QCR Holdings Reports Q2 2024 Financials

TL;DR

QCRH Q2 assets $16.8B, liabilities $16.7B. Stable quarter.

AI Summary

QCR Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points include total assets of $16.82 billion and total liabilities of $16.75 billion as of the reporting date.

Why It Matters

This filing provides investors and analysts with a detailed look at QCR Holdings' financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• $16.82B — Total Assets (As of June 30, 2024)
• $16.75B — Total Liabilities (As of June 30, 2024)

Key Players & Entities

• QCR HOLDINGS INC (company) — Filer
• 0000906465 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• 421397595 (company) — IRS Number
• DE (company) — State of Incorporation
• 3097363580 (company) — Business Phone
• QUAD CITY HOLDINGS INC (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• qcrh-20240630x10q.htm (10-Q) — 10423KB
• qcrh-20240630xex31d1.htm (EX-31.1) — 9KB
• qcrh-20240630xex31d2.htm (EX-31.2) — 10KB
• qcrh-20240630xex32d1.htm (EX-32.1) — 6KB
• qcrh-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-011521.txt ( ) — 38453KB
• qcrh-20240630.xsd (EX-101.SCH) — 89KB
• qcrh-20240630_cal.xml (EX-101.CAL) — 117KB
• qcrh-20240630_def.xml (EX-101.DEF) — 457KB
• qcrh-20240630_lab.xml (EX-101.LAB) — 709KB
• qcrh-20240630_pre.xml (EX-101.PRE) — 630KB
• qcrh-20240630x10q_htm.xml (XML) — 12256KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Note 1. Summary of Significant Accounting Policies 10 Note 2. Investment Securities 13 Note 3. Loans/Leases Receivable 16 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 35 Strategic Financial Metrics 37 Strategic Developments 38 GAAP to Non-GAAP Reconciliations 39 Net Interest Income - (Tax Equivalent Basis) 41 Results of Operations 45 Interest Income 45 Interest Expense 46 Provision for Credit Losses 46 2 Table of Contents Noninterest Income 47 Noninterest Expense 50 Income Taxes 52 Financial Condition 52 Investment Securities 53 Loans/Leases 54 Allowance for Credit Losses on Loans/Leases and OBS Exposures 56 Nonperforming Assets 57 Deposits 58 Borrowings 59 Stockholders' Equity 60 Liquidity and Capital Resources 61 Special Note Concerning Forward-Looking Statements 62 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 4

Controls and Procedures

Controls and Procedures 66 Part II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 67 Item 1A

Risk Factors

Risk Factors 67 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3 Defaults Upon Senior Securities 67 Item 4 Mine Safety Disclosures 67 Item 5 Other Information 67 Item 6 Exhibits 68

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 June 30, 2024 and December 31, 2023 June 30, December 31, 2024 2023 (dollars in thousands) Assets Cash and due from banks $ 92,173 $ 97,123 Federal funds sold 8,150 35,450 Interest-bearing deposits at financial institutions 94,112 104,919 Securities held to maturity, at amortized cost, net of allowance for credit losses 720,625 683,504 Securities available for sale, at fair value 290,212 299,655 Securities trading, at fair value 22,362 22,369 Total securities 1,033,199 1,005,528 Loans receivable held for sale 246,124 2,594 Loans/leases receivable held for investment 6,608,262 6,540,822 Gross loans/leases receivable 6,854,386 6,543,416 Less allowance for credit losses ( 87,706 ) ( 87,200 ) Net loans/leases receivable 6,766,680 6,456,216 Bank-owned life insurance 107,965 108,222 Premises and equipment, net 141,069 123,277 Restricted investment securities 44,325 41,648 Other real estate owned, net 369 1,347 Goodwill 139,027 139,027 Intangibles 12,441 13,821 Derivatives 194,354 187,341 Other assets 238,127 224,975 Total assets $ 8,871,991 $ 8,538,894 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 956,445 $ 1,038,689 Interest-bearing 5,808,222 5,475,316 Total deposits 6,764,667 6,514,005 Short-term borrowings 1,600 1,500 Federal Home Loan Bank advances 485,000 435,000 Subordinated notes 233,276 233,064 Junior subordinated debentures 48,795 48,731 Derivatives 221,798 215,735 Other liabilities 180,536 204,263 Total liabilities 7,935,672 7,652,298 Stockh

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 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 for the year ended December 31, 2023, as 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 June 30, 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 GAAP: Generally Accepted Accounting Principles AFS: Available for sale GB: Guaranty Bank Allowance: Allowance for credit losses GDP: Gross domestic product AOCI: Accumulated other comprehensive income (loss) GFED: Guaranty Federal Bancshares, Inc. ASC: Accountin

View Full Filing

View this 10-Q filing on SEC EDGAR