QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced
net income of $13.7 million and diluted earnings per share (“EPS”)
of $0.86 for the second quarter of 2020, compared to net income of
$11.2 million and diluted EPS of $0.70 for the first quarter of
2020. Pre-provision, pre-tax adjusted net income (non-GAAP)
increased $14.0 million in the second quarter, compared to the
first quarter led by strong loan growth, net interest income, and
record swap fee income. Provision expense increased $11.5
million in the second quarter, compared to the first quarter.
This increase was due primarily to qualitative factors in response
to deteriorating economic prospects as a result of the COVID-19
pandemic.
The Company reported adjusted net income (non-GAAP) of $14.0
million and adjusted diluted EPS (non-GAAP) of $0.88 for the second
quarter of 2020, compared to adjusted net income (non-GAAP) of
$12.4 million and adjusted diluted EPS (non-GAAP) of $0.77 for the
first quarter of 2020. For the second quarter of 2019, net income
and diluted EPS were $13.5 million and $0.85, respectively, and
adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP)
were $14.1 million and $0.88, respectively.
|
For the Quarter Ended |
|
|
June
30, |
March
31, |
June
30, |
|
|
$ in millions (except per share data) |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
|
Net Income |
$ |
13.7 |
|
$ |
11.2 |
|
$ |
13.5 |
|
|
|
Diluted EPS |
$ |
0.86 |
|
$ |
0.70 |
|
$ |
0.85 |
|
|
|
Adjusted Net Income (non-GAAP) |
$ |
14.0 |
|
$ |
12.4 |
|
$ |
14.1 |
|
|
|
Adjusted Diluted EPS (non-GAAP) |
$ |
0.88 |
|
$ |
0.77 |
|
$ |
0.88 |
|
|
|
Pre-Provision/Pre-Tax Adjusted Income (non-GAAP) |
$ |
36.8 |
|
$ |
22.8 |
|
$ |
19.3 |
|
|
|
Pre-Provision/Pre-Tax Adjusted ROAA (non-GAAP) |
|
2.54 |
% |
|
1.84 |
% |
|
1.52 |
% |
|
|
See GAAP to non-GAAP
reconciliations |
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“We are very pleased with our core operating
performance for the second quarter,” commented Larry J. Helling,
Chief Executive Officer. “We delivered record pre-provision,
pre-tax adjusted net income, driven by strong loan growth, strong
fee income, and careful management of noninterest expenses. In
addition to successfully funding over $350 million of PPP loans to
both new and existing customers, we grew our core loans by over 8%
on an annualized basis. Our core deposit gathering was even
stronger during the quarter with the outsized growth in deposits
creating significant excess liquidity that led to compression in
our net interest margin.”
Additionally, asset quality remains strong and our
current credit metrics improved during the quarter. “We reduced
nonperforming assets by 21%, through the sale of an OREO property,”
Helling said. “While we do not currently see meaningful degradation
of specific credits in our portfolio, we chose to be prudent and
increased our provision for loan losses during the quarter in order
to build reserves against future potential credit issues related to
COVID-19.”
“QCRH continues to successfully navigate the
challenges presented by the COVID-19 pandemic, including supporting
impacted clients through the QCRH Loan Relief Program, enabling
clients to defer payments and preserve cash and liquidity. It’s
difficult to predict the ultimate impact that this Pandemic will
have on our clients. However, we believe our banks are well
positioned to deal with the Pandemic,” Helling said. “All of our
employees are dedicated to helping our clients weather this storm,
and we have seasoned credit teams at all charters experienced in
dealing with significant economic downturns.”
Annualized Loan and Lease Growth of 8.4%,
excluding PPP loans (non-GAAP)
During the second quarter of 2020, the Company’s
total loans and leases increased by $435.6 million to a total of
$4.1 billion. Included in this amount was $358.1 million of PPP
loans made to both new and existing customers. Excluding the
PPP loans, loan and lease growth during the quarter was 8.4% on an
annualized basis (non-GAAP), reflecting healthy demand across all
markets. Core deposits (excluding brokered deposits)
increased $338.6 million, or 8.7% on a linked quarter basis.
Brokered deposits declined by $159.3 million as the Company
allowed certain higher cost brokered deposits to run off the
balance sheet. Throughout the quarter, deposits grew
significantly with average deposit growth of $777.9 million, or
19.7% for the quarter. The Company’s correspondent banking
portfolio contributed to the majority of this outsized growth as
our correspondent bank clients grew liquidity with deposit growth
significantly outpacing loans. These outsized liquidity
balances temporarily shifted off balance sheet at
quarter-end. The percentage of wholesale funds to total
assets was 8.9% as of the second quarter, which was down from 10.1%
in the first quarter of 2020 as the Company’s need for wholesale
funding declined due to the strong growth in core deposits.
At quarter-end, the percentage of gross loans and leases to
total assets was 73.9%, which was up from 70.8% in the first
quarter, primarily driven by the increase in PPP loan balances.
“Despite the uncertainty caused by the COVID-19
pandemic, we delivered solid loan growth for the quarter in
addition to the $358 million of PPP loans that we funded,” added
Helling. “Loan production improved in both our core commercial
lending business and our Specialty Finance Group. Excluding
our PPP loan production, loan and lease growth for the first six
months of 2020 has been 5.0% on an annualized basis, and given our
current pipeline, we believe that we will be able to achieve
organic loan growth of between 3% and 5% for the full
year.”
Net Interest Income of $40.9
million
Net interest income for the second quarter of 2020
totaled $40.9 million, compared to $37.7 million for the first
quarter of 2020 and $38.0 million for the second quarter of 2019.
The increase was primarily due to growth in average interest
earning assets of $791.6 million, or 17.7% on a linked quarter
basis, of which $404.9 million of the increase was due to excess
cash derived from the aforementioned outsized deposit growth.
Partially offsetting the impact of the higher average balance
of interest earning assets, was a lower reported net interest
margin, due to the significant excess liquidity.
Acquisition-related net accretion totaled $736 thousand
(pre-tax) for the second quarter of 2020, up slightly from the
first quarter of 2020 and down from $1.1 million for the second
quarter of 2019. Adjusted net interest income (non-GAAP) was $41.9
million for the second quarter of 2020, compared to $38.9 million
for the first quarter of 2020 and $38.7 million for the second
quarter of 2019.
In the second quarter, NIM was 3.14% and, on a
tax-equivalent yield basis (non-GAAP), NIM was 3.27%, a decrease of
26 basis points and 29 basis points from the first quarter of 2020,
respectively. Adjusted NIM (non-GAAP), excluding
acquisition-related net accretion was 3.21%, down 29 basis points
from the first quarter. The decline in adjusted NIM
(non-GAAP) during the quarter was entirely due to the significant
excess liquidity carried for the quarter. Average excess
liquidity of $404.9 million with modest negative arbitrage
contributed approximately 30 basis points to the NIM
dilution. Excluding the impact of excess liquidity, the
Company’s NIM was stable as cost of funds declines offset pricing
pressure on earning assets.
|
For the Quarter Ended |
|
June 30, |
March 31, |
June 30, |
|
2020 |
2020 |
2019 |
NIM |
3.14 |
% |
3.40 |
% |
3.25 |
% |
NIM (TEY)(non-GAAP) |
3.27 |
% |
3.56 |
% |
3.40 |
% |
Adjusted NIM (TEY)(non-GAAP) |
3.21 |
% |
3.50 |
% |
3.31 |
% |
See GAAP to non-GAAP
reconciliations |
|
|
|
“Our deposit costs decreased significantly during
the quarter as we gathered core deposits and reduced our wholesale
funding, allowing us to reduce our total cost of interest-bearing
funds by 53 basis points. However, our average loan yields
also decreased due to the sharp decline in short-term interest
rates, and when combined with the significant excess liquidity that
we carried during the quarter, our adjusted NIM was adversely
impacted by 29 basis points,” stated Todd A. Gipple, President,
Chief Operating Officer and Chief Financial Officer. “Excluding the
impact of the excess liquidity, adjusted NIM would have been stable
from the first quarter.”
Noninterest Income of $28.6
million
Noninterest income for the second quarter of 2020
totaled $28.6 million, compared to $15.2 million for the first
quarter of 2020. The increase was primarily due to $19.9
million in swap fee income, up $13.1 million from the first quarter
of 2020. Wealth management revenue was $3.6 million for the
quarter, down from $4.0 million in the first quarter due to a full
quarter of lower fair market values of the assets under management.
Noninterest income increased 67.7% when compared to the
second quarter of 2019.
“Continued strong production from our Specialty
Finance Group and our core banks led to a record $19.9 million in
swap fee income during the quarter. Swap fee income totaled $26.7
million for the first six months of 2020, putting us on track to
exceed last year’s record amount,” added Mr. Gipple. “Our current
expectation is that for the remainder of 2020, this fee income
source will be approximately $30 to $32 million for the six month
period.”
Noninterest Expenses of $33.1
million
Noninterest expense for the second quarter of 2020
totaled $33.1 million, compared to $31.4 million for the first
quarter of 2020. The linked quarter increase was primarily
due to increased salary and benefits expense of $2.8 million with
increased bonus and commission expense in the quarter driven by the
strong financial results and higher than anticipated swap fee
income. This was partially offset by a $600 thousand decline
in disposition costs, a $285 thousand decline in occupancy and
equipment costs and a $345 thousand increase in gains and income
from the operations of other real estate. In addition, the
first quarter of 2020 included a goodwill impairment charge of $500
thousand.
NPAs at Historical
LowsBuilding Reserves for COVID-19
Nonperforming assets (“NPAs”) totaled $13.3
million, a decrease of $3.6 million from the first quarter of 2020.
The decrease was primarily due to the disposition of other real
estate owned. The ratio of NPAs to total assets decreased to 0.24%
at June 30, 2020, compared to 0.32% at March 31, 2020, and down
from 0.45% at June 30, 2019.
The Company’s provision for loan and lease losses
totaled $19.9 million for the second quarter of 2020, up from $8.4
million in the prior quarter. The linked quarter increase in the
provision for loan and lease losses was primarily due to increased
qualitative factors in response to the COVID-19 pandemic. As of
June 30, 2020, the Company’s allowance to total loans and leases
was 1.47%, which was up from 1.14% at March 31, 2020, and from
1.05% at June 30, 2019. Excluding the impact of the $358
million in PPP loans, the allowance for estimated losses on loans
and leases to total loans and leases was 1.61% (non-GAAP).
In accordance with GAAP for acquisition accounting,
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 of $5.5 million at June 30, 2020.
Strong Capital Levels
As of June 30, 2020, the Company’s total risk-based
capital ratio was 13.74%, the common equity tier 1 ratio was
10.28%, and the tangible common equity to tangible assets ratio was
8.48% (non-GAAP). By comparison, these respective ratios were
13.54%, 10.31% and 8.76% as of March 31, 2020. The decline in
the tangible common equity to tangible assets ratio was primarily
the result of asset growth associated with the increase in PPP
loans during the quarter. Excluding the impact of the PPP
loans, the tangible common equity to tangible assets ratio was
9.03% (non-GAAP).
Focus on Three Strategic Long-Term
Initiatives
As part of the Company’s ongoing efforts to grow
earnings and drive attractive long-term returns for shareholders,
it continues to operate under three key strategic long-term
initiatives:
- Organic loan and lease growth of 9% per year, funded by core
deposits;
- Grow fee-based income by at least 6% per year; and
- Limit our annual operating expense growth to 5% per year.
It should be noted that these initiatives are
long-term targets. Due to the impact of the COVID-19
pandemic, the Company may not be able to achieve these goals for
the full year
2020. Supplemental
Presentation and Where to Find ItIn addition to this press
release, the Company has included a supplemental presentation that
provides further information regarding the Company’s loan exposures
and deferrals. Investors, analysts and other interested
persons may find this presentation on the Securities and Exchange
Commission’s EDGAR filing system at www.sec.gov/edgar.shtml,
or on the Company’s website at www.qcrh.com.
Conference Call DetailsThe Company
will host an earnings call/webcast tomorrow, July 28, 2020, 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 replay through August 11, 2020. The replay access
information is 877-344-7529 (international 412-317-0088); access
code 10145663. 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, and Springfield communities through its wholly-owned
subsidiary banks. The banks 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 Springfield First Community Bank, based in Springfield,
Missouri, was acquired by the Company in 2018. Additionally, the
Company serves the Waterloo/Cedar Falls, Iowa community through
Community Bank & Trust, a division of Cedar Rapids Bank &
Trust Company. Quad City Bank & Trust Company engages in
commercial leasing through its wholly-owned subsidiary, m2 Lease
Funds, LLC, based in Milwaukee, Wisconsin, and also provides
correspondent banking services. The Company has 25 locations in
Illinois, Iowa, Wisconsin and Missouri. As of June 30, 2020, the
Company had approximately $5.6 billion in assets, $4.1 billion in
loans and $4.3 billion in deposits. For additional information,
please visit the Company’s 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
(including the impact of the 2020 presidential election and the
impact of tariffs, a U.S. withdrawal from or significant
renegotiation of trade agreements, trade wars and other changes in
trade regulations); (ii) the economic impact of any future
terrorist threats and attacks, widespread disease or pandemics
(including the COVID-19 pandemic in the United States), or other
adverse external events that could cause economic deterioration or
instability in credit markets, and the response of the local, state
and national governments to any such adverse external events;
(iii) changes in accounting policies and practices (including
the new current expected credit loss (CECL) impairment standards,
that will change how the Company estimates credit losses when
implemented); (iv) changes in state and federal laws, regulations
and governmental policies concerning the Company’s general
business; (v) changes in interest rates and prepayment rates of the
Company’s assets (including the impact of LIBOR phase-out);
(vi) increased competition in the financial services sector
and the inability to attract new customers; (vii) changes in
technology and the ability to develop and maintain secure and
reliable electronic systems; (viii) unexpected results of
acquisitions, which may include failure to realize the anticipated
benefits of acquisitions and the possibility that transaction costs
may be greater than anticipated; (ix) the loss of key
executives or employees; (x) changes in consumer spending; and
(xi) unexpected outcomes of existing or new litigation involving
the Company. 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. GipplePresidentChief Operating OfficerChief
Financial Officer(309) 743-7745tgipple@qcrh.com
Kim K. GarrettVice PresidentCorporate
CommunicationsInvestor Relations Manager(319)
743-7006kgarret@qcrh.com
QCR
Holdings, Inc. |
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Consolidated Financial Highlights |
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|
(Unaudited) |
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Held for
Sale |
Held for
Sale |
Held for
Sale |
Held for
Sale |
|
|
|
|
|
|
As of |
|
|
As
of |
As
of |
As
of |
As
of |
|
|
|
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
|
June 30, |
March 31, |
December 31, |
September 30, |
|
|
|
|
|
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
2019 |
|
|
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
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|
|
|
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|
|
|
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|
|
(dollars in
thousands) |
|
|
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CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
$ |
88,577 |
$ |
169,827 |
$ |
76,254 |
$ |
91,671 |
$ |
87,919 |
|
|
$ |
- |
$ |
- |
$ |
- |
$ |
11,031 |
|
|
|
|
|
Federal
funds sold and interest-bearing deposits |
|
142,900 |
|
206,708 |
|
157,691 |
|
197,263 |
|
205,497 |
|
|
|
- |
|
- |
|
- |
|
2,415 |
|
|
|
|
|
Securities |
|
748,883 |
|
684,571 |
|
611,341 |
|
555,409 |
|
643,803 |
|
|
|
- |
|
- |
|
- |
|
66,009 |
|
|
|
|
|
Net
loans/leases |
|
4,079,432 |
|
3,662,435 |
|
3,654,204 |
|
3,574,154 |
|
3,869,415 |
|
|
|
- |
|
- |
|
- |
|
362,011 |
|
|
|
|
|
Intangibles |
|
13,872 |
|
14,421 |
|
14,970 |
|
15,529 |
|
16,089 |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Goodwill |
|
74,248 |
|
74,248 |
|
74,748 |
|
77,748 |
|
77,748 |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Derivatives |
|
225,164 |
|
195,973 |
|
87,827 |
|
104,388 |
|
65,922 |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Other
assets |
|
220,920 |
|
213,134 |
|
220,049 |
|
210,673 |
|
228,459 |
|
|
|
10,765 |
|
10,758 |
|
11,966 |
|
24,081 |
|
|
|
|
|
Assets held
for sale |
|
10,765 |
|
10,758 |
|
11,966 |
|
465,547 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Total assets |
$ |
5,604,761 |
$ |
5,232,075 |
$ |
4,909,050 |
$ |
5,292,382 |
$ |
5,194,852 |
|
|
$ |
10,765 |
$ |
10,758 |
$ |
11,966 |
$ |
465,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits |
$ |
4,349,775 |
$ |
4,170,478 |
$ |
3,911,051 |
$ |
3,802,241 |
$ |
4,322,510 |
|
|
$ |
- |
$ |
- |
$ |
- |
$ |
451,546 |
|
|
|
|
|
Total
borrowings |
|
376,250 |
|
244,399 |
|
278,955 |
|
320,457 |
|
230,953 |
|
|
|
- |
|
- |
|
- |
|
16,157 |
|
|
|
|
|
Derivatives |
|
233,589 |
|
203,744 |
|
88,436 |
|
109,242 |
|
69,556 |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Other
liabilities |
|
87,539 |
|
71,185 |
|
90,254 |
|
70,169 |
|
67,533 |
|
|
|
1,588 |
|
3,130 |
|
5,003 |
|
2,827 |
|
|
|
|
|
Liabilities
held for sale |
|
1,588 |
|
3,130 |
|
5,003 |
|
470,530 |
|
- |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Total
stockholders' equity |
|
556,020 |
|
539,139 |
|
535,351 |
|
519,743 |
|
504,300 |
|
|
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
5,604,761 |
$ |
5,232,075 |
$ |
4,909,050 |
$ |
5,292,382 |
$ |
5,194,852 |
|
|
$ |
1,588 |
$ |
3,130 |
$ |
5,003 |
$ |
470,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ANALYSIS OF LOAN PORTFOLIO |
|
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|
Loan/lease
mix: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial loans |
$ |
1,850,110 |
$ |
1,484,979 |
$ |
1,507,825 |
$ |
1,469,978 |
$ |
1,548,657 |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
|
1,869,162 |
|
1,783,086 |
|
1,736,396 |
|
1,687,922 |
|
1,837,473 |
|
|
|
|
|
|
|
|
|
|
|
Direct financing leases |
|
79,105 |
|
83,324 |
|
87,869 |
|
92,307 |
|
101,180 |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
|
241,069 |
|
237,742 |
|
239,904 |
|
245,667 |
|
293,479 |
|
|
|
|
|
|
|
|
|
|
|
Installment and other consumer loans |
|
99,150 |
|
106,728 |
|
109,352 |
|
106,540 |
|
120,947 |
|
|
|
|
|
|
|
|
|
|
|
Deferred loan/lease origination costs, net of fees |
|
1,663 |
|
8,809 |
|
8,859 |
|
7,856 |
|
8,783 |
|
|
|
|
|
|
|
|
|
|
|
Total
loans/leases |
$ |
4,140,259 |
$ |
3,704,668 |
$ |
3,690,205 |
$ |
3,610,270 |
$ |
3,910,519 |
|
|
|
|
|
|
|
|
|
|
|
Less allowance for estimated losses on loans/leases |
|
60,827 |
|
42,233 |
|
36,001 |
|
36,116 |
|
41,104 |
|
|
|
|
|
|
|
|
|
|
|
Net
loans/leases |
$ |
4,079,432 |
$ |
3,662,435 |
$ |
3,654,204 |
$ |
3,574,154 |
$ |
3,869,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF SECURITIES PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
mix: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government sponsored agency securities |
$ |
17,472 |
$ |
19,457 |
$ |
20,078 |
$ |
21,268 |
$ |
35,762 |
|
|
|
|
|
|
|
|
|
|
|
Municipal securities |
|
526,192 |
|
493,664 |
|
447,853 |
|
391,329 |
|
440,853 |
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
145,672 |
|
122,853 |
|
120,587 |
|
123,880 |
|
159,228 |
|
|
|
|
|
|
|
|
|
|
|
Asset backed securities |
|
39,797 |
|
28,499 |
|
16,887 |
|
10,957 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
19,750 |
|
20,098 |
|
5,936 |
|
7,975 |
|
7,960 |
|
|
|
|
|
|
|
|
|
|
|
Total securities |
$ |
748,883 |
$ |
684,571 |
$ |
611,341 |
$ |
555,409 |
$ |
643,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
mix: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
1,177,482 |
$ |
829,782 |
$ |
777,224 |
$ |
782,232 |
$ |
795,951 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
2,488,755 |
|
2,440,907 |
|
2,407,502 |
|
2,245,557 |
|
2,505,956 |
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
560,982 |
|
617,979 |
|
571,343 |
|
536,352 |
|
733,135 |
|
|
|
|
|
|
|
|
|
|
|
Brokered deposits |
|
122,556 |
|
281,810 |
|
154,982 |
|
238,100 |
|
287,468 |
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
$ |
4,349,775 |
$ |
4,170,478 |
$ |
3,911,051 |
$ |
3,802,241 |
$ |
4,322,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF BORROWINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
mix: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term FHLB advances |
$ |
90,000 |
$ |
55,000 |
$ |
50,000 |
$ |
60,000 |
$ |
46,433 |
|
|
|
|
|
|
|
|
|
|
|
Overnight FHLB advances (1) |
|
55,000 |
|
40,000 |
|
109,300 |
|
135,800 |
|
59,300 |
|
|
|
|
|
|
|
|
|
|
|
FRB borrowings |
|
100,000 |
|
30,000 |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Other short-term borrowings |
|
24,818 |
|
13,067 |
|
13,423 |
|
18,526 |
|
19,191 |
|
|
|
|
|
|
|
|
|
|
|
Subordinated notes |
|
68,516 |
|
68,455 |
|
68,394 |
|
68,334 |
|
68,274 |
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debentures |
|
37,916 |
|
37,877 |
|
37,838 |
|
37,797 |
|
37,755 |
|
|
|
|
|
|
|
|
|
|
|
Total borrowings |
$ |
376,250 |
$ |
244,399 |
$ |
278,955 |
$ |
320,457 |
$ |
230,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) At the most recent quarter-end, the weighted-average rate of
these overnight borrowings was 0.37%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc. |
|
|
|
|
|
Consolidated Financial Highlights |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
|
|
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
|
|
|
|
|
|
|
|
2020 |
|
|
2020 |
|
2019 |
|
2019 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
48,650 |
|
$ |
48,982 |
$ |
52,977 |
$ |
56,817 |
|
$ |
54,181 |
|
|
|
|
|
|
Interest expense |
|
|
7,702 |
|
|
11,284 |
|
13,058 |
|
16,098 |
|
|
16,168 |
|
|
|
|
|
|
Net interest income |
|
|
40,948 |
|
|
37,698 |
|
39,919 |
|
40,719 |
|
|
38,013 |
|
|
|
|
|
|
Provision for loan/lease losses |
|
|
19,915 |
|
|
8,367 |
|
979 |
|
2,012 |
|
|
1,941 |
|
|
|
|
|
|
Net interest income after provision for loan/lease
losses |
|
$ |
21,033 |
|
$ |
29,331 |
$ |
38,940 |
$ |
38,707 |
|
$ |
36,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust department fees |
|
$ |
2,227 |
|
$ |
2,312 |
$ |
2,365 |
$ |
2,340 |
|
$ |
2,361 |
|
|
|
|
|
|
Investment advisory and management fees |
|
|
1,399 |
|
|
1,727 |
|
1,589 |
|
1,782 |
|
|
1,888 |
|
|
|
|
|
|
Deposit service fees |
|
|
1,286 |
|
|
1,477 |
|
1,787 |
|
1,813 |
|
|
1,658 |
|
|
|
|
|
|
Gain on sales of residential real estate loans |
|
|
1,196 |
|
|
652 |
|
823 |
|
890 |
|
|
489 |
|
|
|
|
|
|
Gain on sales of government guaranteed portions of loans |
|
|
- |
|
|
- |
|
159 |
|
519 |
|
|
39 |
|
|
|
|
|
|
Swap fee income |
|
|
19,927 |
|
|
6,804 |
|
7,409 |
|
9,797 |
|
|
7,891 |
|
|
|
|
|
|
Securities gains (losses), net |
|
|
65 |
|
|
- |
|
26 |
|
(3 |
) |
|
(52 |
) |
|
|
|
|
|
Earnings on bank-owned life insurance |
|
|
612 |
|
|
329 |
|
533 |
|
489 |
|
|
412 |
|
|
|
|
|
|
Debit card fees |
|
|
775 |
|
|
758 |
|
766 |
|
886 |
|
|
914 |
|
|
|
|
|
|
Correspondent banking fees |
|
|
198 |
|
|
215 |
|
194 |
|
189 |
|
|
172 |
|
|
|
|
|
|
Gain on sale of assets and liabilities of subsidiary |
|
|
- |
|
|
- |
|
12,286 |
|
- |
|
|
- |
|
|
|
|
|
|
Other |
|
|
|
941 |
|
|
922 |
|
1,868 |
|
1,204 |
|
|
1,293 |
|
|
|
|
|
|
Total noninterest income |
|
$ |
28,626 |
|
$ |
15,196 |
$ |
29,805 |
$ |
19,906 |
|
$ |
17,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
21,304 |
|
$ |
18,519 |
$ |
24,220 |
$ |
24,215 |
|
$ |
22,749 |
|
|
|
|
|
|
Occupancy and equipment expense |
|
|
3,748 |
|
|
4,032 |
|
4,019 |
|
3,860 |
|
|
3,533 |
|
|
|
|
|
|
Professional and data processing fees |
|
|
3,646 |
|
|
3,369 |
|
3,570 |
|
4,030 |
|
|
3,031 |
|
|
|
|
|
|
Post-acquisition compensation, transition and integration
costs |
|
|
70 |
|
|
151 |
|
1,855 |
|
884 |
|
|
708 |
|
|
|
|
|
|
Disposition costs |
|
|
(83 |
) |
|
517 |
|
3,325 |
|
- |
|
|
- |
|
|
|
|
|
|
FDIC insurance, other insurance and regulatory fees |
|
|
908 |
|
|
683 |
|
523 |
|
542 |
|
|
926 |
|
|
|
|
|
|
Loan/lease expense |
|
|
339 |
|
|
228 |
|
349 |
|
221 |
|
|
312 |
|
|
|
|
|
|
Net cost of (income from) and gains/losses on operations of other
real estate |
|
|
(332 |
) |
|
13 |
|
232 |
|
2,078 |
|
|
1,182 |
|
|
|
|
|
|
Advertising and marketing |
|
|
552 |
|
|
682 |
|
1,670 |
|
1,056 |
|
|
1,037 |
|
|
|
|
|
|
Bank service charges |
|
|
501 |
|
|
504 |
|
516 |
|
502 |
|
|
508 |
|
|
|
|
|
|
Losses on debt extinguishment, net |
|
|
429 |
|
|
147 |
|
288 |
|
148 |
|
|
- |
|
|
|
|
|
|
Correspondent banking expense |
|
|
212 |
|
|
216 |
|
216 |
|
209 |
|
|
206 |
|
|
|
|
|
|
Intangibles amortization |
|
|
548 |
|
|
549 |
|
560 |
|
560 |
|
|
615 |
|
|
|
|
|
|
Goodwill impairment |
|
|
- |
|
|
500 |
|
3,000 |
|
- |
|
|
- |
|
|
|
|
|
|
Other |
|
|
|
1,280 |
|
|
1,305 |
|
1,951 |
|
1,640 |
|
|
1,753 |
|
|
|
|
|
|
Total noninterest expense |
|
$ |
33,122 |
|
$ |
31,415 |
$ |
46,294 |
$ |
39,945 |
|
$ |
36,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
$ |
16,537 |
|
$ |
13,112 |
$ |
22,451 |
$ |
18,668 |
|
$ |
16,577 |
|
|
|
|
|
|
Federal and state income tax expense |
|
|
2,798 |
|
|
1,884 |
|
6,560 |
|
3,573 |
|
|
3,073 |
|
|
|
|
|
|
Net
income |
|
|
$ |
13,739 |
|
$ |
11,228 |
$ |
15,891 |
$ |
15,095 |
|
$ |
13,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
|
$ |
0.87 |
|
$ |
0.71 |
$ |
1.01 |
$ |
0.96 |
|
$ |
0.86 |
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.86 |
|
$ |
0.70 |
$ |
0.99 |
$ |
0.94 |
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
15,747,056 |
|
|
15,796,796 |
|
15,772,703 |
|
15,739,430 |
|
|
15,714,588 |
|
|
|
|
|
|
Weighted average common and common equivalent shares
outstanding |
|
|
15,895,336 |
|
|
16,011,456 |
|
16,033,043 |
|
15,976,742 |
|
|
15,938,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc. |
Consolidated Financial Highlights |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
|
|
|
Interest income |
|
|
$ |
97,632 |
|
|
$ |
106,283 |
|
Interest expense |
|
|
|
18,986 |
|
|
|
31,362 |
|
Net interest income |
|
|
|
78,646 |
|
|
|
74,921 |
|
Provision for loan/lease losses |
|
|
|
28,282 |
|
|
|
4,075 |
|
Net interest income after provision for loan/lease
losses |
|
|
$ |
50,364 |
|
|
$ |
70,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust department fees |
|
|
|
4,539 |
|
|
$ |
4,854 |
|
Investment advisory and management fees |
|
|
|
3,126 |
|
|
|
3,624 |
|
Deposit service fees |
|
|
|
2,763 |
|
|
|
3,212 |
|
Gain on sales of residential real estate loans |
|
|
|
1,848 |
|
|
|
858 |
|
Gain on sales of government guaranteed portions of loans |
|
|
|
- |
|
|
|
70 |
|
Swap fee income |
|
|
|
26,731 |
|
|
|
11,089 |
|
Securities losses, net |
|
|
|
65 |
|
|
|
(52 |
) |
Earnings on bank-owned life insurance |
|
|
|
941 |
|
|
|
952 |
|
Debit card fees |
|
|
|
1,533 |
|
|
|
1,706 |
|
Correspondent banking fees |
|
|
|
413 |
|
|
|
388 |
|
Other |
|
|
|
|
1,863 |
|
|
|
2,357 |
|
Total noninterest income |
|
|
$ |
43,822 |
|
|
$ |
29,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
39,823 |
|
|
$ |
43,628 |
|
Occupancy and equipment expense |
|
|
|
7,780 |
|
|
|
7,227 |
|
Professional and data processing fees |
|
|
|
7,015 |
|
|
|
5,781 |
|
Post-acquisition compensation, transition and integration
costs |
|
|
221 |
|
|
|
842 |
|
Disposition costs |
|
|
|
434 |
|
|
|
- |
|
FDIC insurance, other insurance and regulatory fees |
|
|
|
1,591 |
|
|
|
1,890 |
|
Loan/lease expense |
|
|
|
567 |
|
|
|
526 |
|
Net cost of operation of other real estate |
|
|
|
(319 |
) |
|
|
1,480 |
|
Advertising and marketing |
|
|
|
1,234 |
|
|
|
1,822 |
|
Bank service charges |
|
|
|
1,005 |
|
|
|
991 |
|
Losses on debt extinguishment, net |
|
|
|
576 |
|
|
|
- |
|
Correspondent banking expense |
|
|
|
428 |
|
|
|
410 |
|
Intangibles amortization |
|
|
|
1,097 |
|
|
|
1,147 |
|
Goodwill impairment |
|
|
|
500 |
|
|
|
- |
|
Other |
|
|
|
|
2,585 |
|
|
|
3,251 |
|
Total noninterest expense |
|
|
$ |
64,537 |
|
|
$ |
68,995 |
|
|
|
|
|
|
|
|
Net income before taxes |
|
|
$ |
29,649 |
|
|
$ |
30,909 |
|
Income tax expense |
|
|
|
4,682 |
|
|
|
4,487 |
|
Net
income |
|
|
|
$ |
24,967 |
|
|
$ |
26,422 |
|
|
|
|
|
|
|
|
Basic EPS |
|
|
|
$ |
1.58 |
|
|
$ |
1.68 |
|
Diluted EPS |
|
|
$ |
1.56 |
|
|
$ |
1.66 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
15,771,926 |
|
|
|
15,703,967 |
|
Weighted average common and common equivalent shares
outstanding |
|
|
15,956,958 |
|
|
|
15,930,659 |
|
|
|
|
|
|
|
|
QCR
Holdings, Inc. |
|
|
|
|
|
|
Consolidated
Financial Highlights |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Quarter Ended |
|
For the Six Months Ended |
|
|
|
|
|
|
|
June30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
June 30, |
June 30, |
|
|
|
|
|
|
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
15,790,611 |
|
|
15,773,736 |
|
|
15,828,098 |
|
|
15,790,462 |
|
|
15,772,939 |
|
|
|
|
|
|
|
|
|
|
Book value
per common share (1) |
$ |
35.21 |
|
$ |
34.18 |
|
$ |
33.82 |
|
$ |
32.91 |
|
$ |
31.97 |
|
|
|
|
|
|
|
|
|
|
Tangible
book value per common share (2) |
$ |
29.63 |
|
$ |
28.56 |
|
$ |
28.15 |
|
$ |
27.01 |
|
$ |
26.02 |
|
|
|
|
|
|
|
|
|
|
Closing
stock price |
$ |
31.18 |
|
$ |
27.07 |
|
$ |
43.86 |
|
$ |
37.98 |
|
$ |
34.87 |
|
|
|
|
|
|
|
|
|
|
Market
capitalization |
$ |
492,351 |
|
$ |
426,995 |
|
$ |
694,220 |
|
$ |
599,722 |
|
$ |
550,002 |
|
|
|
|
|
|
|
|
|
|
Market price
/ book value |
|
88.55 |
% |
|
79.20 |
% |
|
129.69 |
% |
|
115.40 |
% |
|
109.06 |
% |
|
|
|
|
|
|
|
|
|
Market price
/ tangible book value |
|
105.23 |
% |
|
94.79 |
% |
|
155.76 |
% |
|
140.61 |
% |
|
134.00 |
% |
|
|
|
|
|
|
|
|
|
Earnings per
common share (basic) LTM (3) |
$ |
3.55 |
|
$ |
3.54 |
|
$ |
3.65 |
|
$ |
3.49 |
|
$ |
3.10 |
|
|
|
|
|
|
|
|
|
|
Price
earnings ratio LTM (3) |
8.78 x |
7.65 x |
12.02 x |
10.88 x |
11.25 x |
|
|
|
|
|
|
|
|
|
TCE / TA
(4) |
|
8.48 |
% |
|
8.76 |
% |
|
9.25 |
% |
|
8.20 |
% |
|
8.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Beginning
balance |
$ |
539,139 |
|
$ |
535,351 |
|
$ |
519,743 |
|
$ |
504,300 |
|
$ |
488,407 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
13,739 |
|
|
11,228 |
|
|
15,891 |
|
|
15,095 |
|
|
13,504 |
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss), net of tax |
|
3,622 |
|
|
(3,691 |
) |
|
(683 |
) |
|
543 |
|
|
2,243 |
|
|
|
|
|
|
|
|
|
|
Common stock
cash dividends declared |
|
(945 |
) |
|
(942 |
) |
|
(947 |
) |
|
(944 |
) |
|
(942 |
) |
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of 9,400 shares of common stock as a result of the
performance based targets met for Bates Companies |
|
- |
|
|
- |
|
|
399 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Repurchase
and cancellation of 100,932 shares of common stock as a result of a
share repurchase program |
|
- |
|
|
(3,780 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other
(5) |
|
465 |
|
|
973 |
|
|
948 |
|
|
749 |
|
|
1,088 |
|
|
|
|
|
|
|
|
|
|
Ending
balance |
$ |
556,020 |
|
$ |
539,139 |
|
$ |
535,351 |
|
$ |
519,743 |
|
$ |
504,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL RATIOS (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
risk-based capital ratio |
|
13.74 |
% |
|
13.54 |
% |
|
13.33 |
% |
|
12.22 |
% |
|
12.04 |
% |
|
|
|
|
|
|
|
|
|
Tier 1
risk-based capital ratio |
|
11.11 |
% |
|
11.16 |
% |
|
11.04 |
% |
|
9.94 |
% |
|
9.76 |
% |
|
|
|
|
|
|
|
|
|
Tier 1
leverage capital ratio |
|
8.91 |
% |
|
10.19 |
% |
|
9.53 |
% |
|
9.02 |
% |
|
8.96 |
% |
|
|
|
|
|
|
|
|
|
Common
equity tier 1 ratio |
|
10.28 |
% |
|
10.31 |
% |
|
10.18 |
% |
|
9.12 |
% |
|
8.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE RATIOS AND OTHER METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (annualized) |
|
0.95 |
% |
|
0.91 |
% |
|
1.23 |
% |
|
1.16 |
% |
|
1.06 |
% |
|
|
0.93 |
% |
|
1.05 |
% |
|
|
|
|
|
|
Return on
average total equity (annualized) |
|
10.29 |
% |
|
8.23 |
% |
|
11.93 |
% |
|
11.70 |
% |
|
10.84 |
% |
|
|
9.30 |
% |
|
10.78 |
% |
|
|
|
|
|
|
Net interest
margin |
|
3.14 |
% |
|
3.40 |
% |
|
3.36 |
% |
|
3.37 |
% |
|
3.25 |
% |
|
|
3.26 |
% |
|
3.25 |
% |
|
|
|
|
|
|
Net interest
margin (TEY) (Non-GAAP)(7) |
|
3.27 |
% |
|
3.56 |
% |
|
3.51 |
% |
|
3.52 |
% |
|
3.40 |
% |
|
|
3.40 |
% |
|
3.40 |
% |
|
|
|
|
|
|
Efficiency
ratio (Non-GAAP) (8) |
|
47.61 |
% |
|
59.39 |
% |
|
66.40 |
% |
|
65.89 |
% |
|
66.38 |
% |
|
|
52.70 |
% |
|
66.35 |
% |
|
|
|
|
|
|
Gross loans
and leases / total assets (10) |
|
74.01 |
% |
|
70.95 |
% |
|
75.36 |
% |
|
74.80 |
% |
|
75.28 |
% |
|
|
74.01 |
% |
|
75.28 |
% |
|
|
|
|
|
|
Gross loans
and leases / total deposits (10) |
|
95.18 |
% |
|
88.83 |
% |
|
94.35 |
% |
|
94.95 |
% |
|
90.47 |
% |
|
|
95.18 |
% |
|
90.47 |
% |
|
|
|
|
|
|
Effective
tax rate |
|
16.92 |
% |
|
14.37 |
% |
|
29.22 |
% |
|
19.14 |
% |
|
18.54 |
% |
|
|
15.79 |
% |
|
14.52 |
% |
|
|
|
|
|
|
Full-time
equivalent employees (9) |
|
712 |
|
|
703 |
|
|
697 |
|
|
766 |
|
|
773 |
|
|
|
712 |
|
|
773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
5,800,164 |
|
$ |
4,948,311 |
|
$ |
5,147,754 |
|
$ |
5,217,763 |
|
$ |
5,077,900 |
|
|
$ |
5,374,224 |
|
$ |
5,023,201 |
|
|
|
|
|
|
|
Loans/leases |
|
3,999,523 |
|
|
3,686,410 |
|
|
3,868,435 |
|
|
3,962,464 |
|
|
3,839,674 |
|
|
|
3,842,967 |
|
|
3,799,645 |
|
|
|
|
|
|
|
Deposits |
|
4,732,626 |
|
|
3,954,707 |
|
|
4,227,572 |
|
|
4,302,995 |
|
|
4,271,391 |
|
|
|
4,343,653 |
|
|
4,191,130 |
|
|
|
|
|
|
|
Total
stockholders' equity |
|
534,095 |
|
|
545,678 |
|
|
532,756 |
|
|
516,195 |
|
|
498,263 |
|
|
|
536,775 |
|
|
490,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Decrease from June 30, 2019 and September 30, 2019 due to sale
of subsidiary Rockford Bank & Trust. |
|
|
|
|
|
|
(10) Excludes assets held for sale as of September 30, 2019,
Deccember 31, 2019, March 31, 2020 and June 30, 2020. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc. |
|
|
|
|
|
Consolidated
Financial Highlights |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET INTEREST INCOME AND MARGIN
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
|
|
|
|
June 30, 2020 |
|
March 31, 2020 |
|
June 30, 2019 |
|
|
|
|
|
|
|
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 |
|
$ |
865 |
$ |
1 |
0.46 |
% |
|
$ |
5,324 |
$ |
18 |
1.36 |
% |
|
$ |
9,690 |
$ |
56 |
2.32 |
% |
|
|
|
|
|
Interest-bearing deposits at financial institutions |
|
533,483 |
|
135 |
0.10 |
% |
|
|
128,612 |
|
361 |
1.13 |
% |
|
|
182,651 |
|
1,168 |
2.56 |
% |
|
|
|
|
|
Securities
(1) |
|
|
697,559 |
|
6,536 |
3.77 |
% |
|
|
619,307 |
|
6,080 |
3.95 |
% |
|
|
644,999 |
|
6,062 |
3.77 |
% |
|
|
|
|
|
Restricted investment securities |
|
21,234 |
|
288 |
5.46 |
% |
|
|
21,365 |
|
258 |
4.86 |
% |
|
|
21,007 |
|
290 |
5.54 |
% |
|
|
|
|
|
Loans
(1) |
|
|
3,999,522 |
|
43,417 |
4.37 |
% |
|
|
3,686,410 |
|
44,056 |
4.81 |
% |
|
|
3,839,674 |
|
48,413 |
5.06 |
% |
|
|
|
|
|
Total earning assets (1) |
$ |
5,252,663 |
$ |
50,377 |
3.86 |
% |
|
$ |
4,461,018 |
$ |
50,773 |
4.58 |
% |
|
$ |
4,698,021 |
$ |
55,989 |
4.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
2,840,860 |
$ |
2,429 |
0.34 |
% |
|
$ |
2,379,635 |
$ |
5,328 |
0.90 |
% |
|
$ |
2,461,768 |
$ |
8,271 |
1.35 |
% |
|
|
|
|
|
Time
deposits |
|
|
809,233 |
|
3,337 |
1.66 |
% |
|
|
785,135 |
|
3,879 |
1.99 |
% |
|
|
1,013,391 |
|
5,554 |
2.20 |
% |
|
|
|
|
|
Short-term borrowings |
|
25,064 |
|
22 |
0.35 |
% |
|
|
19,315 |
|
64 |
1.33 |
% |
|
|
16,145 |
|
81 |
2.01 |
% |
|
|
|
|
|
Federal Home Loan Bank advances |
|
95,616 |
|
347 |
1.46 |
% |
|
|
111,407 |
|
449 |
1.62 |
% |
|
|
76,154 |
|
601 |
3.17 |
% |
|
|
|
|
|
Other
borrowings |
|
|
- |
|
- |
0.00 |
% |
|
|
- |
|
- |
0.00 |
% |
|
|
10,550 |
|
92 |
3.50 |
% |
|
|
|
|
|
Subordinated debentures |
|
68,480 |
|
994 |
5.84 |
% |
|
|
68,418 |
|
994 |
5.84 |
% |
|
|
68,239 |
|
993 |
5.84 |
% |
|
|
|
|
|
Junior subordinated debentures |
|
37,891 |
|
572 |
6.07 |
% |
|
|
37,853 |
|
571 |
6.07 |
% |
|
|
37,731 |
|
576 |
6.12 |
% |
|
|
|
|
|
Total interest-bearing liabilities |
$ |
3,877,144 |
$ |
7,701 |
0.80 |
% |
|
$ |
3,401,763 |
$ |
11,285 |
1.33 |
% |
|
$ |
3,683,978 |
$ |
16,168 |
1.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / spread (1) |
|
$ |
42,676 |
3.06 |
% |
|
|
$ |
39,488 |
3.24 |
% |
|
|
$ |
39,821 |
3.02 |
% |
|
|
|
|
|
Net interest margin (2) |
|
|
3.14 |
% |
|
|
|
3.40 |
% |
|
|
|
3.25 |
% |
|
|
|
|
|
Net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.27 |
% |
|
|
|
3.56 |
% |
|
|
|
3.40 |
% |
|
|
|
|
|
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
3.21 |
% |
|
|
|
3.50 |
% |
|
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
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 |
|
$ |
3,095 |
$ |
18 |
1.17 |
% |
|
$ |
12,713 |
$ |
150 |
2.38 |
% |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits at financial institutions |
|
331,048 |
|
495 |
0.30 |
% |
|
|
169,057 |
|
2,091 |
2.49 |
% |
|
|
|
|
|
|
|
|
|
Securities
(1) |
|
|
658,433 |
|
12,616 |
3.85 |
% |
|
|
652,727 |
|
12,158 |
3.76 |
% |
|
|
|
|
|
|
|
|
|
Restricted investment securities |
|
21,300 |
|
546 |
5.15 |
% |
|
|
21,146 |
|
598 |
5.70 |
% |
|
|
|
|
|
|
|
|
|
Loans
(1) |
|
|
3,842,966 |
|
87,474 |
4.58 |
% |
|
|
3,799,645 |
|
94,795 |
5.03 |
% |
|
|
|
|
|
|
|
|
|
Total earning assets (1) |
$ |
4,856,842 |
$ |
101,149 |
4.19 |
% |
|
$ |
4,655,288 |
$ |
109,792 |
4.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
2,610,248 |
$ |
7,756 |
0.60 |
% |
|
$ |
2,374,939 |
$ |
15,445 |
1.31 |
% |
|
|
|
|
|
|
|
|
|
Time
deposits |
|
|
797,184 |
|
7,216 |
1.82 |
% |
|
|
1,012,925 |
|
10,859 |
2.16 |
% |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
22,190 |
|
86 |
0.78 |
% |
|
|
15,261 |
|
152 |
2.01 |
% |
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
103,512 |
|
796 |
1.55 |
% |
|
|
111,755 |
|
1,662 |
3.00 |
% |
|
|
|
|
|
|
|
|
|
Other
borrowings |
|
|
- |
|
- |
0.00 |
% |
|
|
27,126 |
|
539 |
4.01 |
% |
|
|
|
|
|
|
|
|
|
Subordinated debentures |
|
68,449 |
|
1,988 |
5.84 |
% |
|
|
53,438 |
|
1,557 |
5.88 |
% |
|
|
|
|
|
|
|
|
|
Junior subordinated debentures |
|
37,872 |
|
1,144 |
6.07 |
% |
|
|
37,709 |
|
1,148 |
6.14 |
% |
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
$ |
3,639,455 |
$ |
18,986 |
1.05 |
% |
|
$ |
3,633,153 |
$ |
31,362 |
1.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / spread (1) |
|
$ |
82,163 |
3.14 |
% |
|
|
$ |
78,430 |
3.02 |
% |
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
3.26 |
% |
|
|
|
3.25 |
% |
|
|
|
|
|
|
|
|
|
Net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.40 |
% |
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
3.35 |
% |
|
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
nontaxable securities and loans. Interest earned and yields on
nontaxable securities and loans are determined on a tax equivalent
basis using a 21% tax rate. |
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
|
|
|
|
|
|
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROLLFORWARD OF ALLOWANCE FOR LOAN/LEASE
LOSSES |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance |
$ |
42,233 |
|
$ |
36,001 |
|
$ |
36,116 |
|
$ |
41,104 |
|
$ |
41,164 |
|
|
|
|
|
|
|
|
Reclassification of allowance related to held for sale loans |
|
- |
|
|
- |
|
|
- |
|
|
(6,122 |
) |
|
- |
|
|
|
|
|
|
|
|
Provision
charged to expense (2) |
|
19,915 |
|
|
8,367 |
|
|
979 |
|
|
1,584 |
|
|
1,941 |
|
|
|
|
|
|
|
|
Loans/leases
charged off |
|
(1,450 |
) |
|
(2,335 |
) |
|
(1,182 |
) |
|
(741 |
) |
|
(2,152 |
) |
|
|
|
|
|
|
|
Recoveries
on loans/leases previously charged off |
|
129 |
|
|
200 |
|
|
88 |
|
|
291 |
|
|
151 |
|
|
|
|
|
|
|
|
Ending balance |
$ |
60,827 |
|
$ |
42,233 |
|
$ |
36,001 |
|
$ |
36,116 |
|
$ |
41,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans/leases |
$ |
12,099 |
|
$ |
11,628 |
|
$ |
7,902 |
|
$ |
8,231 |
|
$ |
13,148 |
|
|
|
|
|
|
|
|
Accruing
loans/leases past due 90 days or more |
|
99 |
|
|
1,419 |
|
|
33 |
|
|
- |
|
|
58 |
|
|
|
|
|
|
|
|
Troubled
debt restructures - accruing |
|
920 |
|
|
545 |
|
|
979 |
|
|
763 |
|
|
1,313 |
|
|
|
|
|
|
|
|
Total nonperforming loans/leases |
|
13,118 |
|
|
13,592 |
|
|
8,914 |
|
|
8,994 |
|
|
14,519 |
|
|
|
|
|
|
|
|
Other real
estate owned |
|
157 |
|
|
3,298 |
|
|
4,129 |
|
|
4,248 |
|
|
8,637 |
|
|
|
|
|
|
|
|
Other
repossessed assets |
|
25 |
|
|
45 |
|
|
41 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
Total nonperforming assets |
$ |
13,300 |
|
$ |
16,935 |
|
$ |
13,084 |
|
$ |
13,242 |
|
$ |
23,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets / total assets (3) |
|
0.24 |
% |
|
0.32 |
% |
|
0.27 |
% |
|
0.27 |
% |
|
0.45 |
% |
|
|
|
|
|
|
|
Allowance /
total loans/leases (1) |
|
1.47 |
% |
|
1.14 |
% |
|
0.98 |
% |
|
1.00 |
% |
|
1.05 |
% |
|
|
|
|
|
|
|
Allowance /
nonperforming loans/leases (1) |
|
463.69 |
% |
|
310.72 |
% |
|
403.87 |
% |
|
401.56 |
% |
|
283.10 |
% |
|
|
|
|
|
|
|
Net
charge-offs as a % of average loans/leases |
|
0.03 |
% |
|
0.06 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Upon acquisition
and per GAAP, acquired loans are recorded at market value which
eliminates the allowance and impacts these ratios. |
|
|
|
|
|
|
(2) Excludes provision
related to loans included in assets held for sale of $428 thousand
for the quarter ending September 30, 2019. |
|
|
|
|
|
|
|
(3) Excludes
assets held for sale. |
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc. |
|
Consolidated
Financial Highlights |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
For the Six Months Ended |
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
SELECT FINANCIAL DATA - SUBSIDIARIES |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
$ |
1,984,245 |
|
|
$ |
1,914,785 |
|
|
$ |
1,637,115 |
|
|
|
|
|
|
|
m2 Lease Funds, LLC |
|
|
241,114 |
|
|
|
237,198 |
|
|
|
234,072 |
|
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
2,021,043 |
|
|
|
1,719,773 |
|
|
|
1,527,521 |
|
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
903,648 |
|
|
|
863,903 |
|
|
|
806,704 |
|
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
745,474 |
|
|
|
708,736 |
|
|
|
671,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
$ |
1,707,970 |
|
|
$ |
1,678,889 |
|
|
$ |
1,434,467 |
|
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
1,351,784 |
|
|
|
1,247,989 |
|
|
|
1,283,151 |
|
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
778,499 |
|
|
|
743,645 |
|
|
|
705,777 |
|
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
564,710 |
|
|
|
524,420 |
|
|
|
471,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
$ |
1,485,971 |
|
|
$ |
1,338,915 |
|
|
$ |
1,273,400 |
|
|
|
|
|
|
|
m2 Lease Funds, LLC |
|
|
239,351 |
|
|
|
235,144 |
|
|
|
230,676 |
|
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
1,380,672 |
|
|
|
1,159,453 |
|
|
|
1,100,823 |
|
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
671,772 |
|
|
|
634,253 |
|
|
|
597,486 |
|
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
601,843 |
|
|
|
572,046 |
|
|
|
515,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
87 |
% |
|
|
80 |
% |
|
|
89 |
% |
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
102 |
% |
|
|
93 |
% |
|
|
86 |
% |
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
86 |
% |
|
|
85 |
% |
|
|
85 |
% |
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
107 |
% |
|
|
109 |
% |
|
|
109 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
75 |
% |
|
|
70 |
% |
|
|
78 |
% |
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
68 |
% |
|
|
67 |
% |
|
|
72 |
% |
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
74 |
% |
|
|
73 |
% |
|
|
74 |
% |
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
81 |
% |
|
|
81 |
% |
|
|
77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE AS A PERCENTAGE OF LOANS/LEASES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
1.51 |
% |
|
|
1.17 |
% |
|
|
1.06 |
% |
|
|
|
|
|
|
m2 Lease Funds, LLC |
|
|
1.99 |
% |
|
|
1.50 |
% |
|
|
1.38 |
% |
|
|
|
|
|
|
Cedar Rapids
Bank and Trust (2) |
|
|
1.62 |
% |
|
|
1.35 |
% |
|
|
1.19 |
% |
|
|
|
|
|
|
Community
State Bank - Ankeny (2) |
|
|
1.56 |
% |
|
|
1.21 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
Springfield
First Community Bank (2) |
|
|
0.94 |
% |
|
|
0.56 |
% |
|
|
0.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
0.68 |
% |
|
|
1.33 |
% |
|
|
1.22 |
% |
|
|
0.95 |
% |
|
|
1.20 |
% |
|
|
Cedar Rapids
Bank and Trust |
|
|
2.36 |
% |
|
|
1.60 |
% |
|
|
1.95 |
% |
|
|
2.01 |
% |
|
|
1.75 |
% |
|
|
Community
State Bank - Ankeny |
|
|
0.25 |
% |
|
|
0.50 |
% |
|
|
1.17 |
% |
|
|
0.37 |
% |
|
|
1.12 |
% |
|
|
Springfield
First Community Bank |
|
|
1.04 |
% |
|
|
1.29 |
% |
|
|
1.37 |
% |
|
|
1.16 |
% |
|
|
1.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN PERCENTAGE (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
2.88 |
% |
|
|
3.68 |
% |
|
|
3.29 |
% |
|
|
3.22 |
% |
|
|
3.26 |
% |
|
|
Cedar Rapids
Bank and Trust (5) |
|
|
3.37 |
% |
|
|
3.43 |
% |
|
|
3.41 |
% |
|
|
3.40 |
% |
|
|
3.41 |
% |
|
|
Community
State Bank - Ankeny (4) |
|
|
3.77 |
% |
|
|
3.91 |
% |
|
|
4.08 |
% |
|
|
3.84 |
% |
|
|
4.06 |
% |
|
|
Springfield
First Community Bank (6) |
|
|
3.88 |
% |
|
|
3.83 |
% |
|
|
4.10 |
% |
|
|
3.85 |
% |
|
|
4.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN
NET |
|
|
|
|
|
|
|
|
|
|
INTEREST MARGIN, NET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
$ |
62 |
|
|
$ |
49 |
|
|
$ |
71 |
|
|
$ |
111 |
|
|
$ |
215 |
|
|
|
Community
State Bank - Ankeny |
|
|
72 |
|
|
|
64 |
|
|
|
76 |
|
|
$ |
136 |
|
|
|
134 |
|
|
|
Springfield
First Community Bank |
|
|
641 |
|
|
|
552 |
|
|
|
971 |
|
|
$ |
1,193 |
|
|
|
1,881 |
|
|
|
QCR
Holdings, Inc. (7) |
|
|
(39 |
) |
|
|
(40 |
) |
|
|
(42 |
) |
|
$ |
(79 |
) |
|
|
(85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
eliminates 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 21% tax
rate. |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
Community State Bank's
net interest margin percentage includes various purchase accounting
adjustments. Excluding those adjustments, net interest |
|
|
|
|
margin would have been
3.71% for the quarter ended June 30, 2020, 3.86% for the quarter
ended March 31, 2020 and 4.01% for the |
|
|
|
|
|
|
quarter
ended June 30, 2019. |
|
|
|
|
|
|
|
|
|
|
|
(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
3.35% for the quarter ended June 30, 2020, 3.42% for the quarter
ended March 31, 2020 and 3.39% for the |
|
|
|
|
|
|
quarter
ended June 30, 2019. |
|
|
|
|
|
|
|
|
|
|
|
(6 |
) |
Springfield First
Community Bank's net interest margin percentage includes various
purchase accounting adjustments. Excluding those adjustments, net
interest |
|
|
margin would have been
4.29% for the quarter ended June 30, 2020, 4.52% for the quarter
ended March 31, 2020 and 3.39% for the |
|
|
|
|
|
|
quarter
ended June 30, 2019. |
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATIONS |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
|
$ |
556,020 |
|
|
$ |
539,139 |
|
|
$ |
535,351 |
|
|
$ |
519,743 |
|
|
$ |
504,300 |
|
|
|
|
|
|
|
|
Less: Intangible assets |
|
|
88,120 |
|
|
|
88,669 |
|
|
|
89,717 |
|
|
|
93,277 |
|
|
|
93,837 |
|
|
|
|
|
|
|
|
Tangible common equity (non-GAAP) |
|
$ |
467,900 |
|
|
$ |
450,470 |
|
|
$ |
445,634 |
|
|
$ |
426,466 |
|
|
$ |
410,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
5,604,761 |
|
|
$ |
5,232,075 |
|
|
$ |
4,909,050 |
|
|
$ |
5,292,382 |
|
|
$ |
5,194,852 |
|
|
|
|
|
|
|
|
Less: Intangible assets |
|
|
88,120 |
|
|
|
88,669 |
|
|
|
89,717 |
|
|
|
93,277 |
|
|
|
93,837 |
|
|
|
|
|
|
|
|
Tangible assets (non-GAAP) |
|
$ |
5,516,641 |
|
|
$ |
5,143,406 |
|
|
$ |
4,819,333 |
|
|
$ |
5,199,105 |
|
|
$ |
5,101,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets ratio
(non-GAAP) |
|
|
8.48 |
% |
|
|
8.76 |
% |
|
|
9.25 |
% |
|
|
8.20 |
% |
|
|
8.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO EXCLUDING
PPP LOANS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholder's equity (GAAP) |
|
$ |
556,020 |
|
|
$ |
539,139 |
|
|
$ |
535,351 |
|
|
$ |
519,743 |
|
|
$ |
504,300 |
|
|
|
|
|
|
|
|
Less:
PPP loan interest income (post-tax) (2) |
|
|
2,085 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
Less:
Intangible assets |
|
|
88,120 |
|
|
|
88,669 |
|
|
|
89,717 |
|
|
|
93,277 |
|
|
|
93,837 |
|
|
|
|
|
|
|
|
Tangible common equity, excluding PPP loan income (non-GAAP) |
|
$ |
465,815 |
|
|
$ |
450,470 |
|
|
$ |
445,634 |
|
|
$ |
426,466 |
|
|
$ |
410,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
5,604,761 |
|
|
$ |
5,232,075 |
|
|
$ |
4,909,050 |
|
|
$ |
5,292,382 |
|
|
$ |
5,194,852 |
|
|
|
|
|
|
|
|
Less: PPP loans |
|
|
358,052 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
Less:
Intangible assets |
|
|
88,120 |
|
|
|
88,669 |
|
|
|
89,717 |
|
|
|
93,277 |
|
|
|
93,837 |
|
|
|
|
|
|
|
|
Tangible assets, excluding PPP loans (non-GAAP) |
|
$ |
5,158,589 |
|
|
$ |
5,143,406 |
|
|
$ |
4,819,333 |
|
|
$ |
5,199,105 |
|
|
$ |
5,101,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets ratio, excluding
PPP loans (non-GAAP) |
|
|
9.03 |
% |
|
|
8.76 |
% |
|
|
9.25 |
% |
|
|
8.20 |
% |
|
|
8.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) PPP interest income (post-tax) is calculated using an estimated
effective tax rate of 21%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc. |
|
|
|
|
|
Consolidated
Financial Highlights |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATIONS |
|
For the Quarter Ended |
|
For the Six Months Ended |
|
|
|
|
|
|
|
June 30, |
|
March 31, |
December 31, |
September 30, |
June 30, |
|
June 30, |
|
June 30, |
|
|
|
|
|
ADJUSTED NET INCOME (1) |
|
|
2020 |
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
13,739 |
|
|
$ |
11,228 |
|
$ |
15,891 |
|
$ |
15,095 |
|
$ |
13,504 |
|
|
$ |
24,967 |
|
|
$ |
26,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less non-core items (post-tax) (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities gains(losses), net |
|
|
51 |
|
|
|
- |
|
|
21 |
|
$ |
(2 |
) |
$ |
(41 |
) |
|
$ |
51 |
|
|
$ |
(41 |
) |
|
|
|
|
|
Gain on sale of assets and liabilities of subsidiary |
|
|
- |
|
|
|
- |
|
|
8,539 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
Total non-core income (non-GAAP) |
|
$ |
51 |
|
|
$ |
- |
|
$ |
8,560 |
|
$ |
(2 |
) |
$ |
(41 |
) |
|
$ |
51 |
|
|
$ |
(41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses on debt extinguishment, net |
|
$ |
339 |
|
|
$ |
116 |
|
$ |
228 |
|
$ |
117 |
|
$ |
- |
|
|
$ |
455 |
|
|
$ |
- |
|
|
|
|
|
|
Goodwill impairment |
|
|
- |
|
|
|
500 |
|
|
3,000 |
|
|
- |
|
|
- |
|
- |
|
500 |
|
|
|
|
- |
|
|
|
|
|
|
Disposition costs |
|
|
(66 |
) |
|
|
408 |
|
|
2,627 |
|
|
- |
|
|
- |
|
|
|
343 |
|
|
$ |
- |
|
|
|
|
|
|
Tax expense on expected liquidation of RB&T BOLI |
|
|
- |
|
|
|
- |
|
|
790 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
Post-acquisition compensation, transition and integration
costs |
|
|
55 |
|
|
|
119 |
|
|
1,465 |
|
|
698 |
|
|
559 |
|
|
|
175 |
|
|
|
665 |
|
|
|
|
|
|
Total non-core expense (non-GAAP) |
|
$ |
329 |
|
|
$ |
1,143 |
|
$ |
8,110 |
|
$ |
815 |
|
$ |
559 |
|
|
$ |
1,472 |
|
|
$ |
665 |
|
|
|
|
|
|
Adjusted net income (non-GAAP) (1) |
|
$ |
14,016 |
|
|
$ |
12,372 |
|
$ |
15,441 |
|
$ |
15,912 |
|
$ |
14,104 |
|
|
$ |
26,388 |
|
|
$ |
27,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRE-PROVISION/PRE-TAX ADJUSTED INCOME (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
13,739 |
|
|
$ |
11,228 |
|
$ |
15,891 |
|
$ |
15,095 |
|
$ |
13,504 |
|
|
$ |
24,967 |
|
|
$ |
26,422 |
|
|
|
|
|
|
Less: Non-core income not tax-effected |
|
|
65 |
|
|
|
- |
|
|
12,313 |
|
|
(3 |
) |
|
(52 |
) |
|
|
65 |
|
|
|
(52 |
) |
|
|
|
|
|
Plus: Non-core expense not tax-effected |
|
|
416 |
|
|
|
1,315 |
|
|
9,258 |
|
|
1,032 |
|
|
708 |
|
|
|
1,731 |
|
|
|
842 |
|
|
|
|
|
|
Provision expense |
|
|
19,915 |
|
|
|
8,367 |
|
|
979 |
|
|
2,012 |
|
|
1,941 |
|
|
|
28,282 |
|
|
|
4,075 |
|
|
|
|
|
|
Federal and state income tax expense |
|
|
2,798 |
|
|
|
1,884 |
|
|
6,560 |
|
|
3,573 |
|
|
3,073 |
|
|
|
4,682 |
|
|
|
4,487 |
|
|
|
|
|
|
Pre-provision/pre-tax adjusted income (non-GAAP)
(1) |
|
$ |
36,803 |
|
|
$ |
22,794 |
|
$ |
20,375 |
|
$ |
21,714 |
|
$ |
19,277 |
|
|
$ |
59,597 |
|
|
$ |
35,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRE-PROVISION/PRE-TAX ADJUSTED RETURN ON AVERAGE ASSETS
(NON-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision/pre-tax adjusted income (non-GAAP) |
|
$ |
36,803 |
|
|
$ |
22,794 |
|
$ |
20,375 |
|
$ |
21,714 |
|
$ |
19,277 |
|
|
$ |
59,597 |
|
|
|
$ |
35,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets |
|
$ |
5,800,164 |
|
|
$ |
4,948,311 |
|
$ |
5,147,754 |
|
$ |
5,217,763 |
|
$ |
5,077,900 |
|
|
$ |
5,374,224 |
|
|
$ |
5,023,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision/pre-tax adjusted return on average assets
(non-GAAP) |
|
|
2.54 |
% |
|
|
1.84 |
% |
|
1.58 |
% |
|
1.66 |
% |
|
1.52 |
% |
|
|
2.22 |
% |
|
|
1.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER COMMON SHARE (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (non-GAAP) (from above) |
|
$ |
14,016 |
|
|
$ |
12,372 |
|
$ |
15,441 |
|
$ |
15,912 |
|
$ |
14,104 |
|
|
$ |
26,388 |
|
|
$ |
27,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
15,747,056 |
|
|
|
15,796,796 |
|
|
15,772,703 |
|
|
15,739,430 |
|
|
15,714,588 |
|
|
|
15,771,926 |
|
|
|
15,703,967 |
|
|
|
|
|
|
Weighted
average common and common equivalent shares outstanding |
|
|
15,895,336 |
|
|
|
16,011,456 |
|
|
16,033,043 |
|
|
15,976,742 |
|
|
15,938,377 |
|
|
|
15,956,958 |
|
|
|
15,930,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per common share
(non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.89 |
|
|
$ |
0.78 |
|
$ |
0.98 |
|
$ |
1.01 |
|
$ |
0.90 |
|
|
$ |
1.67 |
|
|
$ |
1.73 |
|
|
|
|
|
|
Diluted |
|
$ |
0.88 |
|
|
$ |
0.77 |
|
$ |
0.96 |
|
$ |
1.00 |
|
$ |
0.88 |
|
|
$ |
1.65 |
|
|
$ |
1.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE ASSETS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (non-GAAP) (from above) |
|
$ |
14,016 |
|
|
$ |
12,372 |
|
$ |
15,441 |
|
$ |
15,912 |
|
$ |
14,104 |
|
|
$ |
26,388 |
|
|
$ |
27,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets |
|
$ |
5,800,164 |
|
|
$ |
4,948,311 |
|
$ |
5,147,754 |
|
$ |
5,217,763 |
|
$ |
5,077,900 |
|
|
$ |
5,374,224 |
|
|
$ |
5,023,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average assets (annualized)
(non-GAAP) |
|
|
0.97 |
% |
|
|
1.00 |
% |
|
1.20 |
% |
|
1.22 |
% |
|
1.11 |
% |
|
|
0.98 |
% |
|
|
1.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN (TEY) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (GAAP) |
|
$ |
40,948 |
|
|
$ |
37,698 |
|
$ |
39,919 |
|
$ |
40,719 |
|
$ |
38,013 |
|
|
$ |
78,646 |
|
|
$ |
74,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Tax equivalent adjustment (3) |
|
|
1,728 |
|
|
|
1,790 |
|
|
1,783 |
|
|
1,763 |
|
|
1,808 |
|
|
|
3,517 |
|
|
|
3,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income - tax equivalent (Non-GAAP) |
|
$ |
42,676 |
|
|
$ |
39,488 |
|
$ |
41,702 |
|
$ |
42,482 |
|
$ |
39,821 |
|
|
$ |
82,163 |
|
|
$ |
78,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Acquisition accounting net accretion |
|
|
736 |
|
|
|
625 |
|
|
931 |
|
|
1,268 |
|
|
1,076 |
|
|
|
1,361 |
|
|
|
2,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
interest income |
|
$ |
41,940 |
|
|
$ |
38,863 |
|
$ |
40,771 |
|
$ |
41,214 |
|
$ |
38,745 |
|
|
$ |
80,802 |
|
|
$ |
76,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
earning assets |
|
$ |
5,252,663 |
|
|
$ |
4,461,018 |
|
$ |
4,711,310 |
|
$ |
4,791,274 |
|
$ |
4,698,021 |
|
|
$ |
4,856,842 |
|
|
$ |
4,655,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (GAAP) |
|
|
3.14 |
% |
|
|
3.40 |
% |
|
3.36 |
% |
|
3.37 |
% |
|
3.25 |
% |
|
|
3.26 |
% |
|
|
3.25 |
% |
|
|
|
|
|
Net interest
margin (TEY) (Non-GAAP) |
|
|
3.27 |
% |
|
|
3.56 |
% |
|
3.51 |
% |
|
3.52 |
% |
|
3.40 |
% |
|
|
3.40 |
% |
|
|
3.40 |
% |
|
|
|
|
|
Adjusted net
interest margin (TEY) (Non-GAAP) |
|
|
3.21 |
% |
|
|
3.50 |
% |
|
3.43 |
% |
|
3.41 |
% |
|
3.31 |
% |
|
|
3.35 |
% |
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense (GAAP) |
|
$ |
33,122 |
|
|
$ |
31,415 |
|
$ |
46,294 |
|
$ |
39,945 |
|
$ |
36,560 |
|
|
$ |
64,537 |
|
|
$ |
68,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (GAAP) |
|
$ |
40,948 |
|
|
$ |
37,698 |
|
$ |
39,919 |
|
$ |
40,719 |
|
$ |
38,013 |
|
|
$ |
78,646 |
|
|
|
$ |
74,921 |
|
|
|
|
|
|
Noninterest
income (GAAP) |
|
|
28,626 |
|
|
|
15,196 |
|
|
29,805 |
|
|
19,906 |
|
|
17,065 |
|
|
|
43,822 |
|
|
|
29,058 |
|
|
|
|
|
|
Total income |
|
$ |
69,574 |
|
|
$ |
52,894 |
|
$ |
69,724 |
|
$ |
60,625 |
|
$ |
55,078 |
|
|
$ |
122,468 |
|
|
$ |
103,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (noninterest expense/total income) (Non-GAAP) |
|
|
47.61 |
% |
|
|
59.39 |
% |
|
66.40 |
% |
|
65.89 |
% |
|
66.38 |
% |
|
|
52.70 |
% |
|
|
66.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN AND LEASE LOSSES TO TOTAL LOANS AND
LEASES, EXCLUDING PPP LOANS (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan and lease losses |
|
$ |
60,827 |
|
|
$ |
42,233 |
|
$ |
36,001 |
|
$ |
36,116 |
|
$ |
41,104 |
|
|
$ |
60,827 |
|
|
$ |
41,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
and leases |
|
$ |
4,140,259 |
|
|
$ |
3,704,668 |
|
$ |
3,690,205 |
|
$ |
3,610,270 |
|
$ |
3,910,519 |
|
|
$ |
4,140,259 |
|
|
$ |
3,910,519 |
|
|
|
|
|
|
Less: PPP loans |
|
|
358,052 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
358,052 |
|
|
|
- |
|
|
|
|
|
|
Total loans
and leases, excluding PPP loans |
|
$ |
3,782,207 |
|
|
$ |
3,704,668 |
|
$ |
3,690,205 |
|
$ |
3,610,270 |
|
$ |
3,910,519 |
|
|
$ |
3,782,207 |
|
|
|
$ |
3,910,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses to total loans and
leases, excluding PPP loans |
|
|
1.61 |
% |
|
|
1.14 |
% |
|
0.98 |
% |
|
1.00 |
% |
|
1.05 |
% |
|
|
1.61 |
% |
|
|
1.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN GROWTH ANNUALIZED, EXCLUDING PPP LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
and leases |
|
$ |
4,140,259 |
|
|
$ |
3,704,668 |
|
$ |
3,690,205 |
|
$ |
3,610,270 |
|
$ |
3,910,519 |
|
|
$ |
4,140,259 |
|
|
$ |
3,910,519 |
|
|
|
|
|
|
Less: PPP loans |
|
|
358,052 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
358,052 |
|
|
|
- |
|
|
|
|
|
|
Total loans
and leases, excluding PPP loans |
|
$ |
3,782,207 |
|
|
$ |
3,704,668 |
|
$ |
3,690,205 |
|
$ |
3,610,270 |
|
$ |
3,910,519 |
|
|
$ |
3,782,207 |
|
|
|
$ |
3,910,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
growth annualized, excluding PPP loans |
|
|
8.37 |
% |
|
|
1.57 |
% |
|
8.86 |
% |
|
-30.71 |
% |
|
13.57 |
% |
|
|
4.99 |
% |
|
|
9.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
|
|
|
(2) Nonrecurring items (post-tax) are calculated using an estimated
effective tax rate of 21% with the exception of goodwill impairment
which is not deductible for tax and gain on sale of subsidiary
which has an estimated effective tax rate of
30.5%. |
|
|
|
|
|
(3) Interest earned and yields on nontaxable securities and loans
are determined on a tax equivalent basis using a 21%. |
|
|
|
|
|
(4) 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. |
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(5) 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. |
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(6) Allowance for loan and lease losses to total loans and leases,
excluding PPP loans is a non-GAAP measure. The Company's management
utilizes this ratio to remove the from the allowance
calculation the impact of PPP loans which are fully guaranteed by
the federal government and for which these loans have no allowance
for loan and lease loss allocation. |
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Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Ott 2023 a Ott 2024