QCR Holdings, Inc. Announces Record Net Income of $18.3 Million for the Fourth Quarter and $60.6 Million for the Full Year 2020
QCR Holdings, Inc. (NASDAQ: QCRH) reported record financial results for Q4 2020, with net income reaching $18.3 million, or $1.14 per diluted share, compared to $17.3 million in Q3 2020. Adjusted net income was $19.1 million, with a diluted EPS of $1.20. Noninterest income was $32.0 million for the quarter, contributing to a total of $113.8 million for the year, an increase of 71% year-over-year. Core loan growth was 9.0% for the quarter while nonperforming assets improved by 22% to just 0.26% of total assets. However, net interest income slightly declined to $43.7 million due to lower yields.
- Record net income of $18.3 million for Q4 2020, up from $17.3 million in Q3 2020.
- Adjusted net income of $19.1 million, an increase from $17.7 million in Q3 2020.
- Annualized core loan growth of 9.0% for the quarter.
- Nonperforming assets improved by 22%, representing 0.26% of total assets.
- Noninterest income increased by 71% year-over-year to $113.8 million for 2020.
- Slight decline in net interest income to $43.7 million from $44.6 million in Q3 2020.
- Decrease in net interest margin (NIM) to 3.25% from 3.36% in Q3 2020.
Fourth Quarter and Full Year 2020 Highlights
- Record net income of
$18.3 million , or$1.14 per diluted share - Adjusted net income (non-GAAP) of
$19.1 million , or$1.20 per diluted share - Noninterest income of
$32.0 million for the quarter and$113.8 million for the year - Adjusted NIM (TEY)(non-GAAP) was up 1 basis point after further adjusting for higher third quarter interest recoveries on previously charged-off loans
- Annualized core loan and lease growth (non-GAAP) of
9.0% for the quarter and7.8% for the year, excluding SBA Paycheck Protection Program (“PPP”) loans - Core deposits relatively stable for the quarter and up
22.3% for the year - Provision expense of
$7.1 million for the quarter, increasing ALLL to total loans and leases, excluding PPP loans (non-GAAP), by 7 basis points to2.12% - Nonperforming assets improved by
22% for the quarter and now represent only0.26% of total assets
MOLINE, Ill., Jan. 27, 2021 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced record net income of
The Company reported adjusted net income (non-GAAP) of
| For the Quarter Ended | |||||||||||||
| December 31, | September 30, | December 31, | |||||||||||
| $ in millions (except per share data) | 2020 | 2020 | 2019 | ||||||||||
| Net Income | $ | 18.3 | $ | 17.3 | $ | 15.9 | |||||||
| Diluted EPS | $ | 1.14 | $ | 1.09 | $ | 0.99 | |||||||
| Adjusted Net Income (non-GAAP) | $ | 19.1 | $ | 17.7 | $ | 15.4 | |||||||
| Adjusted Diluted EPS (non-GAAP) | $ | 1.20 | $ | 1.11 | $ | 0.96 | |||||||
| Pre-Provision/Pre-Tax Adjusted Income (non-GAAP) | $ | 30.4 | $ | 42.2 | $ | 20.4 | |||||||
| Pre-Provision/Pre-Tax Adjusted ROAA (non-GAAP) | 2.08 | % | 2.90 | % | 1.58 | % | |||||||
| See GAAP to non-GAAP reconciliations | |||||||||||||
“We are very pleased with our financial performance in 2020, highlighted by record net income for the fourth quarter and full year,” said CEO Larry J. Helling. “Our strong results were driven by robust revenue growth, record fee income and increased net interest income. We grew core loans by nearly
“Additionally, we continued to see a reduction in loan deferrals at year-end, as most of our clients who received payment relief early in the COVID-19 pandemic have resumed making normal payments,” Helling said. “We believe this speaks to the high quality of our loan portfolio and the resiliency of our local markets, which continue to exhibit improving economic activity.”
______________________________
Adjusted non-GAAP measurements of financial performance exclude non-recurring income and expense items. The Company believes these measurements provide a better comparison for analysis and may provide a better indicator of future performance.
Annualized Loan and Lease Growth of
During the fourth quarter of 2020, the Company’s total loans and leases, excluding PPP loans, increased
“Our solid loan growth for the quarter was driven by strength in our core commercial lending business, as well as our Specialty Finance Group,” added Helling. “However, until we have better visibility on the pandemic recovery, we are targeting organic loan growth for the full year 2021 of between
Net Interest Income of
Net interest income for the fourth quarter of 2020 totaled
Net interest income totaled
Excluding the impact of interest recoveries in the prior quarter, which created an 8 basis point reduction in adjusted NIM (non-GAAP) on a linked-quarter basis, adjusted NIM was up 1 basis point. The reported net interest margin was
| For the Quarter Ended | ||||||
| December 31, | September 30, | December 31, | ||||
| 2020 | 2020 | 2019 | ||||
| NIM | ||||||
| NIM (TEY)(non-GAAP) | ||||||
| Adjusted NIM (TEY)(non-GAAP) | | |||||
| See GAAP to non-GAAP reconciliations | ||||||
(1) Increased by 8 bps due to one-time interest recoveries on previously charged-off loans.
“Our deposit costs decreased significantly over the course of the year as we grew core deposits and significantly reduced our wholesale funding,” stated Todd A. Gipple, President, Chief Operating Officer and Chief Financial Officer. “However, our average loan yields also decreased due to the sharp decline in short-term interest rates. Despite this and the fact that we carried a significant amount of excess liquidity for most of the year, we were able to protect our margins, as adjusted NIM increased by 2 basis points for the full year.”
Noninterest Income of
Noninterest income for the fourth quarter of 2020 totaled
Noninterest income for the year ended December 31, 2020, totaled
“Our noninterest income was again driven by another strong quarter of swap fee income. Swap fee income totaled
Noninterest Expenses of
Noninterest expense for the fourth quarter of 2020 totaled
Asset Quality Remains Strong and NPAs Improved
Continued to Build Reserves
Nonperforming assets (“NPAs”) totaled
The Company’s provision for loan and lease losses totaled
In accordance with GAAP for acquisition accounting, loans acquired through past acquisitions were recorded at market value; therefore, there was no allowance associated with the acquired loans at the acquisition date. Management continues to evaluate the allowance needed on the acquired loans factoring in the net remaining discount of
Strong Capital Levels
As of December 31, 2020, the Company’s total risk-based capital ratio was
Focus on Three Strategic Long-Term Initiatives
As part of the Company’s ongoing efforts to grow earnings and drive attractive long-term returns for shareholders, it continues to operate under three key strategic long-term initiatives:
- Organic loan and lease growth of
9% per year, funded by core deposits; - Grow fee-based income by at least
6% per year; and - Limit our annual operating expense growth to
5% per year.
These initiatives are long-term targets. Due to the impact of the COVID-19 pandemic, among other factors, the Company may not be able to achieve these goals for the full year 2021.
Supplemental Presentation and Where to Find It
In addition to this press release, the Company has included a supplemental presentation that provides further information regarding the Company’s loan exposures and deferrals. Investors, analysts and other interested persons may find this presentation on the Securities and Exchange Commission’s EDGAR filing system at www.sec.gov/edgar.shtml, or on the Company’s website at www.qcrh.com.
Conference Call Details
The Company will host an earnings call/webcast tomorrow, January 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 February 11, 2021. The replay access information is 877-344-7529 (international 412-317-0088); access code 10151041. A webcast of the teleconference can be accessed at the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.
About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly-owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company engages in commercial leasing through its wholly-owned subsidiary, m2 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 December 31, 2020, the Company had approximately
Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “predict,” “suggest,” “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies (including the impact of the new presidential administration and the impact of tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices (including the new current expected credit loss (CECL) impairment standards, that will change how the Company estimates credit losses when implemented); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; and (xi) unexpected outcomes of existing or new litigation involving the Company. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
| Contacts: | |
| Todd A. 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 | |||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||
| 2020 | 2020 | 2020 | 2020 | 2019 | |||||||
| (dollars in thousands) | |||||||||||
| CONDENSED BALANCE SHEET | |||||||||||
| Cash and due from banks | $ | 61,329 | $ | 68,932 | $ | 88,577 | $ | 169,827 | $ | 76,254 | |
| Federal funds sold and interest-bearing deposits | 95,676 | 302,668 | 142,900 | 206,708 | 157,691 | ||||||
| Securities | 838,131 | 782,088 | 748,883 | 684,571 | 611,341 | ||||||
| Net loans/leases | 4,166,753 | 4,168,395 | 4,079,432 | 3,662,435 | 3,654,204 | ||||||
| Intangibles | 11,381 | 11,902 | 13,872 | 14,421 | 14,970 | ||||||
| Goodwill | 74,066 | 74,066 | 74,248 | 74,248 | 74,748 | ||||||
| Derivatives | 222,757 | 236,381 | 225,164 | 195,973 | 87,827 | ||||||
| Other assets | 212,704 | 220,128 | 220,920 | 213,134 | 220,049 | ||||||
| Assets held for sale | - | - | 10,765 | 10,758 | 11,966 | ||||||
| Total assets | $ | 5,682,797 | $ | 5,864,560 | $ | 5,604,761 | $ | 5,232,075 | $ | 4,909,050 | |
| Total deposits | $ | 4,599,137 | $ | 4,672,268 | $ | 4,349,775 | $ | 4,170,478 | $ | 3,911,051 | |
| Total borrowings | 177,114 | 226,962 | 376,250 | 244,399 | 278,955 | ||||||
| Derivatives | 229,270 | 244,510 | 233,589 | 203,744 | 88,436 | ||||||
| Other liabilities | 83,483 | 148,207 | 87,539 | 71,185 | 90,254 | ||||||
| Liabilities held for sale | - | - | 1,588 | 3,130 | 5,003 | ||||||
| Total stockholders' equity | 593,793 | 572,613 | 556,020 | 539,139 | 535,351 | ||||||
| Total liabilities and stockholders' equity | $ | 5,682,797 | $ | 5,864,560 | $ | 5,604,761 | $ | 5,232,075 | $ | 4,909,050 | |
| ANALYSIS OF LOAN PORTFOLIO | |||||||||||
| Loan/lease mix: | |||||||||||
| Commercial and industrial loans | $ | 1,726,723 | $ | 1,823,049 | $ | 1,850,110 | $ | 1,484,979 | $ | 1,507,825 | |
| Commercial real estate loans | 2,107,629 | 1,999,715 | 1,869,162 | 1,783,086 | 1,736,396 | ||||||
| Direct financing leases | 66,016 | 73,011 | 79,105 | 83,324 | 87,869 | ||||||
| Residential real estate loans | 252,121 | 245,032 | 241,069 | 237,742 | 239,904 | ||||||
| Installment and other consumer loans | 91,302 | 102,471 | 99,150 | 106,728 | 109,352 | ||||||
| Deferred loan/lease origination costs, net of fees | 7,338 | 4,699 | 1,663 | 8,809 | 8,859 | ||||||
| Total loans/leases | $ | 4,251,129 | $ | 4,247,977 | $ | 4,140,259 | $ | 3,704,668 | $ | 3,690,205 | |
| Less allowance for estimated losses on loans/leases | 84,376 | 79,582 | 60,827 | 42,233 | 36,001 | ||||||
| Net loans/leases | $ | 4,166,753 | $ | 4,168,395 | $ | 4,079,432 | $ | 3,662,435 | $ | 3,654,204 | |
| ANALYSIS OF SECURITIES PORTFOLIO | |||||||||||
| Securities mix: | |||||||||||
| U.S. government sponsored agency securities | $ | 15,336 | $ | 18,437 | $ | 17,472 | $ | 19,457 | $ | 20,078 | |
| Municipal securities | 627,523 | 569,075 | 526,192 | 493,664 | 447,853 | ||||||
| Residential mortgage-backed and related securities | 132,842 | 134,147 | 145,672 | 122,853 | 120,587 | ||||||
| Asset backed securities | 40,683 | 40,665 | 39,797 | 28,499 | 16,887 | ||||||
| Other securities | 21,747 | 19,764 | 19,750 | 20,098 | 5,936 | ||||||
| Total securities | $ | 838,131 | $ | 782,088 | $ | 748,883 | $ | 684,571 | $ | 611,341 | |
| ANALYSIS OF DEPOSITS | |||||||||||
| Deposit mix: | |||||||||||
| Noninterest-bearing demand deposits | $ | 1,145,378 | $ | 1,175,085 | $ | 1,177,482 | $ | 829,782 | $ | 777,224 | |
| Interest-bearing demand deposits | 2,987,469 | 2,938,194 | 2,488,755 | 2,440,907 | 2,407,502 | ||||||
| Time deposits | 460,659 | 499,021 | 560,982 | 617,979 | 571,343 | ||||||
| Brokered deposits | 5,631 | 59,968 | 122,556 | 281,810 | 154,982 | ||||||
| Total deposits | $ | 4,599,137 | $ | 4,672,268 | $ | 4,349,775 | $ | 4,170,478 | $ | 3,911,051 | |
| ANALYSIS OF BORROWINGS | |||||||||||
| Borrowings mix: | |||||||||||
| Term FHLB advances | $ | - | $ | 40,000 | $ | 90,000 | $ | 55,000 | $ | 50,000 | |
| Overnight FHLB advances | 15,000 | - | 55,000 | 40,000 | 109,300 | ||||||
| FRB borrowings | - | - | 100,000 | 30,000 | - | ||||||
| Other short-term borrowings | 5,430 | 30,430 | 24,818 | 13,067 | 13,423 | ||||||
| Subordinated notes | 118,691 | 118,577 | 68,516 | 68,455 | 68,394 | ||||||
| Junior subordinated debentures | 37,993 | 37,955 | 37,916 | 37,877 | 37,838 | ||||||
| Total borrowings | $ | 177,114 | $ | 226,962 | $ | 376,250 | $ | 244,399 | $ | 278,955 | |
| QCR Holdings, Inc. | ||||||||||||||||
| Consolidated Financial Highlights | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||
| Interest income | $ | 49,851 | $ | 50,890 | $ | 48,650 | $ | 48,982 | $ | 52,977 | ||||||
| Interest expense | 6,144 | 6,309 | 7,694 | 11,276 | 13,058 | |||||||||||
| Net interest income | 43,707 | 44,581 | 40,956 | 37,706 | 39,919 | |||||||||||
| Provision for loan/lease losses | 7,080 | 20,342 | 19,915 | 8,367 | 979 | |||||||||||
| Net interest income after provision for loan/lease losses | $ | 36,627 | $ | 24,239 | $ | 21,041 | $ | 29,339 | $ | 38,940 | ||||||
| Trust department fees | $ | 2,388 | $ | 2,280 | $ | 2,227 | $ | 2,312 | $ | 2,365 | ||||||
| Investment advisory and management fees | 926 | 1,266 | 1,399 | 1,727 | 1,589 | |||||||||||
| Deposit service fees | 1,875 | 1,403 | 1,286 | 1,477 | 1,787 | |||||||||||
| Gain on sales of residential real estate loans | 1,462 | 1,370 | 1,196 | 652 | 823 | |||||||||||
| Gain on sales of government guaranteed portions of loans | 224 | - | - | - | 159 | |||||||||||
| Swap fee income | 21,402 | 26,688 | 19,927 | 6,804 | 7,409 | |||||||||||
| Securities gains (losses), net | 617 | 1,802 | 65 | - | 26 | |||||||||||
| Earnings on bank-owned life insurance | 461 | 502 | 612 | 329 | 533 | |||||||||||
| Debit card fees | 923 | 946 | 775 | 758 | 766 | |||||||||||
| Correspondent banking fees | 270 | 220 | 198 | 215 | 194 | |||||||||||
| Gain on sale of assets and liabilities of subsidiary | - | - | - | - | 12,286 | |||||||||||
| Other | 1,469 | 1,482 | 941 | 922 | 1,868 | |||||||||||
| Total noninterest income | $ | 32,017 | $ | 37,959 | $ | 28,626 | $ | 15,196 | $ | 29,805 | ||||||
| Salaries and employee benefits | $ | 30,446 | $ | 25,999 | $ | 21,304 | $ | 18,519 | $ | 24,220 | ||||||
| Occupancy and equipment expense | 4,917 | 3,807 | 3,748 | 4,032 | 4,019 | |||||||||||
| Professional and data processing fees | 3,871 | 3,758 | 3,646 | 3,369 | 3,570 | |||||||||||
| Post-acquisition compensation, transition and integration costs | 25 | (32 | ) | 70 | 151 | 1,855 | ||||||||||
| Disposition costs | 64 | 192 | (83 | ) | 517 | 3,325 | ||||||||||
| FDIC insurance, other insurance and regulatory fees | 1,272 | 1,301 | 908 | 683 | 523 | |||||||||||
| Loan/lease expense | 465 | 403 | 339 | 228 | 349 | |||||||||||
| Net cost of (income from) and gains/losses on operations of other real estate | (4 | ) | 16 | (332 | ) | 13 | 232 | |||||||||
| Advertising and marketing | 1,276 | 750 | 552 | 682 | 1,670 | |||||||||||
| Bank service charges | 523 | 488 | 501 | 504 | 516 | |||||||||||
| Losses on liability extinguishment | 1,457 | 1,874 | 429 | 147 | 288 | |||||||||||
| Correspondent banking expense | 205 | 205 | 212 | 216 | 216 | |||||||||||
| Intangibles amortization | 521 | 531 | 548 | 549 | 560 | |||||||||||
| Goodwill impairment | - | - | - | 500 | 3,000 | |||||||||||
| Loss on sale of subsidiary | (147 | ) | 305 | - | - | - | ||||||||||
| Other | 1,473 | 1,241 | 1,288 | 1,313 | 1,951 | |||||||||||
| Total noninterest expense | $ | 46,364 | $ | 40,838 | $ | 33,130 | $ | 31,423 | $ | 46,294 | ||||||
| Net income before income taxes | $ | 22,280 | $ | 21,360 | $ | 16,537 | $ | 13,112 | $ | 22,451 | ||||||
| Federal and state income tax expense | 4,009 | 4,016 | 2,798 | 1,884 | 6,560 | |||||||||||
| Net income | $ | 18,271 | $ | 17,344 | $ | 13,739 | $ | 11,228 | $ | 15,891 | ||||||
| Basic EPS | $ | 1.16 | $ | 1.10 | $ | 0.87 | $ | 0.71 | $ | 1.01 | ||||||
| Diluted EPS | $ | 1.14 | $ | 1.09 | $ | 0.86 | $ | 0.70 | $ | 0.99 | ||||||
| Weighted average common shares outstanding | 15,775,596 | 15,767,152 | 15,747,056 | 15,796,796 | 15,772,703 | |||||||||||
| Weighted average common and common equivalent shares outstanding | 15,973,054 | 15,923,578 | 15,895,336 | 16,011,456 | 16,033,043 | |||||||||||
| QCR Holdings, Inc. | ||||||||||
| Consolidated Financial Highlights | ||||||||||
| (Unaudited) | ||||||||||
| For the Year Ended | ||||||||||
| December 31, | December 31, | |||||||||
| 2020 | 2019 | |||||||||
| (dollars in thousands, except per share data) | ||||||||||
| INCOME STATEMENT | ||||||||||
| Interest income | $ | 198,373 | $ | 216,076 | ||||||
| Interest expense | 31,423 | 60,517 | ||||||||
| Net interest income | 166,950 | 155,559 | ||||||||
| Provision for loan/lease losses | 55,704 | 7,066 | ||||||||
| Net interest income after provision for loan/lease losses | $ | 111,246 | $ | 148,493 | ||||||
| Trust department fees | $ | 9,207 | $ | 9,559 | ||||||
| Investment advisory and management fees | 5,318 | 6,995 | ||||||||
| Deposit service fees | 6,041 | 6,812 | ||||||||
| Gain on sales of residential real estate loans | 4,680 | 2,571 | ||||||||
| Gain on sales of government guaranteed portions of loans | 224 | 748 | ||||||||
| Swap fee income | 74,821 | 28,295 | ||||||||
| Securities gains (losses), net | 2,484 | (30 | ) | |||||||
| Earnings on bank-owned life insurance | 1,904 | 1,973 | ||||||||
| Debit card fees | 3,402 | 3,357 | ||||||||
| Correspondent banking fees | 903 | 773 | ||||||||
| Gain on sale of assets and liabilities of subsidiary | - | 12,286 | ||||||||
| Other | 4,814 | 5,429 | ||||||||
| Total noninterest income | $ | 113,798 | $ | 78,768 | ||||||
| Salaries and employee benefits | $ | 96,268 | $ | 92,063 | ||||||
| Occupancy and equipment expense | 16,504 | 15,106 | ||||||||
| Professional and data processing fees | 14,644 | 13,381 | ||||||||
| Post-acquisition compensation, transition and integration costs | 214 | 3,582 | ||||||||
| Disposition costs | 690 | 3,325 | ||||||||
| FDIC insurance, other insurance and regulatory fees | 4,164 | 2,955 | ||||||||
| Loan/lease expense | 1,435 | 1,097 | ||||||||
| Net cost of (income from) and gains/losses on operation of other real estate | (307 | ) | 3,789 | |||||||
| Advertising and marketing | 3,260 | 4,548 | ||||||||
| Bank service charges | 2,016 | 2,009 | ||||||||
| Losses on liability extinguishment | 3,907 | 436 | ||||||||
| Correspondent banking expense | 838 | 836 | ||||||||
| Intangibles amortization | 2,149 | 2,266 | ||||||||
| Goodwill impairment | 500 |
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FAQ
What were the financial highlights for QCR Holdings (QCRH) in Q4 2020?
In Q4 2020, QCR Holdings reported a record net income of $18.3 million and diluted EPS of $1.14.
How did QCRH's noninterest income change in Q4 2020?
Noninterest income totaled $32.0 million for Q4 2020, a decrease from $38.0 million in Q3 2020.
What was the growth rate of QCRH's core loans in Q4 2020?
Core loan growth for QCRH was 9.0% annualized in Q4 2020.
How did QCRH's nonperforming assets perform in Q4 2020?
Nonperforming assets improved by 22%, now representing only 0.26% of total assets.
What was the adjusted net income for QCR Holdings in Q4 2020?
The adjusted net income for QCR Holdings in Q4 2020 was $19.1 million.
QCR Holdings Inc
NASDAQ:QCRHQCRH RankingsQCRH Latest NewsQCRH Stock Data
1.56B
16.28M
3.47%
74.28%
1%
Banks - Regional
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United States of America
MOLINE
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