QCR Holdings, Inc. (QCRH) Earnings Call Transcript & Summary

Good day. Welcome to the QCR Holdings, Inc. 2020 Annual Meeting of Stockholders. I will now turn the conference over to Mr. Baird.

Thank you very much. Ladies and gentlemen, good afternoon. I am Pat Baird, Chairman of the Board of QCR Holdings, Inc. On behalf of the members of the Board of Directors and the management team, I'd like to welcome you to the 2020 Annual Stockholders Meeting of QCR Holdings, Inc. With all the challenges and issues concerning COVID-19, we are excited and, of course, are required to be hosting this virtually. It does allow us to be more inclusive and reach a greater number of stockholders. I want to thank all of you out there for being a stockholder and for joining us on this webcast. Due to the unique circumstances we're faced with today, we will be limiting this webcast to conducting the formal business of the required matters for voting and will respond to any stockholder questions to the extent the question relates to one or more of the proposals to be voted on today, and you may submit them at any time. If, however, you do have any questions that are unrelated to the proposals, we would encourage you to reach out to our Investor Relations Manager, Kim Garrett. Before we move to the business at hand, there are a few housekeeping items I will address related to today's virtual meeting. To vote your shares or submit questions, you will need the control number provided on your proxy card, notice or voting instruction card. If you have not yet voted and wish to vote or if you wish to revoke a previously submitted proxy, you may do so by clicking the Vote Here button on your screen. Stockholders who have already voted by Internet, phone or mail need not vote again online at this meeting. Your voting instructions will be carried out at this meeting by Larry Helling and me as your appointed proxies. If you would like to submit a question, please type it into the box at the bottom left of your screen either now or at any time during the meeting. We would encourage you to submit any questions you might have promptly to ensure your question is received. Present on the webcast today are the following current Board members: our Vice Chair, Marie Ziegler; Mary Kay Bates, John-Paul Besong, Jim Field, Mark Kilmer, Tim O'Reilly, Donna Sorensen, George Ralph; Mike Peterson; Chief Executive, Larry Helling; and President, Todd Gipple. We're also joined by director nominee, Libby Jacobs. Also on the webcast is Deb Neyens, Senior Legal Counsel and Corporate Secretary; and Shellee Showalter, Senior Vice President, Director of Investor Services, who will serve as a judge of election at this meeting. We also have a few guests from outside. Our SEC and Corporate Counsel, Barack Ferrazzano is represented by Rob Fleetwood and Abdul Mitha; and from our independent registered accounting firm, RSM, Karla Zweifel. We welcome our guests, the members of the Board and our management and very grateful for their dedicated service. And we would also like to thank our 2 retiring Board members, Mike Peterson and George Ralph. Mike joined the Board in 2013, and George has been with us since 2015. We thank you both for your invaluable insights and counsel over the years. We will now conduct the formal part of the annual meeting. Let me direct your attention to the agenda slide as well as the rules of conduct for today's meeting, a link to which can be found on the virtual meeting portal. I've been told by Shellee Showalter that a quorum is present. So I declare this to be a properly constituted meeting, duly organized and ready for business. The polls opened on April 8, 2020, the date of the notice of this annual meeting, and the polls will close for voting on any item when discussion has been completed on that item. The notice of the meeting and affidavit of mailing of the notice will be inserted in the company's minute book. At this point, I'll conduct the votes on the matters before the meeting. Each of the proposals were discussed in the proxy statement for this meeting, and the Board is in favor of each of them. The first matter to be voted upon is the election of the 4 Class III members of Board of Directors, who will each serve a 3-year term. The second matter is to approve in a nonbinding advisory vote the compensation of certain executive officers. And the third and final matter is the ratification of the appointment of RSM US LLP as QCR Holdings' independent registered public accounting firm for the year ending December 31, 2020. If you have a question on a proposal, please type it in the question-and-answer box in the lower left-hand of the web portal. And I would ask Ms. Showalter if any questions have come in.

We've not received any stockholder questions regarding the proposals. The question-and-answer session is now closed.

Right. As the question-and-answer session is now closed, if you've not already done so, we remind you to submit your vote on each matter by clicking the Vote Here button on your screen. Voting is about to be closed. I am pausing for dramatic effect. [Voting]

All right. I now declare that the polls are closed on all matters before the stockholders. That concludes the voting on the proposals to be considered at this meeting. I've been informed by Shellee that the election report is as follows: all of the nominees have been elected as Class III Directors, and each of the proposals have been approved. Shellee is now directed to submit a certificate of judge and election form to Deb Neyens for insertion in the company's minute book together with the minutes of this meeting. There is no further business to come before this meeting. Therefore, I declare the 2020 Annual Meeting of the Stockholders of QCR Holdings to be adjourned. Thanks to everybody for attending today.

The conference has now concluded. Thank you for attending, and you may now disconnect.