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QCR Holdings, Inc. Announces Second Quarter 2022 Results

QCR Holdings, Inc.
QCR Holdings, Inc.

Second Quarter 2022 Highlights

  • Completed the acquisition of Guaranty Federal Bancshares, Inc. adding approximately $1.3 billion in assets, $808 million in loans and $1.1 billion in deposits

  • Reported net income of $15.2 million, or $0.87 per diluted share

  • Adjusted net income (non-GAAP) of $30.4 million, or $1.73 per diluted share

  • Acquisition/Post-acquisition related expenses and CECL Day 2 provision totaled $15.5 million, post-tax, or $0.88 per diluted share

  • Net Interest Margin (“NIM”) of 3.53% and Adjusted NIM (TEY)(non-GAAP) of 3.74% expanded significantly from the prior quarter by 23 and 24 basis points, respectively

  • Capital Markets Revenue from Swap Fees of $13.0 million doubled from the first quarter of 2022

  • Annualized loan and lease growth of 14.0% for the quarter, excluding loan balances acquired from the Guaranty Bank transaction and SBA Paycheck Protection Program (“PPP”) loans (non-GAAP)

  • Repurchased 602,500 shares at an average price of $54.80 per share

MOLINE, Ill., July 26, 2022 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $15.2 million and diluted earnings per share (“EPS”) of $0.87 for the second quarter of 2022, compared to net income of $23.6 million and diluted EPS of $1.49 for the first quarter of 2022. Included in the second quarter of 2022 results were $5.7 million of acquisition/post-acquisition related expenses and $9.8 million of CECL Day 2 provision, both post-tax. The CECL Day 2 provision was required to establish the initial credit loss allowances for the acquired non-PCD loan portfolio and off-balance sheet exposure as a result of the acquisition of Guaranty Federal Bancshares, which closed on April 1, 2022.

 

 

 

 

 

 

$ in millions (except per share data)

For the Quarter
Ended

June 30, 2022

Per Diluted
Share

Reported Net Income (GAAP)

$

15.2

 

$

0.87

 

Acquisition/Post-Acquisition Related Expenses (Post-Tax)

$

5.7

 

$

0.32

 

CECL Day 2 Provision (Post-Tax)*

$

9.8

 

$

0.56

 

Other (Post-Tax)

$

(0.3

)

$

(0.02

)

Adjusted Net Income (non-GAAP, see below)

$

30.4

 

$

1.73

 

*CECL Day 2 provision to establish the initial non-PCD loan and off-balance sheet exposure credit loss allowances under ASU 2016-13, Financial Instruments – Credit Losses, for the acquired loan portfolio.
        
Excluding acquisition/post-acquisition related expenses, the CECL Day 2 provision and other nonrecurring items, adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the second quarter of 2022 were $30.4 million and $1.73, respectively. For the first quarter of 2022, adjusted net income (non-GAAP) was $24.4 million and adjusted diluted EPS (non-GAAP) was $1.54. For the second quarter of 2021, adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $22.5 million and $1.40, respectively.

 

For the Quarter Ended

 

June 30,

 

March 31,

 

June 30,

$ in millions (except per share data)

2022

 

2022

 

2021

Net Income

$

15.2

 

$

23.6

 

$

22.3

Diluted EPS

$

0.87

 

$

1.49

 

$

1.39

Adjusted Net Income (non-GAAP)*

$

30.4

 

$

24.4

 

$

22.5

Adjusted Diluted EPS (non-GAAP)*

$

1.73

 

$

1.54

 

$

1.40

*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 measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

“We delivered another strong quarter of net income, driven by exceptional loan growth, expanding net interest margin and well managed expenses,” said Larry J. Helling, Chief Executive Officer. “Building on the momentum we saw in the first quarter, we generated robust lending activity again in the second quarter with annualized loan growth of 14.0% after excluding the impact of the acquired portfolio and PPP activity. Adjusting for the nonrecurring items, primarily related to the closing of the Guaranty Bank acquisition, we increased core earnings by $6.0 million on a linked-quarter basis, generating an adjusted ROAA of 1.66%”

“On April 1st, we successfully completed the acquisition of Guaranty Federal Bancshares, Inc. and merged Guaranty Bank into Springfield First Community Bank with the combined bank retaining the Guaranty Bank name. We’re eager to continue to grow in the vibrant southwest Missouri region and we look forward to serving our clients and our communities.”

Net Interest Income of $59.4 Million
NIM Expanded by 23 Basis Points from the Prior Quarter

Net interest income for the second quarter of 2022 totaled $59.4 million, compared to $45.7 million for the first quarter of 2022 and $43.5 million for the second quarter of 2021. The increase in net interest income was due to an increase in average earning assets, primarily attributable to the Guaranty Bank transaction, increased organic loan growth on a linked-quarter basis, and strong NIM expansion.   Adjusted net interest income (non-GAAP) during the quarter was $61.1 million, an increase of $12.6 million, or 25.9%, from the prior quarter. Adjusted net interest income (non-GAAP) was $45.7 million for the second quarter of 2021. Acquisition-related net accretion totaled $1.7 million for the second quarter of 2022, up from $118 thousand in the first quarter of 2022 and $291 thousand for the second quarter of 2021.

In the second quarter, NIM was 3.53% and tax-equivalent yield (“TEY”) basis (non-GAAP) NIM was 3.74%, compared to 3.30% and 3.50% in the prior quarter, respectively. Adjusted NIM (non-GAAP), which excludes acquisition-related net accretion, was 3.64%, up 14 basis points from the prior quarter. The increase in Adjusted NIM (non-GAAP) during the quarter was primarily due to the impact of multiple rate increases on our asset-sensitive balance sheet as well as the addition of Guaranty Bank.

 

For the Quarter Ended

 

June 30,

 

March 31,

 

June 30,

 

2022

 

2022

 

2021

NIM

3.53

%

 

3.30

%

 

3.28

%

NIM (TEY)(non-GAAP) *

3.74

%

 

3.50

%

 

3.46

%

Adjusted NIM (TEY)(non-GAAP) *

3.64

%

 

3.50

%

 

3.44

%

Adjusted NIM ex. PPP (TEY)(non-GAAP)*

3.63

%

 

3.46

%

 

3.32

%

 

 

 

 

* See GAAP to non-GAAP reconciliations

 

 

 

“Excluding the impact of acquisition-related net accretion and PPP fees, we significantly expanded our adjusted NIM during the second quarter by 17 basis points” said Todd A. Gipple, President, Chief Operating Officer and Chief Financial Officer. “Our balance sheet is well positioned to continue to drive strong NIM expansion in this rapidly rising rate environment.”

Annualized Loan and Lease Growth of 14.0%, Excluding the Guaranty Bank Acquisition and PPP Loans (non-GAAP)

During the second quarter of 2022, the Company’s loans and leases increased $970.0 million to a total of $5.8 billion. Excluding the initial loan balances from the Guaranty Bank acquisition and PPP loans (non-GAAP), loan and lease growth during the quarter was $168.7 million, or 14.0% on an annualized basis.   Core deposits (excluding brokered deposits) increased by $973.2 million during the quarter, due to the Guaranty Bank acquisition.

“Our continued robust loan growth in the second quarter was driven by strength in our traditional commercial lending, leasing and our Specialty Finance business,” added Helling. “This is a testament to the economic resiliency in our markets as well as our relationship-based community banking model, emphasizing the importance of strong relationships with new and existing clients. Given our current pipeline, we are reaffirming our targeted organic loan growth to between 10% and 12% for the full year.”

Noninterest Income of $22.8 Million

Noninterest income for the second quarter of 2022 totaled $22.8 million, compared to $15.6 million for the first quarter of 2022. The increase was primarily due to a $6.6 million increase in capital markets revenue from swap fees as well as the Guaranty Bank acquisition. Wealth management revenue was $3.5 million for the quarter, down 12.9% from the first quarter of 2022, primarily due to increased market volatility.

“Capital markets revenue totaled $13.0 million for the quarter, which was within our guidance range,” added Gipple. “Given our solid pipeline and recognizing timing continues to be impacted by project delays caused by ongoing supply chain disruptions and inflationary pressures, we continue to expect this source of fee income to be in a range of $13 to $15 million per quarter for the remainder of 2022.”

Noninterest Expenses of $54.2 Million, Including Acquisition/Post-Acquisition Related Expenses

Noninterest expense for the second quarter of 2022 totaled $54.2 million, including acquisition/post-acquisition related expenses of $6.8 million, compared to $38.3 million for the first quarter of 2022 and $35.7 million for the second quarter of 2021. The linked-quarter increase was primarily due to the inclusion of expenses from Guaranty Bank and expenses related to the acquisition. Excluding these acquisition/post-acquisition related costs, noninterest expense for the second quarter was $47.5 million.

Asset Quality Reflects Addition of Guaranty Bank

Nonperforming assets (“NPAs”) totaled $24.0 million at the end of the second quarter, an increase of $21.3 million over the first quarter of 2022, primarily the result of the Guaranty Bank acquisition and two legacy lending relationships. The ratio of NPAs to total assets was 0.33% on June 30, 2022, compared to 0.04% on March 31, 2022, and 0.17% on June 30, 2021. In addition, the Company’s criticized loans and classified loans to total loans and leases at June 30, 2022 were 2.37% and 1.43%, respectively, compared to 2.45% and 1.13% as of March 31, 2022.

The Company recorded an $11.2 million provision for credit losses in the second quarter of 2022, due solely to the CECL Day 2 provision of $12.4 million (pre-tax) as a result of the Guaranty Bank acquisition. As of June 30, 2022, the ACL on total loans/leases was 1.59%, compared to 1.55% as of March 30, 2022.

Continued Strong Capital Levels

As of June 30, 2022, the Company’s total risk-based capital ratio was 13.02%, the common equity tier 1 ratio was 9.17% and the tangible common equity to tangible assets ratio (non-GAAP) was 8.11%. By comparison, these respective ratios were 14.50%, 10.61% and 9.60% as of March 31, 2022. Total risk-based capital and the common equity tier 1 were both impacted by expected initial dilution from the Guaranty Bank acquisition. The Company’s accumulated other comprehensive income (“AOCI”) declined $24.3 million during the second quarter due to a decrease in the value of its available for sale securities portfolio and certain derivatives resulting from ongoing increases in interest rates during the quarter. While AOCI reduced the Company’s tangible common equity (non-GAAP), solid earnings partially offset this impact, which led to a decline of only 8.4% in tangible book value (non-GAAP).

During the second quarter, the Company purchased and retired 602,500 shares of its common stock at an average price of $54.80 per share as the Company finished repurchases under the original 2020 authorized plan and began repurchases under the May 2022 authorized plan. Under the 2020 share repurchase program, the Company repurchased 794,000 shares in total at an average price of $50.60 per share. The 2022 share repurchase program, announced during the second quarter of 2022, authorized an approximate 1,500,000 additional shares to be repurchased. The Company repurchased 280,000 shares during the quarter and has approximately 1,220,000 shares remaining under its 2022 share repurchase program.

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 annual operating expense growth to 5% per year.

Conference Call Details

The Company will host an earnings call/webcast tomorrow, July 27, 2022, 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 3, 2022. The replay access information is 877-344-7529 (international 412-317-0088); access code 7416915. 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, 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 on April 1, 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 Milwaukee, Wisconsin, and also provides correspondent banking services. Including the Guaranty Bank acquisition, the Company now has 40 locations in Iowa, Missouri, Wisconsin and Illinois. As of June 30, 2022, the Company had approximately $7.4 billion in assets, $5.8 billion in loans and $5.8 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “predict,” “suggest,” “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
        
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including effects of inflationary pressures and supply chain constraints); (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 local, 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                                
President                                
Chief Operating Officer                        
Chief Financial Officer                        
(309) 743-7745                                
tgipple@qcrh.com

 

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

 

As of

 

June 30,

March 31,

December 31,

September 30,

June 30,

 

2022

2022

2021

2021

2021

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

CONDENSED BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

92,379

$

50,540

$

37,490

$

57,310

$

55,598

Federal funds sold and interest-bearing deposits

 

56,532

 

66,390

 

87,662

 

70,826

 

88,780

Securities, net of allowance for credit losses

 

879,918

 

823,311

 

810,215

 

828,719

 

810,445

Net loans/leases

 

5,705,478

 

4,753,082

 

4,601,411

 

4,519,060

 

4,338,811

Intangibles

 

18,333

 

8,856

 

9,349

 

9,857

 

10,365

Goodwill

 

137,607

 

74,066

 

74,066

 

74,066

 

74,066

Derivatives

 

97,455

 

107,326

 

222,220

 

198,393

 

193,395

Other assets

 

405,239

 

292,248

 

253,719

 

256,277

 

255,952

Total assets

$

7,392,941

$

6,175,819

$

6,096,132

$

6,014,508

$

5,827,412

 

 

 

 

 

 

Total deposits

$

5,820,657

$

4,839,689

$

4,922,772

$

4,871,828

$

4,688,935

Total borrowings

 

583,166

 

443,270

 

170,805

 

183,514

 

198,908

Derivatives

 

113,305

 

116,193

 

225,135

 

201,450

 

196,092

Other liabilities

 

132,675

 

108,743

 

100,410

 

107,902

 

113,001

Total stockholders' equity

 

743,138

 

667,924

 

677,010

 

649,814

 

630,476

Total liabilities and stockholders' equity

$

7,392,941

$

6,175,819

$

6,096,132

$

6,014,508

$

5,827,412

 

 

 

 

 

 

ANALYSIS OF LOAN PORTFOLIO

 

 

 

 

 

Loan/lease mix:

 

 

 

 

 

Commercial and industrial - revolving

$

322,258

$

263,441

$

248,483

$

175,155

$

182,882

Commercial and industrial - other

 

1,403,689

 

1,374,221

 

1,346,602

 

1,465,580

 

1,505,384

Total commercial and industrial

 

1,725,947

 

1,637,662

 

1,595,085

 

1,640,735

 

1,688,266

Commercial real estate, owner occupied

 

628,565

 

439,257

 

421,701

 

434,014

 

427,734

Commercial real estate, non-owner occupied

 

889,530

 

679,898

 

646,500

 

644,850

 

618,879

Construction and land development

 

1,080,372

 

863,116

 

918,571

 

852,418

 

708,289

Multi-family

 

860,742

 

711,682

 

600,412

 

529,727

 

466,804

Direct financing leases

 

40,050

 

43,330

 

45,191

 

50,237

 

56,153

1-4 family real estate

 

473,141

 

379,613

 

377,361

 

376,067

 

382,142

Consumer

 

99,556

 

73,310

 

75,311

 

71,682

 

69,438

Total loans/leases

$

5,797,903

$

4,827,868

$

4,680,132

$

4,599,730

$

4,417,705

Less allowance for credit losses

 

92,425

 

74,786

 

78,721

 

80,670

 

78,894

Net loans/leases

$

5,705,478

$

4,753,082

$

4,601,411

$

4,519,060

$

4,338,811

 

 

 

 

 

 

ANALYSIS OF SECURITIES PORTFOLIO

 

 

 

 

 

Securities mix:

 

 

 

 

 

U.S. government sponsored agency securities

$

20,448

$

21,380

$

23,328

$

23,689

$

14,670

Municipal securities

 

710,638

 

667,245

 

639,799

 

649,486

 

641,603

Residential mortgage-backed and related securities

 

81,247

 

86,381

 

94,323

 

100,744

 

106,139

Asset backed securities

 

19,956

 

23,233

 

27,124

 

30,607

 

31,778

Other securities

 

47,827

 

25,270

 

25,839

 

24,367

 

16,429

Total securities

$

880,116

$

823,509

$

810,413

$

828,893

$

810,619

Less allowance for credit losses

 

198

 

198

 

198

 

174

 

174

Net securities

$

879,918

$

823,311

$

810,215

$

828,719

$

810,445

 

 

 

 

 

 

ANALYSIS OF DEPOSITS

 

 

 

 

 

Deposit mix:

 

 

 

 

 

Noninterest-bearing demand deposits

$

1,514,005

$

1,275,493

$

1,268,788

$

1,342,273

$

1,258,885

Interest-bearing demand deposits

 

3,758,566

 

3,181,685

 

3,232,633

 

3,086,711

 

2,976,696

Time deposits

 

540,074

 

382,268

 

421,348

 

441,743

 

452,171

Brokered deposits

 

8,012

 

243

 

3

 

1,101

 

1,183

Total deposits

$

5,820,657

$

4,839,689

$

4,922,772

$

4,871,828

$

4,688,935

 

 

 

 

 

 

ANALYSIS OF BORROWINGS

 

 

 

 

 

Borrowings mix:

 

 

 

 

 

Overnight FHLB advances (1)

$

400,000

$

290,000

$

15,000

$

30,000

$

40,000

Other short-term borrowings

 

1,070

 

1,190

 

3,800

 

1,600

 

7,070

Subordinated notes

 

133,562

 

113,890

 

113,850

 

113,811

 

113,771

Junior subordinated debentures

 

48,534

 

38,190

 

38,155

 

38,103

 

38,067

Total borrowings

$

583,166

$

443,270

$

170,805

$

183,514

$

198,908

 

 

 

 

 

 

(1) At the most recent quarter-end, the weighted-average rate of these overnight borrowings was 1.45%.

 

 

 

 

 

 

 


QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

 

June 30,

March 31,

December 31,

September 30,

June 30,

 

 

2022

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

Interest income

 

$

68,205

$

51,062

 

$

52,020

 

$

51,667

 

$

48,903

 

Interest expense

 

 

8,805

 

5,329

 

 

5,507

 

 

5,438

 

 

5,387

 

Net interest income

 

 

59,400

 

45,733

 

 

46,513

 

 

46,229

 

 

43,516

 

Provision for credit losses (1)

 

 

11,200

 

(2,916

)

 

(3,227

)

 

-

 

 

-

 

Net interest income after provision for loan/lease losses

 

$

48,200

$

48,649

 

$

49,740

 

$

46,229

 

$

43,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust department fees

 

$

2,497

$

2,963

 

$

2,843

 

$

2,714

 

$

2,848

 

Investment advisory and management fees

 

 

983

 

1,036

 

 

1,047

 

 

1,054

 

 

1,039

 

Deposit service fees

 

 

2,223

 

1,555

 

 

1,644

 

 

1,588

 

 

1,492

 

Gain on sales of residential real estate loans

 

 

809

 

493

 

 

922

 

 

954

 

 

1,184

 

Gain on sales of government guaranteed portions of loans

 

 

-

 

19

 

 

227

 

 

-

 

 

-

 

Swap fee income/capital markets revenue

 

 

13,004

 

6,422

 

 

12,982

 

 

24,885

 

 

9,568

 

Securities gains (losses), net

 

 

-

 

-

 

 

-

 

 

-

 

 

(88

)

Earnings on bank-owned life insurance

 

 

350

 

346

 

 

470

 

 

446

 

 

451

 

Debit card fees

 

 

1,499

 

1,007

 

 

1,072

 

 

1,085

 

 

1,084

 

Correspondent banking fees

 

 

244

 

277

 

 

266

 

 

265

 

 

269

 

Other

 

 

1,173

 

1,515

 

 

1,512

 

 

1,661

 

 

1,449

 

Total noninterest income

 

$

22,782

$

15,633

 

$

22,985

 

$

34,652

 

$

19,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

29,972

$

23,627

 

$

24,809

 

$

28,207

 

$

23,044

 

Occupancy and equipment expense

 

 

5,978

 

3,937

 

 

3,723

 

 

4,122

 

 

3,965

 

Professional and data processing fees

 

 

4,365

 

3,671

 

 

3,866

 

 

3,568

 

 

3,702

 

Acquisition costs

 

 

1,973

 

1,851

 

 

624

 

 

-

 

 

-

 

Post-acquisition compensation, transition and integration costs

 

 

4,796

 

-

 

 

-

 

 

-

 

 

-

 

Disposition costs

 

 

-

 

-

 

 

5

 

 

-

 

 

-

 

FDIC insurance, other insurance and regulatory fees

 

 

1,394

 

1,310

 

 

1,316

 

 

1,108

 

 

986

 

Loan/lease expense

 

 

761

 

267

 

 

606

 

 

308

 

 

457

 

Net cost of (income from) and gains/losses on operations of other real estate

 

 

59

 

(1

)

 

-

 

 

(1,346

)

 

(113

)

Advertising and marketing

 

 

1,198

 

761

 

 

1,679

 

 

1,095

 

 

853

 

Bank service charges

 

 

610

 

541

 

 

553

 

 

525

 

 

572

 

Correspondent banking expense

 

 

213

 

199

 

 

200

 

 

201

 

 

198

 

Intangibles amortization

 

 

787

 

493

 

 

508

 

 

508

 

 

508

 

Other

 

 

2,142

 

1,669

 

 

1,523

 

 

3,091

 

 

1,503

 

Total noninterest expense

 

$

54,248

$

38,325

 

$

39,412

 

$

41,387

 

$

35,675

 

 

 

 

 

 

 

 

Net income before income taxes

 

$

16,734

$

25,957

 

$

33,313

 

$

39,494

 

$

27,137

 

Federal and state income tax expense

 

 

1,492

 

2,333

 

 

6,304

 

 

7,929

 

 

4,788

 

Net income

 

$

15,242

$

23,624

 

$

27,009

 

$

31,565

 

$

22,349

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.88

$

1.51

 

$

1.73

 

$

2.02

 

$

1.41

 

Diluted EPS

 

$

0.87

$

1.49

 

$

1.71

 

$

1.99

 

$

1.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

17,345,324

 

15,625,112

 

 

15,582,276

 

 

15,635,123

 

 

15,813,932

 

Weighted average common and common equivalent shares outstanding

 

 

17,549,107

 

15,852,256

 

 

15,838,246

 

 

15,869,798

 

 

16,045,239

 

 

 

 

 

 

 

 

(1) Provision for credit losses for the quarter ended June 30, 2022 included $11.0 million related to the acquired Guaranty Bank non-PCD loans and $1.4 million related to acquired Guaranty Bank OBS exposures.

 

 

 

 

 

 

 


QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

 

 

 

 

 

 

 

For Six Months Ended

 

 

June 30,

 

June 30,

 

 

2022

 

2021

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

Interest income

 

$

119,267

 

$

96,468

 

Interest expense

 

 

14,134

 

 

10,977

 

Net interest income

 

 

105,133

 

 

85,491

 

Provision for credit losses (1)

 

 

8,284

 

 

6,713

 

Net interest income after provision for loan/lease losses

 

$

96,849

 

$

78,778

 

 

 

 

 

 

 

 

 

 

 

Trust department fees

 

$

5,460

 

$

5,649

 

Investment advisory and management fees

 

 

2,019

 

 

1,979

 

Deposit service fees

 

 

3,778

 

 

2,900

 

Gain on sales of residential real estate loans

 

 

1,302

 

 

2,521

 

Gain on sales of government guaranteed portions of loans

 

 

19

 

 

-

 

Swap fee income/capital markets revenue

 

 

19,426

 

 

23,125

 

Securities gains (losses), net

 

 

-

 

 

(88

)

Earnings on bank-owned life insurance

 

 

696

 

 

922

 

Debit card fees

 

 

2,506

 

 

2,059

 

Correspondent banking fees

 

 

521

 

 

583

 

Other

 

 

2,688

 

 

3,135

 

Total noninterest income

 

$

38,415

 

$

42,785

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

53,599

 

$

47,891

 

Occupancy and equipment expense

 

 

9,915

 

 

8,073

 

Professional and data processing fees

 

 

8,036

 

 

7,145

 

Acquisition costs

 

 

3,824

 

 

-

 

Post-acquisition compensation, transition and integration costs

 

 

4,796

 

 

-

 

Disposition costs

 

 

-

 

 

8

 

FDIC insurance, other insurance and regulatory fees