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EX - 99.1 2 tm2123178d1_ex99-1.htm EXHIBIT 99.1 OCR HOLDINGS , INC . a relationship driven organization ™ PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE QCR Holdings , Inc. Announces Record Net Income of $ 22.3 Million for the Second Quarter of 2021 Second Quarter 2021 Highlights Record net income of $ 22.3 million , or $ 1.39 per diluted share Adjusted net income ( non - GAAP ) of $ 22.5 million , or $ 1.40 per diluted share Net Interest Margin ( “ NIM ” ) increased by 2 basis points and Adjusted NIM ( TEY ) ( non - GAAP ) increased by 4 bps to 3.28 % and 3.44 % , respectively Adjusted net interest income ( non - GAAP ) increased $ 1.9 million , or 4.4 % Annualized core loan and lease growth ( non - GAAP ) of 14.9 % for the quarter , excluding SBA Paycheck Protection Program ( “ PPP ” ) loans Annualized core deposit growth of 4.9 % for the quarter Allowance for credit losses ( " ACL " ) to total loans / leases of 1.85 % , excluding PPP loans ( non - GAAP ) Nonperforming assets improved by 28 % for the quarter and now represent only 0.17 % of total assets Moline , IL , July 26 , 2021 -- QCR Holdings , Inc. ( NASDAQ : QCRH ) ( the " Company " ) today announced record net income of $ 22.3 million and diluted earnings per share ( " EPS " ) of $ 1.39 for the second quarter of 2021 , compared to net income of $ 18.0 million and diluted EPS of $ 1.12 for the first quarter of 2021 . The Company reported adjusted net income ( non - GAAP ) of $ 22.5 million and adjusted diluted EPS ( non - GAAP ) of $ 1.40 for the second quarter of 2021 , compared to adjusted net income ( non - GAAP ) of $ 18.6 million and adjusted diluted EPS ( non - GAAP ) of $ 1.16 for the first quarter of 2021. For the second quarter of 2020 , net income and diluted EPS were $ 13.7 million and $ 0.86 , respectively , and adjusted net income ( non - GAAP ) and adjusted diluted EPS ( non - GAAP ) were $ 14.0 million and $ 0.88 , respectively . $ in millions ( except per share data ) Net Income Diluted EPS Adjusted Net Income ( non - GAAP ) Adjusted Diluted EPS ( non - GAAP ) June 30 , For the Quarter Ended March 31 , 2021 2021 June 30 , 2020 $ 22.3 $ 18.0 $ 13.7 $ 1.39 $ 1.12 $ 0.86 $ 22.5 $ 18.6 $ 14.0 $ 1.40 $ 1.16 $ 0.88 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 delivered a record quarter of net income , driven by continued strong loan growth , an expanded net interest margin , improved asset quality and careful noninterest expense management , " said Larry J. Helling , Chief Executive Officer . " We successfully deployed our liquidity with another quarter of strong loan and lease production , while maintaining disciplined underwriting . Higher average loan balances , combined with an improved net interest margin , enabled us to generate a solid increase in net interest income from the prior quarter . " Annualized Loan and Lease Growth of 14.9 % for the Quarter , excluding PPP Loans ( non - GAAP ) During the second quarter of 2021 , the Company's core loans and leases , excluding PPP loans , increased $ 153.0 million to a total of $ 4.3 billion . Core loan and lease growth during the quarter was 14.9 % on an annualized basis and was funded by the Company's excess liquidity and core deposit growth . Core deposits ( excluding brokered deposits ) increased by $ 57.0 million during the quarter . The Company's wholesale funding portfolio has been reduced to predominately subordinated debt that qualifies as regulatory capital . " Our continued outsized loan growth for the quarter was driven by strength in both our Specialty Finance Group and our core commercial lending and leasing business , " added Helling . " Given the robust first half results , combined with our current pipeline , we are targeting continued strong organic loan growth for the full year 2021 of between 10 % and 12 % , which is higher than our long - term goal of 9 % . "