Delaware | 42-1397595 |
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer ID Number) |
Page Number(s)
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Part I
|
FINANCIAL INFORMATION
|
|||
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
|||
Consolidated Balance Sheets
|
2
|
|||
As of September 30, 2011 and December 31, 2010
|
||||
Consolidated Statements of Income
|
3
|
|||
For the Three Months Ended September 30, 2011 and 2010
|
||||
Consolidated Statements of Income
|
4
|
|||
For the Nine Months Ended September 30, 2011 and 2010
|
||||
Consolidated Statement of Changes in Stockholders' Equity
|
5-6
|
|||
For the Nine Months Ended September 30, 2011 and 2010
|
||||
Consolidated Statements of Cash Flows
|
7
|
|||
For the Nine Months Ended September 30, 2011 and 2010
|
||||
Notes to the Consolidated Financial Statements
|
8-32
|
|||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and
|
33-65
|
||
Results of Operations
|
||||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
66-67
|
||
Item 4.
|
Controls and Procedures
|
68
|
||
Part II
|
OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
69
|
||
Item 1.A.
|
Risk Factors
|
69
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
69
|
||
Item 3.
|
Defaults upon Senior Securities
|
69
|
||
Item 4.
|
[Removed and Reserved]
|
69
|
||
Item 5.
|
Other Information
|
69
|
||
Item 6.
|
Exhibits
|
70
|
||
Signatures
|
|
71-72
|
||
QCR HOLDINGS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
||||||||
As of September 30, 2011 and December 31, 2010
|
||||||||
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 45,431,711 | $ | 42,030,806 | ||||
Federal funds sold
|
5,790,000 | 61,960,000 | ||||||
Interest-bearing deposits at financial institutions
|
24,665,359 | 39,745,611 | ||||||
Securities held to maturity, at amortized cost
|
200,000 | 300,000 | ||||||
Securities available for sale, at fair value
|
525,711,786 | 424,546,767 | ||||||
Total securities
|
525,911,786 | 424,846,767 | ||||||
Loans receivable held for sale
|
5,287,924 | 14,084,859 | ||||||
Loans/leases receivable held for investment
|
1,192,293,786 | 1,158,453,744 | ||||||
Gross loans/leases receivable
|
1,197,581,710 | 1,172,538,603 | ||||||
Less allowance for estimated losses on loans/leases
|
(19,578,486 | ) | (20,364,656 | ) | ||||
Net loans/leases receivable
|
1,178,003,224 | 1,152,173,947 | ||||||
Premises and equipment, net
|
30,946,211 | 31,118,744 | ||||||
Goodwill
|
3,222,688 | 3,222,688 | ||||||
Accrued interest receivable
|
6,812,857 | 6,435,989 | ||||||
Bank-owned life insurance
|
41,597,883 | 33,565,390 | ||||||
Prepaid FDIC insurance
|
3,998,438 | 5,361,314 | ||||||
Restricted investment securities
|
15,238,000 | 16,668,700 | ||||||
Other real estate owned, net
|
8,287,592 | 8,534,711 | ||||||
Other assets
|
9,054,743 | 10,970,549 | ||||||
Total assets
|
$ | 1,898,960,492 | $ | 1,836,635,216 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$ | 326,710,313 | $ | 276,827,205 | ||||
Interest-bearing
|
880,758,933 | 837,988,652 | ||||||
Total deposits
|
1,207,469,246 | 1,114,815,857 | ||||||
Short-term borrowings
|
143,586,491 | 141,154,499 | ||||||
Federal Home Loan Bank advances
|
204,750,000 | 238,750,000 | ||||||
Other borrowings
|
140,129,755 | 150,070,785 | ||||||
Junior subordinated debentures
|
36,085,000 | 36,085,000 | ||||||
Other liabilities
|
23,771,127 | 23,188,367 | ||||||
Total liabilities
|
1,755,791,619 | 1,704,064,508 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock, $1 par value; shares authorized 250,000 September 2011 - 65,090 shares issued and outstanding December 2010 - 63,237 shares issued and outstanding
|
65,090 | 63,237 | ||||||
Common stock, $1 par value; shares authorized 20,000,000 September 2011 - 4,868,480 shares issued and 4,747,234 outstanding December 2010 - 4,732,428 shares issued and 4,611,182 outstanding
|
4,868,480 | 4,732,428 | ||||||
Additional paid-in capital
|
90,673,628 | 86,478,269 | ||||||
Retained earnings
|
43,071,950 | 40,550,900 | ||||||
Accumulated other comprehensive income
|
4,172,634 | 704,165 | ||||||
Noncontrolling interests
|
1,923,601 | 1,648,219 | ||||||
Less treasury stock, September 2011 and December 2010 - 121,246 common shares, at cost
|
(1,606,510 | ) | (1,606,510 | ) | ||||
Total stockholders' equity
|
143,168,873 | 132,570,708 | ||||||
Total liabilities and stockholders' equity
|
$ | 1,898,960,492 | $ | 1,836,635,216 |
QCR HOLDINGS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
||||||||
Three Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Interest and dividend income:
|
||||||||
Loans/leases, including fees
|
$ | 16,215,725 | $ | 16,710,323 | ||||
Securities:
|
||||||||
Taxable
|
2,877,574 | 2,595,301 | ||||||
Nontaxable
|
244,209 | 224,703 | ||||||
Interest-bearing deposits at financial institutions
|
97,714 | 55,289 | ||||||
Restricted investment securities
|
126,333 | 116,175 | ||||||
Federal funds sold
|
7,875 | 38,465 | ||||||
Total interest and dividend income
|
19,569,430 | 19,740,256 | ||||||
Interest expense:
|
||||||||
Deposits
|
2,201,070 | 3,151,191 | ||||||
Short-term borrowings
|
65,502 | 132,290 | ||||||
Federal Home Loan Bank advances
|
1,931,259 | 2,345,944 | ||||||
Other borrowings
|
1,301,144 | 1,452,204 | ||||||
Junior subordinated debentures
|
241,751 | 495,052 | ||||||
Total interest expense
|
5,740,726 | 7,576,681 | ||||||
Net interest income
|
13,828,704 | 12,163,575 | ||||||
Provision for loan/lease losses
|
2,456,965 | 1,434,232 | ||||||
Net interest income after provision for loan/lease losses
|
11,371,739 | 10,729,343 | ||||||
Noninterest income:
|
||||||||
Trust department fees
|
762,133 | 803,423 | ||||||
Investment advisory and management fees, gross
|
549,515 | 419,416 | ||||||
Deposit service fees
|
893,685 | 902,787 | ||||||
Gains on sales of loans, net
|
408,364 | 1,109,724 | ||||||
Securities gains
|
443,614 | - | ||||||
Gains (losses) on sales of other real estate owned, net
|
42,262 | (188,158 | ) | |||||
Earnings on bank-owned life insurance
|
331,440 | 353,003 | ||||||
Credit card issuing fees, net of processing costs
|
178,636 | 34,866 | ||||||
Other
|
725,658 | 923,225 | ||||||
Total noninterest income
|
4,335,307 | 4,358,286 | ||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
7,651,695 | 6,910,016 | ||||||
Occupancy and equipment expense
|
1,359,758 | 1,410,429 | ||||||
Professional and data processing fees
|
1,077,435 | 1,096,100 | ||||||
FDIC and other insurance
|
578,776 | 887,509 | ||||||
Loan/lease expense
|
839,993 | 678,535 | ||||||
Advertising and marketing
|
277,376 | 292,148 | ||||||
Postage and telephone
|
242,103 | 252,512 | ||||||
Stationery and supplies
|
122,582 | 135,064 | ||||||
Bank service charges
|
186,351 | 112,742 | ||||||
Other-than-temporary impairment losses on securities
|
- | 113,800 | ||||||
Other
|
437,080 | 244,910 | ||||||
Total noninterest expense
|
12,773,149 | 12,133,765 | ||||||
Net income before income taxes
|
2,933,897 | 2,953,864 | ||||||
Federal and state income tax expense
|
667,296 | 829,992 | ||||||
Net income
|
$ | 2,266,601 | $ | 2,123,872 | ||||
Less: Net income attributable to noncontrolling interests
|
103,446 | 109,786 | ||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 2,163,155 | $ | 2,014,086 | ||||
Less: Preferred stock dividends
|
2,188,058 | 1,028,686 | ||||||
Net income (loss) attributable to QCR Holdings, Inc. common stockholders
|
$ | (24,903 | ) | $ | 985,400 | |||
Earnings (loss) per common share attributable to QCR Holdings, Inc. common shareholders
|
||||||||
Basic
|
$ | (0.01 | ) | $ | 0.21 | |||
Diluted
|
$ | (0.01 | ) | $ | 0.21 | |||
Weighted average common shares outstanding
|
4,866,692 | 4,598,566 | ||||||
Weighted average common and common equivalent shares outstanding
|
4,866,692 | 4,619,574 | ||||||
Cash dividends declared per common share
|
$ | - | $ | - |
QCR HOLDINGS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
||||||||
Nine Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Interest and dividend income:
|
||||||||
Loans/leases, including fees
|
$ | 48,466,331 | $ | 51,324,123 | ||||
Securities:
|
||||||||
Taxable
|
8,035,495 | 7,771,242 | ||||||
Nontaxable
|
743,368 | 681,001 | ||||||
Interest-bearing deposits at financial institutions
|
311,807 | 347,105 | ||||||
Restricted investment securities
|
427,818 | 328,762 | ||||||
Federal funds sold
|
97,919 | 123,699 | ||||||
Total interest and dividend income
|
58,082,738 | 60,575,932 | ||||||
Interest expense:
|
||||||||
Deposits
|
6,948,265 | 9,940,844 | ||||||
Short-term borrowings
|
248,079 | 450,539 | ||||||
Federal Home Loan Bank advances
|
6,053,134 | 6,903,991 | ||||||
Other borrowings
|
3,870,062 | 4,307,558 | ||||||
Junior subordinated debentures
|
974,637 | 1,457,765 | ||||||
Total interest expense
|
18,094,177 | 23,060,697 | ||||||
Net interest income
|
39,988,561 | 37,515,235 | ||||||
Provision for loan/lease losses
|
5,196,850 | 4,413,650 | ||||||
Net interest income after provision for loan/lease losses
|
34,791,711 | 33,101,585 | ||||||
Noninterest income:
|
||||||||
Trust department fees
|
2,607,668 | 2,438,473 | ||||||
Investment advisory and management fees, gross
|
1,630,976 | 1,325,910 | ||||||
Deposit service fees
|
2,623,018 | 2,585,873 | ||||||
Gains on sales of loans, net
|
1,923,185 | 1,831,856 | ||||||
Securities gains
|
1,472,528 | - | ||||||
Losses on sales of other real estate owned, net
|
(90,492 | ) | (632,806 | ) | ||||
Earnings on bank-owned life insurance
|
1,032,493 | 973,659 | ||||||
Credit card issuing fees, net of processing costs
|
397,132 | 231,439 | ||||||
Other
|
1,969,304 | 1,973,589 | ||||||
Total noninterest income
|
13,565,812 | 10,727,993 | ||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
22,480,731 | 20,869,335 | ||||||
Occupancy and equipment expense
|
4,017,506 | 4,147,101 | ||||||
Professional and data processing fees
|
3,338,935 | 3,379,080 | ||||||
FDIC and other insurance
|
2,149,093 | 2,575,000 | ||||||
Loan/lease expense
|
1,772,290 | 1,658,647 | ||||||
Advertising and marketing
|
836,459 | 701,603 | ||||||
Postage and telephone
|
703,803 | 750,611 | ||||||
Stationery and supplies
|
380,754 | 379,347 | ||||||
Bank service charges
|
525,007 | 284,134 | ||||||
Prepayment fees on Federal Home Loan Bank advances
|
832,099 | - | ||||||
Losses on lease residual values
|
- | 617,000 | ||||||
Other-than-temporary impairment losses on securities
|
118,847 | 113,800 | ||||||
Other
|
1,185,443 | 1,314,615 | ||||||
Total noninterest expense
|
38,340,967 | 36,790,273 | ||||||
Net income before income taxes
|
10,016,556 | 7,039,305 | ||||||
Federal and state income tax expense
|
2,745,257 | 1,900,663 | ||||||
Net income
|
$ | 7,271,299 | $ | 5,138,642 | ||||
Less: Net income attributable to noncontrolling interests
|
308,215 | 95,046 | ||||||
Net income attributable to QCR Holdings, Inc.
|
6,963,084 | $ | 5,043,596 | |||||
Less: Preferred stock dividends
|
4,256,171 | 3,099,418 | ||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
2,706,913 | $ | 1,944,178 | |||||
Earnings per common share attributable to QCR Holdings, Inc. common shareholders
|
||||||||
Basic
|
$ | 0.56 | $ | 0.42 | ||||
Diluted
|
$ | 0.56 | $ | 0.42 | ||||
Weighted average common shares outstanding
|
4,795,382 | 4,587,883 | ||||||
Weighted average common and common equivalent shares outstanding
|
4,847,433 | 4,617,102 | ||||||
Cash dividends declared per common share
|
$ | 0.04 | $ | 0.04 |
QCR HOLDINGS, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
|
||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Additional
Paid-In |
Retained
|
Accumulated
Other |
Noncontrolling
|
Treasury
|
||||||||||||||||||||||||||
Stock
|
Stock
|
Capital
|
Earnings
|
Income (Loss)
|
Interests
|
Stock
|
Total
|
|||||||||||||||||||||||||
Balance December 31, 2010
|
$ | 63,237 | $ | 4,732,428 | $ | 86,478,269 | $ | 40,550,900 | $ | 704,165 | $ | 1,648,219 | $ | (1,606,510 | ) | $ | 132,570,708 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,124,960 | - | 106,524 | - | 2,231,484 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
- | - | - | - | (1,345,554 | ) | - | - | (1,345,554 | ) | ||||||||||||||||||||||
Comprehensive income
|
885,930 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared and accrued
|
- | - | - | (915,462 | ) | - | - | - | (915,462 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 116,909 | (116,909 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of 9,081 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 9,081 | 49,249 | - | - | - | - | 58,330 | ||||||||||||||||||||||||
Proceeds from issuance of 24,300 shares of common stock as a result of stock options exercised
|
- | 24,300 | 146,067 | - | - | - | - | 170,367 | ||||||||||||||||||||||||
Exchange of 2,171 shares of common stock in connection with stock options exercised
|
- | (2,171 | ) | (14,070 | ) | - | - | - | - | (16,241 | ) | |||||||||||||||||||||
Stock compensation expense
|
- | - | 206,569 | 206,569 | ||||||||||||||||||||||||||||
Restricted stock awards
|
- | 69,924 | (69,924 | ) | - | - | - | - | - | |||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,065 | ) | - | (2,065 | ) | ||||||||||||||||||||||
Balance March 31, 2011
|
$ | 63,237 | $ | 4,833,562 | $ | 86,913,069 | $ | 41,643,489 | $ | (641,389 | ) | $ | 1,752,678 | $ | (1,606,510 | ) | $ | 132,958,136 | ||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,674,969 | - | 98,245 | - | 2,773,214 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 2,409,728 | - | - | 2,409,728 | ||||||||||||||||||||||||
Comprehensive income
|
5,182,942 | |||||||||||||||||||||||||||||||
Common cash dividends declared, $0.04 per share
|
- | - | - | (185,863 | ) | - | - | - | (185,863 | ) | ||||||||||||||||||||||
Preferred cash dividends declared and accrued
|
- | - | - | (915,462 | ) | - | - | - | (915,462 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 120,280 | (120,280 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of 11,355 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 11,355 | 61,582 | - | - | - | - | 72,937 | ||||||||||||||||||||||||
Proceeds from issuance of 10,967 shares of common stock as a result of stock options exercised
|
- | 10,967 | 65,205 | - | - | - | - | 76,172 | ||||||||||||||||||||||||
Exchange of 379 shares of common stock in connection with stock options exercised
|
- | (379 | ) | (3,033 | ) | - | - | - | - | (3,412 | ) | |||||||||||||||||||||
Stock compensation expense
|
- | - | 141,370 | 141,370 | ||||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,066 | ) | - | (2,066 | ) | ||||||||||||||||||||||
Balance June 30, 2011
|
$ | 63,237 | $ | 4,855,505 | $ | 87,298,473 | $ | 43,096,853 | $ | 1,768,339 | $ | 1,848,857 | $ | (1,606,510 | ) | $ | 137,324,754 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,163,155 | - | 103,446 | - | 2,266,601 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 2,404,295 | - | - | 2,404,295 | ||||||||||||||||||||||||
Comprehensive income
|
4,670,896 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared
|
- | - | - | (835,802 | ) | - | - | - | (835,802 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 1,352,256 | (1,352,256 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from the issuance of 40,090 shares of Series F Non-Cumulative Perpetual Preferred Stock
|
40,090 | - | 40,034,251 | - | - | - | - | 40,074,341 | ||||||||||||||||||||||||
Redemption of 38,237 shares of Series D Cumulative Perpetual Preferred Stock
|
(38,237 | ) | - | (38,198,763 | ) | - | - | - | - | (38,237,000 | ) | |||||||||||||||||||||
Proceeds from issuance of 7,975 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 7,975 | 43,251 | - | - | - | - | 51,226 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | 149,160 | 149,160 | ||||||||||||||||||||||||||||
Restricted stock awards
|
- | 5,000 | (5,000 | ) | - | |||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (28,702 | ) | - | (28,702 | ) | ||||||||||||||||||||||
Balance September 30, 2011
|
$ | 65,090 | $ | 4,868,480 | $ | 90,673,628 | $ | 43,071,950 | $ | 4,172,634 | $ | 1,923,601 | $ | (1,606,510 | ) | $ | 143,168,873 |
QCR HOLDINGS, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (continued)
|
||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 and 2010
|
||||||||||||||||||||||||||||||||
Additional
|
Accumulated
Other |
|||||||||||||||||||||||||||||||
Preferred
|
Common
|
Paid-In
|
Retained
|
Comprehensive
|
Noncontrolling
|
Treasury
|
||||||||||||||||||||||||||
Stock
|
Stock
|
Capital
|
Earnings
|
Income
|
Interests
|
Stock
|
Total
|
|||||||||||||||||||||||||
Balance December 31, 2009
|
$ | 38,805 | $ | 4,674,536 | $ | 82,194,330 | $ | 38,458,477 | $ | 135,608 | $ | 1,699,630 | $ | (1,606,510 | ) | $ | 125,594,876 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 1,292,009 | - | (77,076 | ) | - | 1,214,933 | |||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 1,663,236 | - | - | 1,663,236 | ||||||||||||||||||||||||
Comprehensive income
|
2,878,169 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared and accrued
|
- | - | - | (924,088 | ) | - | - | - | (924,088 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 109,331 | (109,331 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of warrants to purchase 54,000 shares of common stock in conjunction with the issuance of Series A Subordinated Notes
|
- | - | 84,240 | - | - | - | - | 84,240 | ||||||||||||||||||||||||
Proceeds from issuance of 6,270 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 6,270 | 40,849 | - | - | - | - | 47,119 | ||||||||||||||||||||||||
Exchange of 367 shares of common stock in connection with payroll taxes for restricted stock
|
- | (367 | ) | (2,730 | ) | - | - | - | - | (3,097 | ) | |||||||||||||||||||||
Stock compensation expense
|
- | - | 181,489 | 181,489 | ||||||||||||||||||||||||||||
Restricted stock awards
|
- | 23,598 | (23,598 | ) | - | - | - | - | - | |||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,065 | ) | - | (2,065 | ) | ||||||||||||||||||||||
Balance March 31, 2010
|
$ | 38,805 | $ | 4,704,037 | $ | 82,583,911 | $ | 38,717,067 | $ | 1,798,844 | $ | 1,620,489 | $ | (1,606,510 | ) | $ | 127,856,643 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 1,737,501 | - | 62,336 | - | 1,799,837 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 2,043,708 | - | - | 2,043,708 | ||||||||||||||||||||||||
Comprehensive income
|
3,843,545 | |||||||||||||||||||||||||||||||
Common cash dividends declared, $0.04 per share
|
- | - | - | (182,730 | ) | - | - | - | (182,730 | ) | ||||||||||||||||||||||
Preferred cash dividends declared and accrued
|
- | - | - | (924,088 | ) | - | - | - | (924,088 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 113,225 | (113,225 | ) | - | - | - | - | |||||||||||||||||||||||
Exchange of 268 shares of Series B Non-Cumulative Perpetual Preferred Stock for 13,400 shares of Series E Non-Cumulative Perpetual Convertible Preferred Stock
|
13,132 | - | (13,132 | ) | - | - | - | - | - | |||||||||||||||||||||||
Exchange of 300 shares of Series C Non-Cumulative Perpetual Preferred Stock for 7,500 shares of Series E Non-Cumulative Perpetual Convertible Preferred Stock
|
7,200 | - | (7,200 | ) | - | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of 4,100 shares of Series E Non-Cumulative Perpetual Convertible Preferred Stock
|
4,100 | - | 3,199,333 | - | - | - | - | 3,203,433 | ||||||||||||||||||||||||
Proceeds from issuance of 9,629 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 9,629 | 62,733 | - | - | - | - | 72,362 | ||||||||||||||||||||||||
Proceeds from the issuance of 1,504 shares of common stock in connection with options exercised
|
- | 1,504 | 11,715 | - | - | - | - | 13,219 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | 112,693 | - | - | - | - | 112,693 | ||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | 4,706 | - | 4,706 | ||||||||||||||||||||||||
Balance June 30, 2010
|
$ | 63,237 | $ | 4,715,170 | $ | 86,063,278 | $ | 39,234,525 | $ | 3,842,552 | $ | 1,687,531 | $ | (1,606,510 | ) | $ | 133,999,783 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,014,086 | - | 109,786 | - | 2,123,872 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 160,545 | - | - | 160,545 | ||||||||||||||||||||||||
Comprehensive income
|
2,284,417 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared and accrued
|
- | - | - | (915,462 | ) | - | - | - | (915,462 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 113,224 | (113,224 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of 6,420 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 6,420 | 41,827 | - | - | - | - | 48,247 | ||||||||||||||||||||||||
Proceeds from the issuance of 750 shares of common stock in connection with options exercised
|
- | 750 | 4,907 | - | - | - | - | 5,657 | ||||||||||||||||||||||||
Additional issuance cost related to the Series E Non-Cumulative Perpetual Convertible Preferred Stock
|
- | - | (16,200 | ) | - | - | - | - | (16,200 | ) | ||||||||||||||||||||||
Stock compensation expense
|
- | - | 118,448 | 118,448 | ||||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,066 | ) | - | (2,066 | ) | ||||||||||||||||||||||
Balance September 30, 2010
|
$ | 63,237 | $ | 4,722,340 | $ | 86,325,484 | $ | 40,219,925 | $ | 4,003,097 | $ | 1,795,251 | $ | (1,606,510 | ) | $ | 135,522,824 |
QCR HOLDINGS, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
||||||||
Nine Months Ended September 30, | ||||||||
|
||||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 7,271,299 | $ | 5,138,642 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
1,866,403 | 1,926,876 | ||||||
Provision for loan/lease losses
|
5,196,850 | 4,413,650 | ||||||
Amortization of offering costs on subordinated debentures
|
10,738 | 10,738 | ||||||
Stock-based compensation expense
|
547,087 | 467,768 | ||||||
Losses on sales of other real estate owned, net
|
90,492 | 632,806 | ||||||
Amortization of premiums on securities, net
|
2,541,408 | 2,555,204 | ||||||
Securities gains
|
(1,472,528 | ) | - | |||||
Other-than-temporary impairment losses on securities
|
118,847 | 113,800 | ||||||
Loans originated for sale
|
(65,240,469 | ) | (103,689,462 | ) | ||||
Proceeds on sales of loans
|
75,960,589 | 95,662,334 | ||||||
Gains on sales of loans, net
|
(1,923,185 | ) | (1,831,856 | ) | ||||
Prepayment fees on Federal Home Loan Bank advances
|
832,099 | - | ||||||
Losses on lease residual values
|
- | 617,000 | ||||||
(Decrease) increase in accrued interest receivable
|
(376,868 | ) | 447,886 | |||||
Decrease in prepaid FDIC insurance
|
1,362,876 | 1,788,261 | ||||||
Increase in cash value of bank-owned life insurance
|
(1,032,493 | ) | (973,659 | ) | ||||
Increase in other assets
|
(278,687 | ) | (651,803 | ) | ||||
Increase in other liabilities
|
955,174 | 1,504,602 | ||||||
Net cash provided by operating activities
|
$ | 26,429,632 | $ | 8,132,787 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Net decrease (increase) in federal funds sold
|
56,170,000 | (15,356,667 | ) | |||||
Net decrease (increase) in interest-bearing deposits at financial institutions
|
15,080,252 | (7,152,522 | ) | |||||
Proceeds from sales of foreclosed assets
|
8,376,898 | 1,759,607 | ||||||
Activity in securities portfolio:
|
||||||||
Purchases
|
(458,081,700 | ) | (294,445,750 | ) | ||||
Calls, maturities and redemptions
|
302,145,002 | 243,389,938 | ||||||
Paydowns
|
4,977,152 | 400,605 | ||||||
Sales
|
54,326,191 | - | ||||||
Activity in restricted investment securities:
|
||||||||
Purchases
|
(245,000 | ) | (1,704,350 | ) | ||||
Redemptions
|
1,675,700 | 204,800 | ||||||
Activity in bank-owned life insurance:
|
||||||||
Purchases
|
(7,000,000 | ) | (3,150,000 | ) | ||||
Surrender of policy
|
- | 609,772 | ||||||
Net (increase) decrease in loans/leases originated and held for investment
|
(48,043,333 | ) | 51,105,615 | |||||
Purchase of premises and equipment
|
(1,693,870 | ) | (2,025,145 | ) | ||||
Net cash used in investing activities
|
$ | (72,312,708 | ) | $ | (26,364,097 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net increase (decrease) in deposit accounts
|
92,653,389 | (2,589,804 | ) | |||||
Net increase (decrease) in short-term borrowings
|
2,431,992 | (14,481,044 | ) | |||||
Activity in Federal Home Loan Bank advances:
|
||||||||
Advances
|
5,000,000 | 36,000,000 | ||||||
Calls and maturities
|
(24,000,000 | ) | (13,100,000 | ) | ||||
Prepayments
|
(15,832,099 | ) | - | |||||
Net (decrease) increase in other borrowings
|
(9,941,030 | ) | 7,536,866 | |||||
Proceeds from issuance of Series A Subordinated Notes and detachable warrants to purchase 54,000 shares of common stock
|
- | 2,700,000 | ||||||
Payment of cash dividends on common and preferred stock
|
(3,274,991 | ) | (3,136,626 | ) | ||||
Proceeds from issuance of Series E Noncumulative Convertible
|
- | 3,187,233 | ||||||
Perpetual Preferred Stock, net
|
||||||||
Proceeds from issuance of Series F Noncumulative Perpetual Preferred Stock
|
40,074,341 | - | ||||||
Redemption of Series D Cumulative Perpetual Preferred Stock
|
(38,237,000 | ) | - | |||||
Proceeds from issuance of common stock, net
|
409,379 | 183,507 | ||||||
Net cash provided by financing activities
|
$ | 49,283,981 | $ | 16,300,132 | ||||
Net increase (decrease) in cash and due from banks
|
3,400,905 | (1,931,178 | ) | |||||
Cash and due from banks, beginning
|
42,030,806 | 35,878,046 | ||||||
Cash and due from banks, ending
|
$ | 45,431,711 | $ | 33,946,868 | ||||
Supplemental disclosure of cash flow information, cash payments for:
|
||||||||
Interest
|
$ | 18,521,222 | $ | 23,362,893 | ||||
Income/franchise taxes
|
$ | 1,196,948 | $ | 1,497,611 | ||||
Supplemental schedule of noncash investing activities:
|
||||||||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale, net
|
$ | 3,468,469 | $ | 3,867,489 | ||||
Transfers of loans to other real estate owned
|
$ | 8,220,271 | $ | 5,442,568 |
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
(Losses)
|
Value
|
|||||||||||||
September 30, 2011:
|
||||||||||||||||
Securities held to maturity, other bonds
|
$ | 200,000 | $ | - | $ | - | $ | 200,000 | ||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 412,874,368 | $ | 2,280,889 | $ | (371,420 | ) | $ | 414,783,837 | |||||||
Residential mortgage-backed securities
|
80,069,540 | 3,382,915 | - | 83,452,455 | ||||||||||||
Municipal securities
|
24,580,364 | 1,410,952 | - | 25,991,316 | ||||||||||||
Trust preferred securities
|
86,200 | - | (14,400 | ) | 71,800 | |||||||||||
Other securities
|
1,346,972 | 106,442 | (41,036 | ) | 1,412,378 | |||||||||||
$ | 518,957,444 | $ | 7,181,198 | $ | (426,856 | ) | $ | 525,711,786 | ||||||||
December 31, 2010:
|
||||||||||||||||
Securities held to maturity, other bonds
|
$ | 300,000 | $ | - | $ | - | $ | 300,000 | ||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 401,711,432 | $ | 3,218,843 | $ | (2,704,919 | ) | $ | 402,225,356 | |||||||
Residential mortgage-backed securities
|
64,912 | 5,526 | - | 70,438 | ||||||||||||
Municipal securities
|
20,134,611 | 579,215 | (110,346 | ) | 20,603,480 | |||||||||||
Trust preferred securities
|
86,200 | - | (8,200 | ) | 78,000 | |||||||||||
Other securities
|
1,414,661 | 168,331 | (13,499 | ) | 1,569,493 | |||||||||||
$ | 423,411,816 | $ | 3,971,915 | $ | (2,836,964 | ) | $ | 424,546,767 |
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
September 30, 2011:
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 102,397,415 | $ | (371,420 | ) | $ | - | $ | - | $ | 102,397,415 | $ | (371,420 | ) | ||||||||||
Trust preferred securities
|
71,800 | (14,400 | ) | - | - | 71,800 | (14,400 | ) | ||||||||||||||||
Other securities
|
301,176 | (40,510 | ) | 2,725 | (526 | ) | 303,901 | (41,036 | ) | |||||||||||||||
$ | 102,770,391 | $ | (426,330 | ) | $ | 2,725 | $ | (526 | ) | $ | 102,773,116 | $ | (426,856 | ) | ||||||||||
December 31, 2010:
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 159,302,061 | $ | (2,704,919 | ) | $ | - | $ | - | $ | 159,302,061 | $ | (2,704,919 | ) | ||||||||||
Municipal securities
|
4,333,786 | (47,884 | ) | 678,378 | (62,462 | ) | 5,012,164 | (110,346 | ) | |||||||||||||||
Trust preferred securities
|
86,200 | (8,200 | ) | - | - | 86,200 | (8,200 | ) | ||||||||||||||||
Other securities
|
226,250 | (12,671 | ) | 2,872 | (828 | ) | 229,122 | (13,499 | ) | |||||||||||||||
$ | 163,948,297 | $ | (2,773,674 | ) | $ | 681,250 | $ | (63,290 | ) | $ | 164,629,547 | $ | (2,836,964 | ) |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2011
|
September 30, 2010
|
September 30, 2011
|
September 30, 2010
|
|||||||||||||
Proceeds from sales of securities
|
$ | 8,601,107 | $ | - | $ | 54,326,191 | $ | - | ||||||||
Pre-tax gross gains from sales of securities
|
443,614 | - | 1,472,528 | - | ||||||||||||
Amortized
|
||||||||
Cost
|
Fair Value
|
|||||||
Securities held to maturity:
|
||||||||
Due in one year or less
|
$ | 50,000 | $ | 50,000 | ||||
Due after one year through five years
|
100,000 | 100,000 | ||||||
Due after five years
|
50,000 | 50,000 | ||||||
$ | 200,000 | $ | 200,000 | |||||
Securities available for sale:
|
||||||||
Due in one year or less
|
$ | 2,803,210 | $ | 2,811,980 | ||||
Due after one year through five years
|
68,117,087 | 68,470,834 | ||||||
Due after five years
|
366,620,635 | 369,564,139 | ||||||
$ | 437,540,932 | $ | 440,846,953 | |||||
Residential mortgage-backed securities
|
80,069,540 | 83,452,455 | ||||||
Other securities
|
1,346,972 | 1,412,378 | ||||||
$ | 518,957,444 | $ | 525,711,786 | |||||
As of September 30,
|
As of December 31,
|
|||||||
2011
|
2010
|
|||||||
Commercial and industrial loans
|
$ | 363,997,365 | $ | 365,625,271 | ||||
Commercial real estate loans
|