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WKN: 908962 | ISIN: US74727A1043 | Ticker-Symbol: 3PE
Frankfurt
08.10.24
17:00 Uhr
67,50 Euro
0,00
0,00 %
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QCR HOLDINGS INC Chart 1 Jahr
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QCR Holdings, Inc. Announces Net Income of $29.1 Million for the Second Quarter of 2024

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)202420242023
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,
20242024202320232023
(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,
20242024202320232023
(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,
20242024202320232023 20242023
(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 x9.00 x8.61 x7.30 x5.96 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 BalanceInterest Earned or PaidAverage Yield or Cost Average BalanceInterest Earned or PaidAverage Yield or Cost Average BalanceInterest Earned or PaidAverage Yield or Cost
(dollars in thousands)
Fed funds sold $13,065$1835.54% $19,955$2695.42% $16,976$2235.27%
Interest-bearing deposits at financial institutions 80,998 1,1395.66% 91,557 1,2005.27% 90,814 1,1234.96%
Investment securities - taxable 377,747 4,2864.53% 373,540 4,2614.55% 342,991 3,6934.30%
Investment securities - nontaxable (1) 704,761 9,4625.37% 685,969 9,3495.45% 577,494 6,2174.31%
Restricted investment securities 43,398 8697.92% 38,085 6747.00% 35,031 5065.71%
Loans (1) 6,779,075 112,7196.69% 6,598,614 107,6736.56% 6,219,980 93,1596.01%
Total earning assets (1)$7,999,044$128,6586.46% $7,807,720$123,4266.35% $7,283,286$104,9215.78%
Interest-bearing deposits$4,649,625$40,9243.54% $4,529,325$39,0723.47% $3,965,592$27,2272.75%
Time deposits 1,091,870 12,1284.47% 1,107,622 12,3454.48% 1,190,440 11,2193.78%
Short-term borrowings 1,622 215.18% 1,763 235.16% 1,980 346.82%
Federal Home Loan Bank advances 464,231 6,2385.32% 355,220 4,7385.28% 211,593 2,6534.96%
Subordinated debentures 233,207 3,5826.14% 233,101 3,4805.97% 232,782 3,3035.68%
Junior subordinated debentures 48,774 6885.58% 48,742 6925.62% 48,647 7386.00%
Total interest-bearing liabilities$6,489,329$63,5813.93% $6,275,773$60,3503.86% $5,651,034$45,1743.20%
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 BalanceInterest Earned or PaidAverage Yield or Cost Average BalanceInterest Earned or PaidAverage Yield or Cost
(dollars in thousands)
Fed funds sold $16,510$4525.41% $18,119$4575.09%
Interest-bearing deposits at financial institutions 86,277 2,3395.45% 82,246 1,9454.77%
Investment securities - taxable 375,644 8,5464.54% 337,844 7,0594.17%
Investment securities - nontaxable (1) 695,365 18,8135.41% 598,244 13,0094.35%
Restricted investment securities 40,742 1,5437.49% 36,391 1,0185.56%
Loans (1) 6,688,844 220,3926.63% 6,192,700 181,7075.92%
Total earning assets (1)$7,903,382$252,0856.41% $7,265,544$205,1955.69%
Interest-bearing deposits$4,589,479$80,0273.51% $4,016,217$51,0032.56%
Time deposits 1,099,746 24,4734.48% 1,031,062 17,2223.37%
Short-term borrowings 1,688 445.19% 4,642 1325.75%
Federal Home Loan Bank advances 409,725 10,9775.30% 253,729 6,1744.84%
Subordinated debentures 233,154 7,0626.06% 232,731 6,6155.68%
Junior subordinated debentures 48,758 1,3815.60% 48,630 1,4335.86%
Total interest-bearing liabilities$6,382,550$123,9643.90% $5,587,011$82,5792.97%
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,
20242024202320232023
(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 EndedFor 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.

© 2024 GlobeNewswire (Europe)
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