2025 ANNUAL REPORT 1
QCR
ANNUAL
REPORT
2025
QCR HOLDINGS, INC. 2
2025 ANNUAL REPORT 3
A Message
from the Chair of the Board
2025 marked
another year
of exceptional
performance for
our Company.
We delivered record earnings and continued
growth across each of our core lines of business –
traditional banking, wealth management, and low-
income housing tax credit lending. These results
underscore the strength of our unique and proven
business model; one Company composed of four
community banks, unified through shared services
and a common purpose of making financial dreams
a reality.
Our ”One Company” approach empowers our
teams to build meaningful relationships in the
communities we serve, while benefiting from the
efficiency and expertise of our Group Operations
teams. This foundation of collaboration and shared
purpose has, for more than three decades, fostered
a team of 1,000 employees whose dedication
consistently delivers exceptional shareholder
returns through sustained, long‑term growth.
We have established a strong track record of
performance, highlighted by double-digit adjusted
earnings per share growth and tangible book value
expansion, placing us among top-tier performers.
As we look ahead, we remain focused on sustaining
this momentum and delivering meaningful value
for our shareholders. Thank you for your continued
support, and we look forward to another successful
year in 2026.
Marie Z. Ziegler
Chair of the Board, QCR Holdings, Inc.
QCR HOLDINGS, INC. 4
Todd A. Gipple
President and
Chief Executive Officer,
QCR Holdings, Inc.
ONE COMPANY–A PROVEN SUCCESS STORY
A Message from our President and CEO
Our “One Company” approach—built around
separate autonomous community banks
supported by a centralized Group Operations
team—allows us to deliver local community
banking responsiveness and agility combined
with enterprise-level capabilities and strength.
In 2025, we achieved a major milestone in our digital
transformation project, positioning our organization as a
true “bank of the future.” Through strong cross-company
collaboration, our teams completed our first core conversion
and established a gold standard for banking that will enhance
the client experience and create more efficient workflows for our
employees. We look forward to completing the roll out of this
modernized platform across all four charters by early 2027.
We also deepened our focus on our greatest asset—our
employees. We know that happy employees create happy
clients, and more of them, which is why we launched our “Happy,
Healthy, Engaged Employees” (H2E2) initiative company wide.
It’s more than a name; it’s a mission. With numerous initiatives
to support this effort, employees feel inspired knowing we are
genuinely invested in their wellbeing. This deep appreciation
for our team is what sets our Company apart and creates a
culture that allows us to deliver superior financial results for our
shareholders year after year.
Building on this momentum, we hold ourselves accountable
to continue our exceptional performance for our clients, our
communities, and our shareholders. On behalf of our 1,000
teammates, I thank you for the trust and confidence you continue
to place in us.
2025 ANNUAL REPORT 5
Strong Fundamentals
Built on Trust and Experience
Delivering Results
Our bankers delivered significant
growth and strong margins by
remaining focused on relationships
and doing what’s right for the client.
Continued robust growth in our Wealth
Management business reflects the strength
of our advisors and the trust they have
earned to help clients navigate complex
financial decisions.
Our low-income housing tax credit
lending business continued to perform at
a high level, driven by deep expertise and
strong client demand.
Capital Markets
Revenue
$65 Million
Record Adjusted
Net Income (1)
$130 Million
Adjusted Return on
Average Assets (1)
1.39%
Core Deposit
Growth
7%
Adjusted Return on
Average Equity (1)
12.19%
Adjusted Diluted
Earnings Per Share (1)
$7.64
2025 Financial
Highlights
QCR HOLDINGS, INC. 6
Mission
We make financial dreams a reality.
Vision
Exceptional people providing
extraordinary performance for our clients
shareholders, and communities.
Values
Passion - We care.
Achievement - We expect to win.
Accountability - We drive it.
Collaboration - We work together.
Innovation - We embrace change.
Inclusion - We respect all.
QCR Holdings is a relationship driven organization built on trust, collaboration,
and accountability for high levels of achievement. Through our four independent
community banks, low-income housing tax credit lending business, and wealth
management business, we provide meaningful financial solutions rooted in local
expertise and disciplined decision making.
Our mission, vision, and values unify our three lines of businesses under a shared
purpose. They guide how we serve our clients, support our employees, and build
sustainable value for the communities and shareholders we serve.
WHO WE ARE
2025 ANNUAL REPORT 7
Employee Volunteer
Hours
Employee
Volunteers
Financial Literacy
Volunteer Hours
Non-Profits
Supported Through
Volunteering,
Donations, or
Community
Development Loans
1,126
$2.3 Million
CRA-eligible
Loans
CRA-eligible
Investments
Sponsorships
and Donations
$697 Million
$116 Million
24,512
687
1,031
RESPONSIBILITY
MATTERS
Our responsibility extends beyond banking.
We are proud of the time, energy, and
commitment our employees invest in the
communities we serve.
QCR HOLDINGS, INC. 8
$4
$8
$6
2021
2022
$6.27
2023
$6.80
2024
2025
$6.82
$7.03
$7.64
Adjusted Earnings
Per Share (1)
Summary of Financial Results (thousands)
Adjusted Earnings
Per Share (1)
Compound Annual
Growth Rate
FINANCIAL
HIGHLIGHTS
2021-2025
14
%
Adjusted Non-GAAP (1)
2021
2022
2023
2024
2025
Net interest income
$
178,233
$
231,120
$
221,006
$
231,788
$
255,221
Provision for credit losses
(3,486)
4,110
(16,539)
(17,098)
(18,081)
Non-interest income
100,303
78,754
134,397
119,864
115,417
Non-interest expense
(152,136)
(180,775)
(210,324)
(205,257)
(213,598)
Net income before taxes
$
122,914
$
133,209
$
128,540
$
129,297
$
138,959
Income taxes
(22,866)
(18,348)
(13,465)
(10,047)
(9,350)
Net income
$
100,048
$
114,861
$
115,075
$
119,250
$
129,609
2025 ANNUAL REPORT 9
$0
$0
$0
$8
$8.0
$8.0
$6.0
$6.0
$2.0
$2.0
$4
$4
$4.0
Wealth Management
Assets Under Management
(billions)
Total Deposits
(billions)
2021
2022*
2023
Tangible Book Value (1)
and Fair Market Value
TANGIBLE BOOK VALUE PER COMMON SHARE
BROKERAGE / IRA
FAIR MARKET VALUE
TRUST / INVESTMENT MANAGEMENT
2021
2022
2023
2024
2025
2024
Total Loans/Leases
(billions)
2021
$5.4
2021
2022*
2022
$4.6
2023
$4.9
2023
$5.3
2024
$6.3
2025
$7.1
2024
$6.0
2025
2024
2025
$6.6
$7.1
$7.4
$6.8
$7.2
$6.5
$6.1
$4.7
$90
$60
$0
$30
* Benefited from the Guaranty Bank acquisition.
* Benefited from the Guaranty Bank acquisition.
$1.2
$1.2
$1.4
$1.7
$4.2
$4.1
$4.9
$5.4
$1.0
$3.6
QCR HOLDINGS, INC. 10
OUR LEADERSHIP
BOARD OF DIRECTORS
JOHN-PAUL E. BESONG
Retired Executive,
Rockwell Collins
MARY KAY BATES
Chair of the Board and
Chief Executive Officer, Bank Midwest
JAMES R. BATTEN
President,
H2D2, LLC
BRENT R. COBB
Chief Executive Officer,
World Class Industries, Inc.
MARK C. KILMER
Chair of the Board,
The Republic Companies
JOHN F. GRIESEMER
Chair of the Board and
Chief Executive Officer, Erlen Group
AMY L. REASNER
President,
Lynch Dallas, P.C.
ELIZABETH S. JACOBS
President,
The Jacobs Group, LLC
JAMES M. FIELD
Vice Chair of the Board,
QCR Holdings, Inc.,
Retired Executive,
Deere and Company
TODD A. GIPPLE
President, Chief Executive Officer,
QCR Holdings, Inc.
MARIE Z. ZIEGLER
Chair of the Board,
QCR Holdings, Inc.,
Retired Executive,
Deere and Company
2025 ANNUAL REPORT 11
Our Management Cabinet is made up of eight key leaders
within our organization who oversee QCR Holdings, Inc.
strategic development, critical decision making, and
talent management.
JAMES D. KLEIN
President and Chief Executive Officer,
Cedar Rapids Bank & Trust and
Chief Deposit Officer,
QCR Holdings, Inc.
TODD A. GIPPLE
President and Chief Executive Officer,
QCR Holdings, Inc.
NIKI A. LEE
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
Chief Operating Officer,
QCR Holdings, Inc.
MANAGEMENT
CABINET
LAURA ‘DIVOT’ EKIZIAN
President and Chief Executive Officer,
Quad City Bank & Trust
KURT A. GIBSON
Chief Executive Officer,
Community State Bank
NICK W. ANDERSON
Chief Financial Officer,
QCR Holdings, Inc.
QCR HOLDINGS, INC. 12
CONDENSED BALANCE SHEET
Cash and due from banks
$76,494
$91,732
Federal funds sold and interest
bearing deposits
149,658
170,592
Securities, net
1,312,310
1,200,435
Net loans/leases
7,076,828
6,694,563
Intangibles
8,080
11,061
Goodwill
138,596
138,596
Derivatives
192,426
186,781
Other assets
621,079
532,270
Total assets
$9,575,470
$9,026,030
Total deposits
$7,414,198
$7,061,187
Total borrowings
638,541
569,532
Derivatives
214,327
214,823
Other liabilities
196,093
183,101
Total stockholders' equity
1,112,311
997,387
Total liabilities and stockholders' equity
$9,575,470
$9,026,030
AS OF
2025
2024
(dollars in thousands)
2025 ANNUAL REPORT 13
ANALYSIS OF LOAN PORTFOLIO
Loan/lease mix:
Commercial and industrial - revolving
$384,656
$387,991
Commercial and industrial - other
1,094,064
1,295,961
Commercial and industrial - other - LIHTC
224,802
218,971
Total commercial and industrial
1,703,522
1,902,923
Commercial real estate, owner occupied
577,352
605,993
Commercial real estate, non-owner
occupied
1,036,655
1,077,852
Construction and land development
566,891
395,557
Construction and land development
- LIHTC
741,531
917,986
Multi-family
340,080
303,662
Multi-family - LIHTC
1,429,251
828,448
Direct financing leases
9,533
17,076
1-4 family real estate
603,683
588,179
Consumer
158,457
146,728
Total loans/leases
$7,166,955
$6,784,404
Less allowance for credit losses
90,127
89,841
Net loans/leases
$7,076,828
$6,694,563
AS OF
2025
2024
(dollars in thousands)
ANALYSIS OF DEPOSITS
Deposit mix:
Noninterest-bearing demand deposits
$945,513
$921,160
Interest-bearing demand deposits
5,196,438
4,828,216
Time deposits
1,035,317
953,496
Brokered deposits
236,930
358,315
Total deposits
$7,414,198
$7,061,187
QCR HOLDINGS, INC. 14
INCOME STATEMENT
Interest income
$489,426
$481,857
Interest expense
234,205
250,069
Net interest income
255,221
231,788
Provision for credit losses
18,081
17,098
Net interest income after provision
for credit losses
237,140
214,690
Total noninterest income
114,323
115,529
Total noninterest expense
215,561
207,642
Net income before taxes
135,902
122,577
Income tax expense
8,708
8,727
Net income
$127,194
$113,850
Basic EPS
$7.54
$6.77
Diluted EPS
$7.49
$6.71
Weighted average common shares
outstanding
16,876,457
16,829,004
Weighted average common and
common equivalent shares outstanding
16,973,671
16,959,853
FOR THE YEAR ENDED
2025
2024
(dollars in thousands,
except per share data)
2025 ANNUAL REPORT 15
COMMON SHARE DATA
Common shares outstanding
16,690,603
16,882,045
Book value per common share
$66.64
$59.08
Tangible book value per common share (1)
$57.86
$50.21
Closing stock price
$83.30
$80.64
Market capitalization
$1,390,327
$1,361,368
Market price / book value
124.99%
136.49%
Market price / tangible book value (1)
143.98%
160.59%
Earnings per common share (basic)
$7.54
$6.77
Price earnings ratio
11.05 x
11.91 x
Basic adjusted earnings per common share (1)
$7.68
$7.09
Diluted adjusted earnings per
common share (1)
$7.64
$7.03
TCE / TA (1)
10.24%
9.55%
AS OF AND FOR THE
YEAR ENDED
2025
2024
(dollars in thousands,
except per share data)
CONDENSED STATEMENT OF CHANGES IN
STOCKHOLDERS' EQUITY
Beginning balance
$997,387
$886,596
Net income
127,194
113,850
Other comprehensive income (loss),
net of tax
9,057
(3,682)
Repurchase and cancellation of shares
of common stock as a result of a share
repurchase program
(21,629)
-
Common stock cash dividends declared
(4,059)
(4,041)
Other
4,361
4,664
Ending balance
$1,112,311
$997,387
QCR HOLDINGS, INC. 16
REGULATORY CAPITAL RATIOS
Total risk-based capital ratio
14.19%
14.10%
Tier 1 risk-based capital ratio
11.02%
10.57%
Tier 1 leverage capital ratio
11.07%
10.73%
Common equity tier 1 ratio
10.52%
10.03%
AS OF AND FOR THE
YEAR ENDED
2025
2024
(dollars in thousands)
KEY PERFORMANCE RATIOS AND
OTHER METRICS
Adjusted return on average assets (1)
1.39%
1.35%
Adjusted return on average total equity (1)
12.19%
12.61%
Net interest margin
3.00%
2.88%
Net interest margin (TEY) (1) (2)
3.49%
3.33%
Efficiency ratio (1)
58.33%
59.78%
Total loans/leases held for
investment/total assets
74.83%
75.14%
Full-time equivalent employees
1,004
980
AVERAGE BALANCES
Assets
$9,323,171
$8,837,393
Loans/leases
7,004,737
6,764,754
Deposits
7,343,514
6,813,620
Total stockholders' equity
1,063,050
945,848
(1) Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring
income and expense items that management believes are not reflective of the anticipated future
operation of the Company’s business. The Company believes these adjusted measurements provide a
better comparison for analysis and may provide a better indicator of future performance. See GAAP to
non-GAAP reconciliations in the Company’s Form 10-K.
(2) TEY : Tax equivalent yield.
2025 ANNUAL REPORT 17
2026 Annual Meeting of Stockholders
We invite you to attend the virtual annual meeting
which will be held on Thursday, May 21, 2026 at 8:00
a.m. Central Daylight Time. You will be able to attend
the meeting and vote during the meeting by visiting:
virtualshareholdermeeting.com/QCRH2026. Prior to the
meeting, you will be able to vote by visiting proxyvote.com.
Stockholders interested in information
may contact
Shellee R. Showalter
Senior Vice President, Senior Director of
Equity Administration & 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, Inc. 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 qcrh.com or
contact:
Nick W. Anderson
Senior Vice President, Chief Financial 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:
qcbt.com, crbt.com, communitybt.com, bankcsb.com, and
gbankmo.com.
Stock Transfer Agent
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
1110 Centre Point Curve, Suite 101
Mendota Heights, MN 55120
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
Douglas Neumann
Vice President, Investor Relations Controller
QCR Holdings, Inc.
3551 Seventh Street, Moline, IL 61265
309.743.7753
Independent Registered Public Accounting Firm
RSM US LLP, Davenport, IA
Corporate Counsel
Deborah M. Neyens, General Counsel and Corporate Secretary,
QCR Holdings, Inc.
Barack Ferrazzano Kirschbaum & Nagelberg LLP,
Chicago, IL
The common stock of QCR Holdings, Inc. is traded on the
Nasdaq Global Market under the symbol “QCRH”.
STOCK LISTING INFORMATION
QCR HOLDINGS, INC. 18
RECORD
DATE
PAYMENT
DATE
CASH
AMOUNT
12/23/2025
01/07/2026
$0.06
09/18/2025
10/03/2025
$0.06
06/18/2025
07/03/2025
$0.06
03/19/2025
04/03/2025
$0.06
DIVIDEND INFORMATION
2021-2025 Stock Performance - Total Price Return
2021
2022
2023
2024
2025
QCRH - Price KBW Nasdaq Regional Banking - Price Russell 2000 - Price
240
220
200
180
160
140
120
100
80
QCR Holdings, Inc.
3551 Seventh Street, Moline, IL 61265
relationship driven