Second Quarter 2024 Highlights

• Net income of $29.1 million, or $1.72 per diluted share
• Net interest income up $1.5 million, or nearly 3% from the prior quarter, an 11% annualized growth rate
• Adjusted NIM (TEY)(non-GAAP) expanded by 2 basis points from the prior quarter
• Noninterest income up $4.0 million, or 15% from the prior quarter
• Continued strong capital markets revenue of $17.8 million
• Well-controlled noninterest expenses of $49.9 million, down $0.8 million, or nearly 2% from the prior quarter
• Tangible book value (non-GAAP) per share growth of $1.72, or 15% annualized
  

MOLINE, Ill., July 24, 2024 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.1 million and diluted earnings per share (“EPS”) of $1.72 for the second quarter of 2024, compared to net income of $26.7 million and diluted EPS of $1.58 for the first quarter of 2024.

Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the second quarter of 2024 were $29.3 million and $1.73, respectively. For the first quarter of 2024, adjusted net income (non-GAAP) was $26.9 million and adjusted diluted EPS (non-GAAP) was $1.59. For the second quarter of 2023, both net income and adjusted net income (non-GAAP) were $28.4 million, and both diluted EPS and adjusted diluted EPS (non-GAAP) were $1.69.

	For the Quarter Ended
	June 30,		March 31,		June 30,
$ in millions (except per share data)	2024		2024		2023
Net Income	$	29.1	$	26.7	$	28.4
Diluted EPS	$	1.72	$	1.58	$	1.69
Adjusted Net Income (non-GAAP)*	$	29.3	$	26.9	$	28.4
Adjusted Diluted EPS (non-GAAP)*	$	1.73	$	1.59	$	1.69

*Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

“We delivered outstanding second quarter results, highlighted by expanded net interest margin and growth in net interest income. We also had another quarter of strong capital markets revenue and well-controlled expenses,” said Larry J. Helling, Chief Executive Officer. “In addition, we maintained our excellent asset quality and further strengthened our capital levels.”

Net Interest Income Grew 3% and Margin Expanded

Net interest income for the second quarter of 2024 totaled $56.2 million, an increase of $1.5 million from the first quarter of 2024, driven by an expanded margin and strong loan growth. Loan discount accretion was $268 thousand during the second quarter, a decrease of $95 thousand from the prior quarter.

Net interest margin (“NIM”) was 2.82% and NIM on a tax-equivalent yield (“TEY”) basis (non-GAAP) was 3.27% for the second quarter, as compared to 2.82% and 3.25% for the prior quarter, respectively. Adjusted NIM TEY (non-GAAP) of 3.26%, represented an increase of 2 basis points from 3.24% for the first quarter of 2024.  

“Our adjusted NIM, on a tax equivalent yield basis, expanded by 2 basis points from the first quarter to 3.26% and was at the upper end of our guidance range,” said Todd A. Gipple, President and Chief Financial Officer. “The increase was due to a combination of higher loan yields and moderating deposit costs. Notably, the shift in our deposit composition has stabilized as our noninterest-bearing deposits remained steady combined with modest changes in our interest-bearing and core time deposits. Looking ahead, we anticipate further growth in net interest income and are guiding to a third quarter adjusted NIM TEY (non-GAAP) in a range of static to up 5 basis points.”

Strong Noninterest Income Including $17.8 Million of Capital Markets Revenue

Noninterest income for the second quarter of 2024 totaled $30.9 million, up from $26.9 million in the first quarter of 2024. The Company generated $17.8 million of capital markets revenue in the quarter, as compared to $16.5 million in the prior quarter. Wealth management revenue was $4.3 million for the quarter, a slight increase from the first quarter of 2024 and up just over 26% on an annualized basis year-to-date. Additionally, the Company realized income of $2.2 million from bank owned life insurance policy proceeds received during the second quarter of 2024.

“Our capital markets revenue was strong again in the second quarter as our low-income housing tax credit (“LIHTC”) lending and revenue from swap fees continues to benefit from the strong demand for affordable housing,” added Mr. Gipple. “Our LIHTC lending and capital markets revenue pipelines remain healthy. In addition, our wealth management business is well-positioned for further growth as we continue to add new clients and expand geographically into our Southwest Missouri and Central Iowa markets.”

Well-Controlled Noninterest Expenses of $49.9 Million

Noninterest expense for the second quarter of 2024 totaled $49.9 million, compared to $50.7 million for the first quarter and $49.7 million for the second quarter of 2023. The linked-quarter decrease was primarily due to lower salaries and employee benefits and lower loan/lease expense, partially offset by higher professional and data processing expense. This created positive operating leverage and contributed to a 500 basis point reduction in the Company’s efficiency ratio (non-GAAP) which improved to 57% in the second quarter.

Solid Deposit Levels

During the second quarter of 2024, the Company’s total deposits decreased modestly by $42.1 million, or less than 1%, to $6.8 billion. “Year-to-date, we have grown total deposits by $250.7 million, or 7.7% on an annualized basis, reflecting our ongoing commitment to expanding our market share and establishing new relationships within the communities we serve,” added Mr. Helling.

Total uninsured and uncollateralized deposits remain very low at 18% of total deposits as of the end of the second quarter of 2024, as compared to 20% as of the end of the first quarter of 2024. The Company maintained approximately $3.1 billion of available liquidity sources as of June 30, 2024, which included $1.2 billion of immediately available liquidity.

Continued Loan Growth

During the second quarter of 2024, the Company’s total loans and leases grew $206.1 million to $6.9 billion. At quarter end, the Company held $243.2 million of LIHTC loans as loans held for sale in anticipation of the Company’s next loan securitization.

“Our year-to-date total loan growth is 9.5% annualized, which is within our annual target range of 8% to 10%. Year-to-date loan growth, net of loans identified for securitization, stands at 2.1% annualized,” added Mr. Helling. “Given our current pipeline and the ongoing strength of our markets, we are maintaining our loan growth target for the full year 2024 of 8% to 10%, prior to the loan securitizations that we have planned for the year.”  

Asset Quality Remains Excellent

The Company’s nonperforming assets (“NPAs”) to total assets ratio was 0.39% on June 30, 2024, increasing modestly from 0.36% on March 31, 2024. NPAs totaled $34.5 million at the end of the second quarter of 2024, a $3.2 million increase from the prior quarter.

Notably, as a leading indicator of asset quality, the Company's total criticized loans were down by $17.1 million on a linked-quarter basis, and the ratio of criticized loans to total loans and leases as of June 30, 2024 improved to 2.41%, as compared to 2.75% as of March 31, 2024.

The Company recorded a total provision for credit losses of $5.5 million during the quarter with $4.3 million related to credit loss expense for loans and $1.2 million related to unfunded commitments. Charge-offs were down significantly in the second quarter of 2024 at $1.8 million, a decrease of $1.8 million, or 50% from the prior quarter.

The increased provision during the quarter was due to strong loan growth and the impact of declining GDP on the Company’s CECL model factors. The increased provision combined with the sharp reduction in charge-offs resulted in an allowance for credit losses to total loans held for investment that was static quarter over quarter at 1.33%.

Continued Strong Capital Levels

As of June 30, 2024, the Company’s total risk-based capital ratio increased to 14.33%, the common equity tier 1 ratio increased to 10.00% and the tangible common equity to tangible assets ratio (“TCE”) (non-GAAP) increased to 9.00%. By comparison, these ratios were 14.30%, 9.91% and 8.94%, respectively, as of March 31, 2024. The Company remains focused on growing capital and targeting TCE (non-GAAP) in the top quartile of its peer group.

The Company’s tangible book value per share (non-GAAP) increased by $1.72, or 15.3% annualized, during the second quarter of 2024. The change in accumulated other comprehensive income was negligible as of the end of the second quarter when comparing to the prior quarter of 2024. Tangible book value per share has grown by $6.66 since June 30, 2023, for an annualized growth rate of nearly 17%. The combination of strong earnings and a modest dividend primarily contributed to the improvement in tangible book value per share (non-GAAP).

Conference Call Details

The Company will host an earnings call/webcast tomorrow, July 25, 2024, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through August 1, 2024. The replay access information is 877-344-7529 (international 412-317-0088); access code 8771212. A webcast of the teleconference can be accessed on 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.

About Us
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, Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. 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 offers equipment loans and leases to businesses through its wholly owned subsidiary, m2 Equipment Finance, LLC, based in Waukesha, Wisconsin, and also provides correspondent banking services. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of June 30, 2024, the Company had $8.9 billion in assets, $6.9 billion in loans and $6.8 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
        
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xixi) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

Contact:
Todd A. Gipple                                
President                                
Chief Financial Officer                        
(309) 743-7745                                
tgipple@qcrh.com

      

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
	2024			2024			2023			2023			2023
	(dollars in thousands)
CONDENSED BALANCE SHEET
Cash and due from banks	$	92,173		$	80,988		$	97,123		$	104,265		$	84,084
Federal funds sold and interest-bearing deposits		102,262			77,020			140,369			80,650			175,012
Securities, net of allowance for credit losses		1,033,199			1,031,861			1,005,528			896,394			882,888
Loans receivable held for sale (1)		246,124			275,344			2,594			278,893			295,057
Loans/leases receivable held for investment		6,608,262			6,372,992			6,540,822			6,327,414			6,084,263
Allowance for credit losses		(87,706	)		(84,470	)		(87,200	)		(87,669	)		(85,797	)
Intangibles		12,441			13,131			13,821			14,537			15,228
Goodwill		139,027			139,027			139,027			139,027			139,027
Derivatives		194,354			183,888			188,978			291,295			170,294
Other assets		531,855			509,768			497,832			495,251			466,617
Total assets	$	8,871,991		$	8,599,549		$	8,538,894		$	8,540,057		$	8,226,673
Total deposits	$	6,764,667		$	6,806,775		$	6,514,005		$	6,494,852		$	6,606,720
Total borrowings		768,671			489,633			718,295			712,126			418,368
Derivatives		221,798			211,677			214,098			320,220			195,841
Other liabilities		180,536			184,122			205,900			184,476			183,055
Total stockholders' equity		936,319			907,342			886,596			828,383			822,689
Total liabilities and stockholders' equity	$	8,871,991		$	8,599,549		$	8,538,894		$	8,540,057		$	8,226,673
ANALYSIS OF LOAN PORTFOLIO
Loan/lease mix: (2)
Commercial and industrial - revolving	$	362,115		$	326,129		$	325,243		$	299,588		$	304,617
Commercial and industrial - other		1,370,561			1,374,333			1,390,068			1,381,967			1,308,853
Commercial and industrial - other - LIHTC		92,637			96,276			91,710			105,601			93,700
Total commercial and industrial		1,825,313			1,796,738			1,807,021			1,787,156			1,707,170
Commercial real estate, owner occupied		633,596			621,069			607,365			610,618			609,717
Commercial real estate, non-owner occupied		1,082,457			1,055,089			1,008,892			955,552			963,814
Construction and land development		331,454			410,918			477,424			472,695			437,682
Construction and land development - LIHTC		750,894			738,609			943,101			921,359			870,084
Multi-family		329,239			296,245			284,721			282,541			280,418
Multi-family - LIHTC		1,148,244			1,007,321			711,422			874,439			820,376
Direct financing leases		25,808			28,089			31,164			34,401			32,937
1-4 family real estate		583,542			563,358			544,971			539,931			535,405
Consumer		143,839			130,900			127,335			127,615			121,717
Total loans/leases	$	6,854,386		$	6,648,336		$	6,543,416		$	6,606,307		$	6,379,320
Less allowance for credit losses		87,706			84,470			87,200			87,669			85,797
Net loans/leases	$	6,766,680		$	6,563,866		$	6,456,216		$	6,518,638		$	6,293,523
ANALYSIS OF SECURITIES PORTFOLIO
Securities mix:
U.S. government sponsored agency securities	$	20,101		$	14,442		$	14,973		$	16,002		$	18,942
Municipal securities		885,046			884,469			853,645			764,017			743,608
Residential mortgage-backed and related securities		54,708			56,071			59,196			57,946			60,958
Asset backed securities		12,721			14,285			15,423			16,326			17,393
Other securities		38,464			40,539			41,115			43,272			43,156
Trading securities		22,362			22,258			22,368			-			-
Total securities (3)	$	1,033,402		$	1,032,064		$	1,006,720		$	897,563		$	884,057
Less allowance for credit losses		203			203			1,192			1,169			1,169
Net securities	$	1,033,199		$	1,031,861		$	1,005,528		$	896,394		$	882,888
ANALYSIS OF DEPOSITS
Deposit mix:
Noninterest-bearing demand deposits	$	956,445		$	955,167		$	1,038,689		$	1,027,791		$	1,101,605
Interest-bearing demand deposits		4,644,918			4,714,555			4,338,390			4,416,725			4,374,847
Time deposits		859,593			875,491			851,950			788,692			765,801
Brokered deposits		303,711			261,562			284,976			261,644			364,467
Total deposits	$	6,764,667		$	6,806,775		$	6,514,005		$	6,494,852		$	6,606,720
ANALYSIS OF BORROWINGS
Borrowings mix:
Term FHLB advances	$	135,000		$	135,000		$	135,000		$	135,000		$	135,000
Overnight FHLB advances		350,000			70,000			300,000			295,000			-
Other short-term borrowings		1,600			2,700			1,500			470			1,850
Subordinated notes		233,276			233,170			233,064			232,958			232,852
Junior subordinated debentures		48,795			48,763			48,731			48,698			48,666
Total borrowings	$	768,671		$	489,633		$	718,295		$	712,126		$	418,368
(1) Loans with a fair value of $243.2 million, $274.8 million, $278.0 million and $291.0 million have been identified for securitization and are included in LHFS at June 30, 2024, March 31, 2024, September 30, 2023 and June 30, 2023 respectively.
(2) Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.0 billion at June 30, 2024.
(3) As of June 30, 2024, March 31, 2024 and December 31, 2023, trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company in 2023.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
			For the Quarter Ended
			June 30,		March 31,			December 31,			September 30,			June 30,
			2024		2024			2023			2023			2023
			(dollars in thousands, except per share data)
INCOME STATEMENT
Interest income			$	119,746	$	115,049		$	112,248		$	108,568		$	98,377
Interest expense				63,583		60,350			56,512			53,313			45,172
Net interest income				56,163		54,699			55,736			55,255			53,205
Provision for credit losses				5,496		2,969			5,199			3,806			3,606
Net interest income after provision for credit losses			$	50,667	$	51,730		$	50,537		$	51,449		$	49,599
Trust fees			$	3,103	$	3,199		$	3,084		$	2,863		$	2,844
Investment advisory and management fees				1,214		1,101			1,052			947			986
Deposit service fees				1,986		2,022			2,008			2,107			2,034
Gains on sales of residential real estate loans, net				540		382			323			476			500
Gains on sales of government guaranteed portions of loans, net				12		24			24			-			-
Capital markets revenue				17,758		16,457			36,956			15,596			22,490
Securities gains, net				-		-			-			-			12
Earnings on bank-owned life insurance				2,964		868			832			1,807			838
Debit card fees				1,571		1,466			1,561			1,584			1,589
Correspondent banking fees				510		512			465			450			356
Loan related fee income				962		836			845			800			770
Fair value gain (loss) on derivatives and trading securities				51		(163	)		(582	)		(336	)		83
Other				218		154			1,161			299			18
Total noninterest income			$	30,889	$	26,858		$	47,729		$	26,593		$	32,520
Salaries and employee benefits			$	31,079	$	31,860		$	41,059		$	32,098		$	31,459
Occupancy and equipment expense				6,377		6,514			6,789			6,228			6,100
Professional and data processing fees				4,823		4,613			4,223			4,456			4,078
FDIC insurance, other insurance and regulatory fees				1,854		1,945			2,115			1,721			1,927
Loan/lease expense				151		378			834			826			652
Net cost of (income from) and gains/losses on operations of other real estate				28		(30	)		38			3			-
Advertising and marketing				1,565		1,483			1,641			1,429			1,735
Communication and data connectivity				318		401			449			478			471
Supplies				259		275			333			335			281
Bank service charges				622		568			761			605			621
Correspondent banking expense				363		305			300			232			221
Intangibles amortization				690		690			716			691			765
Payment card processing				706		646			836			733			542
Trust expense				379		425			413			432			337
Other				674		617			431			814			538
Total noninterest expense			$	49,888	$	50,690		$	60,938		$	51,081		$	49,727
Net income before income taxes			$	31,668	$	27,898		$	37,328		$	26,961		$	32,392
Federal and state income tax expense				2,554		1,172			4,473			1,840			3,967
Net income			$	29,114	$	26,726		$	32,855		$	25,121		$	28,425
Basic EPS			$	1.73	$	1.59		$	1.96		$	1.50		$	1.70
Diluted EPS			$	1.72	$	1.58		$	1.95		$	1.49		$	1.69
Weighted average common shares outstanding				16,814,814		16,783,348			16,734,080			16,717,303			16,701,950
Weighted average common and common equivalent shares outstanding				16,921,854		16,910,675			16,875,952			16,847,951			16,799,527

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
			For the Six Months Ended
			June 30,				June 30,
			2024				2023
			(dollars in thousands, except per share data)
INCOME STATEMENT
Interest income			$	234,795			$	192,594
Interest expense				123,933				82,579
Net interest income				110,862				110,015
Provision for credit losses				8,465				7,534
Net interest income after provision for credit losses			$	102,397			$	102,481
Trust fees			$	6,302			$	5,750
Investment advisory and management fees				2,315				1,865
Deposit service fees				4,008				4,062
Gains on sales of residential real estate loans, net				922				812
Gains on sales of government guaranteed portions of loans, net				36				30
Capital markets revenue				34,215				39,513
Securities losses, net				-				(451	)
Earnings on bank-owned life insurance				3,832				1,545
Debit card fees				3,037				3,055
Correspondent banking fees				1,022				747
Loan related fee income				1,798				1,421
Fair value loss on derivatives and trading securities				(112	)			(344	)
Other				372				357
Total noninterest income			$	57,747			$	58,362
Salaries and employee benefits			$	62,939			$	63,462
Occupancy and equipment expense				12,891				12,014
Professional and data processing fees				9,436				7,592
Post-acquisition compensation, transition and integration costs				-				207
FDIC insurance, other insurance and regulatory fees				3,799				3,301
Loan/lease expense				529				1,208
Net cost of (income from) and gains/losses on operations of other real estate				(2	)			(67	)
Advertising and marketing				3,048				2,972
Communication and data connectivity				719				1,136
Supplies				534				586
Bank service charges				1,190				1,226
Correspondent banking expense				668				431
Intangibles amortization				1,380				1,531
Payment card processing				1,352				1,087
Trust expense				804				551
Other				1,291				1,275
Total noninterest expense			$	100,578			$	98,512
Net income before income taxes			$	59,566			$	62,331
Federal and state income tax expense				3,726				6,749
Net income			$	55,840			$	55,582
Basic EPS			$	3.32			$	3.32
Diluted EPS			$	3.30			$	3.29
Weighted average common shares outstanding				16,799,081				16,739,120
Weighted average common and common equivalent shares outstanding				16,916,264				16,870,830

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
	As of and for the Quarter Ended																For the Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
	2024			2024			2023			2023			2023				2024			2023
	(dollars in thousands, except per share data)
COMMON SHARE DATA
Common shares outstanding		16,824,985			16,807,056			16,749,254			16,731,646			16,713,853
Book value per common share (1)	$	55.65		$	53.99		$	52.93		$	49.51		$	49.22
Tangible book value per common share (Non-GAAP) (2)	$	46.65		$	44.93		$	43.81		$	40.33		$	39.99
Closing stock price	$	60.00		$	60.74		$	58.39		$	48.52		$	41.03
Market capitalization	$	1,009,499		$	1,020,861		$	977,989		$	811,819		$	685,769
Market price / book value		107.82	%		112.51	%		100.31	%		98.00	%		83.36	%
Market price / tangible book value		128.62	%		135.18	%		133.29	%		120.30	%		102.59	%
Earnings per common share (basic) LTM (3)	$	6.78		$	6.75		$	6.78		$	6.65		$	6.89
Price earnings ratio LTM (3)	8.85 x			9.00 x			8.61 x			7.30 x			5.96 x
TCE / TA (Non-GAAP) (4)		9.00	%		8.94	%		8.75	%		8.05	%		8.28	%
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Beginning balance	$	907,342		$	886,596		$	828,383		$	822,689		$	801,494
Net income		29,114			26,726			32,855			25,121			28,425
Other comprehensive income (loss), net of tax		(368	)		(5,373	)		25,363			(19,415	)		(6,336	)
Common stock cash dividends declared		(1,008	)		(1,008	)		(1,004	)		(1,003	)		(1,003	)
Repurchase and cancellation of shares of common stock as a result of a share repurchase program		-			-			-			-			(967	)
Other (5)		1,239			401			999			991			1,076
Ending balance	$	936,319		$	907,342		$	886,596		$	828,383		$	822,689
REGULATORY CAPITAL RATIOS (6):
Total risk-based capital ratio		14.33	%		14.30	%		14.29	%		14.48	%		14.64	%
Tier 1 risk-based capital ratio		10.58	%		10.50	%		10.27	%		10.30	%		10.34	%
Tier 1 leverage capital ratio		10.41	%		10.33	%		10.03	%		9.92	%		10.06	%
Common equity tier 1 ratio		10.00	%		9.91	%		9.67	%		9.68	%		9.70	%
KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets (annualized)		1.34	%		1.25	%		1.53	%		1.21	%		1.44	%			1.30	%		1.42	%
Return on average total equity (annualized)		12.72	%		11.83	%		15.35	%		11.95	%		13.97	%			12.32	%		13.91	%
Net interest margin		2.82	%		2.82	%		2.90	%		2.89	%		2.93	%			2.82	%		3.05	%
Net interest margin (TEY) (Non-GAAP)(7)		3.27	%		3.25	%		3.32	%		3.31	%		3.29	%			3.26	%		3.40	%
Efficiency ratio (Non-GAAP) (8)		57.31	%		62.15	%		58.90	%		62.41	%		58.01	%			59.65	%		58.51	%
Gross loans/leases held for investment / total assets		74.48	%		74.11	%		76.60	%		74.09	%		73.96	%			74.48	%		77.54	%
Gross loans/leases held for investment / total deposits		97.69	%		93.63	%		100.41	%		97.42	%		92.09	%			97.69	%		96.56	%
Effective tax rate		8.06	%		4.20	%		11.98	%		6.82	%		12.25	%			6.26	%		10.83	%
Full-time equivalent employees (9)		988			986			996			987			1009				988			1009
AVERAGE BALANCES
Assets	$	8,776,002		$	8,550,855		$	8,535,732		$	8,287,813		$	7,924,597			$	8,663,429		$	7,915,763
Loans/leases		6,779,075			6,598,614			6,483,572			6,476,512			6,219,980				6,688,844			6,192,700
Deposits		6,687,188			6,595,453			6,485,154			6,342,339			6,292,481				6,641,324			6,236,374
Total stockholders' equity		921,986			903,371			852,163			837,734			816,882				912,679			805,845
(1) Includes accumulated other comprehensive income (loss).
(2) Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.
(3) LTM : Last twelve months.
(4) TCE / TCA : tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.
(5) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.
(6) Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.
(7) TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(8) See GAAP to Non-GAAP reconciliations.
(9) The increase in full-time equivalent employees in the second quarter of 2023 and the subsequent decline in the third quarter of 2023 includes 19 summer interns

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
ANALYSIS OF NET INTEREST INCOME AND MARGIN
		For the Quarter Ended
		June 30, 2024							March 31, 2024							June 30, 2023
		Average Balance		Interest Earned or Paid		Average Yield or Cost			Average Balance		Interest Earned or Paid		Average Yield or Cost			Average Balance		Interest Earned or Paid		Average Yield or Cost
		(dollars in thousands)
Fed funds sold		$	13,065	$	183	5.54	%		$	19,955	$	269	5.42	%		$	16,976	$	223	5.27	%
Interest-bearing deposits at financial institutions			80,998		1,139	5.66	%			91,557		1,200	5.27	%			90,814		1,123	4.96	%
Investment securities - taxable			377,747		4,286	4.53	%			373,540		4,261	4.55	%			342,991		3,693	4.30	%
Investment securities - nontaxable (1)			704,761		9,462	5.37	%			685,969		9,349	5.45	%			577,494		6,217	4.31	%
Restricted investment securities			43,398		869	7.92	%			38,085		674	7.00	%			35,031		506	5.71	%
Loans (1)			6,779,075		112,719	6.69	%			6,598,614		107,673	6.56	%			6,219,980		93,159	6.01	%
Total earning assets (1)		$	7,999,044	$	128,658	6.46	%		$	7,807,720	$	123,426	6.35	%		$	7,283,286	$	104,921	5.78	%
Interest-bearing deposits		$	4,649,625	$	40,924	3.54	%		$	4,529,325	$	39,072	3.47	%		$	3,965,592	$	27,227	2.75	%
Time deposits			1,091,870		12,128	4.47	%			1,107,622		12,345	4.48	%			1,190,440		11,219	3.78	%
Short-term borrowings			1,622		21	5.18	%			1,763		23	5.16	%			1,980		34	6.82	%
Federal Home Loan Bank advances			464,231		6,238	5.32	%			355,220		4,738	5.28	%			211,593		2,653	4.96	%
Subordinated debentures			233,207		3,582	6.14	%			233,101		3,480	5.97	%			232,782		3,303	5.68	%
Junior subordinated debentures			48,774		688	5.58	%			48,742		692	5.62	%			48,647		738	6.00	%
Total interest-bearing liabilities		$	6,489,329	$	63,581	3.93	%		$	6,275,773	$	60,350	3.86	%		$	5,651,034	$	45,174	3.20	%
Net interest income (1)				$	65,077						$	63,076						$	59,747
Net interest margin (2)						2.82	%						2.82	%						2.93	%
Net interest margin (TEY) (Non-GAAP) (1) (2) (3)						3.27	%						3.25	%						3.29	%
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)						3.26	%						3.24	%						3.28	%
		For the Six Months Ended
		June 30, 2024							June 30, 2023
		Average Balance		Interest Earned or Paid		Average Yield or Cost			Average Balance		Interest Earned or Paid		Average Yield or Cost
		(dollars in thousands)
Fed funds sold		$	16,510	$	452	5.41	%		$	18,119	$	457	5.09	%
Interest-bearing deposits at financial institutions			86,277		2,339	5.45	%			82,246		1,945	4.77	%
Investment securities - taxable			375,644		8,546	4.54	%			337,844		7,059	4.17	%
Investment securities - nontaxable (1)			695,365		18,813	5.41	%			598,244		13,009	4.35	%
Restricted investment securities			40,742		1,543	7.49	%			36,391		1,018	5.56	%
Loans (1)			6,688,844		220,392	6.63	%			6,192,700		181,707	5.92	%
Total earning assets (1)		$	7,903,382	$	252,085	6.41	%		$	7,265,544	$	205,195	5.69	%
Interest-bearing deposits		$	4,589,479	$	80,027	3.51	%		$	4,016,217	$	51,003	2.56	%
Time deposits			1,099,746		24,473	4.48	%			1,031,062		17,222	3.37	%
Short-term borrowings			1,688		44	5.19	%			4,642		132	5.75	%
Federal Home Loan Bank advances			409,725		10,977	5.30	%			253,729		6,174	4.84	%
Subordinated debentures			233,154		7,062	6.06	%			232,731		6,615	5.68	%
Junior subordinated debentures			48,758		1,381	5.60	%			48,630		1,433	5.86	%
Total interest-bearing liabilities		$	6,382,550	$	123,964	3.90	%		$	5,587,011	$	82,579	2.97	%
Net interest income (1)				$	128,121						$	122,616
Net interest margin (2)						2.82	%						3.05	%
Net interest margin (TEY) (Non-GAAP) (1) (2) (3)						3.26	%						3.40	%
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)						3.24	%						3.38	%
(1) Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% tax rate.
(2) See "Select Financial Data - Subsidiaries" for a breakdown of amortization/accretion included in net interest margin for each period presented.
(3) TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
	2024			2024			2023			2023			2023
	(dollars in thousands, except per share data)
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES
Beginning balance	$	84,470		$	87,200		$	87,669		$	85,797		$	86,573
Change in ACL for transfer of loans to LHFS		498			(3,377	)		266			175			(2,277	)
Credit loss expense		4,343			3,736			2,519			3,260			3,313
Loans/leases charged off		(1,751	)		(3,560	)		(3,354	)		(1,816	)		(1,947	)
Recoveries on loans/leases previously charged off		146			471			100			253			135
Ending balance	$	87,706		$	84,470		$	87,200		$	87,669		$	85,797
NONPERFORMING ASSETS
Nonaccrual loans/leases	$	33,546		$	29,439		$	32,753		$	34,568		$	26,062
Accruing loans/leases past due 90 days or more		87			142			86			-			83
Total nonperforming loans/leases		33,633			29,581			32,839			34,568			26,145
Other real estate owned		369			784			1,347			120			-
Other repossessed assets		512			962			-			-			-
Total nonperforming assets	$	34,514		$	31,327		$	34,186		$	34,688		$	26,145
ASSET QUALITY RATIOS
Nonperforming assets / total assets		0.39	%		0.36	%		0.40	%		0.41	%		0.32	%
ACL for loans and leases / total loans/leases held for investment		1.33	%		1.33	%		1.33	%		1.39	%		1.41	%
ACL for loans and leases / nonperforming loans/leases		260.77	%		285.55	%		265.54	%		253.61	%		328.16	%
Net charge-offs as a % of average loans/leases		0.02	%		0.05	%		0.05	%		0.02	%		0.03	%
INTERNALLY ASSIGNED RISK RATING (1) (2)
Special mention	$	85,096		$	111,729		$	125,308		$	128,052		$	117,761
Substandard (3)		80,345			70,841			70,425			72,550			67,192
Doubtful (3)		-			-			-			-			-
Total Criticized loans (4)	$	165,441		$	182,570		$	195,733		$	200,602		$	184,953
Classified loans as a % of total loans/leases (3)		1.17	%		1.07	%		1.08	%		1.10	%		1.05	%
Total Criticized loans as a % of total loans/leases (4)		2.41	%		2.75	%		2.99	%		3.04	%		2.90	%
(1) During the first quarter of 2024, the Company revised the risk rating scale used for credit quality monitoring.
(2) Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.
(3) Classified loans are defined as loans with internally assigned risk ratings of 10 or 11 (7 or 8 prior to January 1, 2024), regardless of performance and include loans identified as Substandard or Doubtful.
(4) Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 (6, 7, or 8 prior to January 1, 2024), regardless of performance and include loans identified as Special Mention, Substandard, or Doubtful.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
				For the Quarter Ended												For the Six Months Ended
				June 30,				March 31,				June 30,				June 30,				June 30,
		SELECT FINANCIAL DATA - SUBSIDIARIES		2024				2024				2023				2024				2023
				(dollars in thousands)
		TOTAL ASSETS
		Quad City Bank and Trust (1)		$	2,559,049			$	2,618,727			$	2,611,832
		m2 Equipment Finance, LLC			359,012				350,801				322,838
		Cedar Rapids Bank and Trust			2,428,267				2,423,936				2,389,623
		Community State Bank			1,531,109				1,445,230				1,332,966
		Guaranty Bank			2,369,754				2,327,985				2,179,844
		TOTAL DEPOSITS
		Quad City Bank and Trust (1)		$	2,100,520			$	2,161,515			$	2,166,249
		Cedar Rapids Bank and Trust			1,721,564				1,757,353				1,791,861
		Community State Bank			1,188,551				1,187,926				1,073,907
		Guaranty Bank			1,791,448				1,743,514				1,653,299
		TOTAL LOANS & LEASES
		Quad City Bank and Trust (1)		$	2,107,605			$	2,046,038			$	1,925,162
		m2 Equipment Finance, LLC			363,897				354,815				328,479
		Cedar Rapids Bank and Trust			1,736,438				1,680,127				1,728,280
		Community State Bank			1,162,686				1,113,070				1,025,844
		Guaranty Bank			1,847,658				1,809,101				1,700,034
		TOTAL LOANS & LEASES / TOTAL DEPOSITS
		Quad City Bank and Trust (1)			100	%			95	%			89	%
		Cedar Rapids Bank and Trust			101	%			96	%			96	%
		Community State Bank			98	%			94	%			96	%
		Guaranty Bank			103	%			104	%			103	%
		TOTAL LOANS & LEASES / TOTAL ASSETS
		Quad City Bank and Trust (1)			82	%			78	%			74	%
		Cedar Rapids Bank and Trust			72	%			69	%			72	%
		Community State Bank			76	%			77	%			77	%
		Guaranty Bank			78	%			78	%			78	%
		ACL ON LOANS/LEASES AS A PERCENTAGE OF LOANS/LEASES
		Quad City Bank and Trust (1)			1.43	%			1.40	%			1.44	%
		m2 Equipment Finance, LLC			3.86	%			3.75	%			3.46	%
		Cedar Rapids Bank and Trust			1.38	%			1.34	%			1.41	%
		Community State Bank			1.08	%			1.12	%			1.27	%
		Guaranty Bank			1.13	%			1.15	%			0.22	%
		RETURN ON AVERAGE ASSETS
		Quad City Bank and Trust (1)			0.88	%			0.79	%			0.82	%			0.84	%			1.02	%
		Cedar Rapids Bank and Trust			2.94	%			3.09	%			3.52	%			3.01	%			3.30	%
		Community State Bank			1.26	%			1.25	%			1.42	%			1.25	%			1.46	%
		Guaranty Bank			1.42	%			0.88	%			0.97	%			1.15	%			0.99	%
		NET INTEREST MARGIN PERCENTAGE (2)
		Quad City Bank and Trust (1)			3.39	%			3.31	%			3.28	%			3.35	%			3.36	%
		Cedar Rapids Bank and Trust			3.75	%			3.77	%			3.69	%			3.76	%			3.86	%
		Community State Bank			3.72	%			3.75	%			3.90	%			3.74	%			3.94	%
		Guaranty Bank (3)			2.99	%			2.98	%			3.10	%			2.99	%			3.30	%
		ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET INTEREST MARGIN, NET
		Cedar Rapids Bank and Trust		$	-			$	-			$	-			$	-			$	(8	)
		Community State Bank			(1	)			(1	)			(1	)			(2	)			70
		Guaranty Bank			301				396				168				697				965
		QCR Holdings, Inc. (4)			(32	)			(32	)			(33	)			(64	)			(65	)
(1)		Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.
(2)		Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% federal tax rate.
(3)		Guaranty Bank's net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.86% for the quarter ended June 30, 2024, 2.91% for the quarter ended March 31, 2024 and 3.11 for the quarter ended June 30, 2023.
(4)		Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
		As of
		June 30,				March 31,				December 31,				September 30,				June 30,
GAAP TO NON-GAAP RECONCILIATIONS		2024				2024				2023				2023				2023
		(dollars in thousands, except per share data)
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)
Stockholders' equity (GAAP)		$	936,319			$	907,342			$	886,596			$	828,383			$	822,689
Less: Intangible assets			151,468				152,158				152,848				153,564				154,255
Tangible common equity (non-GAAP)		$	784,851			$	755,184			$	733,748			$	674,819			$	668,434
Total assets (GAAP)		$	8,871,991			$	8,599,549			$	8,538,894			$	8,540,057			$	8,226,673
Less: Intangible assets			151,468				152,158				152,848				153,564				154,255
Tangible assets (non-GAAP)		$	8,720,523			$	8,447,391			$	8,386,046			$	8,386,493			$	8,072,418
Tangible common equity to tangible assets ratio (non-GAAP)			9.00	%			8.94	%			8.75	%			8.05	%			8.28	%
(1) This ratio is a non-GAAP financial measure. The Company's management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders' equity and total assets, which are the most directly comparable GAAP financial measures.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
GAAP TO NON-GAAP RECONCILIATIONS		For the Quarter Ended																				For the Six Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,				June 30,						June 30,
ADJUSTED NET INCOME (1)		2024				2024				2023				2023				2023				2024						2023
		(dollars in thousands, except per share data)
Net income (GAAP)		$	29,114			$	26,726			$	32,855			$	25,121			$	28,425			$	55,840					$	55,582
Less non-core items (post-tax) (2):
Income:
Securities gains (losses), net			-				-				-				-				9				-						(356	)
Fair value gain (loss) on derivatives, net			(145	)			(144	)			(460	)			(265	)			66				(288	)					(272	)
Total non-core income (non-GAAP)		$	(145	)		$	(144	)		$	(460	)		$	(265	)		$	75			$	(288	)				$	(628	)
Expense:
Post-acquisition compensation, transition and integration costs			-				-				-				-				-				-						164
Total non-core expense (non-GAAP)		$	-			$	-			$	-			$	-			$	-			$	-					$	164
Adjusted net income (non-GAAP) (1)		$	29,259			$	26,870			$	33,315			$	25,386			$	28,350			$	56,128					$	56,374
ADJUSTED EARNINGS PER COMMON SHARE (1)
Adjusted net income (non-GAAP) (from above)		$	29,259			$	26,870			$	33,315			$	25,386			$	28,350			$	56,128					$	56,374
Weighted average common shares outstanding			16,814,814				16,783,348				16,734,080				16,717,303				16,701,950				16,799,081						16,739,120
Weighted average common and common equivalent shares outstanding			16,921,854				16,910,675				16,875,952				16,847,951				16,799,527				16,916,264						16,870,830
Adjusted earnings per common share (non-GAAP):
Basic		$	1.74			$	1.60			$	1.99			$	1.52			$	1.70			$	3.34					$	3.37
Diluted		$	1.73			$	1.59			$	1.97			$	1.51			$	1.69			$	3.32					$	3.34
ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)
Adjusted net income (non-GAAP) (from above)		$	29,259			$	26,870			$	33,315			$	25,386			$	28,350			$	56,128					$	56,374
Average Assets		$	8,776,002			$	8,550,855			$	8,535,732			$	8,287,813			$	7,924,597			$	8,663,429					$	7,915,763
Adjusted return on average assets (annualized) (non-GAAP)			1.33	%			1.26	%			1.56	%			1.23	%			1.43	%			1.30	%					1.42	%
Adjusted return on average equity (annualized) (non-GAAP)			12.69	%			11.90	%			15.64	%			12.12	%			13.88	%			12.30	%					13.99	%
NET INTEREST MARGIN (TEY) (3)
Net interest income (GAAP)		$	56,163			$	54,699			$	55,736			$	55,255			$	53,205			$	110,862					$	110,015
Plus: Tax equivalent adjustment (4)			8,914				8,377				7,954				7,771				6,542				17,259						12,601
Net interest income - tax equivalent (Non-GAAP)		$	65,077			$	63,076			$	63,690			$	63,026			$	59,747			$	128,121					$	122,616
Less: Acquisition accounting net accretion			268				363				673				539				134				631						962
Adjusted net interest income		$	64,809			$	62,713			$	63,017			$	62,487			$	59,613			$	127,490					$	121,654
Average earning assets		$	7,999,044			$	7,807,720			$	7,631,035			$	7,573,785			$	7,283,286			$	7,903,382					$	7,265,544
Net interest margin (GAAP)			2.82	%			2.82	%			2.90	%			2.89	%			2.93	%			2.82	%					3.05	%
Net interest margin (TEY) (Non-GAAP)			3.27	%			3.25	%			3.32	%			3.31	%			3.29	%			3.26	%					3.40	%
Adjusted net interest margin (TEY) (Non-GAAP)			3.26	%			3.24	%			3.29	%			3.28	%			3.28	%			3.24	%					3.38	%
EFFICIENCY RATIO (5)
Noninterest expense (GAAP)		$	49,888			$	50,690			$	60,938			$	51,081			$	49,727			$	100,578					$	98,512
Net interest income (GAAP)		$	56,163			$	54,699			$	55,736			$	55,255			$	53,205			$	110,862					$	110,015
Noninterest income (GAAP)			30,889				26,858				47,729				26,593				32,520				57,747						58,362
Total income		$	87,052			$	81,557			$	103,465			$	81,848			$	85,725			$	168,609					$	168,377
Efficiency ratio (noninterest expense/total income) (Non-GAAP)			57.31	%			62.15	%			58.90	%			62.41	%			58.01	%			59.65	%					58.51	%
(1) Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company's management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
(2) Non-core or nonrecurring items (post-tax) are calculated using an estimated effective federal tax rate of 21%.
(3) Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(4) Net interest margin (TEY) is a non-GAAP financial measure. The Company's management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure. In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it's difficult to provide a more realistic run-rate for future periods.
(5) Efficiency ratio is a non-GAAP measure. The Company's management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.

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