Business
QCR Holdings, Inc. Announces Closing of First Two Securitizations by Cedar Rapids Bank & Trust
Selling $265MM of LIHTC Loans During the Fourth Quarter MOLINE, Ill., Dec. 12, 2023 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”)
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"Selling $265MM of LIHTC Loans During the Fourth Quarter\nMOLINE, Ill., Dec. 12, 2023 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced the successful closing of two securitizations with a total of $265 million of low-income housing tax credit (“LIHTC”) loans sold by Cedar Rapids Bank & Trust, a wholly-owned subsidiary of the Company. The first securitization consisted of $130 million of tax-exempt LIHTC loans and was part of the Freddie Mac-sponsored M-Series. The second securitization consisted of $135 million of taxable LIHTC loans and was part of the Freddie Mac-sponsored Q-Series. Both transactions were designated as Social Bonds by Freddie Mac. “We are very pleased to announce the successful closing of our first two securitizations,” said Larry J. Helling, Chief Executive Officer. “The ability to securitize these loans will be an important and effective tool in managing our liquidity and capital. This capability will also enhance the sustainability and continued growth of our LIHTC lending and related capital markets revenue and further strengthens this highly valuable part of our Company. Our intent is to continue to securitize portions of our LIHTC loan portfolio on a recurring basis.” “Since the inception of our LIHTC lending program, we are proud to have helped finance 371 projects consisting of over 24 thousand affordable housing units,” continued Mr. Helling. “Our clients continue to experience strong demand for their projects as the need for affordable multi-family housing far exceeds supply. Securitization will allow us to continue to support this growing need in the future.” Upon closing of the securitizations and the selling of $265 million of LIHTC loans, the Company recognized a net gain on sale of $664 thousand. About UsQCR 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 ...