0000743530-01-500062.txt : 20011106
0000743530-01-500062.hdr.sgml : 20011106
ACCESSION NUMBER: 0000743530-01-500062
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011101
ITEM INFORMATION: Other events
FILED AS OF DATE: 20011101
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: QUAD CITY HOLDINGS INC
CENTRAL INDEX KEY: 0000906465
STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022]
IRS NUMBER: 421397595
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-22208
FILM NUMBER: 1773309
BUSINESS ADDRESS:
STREET 1: 3551 7TH STREET
CITY: MOLINE
STATE: IL
ZIP: 61265
BUSINESS PHONE: 3097363580
8-K
1
qc8k.txt
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 November 1, 2001
(Date of earliest event reported) November 1, 2001
QCR Holdings, Inc.
(f/k/a Quad City Holdings, Inc.)
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-22208
42-1397595
(Commission File Number) (I.R.S.
Employer Identification
Number)
3551 Seventh Street, Suite 204, Moline, Illinois 61265
(Address of principal executive offices)(Zip Code)
(309) 736-3580
(Registrant's telephone number, including area code)
Form 8-k
Item 5. Other Information
Effective November 1, 2001, the Registrant amended its certificate of
incorporation to change its name from _Quad City Holdings, Inc._ to _QCR
Holdings, Inc._ In addition, the Registrant's ticker symbol for quotation on
the Nasdaq SmallCap Market has been changed from _QCHI_ to _QCRH_, also
effective November 1, 2001.
On November 1, 2001, the Registrant issued a press release regarding its
name change and its earnings for the first quarter ended September 30, 2001.
The press release is attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
99.1 Press Release dated November 1, 2001
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.
Dated: November 1, 2001 By:
Todd A. Gipple
Chief Financial Officer
2
EX-99
3
final.txt
PRESS RELEASE
Contact:
Todd A. Gipple
Executive Vice President
Chief Financial Officer
(309) 736-3580
FOR IMMEDIATE RELEASE
November 1, 2001
Quad City Holdings, Inc.
Announces Name Change to QCR Holdings, Inc.
and
First Quarter Earnings Results
Quad City Holdings, Inc. announced that, effective today, the Company has
changed its name to QCR Holdings, Inc. The name change was approved by the
Company's stockholders at the October 24, 2001 annual stockholders meeting.
"We believe that this new name will maintain our exposure in the Quad Cities
marketplace, while increasing our identification in our new marketplace of
Cedar Rapids, Iowa," said Doug Hultquist, President and Chief Executive
Officer. He added, "It is important to us that our Company name reflect our
intention to continue expanding our presence in the Quad Cities area, as well
as our plan to reflect our intention to create a significant banking presence
in the Cedar Rapids community with our new bank subsidiary, Cedar Rapids Bank
and Trust Company."
The Company's common stock will continue to trade on the Nasdaq SmallCap
Market under a new symbol of QCRH.
The Company also announced earnings for the first fiscal quarter ended
September 30, 2001 of $648,000, or both basic and diluted earnings per share
of $.26. For the quarter ended September 30, 2000, the Company reported
earnings of $660,000, or basic and diluted earnings per share of $.29 and $.28,
respectively.
The slight reduction in earnings for the quarter ended September 30, 2001,
as compared to the same period one year ago, was the result of significant
initial start-up expenses associated with the Company's expansion to the Cedar
Rapids, Iowa market, offset by improved earnings at the Company's Quad City
Bank & Trust subsidiary.
Michael Bauer, Chairman of the Company and President and Chief Executive
Officer of Quad City Bank & Trust noted, "We are extremely pleased with the
improved operating results at Quad City Bank & Trust. For the quarter, we
reported bank earnings of $1,150,000, which is an improvement of more than
$310,000, or 38%, from the same quarter last year and represents a fiscal year
to date annualized return on assets of 1.13% and return on equity of 15.01%.
Significant improvement in the bank's net interest margin and strong earnings
from the sale of residential real estate loans were the main contributors to
the strong quarter for Quad City Bank & Trust."
"While first quarter earnings are down slightly from last year, given the
more than $400,000 in start-up expenses we incurred getting the Cedar Rapids
operations up and running, we are extremely pleased that nearly all of these
start-up expenses were offset by significant earnings improvements at Quad
City Bank & Trust," noted Todd Gipple, Executive Vice President and Chief
Financial Officer. He added, "We anticipate continued start-up losses at
Cedar Rapids Bank & Trust for the remainder of the fiscal year and through a
portion of fiscal year 2003, however, to date these losses have been less
than expected."
"The Cedar Rapids community has embraced Cedar Rapids Bank & Trust since
our September 28th grand opening," noted Larry Helling, President and Chief
Executive Officer of Cedar Rapids Bank & Trust. He added, "We have assembled
an outstanding group of local business leaders for our board of directors, and
a talented staff of experienced bankers. We are already seeing a significant
number of new commercial and retail relationships come to the bank, and we are
quite pleased with the community's reaction to our plan to build a locally
managed community-oriented bank with a focus on commercial banking."
The Company's total assets increased by $24.8 million or 6% to $425.7
million at September 30, 2001 from $400.9 million at June 30, 2001. During the
same period, net loans increased by $22.0 million or 8% to $305.6 million
from $283.6 million at June 30, 2001. Total deposits increased 4% to $315.5
million at September 30, 2001 from $302.1 million at June 30, 2001.
Stockholders' equity rose to $30.1 million at September 30, 2001 as compared
to $23.8 million at June 30, 2001.
Net interest income for the three months ended September 30, 2001 was $3.4
million as compared to $2.9 million for the same period one year ago. For the
three month period ended September 30, 2001, net interest margin was 3.64% as
compared to 3.36% for the same period in 2000.
Quad City Holdings, Inc., headquartered in Moline, Illinois, is a multi-
bank holding company which serves the Quad City and Cedar Rapids communities
via its wholly owned subsidiaries, Quad City Bank and Trust Company, based in
Bettendorf, Iowa, and Cedar Rapids Bank and Trust Company, based in Cedar
Rapids, Iowa. Quad City Bank and Trust Company, which commenced operations in
1994, and Cedar Rapids Bank and Trust Company, which commenced operations in
2001, provide 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
2001 2001 2000
(dollars in thousands, except share data)
SELECTED BALANCE SHEET DATA
Total assets $ 425,694 $ 400,948 $ 380,976
Securities 60,800 56,710 55,548
Total loans 310,266 287,865 251,782
Allowance for estimated loan losses 4,630 4,248 3,778
Total deposits 315,544 302,155 298,119
Total stockholders' equity 30,116 23,817 20,992
Common shares outstanding 2,740,844 2,265,420 2,272,420
Book value per common share $ 10.99 $ 10.51 $ 9.24
Full time equivalent employees 172 167 156
Tier 1 leverage capital ratio 9.39% 7.78% 7.77%
As Of
September 30, June 30, September 30,
2001 2001 2000
(dollars in thousands)
ANALYSIS OF LOAN DATA
Nonaccrual loans $ 2,172 $ 1,232 $ 334
Accruing loans past due 90 days or more 1,017 495 802
Other real estate owned 47 47 -
Total nonperforming assets 3,236 1,774 1,136
Net charge-offs (for the quarter ended/
fiscal year ended) $ 27 $ 259 $ 16
Loan mix:
Commercial $ 228,204 $ 209,889 $ 177,217
Real estate 43,649 40,587 39,799
Installment and other consumer 38,413 37,389 34,766
Total loans 310,266 287,865 251,782
For the Quarter Ended
September 30
169:
2001 2000
(dollars in thousands, except per share data)
SELECTED INCOME STATEMENT DATA
Interest income $ 6,950 $ 6,978
Interest expense 3,520 4,119
Net interest income 3,430 2,859
Provision for loan losses 409 176
Noninterest income 1,848 1,372
Noninterest expense 3,926 3,078
Income tax expense 295 317
Net income 648 660
Earnings per common share (basic) $ 0.26 $ 0.29
Earnings per common share (diluted) $ 0.26 $ 0.28
AVERAGE BALANCES
Assets $ 414,526 $ 371,254
Deposits 309,240 290,126
Loans 299,879 246,705
Stockholders' equity 25,618 20,504
KEY RATIOS
Return on average assets (annualized) 0.63% 0.71%
Return on average common equity (annualized) 10.12% 12.88%
Net interest margin 3.64% 3.36%
Efficiency ratio 74.35% 72.48%
For the Quarter Ended
September 30,
2001 2000
(dollars in thousands, except share data)
ANALYSIS OF NONINTEREST INCOME
Merchant credit card fees, net of processing cost $ 520 $ 372
Trust department fees 477 505
Deposit service fees 238 178
Gain on sales of loans, net 462 127
Securities gains (losses), net (1) -
Other 152 190
Total noninterest income 1,848 1,372
ANALYSIS OF NONINTEREST EXPENSE
Salaries and employee benefits $ 2,290 $ 1,782
Professional and data processing fees 373 264
Advertising and marketing 112 127
Occupancy and equipment expense 530 420
Stationery and supplies 105 72
Postage and telephone 109 94
Other 407 319
Total noninterest expenses 3,926 3,078
WEIGHTED AVERAGE SHARES
Common shares outstanding (a) 2,454,757 2,275,261
Incremental shares from assumed conversion:
Options 46,408 57,107
Adjusted weighted average shares (b) 2,501,165 2,332,368
(a) Denominator for Basic Earnings Per Share
(b) Denominator for Diluted Earnings Per Share