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EX - 99.1 2 tm2113953d1_ex99-1.htm EXHIBIT 99.1 QCR HOLDINGS , INC . a relationship driven organization " PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE QCR Holdings , Inc. Announces Net Income of $ 18.0 Million for the First Quarter of 2021 First Quarter 2021 Highlights Net income of $ 18.0 million , or $ 1.12 per diluted share Adjusted net income ( non - GAAP ) of $ 18.6 million , or $ 1.16 ] per diluted share NIM increased by 1 basis point and Adjusted NIM ( TEY ) ( non - GAAP ) increased by 3 bps to 3.26 % and 3.40 % , respectively Noninterest income continues to be strong at $ 23.5 million Annualized core loan and lease growth ( non - GAAP ) of 14.0 % for the quarter , excluding SBA Paycheck Protection Program ( “ PPP ” ) loans Annualized core deposit growth of 3.2 % for the quarter Provision for credit losses of $ 6.7 million for the quarter and allowance for credit losses ( " ACL " ) to total loans / leases of 1.99 % , excluding PPP loans ( non - GAAP ) Nonperforming assets remained stable for the quarter and represent 0.25 % of total assets Moline , IL , April 27 , 2021 -- QCR Holdings , Inc. ( NASDAQ : QCRH ) ( the “ Company ” ) today announced net income of $ 18.0 million and diluted earnings per share ( " EPS " ) of $ 1.12 for the first quarter of 2021 , compared to net income of $ 18.3 million and diluted EPS of $ 1.14 for the fourth quarter of 2020. Pre- provision , pre - tax adjusted net income ( non - GAAP ) was $ 29.0 million in the first quarter of 2021 , compared to $ 30.4 million in the fourth quarter of 2020 . The Company reported adjusted net income ( non - GAAP ) of $ 18.6 million and adjusted diluted EPS ( non - GAAP ) of $ 1.16 for the first quarter of 2021 , compared to adjusted net income ( non - GAAP ) of $ 19.1 million and adjusted diluted EPS ( non - GAAP ) of $ 1.20 for the fourth quarter of 2020. For the first quarter of 2020 , net income and diluted EPS were $ 11.2 million and $ 0.70 , respectively , and adjusted net income ( non - GAAP ) and adjusted diluted EPS were $ 12.4 million and $ 0.77 , respectively . $ in millions ( except per share data ) Net Income Diluted EPS Adjusted Net Income ( non - GAAP ) Adjusted Diluted EPS ( non - GAAP ) Pre - Provision / Pre - Tax Adjusted Income ( non - GAAP ) Pre - Provision / Pre - Tax Adjusted ROAA ( non - GAAP ) March 31 , 2021 For the Quarter Ended December 31 , 2020 March 31 , 2020 $ 18.0 $ 18.3 $ 11.2 $ 1.12 $ 1.14 $ 0.70 $ 18.6 $ 19.1 $ 12.4 $ 1.16 $ 1.20 $ 0.77 $ 29.0 $ 30.4 $ 22.8 2.05 % 2.08 % 1.84 % Adjusted non - GAAP measurements of financial performance exclude non - recurring income and expense items that management believes are not reflective of the anticipated future operation of the Company's business . The Company believes these measurements provide a better comparison for analysis and may provide a better indicator of future performance . See GAAP to non - GAAP reconciliations . " We are pleased with our financial performance for the first quarter , ” said Larry J. Helling , Chief Executive Officer . " We delivered another quarter of strong net income , driven by robust loan growth , expanded net interest margin and carefully managed expenses . Despite a competitive lending environment , we grew core loans by 14 % on an annualized basis , while maintaining disciplined underwriting and excellent credit quality . We continue to attract new clients and deepen ties with existing clients , which validates our relationship - based community banking model . "