QCR HOLDINGS INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Deposits
Deposits grew $547.2 million, or 8.4%, during 2024, primarily due to an increase in interest-bearing deposits and time deposits from both core client and brokered sources.
The table below presents the composition of the Company’s deposit portfolio.
| | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| · · As of December 31, | |||||||||||
| · · 2024 · 2023 | |||||||||||
| · · Amount · % · Amount · % | |||||||||||
| · · (dollars in thousands) | |||||||||||
| | | | | | | | | | | | |
| Noninterest bearing demand deposits | | $921,160 | 13% | $1,038,689 | 16% | ||||||
| Interest bearing demand deposits | | 4,828,216 | 68% | 4,338,390 | 67% | ||||||
| Time deposits | | 953,496 | 14% | 851,950 | 13% | ||||||
| Brokered deposits | | 358,315 | 5% | 284,976 | 4% | ||||||
| | | $7,061,187 | 100% | $6,514,005 | 100% | ||||||
| | | | | | | | | | | | |
The Company actively participates in the ICS/CDARS program, which is a trusted resource that provides FDIC insurance coverage for clients of the Company that maintain larger deposit balances. Deposits in the ICS/CDARS program (which are included in interest bearing demand deposits and time deposits in the preceding table) totaled $2.4 billion, or 33.8% of all deposits, as of December 31, 2024.
The Company’s correspondent bank deposit portfolio and funds managed consists of the following:
| ● | Noninterest-bearing deposits which represent the correspondent banks’ operating cash used for processing transactions with the FRB; |
| ● | Money market deposits which represent some excess liquidity; and |
| ● | EBA balances of the correspondent banks held at the FRB. |
The Company had total uninsured deposits of $2.0 billion and $1.8 billion as of December 31, 2024 and 2023 respectively. The table below represents the time deposits in FDIC uninsured accounts by maturity:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · As of December 31, | ||||||
| · · 2024 · · 2023 | ||||||
| · (dollars in thousands) | ||||||
| | | | | | | |
| U.S. Time Deposits in Amounts in Excess of FDIC insurance limit: | | | | | | |
| One to three months | $191,427 | $213,425 | ||||
| Three to six months | | 172,379 | | 160,812 | ||
| Six to twelve months | | 164,510 | | 130,490 | ||
| Over twelve months | | 13,750 | | 9,960 | ||
| | | $542,066 | | $514,687 | ||
| | | | | | | |
There were no other time deposits otherwise uninsured. The Company had no deposits by foreign depositors in domestic offices as of December 31, 2024 and 2023.
Management will continue to focus on growing its core deposit portfolio, including its correspondent banking business at QCBT, as well as shifting the mix from brokered and other higher cost deposits to lower cost core deposits. With the significant success achieved by QCBT in growing its correspondent banking business, QCBT has developed procedures to proactively monitor this industry concentration of deposits and loans. Other deposit-related industry concentrations and large accounts are monitored by the internal asset liability management committee. See discussion
regarding policy limits on bank stock loans in the Lending/Leasing section under Item 1. – Business in Part I of this Annual Report on Form 10-K.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.