QCR Holdings discontinues new loans/leases via m2 Equipment Finance; $2.1M restructuring charge

QCR HOLDINGS INC

m2's $360M portfolio will be serviced by reduced staff; majority expected to amortize over 3 years.
One-time restructuring expense of ~$2.1M and goodwill write-down of ~$0.4M in Q3 2024.
CEO expects move to improve profitability, liquidity, and reduce credit losses; charge to be earned back in 2 quarters.
Company to focus on business units with greater deposit-gathering potential and higher risk-adjusted returns.

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