% |
|
|
|
3.53% |
|
|
|
3.80% |
|
|
|
3.59% |
|
|
|
3.74% |
|
|
Community State Bank -
Ankeny (4) |
|
|
4.73% |
|
|
|
4.40% |
|
|
|
4.71% |
|
|
|
4.48% |
|
|
|
4.91% |
|
|
Springfield First
Community Bank (6) |
|
|
4.68% |
|
|
|
4.36% |
|
|
|
N/A |
|
|
|
4.55% |
|
|
|
N/A |
|
|
Rockford Bank and
Trust |
|
|
2.87% |
|
|
|
3.06% |
|
|
|
3.32% |
|
|
|
3.08% |
|
|
|
3.37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN
NET |
|
|
|
|
|
|
|
|
|
|
|
INTEREST MARGIN, NET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Rapids Bank and
Trust |
|
$ |
740 |
|
|
$ |
158 |
|
|
$ |
221 |
|
|
$ |
1,350 |
|
|
$ |
200 |
|
|
Community State Bank -
Ankeny |
|
|
415 |
|
|
|
445 |
|
|
|
575 |
|
|
|
1,746 |
|
|
|
4,723 |
|
|
Springfield First
Community Bank |
|
|
1,498 |
|
|
|
1,116 |
|
|
|
N/A |
|
|
|
2,614 |
|
|
|
N/A |
|
|
QCR Holdings, Inc.
(7) |
|
|
(44 |
) |
|
|
(45 |
) |
|
|
(51 |
) |
|
|
(183 |
) |
|
|
(149 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
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. |
(4) |
|
Community
State Bank's net interest margin percentage includes various
purchase accounting adjustments. Excluding those adjustments,
net interest margin would have been 4.00% for the quarter
ended December 31, 2018, 4.11% for the quarter ended September 30,
2018 and 4.33% for the quarter ended December 31, 2017. |
(5) |
|
Cedar Rapids
Bank and Trust's net interest margin percentage includes various
purchase accounting adjustments. Excluding those adjustments,
net interest margin would have been 3.36% for the quarter
ended December 31, 2018, 3.48% for the quarter ended September 30,
2018 and 3.71% for the quarter ended December 31, 2017. |
(6) |
|
Springfield
First Community Bank's net interest margin percentage includes
various purchase accounting adjustments. Excluding those
adjustments, net interest margin would have been 3.52% for the
quarter ended December 31, 2018 and 3.45% for the quarter ended
September 30, 2018. |
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR HOLDINGS,
INC.CONSOLIDATED FINANCIAL
HIGHLIGHTS(Unaudited) |
|
|
As of |
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
|
GAAP TO NON-GAAP RECONCILIATIONS |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
|
$ |
473,138 |
|
|
$ |
457,387 |
|
|
$ |
369,588 |
|
|
$ |
360,428 |
|
|
$ |
353,287 |
|
|
|
|
|
Less:
Intangible assets |
|
|
95,282 |
|
|
|
89,755 |
|
|
|
36,561 |
|
|
|
37,108 |
|
|
|
37,413 |
|
|
|
|
|
Tangible
common equity (non-GAAP) |
|
$ |
377,856 |
|
|
$ |
367,632 |
|
|
$ |
333,027 |
|
|
$ |
323,320 |
|
|
$ |
315,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets (GAAP) |
|
$ |
4,949,710 |
|
|
$ |
4,792,732 |
|
|
$ |
4,106,883 |
|
|
$ |
4,026,314 |
|
|
$ |
3,982,665 |
|
|
|
|
|
Less:
Intangible assets |
|
|
95,282 |
|
|
|
89,755 |
|
|
|
36,561 |
|
|
|
37,108 |
|
|
|
37,413 |
|
|
|
|
|
Tangible
assets (non-GAAP) |
|
$ |
4,854,428 |
|
|
$ |
4,702,977 |
|
|
$ |
4,070,322 |
|
|
$ |
3,989,206 |
|
|
$ |
3,945,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets ratio (non-GAAP) |
|
|
7.78 |
% |
|
|
7.82 |
% |
|
|
8.18 |
% |
|
|
8.10 |
% |
|
|
8.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
For the Year Ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
December 31, |
|
December 31, |
ADJUSTED NET INCOME (2) |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (GAAP) |
|
$ |
13,316 |
|
|
$ |
8,809 |
|
|
$ |
10,445 |
|
|
$ |
10,550 |
|
|
$ |
9,902 |
|
|
$ |
43,120 |
|
|
$ |
35,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
nonrecurring items (post-tax) (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities gains, net |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(41 |
) |
|
$ |
- |
|
|
$ |
(57 |
) |
Total
nonrecurring income (non-GAAP) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(41 |
) |
|
$ |
- |
|
|
$ |
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs (4) |
|
|
29 |
|
|
|
1,216 |
|
|
|
327 |
|
|
|
73 |
|
|
|
430 |
|
|
|
1,645 |
|
|
|
695 |
|
Post-acquisition compensation, transition and integration
costs |
|
1,127 |
|
|
|
390 |
|
|
|
130 |
|
|
|
- |
|
|
|
2,462 |
|
|
|
1,647 |
|
|
|
2,802 |
|
Total
nonrecurring expense (non-GAAP) |
|
$ |
1,156 |
|
|
$ |
1,606 |
|
|
$ |
457 |
|
|
$ |
73 |
|
|
$ |
2,892 |
|
|
$ |
3,292 |
|
|
$ |
3,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment of tax expense related to the Tax Act |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,919 |
|
|
$ |
- |
|
|
$ |
2,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income attributable to QCR Holdings, Inc. common stockholders
(non-GAAP) (2) |
|
$ |
14,472 |
|
|
$ |
10,415 |
|
|
$ |
10,902 |
|
|
$ |
10,623 |
|
|
$ |
9,916 |
|
|
$ |
46,412 |
|
|
$ |
36,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER COMMON SHARE (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(from above) |
|
$ |
14,472 |
|
|
$ |
10,415 |
|
|
$ |
10,902 |
|
|
$ |
10,623 |
|
|
$ |
9,916 |
|
|
$ |
46,412 |
|
|
$ |
36,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
|
15,641,401 |
|
|
|
15,625,123 |
|
|
|
13,919,565 |
|
|
|
13,888,661 |
|
|
|
13,845,497 |
|
|
|
14,768,687 |
|
|
|
13,325,128 |
|
Weighted average common
and common equivalent shares outstanding |
|
|
15,898,591 |
|
|
|
15,922,324 |
|
|
|
14,232,423 |
|
|
|
14,205,584 |
|
|
|
14,193,191 |
|
|
|
15,064,730 |
|
|
|
13,680,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per common share (non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.93 |
|
|
$ |
0.67 |
|
|
$ |
0.78 |
|
|
$ |
0.76 |
|
|
$ |
0.72 |
|
|
$ |
3.14 |
|
|
$ |
2.73 |
|
Diluted |
|
$ |
0.91 |
|
|
$ |
0.65 |
|
|
$ |
0.77 |
|
|
$ |
0.75 |
|
|
$ |
0.70 |
|
|
$ |
3.08 |
|
|
$ |
2.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE ASSETS (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to QCR Holdings, Inc. common stockholders (non-GAAP)
(from above) |
|
$ |
14,472 |
|
|
$ |
10,415 |
|
|
$ |
10,902 |
|
|
$ |
10,623 |
|
|
$ |
9,916 |
|
|
$ |
46,412 |
|
|
$ |
36,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
|
$ |
4,842,232 |
|
|
$ |
4,677,875 |
|
|
$ |
4,053,684 |
|
|
$ |
3,994,691 |
|
|
$ |
3,923,337 |
|
|
$ |
4,392,121 |
|
|
$ |
3,519,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return
on average assets (annualized) (non-GAAP) |
|
|
1.20 |
% |
|
|
0.89 |
% |
|
|
1.08 |
% |
|
|
1.06 |
% |
|
|
1.01 |
% |
|
|
1.06 |
% |
|
|
1.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INTEREST MARGIN (TEY) (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
|
$ |
39,593 |
|
|
$ |
38,314 |
|
|
$ |
32,085 |
|
|
$ |
32,403 |
|
|
$ |
31,793 |
|
|
$ |
142,395 |
|
|
$ |
116,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Tax
equivalent adjustment (5) |
|
|
1,751 |
|
|
|
1,548 |
|
|
|
1,462 |
|
|
|
1,353 |
|
|
|
2,585 |
|
|
|
6,637 |
|
|
|
9,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income -
tax equivalent (Non-GAAP) |
|
$ |
41,344 |
|
|
$ |
39,862 |
|
|
$ |
33,547 |
|
|
$ |
33,756 |
|
|
$ |
34,378 |
|
|
$ |
149,032 |
|
|
$ |
125,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Acquisition accounting net accretion |
|
|
2,609 |
|
|
|
1,674 |
|
|
|
548 |
|
|
|
699 |
|
|
|
745 |
|
|
|
5,527 |
|
|
|
4,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net interest
income |
|
$ |
38,735 |
|
|
$ |
38,188 |
|
|
$ |
32,999 |
|
|
$ |
33,057 |
|
|
$ |
33,633 |
|
|
$ |
143,505 |
|
|
$ |
120,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning
assets |
|
$ |
4,513,277 |
|
|
$ |
4,387,487 |
|
|
$ |
3,820,333 |
|
|
$ |
3,759,475 |
|
|
$ |
3,699,193 |
|
|
$ |
4,120,144 |
|
|
$ |
3,314,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(GAAP) |
|
|
3.48 |
% |
|
|
3.46 |
% |
|
|
3.37 |
% |
|
|
3.50 |
% |
|
|
3.41 |
% |
|
|
3.46 |
% |
|
|
3.50 |
% |
Net interest margin
(TEY) (Non-GAAP) |
|
|
3.63 |
% |
|
|
3.60 |
% |
|
|
3.52 |
% |
|
|
3.64 |
% |
|
|
3.69 |
% |
|
|
3.62 |
% |
|
|
3.78 |
% |
Adjusted net interest
margin (TEY) (Non-GAAP) |
|
|
3.40 |
% |
|
|
3.45 |
% |
|
|
3.46 |
% |
|
|
3.57 |
% |
|
|
3.61 |
% |
|
|
3.48 |
% |
|
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
(GAAP) |
|
$ |
36,410 |
|
|
$ |
30,500 |
|
|
$ |
26,370 |
|
|
$ |
25,863 |
|
|
$ |
31,351 |
|
|
$ |
119,143 |
|
|
$ |
97,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(GAAP) |
|
$ |
39,593 |
|
|
$ |
38,314 |
|
|
$ |
32,085 |
|
|
$ |
32,403 |
|
|
$ |
31,793 |
|
|
$ |
142,395 |
|
|
$ |
116,065 |
|
Noninterest income
(GAAP) |
|
|
15,279 |
|
|
|
8,809 |
|
|
|
8,912 |
|
|
|
8,541 |
|
|
|
9,714 |
|
|
|
41,541 |
|
|
|
30,482 |
|
Total
income |
|
$ |
54,872 |
|
|
$ |
47,123 |
|
|
$ |
40,997 |
|
|
$ |
40,944 |
|
|
$ |
41,507 |
|
|
$ |
183,936 |
|
|
$ |
146,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(noninterest expense/total income) (Non-GAAP) |
|
|
66.35 |
% |
|
|
64.72 |
% |
|
|
64.32 |
% |
|
|
63.17 |
% |
|
|
75.53 |
% |
|
|
64.77 |
% |
|
|
66.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
good(2) Adjusted net income, adjusted net income attributable
to QCR Holdings, Inc. common stockholders, adjusted earnings per
common share and adjusted 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. In
addition, the Company calculates net interest margin without the
impact of acquisition accounting net accretion as this can
fluctuate and it's difficult to provide a more realistic
run-rate for future periods. |
(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)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Ott 2023 a Ott 2024