Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

QCR Holdings: Increasing Scale, At A Discount

QCR Holdings (NASDAQ:QCRH) is a multibank holding company focusing on commercial lending. With earnings of $9.1 million for 2012 and a market capitalization of $75 million, the current price is pretty attractive, offering an earnings yield of 12.1%, a 12% discount to tangible book, and a dividend yielding 0.53%. Further, we have a bank which has been steadily increasing its scale since its founding in 1993:

QCR Holdings has established a satisfactory provision for losses and the size of the most recent earnings is likely to be representative of future earnings. If the corporation's loan portfolio is fairly represented in the most recent filings, it would seem that QCR Holdings could easily sell at tangible book (a capital...

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