QCR Holdings, Inc. (QCRH) Cash Flow Statement

Trailing twelve-month net income reached $141.8M through 2026Q3, up from $127.2M in the prior four quarters, yet the latest quarter's $36.4M came in marginally below 2025Q3's $36.7M — consistent with the decelerating growth trajectory flagged in the income statement analysis. Combined with negligible long-term debt issuance, where individual quarters move by only ±$1M, this suggests QCRH is funding balance sheet expansion through retained earnings rather than external capital. The Q3 2026 statement discloses no cash flow detail beyond the $4.5M provision, so the strength of the most recent quarter's capital generation cannot be verified from this data set.

The roughly $245M of net reinvestment over that window implies QCRH was deploying liquidity into securities faster than maturities returned it, which may reflect either loan-book growth outrunning deposit gathering or a deliberate duration extension during a period of elevated yields. The absence of reported purchases and sales in 2026Q2 and 2026Q3 should be treated as data unavailable rather than a definitive strategic pause. Critically, the cash flow statement records only the cash cost of these purchases and cannot reveal unrealized losses carried in accumulated comprehensive income — a meaningful gap for a bank that bought heavily across 2024 and 2025.

The bimodal distribution of OCF-to-net income ratios — 8.57, 9.40, and 13.01 in three quarters versus 0.13, 0.90, and -0.14 in others — suggests episodic, large-scale deposit movements rather than a stable operating conversion of earnings into cash. This pattern appears consistent with the reported shift toward higher-cost certificates of deposit and brokered funding, since such raises typically arrive in discrete, large blocks that inflate a single quarter's operating line. Investors should monitor deposit composition directly rather than relying on OCF trends, which for QCRH appear to function more as a liquidity barometer than as a profitability measure.

Total capital return of approximately $15.2M in 2026Q2 represents roughly 42% of that quarter's $36.3M of net income, versus a near-zero payout across 2024 when buybacks were absent entirely. The $1.0M–$1.7M quarterly dividend is exceptionally conservative relative to earnings, suggesting the base dividend carries minimal coverage risk and that repurchases are functioning as the flexible lever management adjusts at its discretion. Sustainability of this pace appears plausible at current earnings levels, though the zero-value buyback line in 2026Q3 is treated as data unavailable, leaving continuation of the repurchase program unconfirmed.