QCR Holdings, Inc. Annual Report 2018

FY2018 Annual Report · QCR Holdings, Inc.

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2018

BOARD CHAIR STATEMENT

On behalf of the entire board of QCR Holdings, it is my privilege to
deliver a brief message about our great organization.

In November of 2018, we announced that Doug
Hultquist, our President, CEO and Co-founder
of QCRH, had made the decision to retire in
May of 2019. Doug was gracious enough to
give the Board plenty of advance notice, and
indeed we took this extra time to thoroughly
engage in a succession planning process. We
thank Doug for his many years of leadership,
dedication, unparalleled work ethic and
attention to detail. We are fortunate that both
the Board and future management will have
Doug in and around the company in the future
and look forward to his support and friendship
for many years. As part of this process, the
Company announced that Larry Helling and
Todd Gipple will become Chief Executive
Officer and President, respectively. The Board
has total confidence in the new management
team and knows our customers, communities
and investors will be well served in the future.

Notwithstanding the inevitable retirements
and required changes in leadership, the
strategy of the Company remains the same.
We continue to fully embrace the community
banking model in our chosen markets whereby
we bring local decision-making and bigger
bank products and services to our customers.
Such an approach requires strong local
management as well as local Board member
support. We believe this approach to be of
interest to many other vibrant markets around
the Midwest, as well. While the banking
industry faced considerable market headwinds
in 2018, QCR Holdings delivered strong and
improved performance, and is well-situated for
continued growth in the years ahead.

The Board wishes to thank our investors and
customers. We look forward to the years ahead,
as we are well positioned for long-term growth.

Pat Baird
Chair of the board

SUMMARY OF FINANCIAL RESULTS 2014 - 2018
(in thousands)

2014

2015

2016

2017

2018

Net interest income

Non-interest income

$69,071

$76,296

$94,517

$116,065

$142,395

21,282

24,364

31,037

30,482

41,541

Non-interest expense

(65,554)

(73,192)

(81,486)

(97,424)

(119,143)

Pre-tax pre-provision net income

24,799

27,468

44,068

49,123

64,793

Provision for loan/lease losses

(6,807)

(6,871)

(7,478)

(8,470)

(12,658)

Net income before taxes

17,992

20,597

36,590

40,653

52,135

Income taxes

Net income

(3,039)

(3,669)

(8,903)

(4,946)

(9,015)

$14,953

$16,928

$27,687

$35,707

$43,120

QCR Holdings, Inc.WE ARE
RELATIONSHIP
DRIVEN

CEO STATEMENT

The May 23, 2019, QCR Holdings’ annual meeting will be my final day as President and Chief

Executive Officer. Last November I announced my retirement. Your company will be in great

hands with the well-known and proven leadership of Larry Helling as Chief Executive Officer

and Todd Gipple as President. I deeply value the confidence Mike Bauer had 25 years ago

when the two of us, along with 16 other employees, created Quad City Bank & Trust. I am

richly blessed to have had the opportunity of two wonderful careers, first as a CPA and then

as a banker. Thank you to my over 755 QCRH teammates who are constantly delivering val-

ue and innovative solutions to clients in each of our markets. Thank you to each and every

shareholder for your confidence and ownership in QCR Holdings. I hope to see you at the

annual meeting in May and feel energized knowing “the best is yet to come”.

Douglas M. Hultquist

President and CEO

On behalf of your Board of

Directors and Team Members of

QCR Holdings, Inc. we are pleased

to present our 2018 annual report.

We believe our results show we are
a relationship driven organization®
that continues to differentiate and

deliver value to our clients and

shareholders.

Today, QCR Holdings, Inc. is a nearly $5
billion multi-bank holding company
serving over 156,000 clients in four
states. Our independent charters pro-
vide the flexibility to successfully attract
and retain clients while our holding
company provides high credit standards
that ensure common underwriting and
on-going asset quality.

2018 was a year of significant achieve-
ments at QCR Holdings: record annual
net income of $43.1 million, the addi-
tion of our fifth independent charter
with the merger with Springfield
Bancshares, the acquisition of the Bates
Companies, and the beginning of the
next 25 years of QCR Holdings. For our
shareholders, 2018’s diluted earnings
per share of $2.86 was an 9.1% in-
crease over the prior year. While QCRH’s
tangible book value increased 5.9%
in the past 12 months to $24.04 per
share, QCRH’s stock price declined 25%;
similar to the broader financial sector.
The regional bank industry price to
earnings ratio declined 27.5% over the
past twelve months from of 15.3% to
11.1%. A partially inverted yield curve,
increased competition for deposits, tar-
iff concerns and uncertainty about the
Federal Reserve’s future rate actions all
contributed to the conservative investor
sentiment toward the sector.

In 2018 QCRH organically grew loans
by 9.8% and deposits by 8.3% while
continuing to deliver increased value to

shareholders. QCRH continues to seek
acquisitions and mergers that fit the
Company’s strategic model and, most
importantly, the culture of building
relationships.

A special thanks to Linda Neuman, who retires from
the QCRH board on May 23, for her dedicated service
as a director of Quad City Bank & Trust since 2008
and as a director of QCR Holdings since 2013. We
appreciate your valuable insight and wise counsel.

As importantly, QCRH’s strategy recog-
nizes the value of unique and diversified
products and services. In 2018, 23% of
QCRH’s total revenue was generated
from fee-based businesses: correspon-
dent banking, wealth management and
swap/loan sales, primarily. This diversi-
fied stream of products helps QCRH bet-

QCR Holdings, Inc.ter serve its clients and deliver a more
steady stream of earnings to sharehold-
ers. The Company’s noninterest income
increased 36.3% in the past 12 months
to $41.5 million.

2018 MILESTONES

Addition of SFC Bank: In July, we wel-
comed the 56 employees, 4,200 clients
and 175 shareholders of Springfield First
Community Bank in Springfield, MO
as it became the fifth charter of QCRH.
Under CEO Rob Fulp’s leadership, in 10
years SFC grew from a de novo to a $633
million bank with nearly pristine asset
quality. SFC’s commitment to relation-
ships makes it a wonderful cultural fit
with QCRH.

Bates Companies: Recognizing that
effective wealth management is all
about relationships and trust, George
Bates and his team at the Bates Financial
Companies in Rockford, IL joined QCRH
in October. The addition of the Bates
Companies increased QCRH’s wealth as-
sets under management by $704 million
to over $4 billion.

25th Anniversary: This past October we
celebrated the 25th anniversary of the
founding of QCR Holdings. Of the 18
employees who took in the first deposit
on January 7, 1994, 8 are still with the
Company. That’s dedication! There have
been many challenges over the years
but even more accomplishments. The
consistent commitment to our values
sets QCRH apart from our peers. As we
begin the next 25 years of our business,
we continue to focus on the fundamen-
tal values which guide the men and
women of QCR Holdings and enhance
long-term shareholder value.

2018 HIGHLIGHTS AND RESULTS

Quad City Bank & Trust – Under the
leadership of President and CEO, John
Anderson, the Company’s first subsid-
iary bank (1994), assets grew to $1.6
billion by December 31, 2018. Loans
and leases grew 8.5% in 2018 while its
Wealth Management businesses grew
10.1%. Quad City Bank & Trust’s net
income of $20.6 million for the year
ended December 31, 2018 decreased
from $23.8 million in 2017 primarily due
to changes in the tax law, which inflated
2017’s net income.

Cedar Rapids Bank & Trust – CEO Larry
Helling, one of the founders of Cedar
Rapids Bank & Trust (2001), and James
Klein, President, led their team to a re-
cord net income of $20.7 million for the
year ended December 31, 2018, a 79.3%
increase in earnings from the prior year.
The increase is primarily attributed to
the success of the bank’s Specialty Fi-
nance Group and the first full year after
the acquisition of Guaranty Bank & Trust.

Rockford Bank & Trust – Rockford Bank
& Trust – Led by President and CEO, Tom
Budd (2005), closed the year at $509.6
million in assets, a 10.4% increase from
the prior year. Taking advantage of con-
ditions in the market, RB&T also report-
ed 10.8% growth in loans, 18.7% growth
in core deposits and added staff to key
positions to help carry the momentum
forward in 2019. In addition, the acquisi-
tion of Bates Companies was completed
in October and will bolster an already
robust product offering and further
strengthen RB&T’s mission to provide
exceptional service and comprehensive
wealth management options locally.

CONSOLIDATED EARNINGS (in thousands)

2014

2015

2016

2017

2018

Quad City Bank & Trust (1)

$ 10,451

$ 11,762

$ 15,411

$ 23,794

$ 20,559

Cedar Rapids Bank & Trust (2) (3)

Rockford Bank & Trust (3)

Community State Bank (3)

Springfield First Community Bank (3)

8,006

1,877

8,108

2,189

12,729

11,535

20,680

3,201

2,127

2,698

7,076

706

8,449

4,816

Parent Co. & Eliminations (3)

(5,381)

(5,131)

(5,781)

(9,397)

(12,090)

Consolidated Earnings

$ 14,953

$ 16,928

$ 27,687

$ 35,707

$ 43,120

(1) Includes m2 Lease Funds.
(2) Includes net income of Guaranty Bank & Trust in 2017, which was merged with Cedar Rapids Bank & Trust in December 2017.
(3) Includes acquisition and post-acquisition costs.

QCR Holdings, Inc.The Wealth Management Division
provides a distinguishable competitive
advantage. It was further enhanced in
October of 2018 with the addition of the
Bates Companies under the leadership
of George Bates in Rockford, IL.

Community State Bank – Community
State Bank (2016), CEO, Ron Nagel and
President Kurt Gibson led their team
to a record net income of $8.5 million
for the year ended December 31, 2018,
which compares to $ 7.1 million in 2017.
Total assets for Community State Bank
at December 31, 2018 were $ 785.4 mil-
lion a 17% increase from the prior year.
Loan growth exceeded 19% while core
deposit growth was 5% for the year.

m2 Lease Funds – m2 Lease Funds, a
wholly owned subsidiary of Quad City
Bank & Trust accounts for approximately
6% of the total QCRH loans. The m2
Lease Funds business model of provid-
ing prompt and responsive turnarounds
in a simple and straight forward manner
remains sound. m2 works with all of our
banks and nationwide as well with leas-
ing specialists located in Iowa, Wiscon-
sin, Minnesota, South Carolina, North
Carolina, Florida, California, Pennsylva-
nia and Georgia. m2 has a high yielding
portfolio that averaged 8% in 2018.

Our People - We know our people
are the key differentiator in each of
our markets. We also know, what gets
measured gets done. At QCR Holdings
every employee gets measured on
“Living the Brand”. That means making
sure that each employee’s performance
is so good that our clients, internal and
external, will always experience great
relationships, service and advice. It is
our hope that by placing daily emphasis
on our Brand Promise every client will
truly see People you can bank on® in
everything we do.

Tom Budd, President and CEO, Rockford Bank & Trust
welcomes George Bates, Bates Financial Group

Our ability to provide clients with a
continuum of services is crucial to deep-
ening relationships. With offerings in
portfolio management, investment ser-
vices, trust administration and financial
planning, we add non-interest income to
the organization. In 2018, assets under
management totaled $4.3 billion with
$704 million coming from the Bates
Companies. Our veteran staff added
2,873 new relationships in total.

In October 2018, Community State Bank CEO Ron
Nagel, retired after 42 years in the banking industry.
Kurt Gibson assumed the CEO responsibilities, in
addition to his role as president. We thank Ron for
his years of leadership at CSB and wish him well.

Springfield Bancshares (SFC Bank)
merged with QCR Holdings in July of
2018. Thanks to the focused leadership
of Rob Fulp, CEO, and Monte McNew,
President, of Springfield First Communi-
ty Bank, $4.8 million of earnings for the
six months since merger were contribut-
ed to QCRH’s earnings in 2018. The bank
had 10% growth in assets, ending the
year at $632.8 million.

QCRH STRATEGIC ADVANTAGES

The Correspondent Banking Division
continues to deliver exceptional client
service to downstream banks in Illinois,
Iowa, Missouri and Wisconsin. In 2018,
we served 190 banks with an average
of $417.4 million on deposit with QCBT.
Our veteran team of bankers provides
many layers of expertise in areas such as
Cash Management, Safekeeping, Bank
Stock and Participation Loans, Trust and
Investment services and leases.

Douglas M. Hultquist
President and Chief Executive
Officer, QCR Holdings, Inc.

Larry J. Helling
Chief Executive Officer-Elect,
QCR Holdings, Inc.

Todd A. Gipple
President-Elect,
QCR Holdings, Inc.

QCR Holdings, Inc.Board of Directors

LEFT TO RIGHT

Patrick S. Baird
Chair of the Board, QCR Holdings, Inc.,
Retired President and Chief Executive Officer,
AEGON USA, LLC

Todd A. Gipple
President-Elect, Chief Operating Officer and
Chief Financial Officer, QCR Holdings, Inc.

Donna J. Sorensen, J.D.
President, Sorensen Consulting

Timothy B. O’Reilly
Chief Executive Officer, Managing Partner,
O’Reilly Hospitality Management, LLC

Mary Kay Bates
President and Chief Executive Officer,
Bank Midwest

Michael L. Peterson
President and Owner, Peterson Genetics, Inc.

Douglas M. Hultquist
President and Chief Executive Officer,
Co-Founder, QCR Holdings, Inc.

Larry J. Helling
Chief Executive Officer-Elect, QCR Holdings, Inc.

John-Paul E. Besong
Retired Executive, Rockwell Collins

George T. Ralph III
Owner, GTR Realty Advisors, LLC

Linda K. Neuman
Founder and Principal, Iowa Arbitrators,
Associate Justice, Iowa Supreme Court (Retired)

Mark C. Kilmer
President, The Republic Companies

Marie Z. Ziegler
Vice Chair of the Board, QCR Holdings, Inc.,
Retired Executive, Deere & Company

QCR Holdings, Inc.Executive Management Team

Front Row Seated (left to right)

Cynthia M. Carlson
EVP, Wealth Management, Quad City Bank & Trust

Anne E. Howard *
SVP, Director of Human Resources

Elizabeth A. Grabin *
SVP, Chief Accounting Officer

Shawna M. Graham *
SVP, Chief Risk Officer

Stacey J. Bentley
President and Chief Executive Officer,
Community Bank & Trust

Richard W. Couch
President and Chief Operating Officer,
m2 Lease Funds, LLC

Back Row Standing (left to right)

M. Randolph Westlund
EVP, Chief Investment Officer

John A. Rodriguez *
EVP, Chief Information Officer,
Operations and Cashier, Cedar Rapids Bank & Trust

Peter J. Benson
EVP and Chief Legal Officer

John R. McEvoy *
EVP, Chief Operations Officer and Cashier,
Quad City Bank & Trust

Monte C. McNew
President, SFC Bank

* Also serves on Group Operations Management Team

Robert C. Fulp
Chief Executive Officer, SFC Bank

Douglas M. Hultquist
President and Chief Executive Officer, Co-Founder

Larry J. Helling
Chief Executive Officer, Cedar Rapids Bank & Trust
Chief Executive Officer - Elect, QCR Holdings, Inc

Todd A. Gipple *
President-Elect, Chief Operating Officer and
Chief Financial Officer, QCR Holdings, Inc.

John R. Oakes *
SVP, Treasurer

John H. Anderson
President and Chief Executive Officer,
Quad City Bank & Trust,
EVP, Chief Deposit Officer, QCR Holdings, Inc.

Thomas D. Budd
President and Chief Executive Officer,
Rockford Bank & Trust

John R. Engelbrecht
Founder and Chief Executive Officer,
m2 Lease Funds, LLC

Kurt A. Gibson
President and Chief Executive Officer,
Community State Bank

Michael J. Wyffels *
SVP, Information Technology

Dana L. Nichols
EVP, Chief Credit Officer

Christopher J. Lindell
EVP, Corporate Communications,
Investor Relations, and Corporate Secretary

Group Operations Management Team (not pictured)

Beth L. Easterla
VP, Deposit Operations and
Electronic Banking Manager

Kathleen M. Francque
EVP, Correspondent Banking and Information
Services, Quad City Bank & Trust

Pamela J. Goodwin
SVP, Loan Operations Manager

Todd C. Kerska
SVP, Senior Operations Officer

Jill A. Lechtenberg
VP, Enterprise Business Transformation Services

Kathy A. Nichols
EVP, Retail Banking and Cashier,
Community State Bank

Shellee R. Showalter
SVP, Director of Investor Services and Compensation

Tonia F. Taylor
SVP, Director of Compliance

2018 COMPANY HIGHLIGHTS

RECORD
$43.1 MILLION
NET INCOME

ANNUAL
ORGANIC LOAN GROWTH

9.8%

SFC BANK
Becomes 5th Independent Charter

21% INCREASE
in Wealth Management

WE BEGIN OUR NEXT 25 YEARS

ASSET GROWTH
(MILLIONS)

(1) Includes acquisition of Community State Bank
(2) Includes acquisition of Guaranty Bank & Trust
(3) Includes merger with Springfield Bancshares and acquisition of Bates Companies

$1000

$800

$600

$400

$200

$967

$709

$681

$130

$68

2014 2015 2016(1)

2017(2) 2018(3)

BOOK VALUE VS.
FAIR MARKET VALUE
YEAR-END / COMMON STOCK (MILLIONS)

BOOK VALUE

FAIR MARKET VALUE

$600

$300

1993

2003

2016

2017

2018

Our Mission

We make financial dreams a reality.

TOTAL ASSETS (Millions)

12.31.18

12.31.17

12.31.16

$4,950

$3,983

$3,302

$2,500

$5,000

GROSS LOANS/LEASES (Millions)

12.31.18

12.31.17

12.31.16

$3,733

$2,964

$2,405

$2,000

$4,000

TOTAL DEPOSITS (Millions)

12.31.18

12.31.17

12.31.16

$3,977

$3,267

$2,669

$2,500

$5,000

Throughout 2018, QCRH continued to focus
on the following seven stated initiatives in
an effort to further improve profitability and
drive shareholder value:

LOANS/ASSETS
Strong organic loan and lease growth to
maintain loans and leases to a total assets ratio
in the range of 73%-78%

WHOLESALE FUNDING
Focus on growing core deposits to maintain
reliance on wholesale funding to less than 15%
of assets

75.4%

13.8%

FEE INCOME STREAMS
Generate gains on the sale of USDA and SBA loans, and
fee income on interest rate swaps, as a significant and
consistent component of core revenue

$11.2
MILLION

GROW WEALTH MANAGEMENT

Grow wealth management net
income by 10% annually

31.7%

MANAGE NONINT EXPENSE

Carefully manage noninterest expense
growth (year-over-year)

11.8%

NPA’S/ASSETS

Maintain asset quality metrics at
better than peer levels

0.56%

ACQUIRER PARTICIPANT
Participate as an acquire in the consolidation
taking place in our markets to further boost ROAA,
improve efficiency ratio and increase EPS

SFC Bank
Bates

QCR Holdings, Inc.Our Values

Achievement
Collaboration
Personal Responsibility
Innovation
Fulfillment

Every day at QCR Holdings we celebrate and recognize our most valuable resource -
each and every employee. Our dedicated employees, who believe in and live our stated
values, dependably deliver value to our clients and shareholders.

QCRH’s competitive advantage comes from five autonomous charters with local boards who
understand and serve the needs of their local markets. However, to ensure strategic alignment,
effectiveness and efficiency, our charters work closely together through our Strategy and Lead-
ership Team (SALT). The team includes the Chief Executive Officers, Presidents and other senior
leaders. In addition, we have dedicated teams in our Group Operations (GO) which provide
common services to our charters, for example, Team Treasury, Information Technology, Loan
Processing and Human Resources.

Ultimately, we have one set of values at QCR Holdings which aligns us to deliver results for our
clients, communities, employees and shareholders. In the following pages we celebrate and
highlight our values at work. Our values of Achievement, Collaboration, Personal Responsibil-
ity, Innovation, and Fulfillment are basic and fundamental beliefs that guide and motivate our
attitudes and actions. Our values help us determine what is important to us. Our values create
what we strive for daily…a Culture of High Performance.

WE WORK TO WIN. Like most values, achievement begins with the individual. Our employees, directors, teams, charters, group operations
are all compelled to win, and to achieve. To win over our clients with outstanding service, we strive to achieve more than we have done
in the past and to achieve more than our competitors. Through the collective achievements of QCR Holdings’ banks and teams, in 2018,
QCR Holdings delivered record net income of $43.1 million, a 20.7% increase from the prior year. In two cases, Quad City Bank & Trust and
Cedar Rapids Bank & Trust, have achieved the number one market share of deposits in their markets.

Deposits by Charter ($ millions)

Rank in MSA
Market

Deposits as of
6.30.18

% MSA
Market Share

Quad City Bank & Trust

Cedar Rapids Bank & Trust

Community State Bank

Springfield First Community Bank

Rockford Bank & Trust

Community Bank & Trust*

$ 1,284

$ 971

$ 596

$ 439

$ 376

$ 110

15.60%

16.40%

3.2%

4.40%

6.10%

3.10%

MSA: Metropolitan Statistical Area. Source: FDIC Summary of Deposits. * A Division of Cedar Rapids Bank & Trust

Lesly Couper, Rockford Bank & Trust, was
selected as one of the 2018 Rockford Cham-
ber of Commerce People You Should Know.

Community State Bank won first place in
The Des Moines Register poll for Ankeny’s
Best Bank.

Quad City Bank & Trust was voted top five
in the “Banking” category and the “Personal
Loans” category by Locals Love Us.

Key Merger
A significant achievement in 2018 was the
merger with Springfield Bancshares (SFC
Bank) located in Springfield, MO. In their
10th year of operation, SFC Bank has grown
to $633 million in assets.

Award Winning Service to Others
Not surprisingly, 2018 brought several
recognitions of individual’s achievement.
For instance, Larry Helling, CEO-Elect of
QCRH was recognized with the Howard Hall
Excellence in Business Award. This award
is given to a premier business leader who
exemplifies the outstanding, enduring busi-
ness values of Howard Hall and his passion
for a vibrant Cedar Rapids. Howard Hall
(1894-1971) was an industrialist and philan-
thropist who used his influence to create a
better local economy and community.

Wealth Management Expertise
Wealth Management, with over $4.3 billion
of assets under management, provides a
strategic advantage for QCR Holdings. In
2018 the QCR Holdings’ Wealth Management
teams achieved a record $3.0 million in net
income. The addition of the Bates Companies
in Rockford, IL was a significant achievement
and brings 2,371 new relationships to QCRH.

2018 NET INCOME
REACHES $43.1 MILLION

$43.1

$35.7

$27.7

$ million

$50

$16.9

$15.0

$25

2014

2015

2016

2017

2018

QCR Holdings, Inc.WE LEARN FROM EACH OTHER. Unlike achievement which begins with the individual, the value of collaboration requires two or more
people to make it happen. At QCR Holdings, collaboration enables us to be both decentralized and centralized at the same time.

Collaboration requires leadership, cooperation and most importantly, trust. Delivering record net income required massive collaboration
at QCR Holdings. Examples of our 2018 collaboration efforts include: Community State Bank 2018 Technology Uplift, Enterprise Business
Transformation – Best in Class, Group Operations, SFG (Specialty Finance Group), and the addition of SFC Bank.

Strategic Collaboration
QCR Holdings’ unique multi-charter struc-
ture provides valuable collaboration for
its QCRH local boards. This past year the
directors of Quad City Bank & Trust, Cedar
Rapids Bank & Trust, Rockford Bank & Trust,
Springfield First Community Bank, Com-
munity State Bank and m2 held a multi-day
strategic session with executive and senior
leadership.

Community Collaboration
Amerock Hotel, Rockford Illinois, is a $64
million project to transform the former
Amerock factory in downtown Rockford into
a four-star Embassy Suites. This project will
provide the first downtown hotel in Rock-
ford and create a positive impact for the
city. A community wide collaboration effort,
the project benefited from QCRH’s internal
collaboration as Rockford Bank & Trust,
Cedar Rapids Bank & Trust, and Specialty
Finance Group (SFG) worked together to
help move the development forward.

Collaborating for Growth
Asset/Liability Management (ALM) is one
of the most important tools for decision
making in banking that helps to maximize
shareholder value. The QCRH banks hold a
weekly ALM meeting to provide insight on
the company’s risks and opportunities. The
collaboration manages the sources of funds
(deposits and debt) and the uses of funds
(loans and bonds). In the case of Commu-
nity State Bank, a $785 million bank, has
the analysis and tools that are usually only
available to a $5 billion organization. ALM
is a great example of how collaboration is
allowing QCR Holdings to do more together
than what the individual charters could do
on their own.

COLLABORATION IS ABOUT
DOING MORE TOGETHER THAN
WE CAN DO ON OUR OWN.

Collaborating for Effectiveness
Community State Bank, located in the
robust central Iowa market, became part of
QCR Holdings in 2016. Since that time, Com-
munity State Bank’s assets have grown from
$582 million to $785 million, a 35% increase
in just over two years. Net income has
increased 53% from $5.5 million in 2015 to
$8.5 million in 2018, a 26% improvement in
return on assets from 0.94% to 1.18%. This
success is a result of local talent, local deci-
sion-making and a local identity. In addition,
Community State Bank’s collaboration
with other QCRH banks and QCRH’s Group
Operations team, played an important
part of this success. Partnering with other
QCRH charters, Community State Bank now
attracts more commercial customers with a
sophisticated, intuitive, customer-friendly
Treasury Management products. Over the
past year, Community State Bank complet-
ed a technology uplift, joining the same
platform as other QCRH charters. The new
platform provides additional opportunities
for the sharing of resources between all
QCRH charters.

QCR Holdings, Inc.WE OWN IT. The many examples that follow show QCR Holdings employees taking personal responsibility both at work and in their
communities. On a daily basis, our clients experience the commitment and follow-through of every dedicated employee of QCR Holdings.

In 2018 QCRH employees volunteered 24,582 hours, a 39% increase from the prior year, in the communities we live in and serve.
Employees take personal responsibility to help their communities by generously giving their time and giving their treasures as well.
QCRH employees proudly volunteer with organizations such as United Way, Habitat for Humanity, the Greater Cedar Rapids Community
Foundation, the YMCA, Golden Apple Foundation of Rockford, and Second Sight, just to name a few.

Care Packages
As a designated Home Base Business, em-
ployees of Community State Bank recently
gave of their time and talent to give back
to local military men and women who are
currently serving overseas. During this com-
pany-wide initiative, employees and Bank
customers were encouraged to donate care
items at any of CSB’s 10 locations. Commu-
nity State Bank employees and Des Moines
University Podiatric students boxed 115
large care packages that were sent over-
seas. Community State Bank also received
$1,226.97 in cash donations that were used
for postage.

IN 2018,
QCRH EMPLOYEES
VOLUNTEERED
24,582 HOURS
IN THEIR
COMMUNITIES.

Safe Families
Amy Loner, Rockford Bank & Trust, and her
husband are a host family for an organi-
zation called Safe Families for Children. A
family in crisis can call Safe Families and
temporarily place their child with a host
family while they work on getting out of
whatever crisis they are in (homelessness,
lost job, domestic abuse, mental health/ill-
ness, etc). In 2018 they hosted four different
children (at different times) for various pe-
riods of time. The shortest was a weekend,
the longest was 7 weeks.

Financial Literacy
Rockford Bank & Trust Financial Scholars
program provides financial literacy materials
to over 1,000 local high school students each
year. The program provides our future gener-
ations with a more thorough understanding
of financial concepts so they are better pre-
pared to make decisions that will help them
achieve their financial goals in the future.

Charlie O’Reilly
SFC Bank Director and former President and CEO
of O’Reilly Auto Parts

Hunger Relief

Charlie O’Reilly, director and

founding shareholder of SFC Bank

in Springfield, was instrumental

in creating the O’Reilly Center for

Hunger Relief. The Ozarks Food

Harvest is providing food to 270

hunger-relief organizations across

28 Ozarks counties reaching nearly

30,000 individuals weekly and

distributing more than 17 million

meals annually. The O’Reilly Center

provides resources and facilities to

the Food Harvest.

QCR Holdings, Inc.WE MAKE IT BETTER. We know we can “make it better.” Doing so requires continual innovation. Just as our local charters provide
simplicity to meet our clients’ need, we are continually striving to improve our banking products to make them simple and accessible.

Innovation Committee
Recognizing the need for more effective
innovation, in 2018, QCRH created a team
to improve innovation. The cross-functional
team, led by Todd Gipple, QCRH Presi-
dent-Elect, Chief Financial Officer and Chief
Operating Officer, reaches all parts of the or-
ganization. The team focuses on: (1) provid-
ing QCRH’s clients increased capabilities and
products, (2) better utilization of existing
QCRH capabilities and (3) improved collabo-
ration throughout QCRH. We appreciate that
innovation happens at many levels and that
innovation needs to be encouraged.

Innovative Community Room
In 2018, Quad City Bank & Trust revealed a
remodel of its West Davenport branch and
introduced a new, innovative community
room. Designed to serve as a free meeting
space for local nonprofits, it was intentionally
built using modular walls, state-of-the-art
technology and versatile furniture to easily
adapt as the ways people connect and col-
laborate continue to change. Quad City Bank
& Trust will also use this space for training
opportunities and educational seminars
that drive business and strengthen client
relationships.

Innovative Agreement
m2 Lease Funds continues to be consid-
ered THE innovator in the leasing business
with one of the simplest, two page, “plain
English” lease agreements in the industry
with quick turnaround. m2 Lease Funds
has the experience to innovate, advise and
execute lease programs for commercial and
industrial equipment.

Innovative Partnership
The recently completed Rockford Bank &
Trust Pavilion at the nationally recognized
Aldeen Golf Club is a stunningly designed
building that provides the perfect can-
vas for weddings, meetings and special
events. Rockford Bank & Trust’s innovative
partnership and collaborative efforts with
the Rockford Park District and the Aldeen
Foundation provide a rare opportunity to
enhance the RB&T brand while creating a
unique space for the community to gather.

MATT RITTER
SVP, Chief Information Officer
Clear Lake Bank & Trust

“After working with a variety of
correspondent banks for more than 20
years, making the change to Quad City
Bank & Trust has proven to be a wise and
prudent decision. The Correspondent
Banking Team provides personal service
tailored to our needs, routine follow up
calls & visits, competitive pricing, and
overall outstanding service.”

Pauline M. Herb
VP, Treasury Management Cedar Rapids Bank & Trust

Innovative Treasury Management
Innovation, sophistication and simplicity
best describe the Treasury Management
solution QCR Holdings offers its clients. Our
online business banking solution easily
serves companies from a sole proprietor to
corporations with thousands of employ-
ees. Each bank maintains a local Treasury
Management team that provides innovative
solutions usually only offered by big banks.

Innovative Clients
Successful, innovative clients require an in-
novative financial partner like Cedar Rapids
Bank & Trust. CCB Packaging, a world-wide
industry leader in innovations, offers state-
of-the-art, automated packaging solutions
at very competitive rates. Cedar Rapids Bank
& Trust’s innovative financing options has
allowed CCB to meet the needs of it’s clients.
visit www.ccbpackaging.com to learn more
about CCB Packaging.

QCR Holdings, Inc.WE HAVE FUN. As a service industry, whose success depends on employees eager to serve and confident of their career choice, QCR
Holdings is known for employing the best people. Finding and retaining the best people requires a workplace filled with respect and
fulfillment. A work-life balance and a healthy dose of fun are keys to our value of fulfillment.

fun, wet, and wild event! The Community
Bank & Trust Facebook event reached over
61,000 local faces and had 800 interactions
with our photo album.

Dancing for a Difference
Dave Stoltenberg of Cedar Rapids Bank &
Trust helped make a direct and meaning-
ful impact on the students of Xavier High
School by participating in Dancing with the
Saints, a high-energy live event in which
community “stars” and their dance pros per-
form in front of nearly 1,000 attendees. Dave
danced his heart out for votes via online
donations to help supplement the school’s
tuition assistance programs.

to QCRH/Quad City Bank & Trust for being
top fundraisers in their Over the Edge event.
Employees and the Company contributed in
an effort to get chosen to rappel down the
side of a local hotel. We had three employ-
ees – Cathy Loughead, Kitty Dougherty, and
Nicole Ford - who rappelled down Hotel
Blackhawk as part of this event.

Dog Days Of Summer
Doggie Dip - A community and fur driven
event featuring 750 Cedar Valley residents
and 402 of our four legged friends! Wow –
that’s a lot of legs! The community (and their
dogs) are invited out to the Falls Aquatic
Center in Cedar Falls to enjoy one of the last
days of summer, sponsored by Community
Bank & Trust. Dogs go down the slides, jump
off diving boards, dive for toys – it’s a sight
to see! Over half the staff volunteer for this

Summer Fun
Each summer, Quad City Bank & Trust hosts
a VIP reception for clients at the Riverfront
Pops, in partnership with the Quad City
Symphony Orchestra. As a marquee fund-
raising event in the Quad Cities, the casual
and festive atmosphere offers a genuine
feeling of goodwill and community pride
while giving employees a chance to net-
work with key stakeholders and raise money
for music education in the Quad Cities.

All Employee Retreat
You have driven our past…you will drive
our future, was the theme of the 25 year
anniversary event. For the first time in our
company’s history, all employees from
every entity gathered in a single space to
celebrate as a team at an event we called
DRVN25. We took time to meet the people
we often only work with remotely and we
heard from the company co-founders about
the past 25 years and what they see for the
next 25 years. With over 750 employees, rep-
resenting every generation, we took this op-
portunity to engage the keynote speakers
from Bridgeworks to learn about bridging
generational gaps in the workplace.

Raising (FUN)ds and Awareness
Big Brothers Big Sisters presented an award

QCR Holdings, Inc.QCR HOLDINGS IS HEADQUARTERED IN MOLINE, ILLINOIS AND

OPERATES FIVE LOCALLY MANAGED AND GOVERNED CHARTERS IN

FOUR STATES, SUPPORTED BY A CENTRALIZED OPERATIONAL TEAM.

4 STATES
5 CHARTERS
27 FACILITIES
755+ EMPLOYEES
1 FAMILY

QCR Holdings, Inc.YEAR-END 2011-2018

QCRH
Price/Share

QCR HOLDINGS

KBWR Regional Banking Index

$50.00

$45.00

$40.00

$35.00

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

KBWR
% Change

146 %

126%

106%

86%

66%

46%

26%

2011

2012

2013

2014

2015

2016

2017

2018

DEPOSIT MIX 2017-2018 ($ MILLIONS)

2018

2017

$3,977

$3,267

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

Noninterest-bearing

Interest-bearing

Time Deposits

Brokered Deposits

LOAN MIX 2017-2018 ($ MILLIONS. EXCLUDES DEFERRED LOAN/LEASE ORIGINATION COSTS, NET OF FEES.)

2018

2017

$3,723

$2,957

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Comm & Industrial

Comm Real Estate

Direct Financing Leases

Residential Real Estate

Installment & Consumer

QCR Holdings, Inc.CONSOLIDATED FINANCIAL HIGHLIGHTS

As of

December 31,
2018

December 31,
2017

(dollars in thousands)

CONDENSED BALANCE SHEET
Cash and due from banks
Federal funds sold and interest-bearing deposits
Securities
Net loans/leases
Intangibles
Goodwill
Other assets

Total assets

Total deposits
Total borrowings
Other liabilities
Total stockholders' equity

Total liabilities and stockholders' equity

ANALYSIS OF LOAN DATA
Loan/lease mix:

Commercial and industrial loans
Commercial real estate loans
Direct financing leases
Residential real estate loans
Installment and other consumer loans
Deferred loan/lease origination costs, net of fees

Total loans/leases
Less allowance for estimated losses on loans/leases
Net loans/leases

ANALYSIS OF SECURITIES DATA
Securities mix:

U.S. government sponsored agency securities
Municipal securities
Residential mortgage-backed and related securities
Other securities

Total securities

ANALYSIS OF DEPOSIT DATA

Deposit mix:

Noninterest-bearing demand deposits

Interest-bearing demand deposits

Time deposits

Brokered deposits

Total deposits

ANALYSIS OF BORROWINGS DATA

Borrowings mix:

Term FHLB advances

Overnight FHLB advances

Wholesale structured repurchase agreements

Customer repurchase agreements

Federal funds purchased

Junior subordinated debentures

Other

Total borrowings

Amount
$

85,523
159,596
662,969
3,692,907
17,450
77,832
253,433
4,949,710

3,977,031
404,969
94,572
473,138
4,949,710

1,429,410
1,766,111
117,968
290,759
119,382
9,124
3,732,754
39,847
3,692,907

36,411
459,409
159,249
7,900
662,969

75,722
85,962
652,382
2,930,130
9,079
28,334
201,056
3,982,665

3,266,655
309,480
53,243
353,287
3,982,665

1,134,516
1,303,492
141,448
258,646
118,611
7,773
2,964,486
34,356
2,930,130

38,097
445,050
163,301
5,934
652,382

791,101

789,548

2,204,206

704,903

1,855,893

516,058

276,821
3,977,031

105,156
3,266,655

76,327

56,600

190,165

35,000

2,084

26,690

37,670

135,400

35,000

7,003

6,990

37,486

37,033
404,969

31,000
309,479

QCR Holdings, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS

INCOME STATEMENT
Interest income

Interest expense
Net interest income

Provision for loan/lease losses
Net interest income after provision for loan/lease losses

Trust department fees

Investment advisory and management fees
Deposit service fees

Gain on sales of residential real estate loans

Gain on sales of government guaranteed portions of loans

Swap fee income

Securities gains (losses), net

Earnings on bank-owned life insurance

Debit card fees

Correspondent banking fees

Other

Total noninterest income

Salaries and employee benefits

Occupancy and equipment expense

Professional and data processing fees

Acquisition costs

Post-acquisition compensation, transition and integration costs

FDIC insurance, other insurance and regulatory fees

Loan/lease expense

Net cost of operation of other real estate

Advertising and marketing

Bank service charges

Correspondent banking expense

CDI amortization

Other

Total noninterest expense

Net income before taxes

Income tax expense
Net income

Basic EPS

Diluted EPS

For the Year Ended

December 31,

2018

2017

(dollars in thousands, except per share data)

182,879

135,517

40,484
142,395

19,452
116,065

12,658
129,737

8,470
107,595

8,707

7,188

4,726
6,420

901

405

10,787

1,632

3,263

852

3,848

3,870
5,919

409

1,164

3,095

(88)

1,802

2,942

916

3,265

41,541

30,482

68,994

55,722

12,884

11,452

1,795

2,086

3,594

1,544

2,489

3,552

1,838

821

1,692

6,402

10,938

10,757

1,069

4,310

2,752

1,164

2,625

1,771

807

1,001

4,506

119,143

97,424

52,135

40,653

9,015
43,120

4,946
35,707

2.92

2.68

2.86

2.61

Weighted average common shares outstanding

Weighted average common and common equivalent shares outstanding

14,768,687

15,064,730

13,325,128

13,680,472

QCR Holdings, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS

COMMON SHARE DATA

Common shares outstanding

Book value per common share (1)

Tangible book value per common share (2)

Closing stock price

Market capitalization

Market price / book value

Market price / tangible book value

Earnings per common share (basic) LTM (3)

Price earnings ratio LTM (3)

TCE / TA (4)

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

Beginning balance

Net income

Other comprehensive income (loss), net of tax

Common stock cash dividends declared
Proceeds from issuance of 678,670 shares of common stock as a result of the
acquisition of Guaranty Bank & Trust, net of issuance costs of $138,071
Proceeds from issuance of 1,689,414 shares of common stock as a result of the
merger with Springfield Bancshares, net of issuance costs of $106,237
Proceeds from issuance of 23,501 shares of common stock,
common stock as a result of the acquisition of Bates Companies

Other (5)
Ending balance

REGULATORY CAPITAL RATIOS:

Total risk-based capital ratio

Tier 1 risk-based capital ratio

Tier 1 leverage capital ratio

Common equity tier 1 ratio

KEY PERFORMANCE RATIOS AND

OTHER METRICS

Return on average assets (annualized)

Return on average total equity (annualized)

Net interest margin

Net interest margin (TEY) (Non-GAAP)(6) (8)

Efficiency ratio (Non-GAAP) (8)

Gross loans and leases / total assets
Full-time equivalent employees (7)

AVERAGE BALANCES

Assets
Loans/leases

Deposits
Total stockholders' equity

For the Year Ended

December 31,

2018

December 31,

2017

(dollars in thousands, except per share data)

15,718,208

13,918,168

$30.10

$24.04

$32.09

$504,397

106.61%

133.49%

$2.92

10.98 x

7.78%

$25.38

$22.70

$42.85

$596,393

168.81%

188.81%

$2.69

15.93 x

8.01%

353,287

286,041

43,120

(3,205)

(3,547)

80,531

1,000

35,707

1,092

(2,665)

30,741

1,952
473,138

2,371
353,287

10.69%

9.77%

8.87%

8.89%

0.98%

10.62%

3.46%

3.62%

64.77%

75.41%
755

11.15%

10.14%

8.98%

9.10%

1.01%

11.51%

3.50%

3.78%

66.48%

74.43%
641

4,392,121
3,352,357

3,602,221
405,973

3,519,848
2,611,888

2,916,577
310,210

(1) Includes accumulated other comprehensive income (loss).

(2) Includes accumulated other comprehensive income (loss) and excludes intangible assets.
(3) LTM : Last twelve months.

(4) TCE / TCA : tangible common equity / total tangible assets.

(5) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.

(6) TEY : Tax equivalent yield.

(7) Full-time equivalent employees increased in 2018 due to the merger with Springfield Bancshares and acquisition of the Bates Companies, as

well as new positions created to build scale.

(8) See GAAP to Non-GAAP reconciliations.

QCR Holdings, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS

ANALYSIS OF NET INTEREST INCOME AND MARGIN

December 31, 2018

December 31, 2017

For the Year Ended

Average
Balance

Interest Earned
or Paid

Average Yield
or Cost

Average
Balance

Interest Earned
or Paid

Average Yield
or Cost

(dollars in thousands)

Fed funds sold

20,472

338

Interest-bearing deposits at financial institutions
Securities (1)

Restricted investment securities
Loans (1)

Total earning assets (1)

Interest-bearing deposits
Time deposits

Short-term borrowings
Federal Home Loan Bank advances
Other borrowings
Junior subordinated debentures

Total interest-bearing liabilities

Net interest income / spread (1)
Net interest margin
Net interest margin (TEY) (Non-GAAP) (1)
Adjusted net interest margin (TEY) (Non-GAAP) (1)

66,275
659,017

22,023
3,352,357

1,267
23,621

1,093
163,197

4,120,144

189,516

2,043,314
766,020

18,651
12,024

19,458
202,715
69,623
37,578
3,138,708

271
4,193
3,346
1,999
40,484

149,032

1.65%

1.91%
3.58%

4.96%
4.87%

4.60%

0.91%
1.57%

1.39%
2.07%
4.81%
5.32%
1.29%

3.31%
3.46%
3.62%
3.48%

17,577

149

78,842
590,761

15,768
2,611,888

874
22,460

631
120,618

3,314,836

144,732

1,622,723
528,834

7,992
5,020

22,596
120,206
73,394
34,030
2,401,783

114
1,981
2,879
1,466
19,452

125,280

0.85%

1.11%
3.80%

4.00%
4.62%

4.37%

0.49%
0.95%

0.50%
1.65%
3.92%
4.31%
0.81%

3.56%
3.50%
3.78%
3.64%

(1) Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 35% tax rate
for years including and prior to December 31, 2017 and 21% for years after December 31, 2017.

ROLLFORWARD OF ALLOWANCE FOR LOAN/LEASE LOSSES
Beginning balance

Provision charged to expense

Loans/leases charged off

Recoveries on loans/leases previously charged off
Ending balance

NONPERFORMING ASSETS

Nonaccrual loans/leases

Accruing loans/leases past due 90 days or more

Troubled debt restructures - accruing

Total nonperforming loans/leases

Other real estate owned

Other repossessed assets

Total nonperforming assets

ASSET QUALITY RATIOS
Nonperforming assets / total assets

Allowance / total loans/leases (1)

Allowance / nonperforming loans/leases (1)

December 31,

2018

December 31,

2017

(dollars in thousands)

34,356

30,757

12,658

(7,919)

8,470

(5,373)

752
39,847

502
34,356

14,260

11,441

632

3,659

18,551

9,378

7,113

18,643

13,558

8
27,937

80
32,281

0.56%

1.07%

214.80%

0.81%

1.16%

184.28%

(1) Upon acquisition and per GAAP, acquired loans are recorded at market value which eliminated the allowance and impacts these ratios.

QCR Holdings, Inc.

CONSOLIDATED FINANCIAL HIGHLIGHTS

GAAP TO NON-GAAP RECONCILIATIONS

ADJUSTED NIM (TEY)*
Net interest income (GAAP)
Plus: Tax-equivalent adjustment
Net interest income - tax equivalent (non-GAAP)
Less: Acquisition accounting net accretion
Adjusted net interest income

December 31,
2018

December 31,
2017

(dollars in thousands)

142,395
6,637
149,032
5,527
143,505

116,065
9,215
125,280
4,774
120,506

Average earning assets

4,120,144

3,314,836

NIM (GAAP)
NIM (TEY) (non-GAAP)
Adjusted NIM (TEY) (non-GAAP)

3.46%
3.62%
3.48%

3.50%
3.78%
3.64%

EFFICIENCY RATIO
Noninterest expense (GAAP)

Net interest income (GAAP)
Noninterest income (GAAP)
Total income

119,143

97,424

142,395
41,541
183,936

116,065
30,482
146,547

Efficiency ratio (noninterest expense/total income) (non-GAAP)

64.77%

66.48%

* Nonrecurring items (after-tax) are calculated using an estimated effective tax rate of 35% for each year including and prior to
December 31, 2017 and 21% for each year after December 31, 2017.

QCR Holdings, Inc.

STOCK LISTING INFORMATION
The common stock of QCR Holdings, Inc. is traded on the
NASDAQ Global Market under the symbol QCRH

COMMON STOCK

Calendar 2018

High

Low

4th Quarter

3rd Quarter

2nd Quarter

1st Quarter

Calendar 2017

4th Quarter

3rd Quarter

2nd Quarter

1st Quarter

$ 40.83

$30.93

49.40

49.20

47.35

High

40.70

44.30

41.95

Low

$ 49.70

$ 41.50

50.00

49.80

45.00

39.85

40.45

40.65

DIVIDEND INFORMATION

Record
Date

Payment
Date

Amount
Per Share

12.21.18

01.01.19

09.21.18

10.03.18

06.15.18

07.05.18

03.16.18

04.04.18

12.15.17

01.04.18

09.15.17

10.04.17

06.16.17

07.06.17

03.17.17

04.05.17

$ .06

$ .05

Annual Meeting of Stockholders

Investor Information

The Annual Meeting of the Stockholders of
QCR Holdings, Inc. will be held:

Stockholders, investors, and analysts interested
in additional information may contact:

Thursday, May 23, 2019 at 8:00 am CDT
Quad City Bank & Trust Lobby
3551 Seventh Street
Moline, IL 61265

Annual Report on Form 10-K

Copies of the QCR Holdings, Inc. annual
report on Form 10-K and exhibits filed with
the Securities and Exchange Commission
(SEC) are available to stockholders without
charge by accessing our internet site at
www.qcrh.com or by writing or calling:

Elizabeth A. Grabin
Senior Vice President,
Chief Accounting Officer

QCR Holdings, Inc.
3551 Seventh Street
Moline, IL 61265
309.743.7724

The SEC maintains an internet site that
contains reports, proxy, and information
statements and other information about
issuers that file electronically with the SEC.
The address of that site is: www.sec.gov.

Stock Transfer Agent

Inquiries regarding stock transfer, registration,
lost certificates, or changes in name and
address should be directed to the stock
transfer agent and registrar by writing:

American Stock Transfer & Trust Company, LLC
Operations Center
6201 15th Avenue
Brooklyn, NY 11219

Todd A. Gipple
President-Elect, Chief Operating Officer and
Chief Financial Officer

QCR Holdings, Inc.
3551 Seventh Street
Moline, IL 61265
309.743.7745

Christopher J. Lindell
Executive Vice President, Investor Relations
and Corporate Secretary

QCR Holdings, Inc.
500 First Avenue NE, Cedar Rapids, IA 52401
319.743.7006

Independent Registered
Public Accounting Firm
RSM US LLP, Davenport, IA

Corporate Counsel

Lane & Waterman LLP, Davenport, IA
Barack Ferrazzano Kirschbaum & Nagelberg LLP,
Chicago, IL

Internet Information

Information on our subsidiaries’ history,
locations, products and services can be
accessed on the internet at:

www.qcbt.com
www.crbt.com
www.communitybt.com
www.rkfdbank.com
www.bankcsb.com
www.sfcbank.com
www.m2lease.com

QCR Holdings, Inc.WE ARE
RELATIONSHIP
DRIVEN

3551 SEVENTH STREET
MOLINE, IL 61265