EXHIBIT 99.1
QCR Holdings, Inc. Announces Earnings for Second Quarter of 2009
MOLINE, Ill., July 24, 2009 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (Nasdaq:QCRH) today announced a net loss attributable to QCR Holdings, Inc. of $820 thousand for the quarter ended June 30, 2009, or diluted earnings per share for common shareholders of ($0.42). Earnings for the second quarter of 2009 were significantly impacted by additional loan/lease loss provisions and the FDIC Special Assessment. By comparison, for the quarter ended March 31, 2009, the Company reported net income attributable to QCR Holdings, Inc. of $84 thousand, or diluted earnings per share of ($0.13). For the second quarter of 2008, the Company reported net income attributable to QCR Holdings, Inc. of $1.8 million, or diluted earnings per share of $0.29. For the six months ended June 30, 2009, the Company reported a net loss attributable to QCR Holdings, Inc. of $736 thousand compared to net income attributable to QCR Holdings, Inc. of $2.5 million for the same period in 2008.
For the quarter ended June 30, 2009, the Company recognized a net loss from continuing operations attributable to QCR Holdings, Inc. of $759 thousand as compared to net income from continuing operations attributable to QCR Holdings, Inc. of $2.1 million for the quarter ended June 30, 2008. For this same period, diluted earnings per share from continuing operations attributable to QCR Holdings, Inc. decreased from $0.34 to ($0.42). This reduction was due to significant increases in provision for loan/lease losses of $3.5 million and FDIC Assessments of $1.2 million. Partially offsetting these increased expenses was an increase in net interest income of $1.0 million, or 9%, from $11.2 million for the quarter ending June 30, 2008 to $12.2 million for the quarter ending June 30, 2009.
"The impact of the economic recession on our local markets has lagged the national markets in terms of timing and strength; however, we have certainly felt the impact on our Company over the past three quarters," stated Douglas M. Hultquist, President and Chief Executive Officer. "Specifically, we continue to experience some degradation of specific commercial credits within our loan portfolio, which, coupled with our heightened awareness of the recession's impact on our local economies and overall loan and lease portfolio, has led to increased provisions. Our continued conservative approach to the valuation of loans has negatively impacted our consolidated earnings in the short-term; however, we are pleased that our two mature bank charters, Quad City Bank & Trust and Cedar Rapids Bank & Trust, have remained profitable every quarter during these difficult economic times."
Mr. Hultquist added, "While we are displeased with the consolidated bottom-line results, we were able to maintain strong levels of net interest income and noninterest income considering the economic environment. Net interest income for the six months ended June 30, 2009 totaled $24.2 million, which is an increase of $2.9 million, or nearly 14%, from $21.3 million for the six months ended June 30, 2008. Our ability to effectively manage our cost of funds in this environment has been critical to this success. Noninterest income held steady at $6.9 million for the first six months of 2009 compared to $7.1 million for the first six months of 2008. The increases in deposit service fees and gains on sale of residential real estate loans effectively offset the decline in trust and investment advisory fees which are largely based on the value of the investments within the trust or portfolio. These achievements are direct results of our talented team of bankers and our strong focus on client relationships."
During the second quarter of 2009, the Company's total assets increased 1%, or by $20.0 million, to $1.70 billion from $1.68 billion at March 31, 2009. Loans/leases grew by $19.9 million, or 2%, from $1.21 billion at March 31, 2009 to $1.23 billion at June 30, 2009. The Company experienced a decline in deposits totaling $57.6 million from $1.09 billion at March 31, 2009 to $1.03 billion at June 30, 2009, resulting from a short-term fluctuation in the level of deposits right at quarter end for a few significant customers at the subsidiary banks. Short-term and other borrowings totaled $488.4 million as of June 30, 2009, which was an increase of $43.6 million, or 10%, from $444.8 million as of March 31, 2009. The subsidiary banks executed a balance sheet strategy to reduce long-term interest rate risk in a potential rising interest rate environment which resulted in an increase in long-term other borrowings of $65.0 million.
"The Company and all three subsidiary banks continue to be well capitalized as of June 30, 2009, and we have very strong access to liquidity," stated Todd A. Gipple, Executive Vice President, Chief Operating Officer, and Chief Financial Officer. "Given the current economic climate, we continue to focus on maintaining our strong capital and liquidity positions."
Mr. Gipple added, "As previously reported in the first quarter, we received funding in the amount of $38.2 million under the Treasury Capital Purchase Program. Consistent with the intent of the Program, the additional capital has enhanced our capacity to support the communities we serve through additional lending opportunities. Despite weakened loan/lease demand created by the economic recession, we originated $186.1 million of new loans to both new and existing customers during the first two quarters of 2009. Of this, we funded $71.6 million in new mortgages and other consumer loans to our individual clients, and $114.5 million in new business loans and leases to our commercial clients. Continuing this effort to grow our loan/lease portfolio and support our communities without sacrificing our asset quality is our most significant challenge today."
Nonperforming assets at June 30, 2009 were $33.7 million, which was an increase of $6.0 million from $27.7 million at March 31, 2009, resulting in an increase in the level of nonperforming assets at the end of the second quarter to 1.98% of total assets, as compared to 1.65% of total assets at March 31, 2009. The large majority of the nonperforming assets are loans that have been placed on nonaccrual status. 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 1.84% at June 30, 2009 from 1.76% at March 31, 2009, and from 1.17% at June 30, 2008. Furthermore, the Company's provision for loan/lease losses totaled $4.9 million for the second quarter of 2009, which was an increase of $517 thousand from $4.4 million for the first quarter of 2009, and an increase of $3.5 million from $1.4 million for the second quarter of 2008.
"We are disappointed with the level of nonperforming assets and related provision expense and take little consolation that these levels are less than many of our peers," stated Mr. Gipple. "Maintaining asset quality has always been, and continues to be, a top priority for the Company. As such, we have allocated significant resources, including additions to staff, over the past two quarters in an effort to aggressively manage the quality of the loan portfolio. Although we experienced significant growth in the level of nonperforming assets during the second quarter, management believes the velocity of growth in nonperforming assets is slowing."
Results for the second quarter of 2009 for the Company's primary subsidiaries were as follows:
* Quad City Bank & Trust, the Company's first subsidiary bank, had
total consolidated assets of $953.5 million at June 30, 2009, which
was a slight decrease of $800 thousand from $954.3 million at March
31, 2009. At June 30, 2009, Quad City Bank & Trust had net
loans/leases of $631.4 million, which was an increase of $6.3
million, or 1%, from $625.1 million as of March 31, 2009. During
this same period, deposits decreased $71.3 million, or 11%, to
$551.9 million as the bank experienced a short-term fluctuation in
the level of deposits of a few significant customers at the end of
the quarter. Quad City Bank & Trust's short-term and other
borrowings increased $69.0 million, or 28%, from $245.9 million at
March 31, 2009 to $314.9 million at June 30, 2009. During the
quarter, the bank executed a balance sheet strategy to reduce long-
term interest rate risk in a potential rising interest rate
environment, which resulted in an increase in long-term other
borrowings of $40.0 million. Quad City Bank & Trust realized year-
to-date earnings of $2.5 million for the six months ended June 30,
2009, which is a decrease of $2.1 million from $4.6 million for the
six months ended June 30, 2008.
* Cedar Rapids Bank & Trust, which opened in 2001, had total assets
of $503.6 million at June 30, 2009, which was an increase of $11.3
million, or 2%, from $492.3 million at March 31, 2009. At June 30,
2009, Cedar Rapids Bank & Trust had net loans of $378.6 million,
which was an increase of $11.7 million, or 3%, from March 31, 2009,
while deposits of $305.7 million reflected a decrease of $11.2
million, or 4%, for the quarter. The bank experienced a short-term
fluctuation in the level of deposits of a few significant customers
at the end of the quarter. Short-term and other borrowings were
$149.6 million as of June 30, 2009, which was an increase of $18.1
million, or 14%, from $131.5 million as of March 31, 2009. During
the quarter, the bank executed a balance sheet strategy to reduce
long-term interest rate risk in a potential rising interest rate
environment, which resulted in an increase in long-term other
borrowings of $20.0 million. The bank realized year-to-date
earnings of $883 thousand for the six months ended June 30, 2009,
which is a decrease of approximately $717 thousand from $1.6
million from one year ago.
* Rockford Bank & Trust, which opened in 2005, had total assets of
$255.5 million at June 30, 2009, which was an increase of $21.0
million, or 9%, from March 31, 2009. At June 30, 2009, Rockford
Bank & Trust had net loans of $195.7 million which was a slight
increase from $195.3 million as of March 31, 2009. The bank's
deposits totaled $198.6 million at June 30, 2009 which represented
solid deposit growth of $14.5 million, or nearly 8%. The bank
realized after-tax net losses for the six months ended June 30,
2009 in the amount of $1.3 million, as compared to an $88 thousand
net loss for the same period in 2008.
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company which serves the Quad City, Cedar Rapids, and Rockford 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; and Rockford Bank and Trust Company, which is based in Rockford, Illinois and commenced operations in 2005, provide full-service commercial and consumer banking and trust and asset management services. The Company also engages in 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
----------------------------------------------
June 30, March 31, Dec. 31, June 30,
2009 2009 2008 2008
---------- ---------- ---------- ----------
(dollars in thousands,
except share data)
SELECTED BALANCE SHEET
DATA *
Total assets $1,700,857 $1,680,910 $1,605,629 $1,583,762
Securities $ 321,461 $ 280,294 $ 256,076 $ 230,522
Total loans/leases $1,225,850 $1,205,979 $1,214,690 $1,131,875
Allowance for
estimated loan/lease
losses $ 22,495 $ 21,173 $ 17,809 $ 13,259
Assets related to
discontinued
operations, held for
sale $ -- $ -- $ -- $ 89,741
Total deposits $1,029,036 $1,086,588 $1,058,959 $ 910,557
Liabilities related
to discontinued
operations, held
for sale $ -- $ -- $ -- $ 80,320
Total stockholders'
equity $ 127,180 $ 129,794 $ 92,495 $ 86,547
Common stockholders'
equity $ 66,934 $ 69,676 $ 70,485 $ 66,396
Common shares
outstanding 4,541,895 4,531,366 4,509,637 4,619,916
Book value per common
share $ 14.74 $ 15.38 $ 15.63 $ 14.37
Closing stock price $ 10.00 $ 8.04 $ 10.00 $ 12.51
Market capitalization $ 45,419 $ 36,432 $ 45,096 $ 57,795
Market price/book
value 67.86% 52.29% 63.98% 87.05%
Full time equivalent
employees 350 344 345 340
Tier 1 leverage capital
ratio 9.04% 9.81% 7.10% 6.99%
* First Wisconsin Bank & Trust was sold on December 31, 2008 and is
reported as discontinued operations for all periods reported.
Immediately prior to the sale, First Wisconsin Bank & Trust had total
assets of $122.9 million, gross loans of $80.2 million, deposits of
$98.0 million, and 24 full-time equivalent employees. These amounts
and the accompanying 2008 income statement results have been removed
from all financial schedules.
As of
----------------------------------------------
June 30, March 31, Dec. 31, June 30,
2009 2009 2008 2008
---------- ---------- ---------- ----------
(dollars in thousands)
ANALYSIS OF LOAN
DATA *
Nonaccrual
loans/leases $ 27,830 $ 22,919 $ 19,711 $ 9,093
Accruing loans/leases
past due 90 days or
more 2,321 838 222 526
Other real estate
owned 3,505 3,933 3,857 2,005
---------- ---------- ---------- ----------
Total nonperforming
assets $ 33,656 $ 27,690 $ 23,790 $ 11,624
Net charge-offs
(calendar
year-to-date) $ 4,344 $ 995 $ 2,728 $ 414
Loan/lease mix:
Commercial loans $ 448,575 $ 431,361 $ 439,117 $ 406,186
Commercial real
estate loans 529,029 531,191 526,668 496,043
Direct financing
leases 86,420 83,737 79,408 68,276
Residential real
estate loans 72,574 71,612 79,229 79,125
Installment and other
consumer loans 87,372 86,231 88,541 80,704
Deferred loan/lease
origination costs,
net of fees 1,880 1,847 1,727 1,541
---------- ---------- ---------- ----------
Total loans/leases $1,225,850 $1,205,979 $1,214,690 $1,131,875
ANALYSIS OF DEPOSIT
DATA *
Deposit mix:
Noninterest-bearing $ 155,551 $ 144,833 $ 161,126 $ 143,293
Interest-bearing 873,485 941,755 897,833 767,264
---------- ---------- ---------- ----------
Total deposits $1,029,036 $1,086,588 $1,058,959 $ 910,557
Interest-bearing
deposit mix:
Nonmaturity deposits $ 363,828 $ 398,709 $ 387,746 $ 366,093
Certificates of
deposit 419,869 436,677 386,097 338,173
Brokered
certificates of
deposit 89,788 106,369 123,990 62,998
---------- ---------- ---------- ----------
Total interest-bearing
deposits $ 873,485 $ 941,755 $ 897,833 $ 767,264
* First Wisconsin Bank & Trust was sold on December 31, 2008 and is
reported as discontinued operations for all periods reported
For the Quarter For the Six Months
Ended Ended
-------------------------------- ---------------------
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
---------- ---------- ---------- ---------- ----------
(dollars in
thousands,
except per
share data)
SELECTED
INCOME
STATEMENT
DATA *
Interest
income $ 21,222 $ 20,986 $ 21,001 $ 42,208 $ 42,262
Interest
expense 9,017 9,026 9,809 18,043 20,934
---------- ---------- ---------- ---------- ----------
Net interest
income 12,205 11,960 11,192 24,165 21,328
Provision for
loan/lease
losses 4,876 4,359 1,355 9,234 2,339
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
loan/lease
losses 7,329 7,601 9,837 14,931 18,989
Noninterest
income 3,503 3,439 3,654 6,941 7,068
Noninterest
expense 12,422 11,098 10,488 23,521 20,556
---------- ---------- ---------- ---------- ----------
Income (loss)
from
continuing
operations
before taxes (1,590) (58) 3,003 (1,649) 5,501
Income tax
expense
(benefit)
from
continuing
operations (831) (293) 873 (1,125) 1,541
---------- ---------- ---------- ---------- ----------
Income (loss)
from
continuing
operations $ (759)$ 235 $ 2,130 $ (524)$ 3,960
Discontinued
operations:
Operating
income from
merchant
credit card
acquiring
business -- -- 149 -- 242
Operating loss
from First
Wisconsin
Bank & Trust -- -- (537) -- (2,208)
---------- ---------- ---------- ---------- ----------
Income (loss)
from
discontinued
operations
before taxes -- -- (388) -- (1,966)
Income tax
expense
(benefit)
from
discontinued
operations -- -- (159) -- (734)
---------- ---------- ---------- ---------- ----------
Income (loss)
from
discontinued
operations $ -- $ -- $ (229)$ -- $ (1,232)
Net income
(loss) $ (759)$ 235 $ 1,901 $ (524)$ 2,728
Less: Net
income
attributable
to
noncontrolling
interests 61 151 129 212 269
---------- ---------- ---------- ---------- ----------
Net income
(loss)
attributable
to QCR
Holdings,
Inc. $ (820)$ 84 $ 1,772 $ (736)$ 2,459
Amounts
attributable
to QCR
Holdings,
Inc.:
Income (loss)
from
continuing
operations $ (820)$ 84 $ 2,001 $ (736)$ 3,691
Income (loss)
from
discontinued
operations -- -- (229) -- (1,232)
---------- ---------- ---------- ---------- ----------
Net income
(loss) $ (820)$ 84 $ 1,772 $ (736)$ 2,459
Preferred stock
dividends 1,085 695 446 1,781 892
---------- ---------- ---------- ---------- ----------
Net income
(loss)
attributable
to QCR
Holdings, Inc.
common
stockholders $ (1,905)$ (611)$ 1,326 $ (2,517)$ 1,567
Earnings (loss)
per share from
continuing
operations
attributable
to
QCR Holdings,
Inc.:
Basic $ (0.42)$ (0.14)$ 0.34 $ (0.56)$ 0.61
Diluted $ (0.42)$ (0.13)$ 0.34 $ (0.56)$ 0.60
Earnings (loss)
per share from
discontinued
operations
attributable
to QCR
Holdings,
Inc.:
Basic $ -- $ -- $ (0.05)$ -- $ (0.27)
Diluted $ -- $ -- $ (0.05)$ -- $ (0.27)
Earnings (loss)
per share
attributable
to QCR
Holdings,
Inc.:
Basic $ (0.42)$ (0.14)$ 0.29 $ (0.56)$ 0.34
Diluted $ (0.42)$ (0.13)$ 0.29 $ (0.56)$ 0.34
Earnings per
common share
(basic)
attributable
to QCR
Holdings, Inc.
LTM ** $ (0.15)$ 0.56 $ 0.92
AVERAGE
BALANCES *
Assets $1,732,200 $1,635,966 $1,543,936 $1,684,083 $1,519,600
Deposits $1,104,205 $1,079,065 $ 909,823 $1,091,635 $ 925,944
Loans/leases $1,220,175 $1,212,058 $1,104,472 $1,216,117 $1,113,900
Total
stockholders'
equity $ 129,235 $ 111,746 $ 86,587 $ 120,491 $ 87,720
Common
stockholders'
equity $ 68,972 $ 70,636 $ 64,615 $ 70,008 $ 63,788
KEY RATIOS *
Return on
average assets
(annualized) -0.19% 0.02% 0.46% -0.09% 0.32%
Return on
average common
equity
(annualized)*** -11.05% -3.46% 8.21% -7.19% 4.91%
Price earnings
ratio LTM ** (68.00)x 14.36x 13.60x (68.00)x 13.60x
Net interest
margin (TEY) 3.04% 3.19% 3.37% 3.11% 3.18%
Nonperforming
assets /
total assets 1.98% 1.65% 0.73% 1.98% 0.73%
Net charge-
offs / average
loans/leases 0.27% 0.08% 0.07% 0.36% 0.04%
Allowance /
total loans/
leases 1.84% 1.76% 1.17% 1.84% 1.17%
Efficiency
ratio 79.08% 72.07% 70.65% 75.62% 72.39%
* First Wisconsin Bank & Trust was sold on December 31, 2008 and is
reported as discontinued operations for all periods reported
** LTM: Last twelve months
*** The numerator for this ratio is "Net income (loss) attributable
to QCR Holdings, Inc. common stockholders"
For the Quarter For the Six Months
Ended Ended
-------------------------------- ---------------------
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
---------- ---------- ---------- ---------- ----------
(dollars in
thousands,
except share
data)
ANALYSIS OF
NONINTEREST
INCOME *
Credit card
fees, net of
processing
costs $ 293 $ 246 $ 243 $ 539 $ 506
Trust
department
fees 701 718 847 1,419 1,769
Deposit service
fees 788 827 787 1,615 1,504
Gain on sales
of loans, net 673 412 323 1,085 662
Gains (losses)
on sales of
securities (192) (14) -- (206) --
Gains on sale
of foreclosed
assets 187 -- 5 187 5
Earnings on
cash surrender
value of life
insurance 322 291 279 613 546
Investment
advisory and
management
fees 351 351 671 702 1,086
Other 380 608 499 987 990
---------- ---------- ---------- ---------- ----------
Total
noninterest
income $ 3,503 $ 3,439 $ 3,654 $ 6,941 $ 7,068
ANALYSIS OF
NONINTEREST
EXPENSE *
Salaries and
employee
benefits $ 7,081 $ 6,765 $ 6,581 $ 13,846 $ 12,834
Professional
and data
processing
fees 1,203 1,153 1,136 2,356 2,267
Advertising and
marketing 207 246 340 453 595
Occupancy and
equipment
expense 1,273 1,321 1,205 2,594 2,464
Stationery and
supplies 147 131 132 278 253
Postage and
telephone 291 228 223 519 472
Bank service
charges 114 122 140 237 271
FDIC and other
insurance 1,471 619 315 2,090 633
Other 635 513 416 1,148 767
---------- ---------- ---------- ---------- ----------
Total
noninterest
expenses $ 12,422 $ 11,098 $ 10,488 $ 23,521 $ 20,556
WEIGHTED
AVERAGE SHARES
Common shares
outstanding(a) 4,540,854 4,523,851 4,611,751 4,532,353 4,606,959
Incremental
shares from
assumed
conversion:
Options and
Employee
Stock
Purchase
Plan 9,427 8,754 22,954 9,091 35,670
---------- ---------- ---------- ---------- ----------
Adjusted
weighted
average
shares(b) 4,550,281 4,532,605 4,634,705 4,541,444 4,642,629
* First Wisconsin Bank & Trust was sold on December 31, 2008 and is
reported as discontinued operations for all periods reported
(a) Denominator for Basic Earnings Per Share
(b) Denominator for Diluted Earnings Per Share
ROLLFORWARD OF LENDING ACTIVITY FOR THE SIX MONTHS
ENDING JUNE 30, 2009
(dollars in thousands)
BALANCE AS OF DECEMBER 31, 2008: CONSOLIDATED
----------------------------------------------- -----------------
Commercial loans 439,117
Commercial real estate loans 526,668
Direct financing leases 79,408
Real estate loans - residential mortgage $ 79,229
Installment and other consumer loans 88,541
-----------------
1,212,963
Plus deferred loan/lease origination costs,
net of fees 1,727
-----------------
TOTAL GROSS LOANS/LEASES $ 1,214,690
ORIGINATION OF NEW LOANS:
-----------------------------------------------
Commercial loans 53,843
Commercial real estate loans 41,748
Direct financing leases 18,888
Real estate loans - residential mortgage 61,200
Installment and other consumer loans 10,455
-----------------
$ 186,134
PAYMENTS/MATURITIES, NET OF ADVANCES OR
RENEWALS ON EXISTING LOANS:
-----------------------------------------------
Commercial loans (44,385)
Commercial real estate loans (39,387)
Direct financing leases (11,876)
Real estate loans - residential mortgage (67,855)
Installment and other consumer loans (11,624)
-----------------
$ (175,127)
BALANCE AS OF JUNE 30, 2009:
-----------------------------------------------
Commercial loans 448,575
Commercial real estate loans 529,029
Direct financing leases 86,420
Real estate loans - residential mortgage 72,574
Installment and other consumer loans 87,372
-----------------
1,223,970
Plus deferred loan/lease origination costs,
net of fees 1,880
-----------------
TOTAL GROSS LOANS/LEASES $ 1,225,850
=================
CONTACT: QCR Holdings, Inc.
Todd A. Gipple, Executive Vice President,
Chief Operating Officer, Chief Financial Officer
(309) 743-7745
