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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to________

Commission file number 0-22208

QCR HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

Delaware

42-1397595

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3551 7th Street, Moline, Illinois 61265

(Address of principal executive offices, including zip code)

(309) 736-3580

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 Par Value

QCRH

The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes       No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes       No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes       No

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date: As of May 1, 2022, the Registrant had outstanding 17,651,425 shares of common stock, $1.00 par value per share.

1

QCR HOLDINGS, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

Page
Number(s)

Part I

    

FINANCIAL INFORMATION

Item 1

    

Consolidated Financial Statements (Unaudited)

Consolidated Balance Sheets
As of March 31, 2022 and December 31, 2021

4

Consolidated Statements of Income
For the Three Months Ended March 31, 2022 and 2021

5

Consolidated Statements of Comprehensive Income
For the Three Months Ended March 31, 2022 and 2021

6

Consolidated Statements of Changes in Stockholders' Equity
For the Three Months Ended March 31, 2022 and 2021

7

Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2022 and 2021

8

Notes to Consolidated Financial Statements

9

Note 1. Summary of Significant Accounting Policies

9

Note 2. Investment Securities

11

Note 3. Loans/Leases Receivable

14

Note 4. Derivatives and Hedging Activities

23

Note 5. Income Taxes

25

Note 6. Earnings Per Share

26

Note 7. Fair Value

26

Note 8. Business Segment Information

28

Note 9. Regulatory Capital Requirements

29

Note 10. Acquisition

30

Item 2

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

Introduction

31

General

31

Impact of COVID-19

31

Critical Accounting Policies and Critical Accounting Estimates

32

Executive Overview

33

Strategic Financial Metrics

34

Strategic Developments

35

GAAP to Non-GAAP Reconciliations

36

Net Interest Income - (Tax Equivalent Basis)

38

Results of Operations

40

Interest Income

40

Interest Expense

41

Provision for Credit Losses

41

Noninterest Income

42

Noninterest Expense

44

Income Taxes

45

2

Financial Condition

46

Investment Securities

46

Loans/Leases

47

Allowance for Credit Losses on Loans/Leases and OBS Exposures

49

Nonperforming Assets

50

Deposits

51

Borrowings

52

Stockholders' Equity

53

Liquidity and Capital Resources

54

Special Note Concerning Forward-Looking Statements

55

Item 3

    

Quantitative and Qualitative Disclosures About Market Risk

57

Item 4

Controls and Procedures

59

Part II

    

OTHER INFORMATION

60

Item 1

Legal Proceedings

60

Item 1A

Risk Factors

60

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3

Defaults Upon Senior Securities

60

Item 4

Mine Safety Disclosures

60

Item 5

Other Information

60

Item 6

Exhibits

61

Signatures

62

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

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of March 31, 2022 and December 31, 2021

March 31, 

December 31,

2022

2021

(dollars in thousands)

Assets

Cash and due from banks

$

50,540

$

37,490

Federal funds sold

 

9,635

 

12,370

Interest-bearing deposits at financial institutions

 

56,755

 

75,292

Securities held to maturity, at amortized cost, net of allowance for credit losses

 

476,625

 

472,385

Securities available for sale, at fair value

 

346,686

 

337,830

Total securities

823,311

 

810,215

Loans receivable held for sale

 

2,968

 

3,828

Loans/leases receivable held for investment

 

4,824,900

 

4,676,304

Gross loans/leases receivable

 

4,827,868

 

4,680,132

Less allowance for credit losses

 

(74,786)

 

(78,721)

Net loans/leases receivable

 

4,753,082

 

4,601,411

 

  

 

  

Bank-owned life insurance

 

62,770

 

62,424

Premises and equipment, net

 

80,634

 

78,530

Restricted investment securities

 

30,722

 

19,353

Goodwill

 

74,066

 

74,066

Intangibles

 

8,856

 

9,349

Derivatives

107,326

222,220

Other assets

 

118,122

 

93,412

Total assets

$

6,175,819

$

6,096,132

 

  

 

  

Liabilities and Stockholders' Equity

 

  

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing

$

1,275,493

$

1,268,788

Interest-bearing

 

3,564,196

 

3,653,984

Total deposits

 

4,839,689

 

4,922,772

 

  

 

  

Short-term borrowings

 

1,190

 

3,800

Federal Home Loan Bank advances

 

290,000

 

15,000

Subordinated notes

113,890

113,850

Junior subordinated debentures

 

38,190

 

38,155

Derivatives

116,193

225,135

Other liabilities

 

108,743

 

100,410

Total liabilities

 

5,507,895

 

5,419,122

 

  

 

  

 

  

 

  

Stockholders' Equity:

 

  

 

  

Preferred stock, $1 par value; shares authorized 250,000 March 2022 and December 2021 - no shares issued or outstanding

 

 

Common stock, $1 par value; shares authorized 20,000,000 March 2022 - 15,579,605 shares issued and outstanding December 2021 - 15,613,460 shares issued and outstanding

 

15,580

 

15,613

Additional paid-in capital

 

272,370

 

273,768

Retained earnings

 

405,762

 

386,077

Accumulated other comprehensive income (loss):

 

 

Securities available for sale

 

(16,171)

 

5,925

Derivatives

(9,617)

(4,373)

Total stockholders' equity

 

667,924

 

677,010

Total liabilities and stockholders' equity

$

6,175,819

$

6,096,132

See Notes to Consolidated Financial Statements (Unaudited)

4

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended March 31, 2022 and 2021

    

2022

    

2021

(dollars in thousands, except share data)

Interest and dividend income:

Loans/leases, including fees

$

44,196

$

41,333

Securities:

Taxable

 

2,398

 

2,042

Nontaxable

 

4,150

 

3,934

Interest-bearing deposits at financial institutions

 

35

 

37

Restricted investment securities

 

281

 

219

Federal funds sold

 

2

 

Total interest and dividend income

 

51,062

 

47,565

Interest expense:

Deposits

 

3,137

 

3,427

Short-term borrowings

 

 

1

Federal Home Loan Bank advances

 

82

 

9

Subordinated notes

1,554

1,594

Junior subordinated debentures

 

556

 

559

Total interest expense

 

5,329

 

5,590

Net interest income

 

45,733

 

41,975

Provision for credit losses

 

(2,916)

 

6,713

Net interest income after provision for credit losses

 

48,649

 

35,262

Noninterest income:

Trust department fees

 

2,963

 

2,801

Investment advisory and management fees

 

1,036

 

940

Deposit service fees

 

1,555

 

1,408

Gains on sales of residential real estate loans, net

 

493

 

1,337

Gains on sales of government guaranteed portions of loans, net

 

19

 

Swap fee income/capital markets revenue

 

6,422

 

13,557

Earnings on bank-owned life insurance

 

346

 

471

Debit card fees

 

1,007

 

975

Correspondent banking fees

 

277

 

314

Other

 

1,515

 

1,686

Total noninterest income

 

15,633

 

23,489

Noninterest expense:

Salaries and employee benefits

 

23,627

 

24,847

Occupancy and equipment expense

 

3,937

 

4,108

Professional and data processing fees

 

3,671

 

3,443

Acquisition costs

 

1,851

 

Disposition costs

8

FDIC insurance, other insurance and regulatory fees

 

1,310

 

1,065

Loan/lease expense

 

267

 

300

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

 

(1)

 

39

Advertising and marketing

 

761

 

627

Bank service charges

 

541

 

523

Correspondent banking expense

 

199

 

200

Intangibles amortization

 

493

 

508

Other

 

1,669

 

1,560

Total noninterest expense

 

38,325

 

37,228

Net income before income taxes

 

25,957

 

21,523

Federal and state income tax expense

 

2,333

 

3,541

Net income

$

23,624

$

17,982

Basic earnings per common share

$

1.51

$

1.14

Diluted earnings per common share

$

1.49

$

1.12

Weighted average common shares outstanding

 

15,625,112

 

15,803,643

Weighted average common and common equivalent shares outstanding

 

15,852,256

 

16,025,548

Cash dividends declared per common share

$

0.06

$

0.06

See Notes to Consolidated Financial Statements (Unaudited)

5

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended March 31, 2022 and 2021

Three Months Ended March 31, 

    

    

2022

    

2021

(dollars in thousands)

Net income

$

23,624

$

17,982

Other comprehensive income (loss):

Unrealized losses on securities available for sale:

Unrealized holding losses arising during the period before tax

(29,170)

 

(5,759)

Unrealized gains (losses) on derivatives:

Unrealized holding gains (losses) arising during the period before tax

 

(6,858)

 

3,153

Less reclassification adjustment for caplet amortization before tax

(221)

(151)

 

(6,637)

 

3,304

Other comprehensive loss, before tax

 

(35,807)

 

(2,455)

Tax benefit

 

(8,467)

 

(704)

Other comprehensive loss, net of tax

 

(27,340)

 

(1,751)

Comprehensive income (loss)

$

(3,716)

$

16,231

See Notes to Consolidated Financial Statements (Unaudited)

6

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

Three Months Ended March 31, 2022 and 2021

Accumulated

Additional

Other

Common

Paid-In

Retained

Comprehensive

    

Stock

    

Capital

    

Earnings

    

(Loss) Income

    

Total

(dollars in thousands)

Balance December 31, 2021

$

15,613

$

273,768

$

386,077

$

1,552

$

677,010

Net income

 

 

 

23,624

 

 

23,624

Other comprehensive (loss), net of tax

 

 

 

 

(27,340)

 

(27,340)

Common cash dividends declared, $0.06 per share

 

 

 

(939)