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- **Record Financial Performance**: $37M net income (+26% YoY), 17% loan growth, 5.5% NIM expansion.
- **Strategic Growth Drivers**: Wealth Management +15% annualized, LIHTC Capital Markets $24M Q/Q.
- **Digital Transformation**: 55.8% efficiency ratio, $1.7M share buyback program.
- **Interest Rate Sensitivity**: 2-3 bps NIM accretion per 25 bps rate cut, $560M repricing pipeline.
- **Capital Markets Expansion**: $55-65M annualized Capital Markets revenue guidance, $350M securitization planned.

**【Management Opening Remarks】**
- QCR Holdings reported record quarterly net income of $37 million, up 26% year-over-year, driven by 17% annualized loan growth and 5.5% net interest margin (NIM) expansion.
- Wealth Management revenue increased 8% Q/Q and 15% annualized, with AUM growing $316 million (5% Q/Q) and $738 million YTD.
- LIHTC lending pipeline strengthened with $286 million loan growth, supported by 10 new developer relationships and $55-65 million annualized Capital Markets revenue guidance.
- Digital transformation progress included first core system conversion, reducing operating costs and improving client experience.

**【CFO Financial Commentary】**
- Non-GAAP EPS of $2.17 exceeded expectations, with NIM TEY expanding 5 bps to 4.02% vs. 3.97% Q/Q.
- $24 million Capital Markets revenue (up $14 million Q/Q) driven by LIHTC construction loan sales and permanent loan securitizations.
- Deposit beta of 0.43 (vs. 0.65 earning asset beta) allowed 43 bps cost of funds reduction since 2024 rate cuts, positioning for 2-3 bps NIM accretion per 25 bps rate cut.
- Efficiency ratio improved to 55.8% (vs. 57.2% Q/Q), with noninterest expense growth of 1.0% annualized vs. 9% adjusted net income growth.

**【Q&A Highlights】**
- **Margin Guidance**: 3-7 bps NIM expansion in Q4 (excluding rate cuts), with 2-3 bps per 25 bps rate cut benefit.
- **Buyback Strategy**: $1.7M share repurchase authorization to capitalize on undervaluation, with TCE targeting 9.5-10.5% range.
- **Securitization Strategy**: $350M LIHTC permanent loan securitization planned for H1 2026, freeing capital for perm financing.
- **Loan Growth Outlook**: 10-15% annualized loan growth guidance maintained, supported by $560M fixed rate loan repricing pipeline.
- **Capital Management**: $1.1B rate-sensitive liabilities vs. $1.0B assets position for 2-3 bps NIM accretion on rate cuts.

QCR Holdings, Inc. (QCRH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

QCRH

QCRH fundamentals

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