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Section 1: 10-Q (10-Q)

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Table of Contents

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 June 30, 2020

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 August 1, 2020, the Registrant had outstanding 15,791,536 shares of common stock, $1.00 par value per share.

1

Table of Contents

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 June 30, 2020 and December 31, 2019

4

Consolidated Statements of Income
For the Three Months Ended June 30, 2020 and 2019

5

Consolidated Statements of Income

For the Six Months Ended June 30, 2020 and 2019

6

Consolidated Statements of Comprehensive Income
For the Three and Six Months Ended June 30, 2020 and 2019

7

Consolidated Statements of Changes in Stockholders' Equity
For the Three and Six Months Ended June 30, 2020 and 2019

8

Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2020 and 2019

9

Notes to Consolidated Financial Statements

11

Note 1. Summary of Significant Accounting Policies

11

Note 2. Investment Securities

13

Note 3. Loans/Leases Receivable

17

Note 4. Derivatives and Hedging Activities

28

Note 5. Earnings Per Share

29

Note 6. Fair Value

30

Note 7. Business Segment Information

32

Note 8. Regulatory Capital Requirements

33

Note 9. Pending Sale

35

Item 2

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

Introduction

36

General

36

Impact of COVID-19

36

Executive Overview

40

Strategic Financial Metrics

42

Strategic Developments

43

GAAP to Non-GAAP Reconciliations

43

Net Interest Income - (Tax Equivalent Basis)

47

Critical Accounting Policies

51

Goodwill

51

Allowance for Loan and Lease Losses

52

2

Table of Contents

Results of Operations

52

Interest Income

52

Interest Expense

52

Provision for Loan/Lease Losses

53

Noninterest Income

54

Noninterest Expense

57

Income Taxes

59

Financial Condition

60

Investment Securities

60

Loans/Leases

61

Allowance for Estimated Losses on Loans/Leases

63

Nonperforming Assets

64

Deposits

65

Borrowings

66

Stockholders' Equity

67

Liquidity and Capital Resources

68

Special Note Concerning Forward-Looking Statements

69

Item 3

    

Quantitative and Qualitative Disclosures About Market Risk

71

Item 4

Controls and Procedures

73

Part II

    

OTHER INFORMATION

74

Item 1

Legal Proceedings

74

Item 1A

Risk Factors

74

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3

Defaults Upon Senior Securities

78

Item 4

Mine Safety Disclosures

78

Item 5

Other Information

78

Item 6

Exhibits

79

Signatures

80

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

Part I

Item 1

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of June 30, 2020 and December 31, 2019

    

June 30, 

    

December 31, 

2020

2019

(dollars in thousands)

Assets

Cash and due from banks

$

88,577

$

76,254

Federal funds sold

 

2,125

 

9,800

Interest-bearing deposits at financial institutions

 

140,775

 

147,891

Securities held to maturity, at amortized cost

 

425,976

 

400,646

Securities available for sale, at fair value

 

322,907

 

210,695

Total securities

748,883

 

611,341

Loans receivable held for sale

 

8,327

 

3,673

Loans/leases receivable held for investment

 

4,131,932

 

3,686,532

Gross loans/leases receivable

 

4,140,259

 

3,690,205

Less allowance for estimated losses on loans/leases

 

(60,827)

 

(36,001)

Net loans/leases receivable

 

4,079,432

 

3,654,204

 

  

 

  

Bank-owned life insurance

 

59,645

 

58,834

Premises and equipment, net

 

72,915

 

73,859

Restricted investment securities

 

23,209

 

23,252

Other real estate owned, net

 

157

 

4,129

Goodwill

 

74,248

 

74,748

Intangibles

 

13,872

 

14,970

Derivatives

225,164

87,827

Assets held for sale

10,765

11,966

Other assets

 

64,994

 

59,975

Total assets

$

5,604,761

$

4,909,050

 

  

 

  

Liabilities and Stockholders' Equity

 

  

 

  

Liabilities:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing

$

1,177,482

$

777,224

Interest-bearing

 

3,172,293

 

3,133,827

Total deposits

 

4,349,775

 

3,911,051

 

  

 

  

Short-term borrowings

 

124,818

 

13,423

Federal Home Loan Bank advances

 

145,000

 

159,300

Subordinated notes

68,516

68,394

Junior subordinated debentures

 

37,916

 

37,838

Derivatives

233,589

88,437

Liabilities held for sale

1,588

5,003

Other liabilities

 

87,539

 

90,253

Total liabilities

 

5,048,741

 

4,373,699

 

  

 

  

 

  

 

  

Stockholders' Equity:

 

  

 

  

Preferred stock, $1 par value; shares authorized 250,000 June 2020 and December 2019 - no shares issued or outstanding

 

 

Common stock, $1 par value; shares authorized 20,000,000 June 2020 - 15,790,611 shares issued and outstanding December 2019 - 15,828,098 shares issued and outstanding

 

15,791

 

15,828

Additional paid-in capital

 

274,315

 

274,785

Retained earnings

 

267,081

 

245,836

Accumulated other comprehensive income (loss):

 

 

Securities available for sale

 

8,738

 

2,817

Derivatives

(9,905)

(3,915)

Total stockholders' equity

 

556,020

 

535,351

Total liabilities and stockholders' equity

$

5,604,761

$

4,909,050

See Notes to Consolidated Financial Statements (Unaudited)

4

Table of Contents

Part I

Item 1

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended June 30, 2020 and 2019

    

2020

    

2019

(dollars in thousands, except share data)

Interest and dividend income:

Loans/leases, including fees

$

42,614

$

47,515

Securities:

Taxable

 

2,048

 

1,678

Nontaxable

 

3,565

 

3,474

Interest-bearing deposits at financial institutions

 

134

 

1,168

Restricted investment securities

 

288

 

290

Federal funds sold

 

1

 

56

Total interest and dividend income

 

48,650

 

54,181

Interest expense:

Deposits

 

5,766

 

13,825

Short-term borrowings

 

22

 

81

Federal Home Loan Bank advances

 

347

 

601

Other borrowings

 

 

92

Subordinated notes

994

993

Junior subordinated debentures

 

573

 

576

Total interest expense

 

7,702

 

16,168

Net interest income

 

40,948

 

38,013

Provision for loan/lease losses

 

19,915

 

1,941

Net interest income after provision for loan/lease losses

 

21,033

 

36,072

Noninterest income:

Trust department fees

 

2,227

 

2,361

Investment advisory and management fees

 

1,399

 

1,888

Deposit service fees

 

1,286

 

1,658

Gains on sales of residential real estate loans, net

 

1,196

 

489

Gains on sales of government guaranteed portions of loans, net

 

 

39

Swap fee income

 

19,927

 

7,891

Securities gains (losses), net

 

65

 

(52)

Earnings on bank-owned life insurance

 

612

 

412

Debit card fees

 

775

 

914

Correspondent banking fees

 

198

 

172

Other

 

941

 

1,293

Total noninterest income

 

28,626

 

17,065

Noninterest expense:

Salaries and employee benefits

 

21,304

 

22,749

Occupancy and equipment expense

 

3,748

 

3,533

Professional and data processing fees

 

3,646

 

3,031

Post-acquisition compensation, transition and integration costs

 

70

 

708

Disposition costs

(83)

FDIC insurance, other insurance and regulatory fees

 

908

 

926

Loan/lease expense

 

339

 

312

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

 

(332)

 

1,182

Advertising and marketing

 

552

 

1,037

Bank service charges

 

501

 

508

Losses on liability extinguishment

 

429

 

Correspondent banking expense

 

212

 

206

Intangibles amortization

 

548

 

615

Other

 

1,280

 

1,753

Total noninterest expense

 

33,122

 

36,560

Net income before income taxes

 

16,537

 

16,577

Federal and state income tax expense

 

2,798

 

3,073

Net income

$

13,739

$

13,504

Basic earnings per common share

$

0.87

$

0.86

Diluted earnings per common share

$

0.86

$

0.85

Weighted average common shares outstanding

 

15,747,056

 

15,714,588

Weighted average common and common equivalent shares outstanding

 

15,895,336

 

15,938,377

Cash dividends declared per common share

$

0.06

$

0.06

See Notes to Consolidated Financial Statements (Unaudited)

5

Table of Contents

Part I

Item 1

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Six Months Ended June 30, 2020 and 2019

    

2020

    

2019

    

(dollars in thousands, except share data)

Interest and dividend income:

Loans/leases, including fees

$

85,774

$

93,082

Securities:

Taxable

 

3,775

 

3,344

Nontaxable

 

7,024

 

7,018

Interest-bearing deposits at financial institutions

 

495

 

2,091

Restricted investment securities

 

546

 

598

Federal funds sold

 

18

 

150

Total interest and dividend income

 

97,632

 

106,283

Interest expense:

Deposits

 

14,972

 

26,304

Short-term borrowings

 

86

 

152

Federal Home Loan Bank advances

 

796

 

1,662

Other borrowings

 

 

539

Subordinated notes

1,988

1,557

Junior subordinated debentures

 

1,144

 

1,148

Total interest expense

 

18,986

 

31,362

Net interest income

 

78,646

 

74,921

Provision for loan/lease losses

 

28,282

 

4,075

Net interest income after provision for loan/lease losses

 

50,364

 

70,846

Noninterest income:

Trust department fees

 

4,539

 

4,854

Investment advisory and management fees

 

3,126

 

3,624

Deposit service fees

 

2,763

 

3,212

Gains on sales of residential real estate loans, net

 

1,848

 

858

Gains on sales of government guaranteed portions of loans, net

 

 

70

Swap fee income

 

26,731

 

11,089

Securities gains (losses), net

 

65

 

(52)

Earnings on bank-owned life insurance

 

941

 

952

Debit card fees

 

1,533

 

1,706

Correspondent banking fees

 

413

 

388

Other

 

1,863

 

2,357

Total noninterest income

 

43,822

 

29,058

Noninterest expenses:

Salaries and employee benefits

 

39,823

 

43,628

Occupancy and equipment expense

 

7,780

 

7,227

Professional and data processing fees

 

7,015

 

5,781

Post-acquisition compensation, transition and integration costs

 

221

 

842

Disposition costs

 

434

 

FDIC insurance, other insurance and regulatory fees

 

1,591

 

1,890

Loan/lease expense

 

567

 

526

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

 

(319)

 

1,480

Advertising and marketing

 

1,234

 

1,822

Bank service charges

 

1,005

 

991

Losses on liability extinguishment

 

576

 

Correspondent banking expense

428

410

Intangibles amortization

1,097

1,147

Goodwill impairment

500

Other

 

2,585

 

3,251

Total noninterest expenses

 

64,537

 

68,995

Net income before income taxes

 

29,649

 

30,909

Federal and state income tax expense

 

4,682

 

4,487

Net income

$

24,967

$

26,422

Basic earnings per common share

$

1.58

$

1.68

Diluted earnings per common share

$

1.56

$