EX-99 3 0003.txt PRESS RELEASE Contact: Todd A. Gipple Executive Vice President and CFO (309) 736-3580 FOR IMMEDIATE RELEASE November 2000 Quad City Holdings, Inc. Announces First Quarter Earnings Quad City Holdings, Inc. (Nasdaq SmallCap: QCHI) today announced earnings for the first fiscal quarter ending September 30, 2000 of $660,000 or basic and diluted earnings per share of $.29 and $.28 respectively. For the September 30, 1999 quarter, the Company reported earnings of $633,000, or basic and diluted earnings per share of $.28 and $.26 respectively. The Company's total assets increased 4% to $381.0 million from June 30, 2000 to September 30, 2000. During the same period, gross loans increased 4% to $251.8 million and total deposits increased 3% to $298.1 million. Stockholders' equity was $21.0 million at September 30, 2000 as compared with $20.1 million at June 30, 2000. Net interest income for the three months ended September 30, 2000 was $2.9 million as compared to $2.7 million for the same period one year ago. The net interest margin was 3.36% for the three-month period ended September 30, 2000 as compared with 3.56% for the same period in 1999. The Company is preparing for the scheduled opening of its fourth full service banking facility located at 5515 Utica Ridge Road, Davenport, Iowa. The facility will allow the Company to better serve its Northeast Davenport and Bettendorf customers while aggressively pursuing new relationships. The office is scheduled to open October 30, 2000. Quad City Holdings, Inc., headquartered in Moline, Illinois, is a bank holding company which serves the Quad City area via its wholly owned subsidiary, Quad City Bank and Trust Company, based in Bettendorf, Iowa. Quad City Bank and Trust Company, which commenced operations in 1994, provides full-service commercial and consumer banking, and trust and asset management services. The company also engages in merchant credit card processing through its wholly owned subsidiary, Quad City Bancard, Inc., based in Moline, Illinois. This release may contain forward-looking statements. Forward looking statements are identifiable by the inclusion of such qualifications as expects, intends, believes, may, likely or other indications that the particular statements are not based upon facts but are rather based upon the Company's beliefs as of the date of this release. Actual events and results may differ significantly from those described in such forward looking statements, due to changes in the economy, interest rates or other factors. For additional information about these factors, please review our filings with the Securities and Exchange Commission. As of September 30, June 30, September 30, 2000 2000 1999 -------------------------------------------------------------------------------- (dollars in thousands, except share data) SELECTED BALANCE SHEET DATA Total assets ......................... 380,976 367,622 331,175 Securities ........................... 55,548 56,129 55,965 Total loans .......................... 251,782 241,853 210,944 Allowance for loan losses ............ 3,778 3,617 3,086 Total deposits ....................... 298,119 288,067 258,516 Total stockholders' equity ........... 20,992 20,071 18,880 Common stock outstanding ............. 2,272,420 2,283,920 2,300,001 Book value per common share .......... $ 9.24 $ 8.79 $ 8.21 Full time equivalent employees ....... 156 157 152 CAPITAL RATIOS Tier 1 leverage ...................... 7.77% 8.06% 7.89% Tier 1 risk-based capital ............ 10.16% 10.39% 10.91% Total risk-based capital ............. 13.10% 13.47% 14.48% For the Quarter Ended September 30, --------------------- 2000 1999 --------------------- (dollars in thousands) ANALYSIS OF LOAN DATA Net charge-offs .................................... 16 84 Nonaccrual loans ................................... 334 1,209 Accruing loans past due 90 days or more ............ 802 275 Other real estate owned ............................ 0 0 Total nonperforming assets ......................... 1,136 1,484 Loan mix: Commercial ......................................... 177,217 143,897 Real estate ........................................ 39,799 35,235 Installment and other consumer ..................... 34,766 31,812 Total loans ........................................ 251,782 210,944 For the Quarter Ended September 30, ---------------------- 2000 1999 ---------------------- (dollars in thousands, except per share data) SELECTED INCOME STATEMENT DATA Interest income .................................. 6,978 5,801 Interest expense ................................. 4,119 3,103 Net interest income .............................. 2,859 2,698 Provision for loan losses ........................ 176 275 Noninterest income ............................... 1,372 1,372 Noninterest expense .............................. 3,078 2,773 Income tax expense ............................... 317 389 Net income ....................................... 660 633 Earnings per common share (basic) ................ $ 0.29 $ 0.28 Earnings per common share (diluted) .............. $ 0.28 $ 0.26 AVERAGE BALANCES Assets ........................................... 371,254 328,746 Deposits ......................................... 290,126 255,726 Loans ............................................ 246,168 204,460 Earnings assets .................................. 340,604 303,543 Stockholders' equity ............................. 20,504 18,677 KEY RATIOS Return on average assets ......................... 0.71% 0.77% Return on average common equity .................. 12.88% 13.56% Net interest margin .............................. 3.36% 3.56% Efficiency ratio ................................. 72.75% 68.13% For the Quarter Ended September 30, --------------------- 2000 1999 --------------------- (dollars in thousands, except share data) ANALYSIS OF NONINTEREST INCOME Merchant credit card fees, net of processing costs ............................. 372 538 Trust department fees .......................................................... 505 400 Deposit service fees ........................................................... 178 156 Gain on sales of loans, net .................................................... 127 101 Other .......................................................................... 190 177 Total noninterest income .................................................... 1,372 1,372 ANALYSIS OF NONINTEREST EXPENSE Salaries and employee benefits ................................................. 1,782 1,628 Professional and data processing fees .......................................... 264 221 Advertising and marketing ...................................................... 127 83 Occupancy and equipment expense ................................................ 420 394 Stationery and supplies ........................................................ 72 82 Postage and telephone .......................................................... 94 82 Other .......................................................................... 319 283 Total noninterest expenses .................................................. 3,078 2,773 WEIGHTED AVERAGE SHARES Common shares outstanding (a) 2,275,261 2,299,430 Incremental shares from assumed conversion: Options .................................................................... 57,107 95,904 Warrants ................................................................... 0 4,454 Adjusted weighted avg shares (b) ............................................... 2,332,368 2,399,788 (a) Denominator for Basic Earnings Per Share (b) Denominator for Diluted Earnings Per Share