QCR Holdings, Inc. (NASDAQ: QCRH) today provided an update on
its Loan Relief Program (“LRP”), which was implemented to assist
clients impacted by the COVID-19 pandemic. As of September 30,
2020, the total dollar amount of loans and leases participating in
a second round of deferrals was $83 million, representing 1.95% of
total loans and leases. This compares to round one participation of
$575 million, or 13.53% of total loans and leases.
“We are very pleased that we outperformed guidance
provided in July, as a significant number of clients exited the LRP
and resumed payments,” said Larry J. Helling, Chief Executive
Officer. “We believe this speaks to the high quality of our loan
portfolio and the resiliency of our local markets. Our communities
are experiencing unemployment rates lower than the national
average, and conditions continue to improve as pandemic-impacted
jobs return at a faster pace than the rest of the country.”
The Company has included a supplemental presentation that
provides further information regarding the Company’s loan
exposures. Investors, analysts and other interested persons may
find this presentation on the SEC’s EDGAR filing system
at www.sec.gov/edgar.shtml, or on the Company’s website at
www.qcrh.com.
The Company plans to release third quarter earnings results
after the market closes on Tuesday, October 27, 2020. Management
will host a conference call and webcast the next day, Wednesday,
October 28, 2020, at 10 a.m. Central Time to discuss the results.
Shareholders, analysts, and other interested parties are invited to
join.
Dial-in information for the call is 888-346-9286 (international
412-317-5253). Participants should request to join
the QCR Holdings, Inc. call. The event will be
archived and available for replay through Nov. 11, 2020. The
replay access information is 877-344-7529 (international
412-317-0088); access code 10148155.
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 An archived version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 epidemic 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); (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.
Gipple |
Kim K.
Garrett |
President |
Vice President, |
Chief Operating Officer |
Corporate Communications |
Chief Financial Officer |
Investor Relations Manager |
(309) 743-7745 |
(319) 743-7006 |
tgipple@qcrh.com |
kgarrett@qcrh.com |
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