QCR Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

QCR HOLDINGS INC (QCRH) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. QCR Holdings, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing includes financial data for various periods, including Q1 2024 and Q1 2023. Key financial statement components such as Retained Earnings, Common Stock, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple year-end and interim periods. The report references specific financial instruments including Interest Rate Swaps, Floors, and Caps for the period January 1, 2024, to March 31, 2024. Various service and account types are listed, including Investment Advisory, Fiduciary and Trust, Deposit Accounts, Debit Cards, and Correspondent Clearing for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking QCR HOLDINGS INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and position of QCR Holdings, Inc., crucial for evaluating investment decisions. The detailed breakdown of financial instruments and service revenues offers insights into the company's operational strategies and revenue streams during the first quarter of 2024.

Risk Assessment

Risk Level: low — QCR HOLDINGS INC shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to understand QCR Holdings' performance and identify any emerging trends or risks.

Key Numbers

• 20240331 — Period End Date (Conformed period of report)
• 20240509 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Company fiscal year end)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• QCR HOLDINGS INC (company) — Filer name
• 20240331 (date) — Conformed period of report
• 20240509 (date) — Filed as of date
• MOLINE (location) — Business address city
• IL (location) — Business address state
• 61265 (postal_code) — Business address zip
• 3097363580 (phone_number) — Business phone
• QUAD CITY HOLDINGS INC (company) — Former company name

FAQ

Industry Context

QCR Holdings, Inc. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, QCR Holdings, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures related to interest rate sensitivity and derivative instruments.
3. Compare Q1 2024 results with Q1 2023 to identify year-over-year changes.

Year-Over-Year Comparison

This filing represents the most recent quarterly update for QCR Holdings, Inc., following previous filings such as the 2023 10-K.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 Par Value QCRH The Nasdaq Global Ma

Filing Documents

• qcrh-20240331x10q.htm (10-Q) — 8444KB
• qcrh-20240331xex31d1.htm (EX-31.1) — 9KB
• qcrh-20240331xex31d2.htm (EX-31.2) — 10KB
• qcrh-20240331xex32d1.htm (EX-32.1) — 6KB
• qcrh-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-007504.txt ( ) — 33589KB
• qcrh-20240331.xsd (EX-101.SCH) — 88KB
• qcrh-20240331_cal.xml (EX-101.CAL) — 116KB
• qcrh-20240331_def.xml (EX-101.DEF) — 455KB
• qcrh-20240331_lab.xml (EX-101.LAB) — 700KB
• qcrh-20240331_pre.xml (EX-101.PRE) — 632KB
• qcrh-20240331x10q_htm.xml (XML) — 10739KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Note 1. Summary of Significant Accounting Policies 9 Note 2. Investment Securities 13 Note 3. Loans/Leases Receivable 17 Note 4. Securitizations and Variable Interest Entities 25 Note 5. Derivatives and Hedging Activities 26 Note 6. Income Taxes 29 Note 7. Earnings Per Share 30 Note 8. Fair Value 30 Note 9. Business Segment Information 32 Note 10. Regulatory Capital Requirements 33 Note 11. Commitments 34 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction 35 General 35 Critical Accounting Policies and Critical Accounting Estimates 35 Executive Overview 36 Strategic Financial Metrics 37 Strategic Developments 38 GAAP to Non-GAAP Reconciliations 39 Net Interest Income - (Tax Equivalent Basis) 41 Results of Operations 43 Interest Income 43 Interest Expense 44 Provision for Credit Losses 44 Noninterest Income 45 Noninterest Expense 47 Income Taxes 49 2 Table of Contents Financial Condition 49 Investment Securities 49 Loans/Leases 50 Allowance for Credit Losses on Loans/Leases and OBS Exposures 52 Nonperforming Assets 54 Deposits 55 Borrowings 55 Stockholders' Equity 57 Liquidity and Capital Resources 57 Special Note Concerning Forward-Looking Statements 59 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 4

Controls and Procedures

Controls and Procedures 63 Part II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 64 Item 1A

Risk Factors

Risk Factors 64 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3 Defaults Upon Senior Securities 64 Item 4 Mine Safety Disclosures 64 Item 5 Other Information 64 Item 6 Exhibits 65

Signatures

Signatures Throughout this Quarterly Report on Form 10-Q, we use certain acronyms and abbreviations, as defined in Note 1 to the Consolidated Financial Statements. 3 Table of Contents QCR HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2024 and December 31, 2023 March 31, December 31, 2024 2023 (dollars in thousands) Assets Cash and due from banks $ 80,988 $ 97,123 Federal funds sold 4,150 35,450 Interest-bearing deposits at financial institutions 72,870 104,919 Securities held to maturity, at amortized cost, net of allowance for credit losses 718,623 683,504 Securities available for sale, at fair value 290,980 299,655 Securities trading, at fair value 22,258 22,369 Total securities 1,031,861 1,005,528 Loans receivable held for sale 275,344 2,594 Loans/leases receivable held for investment 6,372,992 6,540,822 Gross loans/leases receivable 6,648,336 6,543,416 Less allowance for credit losses ( 84,470 ) ( 87,200 ) Net loans/leases receivable 6,563,866 6,456,216 Bank-owned life insurance 109,090 108,222 Premises and equipment, net 133,179 123,277 Restricted investment securities 31,734 41,648 Other real estate owned, net 784 1,347 Goodwill 139,027 139,027 Intangibles 13,131 13,821 Derivatives 183,888 187,341 Other assets 234,981 224,975 Total assets $ 8,599,549 $ 8,538,894 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 955,167 $ 1,038,689 Interest-bearing 5,851,608 5,475,316 Total deposits 6,806,775 6,514,005 Short-term borrowings 2,700 1,500 Federal Home Loan Bank advances 205,000 435,000 Subordinated notes 233,170 233,064 Junior subordinated debentures 48,763 48,731 Derivatives 211,677 215,735 Other liabilities 184,122 204,263 Total liabilities 7,692,207 7,652,298 Stoc

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation : The interim unaudited Consolidated Financial Statements contained herein should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes to the consolidated financial statements for the fiscal year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on February 29, 2024. Accordingly, footnote disclosures, which would substantially duplicate the disclosures contained in the audited Consolidated Financial Statements, have been omitted. The financial information of the Company included herein has been prepared in accordance with GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management's discussion and analysis are due to rounding. The results of the interim period ended March 31, 2024 are not necessarily indicative of the results expected for the year ending December 31, 2024, or for any other period. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10-Q. It may be helpful to refer back to this page as you read this report. ACL: Allowance for credit losses FRB: Federal Reserve Bank of Chicago AFS: Available for sale GAAP: Generally Accepted Accounting Principles Allowance: Allowance for credit losses GFED: Guaranty Federal Bancshares, Inc. AOCI: Accumulated other comprehensive income (loss) HTM: Held to maturity ASC: Accounting Standards Codification

View Full Filing

View this 10-Q filing on SEC EDGAR