MOLINE, Ill., Nov. 22, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced that on November 20, 2024, the Company’s Board of Directors declared a cash dividend of $0.06 per share payable on January 3, 2025, to holders of common stock of the Company of record on December 13, 2024. About UsQCR 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 S ...

Financial Performance - Net income for the three months ended September 30, 2024, was $27,785 thousand, an increase from $25,121 thousand, representing a growth of 10.6%[11] - Basic earnings per common share increased to $1.65 for the three months ended September 30, 2024, compared to $1.50, reflecting a growth of 10.0%[11] - Net income for the quarter ended September 30, 2023, was $25,121,000, a decrease from $28,425,000 in the previous quarter[19] - For the nine months ended September 30, 2024, net income was $83.6 million with diluted EPS of $4.94, an increase from $80.7 million and $4.79 in the same period of 2023[139] - The Company reported net income of $27.8 million and diluted EPS of $1.64 for Q3 2024, compared to $29.1 million and $1.72 in Q2 2024, and $25.1 million and $1.49 in Q3 2023[138] Asset Growth - Total assets increased to $9,088,565 thousand as of September 30, 2024, compared to $8,538,894 thousand at December 31, 2023, representing a growth of 6.5%[9] - Total assets as of September 30, 2024, amounted to $9,088,565,000, up from $8,540,057,000 as of September 30, 2023, indicating a growth of 6.4%[126] - Total assets measured at fair value as of September 30, 2024, amounted to $612,463,000, compared to $509,365,000 as of December 31, 2023, indicating a growth of 20.3%[112] Loan and Lease Performance - Net loans/leases receivable rose to $6,742,481 thousand, up from $6,456,216 thousand, marking an increase of 4.4%[9] - The total loan/lease portfolio amounted to $6.83 billion, an increase from $6.54 billion as of December 31, 2023, reflecting a growth of approximately 4.2%[65] - The average balance of gross loans/leases receivable increased by $52.1 million in Q3 2024 compared to the prior period[174] - The Company reported a total of $6,828,802 thousand in collectively evaluated credit losses, with an allowance of $86,321 thousand[75] Deposit Growth - Total deposits increased to $6,984,633 thousand, compared to $6,514,005 thousand, reflecting a growth of 7.2%[9] - The company reported a net increase in deposit accounts of $470,628,000 for the current year[22] Interest Income and Expense - Net interest income for the three months ended September 30, 2024, was $59,722 thousand, up from $55,255 thousand, indicating an increase of 8.9%[11] - Interest income increased by $16.9 million in Q3 2024 compared to Q3 2023, and by $59.1 million for the first nine months of 2024 compared to the same period in 2023[177] - Interest expense increased to $12,387, up from the previous period, with interest-bearing deposits contributing significantly to this rise[170] Credit Quality and Provisions - The provision for credit losses decreased to $3,484 thousand from $3,806 thousand, a reduction of 8.4%[11] - The total provision for credit losses was $3.5 million for Q3 2024, an increase from $3.3 million in Q3 2023, primarily driven by loan growth[180] - The allowance for credit losses (ACL) for loans/leases held for investment was 1.30% of total gross loans/leases at September 30, 2024, down from 1.39% at September 30, 2023[183] Noninterest Income and Expense - Noninterest income totaled $27,157 thousand for the three months ended September 30, 2024, compared to $26,593 thousand, a rise of 2.1%[11] - Noninterest income decreased by $3.7 million, or 12%, compared to Q2 2024, primarily due to lower BOLI income and capital markets revenue[145] - Total noninterest income for the third quarter of 2024 was $27.2 million, a 2.1% increase from $26.6 million in the same period in 2023[185] Capital Adequacy - The Company and its subsidiary banks met all capital adequacy requirements as of September 30, 2024, ensuring they are categorized as "well capitalized" under regulatory standards[128] - The total risk-based capital is $1,243,438, representing a ratio of 13.87%[129] Efficiency and Cost Management - The efficiency ratio (non-GAAP) for the quarter ended September 30, 2024, was 61.65%, an increase from 57.31% in the same quarter of the prior year, indicating a decline in efficiency[164] - The company emphasizes overall cost containment and is committed to improving general efficiency[205] Securitization and Investments - The Company completed a LIHTC loan securitization with a total outstanding principal balance of $232.4 million, recording a net loss of $473 thousand[149] - The company plans to continue utilizing securitizations as a liquidity management tool and to enhance capacity for LIHTC loans[149] Derivative Instruments - The Company has entered into interest rate swaps totaling a notional amount of $114,310,000 to hedge against rising rates, with fair values of $(624,000) as of December 31, 2023[97] - The Company’s derivative financial instruments are recorded in accordance with ASC 815, impacting both AOCI and current earnings based on their designation[101]

Financial Data and Key Metrics Changes - The company reported net income of $28 million, or $1.64 per diluted share, with adjusted net income of $30 million, or $1.78 per diluted share, resulting in an adjusted ROAA of 1.35% and an adjusted ROAE of 12.60% [4][12] - Net interest income increased by nearly $3.6 million, or 6%, driven by strong growth in loan and investment balances and margin expansion [5][12] - The tangible book value per share grew by $2.35, representing a 20% annualized growth for the quarter [22] Business Line Data and Key Metrics Changes - Total non-interest income for the third quarter was $27 million, primarily driven by capital markets revenue of $16 million and a 17% annualized increase in wealth management revenue [6][12] - The wealth management business added nearly $1 billion in assets under management year-to-date, reflecting an 18% increase [6][14] - Non-interest expenses increased to $54 million, including a one-time charge of $2.4 million for restructuring and goodwill impairment [16] Market Data and Key Metrics Changes - Total loans grew by $285 million, or 6% annualized, funded by core deposit growth of $400 million [18] - Total deposits increased by $220 million, or 13% annualized, with year-to-date core deposits up by $400 million, or 9% [19] - The allowance for credit losses as a percentage of total loans held for investment decreased to 1.30% from 1.33% [21] Company Strategy and Development Direction - The company plans to focus on its core banking franchise by discontinuing new loans and leases through its Equipment Finance business, aiming to improve profitability and liquidity [7][10] - The LIHTC lending program is a key strategic initiative, generating significant capital markets revenue and enhancing liquidity through securitization [9][10] - The company aims to maintain a loan-to-deposit ratio in the 90% to 95% range while continuing to drive core deposit growth [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic stability of their markets and noted no significant indicators of financial stress [8] - The company anticipates continued growth in net interest income for the fourth quarter, with guidance for adjusted NIM TEY to increase by 2 to 7 basis points [13][24] - Management highlighted a strong pipeline in capital markets and wealth management, with expectations for consistent performance [36] Other Important Information - The company recorded a loss on derivatives of $414,000 and a loss of $473,000 on securitization in the third quarter, which was better than anticipated [15] - The effective tax rate for the quarter was 7%, with expectations to remain in the range of 8% to 10% in the fourth quarter [22] Q&A Session Summary Question: Margin guidance for the fourth quarter - Management confirmed that the guidance for margin expansion is 2 to 7 basis points, excluding any additional Fed cuts [24][32] Question: Deposit repricing and performance - Management noted $2.2 billion of immediately repriced core deposits and $685 million of high beta deposits that have seen reductions since the Fed's action [25][26] Question: Outlook for expenses - Management expects to keep non-interest expenses within the $49 million to $52 million range, benefiting from reduced expenses related to the Equipment Finance decision [27][28] Question: Loan demand and competitive landscape - Management indicated that loan demand is improving modestly, particularly in the LIHTC business, while traditional commercial pipelines are also showing improvement [46] Question: Capital management and TCE - Management plans to manage TCE carefully, considering potential sub debt retirement and share buybacks in the future [38][52]

Core Insights - QCR Holdings reported revenue of $86.88 million for the quarter ended September 2024, reflecting a year-over-year increase of 6.1% and a surprise of +3.43% over the Zacks Consensus Estimate of $84 million [1] - Earnings per share (EPS) for the quarter was $1.78, compared to $1.51 in the same quarter last year, resulting in an EPS surprise of +19.46% over the consensus estimate of $1.49 [1] Financial Performance Metrics - Efficiency Ratio (Non-GAAP) was reported at 61.7%, higher than the average estimate of 54.7% from three analysts [1] - Net interest margin (GAAP) stood at 2.9%, below the average estimate of 3.3% from three analysts [1] - Average balance of total earning assets was $8.18 billion, slightly above the average estimate of $8.04 billion from two analysts [1] - Net charge-offs as a percentage of average loans/leases were 0.1%, better than the estimated 0.2% from two analysts [1] - Total noninterest income reached $27.16 million, exceeding the average estimate of $26.72 million from three analysts [1] - Net interest income was reported at $59.72 million, surpassing the average estimate of $57.46 million from two analysts [1] - Capital markets revenue was $16.29 million, slightly above the estimated $16 million from two analysts [1] - Deposit service fees totaled $2.29 million, exceeding the average estimate of $2 million from two analysts [1] - Gains on sales of residential real estate loans were $0.39 million, below the average estimate of $0.60 million from two analysts [1] - Net interest income - tax equivalent (non-GAAP) was $69.27 million, higher than the average estimate of $66.39 million from two analysts [1] Stock Performance - Shares of QCR Holdings have returned +6.5% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [2] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [2]

Core Insights - QCR Holdings reported quarterly earnings of $1.78 per share, exceeding the Zacks Consensus Estimate of $1.49 per share, and up from $1.51 per share a year ago, representing an earnings surprise of 19.46% [1] - The company achieved revenues of $86.88 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 3.43% and increasing from $81.85 million year-over-year [1] Earnings Performance - QCR Holdings has surpassed consensus EPS estimates in all four of the last quarters [1] - The company had a previous quarter earnings expectation of $1.39 per share but reported $1.73, resulting in a surprise of 24.46% [1] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.60 on revenues of $86.4 million, and for the current fiscal year, it is $6.34 on revenues of $337 million [4] - The estimate revisions trend for QCR Holdings is favorable, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Banks - Midwest industry, to which QCR Holdings belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [5] - Another company in the same industry, First Interstate BancSystem, is expected to report quarterly earnings of $0.60 per share, reflecting a year-over-year decline of 14.3% [5]

Exhibit 99.1 PRESS RELEASE FOR IMMEDIATE RELEASE QCR Holdings, Inc. Announces Net Income of $27.8 Million for the Third Quarter of 2024 Third Quarter 2024 Highlights · Net income of $27.8 million, or $1.64 per diluted share · Adjusted net income of $30.3 million or $1.78 per diluted share (non-GAAP) resulting in an adjusted ROAA (nonGAAP) of 1.35% · Significant increase in net interest income of $3.6 million from the prior quarter, or 6% · Net interest margin expanded by 8 basis points to 3.34% adjusted NIM ...

Third Quarter 2024 Highlights Net income of $27.8 million, or $1.64 per diluted shareAdjusted net income of $30.3 million or $1.78 per diluted share (non-GAAP) resulting in an adjusted ROAA (non-GAAP) of 1.35%Significant increase in net interest income of $3.6 million from the prior quarter, or 6%Net interest margin expanded by 8 basis points to 3.34% adjusted NIM (TEY) (non-GAAP)Continued strong capital markets revenue of $16.3 millionTangible book value (non-GAAP) per share grew $2.35, or 20% annualizedTC ...

Core Viewpoint - QCR Holdings has shown strong stock performance, with a 5.8% increase over the past month and a 36.4% gain since the beginning of the year, outperforming both the Zacks Finance sector and the Zacks Banks - Midwest industry [1][2]. Financial Performance - The company has consistently exceeded earnings expectations, reporting an EPS of $1.73 against a consensus estimate of $1.39 in its last earnings report [2]. - For the current fiscal year, QCR Holdings is projected to achieve earnings of $6.34 per share on revenues of $337 million, reflecting a decline of 7.04% in EPS and 4.72% in revenues [3]. - In the next fiscal year, earnings are expected to rise to $6.63 per share on revenues of $361.8 million, indicating a year-over-year growth of 4.61% in EPS and 7.36% in revenues [3]. Valuation Metrics - QCR Holdings has a Value Score of B, with Growth and Momentum Scores both at C, resulting in a combined VGM Score of B [6]. - The stock trades at 12.6 times the current fiscal year EPS estimates, which is above the peer industry average of 12 times [6]. - On a trailing cash flow basis, the stock is valued at 9.9 times compared to the peer group's average of 9.2 times [6]. Zacks Rank - QCR Holdings holds a Zacks Rank of 2 (Buy), supported by rising earnings estimates [7]. - The stock meets the criteria for selection, as it has a Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, suggesting potential for further price appreciation [7].

MOLINE, Ill., Oct. 02, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) ("QCRH" or the "Company") announced today that its third quarter ended September 30, 2024 financial results will be released after the market closes on Wednesday, October 23, 2024. The Company will host a conference call and webcast the next day, Thursday, October 24, 2024, at 10:00 a.m. Central Time to discuss the results. Shareholders, analysts, and other interested parties are invited to join. Teleconference: Dial-in inform ...

MOLINE, ill., Sept. 05, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the "Company") announced the decision to discontinue offering new loans and leases through its equipment finance business, m2 Equipment Finance, LLC ("m2"), located in Waukesha, WI. m2 was acquired by the Company in 2005 and has provided equipment financing solutions to commercial borrowers since its founding in 1998. "We expect that this change will improve our profitability, increase liquidity, reduce our credit losses and ...