EXHIBIT 99.1
MOLINE, Ill., Oct. 24, 2008 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (Nasdaq:QCRH) today announced significantly improved earnings for the third quarter ended September 30, 2008 of $4.3 million, which resulted in diluted earnings per share for common shareholders of $0.83. These results represent an increase in earnings per share of $0.54 over the comparable quarter one year ago and over the second quarter of 2008. For the third quarter of 2007, the Company reported earnings of $1.6 million and diluted earnings per share of $0.29, while earnings and diluted earnings per share for the second quarter of 2008 were $1.8 million and $0.29, respectively.
During the third quarter ended September 30, 2008, the Company's wholly owned subsidiary, Quad City Bancard, Inc., sold its merchant credit card acquiring business. The resulting gain on sale, net of taxes and related expenses, was approximately $3.0 million and $0.66 per share, which was a major contributor to the increased earnings for the current quarter. The current and comparative financial results associated with the merchant credit card acquiring business have been reflected as discontinued operations within the accompanying tables as appropriate.
Additionally, the Company has signed an agreement to sell its Milwaukee subsidiary, First Wisconsin Bank & Trust, for approximately $13.5 million. Pending regulatory approval, the transaction is expected to close near the end of 2008 and will result in a gain of approximately $500 thousand, after taxes and related expenses. The current and comparative financial results associated with First Wisconsin Bank & Trust have also been reflected as discontinued operations within the accompanying tables as appropriate.
The Company's earnings from continuing operations for the third quarter of 2008 were $1.6 million, which resulted in diluted earnings per share of $0.25. Earnings and diluted earnings per share for the quarter ended June 30, 2008 were $2.0 million and $0.34, respectively. For the third quarter of 2007, the Company reported earnings of $1.7 million and diluted earnings per share were $0.32.
"Despite the difficult economic conditions experienced within our industry, we were able to achieve another quarter of strong core earnings," stated Douglas M. Hultquist, President and CEO. "Earnings from continuing operations before provision and taxes totaled $4.4 million for the third quarter of 2008, which is an increase of $153 thousand, or 3.6%, from the second quarter of 2008; and an increase of $949 thousand, or 27.6%, compared to the same quarter of 2007. This continued growth in core earnings is clear evidence that we are seeing the benefits of our investments in people, facilities, and markets."
Quarter-to-quarter net interest income increased by $550 thousand, or approximately 4.9%, as net interest margin improved for the seventh consecutive quarter to 3.40%, which represented a 4 basis point improvement from the prior quarter. Net interest margin increased a total of 40 basis points as compared to the third quarter of 2007, from 3.00% to 3.40%, which resulted in increased net interest income of $2.7 million, or 30.6%, from one year ago.
Mr. Hultquist added, "We are very pleased with the continued improvement in our net interest margin. With the continued volatility in the interest rate environment, the pressure on margin has been shared across our industry. Our management teams and talented bankers have worked very hard to successfully grow and strengthen our balance sheets and customer base to drive improved margins and growth in net interest income."
Noninterest income decreased $343 thousand, or 9.4%, from the previous quarter. As a direct result of the national economic stress and the reduction in market values of the majority of United States equity securities, the Company experienced declines in investment advisory and management fees, trust department fees, and gains on sale of residential real estate loans. Additionally, the Company experienced a slight increase in noninterest expense of $89 thousand, or less than 1%, when compared to the prior quarter.
During the first nine months of 2008, the Company's total assets increased at an annualized rate of 11.2%, or $164.9 million, to $1.64 billion from $1.48 billion at December 31, 2007. During this same period, loans/leases increased at an annualized rate of 13.8%, or $153.2 million, to $1.26 billion from $1.11 billion at December 31, 2007. Total deposits increased by $136.7 million to $1.07 billion at September 30, 2008 from $929.4 million at December 31, 2007, or an annualized rate of 14.7%. Short-term and other borrowings totaled $427.2 million as of September 30, 2008, which was an increase of $27.5 million from $399.7 million as of December 31, 2007. Stockholders' equity increased $3.3 million to $89.4 million as of September 30, 2008, as compared to $86.1 million at December 31, 2007.
"We are pleased with the continued growth we've experienced in both loans and deposits," stated Todd A. Gipple, Executive Vice President, Chief Operating Officer and Chief Financial Officer. "Our relationship based banking model is very attractive to our clients in these uncertain times." He continued, "Some of our growth consisted of measures taken to further strengthen our liquidity and our balance sheet. The Company, and all four subsidiary banks, continue to be well capitalized as of September 30, 2008 and we have adequate access to liquidity. While we are confident that we are currently well-positioned for growth, we are examining whether or not we will apply to participate in the Treasury Department's Capital Purchase Plan. Participation in the program would provide us with additional capital, which we could use to further take advantage of the opportunities in each of our markets."
Mr. Gipple added, "The sale of the First Wisconsin charter will allow us to strategically focus our resources on our banks in the Quad Cities, Cedar Rapids, and Rockford markets. We have created a very strong 'Brand' in each of these communities that is based on building a team of the best banking professionals in each market and providing them with all of the resources they need to develop strong relationships with our clients. The sale of First Wisconsin allows us to better focus our efforts on gaining additional market share in each of these markets and to take further advantage of significant current opportunities in the Rockford community. This transaction also eliminates the impact of continued 'start-up' losses of First Wisconsin on our Company, and it will be immediately accretive for our shareholders."
Nonperforming assets at September 30, 2008 were $13.9 million, which was an increase of $2.0 million from $11.9 million at June 30, 2008, resulting in an increase in the level of non-performing assets at the end of the third quarter to 0.85% of total assets, as compared to 0.75% of total assets at June 30, 2008. The Company's other real estate owned increased $1.4 million and loans on nonaccrual increased by $350 thousand. The majority of this increase consisted of three commercial credits and one residential real estate credit. Management has thoroughly reviewed these loans and has provided specific reserves as appropriate. The Company's allowance for loan/lease losses to total loans/leases increased to 1.24% at September 30, 2008 from 1.18% at June 30, 2008. Furthermore, the Company's provision for loan/lease losses totaled $2.2 million for the third quarter ended September 30, 2008 which was an increase of $798 thousand, or 58.8%, from the previous quarter; and an increase of $1.2 million, or 125.1% from the third quarter of 2007.
"The reasons for the significant increase in provision expense are threefold," stated Mr. Gipple. "First, we've grown our loan portfolio nearly 14% over the first nine months of 2008. Second, due to the uncertainty regarding the national economy, management increased the qualitative factors impacting the allowance for loan/lease losses as we continue to carefully review these factors to insure the economic risk within our loan portfolio is appropriately quantified and reserved. Third, we experienced some isolated degradation of a few larger commercial credits that required specific reserves. Maintaining credit quality remains a strong focus and management regularly monitors the Company's loan/lease portfolio and the level of allowance for loan/lease losses."
Third quarter results for the Company's primary subsidiaries were as follows:
* Quad City Bank & Trust, the Company's first subsidiary bank, had total consolidated assets of $886.1 million at September 30, 2008, which was a slight decrease of $10.6 million from $896.7 million at June 30, 2008. At September 30, 2008, Quad City Bank & Trust had net loans/leases of $656.4 million, which was a decrease of $7.8 million from $664.2 million as of June 30, 2008. During this same time period, deposits increased $26.5 million to $527.3 million. Short-term and other borrowings decreased $36.4 million from $311.5 million as of June 30, 2008 to $275.1 million as of September 30, 2008. The bank realized year-to-date earnings of $6.5 million for an improvement of $373 thousand, or 6.1%, from one year ago. * Cedar Rapids Bank & Trust, which opened in 2001, had total assets of $444.2 million at September 30, 2008, which was an increase of $31.9 million, or 7.7%, from $412.3 million at June 30, 2008. At September 30, 2008, Cedar Rapids Bank & Trust had net loans of $340.5 million, which was an increase of $38.9 million from June 30, 2008; while deposits of $282.6 million reflected an increase of $7.4 million for the quarter. Short-term and other borrowings were $124.4 million as of September 30, 2008, which was an increase of $20.3 million from $104.1 million as of June 30, 2008. The bank realized year-to-date earnings of $2.4 million for an improvement of approximately $648 thousand, or 36.5%, from one year ago. * Rockford Bank & Trust, which opened in 2005, had total assets of $216.1 million at September 30, 2008, which was an increase of $25.7 million, or 13.5%, from June 30, 2008. At September 30, 2008, Rockford Bank & Trust had net loans of $168.8 million and deposits of $171.1 million, which represented increases from June 30, 2008 of 8.7% and 22.2%, respectively. The bank realized year-to-date after-tax net losses for 2008 in the amount of $146 thousand, which was a reduction of $621 thousand from the losses of $767 thousand for the same period in 2007. Rockford Bank & Trust made significant progress in reaching break-even during 2008, as the bank had positive net income before provision expense and taxes for the past seven months. * First Wisconsin Bank & Trust, which began operations in 2006, had total assets of $114.1 million at September 30, 2008, which was an increase of $17.9 million from June 30, 2008. At September 30, 2008, First Wisconsin Bank & Trust had net loans of $81.2 million, which was an increase of $14.3 million from June 30, 2008; while deposits of $86.7 million reflected an increase of $13.5 million over June 30, 2008. After-tax net losses for the first nine months of 2008 were $1.8 million, which was a significant increase from the $810 thousand after-tax net loss for the same period in 2007. The primary reason for this increase in net losses was the significant increase in provision for loan losses related to the charge-off of a single commercial loan during the first quarter of 2008.
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company, which serves the Quad City, Cedar Rapids, Rockford and Milwaukee communities through its wholly owned subsidiary banks. Quad City Bank and Trust Company, which is based in Bettendorf, Iowa and commenced operations in 1994, Cedar Rapids Bank and Trust Company, which is based in Cedar Rapids, Iowa and commenced operations in 2001, Rockford Bank and Trust Company, which is based in Rockford, Illinois and commenced operations in 2005, and First Wisconsin Bank & Trust, which is based in Brookfield, Wisconsin and began operations in 2007, provide full-service commercial and consumer banking and trust and asset management services. The Company also engages in credit card processing through its wholly owned subsidiary, Quad City Bancard, Inc., based in Moline, Illinois and commercial leasing through its 80% owned subsidiary, M2 Lease Funds, LLC, based in Milwaukee, Wisconsin.
Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "predict," "suggest," "appear," "plan," "intend," "estimate," "annualize," "may," "will," "would," "could," "should" or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of our strategy to establish denovo banks in new markets; (x) unexpecte d outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission.
QCR HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
As of
(dollars in -------------------------------------------------
thousands, September 30, June 30, December 31, September 30,
except share 2008 2008 2007 2007
data) ---------- ---------- ---------- ----------
SELECTED BALANCE
SHEET DATA *
Total assets $1,641,416 $1,583,762 $1,476,564 $1,414,268
Securities $ 250,153 $ 245,796 $ 235,905 $ 228,926
Total loans/
leases $1,260,095 $1,199,679 $1,106,900 $1,052,949
Allowance for
estimated
loan/lease
losses $ 15,646 $ 14,198 $ 12,024 $ 11,896
Total deposits $1,066,159 $ 982,091 $ 929,427 $ 895,490
Total
stockholders'
equity $ 89,438 $ 86,547 $ 86,066 $ 75,780
Common
stockholders'
equity $ 69,286 $ 66,395 $ 65,908 $ 62,906
Common shares
outstanding 4,625,088 4,619,916 4,597,744 4,592,148
Book value per
common share $ 14.98 $ 14.37 $ 14.33 $ 13.70
Closing stock
price $ 13.30 $ 12.51 $ 14.25 $ 14.50
Market
capitalization $ 61,514 $ 57,795 $ 65,518 $ 66,586
Market price/
book value 88.78% 87.05% 99.41% 105.85%
Full time
equivalent
employees 373 374 350 353
Tier 1 leverage
capital ratio 7.08% 6.99% 7.40% 6.87%
* Includes First Wisconsin Bank & Trust
QCR HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(dollars in As of
thousands) -------------------------------------------------
September 30, June 30, December 31, September 30,
ANALYSIS OF 2008 2008 2007 2007
LOAN DATA * ---------- ---------- ---------- ----------
Nonaccrual
loans/leases $ 9,443 $ 9,093 $ 6,488 $ 7,025
Accruing loans/
leases past
due 90 days
or more 2,218 2,007 500 3,413
Other real
estate owned 2,215 781 496 --
---------- ---------- ---------- ----------
Total
nonperforming
assets $ 13,876 $ 11,881 $ 7,484 $ 10,438
Net charge-offs
(calendar
year-to-date) $ 2,471 $ 1,699 $ 1,452 $ 985
Loan/lease mix:
Commercial
loans $1,010,108 $ 959,076 $ 867,666 $ 828,132
Direct
financing
leases 72,910 69,885 68,732 66,517
Real estate
loans 80,551 80,742 84,337 80,064
Installment
and other
consumer
loans 96,526 89,976 86,165 78,236
---------- ---------- ---------- ----------
Total loans/
leases $1,260,095 $1,199,679 $1,106,900 $1,052,949
ANALYSIS OF
DEPOSIT DATA *
Deposit mix:
Noninterest-
bearing $ 148,897 $ 146,751 $ 165,286 $ 128,413
Interest-
bearing 917,262 835,340 764,141 767,077
---------- ---------- ---------- ----------
Total deposits $1,066,159 $ 982,091 $ 929,427 $ 895,490
Interest-bearing
deposit mix:
Nonmaturity
deposits $ 364,216 $ 389,559 $ 347,385 $ 341,131
Certificates
of deposit 451,499 380,726 363,195 374,256
Brokered
certificates
of deposit 101,547 65,055 53,561 51,690
---------- ---------- ---------- ----------
Total interest-
bearing
deposits $ 917,262 $ 835,340 $ 764,141 $ 767,077
* Includes First Wisconsin Bank & Trust
QCR HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
For the Quarter Ended
---------------------------------------
September 30, June 30, September 30,
(dollars in thousands, 2008 2008 2007
except per share data) ----------- ----------- -----------
SELECTED INCOME STATEMENT DATA
Interest income $ 21,541 $ 21,000 $ 21,422
Interest expense 9,800 9,809 12,429
----------- ----------- -----------
Net interest income 11,741 11,191 8,993
Provision for
loan/lease losses 2,154 1,356 957
----------- ----------- -----------
Net interest income after
provision for loan/lease
losses 9,587 9,835 8,036
Noninterest income 3,311 3,654 3,549
Noninterest expense 10,577 10,488 9,092
----------- ----------- -----------
Income from continuing
operations before taxes
and minority interest 2,321 3,001 2,493
Minority interest in income
of consolidated subsidiary 93 128 17
Income tax expense from
continuing operations 613 873 745
----------- ----------- -----------
Income from continuing
operations $ 1,615 $ 2,000 $ 1,731
Income (loss) from
discontinued operations,
net of taxes
Sale of Merchant
Processing from
Quad City
Bancard, Inc. $ 3,075 $ 96 $ 74
Sale of First
Wisconsin Bank
& Trust $ (385) $ (324) $ (211)
Net income $ 4,305 $ 1,772 $ 1,594
Preferred stock dividends 446 446 268
----------- ----------- -----------
Net income available to
common stockholders $ 3,859 $ 1,326 $ 1,326
Earnings per share from
continuing operations:
Basic $ 0.25 $ 0.34 $ 0.32
Diluted $ 0.25 $ 0.34 $ 0.32
Earnings per share from
discontinued operations:
Basic $ 0.58 $ (0.05) $ (0.03)
Diluted $ 0.58 $ (0.05) $ (0.03)
Earnings per share:
Basic $ 0.83 $ 0.29 $ 0.29
Diluted $ 0.83 $ 0.29 $ 0.29
Earnings per common share
(basic) LTM *** $ 1.47 $ 0.92 $ 0.76
AVERAGE BALANCES *
Assets $ 1,600,218 $ 1,543,936 $ 1,372,453
Deposits $ 1,008,107 $ 967,827 $ 880,845
Loans/leases $ 1,219,876 $ 1,167,971 $ 1,032,302
Total stockholders' equity $ 88,904 $ 84,767 $ 74,880
Common stockholders' equity $ 68,752 $ 64,615 $ 62,006
KEY RATIOS *
Return on average assets
(annualized) 1.08% 0.46% 0.46%
Return on average common
equity (annualized) 25.05% 10.97% 10.28%
Price earnings ratio
LTM *** 9.07x 13.60x 19.08x
Net interest margin (TEY) 3.40% 3.36% 3.00%
Nonperforming assets /
total assets 0.85% 0.75% 0.74%
Net charge-offs / average
loans/leases 0.06% 0.06% 0.10%
Allowance / total
loans/leases 1.24% 1.18% 1.13%
Efficiency ratio ** 70.27% 70.65% 72.49%
* Includes First Wisconsin Bank & Trust
** Reflects continuing operations only
*** LTM: Last twelve months
QCR HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
For the Nine Months Ended
---------------------------
September 30, September 30,
(dollars in thousands, 2008 2007
except per share data) ----------- -----------
SELECTED INCOME STATEMENT DATA
Interest income $ 63,803 $ 61,529
Interest expense 30,734 35,865
----------- -----------
Net interest income 33,069 25,664
Provision for loan/lease
losses 4,494 2,084
----------- -----------
Net interest income after
provision for loan/lease
losses 28,575 23,580
Noninterest income 10,379 9,753
Noninterest expense 31,132 26,347
----------- -----------
Income from continuing
operations before taxes
and minority interest 7,822 6,986
Minority interest in income
of consolidated subsidiary 362 251
Income tax expense from
continuing operations 2,155 2,031
----------- -----------
Income from continuing
operations $ 5,305 $ 4,704
Income (loss) from
discontinued operations,
net of taxes
Sale of Merchant Processing
from Quad City Bancard, Inc. $ 3,231 $ 196
Sale of First Wisconsin
Bank & Trust $ (1,772) $ (733)
Net income $ 6,764 $ 4,167
Preferred stock dividends 1,338 804
----------- -----------
Net income available to
common stockholders $ 5,426 $ 3,363
Earnings per share from
continuing operations:
Basic $ 0.86 $ 0.85
Diluted $ 0.85 $ 0.85
Earnings per share from
discontinued operations:
Basic $ 0.32 $ (0.12)
Diluted $ 0.31 $ (0.12)
Earnings per share:
Basic $ 1.18 $ 0.73
Diluted $ 1.17 $ 0.73
Earnings per common share
(basic) LTM ***
AVERAGE BALANCES *
Assets $ 1,546,473 $ 1,326,616
Deposits $ 972,666 $ 871,627
Loans/leases $ 1,170,392 $ 1,004,073
Total stockholders' equity $ 86,928 $ 73,329
Common stockholders' equity $ 66,776 $ 60,452
KEY RATIOS *
Return on average assets
(annualized) 0.58% 0.42%
Return on average common
equity (annualized) 13.51% 9.19%
Price earnings ratio LTM *** 9.07x 19.08x
Net interest margin (TEY) 3.30% 2.94%
Nonperforming assets / total
assets 0.85% 0.74%
Net charge-offs / average
loans/leases 0.21% 0.10%
Allowance / total
loans/leases 1.24% 1.13%
Efficiency ratio ** 71.65% 74.39%
* Includes First Wisconsin Bank & Trust
** Reflects continuing operations only
*** LTM: Last twelve months
QCR HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
For the Quarter Ended
------------------------------------
September 30, June 30, September 30,
(dollars in thousands, 2008 2008 2007
except share data) ---------- ---------- ----------
ANALYSIS OF NONINTEREST INCOME
Credit card fees, net of
processing costs $ 229 $ 243 $ 192
Trust department fees 781 847 925
Deposit service fees 816 787 672
Gain on sales of loans, net 201 323 277
Gains(losses) on sale of
foreclosed assets 61 5 --
Gains on sales of other
assets -- -- 437
Earnings on cash surrender
value of life insurance 241 279 243
Investment advisory and
management fees 481 671 369
Other 501 499 434
---------- ---------- ----------
Total noninterest income $ 3,311 $ 3,654 $ 3,549
ANALYSIS OF NONINTEREST EXPENSE
Salaries and employee
benefits $ 6,467 $ 6,581 $ 5,648
Professional and data
processing fees 1,143 1,136 806
Advertising and marketing 386 340 262
Occupancy and equipment
expense 1,326 1,205 1,217
Stationery and supplies 117 132 130
Postage and telephone 223 223 235
Bank service charges 160 141 140
FDIC and Other Insurance 338 314 295
Loss on disposal of fixed
assets -- -- --
Other 417 416 359
---------- ---------- ----------
Total noninterest expenses $ 10,577 $ 10,488 $ 9,092
WEIGHTED AVERAGE SHARES
Common shares outstanding (a) 4,624,056 4,611,751 4,591,576
Incremental shares from
assumed conversion:
Options and Employee
Stock Purchase Plan 22,443 22,954 7,830
---------- ---------- ----------
Adjusted weighted
average shares (b) 4,646,499 4,634,705 4,599,406
(a) Denominator for Basic Earnings Per Share
(b) Denominator for Diluted Earnings Per Share
QCR HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
For the Nine Months Ended
-----------------------
September 30, September 30,
(dollars in thousands, 2008 2007
except share data) ---------- ----------
ANALYSIS OF NONINTEREST INCOME
Credit card fees, net of
processing costs $ 735 $ 510
Trust department fees 2,550 2,784
Deposit service fees 2,320 1,918
Gain on sales of loans, net 863 966
Gains(losses) on sale of
foreclosed assets 66 --
Gains on sales of other assets -- 437
Earnings on cash surrender value
of life insurance 787 643
Investment advisory and
management fees 1,567 1,134
Other 1,491 1,361
---------- ----------
Total noninterest income $ 10,379 $ 9,753
ANALYSIS OF NONINTEREST EXPENSE
Salaries and employee benefits $ 19,301 $ 16,115
Professional and data processing
fees 3,410 2,514
Advertising and marketing 981 769
Occupancy and equipment expense 3,791 3,523
Stationery and supplies 369 382
Postage and telephone 695 703
Bank service charges 431 420
FDIC and Other Insurance 971 697
Loss on disposal of fixed assets -- 239
Other 1,183 985
---------- ----------
Total noninterest expenses $ 31,132 $ 26,347
WEIGHTED AVERAGE SHARES
Common shares outstanding (a) 4,612,658 4,576,963
Incremental shares from assumed
conversion:
Options and Employee Stock
Purchase Plan 32,074 19,828
---------- ----------
Adjusted weighted average
shares (b) 4,644,732 4,596,791
(a) Denominator for Basic Earnings Per Share
(b) Denominator for Diluted Earnings Per Share
CONTACT: QCR Holdings, Inc.
Todd A. Gipple, Executive Vice President,
Chief Operating Officer, Chief Financial Officer
(309)-743-7745