QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced
record net income of $31.6 million and diluted earnings per share
(“EPS”) of $1.99 for the third quarter of 2021, compared to net
income of $22.3 million and diluted EPS of $1.39 for the second
quarter of 2021.
Adjusted net income (non-GAAP) and adjusted diluted EPS
(non-GAAP) for the third quarter of 2021 were the same as GAAP net
income and diluted EPS, as there were no meaningful non-core
adjustments during the quarter. For the second quarter of 2021,
adjusted net income (non-GAAP) was $22.5 million and adjusted
diluted EPS (non-GAAP) was $1.40. For the third quarter of 2020,
adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP)
were $17.7 million and $1.11, respectively.
|
|
For the Quarter Ended |
|
|
|
September 30, |
June 30, |
September 30, |
|
|
$ in millions (except per
share data) |
2021 |
2021 |
2020 |
|
|
Net Income |
$ |
31.6 |
$ |
22.3 |
$ |
17.3 |
|
|
Diluted EPS |
$ |
1.99 |
$ |
1.39 |
$ |
1.09 |
|
|
Adjusted Net Income
(non-GAAP) |
$ |
31.6 |
$ |
22.5 |
$ |
17.7 |
|
|
Adjusted Diluted EPS
(non-GAAP) |
$ |
1.99 |
$ |
1.40 |
$ |
1.11 |
|
______________________________Adjusted non-GAAP measurements of
financial performance exclude non-recurring income and expense
items that management believes are not reflective of the
anticipated future operation of the Company’s business. The Company
believes these measurements provide a better comparison for
analysis and may provide a better indicator of future performance.
See GAAP to non-GAAP reconciliations.
“We are very pleased with our outstanding financial performance
for the third quarter,” said Larry J. Helling, Chief Executive
Officer. “We delivered another record quarter of net income, driven
by exceptional loan growth, strong fee income, an expanded net
interest margin and strong credit quality. We grew core loans 23%
on an annualized basis, largely funded with core deposit growth of
16%. This exceptional performance is reflective of our core values,
one of which is our relationship-based community banking model,
emphasizing the importance of strong relationships with new and
existing clients.”
Annualized Loan and Lease Growth of 23%
for the Quarter and 18% YTD, excluding PPP Loans
(non-GAAP)
During the third quarter of 2021, the Company’s core loans and
leases, excluding PPP loans, increased $246.0 million to a total of
$4.5 billion. Core loan and lease growth during the quarter was
23.0% on an annualized basis and was funded by core deposit growth
and some excess liquidity. Core deposits (excluding brokered
deposits) increased by $183.0 million during the quarter. The
Company’s wholesale funding portfolio has been reduced to
predominately subordinated debt that qualifies as regulatory
capital.
“Our continued robust loan growth was driven primarily by
strength in our Specialty Finance Group as well as continued growth
in our traditional commercial lending and leasing business,” added
Helling. “Given the 18% annualized loan growth we have delivered
over the first nine months of 2021, combined with our current
pipeline, we are now targeting organic loan growth for the full
year 2021 of between 16% and 18%.”
Record Net Interest Income of $46.2
million
Net interest income for the third quarter of 2021 totaled $46.2
million, compared to $43.5 million for the second quarter of 2021
and $44.6 million for the third quarter of 2020. Adjusted net
interest income (non-GAAP) during the quarter was $48.5 million, an
increase of $2.8 million, or 6.2%, from the prior quarter, due to
an increase in adjusted NIM combined with strong loan/lease growth.
Adjusted net interest income (non-GAAP) was $45.7 million for the
third quarter of 2020. Acquisition-related net accretion totaled
$456 thousand for the third quarter of 2021, up from $291 thousand
in the second quarter of 2021 and down from $833 thousand for the
third quarter of 2020.
In the third quarter, reported NIM was 3.36% and tax-equivalent
yield basis (non-GAAP) NIM was 3.56%, compared to 3.28% and 3.46%
in the prior quarter, respectively. Adjusted NIM (non-GAAP), which
excludes acquisition-related net accretion, was 3.53%, up 9 basis
points from the second quarter. The increase in Adjusted NIM
(non-GAAP) during the quarter was primarily due to a 7 basis point
increase in the yield on earning assets (adjusted for
acquisition-related net accretion, non-GAAP) driven by fees
associated with $63.9 million of PPP loans that were forgiven
during the quarter. In addition, adjusted NIM benefited from a
decline of 2 basis points in the total cost of interest-bearing
funds (due to both mix and rate).
|
|
For the Quarter Ended |
|
|
|
September 30, |
June 30, |
September 30, |
|
|
|
2021 |
2021 |
2020 |
|
|
NIM |
3.36% |
3.28% |
3.36% |
|
|
NIM (TEY)(non-GAAP) * |
3.56% |
3.46% |
3.51% |
|
|
Adjusted NIM (TEY)(non-GAAP)
* |
3.53% |
3.44% |
3.44% |
|
|
* See GAAP to non-GAAP
reconciliations |
|
|
|
|
“We expanded our NIM again during the third quarter, bolstered
by higher PPP fees, lower deposit costs and relatively stable core
loan yields in this highly competitive lending environment,” said
Todd A. Gipple, President, Chief Operating Officer and Chief
Financial Officer. “With our strong loan and lease growth and
margin expansion, net interest income grew by 6% in the quarter
when excluding the impact of acquisition accounting.”
Noninterest Income of $34.7
million
Noninterest income for the third quarter of 2021 totaled $34.7
million, compared to $19.3 million for the second quarter of 2021.
The increase was primarily due to a $15.3 million increase in
capital markets revenue from the prior quarter. Wealth management
revenue was $3.8 million for the quarter, consistent with the
second quarter.
“Capital markets revenue totaled $24.9 million for the quarter,
which benefited from a number of swap transactions that were
scheduled to close in the second quarter carrying over into the
third quarter,” added Gipple. “Capital markets revenue averaged $16
million per quarter for the first nine months of 2021 and $16.3
million for the last eight quarters. This gives us confidence in
the sustainability of this important source of fee income and
supports our continued guidance range of $14 to $18 million per
quarter.”
Noninterest Expenses of $41.4
million
Noninterest expense for the third quarter of 2021 totaled $41.4
million, compared to $35.7 million for the second quarter of 2021
and $40.8 million for the third quarter of 2020. The linked-quarter
increase was primarily due to higher performance-based salary and
benefits expense of $5.2 million, driven by strong capital markets
revenue production and earnings performance during the quarter.
Additionally, the Company recorded a $1.5 million charge related to
the write-down of certain fixed assets. Partially offsetting these
increases was a $1.3 million net gain on the sale of other real
estate.
Asset Quality Remains Strong and NPAs
Improved
Nonperforming assets (“NPAs”) totaled $6.8 million at the end of
the third quarter, a decrease of $3.3 million from the second
quarter of 2021. The decrease was primarily due to the sale of a
commercial property classified as other real estate owned and a
reduction in nonaccrual loans that either returned to performing
status or were monetized during the quarter. The ratio of NPAs to
total assets improved to 0.11% on September 30, 2021, compared to
0.17% on June 30, 2021, and 0.31% on September 30, 2020. In
addition, the Company’s criticized loans and classified loans to
total loans and leases decreased to 2.57% and 1.29%, respectively,
from 2.97% and 1.80% as of June 30, 2021.
The Company did not record a provision for credit losses in the
third quarter of 2021, primarily due to continued strong asset
quality and a reduction in nonperforming loans. Similarly, there
was no provision for credit losses recorded in the second quarter
of 2021. As of September 30, 2021, the ACL on total loans/leases
was 1.75%, compared to 1.79% as of June 30, 2021. Excluding PPP
loans of $84 million, the ACL to total loans/leases as of September
30, 2021, was 1.79% (non-GAAP).
Continued Strong Capital
Levels
As of September 30, 2021, the Company’s total risk-based capital
ratio was 14.51%, the common equity tier 1 ratio was 10.45% and the
tangible common equity to tangible assets ratio (non-GAAP) was
9.54%. By comparison, these respective ratios were 14.72%, 10.52%
and 9.55% as of June 30, 2021. During the third quarter, the
Company continued its existing share repurchase program and
purchased and retired 193,153 shares at an average price of $48.50
per share.
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:
- Generate 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.
Conference Call Details
The Company will host an earnings call/webcast tomorrow, October
28, 2021, 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 November 11, 2021.
The replay access information is 877-344-7529 (international
412-317-0088); access code 10159948. 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 offers equipment loans and leases to
businesses through its wholly-owned subsidiary, m2 Equipment
Finance, LLC, based in Milwaukee, Wisconsin, and also provides
correspondent banking services. The Company has 24 locations in
Iowa, Missouri, Wisconsin and Illinois. As of September 30, 2021,
the Company had approximately $6.0 billion in assets, $4.6 billion
in loans and $4.9 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; (ii) the
economic impact of any future terrorist threats and attacks,
widespread disease or pandemics (including the COVID-19 pandemic in
the United States), acts of war or other threats thereof, 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, as may be
adopted by state and federal regulatory agencies, the FASB or the
PCAOB; (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;
(xi) unexpected outcomes of existing or new litigation involving
the Company; (xii) the economic impact of exceptional weather
occurrences such as tornadoes, floods and blizzards; and (xiii) the
ability of the Company to manage the risks associated with the
foregoing as well as anticipated. 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 |
|
kgarret@qcrh.com |
|
|
|
|
|
|
|
QCR
Holdings, Inc.Consolidated Financial
Highlights(Unaudited) |
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
|
2021 |
2021 |
2021 |
2020 |
2020 |
|
|
(dollars in
thousands) |
CONDENSED BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
57,310 |
$ |
55,598 |
$ |
78,814 |
$ |
61,329 |
$ |
68,932 |
Federal
funds sold and interest-bearing deposits |
|
|
70,826 |
|
88,780 |
|
55,056 |
|
95,676 |
|
302,668 |
Securities,
net of allowance for credit losses |
|
|
828,719 |
|
810,445 |
|
799,825 |
|
838,131 |
|
782,088 |
Net
loans/leases |
|
|
4,519,060 |
|
4,338,811 |
|
4,279,220 |
|
4,166,753 |
|
4,168,395 |
Intangibles |
|
|
9,857 |
|
10,365 |
|
10,873 |
|
11,381 |
|
11,902 |
Goodwill |
|
|
74,066 |
|
74,066 |
|
74,066 |
|
74,066 |
|
74,066 |
Derivatives |
|
|
198,393 |
|
193,395 |
|
122,668 |
|
222,757 |
|
236,381 |
Other
assets |
|
|
256,277 |
|
233,705 |
|
224,625 |
|
212,704 |
|
220,128 |
Total assets |
|
$ |
6,014,508 |
$ |
5,805,165 |
$ |
5,645,147 |
$ |
5,682,797 |
$ |
5,864,560 |
|
|
|
|
|
|
|
Total
deposits |
|
$ |
4,871,828 |
$ |
4,688,935 |
$ |
4,631,782 |
$ |
4,599,137 |
$ |
4,672,268 |
Total
borrowings |
|
|
183,514 |
|
198,908 |
|
188,601 |
|
177,114 |
|
226,962 |
Derivatives |
|
|
201,450 |
|
196,092 |
|
125,863 |
|
229,270 |
|
244,510 |
Other
liabilities |
|
|
107,902 |
|
90,754 |
|
90,182 |
|
83,483 |
|
148,207 |
Total
stockholders' equity |
|
|
649,814 |
|
630,476 |
|
608,719 |
|
593,793 |
|
572,613 |
Total liabilities and stockholders' equity |
|
$ |
6,014,508 |
$ |
5,805,165 |
$ |
5,645,147 |
$ |
5,682,797 |
$ |
5,864,560 |
|
|
|
|
|
|
|
ANALYSIS OF LOAN PORTFOLIO |
|
|
|
|
|
|
Loan/lease
mix: (1) |
|
|
|
|
|
|
Commercial and industrial - revolving |
|
$ |
175,155 |
$ |
182,882 |
$ |
168,842 |
|
|
Commercial and industrial - other |
|
|
1,465,580 |
|
1,505,384 |
|
1,616,144 |
|
|
Commercial real estate, owner occupied |
|
|
434,014 |
|
427,734 |
|
461,272 |
|
|
Commercial real estate, non-owner occupied |
|
|
644,850 |
|
618,879 |
|
610,582 |
|
|
Construction and land development |
|
|
852,418 |
|
708,289 |
|
607,798 |
|
|
Multi-family |
|
|
529,727 |
|
466,804 |
|
396,272 |
|
|
Direct financing leases |
|
|
50,237 |
|
56,153 |
|
60,134 |
|
|
1-4 family real estate |
|
|
376,067 |
|
382,142 |
|
368,927 |
|
|
Consumer |
|
|
71,682 |
|
69,438 |
|
71,080 |
|
|
Total
loans/leases |
|
$ |
4,599,730 |
$ |
4,417,705 |
$ |
4,361,051 |
|
|
Less allowance for credit losses (2) |
|
|
80,670 |
|
78,894 |
|
81,831 |
|
|
Net
loans/leases |
|
$ |
4,519,060 |
$ |
4,338,811 |
$ |
4,279,220 |
|
|
|
|
|
|
|
|
|
Loan/lease
mix: (1) |
|
|
|
|
|
|
Commercial and industrial loans |
|
$ |
1,634,047 |
$ |
1,680,853 |
$ |
1,779,062 |
$ |
1,726,723 |
$ |
1,823,049 |
Commercial real estate loans |
|
|
2,550,160 |
|
2,319,423 |
|
2,174,897 |
|
2,107,629 |
|
1,999,715 |
Direct financing leases |
|
|
49,585 |
|
55,371 |
|
59,229 |
|
66,016 |
|
73,011 |
Residential real estate loans |
|
|
270,522 |
|
268,193 |
|
254,900 |
|
252,121 |
|
245,032 |
Installment and other consumer loans |
|
|
85,363 |
|
86,925 |
|
87,053 |
|
91,302 |
|
102,471 |
Deferred loan/lease origination costs, net of fees |
|
|
10,053 |
|
6,940 |
|
5,910 |
|
7,338 |
|
4,699 |
Total
loans/leases |
|
$ |
4,599,730 |
$ |
4,417,705 |
$ |
4,361,051 |
$ |
4,251,129 |
$ |
4,247,977 |
Less allowance for credit losses (2) |
|
|
80,670 |
|
78,894 |
|
81,831 |
|
84,376 |
|
79,582 |
Net
loans/leases |
|
$ |
4,519,060 |
$ |
4,338,811 |
$ |
4,279,220 |
$ |
4,166,753 |
$ |
4,168,395 |
|
|
|
|
|
|
|
ANALYSIS OF SECURITIES PORTFOLIO |
|
|
|
|
|
|
Securities
mix: |
|
|
|
|
|
|
U.S. government sponsored agency securities |
|
$ |
23,689 |
$ |
14,670 |
$ |
14,581 |
$ |
15,336 |
$ |
18,437 |
Municipal securities |
|
|
649,486 |
|
641,603 |
|
614,649 |
|
627,523 |
|
569,075 |
Residential mortgage-backed and related securities |
|
|
100,744 |
|
106,139 |
|
118,051 |
|
132,842 |
|
134,147 |
Asset backed securities |
|
|
30,607 |
|
31,778 |
|
39,815 |
|
40,683 |
|
40,665 |
Other securities |
|
|
24,367 |
|
16,429 |
|
12,903 |
|
21,747 |
|
19,764 |
Total
securities |
|
$ |
828,893 |
$ |
810,619 |
$ |
799,999 |
$ |
838,131 |
$ |
782,088 |
Less allowance for credit losses (2) |
|
|
174 |
|
174 |
|
174 |
|
- |
|
- |
Net
securities |
|
$ |
828,719 |
$ |
810,445 |
$ |
799,825 |
$ |
838,131 |
$ |
782,088 |
|
|
|
|
|
|
|
ANALYSIS OF DEPOSITS |
|
|
|
|
|
|
Deposit
mix: |
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
$ |
1,342,273 |
$ |
1,258,885 |
$ |
1,269,578 |
$ |
1,145,378 |
$ |
1,175,085 |
Interest-bearing demand deposits |
|
|
3,086,711 |
|
2,976,696 |
|
2,916,054 |
|
2,987,469 |
|
2,938,194 |
Time deposits |
|
|
441,743 |
|
452,171 |
|
445,067 |
|
460,659 |
|
499,021 |
Brokered deposits |
|
|
1,101 |
|
1,183 |
|
1,084 |
|
5,631 |
|
59,968 |
Total deposits |
|
$ |
4,871,828 |
$ |
4,688,935 |
$ |
4,631,782 |
$ |
4,599,137 |
$ |
4,672,268 |
|
|
|
|
|
|
|
ANALYSIS OF BORROWINGS |
|
|
|
|
|
|
Borrowings
mix: |
|
|
|
|
|
|
Term FHLB advances |
|
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
40,000 |
Overnight FHLB advances (3) |
|
|
30,000 |
|
40,000 |
|
25,000 |
|
15,000 |
|
- |
FRB borrowings |
|
|
- |
|
- |
|
- |
|
- |
|
- |
Other short-term borrowings |
|
|
1,600 |
|
7,070 |
|
6,840 |
|
5,430 |
|
30,430 |
Subordinated notes |
|
|
113,811 |
|
113,771 |
|
118,731 |
|
118,691 |
|
118,577 |
Junior subordinated debentures |
|
|
38,103 |
|
38,067 |
|
38,030 |
|
37,993 |
|
37,955 |
Total borrowings |
|
$ |
183,514 |
$ |
198,908 |
$ |
188,601 |
$ |
177,114 |
$ |
226,962 |
|
|
|
|
|
|
|
(1) The Company
adopted ASU 2016-13 "CECL", effective January 1, 2021, which
included a change in class of receivable and segment
categories. |
(2) The Company
adopted ASU 2016-13 "CECL", effective January 1, 2021, which
requires an allowance for credit losses ("ACL") on loans/leases,
off-balance sheet ("OBS") exposures and held to maturity
("HTM") securities, recorded through the income statement within
the provision for credit losses. The Day 1 adjustments to ACL were
as follows: loans/leases ($8.1) million, OBS $9.1 million, HTM
securities $183 thousand. |
(3) At the most recent
quarter-end, the weighted-average rate of these overnight
borrowings was 0.30%. |
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc.Consolidated Financial
Highlights(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
|
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2020 |
|
|
2020 |
|
|
|
|
(dollars in
thousands, except per share data) |
INCOME STATEMENT |
|
|
|
|
|
|
Interest income |
|
$ |
51,667 |
|
$ |
48,903 |
|
$ |
47,565 |
$ |
49,851 |
|
$ |
50,890 |
|
Interest expense |
|
|
5,438 |
|
|
5,387 |
|
|
5,590 |
|
6,144 |
|
|
6,309 |
|
Net interest income |
|
|
46,229 |
|
|
43,516 |
|
|
41,975 |
|
43,707 |
|
|
44,581 |
|
Provision for credit losses (1) |
|
|
- |
|
|
- |
|
|
6,713 |
|
7,080 |
|
|
20,342 |
|
Net interest income after provision for loan/lease
losses |
|
$ |
46,229 |
|
$ |
43,516 |
|
$ |
35,262 |
$ |
36,627 |
|
$ |
24,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust department fees |
|
$ |
2,714 |
|
$ |
2,848 |
|
$ |
2,801 |
$ |
2,388 |
|
$ |
2,280 |
|
Investment advisory and management fees |
|
|
1,054 |
|
|
1,039 |
|
|
940 |
|
926 |
|
|
1,266 |
|
Deposit service fees |
|
|
1,588 |
|
|
1,492 |
|
|
1,408 |
|
1,875 |
|
|
1,403 |
|
Gain on sales of residential real estate loans |
|
|
954 |
|
|
1,184 |
|
|
1,337 |
|
1,462 |
|
|
1,370 |
|
Gain on sales of government guaranteed portions of loans |
|
|
- |
|
|
- |
|
|
- |
|
224 |
|
|
- |
|
Swap fee income/capital markets revenue |
|
|
24,885 |
|
|
9,568 |
|
|
13,557 |
|
21,402 |
|
|
26,688 |
|
Securities gains (losses), net |
|
|
- |
|
|
(88 |
) |
|
- |
|
617 |
|
|
1,802 |
|
Earnings on bank-owned life insurance |
|
|
446 |
|
|
451 |
|
|
471 |
|
461 |
|
|
502 |
|
Debit card fees |
|
|
1,085 |
|
|
1,084 |
|
|
975 |
|
923 |
|
|
946 |
|
Correspondent banking fees |
|
|
265 |
|
|
269 |
|
|
314 |
|
270 |
|
|
220 |
|
Other |
|
|
|
1,661 |
|
|
1,449 |
|
|
1,686 |
|
1,469 |
|
|
1,482 |
|
Total noninterest income |
|
$ |
34,652 |
|
$ |
19,296 |
|
$ |
23,489 |
$ |
32,017 |
|
$ |
37,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
28,207 |
|
$ |
23,044 |
|
$ |
24,847 |
$ |
30,446 |
|
$ |
25,999 |
|
Occupancy and equipment expense |
|
|
4,122 |
|
|
3,965 |
|
|
4,108 |
|
4,917 |
|
|
3,807 |
|
Professional and data processing fees |
|
|
3,568 |
|
|
3,702 |
|
|
3,443 |
|
3,871 |
|
|
3,758 |
|
Post-acquisition compensation, transition and integration
costs |
|
|
- |
|
|
- |
|
|
- |
|
25 |
|
|
(32 |
) |
Disposition costs |
|
|
- |
|
|
- |
|
|
8 |
|
64 |
|
|
192 |
|
FDIC insurance, other insurance and regulatory fees |
|
|
1,108 |
|
|
986 |
|
|
1,065 |
|
1,272 |
|
|
1,301 |
|
Loan/lease expense |
|
|
308 |
|
|
457 |
|
|
300 |
|
465 |
|
|
403 |
|
Net cost of (income from) and gains/losses on operations of other
real estate |
|
|
(1,346 |
) |
|
(113 |
) |
|
39 |
|
(4 |
) |
|
16 |
|
Advertising and marketing |
|
|
1,095 |
|
|
853 |
|
|
627 |
|
1,276 |
|
|
750 |
|
Bank service charges |
|
|
525 |
|
|
572 |
|
|
523 |
|
523 |
|
|
488 |
|
Losses on liability extinguishment |
|
|
- |
|
|
- |
|
|
- |
|
1,457 |
|
|
1,874 |
|
Correspondent banking expense |
|
|
201 |
|
|
198 |
|
|
200 |
|
205 |
|
|
205 |
|
Intangibles amortization |
|
|
508 |
|
|
508 |
|
|
508 |
|
521 |
|
|
531 |
|
Loss (gain) on sale of subsidiary |
|
|
- |
|
|
- |
|
|
- |
|
(147 |
) |
|
305 |
|
Other |
|
|
|
3,091 |
|
|
1,503 |
|
|
1,560 |
|
1,473 |
|
|
1,241 |
|
Total noninterest expense |
|
$ |
41,387 |
|
$ |
35,675 |
|
$ |
37,228 |
$ |
46,364 |
|
$ |
40,838 |
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
$ |
39,494 |
|
$ |
27,137 |
|
$ |
21,523 |
$ |
22,280 |
|
$ |
21,360 |
|
Federal and state income tax expense |
|
|
7,929 |
|
|
4,788 |
|
|
3,541 |
|
4,009 |
|
|
4,016 |
|
Net
income |
|
|
$ |
31,565 |
|
$ |
22,349 |
|
$ |
17,982 |
$ |
18,271 |
|
$ |
17,344 |
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
2.02 |
|
$ |
1.41 |
|
$ |
1.14 |
$ |
1.16 |
|
$ |
1.10 |
|
Diluted EPS |
|
$ |
1.99 |
|
$ |
1.39 |
|
$ |
1.12 |
$ |
1.14 |
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
15,635,123 |
|
|
15,813,932 |
|
|
15,803,643 |
|
15,775,596 |
|
|
15,767,152 |
|
Weighted average common and common equivalent shares
outstanding |
|
|
15,869,798 |
|
|
16,045,239 |
|
|
16,025,548 |
|
15,973,054 |
|
|
15,923,578 |
|
|
|
|
|
|
|
|
|
(1) Provision for credit losses only included provision for
loans/leases for years prior to 2021. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc.Consolidated Financial
Highlights(Unaudited) |
|
|
|
|
For Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
(dollars in
thousands, except per share data) |
INCOME STATEMENT |
|
|
|
|
Interest income |
|
$ |
148,135 |
|
|
$ |
148,522 |
|
Interest expense |
|
|
16,415 |
|
|
|
25,279 |
|
Net interest income |
|
|
131,720 |
|
|
|
123,243 |
|
Provision for credit losses (1) |
|
|
6,713 |
|
|
|
48,624 |
|
Net interest income after provision for loan/lease
losses |
|
$ |
125,007 |
|
|
$ |
74,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust department fees |
|
$ |
8,363 |
|
|
$ |
6,819 |
|
Investment advisory and management fees |
|
|
3,033 |
|
|
|
4,392 |
|
Deposit service fees |
|
|
4,488 |
|
|
|
4,166 |
|
Gain on sales of residential real estate loans |
|
|
3,475 |
|
|
|
3,218 |
|
Swap fee income/capital markets revenue |
|
|
48,010 |
|
|
|
53,419 |
|
Securities gains (losses), net |
|
|
(88 |
) |
|
|
1,867 |
|
Earnings on bank-owned life insurance |
|
|
1,368 |
|
|
|
1,443 |
|
Debit card fees |
|
|
3,144 |
|
|
|
2,479 |
|
Correspondent banking fees |
|
|
848 |
|
|
|
633 |
|
Other |
|
|
|
4,796 |
|
|
|
3,345 |
|
Total noninterest income |
|
$ |
77,437 |
|
|
$ |
81,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
76,098 |
|
|
$ |
65,822 |
|
Occupancy and equipment expense |
|
|
12,195 |
|
|
|
11,587 |
|
Professional and data processing fees |
|
|
10,713 |
|
|
|
10,773 |
|
Post-acquisition compensation, transition and integration
costs |
|
|
- |
|
|
|
189 |
|
Disposition costs |
|
|
8 |
|
|
|
626 |
|
FDIC insurance, other insurance and regulatory fees |
|
|
3,159 |
|
|
|
2,892 |
|
Loan/lease expense |
|
|
1,065 |
|
|
|
970 |
|
Net cost of (income from) and gains/losses on operations of other
real estate |
|
(1,420 |
) |
|
|
(303 |
) |
Advertising and marketing |
|
|
2,575 |
|
|
|
1,984 |
|
Bank service charges |
|
|
1,620 |
|
|
|
1,493 |
|
Losses on liability extinguishment |
|
|
- |
|
|
|
2,450 |
|
Correspondent banking expense |
|
|
599 |
|
|
|
633 |
|
Intangibles amortization |
|
|
1,524 |
|
|
|
1,628 |
|
Goodwill impairment |
|
|
- |
|
|
|
500 |
|
Loss on sale of subsidiary |
|
|
- |
|
|
|
305 |
|
Other |
|
|
|
6,154 |
|
|
|
3,842 |
|
Total noninterest expense |
|
$ |
114,290 |
|
|
$ |
105,391 |
|
|
|
|
|
|
|
Net income before income taxes |
|
$ |
88,154 |
|
|
$ |
51,009 |
|
Federal and state income tax expense |
|
|
16,258 |
|
|
|
8,698 |
|
Net
income |
|
|
$ |
71,896 |
|
|
$ |
42,311 |
|
|
|
|
|
|
|
Basic EPS |
|
$ |
4.54 |
|
|
$ |
2.68 |
|
Diluted EPS |
|
$ |
4.48 |
|
|
$ |
2.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
15,829,124 |
|
|
|
15,770,335 |
|
Weighted average common and common equivalent shares
outstanding |
|
|
16,058,420 |
|
|
|
15,945,832 |
|
|
|
|
|
|
|
(1) Provision for credit losses only included provision for
loans/leases for years prior to 2021. |
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc.Consolidated Financial
Highlights(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Quarter Ended |
|
For the Nine Months Ended |
|
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
September 30, |
September 30, |
|
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
(dollars in
thousands, except per share data) |
COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
15,590,428 |
|
|
15,763,522 |
|
|
15,843,732 |
|
|
15,805,711 |
|
|
15,792,357 |
|
|
|
|
Book value
per common share (1) |
|
$ |
41.68 |
|
$ |
40.00 |
|
$ |
38.42 |
|
$ |
37.57 |
|
$ |
36.26 |
|
|
|
|
Tangible
book value per common share (Non-GAAP) (2) |
|
$ |
36.30 |
|
$ |
34.64 |
|
$ |
33.06 |
|
$ |
32.16 |
|
$ |
30.82 |
|
|
|
|
Closing
stock price |
|
$ |
51.44 |
|
$ |
48.09 |
|
$ |
47.22 |
|
$ |
39.59 |
|
$ |
27.41 |
|
|
|
|
Market
capitalization |
|
$ |
801,972 |
|
$ |
758,068 |
|
$ |
748,141 |
|
$ |
625,748 |
|
$ |
432,869 |
|
|
|
|
Market price
/ book value |
|
|
123.42 |
% |
|
120.24 |
% |
|
122.90 |
% |
|
105.38 |
% |
|
75.60 |
% |
|
|
|
Market price
/ tangible book value |
|
|
141.72 |
% |
|
138.83 |
% |
|
142.83 |
% |
|
123.09 |
% |
|
88.95 |
% |
|
|
|
Earnings per
common share (basic) LTM (3) |
|
$ |
5.73 |
|
$ |
4.81 |
|
$ |
4.27 |
|
$ |
3.84 |
|
$ |
3.69 |
|
|
|
|
Price
earnings ratio LTM (3) |
|
|
8.98 |
x |
|
10.00 |
x |
|
11.06 |
x |
|
10.31 |
x |
|
7.43 |
x |
|
|
|
TCE / TA
(Non-GAAP) (4) |
|
|
9.54 |
% |
|
9.55 |
% |
|
9.42 |
% |
|
9.08 |
% |
|
8.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Beginning
balance |
|
$ |
630,476 |
|
$ |
608,719 |
|
$ |
593,793 |
|
$ |
572,613 |
|
$ |
556,020 |
|
|
|
|
Cumulative
effect from the adoption of ASU 2016-13 "CECL" |
|
|
- |
|
|
- |
|
|
(937 |
) |
|
- |
|
|
- |
|
|
|
|
Net
income |
|
|
31,565 |
|
|
22,349 |
|
|
17,982 |
|
|
18,271 |
|
|
17,344 |
|
|
|
|
Other
comprehensive income (loss), net of tax |
|
|
(2,546 |
) |
|
4,179 |
|
|
(1,751 |
) |
|
3,157 |
|
|
(614 |
) |
|
|
|
Common stock
cash dividends declared |
|
|
(946 |
) |
|
(951 |
) |
|
(949 |
) |
|
(947 |
) |
|
(945 |
) |
|
|
|
Repurchase
and cancellation of shares of common stock as a result of a share
repurchase program |
|
|
(9,367 |
) |
|
(4,800 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
|
Other
(5) |
|
|
632 |
|
|
980 |
|
|
581 |
|
|
699 |
|
|
808 |
|
|
|
|
Ending
balance |
|
$ |
649,814 |
|
$ |
630,476 |
|
$ |
608,719 |
|
$ |
593,793 |
|
$ |
572,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL RATIOS (6): |
|
|
|
|
|
|
|
|
|
Total
risk-based capital ratio |
|
|
14.51 |
% |
|
14.72 |
% |
|
14.85 |
% |
|
14.95 |
% |
|
14.93 |
% |
|
|
|
Tier 1
risk-based capital ratio |
|
|
11.16 |
% |
|
11.26 |
% |
|
11.31 |
% |
|
11.34 |
% |
|
11.25 |
% |
|
|
|
Tier 1
leverage capital ratio |
|
|
10.28 |
% |
|
10.29 |
% |
|
10.10 |
% |
|
9.49 |
% |
|
9.21 |
% |
|
|
|
Common
equity tier 1 ratio |
|
|
10.45 |
% |
|
10.52 |
% |
|
10.55 |
% |
|
10.55 |
% |
|
10.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY PERFORMANCE RATIOS AND OTHER METRICS |
|
|
|
|
|
|
|
|
|
Return on
average assets (annualized) |
|
|
2.12 |
% |
|
1.56 |
% |
|
1.27 |
% |
|
1.25 |
% |
|
1.19 |
% |
|
|
1.66 |
% |
|
1.02 |
% |
Return on
average total equity (annualized) |
|
|
19.30 |
% |
|
14.33 |
% |
|
11.91 |
% |
|
12.43 |
% |
|
12.06 |
% |
|
|
15.27 |
% |
|
10.51 |
% |
Net interest
margin |
|
|
3.36 |
% |
|
3.28 |
% |
|
3.26 |
% |
|
3.25 |
% |
|
3.36 |
% |
|
|
3.30 |
% |
|
3.29 |
% |
Net interest
margin (TEY) (Non-GAAP)(7) |
|
|
3.56 |
% |
|
3.46 |
% |
|
3.43 |
% |
|
3.45 |
% |
|
3.51 |
% |
|
|
3.49 |
% |
|
3.44 |
% |
Efficiency
ratio (Non-GAAP) (8) |
|
|
51.17 |
% |
|
56.80 |
% |
|
56.87 |
% |
|
61.23 |
% |
|
49.48 |
% |
|
|
54.64 |
% |
|
51.40 |
% |
Gross loans
and leases / total assets |
|
|
76.48 |
% |
|
76.10 |
% |
|
77.25 |
% |
|
74.81 |
% |
|
72.43 |
% |
|
|
76.48 |
% |
|
72.43 |
% |
Gross loans
and leases / total deposits |
|
|
94.41 |
% |
|
94.22 |
% |
|
94.15 |
% |
|
92.43 |
% |
|
90.92 |
% |
|
|
94.41 |
% |
|
90.92 |
% |
Effective
tax rate |
|
|
20.08 |
% |
|
17.64 |
% |
|
16.45 |
% |
|
17.99 |
% |
|
18.80 |
% |
|
|
18.44 |
% |
|
17.05 |
% |
Full-time
equivalent employees (9) |
|
|
724 |
|
|
725 |
|
|
720 |
|
|
714 |
|
|
687 |
|
|
|
724 |
|
|
687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
5,960,336 |
|
$ |
5,739,067 |
|
$ |
5,668,850 |
|
$ |
5,842,299 |
|
$ |
5,820,555 |
|
|
$ |
5,789,753 |
|
$ |
5,524,087 |
|
Loans/leases |
|
|
4,529,136 |
|
|
4,412,322 |
|
|
4,271,782 |
|
|
4,250,951 |
|
|
4,185,275 |
|
|
|
4,405,355 |
|
|
3,957,903 |
|
Deposits |
|
|
4,779,876 |
|
|
4,709,732 |
|
|
4,628,889 |
|
|
4,742,602 |
|
|
4,726,881 |
|
|
|
4,706,719 |
|
|
4,472,328 |
|
Total
stockholders' equity |
|
|
654,186 |
|
|
624,000 |
|
|
604,012 |
|
|
588,042 |
|
|
575,061 |
|
|
|
627,583 |
|
|
536,578 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes accumulated other comprehensive income (loss). |
|
|
|
|
|
|
|
(2) Includes accumulated other comprehensive income (loss) and
excludes intangible assets (Non-GAAP). |
|
|
|
|
(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) Growth in full-time equivalents from September 30, 2020 to
December 31, 2020 due to the addition of new positions created to
build scale. |
|
|
|
|
|
|
|
|
|
|
|
|
QCR
Holdings, Inc.Consolidated Financial
Highlights(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET INTEREST INCOME AND MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
September 30, 2021 |
|
June 30, 2021 |
|
September 30, 2020 |
|
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
|
(dollars in
thousands) |
Fed funds sold |
|
$ |
3,030 |
$ |
1 |
0.10 |
% |
|
$ |
1,817 |
$ |
1 |
0.06 |
% |
|
$ |
2,205 |
$ |
1 |
0.18 |
% |
Interest-bearing deposits at financial institutions |
|
99,024 |
|
39 |
0.16 |
% |
|
|
88,396 |
|
35 |
0.16 |
% |
|
|
321,679 |
|
92 |
0.11 |
% |
Securities
(1) |
|
|
799,471 |
|
7,646 |
3.82 |
% |
|
|
798,732 |
|
7,294 |
3.66 |
% |
|
|
749,425 |
|
6,836 |
3.66 |
% |
Restricted investment securities |
|
20,910 |
|
262 |
4.97 |
% |
|
|
19,614 |
|
238 |
4.79 |
% |
|
|
19,714 |
|
249 |
4.94 |
% |
Loans
(1) |
|
|
4,529,136 |
|
46,427 |
4.07 |
% |
|
|
4,412,322 |
|
43,776 |
3.98 |
% |
|
|
4,185,275 |
|
45,654 |
4.34 |
% |
Total earning assets (1) |
$ |
5,451,571 |
$ |
54,375 |
3.96 |
% |
|
$ |
5,320,881 |
$ |
51,344 |
3.87 |
% |
|
$ |
5,278,298 |
$ |
52,832 |
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
3,041,941 |
$ |
2,183 |
0.28 |
% |
|
$ |
2,978,382 |
$ |
2,050 |
0.28 |
% |
|
$ |
2,932,988 |
$ |
2,086 |
0.28 |
% |
Time
deposits |
|
|
461,210 |
|
1,090 |
0.94 |
% |
|
|
440,599 |
|
1,184 |
1.08 |
% |
|
|
638,031 |
|
2,399 |
1.50 |
% |
Short-term borrowings |
|
6,858 |
|
1 |
0.10 |
% |
|
|
10,883 |
|
1 |
0.05 |
% |
|
|
26,996 |
|
11 |
0.17 |
% |
Federal Home Loan Bank advances |
|
54,293 |
|
41 |
0.30 |
% |
|
|
21,802 |
|
15 |
0.28 |
% |
|
|
57,078 |
|
211 |
1.45 |
% |
Subordinated debentures |
|
113,789 |
|
1,554 |
5.46 |
% |
|
|
115,339 |
|
1,570 |
5.45 |
% |
|
|
77,783 |
|
1,031 |
5.30 |
% |
Junior subordinated debentures |
|
38,084 |
|
569 |
5.84 |
% |
|
|
38,044 |
|
564 |
5.86 |
% |
|
|
37,936 |
|
571 |
5.89 |
% |
Total interest-bearing liabilities |
$ |
3,716,175 |
$ |
5,438 |
0.58 |
% |
|
$ |
3,605,049 |
$ |
5,384 |
0.60 |
% |
|
$ |
3,770,812 |
$ |
6,309 |
0.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (1) |
|
$ |
48,937 |
|
|
|
$ |
45,960 |
|
|
|
$ |
46,523 |
|
Net interest margin (2) |
|
|
3.36 |
% |
|
|
|
3.28 |
% |
|
|
|
3.36 |
% |
Net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.56 |
% |
|
|
|
3.46 |
% |
|
|
|
3.51 |
% |
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
3.53 |
% |
|
|
|
3.44 |
% |
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
September 30, 2021 |
|
September 30, 2020 |
|
|
|
|
AverageBalance |
InterestEarned orPaid |
Average Yield or Cost |
|
AverageBalance |
InterestEarned orPaid |
AverageYield or Cost |
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
Fed funds
sold |
|
$ |
1,503 |
$ |
1 |
0.13 |
% |
|
$ |
2,795 |
$ |
19 |
0.89 |
% |
|
|
|
|
Interest-bearing deposits at financial institutions |
|
101,225 |
|
110 |
0.15 |
% |
|
|
327,902 |
|
587 |
0.24 |
% |
|
|
|
|
Securities
(1) |
|
|
802,715 |
|
21,989 |
3.65 |
% |
|
|
688,985 |
|
19,567 |
3.78 |
% |
|
|
|
|
Restricted investment securities |
|
19,540 |
|
718 |
4.85 |
% |
|
|
20,767 |
|
795 |
5.03 |
% |
|
|
|
|
Loans
(1) |
|
|
4,405,355 |
|
132,728 |
4.03 |
% |
|
|
3,957,903 |
|
133,141 |
4.49 |
% |
|
|
|
|
Total earning assets (1) |
$ |
5,330,338 |
$ |
155,546 |
3.90 |
% |
|
$ |
4,998,352 |
$ |
154,109 |
4.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
3,000,766 |
$ |
6,219 |
0.28 |
% |
|
$ |
2,718,613 |
$ |
9,920 |
0.49 |
% |
|
|
|
|
Time
deposits |
|
|
449,996 |
|
3,716 |
1.10 |
% |
|
|
743,746 |
|
9,537 |
1.71 |
% |
|
|
|
|
Short-term borrowings |
|
7,560 |
|
4 |
0.08 |
% |
|
|
23,804 |
|
81 |
0.45 |
% |
|
|
|
|
Federal Home Loan Bank advances |
|
29,875 |
|
66 |
0.29 |
% |
|
|
87,920 |
|
1,007 |
1.50 |
% |
|
|
|
|
Subordinated debentures |
|
115,927 |
|
4,718 |
5.43 |
% |
|
|
71,582 |
|
3,019 |
5.63 |
% |
|
|
|
|
Junior subordinated debentures |
|
38,045 |
|
1,692 |
5.86 |
% |
|
|
37,894 |
|
1,715 |
5.95 |
% |
|
|
|
|
Total interest-bearing liabilities |
$ |
3,642,169 |
$ |
16,415 |
0.60 |
% |
|
$ |
3,683,559 |
$ |
25,279 |
0.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (1) |
|
$ |
139,131 |
|
|
|
$ |
128,830 |
|
|
|
|
|
Net interest margin (2) |
|
|
3.30 |
% |
|
|
|
3.29 |
% |
|
|
|
|
Net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
|
3.49 |
% |
|
|
|
3.44 |
% |
|
|
|
|
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) |
|
3.46 |
% |
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
|
(dollars in
thousands, except per share data) |
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON
LOANS/LEASES |
|
|
|
|
|
|
Beginning
balance |
|
$ |
78,894 |
|
$ |
81,831 |
|
$ |
84,376 |
|
$ |
79,582 |
|
$ |
60,827 |
|
Adoption of
ASU 2016-13 "CECL" - Day 1 adjustment |
|
|
- |
|
|
- |
|
|
(8,102 |
) |
|
- |
|
|
- |
|
Provision
charged to expense |
|
|
1,895 |
|
|
(141 |
) |
|
5,993 |
|
|
7,080 |
|
|
20,342 |
|
Loans/leases
charged off |
|
|
(287 |
) |
|
(3,674 |
) |
|
(713 |
) |
|
(2,779 |
) |
|
(1,819 |
) |
Recoveries
on loans/leases previously charged off |
|
|
168 |
|
|
878 |
|
|
277 |
|
|
493 |
|
|
232 |
|
Ending balance |
|
$ |
80,670 |
|
$ |
78,894 |
|
$ |
81,831 |
|
$ |
84,376 |
|
$ |
79,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
Nonaccrual
loans/leases |
|
$ |
6,818 |
|
$ |
8,230 |
|
$ |
13,863 |
|
$ |
13,940 |
|
$ |
17,597 |
|
Accruing
loans/leases past due 90 days or more |
|
|
14 |
|
|
57 |
|
|
- |
|
|
3 |
|
|
86 |
|
Total nonperforming loans/leases |
|
|
6,832 |
|
|
8,287 |
|
|
13,863 |
|
|
13,943 |
|
|
17,683 |
|
Other real
estate owned |
|
|
- |
|
|
1,820 |
|
|
173 |
|
|
20 |
|
|
125 |
|
Other
repossessed assets |
|
|
- |
|
|
- |
|
|
50 |
|
|
135 |
|
|
110 |
|
Total nonperforming assets |
|
$ |
6,832 |
|
$ |
10,107 |
|
$ |
14,086 |
|
$ |
14,098 |
|
$ |
17,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
Nonperforming assets / total assets |
|
|
0.11 |
% |
|
0.17 |
% |
|
0.25 |
% |
|
0.25 |
% |
|
0.31 |
% |
ACL for
loans and leases / total loans/leases (1) |
|
|
1.75 |
% |
|
1.79 |
% |
|
1.88 |
% |
|
1.98 |
% |
|
1.87 |
% |
ACL for
loans and leases / nonperforming loans/leases (1) |
|
|
1180.77 |
% |
|
952.02 |
% |
|
590.28 |
% |
|
605.15 |
% |
|
450.05 |
% |
Net
charge-offs as a % of average loans/leases |
|
|
0.00 |
% |
|
0.06 |
% |
|
0.01 |
% |
|
0.05 |
% |
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNALLY ASSIGNED RISK RATING (2) |
|
|
|
|
|
|
Special
mention (rating 6) |
|
$ |
58,634 |
|
$ |
51,613 |
|
$ |
53,466 |
|
$ |
71,482 |
|
$ |
79,587 |
|
Substandard
(rating 7) |
|
|
59,402 |
|
|
79,719 |
|
|
84,982 |
|
|
66,081 |
|
|
70,409 |
|
Doubtful
(rating 8) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
$ |
118,036 |
|
$ |
131,332 |
|
$ |
138,448 |
|
$ |
137,563 |
|
$ |
149,996 |
|
|
|
|
|
|
|
|
Criticized
loans (3) |
|
$ |
118,036 |
|
$ |
131,332 |
|
$ |
138,448 |
|
$ |
137,563 |
|
$ |
149,996 |
|
Classified
loans (4) |
|
|
59,402 |
|
|
79,719 |
|
|
84,982 |
|
|
66,081 |
|
|
70,409 |
|
|
|
|
|
|
|
|
Criticized
loans as a % of total loans/leases |
|
|
2.57 |
% |
|
2.97 |
% |
|
3.17 |
% |
|
3.24 |
% |
|
3.53 |
% |
Classified
loans as a % of total loans/leases |
|
|
1.29 |
% |
|
1.80 |
% |
|
1.95 |
% |
|
1.55 |
% |
|
1.66 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to adoption
of ASU 2016-13 "CECL", upon acquisition and per GAAP, acquired
loans were recorded at market value, which eliminates the allowance
and impacts this ratio. There have been no acquisitions since
adopting ASU 2016-13 "CECL", which requires an allowance to be
established on acquired loans. |
(2) Amounts exclude
the government guaranteed portion, if any. The Company assigns
internal risk ratings of Pass (Rating 2) for the government
guaranteed portion. |
(3) Criticized loans
are defined as C&I and CRE loans with internally assigned risk
ratings of 6, 7, or 8, regardless of performance. |
(4) Classified loans
are defined as C&I and CRE loans with internally assigned risk
ratings of 7 or 8, regardless of performance. |
|
|
|
|
|
|
|
|
QCR
Holdings, Inc.Consolidated Financial
Highlights(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
For the Nine Months Ended |
|
|
|
September
30, |
|
June
30, |
|
September
30, |
|
September
30, |
|
September
30, |
|
SELECT FINANCIAL DATA - SUBSIDIARIES |
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
(dollars in
thousands) |
|
TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
$ |
2,106,631 |
|
|
$ |
2,059,634 |
|
|
$ |
2,205,935 |
|
|
|
|
|
|
m2 Equipment Finance, LLC |
|
|
259,543 |
|
|
|
255,338 |
|
|
|
241,452 |
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
2,019,018 |
|
|
|
1,913,761 |
|
|
|
2,012,182 |
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
1,140,933 |
|
|
|
1,079,929 |
|
|
|
937,017 |
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
880,143 |
|
|
|
850,067 |
|
|
|
803,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
$ |
1,797,969 |
|
|
$ |
1,810,772 |
|
|
$ |
1,955,360 |
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
1,526,144 |
|
|
|
1,395,721 |
|
|
|
1,399,267 |
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
994,042 |
|
|
|
938,428 |
|
|
|
822,261 |
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
605,947 |
|
|
|
608,676 |
|
|
|
592,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
$ |
1,636,170 |
|
|
$ |
1,577,681 |
|
|
$ |
1,556,798 |
|
|
|
|
|
|
m2 Equipment Finance, LLC |
|
|
262,962 |
|
|
|
258,520 |
|
|
|
241,783 |
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
1,410,160 |
|
|
|
1,360,202 |
|
|
|
1,387,372 |
|
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
834,533 |
|
|
|
786,208 |
|
|
|
683,086 |
|
|
|
|
|
|
Springfield
First Community Bank |
|
|
718,867 |
|
|
|
693,614 |
|
|
|
620,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
91 |
% |
|
|
87 |
% |
|
|
80 |
% |
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
92 |
% |
|
|
97 |
% |
|
|
99 |
% |
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
84 |
% |
|
|
84 |
% |
|
|
83 |
% |
|
|
|
|
|
Springfield
First Community Bank |
|
|
119 |
% |
|
|
114 |
% |
|
|
105 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOANS & LEASES / TOTAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
78 |
% |
|
|
77 |
% |
|
|
71 |
% |
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
|
70 |
% |
|
|
71 |
% |
|
|
69 |
% |
|
|
|
|
|
Community
State Bank - Ankeny |
|
|
73 |
% |
|
|
73 |
% |
|
|
73 |
% |
|
|
|
|
|
Springfield
First Community Bank |
|
|
82 |
% |
|
|
82 |
% |
|
|
77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL ON LOANS/LEASES AS A PERCENTAGE OF
LOANS/LEASES |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
1.88 |
% |
|
|
1.91 |
% |
|
|
1.86 |
% |
|
|
|
|
|
m2 Equipment Finance, LLC |
|
|
3.78 |
% |
|
|
3.61 |
% |
|
|
2.53 |
% |
|
|
|
|
|
Cedar Rapids
Bank and Trust (2) |
|
|
1.85 |
% |
|
|
1.92 |
% |
|
|
2.22 |
% |
|
|
|
|
|
Community
State Bank - Ankeny (2) |
|
|
1.73 |
% |
|
|
1.69 |
% |
|
|
1.92 |
% |
|
|
|
|
|
Springfield
First Community Bank (2) |
|
|
1.30 |
% |
|
|
1.35 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETURN ON AVERAGE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
1.66 |
% |
|
|
1.64 |
% |
|
|
0.56 |
% |
|
|
1.55 |
% |
|
|
0.81 |
% |
|
Cedar Rapids
Bank and Trust |
|
|
3.93 |
% |
|
|
2.39 |
% |
|
|
2.66 |
% |
|
|
2.95 |
% |
|
|
2.25 |
% |
|
Community
State Bank - Ankeny |
|
|
1.17 |
% |
|
|
1.16 |
% |
|
|
0.82 |
% |
|
|
1.05 |
% |
|
|
0.53 |
% |
|
Springfield
First Community Bank |
|
|
2.09 |
% |
|
|
1.77 |
% |
|
|
1.52 |
% |
|
|
1.69 |
% |
|
|
1.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN PERCENTAGE (3) |
|
|
|
|
|
|
|
|
|
|
|
Quad City
Bank and Trust (1) |
|
|
3.47 |
% |
|
|
3.30 |
% |
|
|
3.07 |
% |
|
|
3.32 |
% |
|
|
3.17 |
% |
|
Cedar Rapids
Bank and Trust (4) |
|
|
3.68 |
% |
|
|
3.60 |
% |
|
|
3.54 |
% |
|
|
3.61 |
% |
|
|
3.45 |
% |
|
Community
State Bank - Ankeny (5) |
|
|
3.78 |
% |
|
|
3.66 |
% |
|
|
4.12 |
% |
|
|
3.71 |
% |
|
|
3.94 |
% |
|
Springfield
First Community Bank (6) |
|
|
3.67 |
% |
|
|
3.54 |
% |
|
|
3.75 |
% |
|
|
3.59 |
% |
|
|
3.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN
NET |
|
|
|
|
|
|
|
|
|
INTEREST MARGIN, NET |
|
|
|
|
|
|
|
|
|
|
|
Cedar Rapids
Bank and Trust |
|
$ |
64 |
|
|
$ |
92 |
|
|
$ |
217 |
|
|
$ |
169 |
|
|
$ |
327 |
|
|
Community
State Bank - Ankeny |
|
|
52 |
|
|
|
68 |
|
|
|
56 |
|
|
$ |
437 |
|
|
|
193 |
|
|
Springfield
First Community Bank |
|
|
376 |
|
|
|
168 |
|
|
|
598 |
|
|
$ |
755 |
|
|
|
1,791 |
|
|
QCR
Holdings, Inc. (7) |
|
|
(36 |
) |
|
|
(37 |
) |
|
|
(38 |
) |
|
$ |
(110 |
) |
|
|
(117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Quad City Bank and Trust figures include m2 Equipment Finance, LLC,
as this entity is wholly-owned and consolidated with the Bank. m2
Equipment Finance, LLC is also presented separately for
certain (applicable) measurements. |
(2) |
Prior to adoption of ASU 2016-13 "CECL", upon acquisition and per
GAAP, acquired loans were recorded at market value, which
eliminates the allowance and impacts this ratio. There have
been no acquisitions since adopting ASU 2016-13 "CECL", which
requires an allowance to be established on acquired loans. |
(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) |
Cedar Rapids Bank and Trust's net interest margin percentage
includes various purchase accounting adjustments. Excluding those
adjustments, net interest margin (Non-GAAP) would have been
3.66% for the quarter ended September 30, 2021, 3.67% for the
quarter ended June 30, 2021 and 3.46% for the quarter ended
September 30, 2020. |
(5) |
Community State Bank's net interest margin percentage includes
various purchase accounting adjustments. Excluding those
adjustments, net interest margin (Non-GAAP) would have been
3.66% for the quarter ended September 30, 2021, 3.63% for the
quarter ended June 30, 2021 and 4.06% for the quarter ended
September 30, 2020. |
(6) |
Springfield First Community Bank's net interest margin percentage
includes various purchase accounting adjustments. Excluding those
adjustments, net interest margin (Non-GAAP) would have been
3.67% for the quarter ended September 30, 2021, 3.50% for the
quarter ended June 30, 2021 and 4.02% for the quarter ended
September 30, 2020. |
(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 |
|
|
September
30, |
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
GAAP TO NON-GAAP RECONCILIATIONS |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
(dollars in
thousands, except per share data) |
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
|
$ |
649,814 |
|
|
$ |
630,476 |
|
|
$ |
608,719 |
|
|
$ |
593,793 |
|
|
$ |
572,613 |
|
Less: Intangible assets |
|
|
83,923 |
|
|
|
84,431 |
|
|
|
84,939 |
|
|
|
85,447 |
|
|
|
85,968 |
|
Tangible common equity (non-GAAP) |
|
$ |
565,891 |
|
|
$ |
546,045 |
|
|
$ |
523,780 |
|
|
$ |
508,346 |
|
|
$ |
486,645 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
6,014,508 |
|
|
$ |
5,805,165 |
|
|
$ |
5,645,147 |
|
|
$ |
5,682,797 |
|
|
$ |
5,864,560 |
|
Less: Intangible assets |
|
|
83,923 |
|
|
|
84,431 |
|
|
|
84,939 |
|
|
|
85,447 |
|
|
|
85,968 |
|
Tangible assets (non-GAAP) |
|
$ |
5,930,585 |
|
|
$ |
5,720,734 |
|
|
$ |
5,560,208 |
|
|
$ |
5,597,350 |
|
|
$ |
5,778,592 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets ratio
(non-GAAP) |
|
9.54 |
% |
|
|
9.55 |
% |
|
|
9.42 |
% |
|
|
9.08 |
% |
|
|
8.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO EXCLUDING
PPP LOANS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholder's equity (GAAP) |
|
$ |
649,814 |
|
|
$ |
630,476 |
|
|
$ |
608,719 |
|
|
$ |
593,793 |
|
|
$ |
572,613 |
|
Less: PPP loan interest income (post-tax) (2) |
|
|
12,297 |
|
|
|
10,788 |
|
|
|
9,479 |
|
|
|
7,691 |
|
|
|
4,934 |
|
Less: Intangible assets |
|
|
83,923 |
|
|
|
84,431 |
|
|
|
84,939 |
|
|
|
85,447 |
|
|
|
85,968 |
|
Tangible common equity, excluding PPP loan income (non-GAAP) |
$ |
553,594 |
|
|
$ |
535,257 |
|
|
$ |
514,301 |
|
|
$ |
500,655 |
|
|
$ |
481,711 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
6,014,508 |
|
|
$ |
5,805,165 |
|
|
$ |
5,645,147 |
|
|
$ |
5,682,797 |
|
|
$ |
5,864,560 |
|
Less: PPP loans |
|
|
83,575 |
|
|
|
147,506 |
|
|
|
243,860 |
|
|
|
273,146 |
|
|
|
357,506 |
|
Less: Intangible assets |
|
|
83,923 |
|
|
|
84,431 |
|
|
|
84,939 |
|
|
|
85,447 |
|
|
|
85,968 |
|
Tangible assets, excluding PPP loans (non-GAAP) |
|
$ |
5,847,010 |
|
|
$ |
5,573,228 |
|
|
$ |
5,316,348 |
|
|
$ |
5,324,204 |
|
|
$ |
5,421,086 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets ratio, excluding
PPP loans (non-GAAP) |
|
|
9.47 |
% |
|
|
9.60 |
% |
|
|
9.67 |
% |
|
|
9.40 |
% |
|
|
8.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Nine Months Ended |
|
|
September
30, |
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
September
30, |
|
September
30, |
ADJUSTED NET INCOME (1) |
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
31,565 |
|
|
$ |
22,349 |
|
|
$ |
17,982 |
|
|
$ |
18,271 |
|
|
$ |
17,344 |
|
|
$ |
71,896 |
|
|
$ |
42,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less non-core items (post-tax) (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities gains(losses), net |
|
|
- |
|
|
|
(69 |
) |
|
|
- |
|
|
|
487 |
|
|
|
1,424 |
|
|
$ |
(69 |
) |
|
$ |
1,475 |
|
Mark to Market gains (losses) on derivatives, net |
|
|
(13 |
) |
|
|
(58 |
) |
|
|
129 |
|
|
|
- |
|
|
|
- |
|
|
|
58 |
|
|
$ |
- |
|
Gain on sale of loan |
|
|
28 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28 |
|
|
|
Loss on syndicated loan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(210 |
) |
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
Total non-core income (non-GAAP) |
|
$ |
15 |
|
|
$ |
(127 |
) |
|
$ |
129 |
|
|
$ |
277 |
|
|
$ |
1,424 |
|
|
$ |
17 |
|
|
$ |
1,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses on debt extinguishment, net |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,151 |
|
|
$ |
1,480 |
|
|
$ |
- |
|
|
$ |
1,936 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
500 |
|
Disposition costs |
|
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
51 |
|
|
|
152 |
|
|
|
7 |
|
|
|
495 |
|
Acquisition costs (4) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Separation agreement |
|
|
- |
|
|
|
- |
|
|
|
734 |
|
|
|
- |
|
|
|
- |
|
|
|
734 |
|
|
|
- |
|
Post-acquisition compensation, transition and integration
costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20 |
|
|
|
(25 |
) |
|
|
- |
|
|
|
149 |
|
Loss on sale of subsidiary |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(102 |
) |
|
|
212 |
|
|
|
- |
|
|
|
212 |
|
Total non-core expense (non-GAAP) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
741 |
|
|
$ |
1,119 |
|
|
$ |
1,819 |
|
|
$ |
741 |
|
|
$ |
3,291 |
|
Adjusted net income (non-GAAP) (1) |
|
$ |
31,550 |
|
|
$ |
22,476 |
|
|
$ |
18,594 |
|
|
$ |
19,113 |
|
|
$ |
17,739 |
|
|
$ |
72,620 |
|
|
$ |
44,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER COMMON SHARE (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (non-GAAP) (from above) |
|
$ |
31,550 |
|
|
$ |
22,476 |
|
|
$ |
18,594 |
|
|
$ |
19,113 |
|
|
$ |
17,739 |
|
|
$ |
72,620 |
|
|
$ |
44,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
15,635,123 |
|
|
|
15,813,932 |
|
|
|
15,803,643 |
|
|
|
15,775,596 |
|
|
|
15,767,152 |
|
|
|
15,829,124 |
|
|
|
15,770,335 |
|
Weighted
average common and common equivalent shares outstanding |
|
|
15,869,798 |
|
|
|
16,045,239 |
|
|
|
16,025,548 |
|
|
|
15,973,054 |
|
|
|
15,923,578 |
|
|
|
16,058,420 |
|
|
|
15,945,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per common share
(non-GAAP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.02 |
|
|
$ |
1.42 |
|
|
$ |
1.18 |
|
|
$ |
1.21 |
|
|
$ |
1.13 |
|
|
$ |
4.59 |
|
|
$ |
2.80 |
|
Diluted |
|
$ |
1.99 |
|
|
$ |
1.40 |
|
|
$ |
1.16 |
|
|
$ |
1.20 |
|
|
$ |
1.11 |
|
|
$ |
4.52 |
|
|
$ |
2.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE ASSETS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (non-GAAP) (from above) |
|
$ |
31,550 |
|
|
$ |
22,476 |
|
|
$ |
18,594 |
|
|
$ |
19,113 |
|
|
$ |
17,739 |
|
|
$ |
72,620 |
|
|
$ |
44,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets |
|
$ |
5,960,336 |
|
|
$ |
5,739,067 |
|
|
$ |
5,668,850 |
|
|
$ |
5,842,299 |
|
|
$ |
5,820,555 |
|
|
$ |
5,789,753 |
|
|
$ |
5,524,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted return on average assets (annualized)
(non-GAAP) |
|
|
2.12 |
% |
|
|
1.57 |
% |
|
|
1.31 |
% |
|
|
1.31 |
% |
|
|
1.22 |
% |
|
|
1.67 |
% |
|
|
1.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST MARGIN (TEY) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (GAAP) |
|
$ |
46,229 |
|
|
$ |
43,516 |
|
|
$ |
41,975 |
|
|
$ |
43,707 |
|
|
$ |
44,581 |
|
|
$ |
131,720 |
|
|
$ |
123,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Tax equivalent adjustment (3) |
|
|
2,708 |
|
|
|
2,444 |
|
|
|
2,267 |
|
|
|
2,631 |
|
|
|
1,942 |
|
|
|
7,411 |
|
|
|
5,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income - tax equivalent (Non-GAAP) |
|
$ |
48,937 |
|
|
$ |
45,960 |
|
|
$ |
44,242 |
|
|
$ |
46,338 |
|
|
$ |
46,523 |
|
|
$ |
139,131 |
|
|
$ |
128,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Acquisition accounting net accretion |
|
|
456 |
|
|
|
291 |
|
|
|
504 |
|
|
|
1,077 |
|
|
|
833 |
|
|
|
1,251 |
|
|
|
2,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
interest income |
|
$ |
48,481 |
|
|
$ |
45,669 |
|
|
$ |
43,738 |
|
|
$ |
45,261 |
|
|
$ |
45,690 |
|
|
$ |
137,880 |
|
|
$ |
126,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
earning assets |
|
$ |
5,451,571 |
|
|
$ |
5,320,881 |
|
|
$ |
5,218,198 |
|
|
$ |
5,345,677 |
|
|
$ |
5,278,298 |
|
|
$ |
5,330,338 |
|
|
$ |
4,998,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (GAAP) |
|
|
3.36 |
% |
|
|
3.28 |
% |
|
|
3.26 |
% |
|
|
3.25 |
% |
|
|
3.36 |
% |
|
|
3.30 |
% |
|
|
3.29 |
% |
Net
interest margin (TEY) (Non-GAAP) |
|
|
3.56 |
% |
|
|
3.46 |
% |
|
|
3.43 |
% |
|
|
3.45 |
% |
|
|
3.51 |
% |
|
|
3.49 |
% |
|
|
3.44 |
% |
Adjusted net interest margin (TEY) (Non-GAAP) |
|
|
3.53 |
% |
|
|
3.44 |
% |
|
|
3.40 |
% |
|
|
3.37 |
% |
|
|
3.44 |
% |
|
|
3.46 |
% |
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFICIENCY RATIO (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense (GAAP) |
|
$ |
41,387 |
|
|
$ |
35,675 |
|
|
$ |
37,228 |
|
|
$ |
46,364 |
|
|
$ |
40,838 |
|
|
$ |
114,290 |
|
|
$ |
105,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
46,229 |
|
|
$ |
43,516 |
|
|
$ |
41,975 |
|
|
$ |
43,707 |
|
|
$ |
44,581 |
|
|
$ |
131,720 |
|
|
$ |
123,243 |
|
Noninterest
income (GAAP) |
|
|
34,652 |
|
|
|
19,296 |
|
|
|
23,489 |
|
|
|
32,017 |
|
|
|
37,959 |
|
|
|
77,437 |
|
|
|
81,781 |
|
Total income |
|
$ |
80,881 |
|
|
$ |
62,812 |
|
|
$ |
65,464 |
|
|
$ |
75,724 |
|
|
$ |
82,540 |
|
|
$ |
209,157 |
|
|
$ |
205,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (noninterest expense/total income)
(Non-GAAP) |
|
|
51.17 |
% |
|
|
56.80 |
% |
|
|
56.87 |
% |
|
|
61.23 |
% |
|
|
49.48 |
% |
|
|
54.64 |
% |
|
|
51.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES TO TOTAL
LOANS/LEASES, EXCLUDING PPP LOANS (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans and leases |
|
$ |
80,670 |
|
|
$ |
78,894 |
|
|
$ |
81,831 |
|
|
$ |
84,376 |
|
|
$ |
79,582 |
|
|
$ |
80,670 |
|
|
$ |
79,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
and leases |
|
$ |
4,599,730 |
|
|
$ |
4,417,705 |
|
|
$ |
4,361,051 |
|
|
$ |
4,251,129 |
|
|
$ |
4,247,977 |
|
|
$ |
4,599,730 |
|
|
$ |
4,247,977 |
|
Less: PPP loans |
|
|
83,575 |
|
|
|
147,506 |
|
|
|
243,860 |
|
|
|
273,146 |
|
|
|
357,506 |
|
|
|
83,575 |
|
|
|
357,506 |
|
Total loans
and leases, excluding PPP loans |
|
$ |
4,516,155 |
|
|
$ |
4,270,199 |
|
|
$ |
4,117,191 |
|
|
$ |
3,977,983 |
|
|
$ |
3,890,471 |
|
|
$ |
4,516,155 |
|
|
$ |
3,890,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans and leases to total
loans and leases, excluding PPP loans |
|
|
1.79 |
% |
|
|
1.85 |
% |
|
|
1.99 |
% |
|
|
2.12 |
% |
|
|
2.05 |
% |
|
|
1.79 |
% |
|
|
2.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN GROWTH ANNUALIZED, EXCLUDING PPP LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
and leases |
|
$ |
4,599,730 |
|
|
$ |
4,417,705 |
|
|
$ |
4,361,051 |
|
|
$ |
4,251,129 |
|
|
$ |
4,247,977 |
|
|
$ |
4,599,730 |
|
|
$ |
4,247,977 |
|
Less: PPP loans |
|
|
83,575 |
|
|
|
147,506 |
|
|
|
243,860 |
|
|
|
273,146 |
|
|
|
357,506 |
|
|
|
83,575 |
|
|
|
357,506 |
|
Total loans
and leases, excluding PPP loans |
|
$ |
4,516,155 |
|
|
$ |
4,270,199 |
|
|
$ |
4,117,191 |
|
|
$ |
3,977,983 |
|
|
$ |
3,890,471 |
|
|
$ |
4,516,155 |
|
|
$ |
3,890,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
growth annualized, excluding PPP loans |
|
|
23.04 |
% |
|
|
14.87 |
% |
|
|
14.00 |
% |
|
|
9.00 |
% |
|
|
11.45 |
% |
|
|
16.08 |
% |
|
|
16.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/loss on sale of assets
and liabilities of subsidiary 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. |
(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. |
(6) Allowance for credit losses on loans and leases to total loans
and leases, excluding PPP loans is a non-GAAP measure. The
Company's management utilizes this ratio to remove 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. |
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Ott 2023 a Ott 2024