false
0000906465
0000906465
2023-12-12
2023-12-12
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event
Reported): December 12, 2023
QCR Holdings, Inc.
(Exact Name of Registrant as Specified in
Charter)
Delaware |
0-22208 |
42-1397595 |
(State or Other Jurisdiction of
Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification
Number) |
3551 Seventh Street, Moline, Illinois 61265 |
(Address of Principal Executive Offices) (Zip Code) |
(309) 736-3584
(Registrant's telephone number, including
area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name of each exchange on
which registered |
Common Stock, $1.00 Par Value |
|
QCRH |
|
The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ¨
Item 7.01. | Regulation FD Disclosure. |
On December 12, 2023, QCR
Holdings, Inc. (the “Company”) issued a press release disclosing the completion of two securitizations. A copy of
the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information
in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being “furnished” and will not, except
to the extent required by applicable law or regulation, be deemed “filed” by the Company for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,
nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
QCR Holdings, Inc. |
|
|
|
Date: December 12, 2023 |
By: |
/s/ Todd A. Gipple |
|
|
Todd A. Gipple |
|
|
President and Chief Financial Officer |
Exhibit 99.1
PRESS RELEASE |
FOR IMMEDIATE RELEASE |
QCR Holdings, Inc.
Announces Closing of First Two Securitizations
by Cedar Rapids
Bank & Trust
Selling $265MM
of LIHTC Loans During the Fourth Quarter
Moline, IL, December 12, 2023 – QCR Holdings, Inc.
(NASDAQ: QCRH) (the “Company”) today announced the successful closing of two securitizations with a total of $265 million
of low-income housing tax credit (“LIHTC”) loans sold by Cedar Rapids Bank & Trust, a wholly-owned subsidiary of
the Company. The first securitization consisted of $130 million of tax-exempt LIHTC loans and was part of the Freddie Mac-sponsored M-Series.
The second securitization consisted of $135 million of taxable LIHTC loans and was part of the Freddie Mac-sponsored Q-Series. Both transactions
were designated as Social Bonds by Freddie Mac.
“We are very pleased to announce the successful closing of our
first two securitizations,” said Larry J. Helling, Chief Executive Officer. “The ability to securitize these loans will be
an important and effective tool in managing our liquidity and capital. This capability will also enhance the sustainability and continued
growth of our LIHTC lending and related capital markets revenue and further strengthens this highly valuable part of our Company. Our
intent is to continue to securitize portions of our LIHTC loan portfolio on a recurring basis.”
“Since the inception of our LIHTC lending program, we are proud
to have helped finance 371 projects consisting of over 24 thousand affordable housing units,” continued Mr. Helling. “Our
clients continue to experience strong demand for their projects as the need for affordable multi-family housing far exceeds supply. Securitization
will allow us to continue to support this growing need in the future.”
Upon closing of the securitizations and the selling of $265 million
of LIHTC loans, the Company recognized a net gain on sale of $664 thousand.
About Us
QCR Holdings, Inc., headquartered
in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des
Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer
banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced
operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community
State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, Springfield First Community Bank, based in Springfield,
Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and
merged with Springfield First Community Bank on April 1, 2022, with the combined entity operating under the Guaranty Bank name.
Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of
Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company offers equipment loans and leases to businesses through
its wholly owned subsidiary, m2 Equipment Finance, LLC, based in Brookfield, Wisconsin, and also provides correspondent banking services.
The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of September 30, 2023, the Company had $8.5 billion in
assets, $6.6 billion in loans and $6.5 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.
Special Note Concerning Forward-Looking
Statements. This document contains, and future oral and written statements of the Company and its management
may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements,
which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available
to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,”
“bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,”
“estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,”
“likely,” “might,” “potential,” “continue,” “annualized,” “target,”
“outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this
document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update
any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the
Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors
include, among others, the following: (i) the strength of the local, state, national and international economies(including effects
of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread
disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Israeli-Palestinian
conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability
in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes
in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB; (iv) changes
in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes
in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets
(including the impact of LIBOR phase-out and the recent potential additional rate increases by the Federal Reserve); (vi) increased
competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies,
and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable
electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions
and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes
in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact
of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in
our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from
certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits
and may withdraw deposits to diversity their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions
involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information
security controls or cybersecurity-related incidents, and (xixi) the ability of the Company to manage the risks associated with the foregoing
as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance
should not be placed on such statements. Additional information concerning the Company and its business, including additional factors
that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and
Exchange Commission.
Contact:
Todd A. Gipple
President and Chief Financial Officer
(309) 743-7745
tgipple@qcrh.com
v3.23.3
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
QCR (NASDAQ:QCRH)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
QCR (NASDAQ:QCRH)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024