QCR HOLDINGS INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Nonperforming Assets
The table below presents the amounts of NPAs and related ratios.
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|---|---|---|---|---|---|---|---|
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| · · As of December 31, | |||||||
| · · 2024 · · 2023 · | |||||||
| · · (dollars in thousands) | |||||||
| | | | | | | | |
| Nonaccrual loans/leases (1) | | $40,080 | | $32,753 | | ||
| Accruing loans/leases past due 90 days or more | | | 4,270 | | | 86 | |
| Total NPLs | | 44,350 | | | 32,839 | | |
| Other repossessed assets | | | 543 | | | — | |
| OREO | | | 661 | | | 1,347 | |
| Total NPAs | | $45,554 | | $34,186 | | ||
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| NPLs to total loans/leases | | | 0.65% | | 0.50% | ||
| NPAs to total loans/leases plus repossessed property | | | 0.67% | | 0.52% | ||
| NPAs to total assets | | | 0.50% | | 0.40% | ||
| Nonaccrual loans/leases to total loans/leases | | | 0.59% | | 0.50% | ||
| ACL to nonaccrual loans | | | 224.15% | | 266.24% | ||
| (1) | Includes government guaranteed portions of loans, if applicable. |
NPAs at December 31, 2024 were $45.6 million, up $11.4 million from December 31, 2023. The increase from the prior year was driven by changes in the classification of three client relationships. The ratio of NPAs to total assets was 0.50% at December 31, 2024, up from 0.40% at December 31, 2023.
The majority of the Company’s NPAs consists of nonaccrual loans/leases. For nonaccrual loans/leases, management thoroughly reviewed these loans/leases and 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 top priority for management.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.