QCR HOLDINGS INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Stockholders’ Equity
The table below presents the composition of the Company’s stockholders’ equity.
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · As of December 31, | |||||||
| · · 2023 · 2022 | |||||||
| · · (dollars in thousands) | |||||||
| | | | | | | | |
| Common stock | | $16,749 | | $16,796 | | ||
| Additional paid in capital | | 370,814 | | 370,712 | | ||
| Retained earnings | | 554,992 | | 450,114 | | ||
| AOCI | | (55,959) | | (64,898) | | ||
| Total stockholders' equity | | $886,596 | | $772,724 | | ||
| | | | | | | | |
| TCE / TA ratio (non-GAAP) | | 8.75% | 7.93% | ||||
- TCE/TA ratio is defined as total common stockholders’ equity excluding goodwill and other intangibles divided by total assets. This ratio is a non-GAAP measure. Refer to the GAAP to Non-GAAP Reconciliations section of this report for more information.
As of December 31, 2023 and 2022, no preferred stock was outstanding.
AOCI increased $8.9 million during 2023 due to an increase in the value of the Company’s AFS securities portfolio and certain derivatives resulting from the change in interest rates during the year.
On May 19, 2022, the board of directors of the Company approved a share repurchase program under which the Company is authorized to repurchase, from time to time as the Company deems appropriate, up to an additional 1,500,000 shares of its outstanding common stock, or approximately 10% of the outstanding shares as of December 31, 2021. There were 175,000 and 970,000 shares of common stock purchased by the Company during the year ended December 31, 2023 and 2022, respectively. There were 760,915 shares of common stock remaining for repurchase as of December 31, 2023.
The following table presents the rollforward of stockholders’ equity for the years ended December 31, 2023 and 2022, respectively.
| | | | | | | |
|---|---|---|---|---|---|---|
| · · For the Year Ended December 31, | ||||||
| · 2023 · 2022 | ||||||
| | | (dollars in thousands) | ||||
| | | | | | | |
| Beginning balance | | $772,724 | | $677,010 | ||
| Net income | | 113,558 | | 99,066 | ||
| Other comprehensive income (loss), net of tax | | 8,939 | | (66,450) | ||
| Issuance of 2,071,291 shares of common stock as a result of acquisition of GFED | | — | | 117,214 | ||
| Repurchase and cancellation of shares of common stock as a result of a share repurchase program | | | (8,686) | | | (52,954) |
| Common cash dividends declared | | (4,020) | | (4,022) | ||
| Other * | | 4,081 | | 2,860 | ||
| Ending balance | | $886,596 | | $772,724 | ||
| | | | | | | |
*Includes primarily stock-based compensation.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.