Welcome to our dedicated page for Qcr Holdings news (Ticker: QCRH), a resource for investors and traders seeking the latest updates and insights on Qcr Holdings stock.
QCR Holdings, Inc. reports recurring developments as a relationship-driven multi-bank holding company serving Midwestern markets through wholly owned subsidiary banks. Its updates center on commercial and consumer banking, trust and wealth management services, loan and deposit growth, net interest income, noninterest income, capital markets revenue, and balance-sheet management across its bank network.
Company news also includes quarterly and annual financial results, conference-call announcements, cash dividend declarations, share repurchases, credit-rating activity, and capital-management actions. QCRH disclosures frequently reference Quad City Bank & Trust, Cedar Rapids Bank & Trust, Community State Bank, Guaranty Bank, Community Bank & Trust, low-income housing tax credit financing, and m2 Equipment Finance portfolio runoff.
QCR Holdings, Inc. (NASDAQ: QCRH) updated its Loan Relief Program, reporting that $83 million in loans and leases, or 1.95% of total loans, are in the second round of deferrals as of September 30, 2020. This represents a significant decrease from the first round's $575 million (13.53%). CEO Larry J. Helling noted many clients have resumed payments, highlighting the quality of their loan portfolio and resilient local markets, with regional unemployment lower than the national average. The third quarter earnings will be released on October 27, 2020, followed by a conference call on October 28.
On September 14, 2020, QCR Holdings announced a successful private placement of $50 million in 5.125% Fixed-to-Floating Rate Subordinated Notes, due 2030. The proceeds will be utilized for general corporate purposes, which may involve supporting subsidiary banks' growth, funding acquisitions, repaying debt, financing capital expenditures, or repurchasing shares. The interest on the Notes is fixed at 5.125% until September 15, 2025, after which it will convert to a floating rate based on the three-month SOFR plus 500 basis points.
QCR Holdings, Inc. (NASDAQ: QCRH) has appointed Brent R. Cobb as an independent director, effective August 19, 2020. Cobb, CEO of World Class Industries, brings significant expertise in manufacturing and supply chain. The board also declared a cash dividend of $0.06 per share, payable on October 7, 2020, to stockholders of record by September 18, 2020. As of June 30, 2020, QCR Holdings reported approximately $5.6 billion in assets and $4.3 billion in deposits, highlighting its growth in the banking sector.
QCR Holdings reported net income of $13.7 million, or $0.86 per diluted share, for Q2 2020, improving from $11.2 million and $0.70 per share in Q1. Adjusted net income rose to $14.0 million ($0.88 per share). Noninterest income surged to $28.6 million, driven by record swap fee income of $19.9 million. The company's pre-provision, pre-tax adjusted net income reached a record $36.8 million, with a stable net interest margin (NIM) of 3.14%. However, provision expense increased to $19.9 million due to COVID-19 related concerns, raising the allowance for loan losses to 1.47%.
QCR Holdings, Inc. (NASDAQ: QCRH) will release its second quarter earnings results for the period ending June 30, 2020, after market close on July 27, 2020. A conference call is scheduled for July 28, 2020, at 10:00 a.m. Central Time to discuss these results. Shareholders and interested parties can join the call via dial-in or webcast. The company, headquartered in Moline, Illinois, operates multiple banks in the Midwest, managing approximately $5.2 billion in assets and offering full-service banking and wealth management.
On May 20, 2020, QCR Holdings (NASDAQ: QCRH) elected four Class III directors during its annual stockholder meeting. Re-elected were James M. Field, Timothy B. O’Reilly, and Marie Z. Ziegler. New independent director Elizabeth “Libby” S. Jacobs was elected, bringing her diverse expertise in business and public policy. Additionally, the board declared a cash dividend of $0.06 per share, payable on July 8, 2020, to stockholders of record as of June 19, 2020. As of March 31, 2020, QCR Holdings reported approximately $5.2 billion in assets.