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.
<PAGE>
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%
<PAGE>
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
<PAGE>
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%
<PAGE>
<TABLE>
For the Quarter Ended
September 30,
---------------------
2000 1999
---------------------
<S> <C> <C>
(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
<FN>
(a) Denominator for Basic Earnings Per Share
(b) Denominator for Diluted Earnings Per Share
</FN>
</TABLE>
