QCR Holdings, Inc. Announces Net Income of $29.1 Million for the Second Quarter of 2024
QCR Holdings (NASDAQ: QCRH) reported strong Q2 2024 results with net income of $29.1 million and diluted EPS of $1.72. Key highlights include:
- Net interest income up 3% from Q1, with 11% annualized growth
- Noninterest income increased 15% to $30.9 million
- Strong capital markets revenue of $17.8 million
- Well-controlled expenses at $49.9 million, down 2% from Q1
- Tangible book value per share grew 15% annualized
- Solid loan growth of 9.5% annualized year-to-date
- Excellent asset quality with NPAs to total assets at 0.39%
- Strong capital levels with total risk-based capital ratio at 14.33%
The company maintained its 8-10% loan growth target for 2024 and expects Q3 adjusted NIM TEY to be static to up 5 basis points.
QCR Holdings (NASDAQ: QCRH) ha riportato risultati solidi per il secondo trimestre del 2024, con un reddito netto di 29,1 milioni di dollari e un utile per azione diluito di 1,72 dollari. I principali risultati includono:
- Reddito netto da interessi aumentato del 3% rispetto al primo trimestre, con una crescita annualizzata dell'11%
- Il reddito non da interessi è aumentato del 15%, raggiungendo 30,9 milioni di dollari
- Entrate solide dai mercati dei capitali pari a 17,8 milioni di dollari
- Spese ben controllate, ammontanti a 49,9 milioni di dollari, in calo del 2% rispetto al primo trimestre
- Il valore contabile tangibile per azione è cresciuto del 15% su base annualizzata
- Solida crescita dei prestiti dell'9,5% su base annualizzata dall'inizio dell'anno
- Eccellente qualità degli attivi, con le NPA che rappresentano lo 0,39% del totale degli attivi
- Forti livelli di capitale, con un rapporto totale di capitale basato sul rischio pari al 14,33%
L'azienda ha mantenuto il suo obiettivo di crescita dei prestiti dell'8-10% per il 2024 e prevede che il NIM rettificato per il terzo trimestre rimanga statico o aumenti di 5 punti base.
QCR Holdings (NASDAQ: QCRH) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos netos de 29,1 millones de dólares y un EPS diluido de 1,72 dólares. Los puntos destacados incluyen:
- Ingresos netos por intereses aumentados en un 3% respecto al primer trimestre, con un crecimiento anualizado del 11%
- Los ingresos no por intereses aumentaron un 15% hasta 30,9 millones de dólares
- Fuertes ingresos en los mercados de capitales de 17,8 millones de dólares
- Gastos bien controlados de 49,9 millones de dólares, disminuyendo un 2% respecto al primer trimestre
- El valor contable tangible por acción creció un 15% en base anualizada
- Fuerte crecimiento de préstamos del 9,5% en base anualizada hasta la fecha
- Excelente calidad de activos, con NPA que representan el 0,39% de los activos totales
- Fuertes niveles de capital, con un ratio total de capital basado en el riesgo del 14,33%
La compañía mantuvo su objetivo de crecimiento de préstamos del 8-10% para 2024 y espera que el NIM ajustado del tercer trimestre se mantenga estático o aumente en 5 puntos básicos.
QCR Holdings (NASDAQ: QCRH)는 2024년 2분기 결과를 발표했으며, 순이익 2,910만 달러 및 희석 주당순이익(EPS) 1.72달러로 강한 성과를 보였습니다. 주요 내용은 다음과 같습니다:
- 순이자 수익이 1분기 대비 3% 증가하였으며, 연율 기준 11% 성장
- 비이자 수익이 15% 증가하여 3,090만 달러에 달함
- 자본 시장에서의 강력한 수익 1,780만 달러
- 지출이 4,990만 달러로 잘 관리되었으며, 1분기 대비 2% 감소
- 주당 장부가치가 연율 기준 15% 증가
- 연율로 9.5%의 안정적인 대출 성장
- 자산의 질이 우수하며, 비수익 자산(NPA) 비율은 총 자산 대비 0.39%
- 강력한 자본 수준으로, 위험 기반 총 자본비율이 14.33%
회사는 2024년 대출 성장 목표를 8-10%로 유지하며, 3분기 조정 NIM TEY가 정체 또는 5베이시스 포인트 증가할 것으로 예상하고 있습니다.
QCR Holdings (NASDAQ: QCRH) a annoncé de solides résultats pour le deuxième trimestre 2024, avec un revenu net de 29,1 millions de dollars et un BPA dilué de 1,72 dollar. Les principaux faits saillants comprennent :
- Les revenus nets d'intérêts ont augmenté de 3 % par rapport au premier trimestre, avec une croissance annualisée de 11%
- Les revenus non liés aux intérêts ont augmenté de 15 % pour atteindre 30,9 millions de dollars
- Revenus solides des marchés de capitaux de 17,8 millions de dollars
- Charges bien contrôlées à 49,9 millions de dollars, en baisse de 2 % par rapport au premier trimestre
- La valeur comptable tangible par action a crû de 15 % en base annualisée
- Solide croissance des prêts de 9,5 % annualisée depuis le début de l'année
- Excellente qualité d'actifs, avec un ratio NPA/total des actifs de 0,39 %
- Niveaux de capital solides, avec un ratio de capital total basé sur les risques de 14,33 %.
L'entreprise a maintenu son objectif de croissance des prêts de 8 à 10 % pour 2024 et prévoit que le NIM ajusté pour le troisième trimestre reste stable ou augmente de 5 points de base.
QCR Holdings (NASDAQ: QCRH) hat für das zweite Quartal 2024 starke Ergebnisse bekannt gegeben, mit einem Nettoeinkommen von 29,1 Millionen Dollar und einem verwässerten EPS von 1,72 Dollar. Zu den wichtigsten Highlights gehören:
- Zinserträge um 3% im Vergleich zum ersten Quartal gestiegen, mit einem annualisierten Wachstum von 11%
- Nicht-Zinserträge um 15% auf 30,9 Millionen Dollar gestiegen
- Starke Einnahmen aus den Kapitalmärkten von 17,8 Millionen Dollar
- Gut kontrollierte Ausgaben von 49,9 Millionen Dollar, Rückgang um 2% im Vergleich zum ersten Quartal
- Der tangible Buchwert pro Aktie wuchs um 15% annualisiert
- Solides Kreditwachstum von 9,5% annualisiert seit Jahresbeginn
- Ausgezeichnete Asset-Qualität mit NPA zu Gesamtvermögen bei 0,39%
- Starke Kapitalniveaus mit einer gesamtem risikobasierten Kapitalquote von 14,33%
Das Unternehmen hält sein Ziel für ein Kreditwachstum von 8-10% für 2024 aufrecht und erwartet, dass die angepasste NIM TEY für das dritte Quartal stabil bleibt oder um 5 Basispunkte steigt.
- Net income increased to $29.1 million in Q2 2024, up from $26.7 million in Q1 2024
- Net interest income grew by $1.5 million or 3% from the previous quarter
- Noninterest income rose by $4.0 million or 15% from the prior quarter
- Capital markets revenue remained strong at $17.8 million
- Noninterest expenses decreased by $0.8 million or 2% from the previous quarter
- Tangible book value per share grew by $1.72 or 15% annualized
- Total loan growth of 9.5% annualized year-to-date, within the 8-10% target range
- Efficiency ratio (non-GAAP) improved by 500 basis points to 57% in Q2
- Total risk-based capital ratio increased to 14.33% from 14.30% in Q1 2024
- Total deposits decreased modestly by $42.1 million or less than 1% to $6.8 billion
- Nonperforming assets to total assets ratio increased slightly to 0.39% from 0.36% in Q1 2024
- Provision for credit losses increased to $5.5 million due to strong loan growth and declining GDP impact on CECL model
Second Quarter 2024 Highlights
- Net income of
$29.1 million , or$1.72 per diluted share - Net interest income up
$1.5 million , or nearly3% from the prior quarter, an11% annualized growth rate - Adjusted NIM (TEY)(non-GAAP) expanded by 2 basis points from the prior quarter
- Noninterest income up
$4.0 million , or15% from the prior quarter - Continued strong capital markets revenue of
$17.8 million - Well-controlled noninterest expenses of
$49.9 million , down$0.8 million , or nearly2% from the prior quarter - Tangible book value (non-GAAP) per share growth of
$1.72 , or15% annualized
MOLINE, Ill., July 24, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of
Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the second quarter of 2024 were
| For the Quarter Ended | ||||||||
| June 30, | March 31, | June 30, | ||||||
| $ in millions (except per share data) | 2024 | 2024 | 2023 | |||||
| Net Income | $ | 29.1 | $ | 26.7 | $ | 28.4 | ||
| Diluted EPS | $ | 1.72 | $ | 1.58 | $ | 1.69 | ||
| Adjusted Net Income (non-GAAP)* | $ | 29.3 | $ | 26.9 | $ | 28.4 | ||
| Adjusted Diluted EPS (non-GAAP)* | $ | 1.73 | $ | 1.59 | $ | 1.69 | ||
*Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.
“We delivered outstanding second quarter results, highlighted by expanded net interest margin and growth in net interest income. We also had another quarter of strong capital markets revenue and well-controlled expenses,” said Larry J. Helling, Chief Executive Officer. “In addition, we maintained our excellent asset quality and further strengthened our capital levels.”
Net Interest Income Grew
Net interest income for the second quarter of 2024 totaled
Net interest margin (“NIM”) was
“Our adjusted NIM, on a tax equivalent yield basis, expanded by 2 basis points from the first quarter to
Strong Noninterest Income Including
Noninterest income for the second quarter of 2024 totaled
“Our capital markets revenue was strong again in the second quarter as our low-income housing tax credit (“LIHTC”) lending and revenue from swap fees continues to benefit from the strong demand for affordable housing,” added Mr. Gipple. “Our LIHTC lending and capital markets revenue pipelines remain healthy. In addition, our wealth management business is well-positioned for further growth as we continue to add new clients and expand geographically into our Southwest Missouri and Central Iowa markets.”
Well-Controlled Noninterest Expenses of
Noninterest expense for the second quarter of 2024 totaled
Solid Deposit Levels
During the second quarter of 2024, the Company’s total deposits decreased modestly by
Total uninsured and uncollateralized deposits remain very low at
Continued Loan Growth
During the second quarter of 2024, the Company’s total loans and leases grew
“Our year-to-date total loan growth is
Asset Quality Remains Excellent
The Company’s nonperforming assets (“NPAs”) to total assets ratio was
Notably, as a leading indicator of asset quality, the Company's total criticized loans were down by
The Company recorded a total provision for credit losses of
The increased provision during the quarter was due to strong loan growth and the impact of declining GDP on the Company’s CECL model factors. The increased provision combined with the sharp reduction in charge-offs resulted in an allowance for credit losses to total loans held for investment that was static quarter over quarter at
Continued Strong Capital Levels
As of June 30, 2024, the Company’s total risk-based capital ratio increased to
The Company’s tangible book value per share (non-GAAP) increased by
Conference Call Details
The Company will host an earnings call/webcast tomorrow, July 25, 2024, 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 1, 2024. The replay access information is 877-344-7529 (international 412-317-0088); access code 8771212. A webcast of the teleconference can be accessed on 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, Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. 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 Waukesha, Wisconsin, and also provides correspondent banking services. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of June 30, 2024, the Company had
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,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, 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 effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), 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 Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, 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; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xixi) 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.
Contact:
Todd A. Gipple
President
Chief Financial Officer
(309) 743-7745
tgipple@qcrh.com
| QCR Holding, Inc. | |||||||||||||||
| Consolidated Financial Highlights | |||||||||||||||
| (Unaudited) | |||||||||||||||
| As of | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||
| (dollars in thousands) | |||||||||||||||
| CONDENSED BALANCE SHEET | |||||||||||||||
| Cash and due from banks | $ | 92,173 | $ | 80,988 | $ | 97,123 | $ | 104,265 | $ | 84,084 | |||||
| Federal funds sold and interest-bearing deposits | 102,262 | 77,020 | 140,369 | 80,650 | 175,012 | ||||||||||
| Securities, net of allowance for credit losses | 1,033,199 | 1,031,861 | 1,005,528 | 896,394 | 882,888 | ||||||||||
| Loans receivable held for sale (1) | 246,124 | 275,344 | 2,594 | 278,893 | 295,057 | ||||||||||
| Loans/leases receivable held for investment | 6,608,262 | 6,372,992 | 6,540,822 | 6,327,414 | 6,084,263 | ||||||||||
| Allowance for credit losses | (87,706 | ) | (84,470 | ) | (87,200 | ) | (87,669 | ) | (85,797 | ) | |||||
| Intangibles | 12,441 | 13,131 | 13,821 | 14,537 | 15,228 | ||||||||||
| Goodwill | 139,027 | 139,027 | 139,027 | 139,027 | 139,027 | ||||||||||
| Derivatives | 194,354 | 183,888 | 188,978 | 291,295 | 170,294 | ||||||||||
| Other assets | 531,855 | 509,768 | 497,832 | 495,251 | 466,617 | ||||||||||
| Total assets | $ | 8,871,991 | $ | 8,599,549 | $ | 8,538,894 | $ | 8,540,057 | $ | 8,226,673 | |||||
| Total deposits | $ | 6,764,667 | $ | 6,806,775 | $ | 6,514,005 | $ | 6,494,852 | $ | 6,606,720 | |||||
| Total borrowings | 768,671 | 489,633 | 718,295 | 712,126 | 418,368 | ||||||||||
| Derivatives | 221,798 | 211,677 | 214,098 | 320,220 | 195,841 | ||||||||||
| Other liabilities | 180,536 | 184,122 | 205,900 | 184,476 | 183,055 | ||||||||||
| Total stockholders' equity | 936,319 | 907,342 | 886,596 | 828,383 | 822,689 | ||||||||||
| Total liabilities and stockholders' equity | $ | 8,871,991 | $ | 8,599,549 | $ | 8,538,894 | $ | 8,540,057 | $ | 8,226,673 | |||||
| ANALYSIS OF LOAN PORTFOLIO | |||||||||||||||
| Loan/lease mix: (2) | |||||||||||||||
| Commercial and industrial - revolving | $ | 362,115 | $ | 326,129 | $ | 325,243 | $ | 299,588 | $ | 304,617 | |||||
| Commercial and industrial - other | 1,370,561 | 1,374,333 | 1,390,068 | 1,381,967 | 1,308,853 | ||||||||||
| Commercial and industrial - other - LIHTC | 92,637 | 96,276 | 91,710 | 105,601 | 93,700 | ||||||||||
| Total commercial and industrial | 1,825,313 | 1,796,738 | 1,807,021 | 1,787,156 | 1,707,170 | ||||||||||
| Commercial real estate, owner occupied | 633,596 | 621,069 | 607,365 | 610,618 | 609,717 | ||||||||||
| Commercial real estate, non-owner occupied | 1,082,457 | 1,055,089 | 1,008,892 | 955,552 | 963,814 | ||||||||||
| Construction and land development | 331,454 | 410,918 | 477,424 | 472,695 | 437,682 | ||||||||||
| Construction and land development - LIHTC | 750,894 | 738,609 | 943,101 | 921,359 | 870,084 | ||||||||||
| Multi-family | 329,239 | 296,245 | 284,721 | 282,541 | 280,418 | ||||||||||
| Multi-family - LIHTC | 1,148,244 | 1,007,321 | 711,422 | 874,439 | 820,376 | ||||||||||
| Direct financing leases | 25,808 | 28,089 | 31,164 | 34,401 | 32,937 | ||||||||||
| 1-4 family real estate | 583,542 | 563,358 | 544,971 | 539,931 | 535,405 | ||||||||||
| Consumer | 143,839 | 130,900 | 127,335 | 127,615 | 121,717 | ||||||||||
| Total loans/leases | $ | 6,854,386 | $ | 6,648,336 | $ | 6,543,416 | $ | 6,606,307 | $ | 6,379,320 | |||||
| Less allowance for credit losses | 87,706 | 84,470 | 87,200 | 87,669 | 85,797 | ||||||||||
| Net loans/leases | $ | 6,766,680 | $ | 6,563,866 | $ | 6,456,216 | $ | 6,518,638 | $ | 6,293,523 | |||||
| ANALYSIS OF SECURITIES PORTFOLIO | |||||||||||||||
| Securities mix: | |||||||||||||||
| U.S. government sponsored agency securities | $ | 20,101 | $ | 14,442 | $ | 14,973 | $ | 16,002 | $ | 18,942 | |||||
| Municipal securities | 885,046 | 884,469 | 853,645 | 764,017 | 743,608 | ||||||||||
| Residential mortgage-backed and related securities | 54,708 | 56,071 | 59,196 | 57,946 | 60,958 | ||||||||||
| Asset backed securities | 12,721 | 14,285 | 15,423 | 16,326 | 17,393 | ||||||||||
| Other securities | 38,464 | 40,539 | 41,115 | 43,272 | 43,156 | ||||||||||
| Trading securities | 22,362 | 22,258 | 22,368 | - | - | ||||||||||
| Total securities (3) | $ | 1,033,402 | $ | 1,032,064 | $ | 1,006,720 | $ | 897,563 | $ | 884,057 | |||||
| Less allowance for credit losses | 203 | 203 | 1,192 | 1,169 | 1,169 | ||||||||||
| Net securities | $ | 1,033,199 | $ | 1,031,861 | $ | 1,005,528 | $ | 896,394 | $ | 882,888 | |||||
| ANALYSIS OF DEPOSITS | |||||||||||||||
| Deposit mix: | |||||||||||||||
| Noninterest-bearing demand deposits | $ | 956,445 | $ | 955,167 | $ | 1,038,689 | $ | 1,027,791 | $ | 1,101,605 | |||||
| Interest-bearing demand deposits | 4,644,918 | 4,714,555 | 4,338,390 | 4,416,725 | 4,374,847 | ||||||||||
| Time deposits | 859,593 | 875,491 | 851,950 | 788,692 | 765,801 | ||||||||||
| Brokered deposits | 303,711 | 261,562 | 284,976 | 261,644 | 364,467 | ||||||||||
| Total deposits | $ | 6,764,667 | $ | 6,806,775 | $ | 6,514,005 | $ | 6,494,852 | $ | 6,606,720 | |||||
| ANALYSIS OF BORROWINGS | |||||||||||||||
| Borrowings mix: | |||||||||||||||
| Term FHLB advances | $ | 135,000 | $ | 135,000 | $ | 135,000 | $ | 135,000 | $ | 135,000 | |||||
| Overnight FHLB advances | 350,000 | 70,000 | 300,000 | 295,000 | - | ||||||||||
| Other short-term borrowings | 1,600 | 2,700 | 1,500 | 470 | 1,850 | ||||||||||
| Subordinated notes | 233,276 | 233,170 | 233,064 | 232,958 | 232,852 | ||||||||||
| Junior subordinated debentures | 48,795 | 48,763 | 48,731 | 48,698 | 48,666 | ||||||||||
| Total borrowings | $ | 768,671 | $ | 489,633 | $ | 718,295 | $ | 712,126 | $ | 418,368 | |||||
| (1) Loans with a fair value of | |||||||||||||||
| (2) Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were | |||||||||||||||
| (3) As of June 30, 2024, March 31, 2024 and December 31, 2023, trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company in 2023. | |||||||||||||||
| QCR Holding, Inc. | |||||||||||||||
| Consolidated Financial Highlights | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Quarter Ended | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||
| INCOME STATEMENT | |||||||||||||||
| Interest income | $ | 119,746 | $ | 115,049 | $ | 112,248 | $ | 108,568 | $ | 98,377 | |||||
| Interest expense | 63,583 | 60,350 | 56,512 | 53,313 | 45,172 | ||||||||||
| Net interest income | 56,163 | 54,699 | 55,736 | 55,255 | 53,205 | ||||||||||
| Provision for credit losses | 5,496 | 2,969 | 5,199 | 3,806 | 3,606 | ||||||||||
| Net interest income after provision for credit losses | $ | 50,667 | $ | 51,730 | $ | 50,537 | $ | 51,449 | $ | 49,599 | |||||
| Trust fees | $ | 3,103 | $ | 3,199 | $ | 3,084 | $ | 2,863 | $ | 2,844 | |||||
| Investment advisory and management fees | 1,214 | 1,101 | 1,052 | 947 | 986 | ||||||||||
| Deposit service fees | 1,986 | 2,022 | 2,008 | 2,107 | 2,034 | ||||||||||
| Gains on sales of residential real estate loans, net | 540 | 382 | 323 | 476 | 500 | ||||||||||
| Gains on sales of government guaranteed portions of loans, net | 12 | 24 | 24 | - | - | ||||||||||
| Capital markets revenue | 17,758 | 16,457 | 36,956 | 15,596 | 22,490 | ||||||||||
| Securities gains, net | - | - | - | - | 12 | ||||||||||
| Earnings on bank-owned life insurance | 2,964 | 868 | 832 | 1,807 | 838 | ||||||||||
| Debit card fees | 1,571 | 1,466 | 1,561 | 1,584 | 1,589 | ||||||||||
| Correspondent banking fees | 510 | 512 | 465 | 450 | 356 | ||||||||||
| Loan related fee income | 962 | 836 | 845 | 800 | 770 | ||||||||||
| Fair value gain (loss) on derivatives and trading securities | 51 | (163 | ) | (582 | ) | (336 | ) | 83 | |||||||
| Other | 218 | 154 | 1,161 | 299 | 18 | ||||||||||
| Total noninterest income | $ | 30,889 | $ | 26,858 | $ | 47,729 | $ | 26,593 | $ | 32,520 | |||||
| Salaries and employee benefits | $ | 31,079 | $ | 31,860 | $ | 41,059 | $ | 32,098 | $ | 31,459 | |||||
| Occupancy and equipment expense | 6,377 | 6,514 | 6,789 | 6,228 | 6,100 | ||||||||||
| Professional and data processing fees | 4,823 | 4,613 | 4,223 | 4,456 | 4,078 | ||||||||||
| FDIC insurance, other insurance and regulatory fees | 1,854 | 1,945 | 2,115 | 1,721 | 1,927 | ||||||||||
| Loan/lease expense | 151 | 378 | 834 | 826 | 652 | ||||||||||
| Net cost of (income from) and gains/losses on operations of other real estate | 28 | (30 | ) | 38 | 3 | - | |||||||||
| Advertising and marketing | 1,565 | 1,483 | 1,641 | 1,429 | 1,735 | ||||||||||
| Communication and data connectivity | 318 | 401 | 449 | 478 | 471 | ||||||||||
| Supplies | 259 | 275 | 333 | 335 | 281 | ||||||||||
| Bank service charges | 622 | 568 | 761 | 605 | 621 | ||||||||||
| Correspondent banking expense | 363 | 305 | 300 | 232 | 221 | ||||||||||
| Intangibles amortization | 690 | 690 | 716 | 691 | 765 | ||||||||||
| Payment card processing | 706 | 646 | 836 | 733 | 542 | ||||||||||
| Trust expense | 379 | 425 | 413 | 432 | 337 | ||||||||||
| Other | 674 | 617 | 431 | 814 | 538 | ||||||||||
| Total noninterest expense | $ | 49,888 | $ | 50,690 | $ | 60,938 | $ | 51,081 | $ | 49,727 | |||||
| Net income before income taxes | $ | 31,668 | $ | 27,898 | $ | 37,328 | $ | 26,961 | $ | 32,392 | |||||
| Federal and state income tax expense | 2,554 | 1,172 | 4,473 | 1,840 | 3,967 | ||||||||||
| Net income | $ | 29,114 | $ | 26,726 | $ | 32,855 | $ | 25,121 | $ | 28,425 | |||||
| Basic EPS | $ | 1.73 | $ | 1.59 | $ | 1.96 | $ | 1.50 | $ | 1.70 | |||||
| Diluted EPS | $ | 1.72 | $ | 1.58 | $ | 1.95 | $ | 1.49 | $ | 1.69 | |||||
| Weighted average common shares outstanding | 16,814,814 | 16,783,348 | 16,734,080 | 16,717,303 | 16,701,950 | ||||||||||
| Weighted average common and common equivalent shares outstanding | 16,921,854 | 16,910,675 | 16,875,952 | 16,847,951 | 16,799,527 | ||||||||||
| QCR Holding, Inc. | |||||||||
| Consolidated Financial Highlights | |||||||||
| (Unaudited) | |||||||||
| For the Six Months Ended | |||||||||
| June 30, | June 30, | ||||||||
| 2024 | 2023 | ||||||||
| (dollars in thousands, except per share data) | |||||||||
| INCOME STATEMENT | |||||||||
| Interest income | $ | 234,795 | $ | 192,594 | |||||
| Interest expense | 123,933 | 82,579 | |||||||
| Net interest income | 110,862 | 110,015 | |||||||
| Provision for credit losses | 8,465 | 7,534 | |||||||
| Net interest income after provision for credit losses | $ | 102,397 | $ | 102,481 | |||||
| Trust fees | $ | 6,302 | $ | 5,750 | |||||
| Investment advisory and management fees | 2,315 | 1,865 | |||||||
| Deposit service fees | 4,008 | 4,062 | |||||||
| Gains on sales of residential real estate loans, net | 922 | 812 | |||||||
| Gains on sales of government guaranteed portions of loans, net | 36 | 30 | |||||||
| Capital markets revenue | 34,215 | 39,513 | |||||||
| Securities losses, net | - | (451 | ) | ||||||
| Earnings on bank-owned life insurance | 3,832 | 1,545 | |||||||
| Debit card fees | 3,037 | 3,055 | |||||||
| Correspondent banking fees | 1,022 | 747 | |||||||
| Loan related fee income | 1,798 | 1,421 | |||||||
| Fair value loss on derivatives and trading securities | (112 | ) | (344 | ) | |||||
| Other | 372 | 357 | |||||||
| Total noninterest income | $ | 57,747 | $ | 58,362 | |||||
| Salaries and employee benefits | $ | 62,939 | $ | 63,462 | |||||
| Occupancy and equipment expense | 12,891 | 12,014 | |||||||
| Professional and data processing fees | 9,436 | 7,592 | |||||||
| Post-acquisition compensation, transition and integration costs | - | 207 | |||||||
| FDIC insurance, other insurance and regulatory fees | 3,799 | 3,301 | |||||||
| Loan/lease expense | 529 | 1,208 | |||||||
| Net cost of (income from) and gains/losses on operations of other real estate | (2 | ) | (67 | ) | |||||
| Advertising and marketing | 3,048 | 2,972 | |||||||
| Communication and data connectivity | 719 | 1,136 | |||||||
| Supplies | 534 | 586 | |||||||
| Bank service charges | 1,190 | 1,226 | |||||||
| Correspondent banking expense | 668 | 431 | |||||||
| Intangibles amortization | 1,380 | 1,531 | |||||||
| Payment card processing | 1,352 | 1,087 | |||||||
| Trust expense | 804 | 551 | |||||||
| Other | 1,291 | 1,275 | |||||||
| Total noninterest expense | $ | 100,578 | $ | 98,512 | |||||
| Net income before income taxes | $ | 59,566 | $ | 62,331 | |||||
| Federal and state income tax expense | 3,726 | 6,749 | |||||||
| Net income | $ | 55,840 | $ | 55,582 | |||||
| Basic EPS | $ | 3.32 | $ | 3.32 | |||||
| Diluted EPS | $ | 3.30 | $ | 3.29 | |||||
| Weighted average common shares outstanding | 16,799,081 | 16,739,120 | |||||||
| Weighted average common and common equivalent shares outstanding | 16,916,264 | 16,870,830 | |||||||
| QCR Holding, Inc. | ||||||||||||||||||||||
| Consolidated Financial Highlights | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| As of and for the Quarter Ended | For the Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||||
| COMMON SHARE DATA | ||||||||||||||||||||||
| Common shares outstanding | 16,824,985 | 16,807,056 | 16,749,254 | 16,731,646 | 16,713,853 | |||||||||||||||||
| Book value per common share (1) | $ | 55.65 | $ | 53.99 | $ | 52.93 | $ | 49.51 | $ | 49.22 | ||||||||||||
| Tangible book value per common share (Non-GAAP) (2) | $ | 46.65 | $ | 44.93 | $ | 43.81 | $ | 40.33 | $ | 39.99 | ||||||||||||
| Closing stock price | $ | 60.00 | $ | 60.74 | $ | 58.39 | $ | 48.52 | $ | 41.03 | ||||||||||||
| Market capitalization | $ | 1,009,499 | $ | 1,020,861 | $ | 977,989 | $ | 811,819 | $ | 685,769 | ||||||||||||
| Market price / book value | 107.82 | % | 112.51 | % | 100.31 | % | 98.00 | % | 83.36 | % | ||||||||||||
| Market price / tangible book value | 128.62 | % | 135.18 | % | 133.29 | % | 120.30 | % | 102.59 | % | ||||||||||||
| Earnings per common share (basic) LTM (3) | $ | 6.78 | $ | 6.75 | $ | 6.78 | $ | 6.65 | $ | 6.89 | ||||||||||||
| Price earnings ratio LTM (3) | 8.85 x | 9.00 x | 8.61 x | 7.30 x | 5.96 x | |||||||||||||||||
| TCE / TA (Non-GAAP) (4) | 9.00 | % | 8.94 | % | 8.75 | % | 8.05 | % | 8.28 | % | ||||||||||||
| CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||||||||||||||||
| Beginning balance | $ | 907,342 | $ | 886,596 | $ | 828,383 | $ | 822,689 | $ | 801,494 | ||||||||||||
| Net income | 29,114 | 26,726 | 32,855 | 25,121 | 28,425 | |||||||||||||||||
| Other comprehensive income (loss), net of tax | (368 | ) | (5,373 | ) | 25,363 | (19,415 | ) | (6,336 | ) | |||||||||||||
| Common stock cash dividends declared | (1,008 | ) | (1,008 | ) | (1,004 | ) | (1,003 | ) | (1,003 | ) | ||||||||||||
| Repurchase and cancellation of shares of common stock as a result of a share repurchase program | - | - | - | - | (967 | ) | ||||||||||||||||
| Other (5) | 1,239 | 401 | 999 | 991 | 1,076 | |||||||||||||||||
| Ending balance | $ | 936,319 | $ | 907,342 | $ | 886,596 | $ | 828,383 | $ | 822,689 | ||||||||||||
| REGULATORY CAPITAL RATIOS (6): | ||||||||||||||||||||||
| Total risk-based capital ratio | 14.33 | % | 14.30 | % | 14.29 | % | 14.48 | % | 14.64 | % | ||||||||||||
| Tier 1 risk-based capital ratio | 10.58 | % | 10.50 | % | 10.27 | % | 10.30 | % | 10.34 | % | ||||||||||||
| Tier 1 leverage capital ratio | 10.41 | % | 10.33 | % | 10.03 | % | 9.92 | % | 10.06 | % | ||||||||||||
| Common equity tier 1 ratio | 10.00 | % | 9.91 | % | 9.67 | % | 9.68 | % | 9.70 | % | ||||||||||||
| KEY PERFORMANCE RATIOS AND OTHER METRICS | ||||||||||||||||||||||
| Return on average assets (annualized) | 1.34 | % | 1.25 | % | 1.53 | % | 1.21 | % | 1.44 | % | 1.30 | % | 1.42 | % | ||||||||
| Return on average total equity (annualized) | 12.72 | % | 11.83 | % | 15.35 | % | 11.95 | % | 13.97 | % | 12.32 | % | 13.91 | % | ||||||||
| Net interest margin | 2.82 | % | 2.82 | % | 2.90 | % | 2.89 | % | 2.93 | % | 2.82 | % | 3.05 | % | ||||||||
| Net interest margin (TEY) (Non-GAAP)(7) | 3.27 | % | 3.25 | % | 3.32 | % | 3.31 | % | 3.29 | % | 3.26 | % | 3.40 | % | ||||||||
| Efficiency ratio (Non-GAAP) (8) | 57.31 | % | 62.15 | % | 58.90 | % | 62.41 | % | 58.01 | % | 59.65 | % | 58.51 | % | ||||||||
| Gross loans/leases held for investment / total assets | 74.48 | % | 74.11 | % | 76.60 | % | 74.09 | % | 73.96 | % | 74.48 | % | 77.54 | % | ||||||||
| Gross loans/leases held for investment / total deposits | 97.69 | % | 93.63 | % | 100.41 | % | 97.42 | % | 92.09 | % | 97.69 | % | 96.56 | % | ||||||||
| Effective tax rate | 8.06 | % | 4.20 | % | 11.98 | % | 6.82 | % | 12.25 | % | 6.26 | % | 10.83 | % | ||||||||
| Full-time equivalent employees (9) | 988 | 986 | 996 | 987 | 1009 | 988 | 1009 | |||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||||
| Assets | $ | 8,776,002 | $ | 8,550,855 | $ | 8,535,732 | $ | 8,287,813 | $ | 7,924,597 | $ | 8,663,429 | $ | 7,915,763 | ||||||||
| Loans/leases | 6,779,075 | 6,598,614 | 6,483,572 | 6,476,512 | 6,219,980 | 6,688,844 | 6,192,700 | |||||||||||||||
| Deposits | 6,687,188 | 6,595,453 | 6,485,154 | 6,342,339 | 6,292,481 | 6,641,324 | 6,236,374 | |||||||||||||||
| Total stockholders' equity | 921,986 | 903,371 | 852,163 | 837,734 | 816,882 | 912,679 | 805,845 | |||||||||||||||
| (1) Includes accumulated other comprehensive income (loss). | ||||||||||||||||||||||
| (2) Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations. | ||||||||||||||||||||||
| (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) The increase in full-time equivalent employees in the second quarter of 2023 and the subsequent decline in the third quarter of 2023 includes 19 summer interns | ||||||||||||||||||||||
| QCR Holding, Inc. | |||||||||||||||||||||
| Consolidated Financial Highlights | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| ANALYSIS OF NET INTEREST INCOME AND MARGIN | |||||||||||||||||||||
| For the Quarter Ended | |||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||
| 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 | $ | 13,065 | $ | 183 | 5.54 | % | $ | 19,955 | $ | 269 | 5.42 | % | $ | 16,976 | $ | 223 | 5.27 | % | |||
| Interest-bearing deposits at financial institutions | 80,998 | 1,139 | 5.66 | % | 91,557 | 1,200 | 5.27 | % | 90,814 | 1,123 | 4.96 | % | |||||||||
| Investment securities - taxable | 377,747 | 4,286 | 4.53 | % | 373,540 | 4,261 | 4.55 | % | 342,991 | 3,693 | 4.30 | % | |||||||||
| Investment securities - nontaxable (1) | 704,761 | 9,462 | 5.37 | % | 685,969 | 9,349 | 5.45 | % | 577,494 | 6,217 | 4.31 | % | |||||||||
| Restricted investment securities | 43,398 | 869 | 7.92 | % | 38,085 | 674 | 7.00 | % | 35,031 | 506 | 5.71 | % | |||||||||
| Loans (1) | 6,779,075 | 112,719 | 6.69 | % | 6,598,614 | 107,673 | 6.56 | % | 6,219,980 | 93,159 | 6.01 | % | |||||||||
| Total earning assets (1) | $ | 7,999,044 | $ | 128,658 | 6.46 | % | $ | 7,807,720 | $ | 123,426 | 6.35 | % | $ | 7,283,286 | $ | 104,921 | 5.78 | % | |||
| Interest-bearing deposits | $ | 4,649,625 | $ | 40,924 | 3.54 | % | $ | 4,529,325 | $ | 39,072 | 3.47 | % | $ | 3,965,592 | $ | 27,227 | 2.75 | % | |||
| Time deposits | 1,091,870 | 12,128 | 4.47 | % | 1,107,622 | 12,345 | 4.48 | % | 1,190,440 | 11,219 | 3.78 | % | |||||||||
| Short-term borrowings | 1,622 | 21 | 5.18 | % | 1,763 | 23 | 5.16 | % | 1,980 | 34 | 6.82 | % | |||||||||
| Federal Home Loan Bank advances | 464,231 | 6,238 | 5.32 | % | 355,220 | 4,738 | 5.28 | % | 211,593 | 2,653 | 4.96 | % | |||||||||
| Subordinated debentures | 233,207 | 3,582 | 6.14 | % | 233,101 | 3,480 | 5.97 | % | 232,782 | 3,303 | 5.68 | % | |||||||||
| Junior subordinated debentures | 48,774 | 688 | 5.58 | % | 48,742 | 692 | 5.62 | % | 48,647 | 738 | 6.00 | % | |||||||||
| Total interest-bearing liabilities | $ | 6,489,329 | $ | 63,581 | 3.93 | % | $ | 6,275,773 | $ | 60,350 | 3.86 | % | $ | 5,651,034 | $ | 45,174 | 3.20 | % | |||
| Net interest income (1) | $ | 65,077 | $ | 63,076 | $ | 59,747 | |||||||||||||||
| Net interest margin (2) | 2.82 | % | 2.82 | % | 2.93 | % | |||||||||||||||
| Net interest margin (TEY) (Non-GAAP) (1) (2) (3) | 3.27 | % | 3.25 | % | 3.29 | % | |||||||||||||||
| Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) | 3.26 | % | 3.24 | % | 3.28 | % | |||||||||||||||
| For the Six Months Ended | |||||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
| 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 | $ | 16,510 | $ | 452 | 5.41 | % | $ | 18,119 | $ | 457 | 5.09 | % | |||||||||
| Interest-bearing deposits at financial institutions | 86,277 | 2,339 | 5.45 | % | 82,246 | 1,945 | 4.77 | % | |||||||||||||
| Investment securities - taxable | 375,644 | 8,546 | 4.54 | % | 337,844 | 7,059 | 4.17 | % | |||||||||||||
| Investment securities - nontaxable (1) | 695,365 | 18,813 | 5.41 | % | 598,244 | 13,009 | 4.35 | % | |||||||||||||
| Restricted investment securities | 40,742 | 1,543 | 7.49 | % | 36,391 | 1,018 | 5.56 | % | |||||||||||||
| Loans (1) | 6,688,844 | 220,392 | 6.63 | % | 6,192,700 | 181,707 | 5.92 | % | |||||||||||||
| Total earning assets (1) | $ | 7,903,382 | $ | 252,085 | 6.41 | % | $ | 7,265,544 | $ | 205,195 | 5.69 | % | |||||||||
| Interest-bearing deposits | $ | 4,589,479 | $ | 80,027 | 3.51 | % | $ | 4,016,217 | $ | 51,003 | 2.56 | % | |||||||||
| Time deposits | 1,099,746 | 24,473 | 4.48 | % | 1,031,062 | 17,222 | 3.37 | % | |||||||||||||
| Short-term borrowings | 1,688 | 44 | 5.19 | % | 4,642 | 132 | 5.75 | % | |||||||||||||
| Federal Home Loan Bank advances | 409,725 | 10,977 | 5.30 | % | 253,729 | 6,174 | 4.84 | % | |||||||||||||
| Subordinated debentures | 233,154 | 7,062 | 6.06 | % | 232,731 | 6,615 | 5.68 | % | |||||||||||||
| Junior subordinated debentures | 48,758 | 1,381 | 5.60 | % | 48,630 | 1,433 | 5.86 | % | |||||||||||||
| Total interest-bearing liabilities | $ | 6,382,550 | $ | 123,964 | 3.90 | % | $ | 5,587,011 | $ | 82,579 | 2.97 | % | |||||||||
| Net interest income (1) | $ | 128,121 | $ | 122,616 | |||||||||||||||||
| Net interest margin (2) | 2.82 | % | 3.05 | % | |||||||||||||||||
| Net interest margin (TEY) (Non-GAAP) (1) (2) (3) | 3.26 | % | 3.40 | % | |||||||||||||||||
| Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) | 3.24 | % | 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 | |||||||||||||||||||||
| (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 Holding, Inc. | |||||||||||||||
| Consolidated Financial Highlights | |||||||||||||||
| (Unaudited) | |||||||||||||||
| As of | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||
| ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES | |||||||||||||||
| Beginning balance | $ | 84,470 | $ | 87,200 | $ | 87,669 | $ | 85,797 | $ | 86,573 | |||||
| Change in ACL for transfer of loans to LHFS | 498 | (3,377 | ) | 266 | 175 | (2,277 | ) | ||||||||
| Credit loss expense | 4,343 | 3,736 | 2,519 | 3,260 | 3,313 | ||||||||||
| Loans/leases charged off | (1,751 | ) | (3,560 | ) | (3,354 | ) | (1,816 | ) | (1,947 | ) | |||||
| Recoveries on loans/leases previously charged off | 146 | 471 | 100 | 253 | 135 | ||||||||||
| Ending balance | $ | 87,706 | $ | 84,470 | $ | 87,200 | $ | 87,669 | $ | 85,797 | |||||
| NONPERFORMING ASSETS | |||||||||||||||
| Nonaccrual loans/leases | $ | 33,546 | $ | 29,439 | $ | 32,753 | $ | 34,568 | $ | 26,062 | |||||
| Accruing loans/leases past due 90 days or more | 87 | 142 | 86 | - | 83 | ||||||||||
| Total nonperforming loans/leases | 33,633 | 29,581 | 32,839 | 34,568 | 26,145 | ||||||||||
| Other real estate owned | 369 | 784 | 1,347 | 120 | - | ||||||||||
| Other repossessed assets | 512 | 962 | - | - | - | ||||||||||
| Total nonperforming assets | $ | 34,514 | $ | 31,327 | $ | 34,186 | $ | 34,688 | $ | 26,145 | |||||
| ASSET QUALITY RATIOS | |||||||||||||||
| Nonperforming assets / total assets | 0.39 | % | 0.36 | % | 0.40 | % | 0.41 | % | 0.32 | % | |||||
| ACL for loans and leases / total loans/leases held for investment | 1.33 | % | 1.33 | % | 1.33 | % | 1.39 | % | 1.41 | % | |||||
| ACL for loans and leases / nonperforming loans/leases | 260.77 | % | 285.55 | % | 265.54 | % | 253.61 | % | 328.16 | % | |||||
| Net charge-offs as a % of average loans/leases | 0.02 | % | 0.05 | % | 0.05 | % | 0.02 | % | 0.03 | % | |||||
| INTERNALLY ASSIGNED RISK RATING (1) (2) | |||||||||||||||
| Special mention | $ | 85,096 | $ | 111,729 | $ | 125,308 | $ | 128,052 | $ | 117,761 | |||||
| Substandard (3) | 80,345 | 70,841 | 70,425 | 72,550 | 67,192 | ||||||||||
| Doubtful (3) | - | - | - | - | - | ||||||||||
| Total Criticized loans (4) | $ | 165,441 | $ | 182,570 | $ | 195,733 | $ | 200,602 | $ | 184,953 | |||||
| Classified loans as a % of total loans/leases (3) | 1.17 | % | 1.07 | % | 1.08 | % | 1.10 | % | 1.05 | % | |||||
| Total Criticized loans as a % of total loans/leases (4) | 2.41 | % | 2.75 | % | 2.99 | % | 3.04 | % | 2.90 | % | |||||
| (1) During the first quarter of 2024, the Company revised the risk rating scale used for credit quality monitoring. | |||||||||||||||
| (2) Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion. | |||||||||||||||
| (3) Classified loans are defined as loans with internally assigned risk ratings of 10 or 11 (7 or 8 prior to January 1, 2024), regardless of performance and include loans identified as Substandard or Doubtful. | |||||||||||||||
| (4) Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 (6, 7, or 8 prior to January 1, 2024), regardless of performance and include loans identified as Special Mention, Substandard, or Doubtful. | |||||||||||||||
| QCR Holding, 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 | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| TOTAL ASSETS | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | $ | 2,559,049 | $ | 2,618,727 | $ | 2,611,832 | |||||||||||||||||
| m2 Equipment Finance, LLC | 359,012 | 350,801 | 322,838 | ||||||||||||||||||||
| Cedar Rapids Bank and Trust | 2,428,267 | 2,423,936 | 2,389,623 | ||||||||||||||||||||
| Community State Bank | 1,531,109 | 1,445,230 | 1,332,966 | ||||||||||||||||||||
| Guaranty Bank | 2,369,754 | 2,327,985 | 2,179,844 | ||||||||||||||||||||
| TOTAL DEPOSITS | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | $ | 2,100,520 | $ | 2,161,515 | $ | 2,166,249 | |||||||||||||||||
| Cedar Rapids Bank and Trust | 1,721,564 | 1,757,353 | 1,791,861 | ||||||||||||||||||||
| Community State Bank | 1,188,551 | 1,187,926 | 1,073,907 | ||||||||||||||||||||
| Guaranty Bank | 1,791,448 | 1,743,514 | 1,653,299 | ||||||||||||||||||||
| TOTAL LOANS & LEASES | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | $ | 2,107,605 | $ | 2,046,038 | $ | 1,925,162 | |||||||||||||||||
| m2 Equipment Finance, LLC | 363,897 | 354,815 | 328,479 | ||||||||||||||||||||
| Cedar Rapids Bank and Trust | 1,736,438 | 1,680,127 | 1,728,280 | ||||||||||||||||||||
| Community State Bank | 1,162,686 | 1,113,070 | 1,025,844 | ||||||||||||||||||||
| Guaranty Bank | 1,847,658 | 1,809,101 | 1,700,034 | ||||||||||||||||||||
| TOTAL LOANS & LEASES / TOTAL DEPOSITS | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | 100 | % | 95 | % | 89 | % | |||||||||||||||||
| Cedar Rapids Bank and Trust | 101 | % | 96 | % | 96 | % | |||||||||||||||||
| Community State Bank | 98 | % | 94 | % | 96 | % | |||||||||||||||||
| Guaranty Bank | 103 | % | 104 | % | 103 | % | |||||||||||||||||
| TOTAL LOANS & LEASES / TOTAL ASSETS | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | 82 | % | 78 | % | 74 | % | |||||||||||||||||
| Cedar Rapids Bank and Trust | 72 | % | 69 | % | 72 | % | |||||||||||||||||
| Community State Bank | 76 | % | 77 | % | 77 | % | |||||||||||||||||
| Guaranty Bank | 78 | % | 78 | % | 78 | % | |||||||||||||||||
| ACL ON LOANS/LEASES AS A PERCENTAGE OF LOANS/LEASES | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | 1.43 | % | 1.40 | % | 1.44 | % | |||||||||||||||||
| m2 Equipment Finance, LLC | 3.86 | % | 3.75 | % | 3.46 | % | |||||||||||||||||
| Cedar Rapids Bank and Trust | 1.38 | % | 1.34 | % | 1.41 | % | |||||||||||||||||
| Community State Bank | 1.08 | % | 1.12 | % | 1.27 | % | |||||||||||||||||
| Guaranty Bank | 1.13 | % | 1.15 | % | 0.22 | % | |||||||||||||||||
| RETURN ON AVERAGE ASSETS | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | 0.88 | % | 0.79 | % | 0.82 | % | 0.84 | % | 1.02 | % | |||||||||||||
| Cedar Rapids Bank and Trust | 2.94 | % | 3.09 | % | 3.52 | % | 3.01 | % | 3.30 | % | |||||||||||||
| Community State Bank | 1.26 | % | 1.25 | % | 1.42 | % | 1.25 | % | 1.46 | % | |||||||||||||
| Guaranty Bank | 1.42 | % | 0.88 | % | 0.97 | % | 1.15 | % | 0.99 | % | |||||||||||||
| NET INTEREST MARGIN PERCENTAGE (2) | |||||||||||||||||||||||
| Quad City Bank and Trust (1) | 3.39 | % | 3.31 | % | 3.28 | % | 3.35 | % | 3.36 | % | |||||||||||||
| Cedar Rapids Bank and Trust | 3.75 | % | 3.77 | % | 3.69 | % | 3.76 | % | 3.86 | % | |||||||||||||
| Community State Bank | 3.72 | % | 3.75 | % | 3.90 | % | 3.74 | % | 3.94 | % | |||||||||||||
| Guaranty Bank (3) | 2.99 | % | 2.98 | % | 3.10 | % | 2.99 | % | 3.30 | % | |||||||||||||
| ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET INTEREST MARGIN, NET | |||||||||||||||||||||||
| Cedar Rapids Bank and Trust | $ | - | $ | - | $ | - | $ | - | $ | (8 | ) | ||||||||||||
| Community State Bank | (1 | ) | (1 | ) | (1 | ) | (2 | ) | 70 | ||||||||||||||
| Guaranty Bank | 301 | 396 | 168 | 697 | 965 | ||||||||||||||||||
| QCR Holdings, Inc. (4) | (32 | ) | (32 | ) | (33 | ) | (64 | ) | (65 | ) | |||||||||||||
| (1) | Quad City Bank and Trust amounts 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) | Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a | ||||||||||||||||||||||
| (3) | Guaranty Bank's net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been | ||||||||||||||||||||||
| (4) | 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 Holding, Inc. | |||||||||||||||||||||
| Consolidated Financial Highlights | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| As of | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATIONS | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||
| TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1) | |||||||||||||||||||||
| Stockholders' equity (GAAP) | $ | 936,319 | $ | 907,342 | $ | 886,596 | $ | 828,383 | $ | 822,689 | |||||||||||
| Less: Intangible assets | 151,468 | 152,158 | 152,848 | 153,564 | 154,255 | ||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 784,851 | $ | 755,184 | $ | 733,748 | $ | 674,819 | $ | 668,434 | |||||||||||
| Total assets (GAAP) | $ | 8,871,991 | $ | 8,599,549 | $ | 8,538,894 | $ | 8,540,057 | $ | 8,226,673 | |||||||||||
| Less: Intangible assets | 151,468 | 152,158 | 152,848 | 153,564 | 154,255 | ||||||||||||||||
| Tangible assets (non-GAAP) | $ | 8,720,523 | $ | 8,447,391 | $ | 8,386,046 | $ | 8,386,493 | $ | 8,072,418 | |||||||||||
| Tangible common equity to tangible assets ratio (non-GAAP) | 9.00 | % | 8.94 | % | 8.75 | % | 8.05 | % | 8.28 | % | |||||||||||
| (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. | |||||||||||||||||||||
| QCR Holding, 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) | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||
| Net income (GAAP) | $ | 29,114 | $ | 26,726 | $ | 32,855 | $ | 25,121 | $ | 28,425 | $ | 55,840 | $ | 55,582 | |||||||||||||||||
| Less non-core items (post-tax) (2): | |||||||||||||||||||||||||||||||
| Income: | |||||||||||||||||||||||||||||||
| Securities gains (losses), net | - | - | - | - | 9 | - | (356 | ) | |||||||||||||||||||||||
| Fair value gain (loss) on derivatives, net | (145 | ) | (144 | ) | (460 | ) | (265 | ) | 66 | (288 | ) | (272 | ) | ||||||||||||||||||
| Total non-core income (non-GAAP) | $ | (145 | ) | $ | (144 | ) | $ | (460 | ) | $ | (265 | ) | $ | 75 | $ | (288 | ) | $ | (628 | ) | |||||||||||
| Expense: | |||||||||||||||||||||||||||||||
| Post-acquisition compensation, transition and integration costs | - | - | - | - | - | - | 164 | ||||||||||||||||||||||||
| Total non-core expense (non-GAAP) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 164 | |||||||||||||||||
| Adjusted net income (non-GAAP) (1) | $ | 29,259 | $ | 26,870 | $ | 33,315 | $ | 25,386 | $ | 28,350 | $ | 56,128 | $ | 56,374 | |||||||||||||||||
| ADJUSTED EARNINGS PER COMMON SHARE (1) | |||||||||||||||||||||||||||||||
| Adjusted net income (non-GAAP) (from above) | $ | 29,259 | $ | 26,870 | $ | 33,315 | $ | 25,386 | $ | 28,350 | $ | 56,128 | $ | 56,374 | |||||||||||||||||
| Weighted average common shares outstanding | 16,814,814 | 16,783,348 | 16,734,080 | 16,717,303 | 16,701,950 | 16,799,081 | 16,739,120 | ||||||||||||||||||||||||
| Weighted average common and common equivalent shares outstanding | 16,921,854 | 16,910,675 | 16,875,952 | 16,847,951 | 16,799,527 | 16,916,264 | 16,870,830 | ||||||||||||||||||||||||
| Adjusted earnings per common share (non-GAAP): | |||||||||||||||||||||||||||||||
| Basic | $ | 1.74 | $ | 1.60 | $ | 1.99 | $ | 1.52 | $ | 1.70 | $ | 3.34 | $ | 3.37 | |||||||||||||||||
| Diluted | $ | 1.73 | $ | 1.59 | $ | 1.97 | $ | 1.51 | $ | 1.69 | $ | 3.32 | $ | 3.34 | |||||||||||||||||
| ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1) | |||||||||||||||||||||||||||||||
| Adjusted net income (non-GAAP) (from above) | $ | 29,259 | $ | 26,870 | $ | 33,315 | $ | 25,386 | $ | 28,350 | $ | 56,128 | $ | 56,374 | |||||||||||||||||
| Average Assets | $ | 8,776,002 | $ | 8,550,855 | $ | 8,535,732 | $ | 8,287,813 | $ | 7,924,597 | $ | 8,663,429 | $ | 7,915,763 | |||||||||||||||||
| Adjusted return on average assets (annualized) (non-GAAP) | 1.33 | % | 1.26 | % | 1.56 | % | 1.23 | % | 1.43 | % | 1.30 | % | 1.42 | % | |||||||||||||||||
| Adjusted return on average equity (annualized) (non-GAAP) | 12.69 | % | 11.90 | % | 15.64 | % | 12.12 | % | 13.88 | % | 12.30 | % | 13.99 | % | |||||||||||||||||
| NET INTEREST MARGIN (TEY) (3) | |||||||||||||||||||||||||||||||
| Net interest income (GAAP) | $ | 56,163 | $ | 54,699 | $ | 55,736 | $ | 55,255 | $ | 53,205 | $ | 110,862 | $ | 110,015 | |||||||||||||||||
| Plus: Tax equivalent adjustment (4) | 8,914 | 8,377 | 7,954 | 7,771 | 6,542 | 17,259 | 12,601 | ||||||||||||||||||||||||
| Net interest income - tax equivalent (Non-GAAP) | $ | 65,077 | $ | 63,076 | $ | 63,690 | $ | 63,026 | $ | 59,747 | $ | 128,121 | $ | 122,616 | |||||||||||||||||
| Less: Acquisition accounting net accretion | 268 | 363 | 673 | 539 | 134 | 631 | 962 | ||||||||||||||||||||||||
| Adjusted net interest income | $ | 64,809 | $ | 62,713 | $ | 63,017 | $ | 62,487 | $ | 59,613 | $ | 127,490 | $ | 121,654 | |||||||||||||||||
| Average earning assets | $ | 7,999,044 | $ | 7,807,720 | $ | 7,631,035 | $ | 7,573,785 | $ | 7,283,286 | $ | 7,903,382 | $ | 7,265,544 | |||||||||||||||||
| Net interest margin (GAAP) | 2.82 | % | 2.82 | % | 2.90 | % | 2.89 | % | 2.93 | % | 2.82 | % | 3.05 | % | |||||||||||||||||
| Net interest margin (TEY) (Non-GAAP) | 3.27 | % | 3.25 | % | 3.32 | % | 3.31 | % | 3.29 | % | 3.26 | % | 3.40 | % | |||||||||||||||||
| Adjusted net interest margin (TEY) (Non-GAAP) | 3.26 | % | 3.24 | % | 3.29 | % | 3.28 | % | 3.28 | % | 3.24 | % | 3.38 | % | |||||||||||||||||
| EFFICIENCY RATIO (5) | |||||||||||||||||||||||||||||||
| Noninterest expense (GAAP) | $ | 49,888 | $ | 50,690 | $ | 60,938 | $ | 51,081 | $ | 49,727 | $ | 100,578 | $ | 98,512 | |||||||||||||||||
| Net interest income (GAAP) | $ | 56,163 | $ | 54,699 | $ | 55,736 | $ | 55,255 | $ | 53,205 | $ | 110,862 | $ | 110,015 | |||||||||||||||||
| Noninterest income (GAAP) | 30,889 | 26,858 | 47,729 | 26,593 | 32,520 | 57,747 | 58,362 | ||||||||||||||||||||||||
| Total income | $ | 87,052 | $ | 81,557 | $ | 103,465 | $ | 81,848 | $ | 85,725 | $ | 168,609 | $ | 168,377 | |||||||||||||||||
| Efficiency ratio (noninterest expense/total income) (Non-GAAP) | 57.31 | % | 62.15 | % | 58.90 | % | 62.41 | % | 58.01 | % | 59.65 | % | 58.51 | % | |||||||||||||||||
| (1) Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company's management believes that these measurements are important to investors as they exclude non-core or 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, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure. | |||||||||||||||||||||||||||||||
| (2) Non-core or nonrecurring items (post-tax) are calculated using an estimated effective federal tax rate of | |||||||||||||||||||||||||||||||
| (3) Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a | |||||||||||||||||||||||||||||||
| (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. | |||||||||||||||||||||||||||||||
FAQ
What was QCR Holdings' (QCRH) net income for Q2 2024?
How much did QCRH's net interest income grow in Q2 2024?
What was QCRH's capital markets revenue in Q2 2024?
How did QCRH's noninterest expenses change in Q2 2024?
What is QCRH's loan growth target for 2024?
