The following is a summary of the QCR Holdings, Inc. (QCRH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• QCR Holdings reported an adjusted net income of $26.9 million or $1.59 per diluted share for Q1 2024, with ROAA of 1.25% and an ROAE of 11.83%.

• Loan growth of 6.4% was achieved annually, largely due to the low-income housing tax credit lending program.

• There were increases in core deposits by $316 million or 20.3% annually, helping to improve the loans held for investment to deposit ratio to 93.6%.

• Q1 net interest income totaled $54.7 million, decreasing by $1 million from Q4 2023, primarily due to non-client factors.

• Non-interest income was down, at $26.9 million for Q1 from $47.7 million in Q4 2023, attributed to lost revenue from capital markets and wealth management.

• There was a decrease in non-interest expenses for Q1, at $50.7 million compared to $60.9 million in Q4 2023, predominantly due to reduced variable employee compensation.

• The company's tangible common equity to the tangible assets ratio increased by 19 basis points to 8.94%, up from 8.75% at the end of December.

Business Progress:

• QCR Holdings showed an improvement in asset quality with the ratio of non-performing assets to total assets improving by four basis points during Q1.

• The overall exposure to commercial office buildings was minimal and controlled, making up just 3% of total loans with an average loan size of $859,000.

• QCR Holdings recently launched a wealth management business in Des Moines, Iowa, giving rise to expectations of further growth.

• Vigilant credit administration and underwriting discipline along with efficient management of non-interest expenses continue to show progress.

• Plans are in place for an LIHTC loan securitization in Q3 2024 as part of a long-term securitization strategy.

• Operations in Cedar Rapids and Quad Cities demonstrate QCR's confidence in its operational infrastructure, client relationships, and growth strategies.

• The company is planning to increase its Total Capital Equity (TCE) to the low nineties, potentially considering stock buybacks for the latter half of the year.

More details: QCR Holdings IR

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