QCR HOLDINGS INC
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
View on SEC.govAbout this filing
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.
Jun 30, 2024 · Filed Aug 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Condition
Following is a table that represents the major categories of the Company’s balance sheet:
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · As of · | |||||||||||||||||||||||||
| · · June 30, 2024 · · · March 31, 2024 · · · December 31, 2023 · · June 30, 2023 · · | |||||||||||||||||||||||||
| · · (dollars in thousands) · | |||||||||||||||||||||||||
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| · Amount · % · · Amount · % · · Amount · % · Amount · % · | |||||||||||||||||||||||||
| Cash, federal funds sold, and interest-bearing deposits | | $194,435 | 2% | | $158,008 | 2% | | $237,492 | 3% | | $259,096 | 3% | | ||||||||||||
| Securities | | | 1,033,199 | 12% | | | 1,031,861 | 12% | | | 1,005,528 | 12% | | | 882,888 | 11% | | ||||||||
| Net loans/leases | | | 6,766,680 | 76% | | | 6,563,866 | 76% | | | 6,456,216 | 75% | | | 6,293,523 | 77% | | ||||||||
| Derivatives | | | 194,354 | | 2% | | | 183,888 | | 2% | | | 187,341 | | 2% | | | 170,294 | | 2% | | ||||
| Other assets | | | 683,323 | | 8% | | | 661,926 | | 8% | | | 652,317 | | 8% | | | 620,872 | | 7% | | ||||
| Total assets | | $8,871,991 | 100% | | $8,599,549 | 100% | | $8,538,894 | 100% | | $8,226,673 | 100% | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total deposits | | $6,764,667 | 76% | | $6,806,775 | 79% | | $6,514,005 | 77% | | $6,606,720 | 81% | | ||||||||||||
| Total borrowings | | | 768,671 | 9% | | | 489,633 | 6% | | | 718,295 | 8% | | | 418,368 | 5% | | ||||||||
| Derivatives | | | 221,798 | | 2% | | | 211,677 | | 2% | | | 215,735 | | 3% | | | 195,841 | | 2% | | ||||
| Other liabilities | | | 180,536 | 2% | | | 184,122 | 2% | | | 204,263 | 2% | | | 183,055 | 2% | | ||||||||
| Total stockholders' equity | | | 936,319 | 11% | | | 907,342 | 11% | | | 886,596 | 10% | | | 822,689 | 10% | | ||||||||
| Total liabilities and stockholders' equity | | $8,871,991 | 100% | | $8,599,549 | 100% | | $8,538,894 | 100% | | $8,226,673 | 100% | | ||||||||||||
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Part I
Item 2
During the second quarter of 2024, the Company's total assets increased $272.4 million, or 3%, from March 31, 2024, to a total of $8.9 billion. The Company’s net loans/leases increased $202.8 million in the second quarter of 2024. The increase in net loans/leases was driven primarily by strength in our LIHTC lending business. The Company also experienced improved loan demand from its traditional commercial lending/leasing businesses. Deposits decreased modestly at $42.1 million, or 1%, during the second quarter of 2024. Borrowings increased $279.0 million, or 57%, during the second quarter of 2024 due primarily to funding needs for strong loan growth.
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