Fourth Quarter 2025 Highlights

Net income of $35.7 million, or $2.12 per diluted share
Record adjusted net income¹ of $37.3 million, or $2.21 per diluted share
Robust net interest income of $68.4 million, delivering 22% annualized growth
Net interest margin ("NIM") TEY¹ expansion of six basis points to 3.57%
Strong capital markets revenue of $24.5 million
Successful completion of initial $285.3 million low-income housing tax credit ("LIHTC") construction loan sale
Significant annualized loan growth of 17% prior to the LIHTC construction loan sale and m2 Equipment Finance ("m2") runoff
Tangible book value ("TBV") per share¹ expansion of $2.08, or 15% annualized
Repurchased 162,777 shares at an average price of $77.62 per share

Full Year 2025 Highlights

Record annual net income of $127.2 million, or $7.49 per diluted share
Record adjusted net income¹of $129.6 million, or $7.64 per diluted share
Strong capital markets revenue of $64.7 million
Robust loan growth of 12% prior to LIHTC construction loan sale and m2 runoff
Strong core deposit growth of 7%
TBV¹ expansion of $7.65, or 15%

MOLINE, Ill., Jan. 27, 2026 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ:QCRH) (the "Company") today announced quarterly net income of $35.7 million and diluted earnings per share ("EPS") of $2.12 for the fourth quarter of 2025, compared to net income of $36.7 million and diluted EPS of $2.16 for the third quarter of 2025.

Adjusted net income¹ and adjusted diluted EPS¹ for the fourth quarter of 2025 were $37.3 million and $2.21, respectively, compared to $36.9 million and $2.17 for the third quarter of 2025 and $32.8 million and $1.93 for the fourth quarter of 2024.


	For the Quarter Ended
	December 31,		September 30,		December 31,
$in millions (except per share data)	2025		2025		2024
Net Income	$	35.7	$	36.7	$	30.2
Diluted EPS	$	2.12	$	2.16	$	1.77
Adjusted Net Income¹	$	37.3	$	36.9	$	32.8
Adjusted Diluted EPS¹	$	2.21	$	2.17	$	1.93

"We delivered our strongest quarter and record full year results as we continue to see improved performance in our traditional banking, wealth management, and LIHTC lending businesses. At the same time, we continued to invest in our digital transformation project, creating the bank of the future for our clients and our employees," said Todd Gipple, President and Chief Executive Officer. "Performance was very strong across all key operating metrics, approaching or exceeding the upper end of our guidance ranges for net interest margin expansion, gross loan growth, and capital markets revenue."

Ongoing Margin Expansion Drives Significant Net Interest Income

Net interest income for the fourth quarter of 2025 was $68.4 million, an increase of $3.6 million, or 22% annualized, from the third quarter of 2025, driven by contributions from NIM expansion and strong loan growth. NIM was 3.06% and NIM on a tax-equivalent yield ("TEY") basis¹ was 3.57% for the fourth quarter, as compared to 3.00% and 3.51% for the prior quarter, respectively.

During the fourth quarter of 2025, the Company reduced term Federal Home Loan Bank ("FHLB") borrowings by $135.0 million using proceeds from the LIHTC construction loan sale. The retired borrowings had a weighted average rate of 4.82% and this transaction will drive further NIM expansion.

"Our NIM TEY¹ increased six basis points from the third quarter of 2025, near the upper end of our guidance range," said Nick Anderson, Chief Financial Officer. "We expect ongoing margin expansion, and we are guiding to an increase in first quarter NIM TEY¹ ranging from 3 to 7 basis points, assuming no further Federal Reserve rate cuts."

Robust Noninterest Income from Capital Markets and Wealth Management Revenue

Noninterest income for the fourth quarter of 2025 was $38.7 million, up 6% from $36.7 million in the third quarter of 2025. The Company generated $24.5 million of capital markets revenue in the fourth quarter of 2025 compared to $23.8 million in the prior quarter. Wealth Management revenue totaled $5.3 million for the quarter, representing a 4% increase from the third quarter of 2025 and 11% for the year.

"During the fourth quarter of 2025, our LIHTC lending business continued to outperform, reflecting sustained strong demand for affordable housing and the expertise of our talented team. Developers continued to successfully advance their projects despite earlier headwinds, underscoring the strength and sustainability of the affordable housing industry. Having operated in the LIHTC business for nearly a decade, we continue to view it as a highly durable, profitable, and differentiated growth engine for the Company. Our LIHTC business is anchored by our extensive developer relationships and the consistently high-quality assets it generates," said Mr. Gipple.

"Given the strength of our pipeline, we are increasing the upper end of our capital markets revenue guidance, resulting in a range of between $55 and $70 million over the next four quarters," added Mr. Gipple.

Successful LIHTC Construction Loan Sale Matched with Acceleration in Loan Growth

During the fourth quarter of 2025, the Company successfully sold $285.3 million of LIHTC construction loans at par to a third-party investor as part of a strategy to expand the capacity for permanent LIHTC lending and further grow capital markets revenue. The proceeds from this transaction were used to retire the Company's highest cost FHLB term advances, lowering overall funding costs and improving future NIM.

In the fourth quarter, total loans grew $303.7 million, or 17% annualized, excluding the impact from the construction loan sale and the planned runoff of the m2 portfolio. For the full year, total loans grew $800.5 million, or 12%, after excluding the impact from the construction loan sale and the planned runoff of the m2 portfolio.

"Our strong loan growth was driven by an acceleration in both our LIHTC and traditional lending businesses. The successful execution of our first LIHTC construction loan sale was a major milestone in positioning us to expand LIHTC lending and create the opportunity for additional capital markets revenue. Because we are originating new LIHTC loans at a strong pace, our new loans added during the quarter essentially offset the impact of the construction loan sale in a single quarter," said Mr. Gipple. "Supported by a solid pipeline, we expect first-quarter loan growth of 8% to 10%, reflecting typical seasonality, with gross annualized loan growth accelerating to 10% to 15% over the final three quarters of 2026."

FHLB Prepayment, Record Results, and Digital Transformation Costs Drive Quarterly Noninterest Expenses Higher

Noninterest expense for the fourth quarter of 2025 totaled $62.9 million compared to $56.6 million for the third quarter of 2025 and $53.5 million for the fourth quarter of 2024. The $6.3 million linked-quarter increase was primarily due to a $2.0 million non-recurring loss associated with the extinguishment of debt and elevated variable compensation resulting from strong capital markets performance and record earnings results. Higher professional and data processing expenses related to the Company's first core system conversion as part of the digital transformation project also contributed to this increase.

"Our variable compensation structure is designed to maximize operating leverage and provide expense flexibility across changing revenue cycles," said Mr. Anderson. "This approach allows us to align our costs with our financial performance to ensure that our team is rewarded only after we have rewarded our shareholders."

For the fourth quarter, the Company's adjusted efficiency ratio¹ was 56.8%, compared to 55.6% in the prior period. For the full year 2025, adjusted noninterest expenses¹ were up 4%, which is consistent with the Company's strategic goal to hold noninterest expense growth below 5%. For the first quarter of 2026, the Company expects noninterest expenses to be in the range of $55 to $58 million, which assumes capital markets revenue and loan growth are within the guidance ranges. "This outlook reflects our continued commitment to expense discipline that aligns with our 9/6/5 strategic model which targets noninterest expense growth below 5% while driving operating leverage and strong profitability," added Mr. Anderson.

Strong Core Deposit Growth Continues

Total core deposits increased by $64.2 million, or 4% annualized, from the third quarter of 2025, while average deposit balances increased $236.8 million, or 13% annualized. For the full year, core deposits increased by $474.4 million, or 7%. The deposit mix remained stable while total brokered deposits declined by $30.0 million in the fourth quarter. During 2025, brokered deposits declined by $121.4 million, or 34%, resulting in brokered deposits comprising only 3% of total deposits, down from 5% at the end of 2024. The Company's total deposits at the end of the year were $7.4 billion, an increase of $353.0 million, or 5%.

"We remain highly focused on growing core deposits and improving our deposit mix across our markets. Our success in 2025 reflects the strength of our relationship-based model, which provides a stable core funding base to support future growth," added Mr. Gipple. "Deposit mix improved for the full year with an increase in noninterest bearing balances and a 34% reduction in higher cost brokered deposits, further strengthening our funding profile."

Asset Quality Further Strengthens and Remains Excellent

Total criticized loans decreased by $5.2 million on a linked-quarter basis. The ratio of criticized loans to total loans and leases as of December 31, 2025 further improved to 1.94% as compared to 2.01% as of September 30, 2025, the lowest level in more than five years and remains well below the Company's long-term historical average.

Nonperforming assets ("NPAs") totaled $43.3 million at the end of the fourth quarter of 2025, an increase of only $617 thousand from the prior quarter which allowed the NPA to total assets ratio to remain static at 0.45% as of December 31, 2025, equivalent to the prior quarter.

The Company recorded a total provision for credit losses of $5.5 million during the quarter, up from $4.3 million in the prior quarter. Net charge-offs were $4.2 million during the fourth quarter of 2025, equivalent to the prior quarter. The allowance for credit losses ("ACL") to total loans held for investment increased by 2 basis points from the prior quarter to 1.26% as of December 31, 2025.

"While our asset quality remains very strong and our criticized loans continue to decline to record low levels, we increased our provision at year-end to bolster our already strong level of ACL," added Mr. Gipple. "This is consistent with our long-standing credit culture of maintaining robust reserves even during times when credit quality is favorable."

Exceptional TBV¹ Per Share Growth and Regulatory Capital Expansion

The Company's TBV¹ per share increased by $2.08, or 15% annualized, during the fourth quarter of 2025 due to the combination of strong earnings and improved accumulated other comprehensive losses partially offset by share repurchases.

As of December 31, 2025, the Company's tangible common equity to tangible assets ratio ("TCE")¹ increased 27 basis points to 10.24%. The improvement in TCE¹ was driven by strong earnings during the fourth quarter. The total risk-based capital ratio increased to 14.19% and the common equity tier 1 ratio increased to 10.52% due to solid earnings growth during the quarter and the LIHTC construction loan sale, partially offset by share repurchases. By comparison, these ratios were 9.97%, 14.03%, and 10.34%, respectively, as of September 30, 2025.

Continued Opportunistic Share Repurchases

The Company continued its share repurchase activity during the fourth quarter. Total share repurchases during the quarter were approximately 163 thousand shares, returning $12.6 million of capital to shareholders. For the full year 2025, the Company returned $21.6 million to shareholders through the repurchase of approximately 279 thousand shares.

The opportunistic repurchases were executed at attractive valuations relative to TBV¹. The new share repurchase program authorized in October 2025 equips the Company with a flexible capital allocation tool, enabling the repurchase of shares when it aligns with the Company's strategic and financial objectives. This approach reflects management's confidence in the Company's long-term earnings power and the continued commitment to enhancing shareholder value.

Conference Call Details

The Company will host an earnings call/webcast tomorrow, January 28, 2026, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through February 4, 2026. The replay access information is 855-669-9658 (international 412-317-0088); access code 8185764. A webcast of the teleconference can be accessed on the Company's News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

About Us

QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Guaranty Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, and Illinois. As of December 31, 2025, the Company had $9.6 billion in assets, $7.2 billion in loans and $7.4 billion in deposits. For additional information, please visit the Company's website at www.qcrh.com.

Endnotes

¹Adjusted 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.

Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "bode", "predict," "suggest," "project", "appear," "plan," "intend," "estimate," "annualize," "may," "will," "would," "could," "should," "likely," "might," "potential," "continue," "annualized," "target," "outlook," as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets, including effects of inflationary pressures; (ii) effects on the U.S. economy resulting from actions taken by federal and local governments, including changes in local, state and federal laws and regulations, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof (including the Russian invasion of Ukraine, ongoing conflicts in the Middle East and the recent military actions in Venezuela), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB, the Securities and Exchange Commission (the "SEC") or the PCAOB; (v) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company's commercial borrowers; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions, fintech companies, and digital asset service providers and the inability to attract new customers; (vii) rapid technological changes implemented by us and our third-party vendors, including the development and implementation of tools incorporating artificial intelligence; (viii) unexpected results of acquisitions, including failure to realize the anticipated benefits of the acquisitions and the possibility that transaction and integration costs may be greater than anticipated; (ix) the loss of key executives and employees, talent shortages and employee turnover; (x) changes in consumer spending; (xi) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xiv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xv) the overall health of the local and national real estate market; (xvi) the ability to maintain an adequate level of allowance for credit losses on loans; (xvii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xviii) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company's cost of funds; (xix) the level of non-performing assets on our balance sheet; (xx) interruptions involving our information technology and communications systems or third-party servicers; (xxi) the occurrence of fraudulent activity, breaches or failures of our third-party vendors' information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxii) changes in the interest rates and repayment rates of the Company's assets; (xxiii) the effectiveness of the Company's risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the SEC.

Contact:

Nick W. Anderson

Chief Financial Officer

(309) 743-7707

nanderson@qcrh.com

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

	As of
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
		(dollars in thousands)
CONDENSED BALANCE SHEET
Cash and due from banks	$	76,494		$	77,581		$	104,769		$	98,994		$	91,732
Federal funds sold and interest-bearing deposits		149,658			160,033			145,704			225,716			170,592
Securities, net of allowance for credit losses		1,312,310			1,308,689			1,263,452			1,220,717			1,200,435
Loans receivable held for sale		1,429			1,457			1,162			2,025			2,143
Loans/leases receivable held for investment		7,165,526			7,177,464			6,923,762			6,821,142			6,782,261
Allowance for credit losses		(90,127	)		(88,770	)		(88,732	)		(90,354	)		(89,841	)
Intangibles		8,080			9,077			9,738			10,400			11,061
Goodwill		138,595			138,595			138,595			138,595			138,595
Derivatives		192,426			207,775			184,982			180,997			186,781
Other assets		621,079			576,401			558,899			544,547			532,271
Total assets	$	9,575,470		$	9,568,302		$	9,242,331		$	9,152,779		$	9,026,030

Total deposits	$	7,414,198		$	7,380,068		$	7,318,353		$	7,337,390		$	7,061,187
Total borrowings		638,541			706,827			509,359			429,921			569,532
Derivatives		214,327			230,742			209,505			206,925			214,823
Other liabilities		196,093			163,750			154,560			155,796			183,101
Total stockholders' equity		1,112,311			1,086,915			1,050,554			1,022,747			997,387
Total liabilities and stockholders' equity	$	9,575,470		$	9,568,302		$	9,242,331		$	9,152,779		$	9,026,030

ANALYSIS OF LOAN PORTFOLIO
Loan/lease mix: (1)
Commercial and industrial - revolving	$	384,656		$	386,674		$	380,029		$	388,479		$	387,991
Commercial and industrial - other		1,094,064			1,107,896			1,180,859			1,231,198			1,295,961
Commercial and industrial - other - LIHTC		224,802			222,772			194,830			212,921			218,971
Total commercial and industrial		1,703,522			1,717,342			1,755,718			1,832,598			1,902,923
Commercial real estate, owner occupied		577,352			586,578			593,675			599,488			605,993
Commercial real estate, non-owner occupied		1,036,655			1,053,732			1,036,049			1,040,281			1,077,852
Construction and land development		566,891			515,787			454,022			403,001			395,557
Construction and land development - LIHTC		741,531			1,028,978			1,075,000			1,016,207			917,986
Multi-family		340,080			316,353			301,432			289,782			303,662
Multi-family - LIHTC		1,429,251			1,187,243			950,331			888,517			828,448
Direct financing leases		9,533			11,090			12,880			14,773			17,076
1-4 family real estate		603,683			599,838			592,253			592,127			588,179
Consumer		158,457			161,980			153,564			146,393			146,728
Total loans/leases	$	7,166,955		$	7,178,921		$	6,924,924		$	6,823,167		$	6,784,404
Less allowance for credit losses		90,127			88,770			88,732			90,354			89,841
Net loans/leases	$	7,076,828		$	7,090,151		$	6,836,192		$	6,732,813		$	6,694,563

ANALYSIS OF SECURITIES PORTFOLIO
Securities mix:
U.S. government sponsored agency securities	$	16,024		$	14,208		$	14,267		$	17,487		$	20,591
Municipal securities		1,081,274			1,085,669			1,033,642			1,003,985			971,567
Residential mortgage-backed and related securities		68,855			57,108			58,864			43,194			50,042
Asset backed securities		4,439			4,918			6,684			7,764			9,224
Other securities		58,143			63,824			67,358			66,105			65,745
Trading securities (2)		83,857			83,225			82,900			82,445			83,529
Total securities	$	1,312,592		$	1,308,952		$	1,263,715		$	1,220,980		$	1,200,698
Less allowance for credit losses		282			263			263			263			263
Net securities	$	1,312,310		$	1,308,689		$	1,263,452		$	1,220,717		$	1,200,435

ANALYSIS OF DEPOSITS
Deposit mix:
Noninterest-bearing demand deposits	$	945,513		$	931,774		$	952,032		$	963,851		$	921,160
Interest-bearing demand deposits		5,196,438			5,176,364			5,087,783			5,119,601			4,828,216
Time deposits		1,035,317			1,004,980			974,341			951,606			953,496
Brokered deposits		236,930			266,950			304,197			302,332			358,315
Total deposits	$	7,414,198		$	7,380,068		$	7,318,353		$	7,337,390		$	7,061,187

ANALYSIS OF BORROWINGS
Borrowings mix:
Term FHLB advances	$	10,383		$	145,383		$	145,383		$	145,383		$	145,383
Overnight FHLB advances		235,000			145,000			80,000			—			140,000
Other borrowings (3)		107,395			130,609			—			—			—
Other short-term borrowings		2,650			2,850			1,350			2,050			1,800
Subordinated notes		234,122			234,027			233,701			233,595			233,489
Junior subordinated debentures		48,991			48,958			48,925			48,893			48,860
Total borrowings	$	638,541		$	706,827		$	509,359		$	429,921		$	569,532

____________

(1)		Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.4 billion at December 31, 2025.
(2)		Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.
(3)		During the third quarter of 2025, the Company entered into a secured borrowing transaction where $200.3 million of HTM municipal securities were pledged in exchange for $134.2 million of borrowings, net of issuance costs of $3.6 million.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


	For the Quarter Ended
	December 31,		September 30,		June 30,		March 31,			December 31,
	2025		2025		2025		2025			2024
		(dollars in thousands, except per share data)
INCOME STATEMENT
Interest income	$	127,491	$	125,015	$	120,247	$	116,673		$	121,642
Interest expense		59,137		60,216		58,165		56,687			60,438
Net interest income		68,354		64,799		62,082		59,986			61,204
Provision for credit losses		5,499		4,305		4,043		4,234			5,149
Net interest income after provision for credit losses	$	62,855	$	60,494	$	58,039	$	55,752		$	56,055

Trust fees (1)	$	3,749	$	3,544	$	3,395	$	3,686		$	3,456
Investment advisory and management fees (1)		1,504		1,488		1,254		1,254			1,320
Deposit service fees		2,092		2,231		2,187		2,183			2,228
Gains on sales of residential real estate loans, net		666		529		556		297			734
Gains on sales of government guaranteed portions of loans, net		11		6		40		61			49
Capital markets revenue		24,481		23,832		9,869		6,516			20,552
Earnings on bank-owned life insurance		888		952		998		524			797
Debit card fees		1,640		1,648		1,648		1,488			1,555
Correspondent banking fees		699		664		699		614			560
Loan related fee income		930		846		1,096		898			950
Fair value gain (loss) on derivatives and trading securities		800		324		230		(1,007	)		(1,781	)
Other		1,205		587		143		378			205
Total noninterest income	$	38,665	$	36,651	$	22,115	$	16,892		$	30,625

Salaries and employee benefits	$	36,898	$	34,338	$	28,474	$	27,364		$	33,610
Occupancy and equipment expense		7,364		7,363		6,837		6,455			6,354
Professional and data processing fees		7,303		6,741		6,089		5,144			5,480
FDIC insurance, other insurance and regulatory fees		2,232		2,035		1,960		1,970			1,934
Loan/lease expense		378		345		407		381			513
Net cost of (income from) and gains/losses on operations of other real estate		36		3		50		(9	)		23
Advertising and marketing		2,346		1,830		1,746		1,613			1,886
Communication and data connectivity		184		40		274		290			345
Supplies		238		259		252		207			252
Bank service charges		706		678		720		596			635
Losses on debt extinguishment, net		1,963		—		—		—			—
Correspondent banking expense		329		338		314		329			328
Intangibles amortization		997		662		661		661			691
Payment card processing		577		569		547		594			516
Trust expense		436		412		413		357			381
Other		865		974		839		587			551
Total noninterest expense	$	62,852	$	56,587	$	49,583	$	46,539		$	53,499

Net income before income taxes	$	38,668	$	40,558	$	30,571	$	26,105		$	33,181
Federal and state income tax expense		3,004		3,844		1,552		308			2,956
Net income	$	35,664	$	36,714	$	29,019	$	25,797		$	30,225

Basic EPS	$	2.13	$	2.17	$	1.71	$	1.53		$	1.80
Diluted EPS	$	2.12	$	2.16	$	1.71	$	1.52		$	1.77

Weighted average common shares outstanding		16,756,717		16,919,785		16,928,542		16,900,785			16,871,652
Weighted average common and common equivalent shares outstanding		16,858,506		17,015,730		17,006,282		17,013,992			17,024,481

____________

(1)

Trust fees and investment advisory and management fees when combined are referred to as wealth management revenue.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


	For the Year Ended
	December 31,		December 31,
	2025		2024
		(dollars in thousands, except per share data)
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

Trust fees	$	14,374	$	13,028
Investment advisory and management fees		5,500		4,864
Deposit service fees		8,693		8,530
Gains on sales of residential real estate loans, net		2,048		2,041
Gains on sales of government guaranteed portions of loans, net		118		85
Capital markets revenue		64,698		71,057
Earnings on bank-owned life insurance		3,362		5,443
Debit card fees		6,424		6,167
Correspondent banking fees		2,676		2,089
Loan related fee income		3,770		3,697
Fair value loss on derivatives and trading securities		347		(2,779	)
Other		2,313		1,307
Total noninterest income	$	114,323	$	115,529

Salaries and employee benefits	$	127,074	$	128,186
Occupancy and equipment expense		28,019		25,413
Professional and data processing fees		25,277		19,373
Restructuring expense		—		1,954
FDIC insurance, other insurance and regulatory fees		8,197		7,444
Loan/lease expense		1,511		1,629
Net cost of (income from) and gains/losses on operations of other real estate		80		(21	)
Advertising and marketing		7,535		7,058
Communication and data connectivity		788		1,397
Supplies		956		1,064
Bank service charges		2,700		2,428
Losses on debt extinguishment, net		1,963		—
Correspondent banking expense		1,310		1,321
Intangibles amortization		2,981		2,761
Goodwill impairment		—		431
Payment card processing		2,287		2,653
Trust expense		1,618		1,580
Other		3,265		2,971
Total noninterest expense	$	215,561	$	207,642

Net income before income taxes	$	135,902	$	122,577
Federal and state 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		16,973,534		16,959,853

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


	As of and for the Quarter Ended																For the Year Ended
	December 31,			September 30,			June 30,			March 31,			December 31,				December 31,			December 31,
	2025			2025			2025			2025			2024				2025			2024
		(dollars in thousands, except per share data)

COMMON SHARE DATA
Common shares outstanding		16,690,603			16,838,866			16,934,698			16,920,363			16,882,045
Book value per common share (1)	$	66.64		$	64.55		$	62.04		$	60.44		$	59.08
Tangible book value per common share (Non-GAAP) (2)	$	57.86		$	55.78		$	53.28		$	51.64		$	50.21
Closing stock price	$	83.30		$	75.64		$	67.90		$	71.32		$	80.64
Market capitalization	$	1,390,327		$	1,273,692		$	1,149,866		$	1,206,760		$	1,361,368
Market price / book value		124.99	%		117.18	%		109.45	%		117.99	%		136.49	%
Market price / tangible book value		143.98	%		135.61	%		127.45	%		138.11	%		160.59	%
Earnings per common share (basic) LTM (3)	$	7.54		$	7.21		$	6.69		$	6.71		$	6.77
Price earnings ratio LTM (3)		11.05x			10.49 x			10.15 x			10.63 x			11.91 x
TCE / TA (Non-GAAP) (4)		10.24	%		9.97	%		9.92	%		9.70	%		9.55	%

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Beginning balance	$	1,086,915		$	1,050,554		$	1,022,747		$	997,387		$	976,620
Net income		35,664			36,714			29,019			25,797			30,225
Other comprehensive income (loss), net of tax		1,981			8,342			(1,671	)		404			(9,628	)
Common stock cash dividends declared		(1,011	)		(1,017	)		(1,016	)		(1,015	)		(1,013	)
Repurchase and cancellation of shares of common stock as a result of a share repurchase program		(12,635	)		(8,993	)		—			—			—
Other (5)		1,397			1,315			1,475			174			1,183
Ending balance	$	1,112,311		$	1,086,915		$	1,050,554		$	1,022,747		$	997,387

REGULATORY CAPITAL RATIOS (6):
Total risk-based capital ratio		14.19	%		14.03	%		14.26	%		14.18	%		14.10	%
Tier 1 risk-based capital ratio		11.02	%		10.85	%		10.96	%		10.81	%		10.57	%
Tier 1 leverage capital ratio		11.07	%		11.29	%		11.22	%		11.06	%		10.73	%
Common equity tier 1 ratio		10.52	%		10.34	%		10.43	%		10.27	%		10.03	%

KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets (annualized)		1.46	%		1.57	%		1.27	%		1.14	%		1.34	%		1.36	%		1.29	%
Return on average total equity (annualized)		12.78	%		13.65	%		11.15	%		10.14	%		12.15	%		11.97	%		12.04	%
Net interest margin		3.06	%		3.00	%		2.97	%		2.95	%		2.95	%		3.00	%		2.88	%
Net interest margin (TEY) (Non-GAAP)(7)		3.57	%		3.51	%		3.46	%		3.42	%		3.43	%		3.49	%		3.33	%
Efficiency ratio (Non-GAAP) (8)		58.73	%		55.78	%		58.89	%		60.54	%		58.26	%		58.33	%		59.78	%
Gross loans/leases held for investment / total assets		74.83	%		75.01	%		74.91	%		74.53	%		75.14	%		74.83	%		75.14	%
Gross loans/leases held for investment / total deposits		96.65	%		97.25	%		94.61	%		92.96	%		96.05	%		96.65	%		96.05	%
Effective tax rate		7.77	%		9.48	%		5.08	%		1.18	%		8.91	%		6.41	%		7.12	%
Full-time equivalent employees (9)		1004			994			1,001			972			980			1004			980

AVERAGE BALANCES
Assets	$	9,758,848		$	9,354,411		$	9,155,473		$	9,015,439		$	9,050,280		$	9,323,171		$	8,837,393
Loans/leases		7,292,592			7,048,314			6,881,731			6,790,312			6,839,153			7,004,737			6,764,754
Deposits		7,620,212			7,383,373			7,218,540			7,146,286			7,109,567			7,343,514			6,813,620
Total stockholders' equity		1,116,342			1,075,715			1,041,428			1,017,487			995,012			1,063,050			945,848

____________

(1)		Includes accumulated other comprehensive income (loss).
(2)		Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.
(3)		LTM: Last twelve months.
(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.
(6)		Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.
(7)		TEY: Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(8)		See GAAP to Non-GAAP reconciliations.
(9)		The increase in full-time equivalent employees in the second quarter of 2025 includes 21 summer interns.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


ANALYSIS OF NET INTEREST INCOME AND MARGIN

	For the Quarter Ended
	December 31, 2025						September 30, 2025						December 31, 2024
	Average Balance		Interest Earned or Paid		Average Yield or Cost		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	$	12,148	$	121	3.89	%	$	13,808	$	154	4.36	%	$	5,617	$	67	4.68	%
Interest-bearing deposits at financial institutions		175,520		1,731	3.91	%		128,126		1,341	4.15	%		158,151		1,823	4.59	%
Investment securities - taxable		404,238		4,887	4.83	%		400,765		4,878	4.86	%		375,552		4,230	4.49	%
Investment securities - nontaxable (1)		956,457		14,409	6.02	%		952,542		13,841	5.81	%		829,544		12,286	5.92	%
Restricted investment securities		31,067		546	6.88	%		31,959		570	6.98	%		33,173		608	7.17	%
Loans (1)		7,292,592		117,073	6.37	%		7,048,314		115,094	6.48	%		6,839,153		112,325	6.53	%
Total earning assets (1)	$	8,872,022	$	138,767	6.21	%	$	8,575,514	$	135,878	6.29	%	$	8,241,190	$	131,339	6.34	%

Interest-bearing deposits	$	5,353,498	$	38,001	2.82	%	$	5,197,006	$	40,221	3.07	%	$	4,881,914	$	39,408	3.21	%
Time deposits		1,277,865		12,483	3.88	%		1,237,232		12,595	4.04	%		1,248,412		13,868	4.42	%
Short-term borrowings		2,884		28	3.85	%		2,022		21	4.15	%		1,862		22	4.67	%
Federal Home Loan Bank advances		188,209		2,130	4.43	%		204,786		2,348	4.49	%		236,525		2,802	4.64	%
Other borrowings		122,665		1,812	5.90	%		48,295		479	3.97	%		—		—	0.00	%
Subordinated notes		234,060		4,001	6.84	%		236,783		3,861	6.52	%		233,419		3,636	6.23	%
Junior subordinated debentures		48,969		681	5.44	%		48,936		690	5.52	%		48,839		701	5.62	%
Total interest-bearing liabilities	$	7,228,150	$	59,136	3.25	%	$	6,975,060	$	60,215	3.42	%	$	6,650,971	$	60,437	3.61	%

Net interest income (1)			$	79,631					$	75,663					$	70,902
Net interest margin (2)					3.06	%					3.00	%					2.95	%
Net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.57	%					3.51	%					3.43	%
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.56	%					3.50	%					3.40	%
Cost of funds (4)					2.86	%					3.01	%					3.15	%


	For the Year Ended
	December 31, 2025						December 31, 2024
	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	$	12,325	$	532	4.26	%	$	12,788	$	692	5.33	%
Interest-bearing deposits at financial institutions		155,900		6,509	4.18	%		119,255		6,077	5.10	%
Investment securities - taxable		401,866		19,159	4.77	%		377,039		17,216	4.55	%
Investment securities - nontaxable (1)		911,979		52,844	5.79	%		745,502		41,843	5.61	%
Restricted investment securities		31,908		2,273	7.02	%		39,293		2,991	7.49	%
Loans (1)		7,004,737		449,851	6.42	%		6,764,754		449,570	6.65	%
Total earning assets (1)	$	8,518,715	$	531,168	6.24	%	$	8,058,631	$	518,389	6.43	%

Interest-bearing deposits	$	5,159,542	$	154,524	2.99	%	$	4,700,762	$	161,584	3.44	%
Time deposits		1,228,407		50,177	4.08	%		1,153,407		51,547	4.47	%
Short-term borrowings		2,044		83	4.01	%		1,850		98	5.24	%
Federal Home Loan Bank advances		205,397		9,327	4.48	%		375,214		19,751	5.18	%
Other borrowings		43,091		2,291	5.32	%		—		—	0.00	%
Subordinated notes		234,508		15,063	6.42	%		233,260		14,314	6.14	%
Junior subordinated debentures		48,921		2,740	5.52	%		48,791		2,775	5.59	%
Total interest-bearing liabilities	$	6,921,910	$	234,205	3.38	%	$	6,513,284	$	250,069	3.83	%

Net interest income (1)			$	296,963					$	268,320
Net interest margin (2)					3.00	%					2.88	%
Net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.49	%					3.33	%
Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.48	%					3.31	%
Cost of funds (4)					2.97	%					3.34	%

____________

(1)		Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(2)		See "Select Financial Data – Subsidiaries" for a breakdown of amortization/accretion included in net interest margin for each period presented.
(3)		TEY: Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(4)		Cost of funds includes the effect of noninterest-bearing deposits.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


	As of
	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
		(dollars in thousands, except per share data)

ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES
Beginning balance	$	88,770		$	88,732		$	90,354		$	89,841		$	86,321
Change in ACL for transfer of loans to LHFS		—			—			—			—			93
Provision for credit losses		5,562			4,225			4,667			4,743			6,832
Loans/leases charged off		(4,469	)		(4,746	)		(6,490	)		(4,944	)		(4,787	)
Recoveries on loans/leases previously charged off		264			559			201			714			1,382
Ending balance	$	90,127		$	88,770		$	88,732		$	90,354		$	89,841

NONPERFORMING ASSETS
Nonaccrual loans/leases	$	42,212		$	42,167		$	42,482		$	47,259		$	40,080
Accruing loans/leases past due 90 days or more		85			43			7			356			4,270
Total nonperforming loans/leases		42,297			42,210			42,489			47,615			44,350
Other real estate owned		540			—			62			402			661
Other repossessed assets		500			510			113			122			543
Total nonperforming assets	$	43,337		$	42,720		$	42,664		$	48,139		$	45,554

ASSET QUALITY RATIOS
Nonperforming assets / total assets		0.45	%		0.45	%		0.46	%		0.53	%		0.50	%
ACL for loans and leases / total loans/leases held for investment		1.26	%		1.24	%		1.28	%		1.32	%		1.32	%
ACL for loans and leases / nonperforming loans/leases		213.08	%		210.31	%		208.84	%		189.76	%		202.57	%
Net charge-offs as a % of average loans/leases		0.06	%		0.06	%		0.09	%		0.06	%		0.05	%

INTERNALLY ASSIGNED RISK RATING (1)
Special mention	$	74,765		$	76,750		$	68,621		$	55,327		$	73,636
Substandard (2)		64,142			67,319			81,040			85,033			84,930
Doubtful (2)		—			—			—			—			—
Total Criticized loans (3)	$	138,907		$	144,069		$	149,661		$	140,360		$	158,566

Classified loans as a % of total loans/leases (2)		0.89	%		0.94	%		1.17	%		1.25	%		1.25	%
Total Criticized loans as a % of total loans/leases (3)		1.94	%		2.01	%		2.16	%		2.06	%		2.34	%

____________

(1)		Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.
(2)		Classified loans are defined as loans with internally assigned risk ratings of 10 or 11, regardless of performance, and include loans identified as Substandard or Doubtful.
(3)		Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11, regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


	For the Quarter Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
SELECT FINANCIAL DATA - SUBSIDIARIES	2025			2025			2024			2025			2024
		(dollars in thousands)

TOTAL ASSETS
Quad City Bank and Trust (1)	$	2,705,319		$	2,794,136		$	2,588,587
m2 Equipment Finance, LLC		181,761			211,524			310,915
Cedar Rapids Bank and Trust		2,855,840			2,760,379			2,614,570
Community State Bank		1,717,264			1,680,476			1,531,559
Guaranty Bank		2,411,570			2,446,635			2,342,958

TOTAL DEPOSITS
Quad City Bank and Trust (1)	$	2,302,234		$	2,407,371		$	2,126,566
Cedar Rapids Bank and Trust		1,983,600			1,890,779			1,882,487
Community State Bank		1,341,915			1,296,255			1,256,938
Guaranty Bank		1,833,590			1,835,993			1,824,139

TOTAL LOANS & LEASES
Quad City Bank and Trust (1)	$	2,030,858		$	2,118,791		$	2,048,926
m2 Equipment Finance, LLC		187,642			217,966			320,237
Cedar Rapids Bank and Trust		1,988,870			1,894,594			1,761,467
Community State Bank		1,281,036			1,269,359			1,159,389
Guaranty Bank		1,866,190			1,896,178			1,814,622

TOTAL LOANS & LEASES / TOTAL DEPOSITS
Quad City Bank and Trust (1)		88	%		88	%		96	%
Cedar Rapids Bank and Trust		100	%		100	%		94	%
Community State Bank		95	%		98	%		92	%
Guaranty Bank		102	%		103	%		99	%


TOTAL LOANS & LEASES / TOTAL ASSETS
Quad City Bank and Trust (1)		75	%		76	%		79	%
Cedar Rapids Bank and Trust		70	%		69	%		67	%
Community State Bank		75	%		76	%		76	%
Guaranty Bank		77	%		78	%		77	%

ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT
Quad City Bank and Trust (1)		1.31	%		1.24	%		1.49	%
m2 Equipment Finance, LLC		4.84	%		4.48	%		4.22	%
Cedar Rapids Bank and Trust		1.32	%		1.31	%		1.44	%
Community State Bank		1.06	%		0.97	%		0.98	%
Guaranty Bank		1.27	%		1.34	%		1.25	%

RETURN ON AVERAGE ASSETS (ANNUALIZED)
Quad City Bank and Trust (1)		1.31	%		1.20	%		1.09	%		1.26	%		0.88	%
Cedar Rapids Bank and Trust		3.55	%		3.26	%		3.12	%		2.86	%		2.92	%
Community State Bank		1.05	%		1.40	%		1.30	%		1.21	%		1.32	%
Guaranty Bank		1.09	%		1.30	%		0.91	%		0.99	%		1.12	%

NET INTEREST MARGIN PERCENTAGE (2)
Quad City Bank and Trust (1)		3.35	%		3.40	%		3.53	%		3.41	%		3.43	%
Cedar Rapids Bank and Trust		4.03	%		4.03	%		3.95	%		4.01	%		3.84	%
Community State Bank		3.90	%		3.90	%		3.77	%		3.86	%		3.75	%
Guaranty Bank (3)		3.35	%		3.22	%		3.18	%		3.19	%		3.07	%

ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET
INTEREST MARGIN, NET
Community State Bank	$	(1	)	$	(1	)	$	(1	)	$	(4	)	$	(4	)
Guaranty Bank		97			216			504			649			1,698
QCR Holdings, Inc. (4)		(33	)		(33	)		(32	)		(131	)		(129	)

____________

(1)		Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.
(2)		Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(3)		Guaranty Bank's net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 3.31% for the quarter ended December 31, 2025, 3.18% for the quarter ended September 30, 2025 and 3.07% for the quarter ended December 31, 2024.
(4)		Relates to the junior subordinated debentures acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


	As of
	December 31,			September 30,			June 30,			March 31,			December 31,
GAAP TO NON-GAAP RECONCILIATIONS	2025			2025			2025			2025			2024
	(dollars in thousands, except per share data)
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)
Stockholders' equity (GAAP)	$	1,112,311		$	1,086,915		$	1,050,554		$	1,022,747		$	997,387
Less: Intangible assets		146,675			147,672			148,333			148,995			149,657
Tangible common equity (non-GAAP)	$	965,636		$	939,243		$	902,221		$	873,752		$	847,730

Total assets (GAAP)	$	9,575,470		$	9,568,302		$	9,242,331		$	9,152,779		$	9,026,030
Less: Intangible assets		146,675			147,672			148,333			148,995			149,657
Tangible assets (non-GAAP)	$	9,428,795		$	9,420,630		$	9,093,998		$	9,003,784		$	8,876,373

Tangible common equity to tangible assets ratio (non-GAAP)		10.24	%		9.97	%		9.92	%		9.70	%		9.55	%

____________

(1)

This ratio is a non-GAAP financial measure. The Company's management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders' equity and total assets, which are the most directly comparable GAAP financial measures.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)


GAAP TO NON-GAAP RECONCILIATIONS	For the Quarter Ended															For the Year Ended
ADJUSTED NET INCOME (1)	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
ADJUSTED NET INCOME (1)	2025			2025			2025			2025			2024			2025			2024
		(dollars in thousands, except per share data)
Net income (GAAP)	$	35,664		$	36,714		$	29,019		$	25,797		$	30,225		$	127,194		$	113,850

Less non-core items (post-tax) (2):
Income:
Fair value loss on derivatives, net		(88	)		(223	)		(397	)		(156	)		(2,594	)		(864	)		(3,425	)
Total adjusted income (non-GAAP)	$	(88	)	$	(223	)	$	(397	)	$	(156	)	$	(2,594	)	$	(864	)	$	(3,425	)

Expense:
Losses on debt extinguishment, net		1,551			—			—			—			—			1,551			—
Goodwill impairment		—			—			—			—			—			—			431
Restructuring expense		—			—			—			—			—			—			1,544
Total adjusted expense (non-GAAP)	$	1,551		$	—		$	—		$	—		$	—		$	1,551		$	1,975


Adjusted net income (non-GAAP) (1)	$	37,303		$	36,937		$	29,416		$	25,953		$	32,819		$	129,609		$	119,250

ADJUSTED EARNINGS PER COMMON SHARE (1)

Adjusted net income (non-GAAP) (from above)	$	37,303		$	36,937		$	29,416		$	25,953		$	32,819		$	129,609		$	119,250

Weighted average common shares outstanding		16,756,717			16,919,785			16,928,542			16,900,785			16,871,652			16,876,457			16,829,004
Weighted average common and common equivalent shares outstanding		16,858,506			17,015,730			17,006,282			17,013,992			17,024,481			16,973,534			16,959,853

Adjusted earnings per common share (non-GAAP):
Basic	$	2.23		$	2.18		$	1.74		$	1.54		$	1.95		$	7.68		$	7.09
Diluted	$	2.21		$	2.17		$	1.73		$	1.53		$	1.93		$	7.64		$	7.03

ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)

Adjusted net income (non-GAAP) (from above)	$	37,303		$	36,937		$	29,416		$	25,953		$	32,819		$	129,609		$	119,250

Average Assets	$	9,758,848		$	9,354,411		$	9,155,473		$	9,015,439		$	9,050,280		$	9,323,171		$	8,837,393

Adjusted return on average assets (annualized) (non-GAAP)		1.53	%		1.58	%		1.29	%		1.15	%		1.45	%		1.39	%		1.35	%
Adjusted return on average equity (annualized) (non-GAAP)		13.37	%		13.73	%		11.30	%		10.20	%		13.19	%		12.19	%		12.61	%

NET INTEREST MARGIN (TEY) (3)

Net interest income (GAAP)	$	68,354		$	64,799		$	62,082		$	59,986		$	61,204		$	255,221		$	231,788
Plus: Tax equivalent adjustment (4)		11,277			10,864			10,090			9,513			9,698			41,742			36,532
Net interest income - tax equivalent (non-GAAP)	$	79,631		$	75,663		$	72,172		$	69,499		$	70,902		$	296,963		$	268,320
Less: Acquisition accounting net accretion		63			182			84			184			471			514			1,565
Adjusted net interest income	$	79,568		$	75,481		$	72,088		$	69,315		$	70,431		$	296,449		$	266,755

Average earning assets	$	8,872,022		$	8,575,514		$	8,377,361		$	8,241,035		$	8,241,190		$	8,518,715		$	8,058,631

Net interest margin (GAAP)		3.06	%		3.00	%		2.97	%		2.95	%		2.95	%		3.00	%		2.88	%
Net interest margin (TEY) (non-GAAP)		3.57	%		3.51	%		3.46	%		3.42	%		3.43	%		3.49	%		3.33	%
Adjusted net interest margin (TEY) (non-GAAP)		3.56	%		3.50	%		3.45	%		3.41	%		3.40	%		3.48	%		3.31	%

QCR Holdings, Inc. Announces Fourth Quarter Results and Record Net Income for the Full Year 2025