QCR Holdings, Inc. Provides Update on Loan Deferrals
Schedules Third Quarter 2020 Earnings Conference Call
MOLINE, Ill., Oct. 05, 2020 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) today provided an update on its Loan Relief Program (“LRP”), which was implemented to assist clients impacted
by the COVID-19 pandemic. As of September 30, 2020, the total dollar amount of loans and leases participating in a second round of deferrals was $83 million, representing 1.95% of total loans and
leases. This compares to round one participation of $575 million, or 13.53% of total loans and leases.
“We are very pleased that we outperformed guidance provided in July, as a significant number of clients exited the LRP and resumed payments,” said Larry J. Helling, Chief Executive Officer. “We believe this speaks to the high quality of our loan portfolio and the resiliency of our local markets. Our communities are experiencing unemployment rates lower than the national average, and conditions continue to improve as pandemic-impacted jobs return at a faster pace than the rest of the country.”
The Company has included a supplemental presentation that provides further information regarding the Company’s loan exposures. Investors, analysts and other interested persons may find this presentation on the SEC’s EDGAR filing system at www.sec.gov/edgar.shtml, or on the Company’s website at www.qcrh.com.
The Company plans to release third quarter earnings results after the market closes on Tuesday, October 27, 2020. Management will host a conference call and webcast the next day, Wednesday, October 28, 2020, at 10 a.m. Central Time to discuss the results. Shareholders, analysts, and other interested parties are invited to join.
Dial-in information for the call is 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be archived and available for replay through Nov. 11, 2020. The replay access information is 877-344-7529 (international 412-317-0088); access code 10148155.
A webcast of the teleconference can be accessed at the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.
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, and Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018. 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 engages in commercial leasing through its wholly-owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wisconsin, and also provides correspondent banking services. The Company has 25 locations in Illinois, Iowa, Wisconsin, and Missouri. As of June 30, 2020, the Company had approximately $5.6 billion in assets, $4.1 billion in loans and $4.3 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.