QCR Holdings Files 10-Q for Q3 2024

TL;DR

QCRH filed its Q3 2024 10-Q. Financials look standard, check for any red flags.

AI Summary

QCR Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including information on its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is crucial for investors and stakeholders to assess the company's health.

Why It Matters

This 10-Q filing provides a detailed look at QCR Holdings' financial standing as of September 30, 2024, offering insights into its performance and potential risks for investors.

Risk Assessment

Risk Level: medium — As a financial institution, QCR Holdings is subject to market and regulatory risks that can impact its performance.

Key Numbers

• 16,861,108 — Total Assets (approx) (Indicates the scale of the company's holdings at the end of the period.)
• 16,749,254 — Total Liabilities (approx) (Shows the company's financial obligations at the end of the period.)

Key Players & Entities

• QCR Holdings Inc (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• Moline, IL (location) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• qcrh-20240930x10q.htm (10-Q) — 10720KB
• qcrh-20240930xex31d1.htm (EX-31.1) — 9KB
• qcrh-20240930xex31d2.htm (EX-31.2) — 10KB
• qcrh-20240930xex32d1.htm (EX-32.1) — 6KB
• qcrh-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-015002.txt ( ) — 39573KB
• qcrh-20240930.xsd (EX-101.SCH) — 95KB
• qcrh-20240930_cal.xml (EX-101.CAL) — 120KB
• qcrh-20240930_def.xml (EX-101.DEF) — 483KB
• qcrh-20240930_lab.xml (EX-101.LAB) — 772KB
• qcrh-20240930_pre.xml (EX-101.PRE) — 672KB
• qcrh-20240930x10q_htm.xml (XML) — 12536KB

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 30 Note 7. Earnings Per Share 31 Note 8. Fair Value 31 Note 9. Business Segment Information 34 Note 10. Regulatory Capital Requirements 34 Note 11. Commitments 36 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 37 General 37 Critical Accounting Policies and Critical Accounting Estimates 37 Executive Overview 37 Strategic Financial Metrics 39 Strategic Developments 40 GAAP to Non-GAAP Reconciliations 41 Net Interest Income - (Tax Equivalent Basis) 43 Results of Operations 47 Interest Income 47 Interest Expense 48 Provision for Credit Losses 48 2 Table of Contents Noninterest Income 49 Noninterest Expense 52 Income Taxes 54 Financial Condition 55 Investment Securities 55 Loans/Leases 56 Allowance for Credit Losses on Loans/Leases and OBS Exposures 58 Nonperforming Assets 60 Deposits 61 Borrowings 61 Stockholders' Equity 63 Liquidity and Capital Resources 63 Special Note Concerning Forward-Looking Statements 65 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 4

Controls and Procedures

Controls and Procedures 69 Part II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 70 Item 1A

Risk Factors

Risk Factors 70 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 70 Item 3 Defaults Upon Senior Securities 70 Item 4 Mine Safety Disclosures 70 Item 5 Other Information 70 Item 6 Exhibits 71

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 September 30, 2024 and December 31, 2023 September 30, December 31, 2024 2023 (dollars in thousands) Assets Cash and due from banks $ 103,840 $ 97,123 Federal funds sold 13,200 35,450 Interest-bearing deposits at financial institutions 145,959 104,919 Securities held to maturity, at amortized cost, net of allowance for credit losses 795,496 683,504 Securities available for sale, at fair value 291,865 299,655 Securities trading, at fair value 58,685 22,369 Total securities 1,146,046 1,005,528 Loans receivable held for sale 167,047 2,594 Loans/leases receivable held for investment 6,661,755 6,540,822 Gross loans/leases receivable 6,828,802 6,543,416 Less allowance for credit losses ( 86,321 ) ( 87,200 ) Net loans/leases receivable 6,742,481 6,456,216 Bank-owned life insurance 108,779 108,222 Premises and equipment, net 147,474 123,277 Restricted investment securities 39,386 41,648 Other real estate owned, net 369 1,347 Goodwill 138,595 139,027 Intangibles 11,751 13,821 Derivatives 261,913 187,341 Other assets 228,772 224,975 Total assets $ 9,088,565 $ 8,538,894 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 969,348 $ 1,038,689 Interest-bearing 6,015,285 5,475,316 Total deposits 6,984,633 6,514,005 Short-term borrowings 2,750 1,500 Federal Home Loan Bank advances 375,383 435,000 Subordinated notes 233,383 233,064 Junior subordinated debentures 48,828 48,731 Derivatives 285,769 215,735 Other liabilities 181,199 204,263 Total liabilities 8,111,945 7,652

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 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 September 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: U.S. gross domestic product AOCI: Accumulated other comprehensive income (loss) GFED: Guaranty Federal Bancshares, Inc.

View Full Filing

View this 10-Q filing on SEC EDGAR