2023
Annual Report
relationship driven.
3
A MESSAGE
FROM THE CHAIR OF THE BOARD
On behalf of the entire Board of Directors, I am proud to
bring you this year’s Annual Report.
As Larry, Todd, and I rang the closing bell
at Nasdaq in August, we were reminded
that success is created together and
should be celebrated together. Each of
our employees and management team
members plays an important part in
making QCR Holdings Inc. the strong
performer it is today. We appreciate the
support our shareholders have given and
look forward to another rewarding year
in 2024.
Thank you for being a shareholder.
MARIE Z. ZIEGLER
Chair of the Board, QCR Holdings, Inc.
2023 was the year of the unexpected.
Unexpected increasing rate hikes.
Unexpected bank closures. Even
unexpected rides from driverless taxis.
But what was not unexpected was the
strong performance of QCR Holdings Inc.
As always, the dedication and hard work
of our leaders and employees ensured
financial success even during a turbulent
year. We achieved record net income,
which is impressive, to say the least. With
non-interest income growth and strategic
loan initiatives for affordable housing, we
retained our rank as a top-tier performer
in the industry.
Our continued commitment to our
communities and CRA investments was
also not surprising. With over three-
quarters of our employees volunteering
for 22,971 hours, QCR Holdings, Inc
was actively supporting people and
organizations right in our own backyards.
Add to that the $580 million in CRA
eligible loans and over $2 million in
sponsorships and donations, there
is no doubt that our employees and
management understood the need to
balance financial success with social
responsibility.
2023 Annual Report 4
SUCCESS IN A CHALLENGING 2023
A Message from our CEO and President
LARRY J. HELLING
Chief Executive Officer, QCR Holdings, Inc.
TODD A. GIPPLE
President and Chief Financial Officer, QCR Holdings, Inc.
In spite of a challenging environment for banks in 2023, QCR Holdings,
Inc. reported record net income of $113.6 million, marking a significant
milestone in our financial performance.
This accomplishment was made possible by
carefully navigating the industry challenges
throughout the year. It is also a testament to
the tremendous efforts of our employees
and the ongoing support of our clients and
stakeholders.
Our strong performance created a substantial
increase in tangible book value per share (non-
GAAP), which grew by $6.99, or 19%, in 2023.
This increase demonstrates our commitment
to creating long-term shareholder value and
maintaining a solid financial foundation.
Client relationships are critical to our future
success. The reputation that we have earned in
our communities is another demonstration of
our employees’ efforts. We value our current
client relationships and the new ones that we
build daily.
As we look forward to 2024, our commitment
to our communities remains unwavering. Our
initiatives to give back and foster community
well-being are a source of pride. In addition to
living our core values of passion, achievement,
accountability, collaboration, innovation, and
inclusion, our employees put these words into
action through thousands of volunteer hours
each year.
Thank you for the confidence that you’ve placed
in us. With the success we’ve attained through
our 9-6-5 strategic focus, we remain dedicated
to delivering sustained proxy-peer top-quartile
financial performance, ensuring that your
investment in our institution is rewarded.
QCR Holdings, Inc. 2023
FINANCIAL
HIGHLIGHTS
Strong Loan and Lease Growth
For 2023, total loans and leases grew $670
million, or 11%, prior to the $265 million in loan
securitizations in the fourth quarter.
Excellent Asset Quality
The ratio of NPAs to total assets remains low at
0.40% on December 31, 2023. In addition, our
criticized loans and classified loans to total loans
and leases improved to 2.93% and 1.03% in Q4
2023, respectively. The allowance for credit losses
to total loans/leases held for investment was 1.33%.
Record Capital Markets Revenue
With a 123% increase from 2022, QCRH achieved a
total of $92 million in capital markets revenue for the
year. With a strong demand for affordable housing,
our LIHTC lending continues to remain a healthy
revenue pipeline.
5
Adjusted
Net Income
$115 m
Capital Markets
Revenue Increase
+123%
Loan and Lease Growth
Prior to Securitizations
11%
Deposit Growth
9%
Adjusted Diluted
Earnings Per Share
$6.82
Adjusted Return on
Average Assets
1.41%
Adjusted Return
on Average Equity
13.94%
2023 Annual Report 6
FINANCIAL
HIGHLIGHTS
2019-2023
Compound
Annual
Growth Rate
in EPS of
16.8%
Adjusted Earnings Per Share
$8
$6
$4
$2
$0
$6.82
$6.27
$6.80
$5,683
$7,949
$3.66
$3.96
$6,096
$5,705
2019
2020
2021
2022
2023
Summary of Financial Results (thousands)
Adjusted Non-GAAP
2019
2020
2021
2022
2023
Net interest income
$155,559
$166,950
$178,233
$231,120
$221,006
Provision for credit losses
($7,066)
($55,704)
($3,486)
$4,110
($16,539)
Non-interest income
$66,510
$111,580
$100,303
$78,754
$134,397
Non-interest expense
($143,892)
($146,304)
($152,136)
($180,775)
($210,324)
Net income before taxes
$71,111
$76,522
$122,914
$133,209
$128,540
Income taxes
Net income
($12,630)
($13,281)
($22,866)
($18,348)
($13,465)
$58,481
$63,241
$100,048
$114,861
$115,075
Pre-tax pre-provision net income
$78,177
$132,226
$126,400
$129,099
$145,079
QCR Holdings, Inc. 7
Gross Loans/Leases
(billions)
Total Deposits
(billions)
$6.5
$6.1
$4.7
$4.3
$3.7
$8.0
$6.0
$4.0
$2.0
$0
$8.0
$6.0
$4
$2.0
$0
$6.5
$6.0
$4.9
$4.6
$3.9
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
Tangible Book Value/
Fair Market Value
TANGIBLE BOOK VALUE PER COMMON SHARE
FAIR MARKET VALUE
$60
$40
$20
$0
Adjusted ROAA
2%
1.70%
1.59%
1.41%
1%
1.15%
1.13%
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
$0
2023 Annual Report 8
OUR VALUES
DRIVE US
Passion
We care.
Achievement
We expect to win.
Accountability
We drive it.
Collaboration
We work together.
Innovation
We embrace change.
Inclusion
We respect all.
OUR MISSION
MAKES US
We make financial dreams a reality.
OUR VISION
GUIDES US
Exceptional people providing
extraordinary performance for our clients,
shareholders, and communities.
QCR Holdings, Inc. OUR RELATIONSHIPS
MATTER TO US
QCR Holdings is built on relationships and integrity. We
adhere to those principles in all areas of our business and
believe that our environmental, social, and governance
(ESG) initiatives will drive shareholder value and make us a
better company. Some of our 2023 efforts included:
Environmental: We believe in responsible use of resources with a
focus on sustainability.
Facility enhancements to reduce energy consumption, including incorporating rooftop solar
and other energy-efficient features in our new Cedar Rapids, IA, facility, replacing the HVAC
system at our Brady Street, Davenport, IA, location with energy-efficient units, and ongoing
LED conversions across the company.
Reduction of waste through recycling programs, donating old office furniture, eliminating
single-use plastic products, and promoting the use of e-statements by customers.
$98 million in financing for solar projects and $9 million in Property Assessed Clean Energy
(PACE) financing outstanding as of year-end 2023.
Social: We are committed to fostering a culture of diversity, equity,
and inclusion, promoting an engaged workforce, and supporting
our communities.
We hired a Chief Human Resources Officer to focus on attracting, retaining, and developing
top talent, educating employees on compensation and benefits components, and
maximizing benefits usage.
We expanded employee development with a new manager development series.
We added a “Volunteer Time Off” benefit to provide eight hours of paid leave to volunteer.
Our annual employee engagement survey score rated above the financial services national
benchmark of 75%, with 92% of employees participating.
Our annual DEI Survey saw participation increase by 4.9% over the prior year, with an overall
score of 4.0 on a 1-5 scale, up from 3.9 in 2022.
Since 2018, we have supported affordable housing with $1.78 billion in loans and $112.8
million in investments through 422 multifamily projects.
Governance: We are committed to integrity in our business
practices and strong corporate governance principles.
Our board of directors includes 45% women and minorities, with women in several board
leadership roles, including board chair and three committee chair positions.
Our Code of Business Conduct and Ethics Policy reinforces the company’s commitment to
ethical business practices, details the fundamental principles of ethical business behavior,
and defines the responsibilities of all employees, officers, and directors.
We maintain a comprehensive cyber and information security program to ensure the
protection and proper disposal of company information and customers’ non-public personal
information. All employees receive annual training on information security.
9
Employee
Volunteer Hours
22,971
Total Individual
Volunteers
625
Financial Literacy
Volunteer Hours
4,335
Non-Profits
Volunteered at
773
Employee Engagement
Survey Score
78%
Donations and
Sponsorships
$2 million
CRA Eligible Loans
and Investments
$648 million
2023 Annual Report 10
A NEW FOCUS
STRATEGIC PLAN
2024-2026
F. We will attract, retain, and
develop top talent.
O. We will invest in employee
and client-facing technology
and opperations.
C. We will exceed the
expectations of our clients.
U. We will invest in our
communities.
S. We will deliver sustainable
top-tier financial performance.
We enter 2024 with a new strategic plan called FOCUS. Our new plan
still incorporates the successful initiative of 9-6-5, which centered on
growing loans, fee income, and core deposits while being prudent
with expenses. This initiative, along with our Best-In-Class Standard
Operating Procedures, brought us solid EPS results, growing market
share, an inclusive employee culture, and solid financial performance.
With FOCUS, we plan on sustaining this elevated performance level
by further enhancing our employee and client experiences, investing
in technology, supporting our communities, and continuing to deliver
top-tier financial performance. We will hold ourselves accountable
through various measurements such as EPS Growth Rate, Net Promoter
Score, Net New Account Rates, and much more.
QCR Holdings, Inc. 11
Minutes of Translation
Services Used
1,491
Number of Languages
Translated
11
Employee DEI
Workshops
120
Employee DEI
Survey Score
4 (out of 5)
DEI Docuseries
Video Viewed
2,200x
Inclusion Committee
Members
50
Public DEI
Speaking Events
20
INCLUSION
MAKES US BETTER
At QCR Holdings, we are committed to
fostering and preserving a culture of diversity,
equity, and inclusion (DEI) and strongly
believe that it is our differences - of all kinds -
that make our company and our communities
better and stronger.
This sentiment is reflected in our DEI Survey results, which
have shown an improvement from an original score of 3
(out of 5) in 2020 to the most recent score of 4 (out of 5) in
response to the statement, “I believe a more inclusive work
environment will increase employee engagement.”
With the work of our six inclusion committees, various
public speaking engagements, and education through our
internal DEI Docuseries videos, we demonstrate our DEI
leadership within the industry.
2023 Annual Report 12
OUR ENTITIES
During 2023 at Quad City Bank & Trust, we continued to emphasize our mission of being the
premier relationship-driven community bank. Our commitment to the community was shown
through our employees’ volunteer efforts, including at our very own Quad City Bank & Trust
Riverfront Pops Concert in August. We offered community support through many donations
and sponsorships. Our Wisconsin-based subsidiary, m2 Equipment Finance, even developed
intern opportunities for local high school students. We were also honored to be recognized with
numerous local awards, including receiving the inaugural Corporate Citizen of the Year award.
2023 was also marked by a complete renovation of the Brady Street branch, crowned by the
completion of the customer-facing areas of the main lobby, creating an inviting, state-of-the-art
space for both our customers and employees to feel proud to come to. This continual look to the
future has been shown in Quad City Bank & Trust’s consistent growth year over year as it continues
to maintain the largest segment of market share in the Quad Cities at nearly 22%.
JOHN H. ANDERSON
Chief Executive Officer,
Quad City Bank & Trust and
Chief Deposit Officer,
QCR Holdings, Inc.
COMMUNITY SUPPORT:
176 employees volunteered a total of 7,621 hours
253 organizations were supported through volunteer efforts
$594,640 was provided through donations/sponsorships
ACCOMPLISHMENTS:
Named Quad Cities Regional Business Journal: Corporate Citizen of the Year - 2023
Named Quad City Times Best of the Region Awards for Best Bank (2 years in a row) and
Best Home Mortgages
Quad City Bank & Trust Riverfront Pops Concert named top 5 Quad Cities events
Named Quad Cities Regional Business Journal Best Bank & Best Wealth Management
Won Locals Love Us Award
INCLUSION INITIATIVES:
Quad City Bank & Trust’s Inclusion Committee created a full video highlighting the
team’s diversity, equity and inclusion efforts incorporating thoughts from leadership
as well as Inclusion Committee members. Additionally, numerous organizations
supporting community members of diverse backgrounds were supported monetarily
and through volunteer efforts such as The Project of the Quad Cities, Clock, Inc., Center
for Active Seniors, Inc., Empowering Abilities and The Arc Quad Cities Area.
QCR Holdings, Inc. 13
COMMUNITY SUPPORT:
169 employees volunteered a total of 6,486 hours
164 organizations were supported through
volunteer efforts
$843,376 was provided through donations and
sponsorships (combined with Community Bank &
Trust)
ACCOMPLISHMENTS:
Named A Top Workplace USA
Named A Top Workplace in Iowa by The Des Moines
Register
Named Corridor Business Journal Best Bank, Best
Commercial Real Estate, 2nd Runner Up Best
Residential Real Estate, and 2nd Runner Up Best
Business Leader-James Klein
James Klein named Corridor Business Journal’s
Most Influential Person in Corridor
CRBT Marion branch recognized at the Commercial
Real Estate Design Awards Luncheon
Received Iowa Top Workplaces Leaders & Managers
Communication Award
INCLUSION INITIATIVES:
Held first annual all-employee DEI event, “A Seat at
the Table: A DEI Panel Conversation”
Used 10 different languages via United Language
Group Interpretation Service
Sponsored 11 Cultural events
Co-sponsored “Free Summers at the Cedar Rapids
Museum of Art”
JAMES D. KLEIN
President, Cedar Rapids
Bank & Trust
Our internal rally cry for 2023 was “Embrace!” And that
we did. We embraced the challenge to grow deposits
and experienced significant core client growth in 2023
with over 1,000 retail checking accounts, as well as the
addition of core commercial relationships that will serve
us well into the future. Both our Wealth Management and
Specialty Finance Group had a record setting year of fee
income. These accomplishments are a testament to our
employees’ collective hard work and commitment.
Our continued focus on diversity, equity, inclusion, and
mental well-being made us more united, ensuring that
every member of our team felt supported. I’m proud
of what our employees do to embrace our core beliefs
and foster our culture. Cedar Rapids Bank & Trust was
recognized with numerous accolades, including a 2023
Top Workplace in Iowa and the USA.
We also embraced our community by volunteering at
over 164 nonprofit organizations. In addition, we proudly
hosted our 18th annual CRBT Movies on the Riverbank
summer movie series. These are just a few of the many
efforts that strengthened our ties to the community.
Finally, we are excited for our campus expansion. The
new downtown building is a physical manifestation of
our growth and readiness to embrace a future filled with
possibilities.
2023 Annual Report
14
STACEY J. BENTLEY
President and Chief Executive Officer,
Community Bank & Trust
2023 was a year of celebration for Community Bank
& Trust. We marked our 10-year anniversary of being
acquired by Cedar Rpaids Bank & Trust. What a
great journey it has been. Over the past decade, our
partnership with the company has been amazing.
Community Bank & Trust has continued to grow
loans and deposits in our local market. Our clients are
appreciative of the partnership with Cedar Rapids Bank
& Trust. We have experts to assist and help our local
businesses and clients prosper and grow. In addition,
our Wealth Management Department continues to
grow as they assist many clients to prepare for financial
success today and succession of assets for the future.
Our focus has been to invest and
provide opportunities for professional
development. This will help individual
members of our team as they
continue to grow in their careers.
Community Bank & Trust continues to be a leader
in our community. We exhibit this commitment in a
variety of ways, including our premier sponsorship for
Grow Cedar Valley’s annual event and our sponsorship/
committee engagement for the Annual Mental Health
breakfast. These are two of the largest events in our
communities and we are proud to have a seat at the
table for these, and dozens of other events across the
Cedar Valley.
COMMUNITY SUPPORT:
28 employees volunteered a total of 1,387 hours
69 organizations were supported through volunteer efforts
$843,376 was provided through donations and sponsorships
(combined with Cedar Rapids Bank & Trust)
ACCOMPLISHMENTS:
Named The Courier Best Bank Honorable Mention
25 Years of 100% Giving to Cedar Valley United Way
Stacey Bentley named 2023 Business & Professional Woman of the Year
Stacey Bentley named Human Rights Commission Honoree
Stacey Bentley inducted into the Junior Achievement of Eastern Iowa
Cedar Valley Business Hall of Fame
INCLUSION INITIATIVES:
Partnered with Four Corners Coalition LLC, an organization bringing
individuals from all over the word to meet the staffing needs of the
Cedar Valley
Implemented a language translating service via United Language
Group Interpretation Service
Featured a diverse group of businesses representing business owners
from all areas of our community during Business Spotlights
Sponsored Financial Education and Cultural events, including World
Grace Project financial education sessions and a sponsored meal for
Haitian immigrants, Neighborhood Resource Fair, Iowa State Extension
(Hispanic Group), House of Hope Boost Programs, SHPHT Youth
financial education, and Excellence Expo financial education sessions.
Community Cares Events with financial education included One City
United, Impact Church, Road Home, Friends of the Family, Boys & Girls
Club of Cedar Valley, and Payne Memorial AME Church
QCR Holdings, Inc. 15
During 2023 at Community State Bank, we continued to make significant strides to
drive our mission of employees, clients, and communities first – in everything we do.
Leadership development programs supporting our employees, proactive client
strategies, and robust community initiatives and involvement led to achieving sustainable
14% compounded annual growth rate and record earnings.
KURT A. GIBSON
President and Chief Executive Officer,
Community State Bank
Our goal to create welcoming and inclusive environments in our branches made great
progress through our multi-year facility refresh project, which features a variety of
wall art pieces from diverse local artists. We continued to achieve smooth leadership
succession transitions and capture market share in an extremely competitive and vibrant
Central Iowa market.
COMMUNITY SUPPORT:
165 employees volunteered a total of 4,187 hours
78 organizations were supported through volunteer efforts
$376,186 was provided for donations/sponsorships
ACCOMPLISHMENTS:
Named Des Moines Register Ankeny’s Best Bank, Ankeny’s Best Mortgage
Lending Company, and Ankeny’s Best Financial Planning Services
Named Des Moines Register Metro’s Best Bank top 3 finalist
Received Iowa Homeless Youth Centers Outstanding Service Award
INCLUSION INITIATIVES:
Sponsored various events, including Iowa Juneteenth, Discover Diverse Des
Moines event, Capital City Pride, and Habitat for Humanity Panel Build
Donated to a variety of non-profits focused on individuals in need, including
the National Alliance on Mental Illness, Hope Ministries, the Iowa Homeless
Youth Center, Children & Families Urban Movement, and many more
2023 Annual Report 16
MONTE C. MCNEW
Chief Executive Officer, Guaranty Bank and
Chief Lending Officer, QCR Holdings, Inc.
During 2023 at Guaranty Bank, the
organic culture of the organization
grew after the merger of two
outstanding banks.
We continued to see results of cultural growth
throughout the year as the teams melded
together. Significant strides were made towards
the “One Bank. One Team. One Goal.” initiative.
COMMUNITY SUPPORT:
The buildout of our Farmers Park location
87 employees volunteered 3,236 hours
continued to provide a pathway forward for
209 non-profits supported through volunteer efforts
a collaborative work environment for cross-
department knowledge-sharing and offer space
for our newly added wealth management team.
Our team’s efforts resulted in Guaranty
Bank moving up to #3 in market share in the
Springfield MSA. Furthermore, Guaranty Bank
developed a strategic plan that has provided
direction for the years ahead. Guaranty Bank
had a strong year of income growth overall in a
challenging year in banking.
$151,091 was provided for donations and sponsorships
ACCOMPLISHMENTS:
Moved up to #3 in the Springfield MSA market share and
increased market percentage in the Joplin MSA
Named 4th Largest Mortgage Lender by the Springfield
Business Journal
Marc Mayer awarded Springfield Business Journal’s Most
Trusted Advisor Award
INCLUSION INITIATIVES:
Participated in MLK Walk in Springfield, MO
Sponsored local Juneteenth events
Sponsored the Springfield Multicultural Festival
Donated to Connect2Culture, who ignite passion for
The Arts, Culture, and Entertainment
QCR Holdings, Inc. 17
In 2023, Group Operations (GO) had another successful year of delivering shared
services to our internal clients, helping them provide “raving fan” service to our
external clients. Our Group Operations employees are intentionally located
throughout our Company’s geographic footprint and in each of our markets. This
creates strong engagement and collaboration between our teams and allows
our member banks to be nimble and agile and truly deliver relationship-based
community banking in each of our markets. Together, we focus on delivering an
exceptional client experience.
TODD A. GIPPLE
President, Chief Financial Officer,
QCR Holdings, Inc.
Last year, we began exploring opportunities
to create an even better customer experience,
reduce cybersecurity risks, and optimize
performance across the organization.
Our solution was to integrate our Deposit
Operations, Loan Operations, and Information
Technology – now called TechOps. This newly
integrated group harnesses the combined
leadership and synergy of expertise to improve
customer experience through optimized
processes, automated workflow, and new
technologies.
We also successfully completed the
standardization phase of our Best in Class
initiative, having implemented a total of 325
standard operating procedures as of year-end
to allow for collaboration, agility, transformation,
and innovation throughout the company.
2023 Annual Report 18
OUR LEADERSHIP
BOARD OF DIRECTORS
LARRY J. HELLING
Chief Executive Officer,
QCR Holdings, Inc. and
Cedar Rapids Bank & Trust
TODD A. GIPPLE
President, Chief Financial Officer,
QCR Holdings, Inc.
MARIE Z. ZIEGLER
Chair of the Board,
QCR Holdings, Inc.,
Vice President and Deputy
Financial Officer (Retired),
Deere and Company
JAMES M. FIELD
Vice Chair of the Board,
QCR Holdings, Inc.,
President, Worldwide Construction
& Forestry Division and Deere
Power Systems (Retired),
Deere and Company
MARY KAY BATES
President and Chief Executive
Officer, Bank Midwest
JOHN-PAUL E. BESONG
Retired Executive,
Rockwell Collins
BRENT R. COBB
Chief Executive Officer,
World Class Industries, Inc.
JOHN F. GRIESEMER
President and Chief Executive
Officer, Erien Group
ELIZABETH S. JACOBS
President,
The Jacobs Group, LLC
MARK C. KILMER
Chairman,
The Republic Companies
DONNA J. SORENSEN, J.D.
President,
Sorensen Consulting
QCR Holdings, Inc. MANAGEMENT
CABINET
Our Management Cabinet is made up of 6 key leaders within
our organization who oversee QCR Holdings, Inc. strategic
development, critical decision making, and talent management.
They work hand-in-hand with our Leadership Team.
19
JOHN H. ANDERSON
Chief Executive Officer,
Quad City Bank & Trust and
Chief Deposit Officer,
QCR Holdings, Inc.
TODD A. GIPPLE
President, Chief Financial Officer,
QCR Holdings, Inc.
LARRY J. HELLING
Chief Executive Officer,
QCR Holdings, Inc. and
Cedar Rapids Bank & Trust
NIKI A. LEE
Executive Vice President,
Chief Human Resources Officer,
QCR Holdings, Inc.
MONTE C. MCNEW
Chief Executive Officer,
Guaranty Bank and
Chief Lending Officer,
QCR Holdings, Inc.
REBA K. WINTER
Executive Vice President,
Chief Operating Officer,
QCR Holdings, Inc.
LEADERSHIP
TEAM
Members of the Leadership Team include the Management Cabinet
and other key leaders from around the company. Their leadership
ensures effective communication and execution of the holding
company’s strategic plan and reinforces our values and culture.
STACEY J. BENTLEY
President and Chief
Executive Officer,
Community Bank & Trust
ROBERT M. EBY
Executive Vice President,
Chief Credit Officer,
QCR Holdings, Inc.
KURT A. GIBSON
Chief Executive Officer,
Community State Bank
CARI J. HENSON
Vice President Corporate
Communications Manager,
QCR Holdings, Inc.
TODD C. KERSKA
Executive Vice President,
Best-In-Class Initiatives,
QCR Holdings, Inc.
Cashier, Cedar Rapids Bank
& Trust
JAMES D. KLEIN
President, Cedar Rapids
Bank & Trust
2023 Annual Report 20
CONDENSED BALANCE SHEET
Cash and due from banks
FOR THE YEAR ENDED
December 31,
2023
December 31,
2022
(dollars in thousands)
Amount
Amount
$97,123
$59,723
Federal funds sold and interest-bearing deposits
140,369
124,270
Securities, net
Net loans/leases
Intangibles
Goodwill
Derivatives
Other assets
Total assets
Total deposits
Total borrowings
Derivatives
Other liabilities
Total stockholders' equity
1,005,528
928,102
6,456,216
6,051,165
13,821
16,759
139,027
137,607
187,341
177,631
499,469
453,580
$8,538,894
$7,948,837
$6,514,005
$5,984,217
718,295
825,894
215,735
200,701
204,263
165,301
886,596
772,724
Total liabilities and stockholders' equity
$8,538,894
$7,948,837
QCR Holdings, Inc. 21
ANALYSIS OF LOAN PORTFOLIO
Loan/lease mix:
FOR THE YEAR ENDED
December 31,
2023
December 31,
2022
(dollars in thousands)
Commercial and industrial - revolving
$325,243
$296,869
Commercial and industrial - other
1,390,068
1,371,590
Commercial and industrial - other - LIHTC
91,710
80,103
Total commercial and industrial
1,807,021
1,748,562
Commercial real estate, owner occupied
607,365
629,367
Commercial real estate, non-owner occupied
1,008,892
963,239
Construction and land development
477,424
448,986
Construction and land development - LIHTC
943,101
743,075
Multi-family
Multi-family - LIHTC
Direct financing leases
1-4 family real estate
Consumer
Total loans/leases
284,721
236,043
711,422
727,760
31,164
31,889
544,971
499,529
127,335
110,421
$6,543,416
$6,138,871
Less allowance for credit losses
87,200
87,706
Net loans/leases
$6,456,216
$6,051,165
ANALYSIS OF DEPOSITS
Deposit mix:
Noninterest-bearing demand deposits
$1,038,689
$1,262,981
Interest-bearing demand deposits
4,338,390
3,875,497
Time deposits
Brokered deposits
Total deposits
851,950
284,976
744,593
101,146
$6,514,005
$5,984,217
2023 Annual Report
22
INCOME STATEMENT
Interest income
Interest expense
Net interest income
Provision for credit losses (1)
Net interest income after provision for
credit losses
FOR THE YEAR ENDED
December 31,
2023
December 31,
2022
(dollars in thousands)
Amount
Amount
$413,410
$292,571
192,404
61,451
221,006
231,120
16,539
8,284
$204,467
$222,836
Total noninterest income
$132,684
$80,729
Total noninterest expense
$210,531
$190,016
Net income before taxes
Income tax expense
Net income
Basic EPS
Diluted EPS
$126,620
$113,549
13,062
14,483
$113,558
$99,066
$6.79
$6.73
$5.94
$5.87
Weighted average common shares outstanding
16,732,406
16,681,844
Weighted average common and common
equivalent shares outstanding
16,866,391
16,890,007
(1) Provision for credit losses for the year ended December 31, 2022 included $11.0 million
related to the acquired Guaranty Bank
QCR Holdings, Inc.
23
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)
Price earnings ratio
Basic adjusted earnings per common share
(non-GAAP) (3)
FOR THE YEAR ENDED
December 31,
2023
December 31,
2022
(dollars in thousands,
except per share data)
16,749,254
16,795,942
$52.93
$43.81
$58.39
$46.01
$36.82
$49.64
$977,989
$833,751
110.31%
133.29%
$6.79
8.61 x
6.88%
107.90%
134.83%
$5.95
8.35 x
6.89%
Diluted adjusted earnings per common share
6.82%
6.80%
(non-GAAP) (3)
TCE / TA (4)
8.75%
7.93%
CONDENSED STATEMENT OF CHANGES IN
STOCKHOLDERS' EQUITY
Beginning balance
Net income
$772,724
$677,010
113,558
99,066
Other comprehensive income (loss), net of tax
8,939
(66,450)
Proceeds from issuance of 2,071,291 shares of
common stock as a result of the acquisition of
-
117,214
Guaranty Federal Bancshares"
Repurchase and cancellation of shares of common
as a result of a share repurchase program
Common stock cash dividends declared
Other (5)
Ending balance
(8,686)
(52,954)
(4,020)
4,081
(4,022)
2,860
$886,596
$772,724
(1) Includes accumulated other comprehensive income (loss).
(2) Includes accumulated other comprehensive income (loss) and excludes intangible assets (Non-GAAP).
(3) See GAAP to Non-GAAP reconciliation.
(4) TCE / TCA : tangible common equity / total tangible assets. See GAAP to Non-GAAP reconciliations.
(5) Includes mostly common stock issued for options exercised and the employee stock purchase plan,
as well as stock-based compensation.
2023 Annual Report
24
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
Adjusted return on average assets
Adjusted return on average total equity
Net interest margin
Net interest margin (TEY) (Non-GAAP)(1) (2)
Adjusted net interest margin (TEY) (Non-GAAP) (1) 2)
Efficiency ratio (Non-GAAP) (2)
Gross loans and leases / total assets
Full-time equivalent employees
AVERAGE BALANCES
Assets
Loans/leases
Deposits
Total stockholders' equity
FOR THE YEAR ENDED
December 31,
2023
December 31,
2022
(dollars in thousands)
14.29%
10.27%
10.03%
9.67%
1.41%
13.94%
2.97%
3.35%
3.32%
59.52%
76.63%
996
14.28%
9.95%
9.61%
9.29%
1.59%
15.36%
3.49%
3.73%
3.60%
60.93%
77.23%
973
$8,165,805
$7,206,180
6,337,551
5,604,074
6,325,790
5,676,546
825,557
748,032
(1) TEY : Tax equivalent yield.
(2) See GAAP to Non-GAAP reconciliations in the Company’s Form 10-K.
QCR Holdings, Inc.
25
STOCK LISTING INFORMATION
The common stock of QCR Holdings, Inc. is traded on the
Nasdaq Global Market under the symbol “QCRH”.
2024 Annual Meeting of Stockholders
Stock Transfer Agent
We invite you to electronically attend the virtual annual
meeting which will be held on Thursday, May 16, 2024
at 8:00 a.m. Central Daylight Time. You will be able
to attend the meeting and vote during the meeting
by visiting: www.virtualshareholdermeeting.com/
QCRH2024. Prior to the meeting, you will be able to
vote by visiting www.proxyvote.com.
Stockholders interested in information may contact:
Shellee R. Showalter
Senior Vice President,
Equity Administration and Executive Compensation
QCR Holdings, Inc.
3551 Seventh Street, Moline, IL 61265
309.743.7760
Annual Report on Form 10-K
Copies of the QCR Holdings annual report on
Form 10-K and exhibits filed with the Securities and
Exchange Commission are available to stockholders
without charge by accessing our website at
www.qcrh.com or may contact:
Nick W. Anderson
Senior Vice President, Chief Accounting Officer
QCR Holdings, Inc.
3551 Seventh Street, Moline, IL 61265
309.743.7707
Internet Information
Information on our subsidiaries’ history, locations,
products and services can be accessed on the internet
at: www.qcbt.bank, www.crbt.bank, www.communitybt.
bank, www.bankcsb.com, www.gbankmo.com, and
www.m2equipmentfinance.com
Inquiries related to stockholder records, stock transfers,
lost certificates, changes of ownership, changes of
address, and dividend payments should be sent to our
transfer agent at:
Equiniti Trust Company, LLC
55 Challenger Road 2nd floor
Ridgefield Park, New Jersey 07660
Toll Free: 800.937.5449
Local & International: 718.921.8124
Hours: 8 a.m. – 8 p.m. ET Monday-Friday
Email: helpast@equiniti.com
Website: equiniti.com
Analysts or other investors interested in
information may contact:
Todd A. Gipple
President, and Chief Financial Officer
QCR Holdings, Inc.
3551 Seventh Street, Moline, IL 61265
309.743.7745
Heather L. Brummel
Group Operations Executive Administrative Assistant
QCR Holdings, Inc.
3551 Seventh Street, Moline, IL 61265
309.277.2657
Independent Registered Public Accounting Firm
RSM US LLP, Davenport, IA
Corporate Counsel
Lane & Waterman LLP, Davenport, IA
Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago, IL
2023 Annual Report 26
DIVIDEND INFORMATION
RECORD
PAYMENT
CASH
DATE
DATE
AMOUNT
03/17/23
04/05/23
06/16/23
07/06/23
09/15/23
10/04/23
12/15/23
01/04/24
$0.06
$0.06
$0.06
$0.06
2023 Stock Performance - Annual Percent Change
QCR
KBW Nasdaq Regional Banking Index
Russel 2000
QCR Holdings, Inc. relationship driven.
3551 SEVENTH STREET | MOLINE, IL 61265
QCRH.COM