QCR HOLDINGS INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Nonperforming Assets
The table below presents the amount of NPAs and related ratios.
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| · · As of March 31, · · As of December 31, · · As of March 31, · · | |||||||||||
| · 2024 · 2023 · 2023 · · | |||||||||||
| · · (dollars in thousands) · · | |||||||||||
| | | | | | | | | | | | |
| Nonaccrual loans/leases (1) | | $29,439 | | $32,753 | | $22,947 | | | |||
| Accruing loans/leases past due 90 days or more | | 142 | | 86 | | 15 | | | |||
| Total NPLs | | 29,581 | | 32,839 | | 22,962 | | | |||
| Other repossessed assets | | 962 | | — | | — | | | |||
| OREO | | 784 | | 1,347 | | 61 | | | |||
| Total NPAs | | $31,327 | | $34,186 | | $23,023 | | | |||
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| NPLs to total loans/leases | 0.44% | 0.50% | | 0.37% | | ||||||
| NPAs to total loans/leases plus repossessed property | | 0.47% | 0.52% | | 0.37% | | |||||
| NPAs to total assets | | 0.36% | 0.40% | | 0.29% | | |||||
| Nonaccrual loans/leases to total loans/leases | | | 0.44% | | 0.50% | | 0.37% | | |||
| ACL to nonaccrual loans | | 286.93% | 266.24% | | 377.27% | | |||||
| (1) | Includes government guaranteed portion of loans, as applicable. |
NPAs at March 31, 2024 were $31.3 million, down $2.9 million from December 31, 2023, and up $8.3 million from March 31, 2023. The decrease in NPAs during the quarter was driven by the payoff of one client relationship primarily offset by an increase in other repossessed assets. The ratio of NPAs to total assets was 0.36% at March 31, 2024, down from 0.40% at December 31, 2023, and up from 0.29% at March 31, 2023.
The majority of the NPAs consist of nonaccrual loans/leases. For nonaccrual loans/leases, management has thoroughly reviewed these loans/leases and has provided specific allowances as appropriate.
OREO and other repossessed assets are carried at the lower of carrying amount or fair value less costs to sell.
The policy of the Company is to place a loan/lease on nonaccrual status if: (a) payment in full of interest or principal is not expected; or (b) principal or interest has been in default for a period of 90 days or more unless the obligation is both in the process of collection and well secured. A loan/lease is well secured if it is secured by collateral with sufficient market value to repay principal and all accrued interest. A debt is in the process of collection if collection of the debt is proceeding in due course either through legal action, including judgment enforcement procedures, or in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to current status.
The Company's lending/leasing practices remain unchanged and asset quality remains a priority for management.
Part I
Item 2
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