# EDGAR Filing Document

**Accession Number:** 0000906465
**File Stem:** 0001104659-25-101522
**Filing Date:** 2025-10
**Character Count:** 70280
**Document Hash:** 1f80315cc3a8be53bb4d7542659e3034
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101522.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001104659-25-101522

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251020

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** QCR HOLDINGS INC
- **CENTRAL INDEX KEY:** 0000906465
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 421397595
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22208
- **FILM NUMBER:** 251410155

**BUSINESS ADDRESS:**
- **STREET 1:** 3551 7TH STREET
- **CITY:** MOLINE
- **STATE:** IL
- **ZIP:** 61265
- **BUSINESS PHONE:** 3097363580

**MAIL ADDRESS:**
- **STREET 1:** 3551 7TH STREET
- **CITY:** MOLINE
- **STATE:** IL
- **ZIP:** 61265

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** QUAD CITY HOLDINGS INC
- **DATE OF NAME CHANGE:** 19930805

?xml version='1.0' encoding='ASCII'? QCR Holdings, Inc._October 20, 2025

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________

**Form 8-K**

_____________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event Reported): October 20, 2025

**QCR Holdings, Inc.**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-22208** | **42-1397595** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| **3551 Seventh Street, Moline, Illinois 61265** | **3551 Seventh Street, Moline, Illinois 61265** | **3551 Seventh Street, Moline, Illinois 61265** |
| (Address of Principal Executive Offices) (Zip Code) | (Address of Principal Executive Offices) (Zip Code) | (Address of Principal Executive Offices) (Zip Code) |

---

**(309) 736-3584**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

---

| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ☐ | &nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | &nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | &nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | &nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $1.00 Par Value | &nbsp;&nbsp;QCRH | &nbsp;&nbsp;The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On October 22, 2025, QCR Holdings, Inc. (the "Company") issued a press release disclosing financial results for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being "furnished" and will not, except to the extent required by applicable law or regulation, be deemed "filed" by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

**Item 8.01. Other Events.**

On October 20, 2025, the board of directors of the Company approved a share repurchase program under which the Company is authorized to repurchase, from time to time as the Company deems appropriate, up to 1,700,000 shares of its outstanding common stock, or approximately 10% of its outstanding shares as of September 30, 2025. The shares may, at the discretion of management, be repurchased from time to time in open market purchases as market conditions warrant or in privately negotiated transactions, including pursuant to a Rule 10b5-1 plan, all as effected to the extent permitted by applicable law, including pursuant to the safe harbor provided under Rule 10b-18 of the Exchange Act. The share repurchase program does not have an expiration date, and replaced the Company's prior share repurchase program announced on May 19, 2022.

The Company is not obligated to purchase any shares under the share repurchase program, and the share repurchase program may be discontinued at any time. The actual timing, number, and share price of shares purchased under the share repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company's stock, general market and economic conditions, and applicable legal requirements. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the share repurchase program may be extended, modified, suspended or discontinued at any time.

**Item 9.01.** **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 [Press Release dated October 22, 2025.](qcrh-20251020xex99d1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **QCR Holdings, Inc.** | **QCR Holdings, Inc.** |
| Date: October 22, 2025 | By:  | /s/ Todd A. Gipple&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  | Todd A. Gipple |
|  |  | President and Chief Executive Officer  |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](qcrh-20251020xex99d1001.jpg)

---

| | |
|:---|:---|
| **PRESS RELEASE** | **FOR IMMEDIATE RELEASE** |

---

**QCR Holdings, Inc. Announces Record Quarterly Net Income of $36.7 Million**

**for the Third Quarter of 2025** 

***Board Approves New Share Repurchase Program Authorization for Up to 1.7 Million Shares***

**Third Quarter 2025 Highlights**

● **Record third quarter net income of $36.7 million, or $2.16 per diluted share** 

● **Record adjusted net income** <sup>1</sup> **of $36.9 million, or $2.17 per diluted share** 

● **Net interest income growth of 18% annualized and NIM TEY** <sup>1</sup> **expansion of five basis points to 3.51%** 

● **ROAA of 1.57% annualized** 

● **Capital markets revenue of $23.8 million, up 141% on a linked-quarter basis** 

● **Loan growth of 15% annualized** 

● **Tangible book value per share** <sup>1</sup> **growth of $2.50, or 19% annualized** 

● **Repurchased 115,735 shares, a total of 129,056 through October 20** <sup>th</sup> **, 2025** 

Moline, IL, October 22, 2025 – QCR Holdings, Inc. (NASDAQ: QCRH) (the "Company") today announced record quarterly net income of $36.7 million and diluted earnings per share ("EPS") of $2.16 for the third quarter of 2025, compared to net income of $29.0 million and diluted EPS of $1.71 for the second quarter of 2025.

Adjusted net income<sup>1</sup> and adjusted diluted EPS<sup>1</sup> for the third quarter of 2025 were $36.9 million and $2.17, respectively, compared to $29.4 million and $1.73, respectively, for the second quarter of 2025 and $30.3 million, and $1.78 respectively for the third quarter of

2024. ---

| | | | |
|:---|:---|:---|:---|
|  | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
|  | **September 30,** | **June 30,** | **September 30,** |
| *$in millions (except per share data)* | **2025** | **2025** | **2024** |
| Net Income | $36.7 | $29.0 | $27.8 |
| Diluted EPS | $2.16 | $1.71 | $1.64 |
| Adjusted Net Income<sup>1</sup> | $36.9 | $29.4 | $30.3 |
| Adjusted Diluted EPS<sup>1</sup> | $2.17 | $1.73 | $1.78 |

---

"We delivered outstanding third quarter results, achieving record net income and strong EPS growth of 26% compared to the second quarter," said Todd Gipple, President and Chief Executive Officer. "Our exceptional performance was driven by a strong rebound in capital markets revenue, as well as robust loan growth and continued net interest margin expansion that led to a significant increase in net interest income."

**Strong Margin Expansion Fuels Significant Net Interest Income Growth**

Net interest income for the third quarter of 2025 totaled $64.8 million, an increase of $2.7 million, or 18% annualized, from the second quarter of 2025, driven by strong earning asset growth, expanded loan and investment yields, and a stable cost of funds. Net interest margin ("NIM") was 3.00% and NIM on a tax-equivalent yield ("TEY") basis<sup>1</sup> was 3.51% for the third quarter, as compared to 2.97% and 3.46% for the prior quarter, respectively.

"Our NIM TEY<sup>1</sup> increased five basis points from the second quarter of 2025, exceeding the high end of our guidance range," said Nick Anderson, Chief Financial Officer. "Looking ahead, we anticipate continued margin expansion and are guiding to an increase in fourth quarter NIM TEY<sup>1</sup> ranging from 3 to 7 basis points, assuming no further Federal Reserve rate cuts," added Mr. Anderson.

------

**Robust Noninterest Income from Capital Markets and Wealth Management Revenue** 

Noninterest income for the third quarter of 2025 was $36.7 million, up 66% from $22.1 million in the second quarter of 2025. The Company generated $23.8 million of capital markets revenue in the third quarter of 2025 compared to $9.9 million in the prior quarter. Wealth Management revenue totaled $5.0 million for the quarter, representing an 8% increase from the second quarter of 2025 and a 15% annualized increase year-over-year.

"During the third quarter of 2025, activity rebounded sharply in our low-income housing tax credit ("LIHTC") lending business, underscoring the continued demand for affordable housing and the strength of our seasoned team. Developers are actively navigating the broader macroeconomic challenges from earlier in the year, demonstrating resilience and a commitment to advancing their projects. We continue to view LIHTC lending as a highly durable, highly profitable, and differentiated line of business for QCRH, anchored by our deep network of developer relationships and the historically high-quality assets that our platform consistently delivers," said Mr. Gipple.

"Our LIHTC lending team has worked incredibly hard to extend our market position the past three quarters, gaining additional projects from our long-term developer relationships and creating new relationships with 10 experienced LIHTC developer clients. These new clients are some of the best LIHTC developers in the country and this success will further extend our LIHTC lending platform. Given the strength of our pipeline, we are increasing our capital markets revenue guidance to be in a range of between $55 and $65 million over the next four quarters," added Mr. Gipple.

**Noninterest Expense Discipline Helps Drive Operating Leverage** 

Noninterest expense for the third quarter of 2025 totaled $56.6 million compared to $49.6 million for the second quarter of 2025 and $53.6 million for the third quarter of 2024. The $7.0 million linked-quarter increase was primarily due to robust capital markets revenue and loan growth in the quarter, which drove variable compensation higher. Professional and data processing expenses and occupancy and equipment expenses related to the Company's digital transformation also contributed to the increase in noninterest expense.

The Company's highly incentivized variable compensation structure is designed to enhance operating leverage and provide expense flexibility across changing revenue cycles. "For the third quarter, the Company's efficiency ratio<sup>1</sup> of 55.78% was our lowest in four years. Compared to the first nine months of 2024, adjusted noninterest expenses<sup>1</sup> remain well controlled, up less than 1% on an annualized basis, while adjusted net income<sup>1</sup> has grown by 9% annualized," said Mr. Anderson.

For the fourth quarter of 2025, the Company expects noninterest expense to be in the range of $52 to $55 million, which assumes capital markets revenue and loan growth are within their guidance ranges and includes costs for the digital transformation, including the successful completion of the first core operating system conversion in early October.

**Loan Growth Accelerates in both LIHTC and Traditional Bank Lending** 

In the third quarter of 2025, the Company's total loans and leases held for investment grew by $253.7 million, to $7.2 billion. "Loan growth was 17% annualized when adding back the impact from the planned runoff of m2 Equipment Finance ("m2") loans and leases. Third quarter loan growth was driven by acceleration in both our LIHTC lending and traditional lending businesses. With a strong pipeline in place, we anticipate solid loan growth through year-end and are guiding to gross loan growth in a range of 10% to 15% in the final quarter of the year," said Mr. Gipple.

**Core Deposit Strength Continues** 

Total core deposits increased by $99.0 million, or 6% annualized from the second quarter, while average deposit balances increased $164.8 million. Year-to-date, core deposits have increased by $410.2 million, or 8% annualized. The deposit mix remained stable while total brokered deposits declined by $37.2 million. The Company's total deposits have averaged $7.3 billion year-to-date, an increase of $536.0 million, or 8%.

"We continue to generate strong deposit growth across our markets. These results reflect the success of our relationship-driven strategy of growing core deposits, providing a solid funding base that supports future growth," added Mr. Gipple.

------

**Asset Quality Further Strengthens and Remains Excellent** 

The nonperforming assets ("NPAs") to total assets ratio was 0.45% as of September 30, 2025, down one basis point from the prior quarter. NPAs totaled $42.7 million at the end of the third quarter of 2025, consistent with the prior quarter.

Total criticized loans decreased by $5.6 million on a linked-quarter basis. The ratio of criticized loans to total loans and leases as of September 30, 2025 decreased to 2.01% as compared to 2.16% as of June 30, 2025, and remains well below the Company's long-term historical average.

The Company recorded a total provision for credit losses of $4.3 million during the quarter, which was up slightly from $4.0 million in the prior quarter. Net charge-offs were $4.2 million during the third quarter of 2025, a decrease of $2.1 million from the prior quarter driven by significantly lower m2 portfolio charge-offs. Credit loss expenses for the m2 portfolio are down 45%, or $4 million, and nonperforming assets are down 29% year-over-year, reflecting both the runoff of the higher-risk assets and the improved seasoning of the remaining portfolio. The allowance for credit losses to total loans held for investment was 1.24% as of September 30, 2025.

**Continued Strong Tangible Book Value and Regulatory Capital**

The Company's tangible book value per share<sup>1</sup> ("TBV") increased by $2.50, or 19% annualized, during the third quarter of 2025 due to the combination of strong earnings and improved accumulated other comprehensive losses partially offset by share repurchases.

As of September 30, 2025, the Company's tangible common equity to tangible assets ratio ("TCE")<sup>1</sup> increased five basis points to 9.97%. The improvement in TCE<sup>1</sup> was driven by strong earnings during the quarter. The total risk-based capital ratio decreased to 14.03% and the common equity tier 1 ratio decreased to 10.34% due to solid earnings growth during the quarter, offset by strong loan growth and share repurchases. By comparison, these ratios were 9.92%, 14.26%, and 10.43%, respectively, as of June 30, 2025. The Company remains committed to maintaining strong regulatory capital.

**Opportunistic Share Repurchases and New Share Repurchase Plan Authorization**

From the beginning of the third quarter through October 20<sup>th</sup>, the Company returned $10.0 million of capital to shareholders with 129,056 shares repurchased at an average price of $77.49 per share. Additionally, the Company's Board of Directors authorized a new share repurchase program on October 20, 2025, permitting the repurchase of up to 1,700,000 shares of its outstanding common stock, or approximately 10% of the outstanding shares as of September 30, 2025. This program replaces the Company's prior repurchase program announced on May 19, 2022, which has been terminated.

"The opportunistic repurchases were completed at attractive valuation levels of TBV<sup>1</sup>. The new share repurchase program authorization equips us with a flexible capital allocation tool, enabling us to continue repurchasing shares when it aligns with our strategic and financial objectives, underscoring our confidence in the long-term earnings power of the Company and our commitment to enhancing shareholder value," said Mr. Gipple.

**Conference Call Details**

The Company will host an earnings call/webcast tomorrow, October 23, 2025, 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 October 30, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 8414968. 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 September 30, 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**

<sup>1</sup>*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.*

***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, the threat or implementation of tariffs, trade wars and changes to immigration policy; (ii) changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies (including those concerning the Company's general business); (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), 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, (xxiv) the effects of the current U.S. government shutdown, including the impact of prolonged closures or staffing reductions at government agencies effecting our business (for instance, the U.S. Department of Housing and Urban Development involvement with our LIHTC lending business), and (xxv) 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** | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
|  | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| **CONDENSED BALANCE SHEET** |  |  |  |  |  |
| Cash and due from banks | $77581 | $104769 | $98994 | $91732 | $103840 |
| Federal funds sold and interest-bearing deposits | 160033 | 145704 | 225716 | 170592 | 159159 |
| Securities, net of allowance for credit losses | 1308689 | 1263452 | 1220717 | 1200435 | 1146046 |
| Loans receivable held for sale (1) | 1457 | 1162 | 2025 | 2143 | 167047 |
| Loans/leases receivable held for investment | 7177464 | 6923762 | 6821142 | 6782261 | 6661755 |
| Allowance for credit losses | (88770) | (88732) | (90354) | (89841) | (86321) |
| Intangibles | 9077 | 9738 | 10400 | 11061 | 11751 |
| Goodwill | 138595 | 138595 | 138595 | 138595 | 138596 |
| Derivatives | 207775 | 184982 | 180997 | 186781 | 261913 |
| Other assets | 576401 | 558899 | 544547 | 532271 | 524779 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**9568302** | $**9242331** | $**9152779** | $**9026030** | $**9088565** |
| Total deposits | $7380068 | $7318353 | $7337390 | $7061187 | $6984633 |
| Total borrowings | 706827 | 509359 | 429921 | 569532 | 660344 |
| Derivatives | 230742 | 209505 | 206925 | 214823 | 285769 |
| Other liabilities | 163750 | 154560 | 155796 | 183101 | 181199 |
| Total stockholders' equity | 1086915 | 1050554 | 1022747 | 997387 | 976620 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**9568302** | $**9242331** | $**9152779** | $**9026030** | $**9088565** |
| **ANALYSIS OF LOAN PORTFOLIO** |  |  |  |  |  |
| Loan/lease mix: (2) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial - revolving | $386674 | $380029 | $388479 | $387991 | $387409 |
| &nbsp;&nbsp;&nbsp;Commercial and industrial - other | 1107896 | 1180859 | 1231198 | 1295961 | 1321053 |
| &nbsp;&nbsp;&nbsp;Commercial and industrial - other - LIHTC | 222772 | 194830 | 212921 | 218971 | 89028 |
| Total commercial and industrial | 1717342 | 1755718 | 1832598 | 1902923 | 1797490 |
| &nbsp;&nbsp;&nbsp;Commercial real estate, owner occupied | 586578 | 593675 | 599488 | 605993 | 622072 |
| &nbsp;&nbsp;&nbsp;Commercial real estate, non-owner occupied | 1053732 | 1036049 | 1040281 | 1077852 | 1103694 |
| &nbsp;&nbsp;&nbsp;Construction and land development | 515787 | 454022 | 403001 | 395557 | 342335 |
| &nbsp;&nbsp;&nbsp;Construction and land development - LIHTC | 1028978 | 1075000 | 1016207 | 917986 | 913841 |
| &nbsp;&nbsp;&nbsp;Multi-family | 316353 | 301432 | 289782 | 303662 | 324090 |
| &nbsp;&nbsp;&nbsp;Multi-family - LIHTC | 1187243 | 950331 | 888517 | 828448 | 973682 |
| &nbsp;&nbsp;&nbsp;Direct financing leases | 11090 | 12880 | 14773 | 17076 | 19241 |
| &nbsp;&nbsp;&nbsp;1-4 family real estate | 599838 | 592253 | 592127 | 588179 | 587512 |
| &nbsp;&nbsp;&nbsp;Consumer | 161980 | 153564 | 146393 | 146728 | 144845 |
| Total loans/leases | $7178921 | $6924924 | $6823167 | $6784404 | $6828802 |
| &nbsp;&nbsp;&nbsp;Less allowance for credit losses | 88770 | 88732 | 90354 | 89841 | 86321 |
| **Net loans/leases** | $**7090151** | $**6836192** | $**6732813** | $**6694563** | $**6742481** |
| **ANALYSIS OF SECURITIES PORTFOLIO** |  |  |  |  |  |
| Securities mix: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government sponsored agency securities | $14208 | $14267 | $17487 | $20591 | $18621 |
| &nbsp;&nbsp;&nbsp;Municipal securities | 1085669 | 1033642 | 1003985 | 971567 | 965810 |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed and related securities | 57108 | 58864 | 43194 | 50042 | 53488 |
| &nbsp;&nbsp;&nbsp;Asset backed securities | 4918 | 6684 | 7764 | 9224 | 10455 |
| &nbsp;&nbsp;&nbsp;Other securities | 63824 | 67358 | 66105 | 65745 | 39190 |
| &nbsp;&nbsp;&nbsp;Trading securities (3) | 83225 | 82900 | 82445 | 83529 | 58685 |
| Total securities | $1308952 | $1263715 | $1220980 | $1200698 | $1146249 |
| &nbsp;&nbsp;&nbsp;Less allowance for credit losses | 263 | 263 | 263 | 263 | 203 |
| **Net securities** | $**1308689** | $**1263452** | $**1220717** | $**1200435** | $**1146046** |
| **ANALYSIS OF DEPOSITS** |  |  |  |  |  |
| Deposit mix: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing demand deposits | $931774 | $952032 | $963851 | $921160 | $969348 |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | 5176364 | 5087783 | 5119601 | 4828216 | 4715087 |
| &nbsp;&nbsp;&nbsp;Time deposits | 1004980 | 974341 | 951606 | 953496 | 942847 |
| &nbsp;&nbsp;&nbsp;Brokered deposits | 266950 | 304197 | 302332 | 358315 | 357351 |
| **Total deposits** | $**7380068** | $**7318353** | $**7337390** | $**7061187** | $**6984633** |
| **ANALYSIS OF BORROWINGS** |  |  |  |  |  |
| Borrowings mix: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term FHLB advances | $145383 | $145383 | $145383 | $145383 | $145383 |
| &nbsp;&nbsp;&nbsp;Overnight FHLB advances  | 145000 | 80000 |  | 140000 | 230000 |
| &nbsp;&nbsp;&nbsp;Other borrowings (4) | 130609 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other short-term borrowings | 2850 | 1350 | 2050 | 1800 | 2750 |
| &nbsp;&nbsp;&nbsp;Subordinated notes | 234027 | 233701 | 233595 | 233489 | 233383 |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures | 48958 | 48925 | 48893 | 48860 | 48828 |
| **Total borrowings** | $**706827** | $**509359** | $**429921** | $**569532** | $**660344** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Loans with a fair value of $0 million, $0 million, $0 million, $0 million and $165.9 million have been identified for securitization and are included in LHFS at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.5 billion at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
|  | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| **INCOME STATEMENT** |  |  |  |  |  |
| Interest income | $125015 | $120247 | $116673 | $121642 | $125420 |
| Interest expense | 60216 | 58165 | 56687 | 60438 | 65698 |
| Net interest income  | 64799 | 62082 | 59986 | 61204 | 59722 |
| Provision for credit losses | 4305 | 4043 | 4234 | 5149 | 3484 |
| **Net interest income after provision for credit losses** | $**60494** | $**58039** | $**55752** | $**56055** | $**56238** |
| Trust fees (1) | $3544 | $3395 | $3686 | $3456 | $3270 |
| Investment advisory and management fees (1) | 1488 | 1254 | 1254 | 1320 | 1229 |
| Deposit service fees | 2231 | 2187 | 2183 | 2228 | 2294 |
| Gains on sales of residential real estate loans, net | 529 | 556 | 297 | 734 | 385 |
| Gains on sales of government guaranteed portions of loans, net | 6 | 40 | 61 | 49 |  |
| Capital markets revenue | 23832 | 9869 | 6516 | 20552 | 16290 |
| Earnings on bank-owned life insurance | 952 | 998 | 524 | 797 | 814 |
| Debit card fees | 1648 | 1648 | 1488 | 1555 | 1575 |
| Correspondent banking fees | 664 | 699 | 614 | 560 | 507 |
| Loan related fee income | 846 | 1096 | 898 | 950 | 949 |
| Fair value gain (loss) on derivatives and trading securities | 324 | 230 | (1007) | (1781) | (886) |
| Other | 587 | 143 | 378 | 205 | 730 |
| **Total noninterest income** | $**36651** | $**22115** | $**16892** | $**30625** | $**27157** |
| Salaries and employee benefits | $34338 | $28474 | $27364 | $33610 | $31637 |
| Occupancy and equipment expense | 7363 | 6837 | 6455 | 6354 | 6168 |
| Professional and data processing fees | 6741 | 6089 | 5144 | 5480 | 4457 |
| Restructuring expense |  |  |  |  | 1954 |
| FDIC insurance, other insurance and regulatory fees | 2035 | 1960 | 1970 | 1934 | 1711 |
| Loan/lease expense | 345 | 407 | 381 | 513 | 587 |
| Net cost of (income from) and gains/losses on operations of other real estate | 3 | 50 | (9) | 23 | (42) |
| Advertising and marketing | 1830 | 1746 | 1613 | 1886 | 2124 |
| Communication and data connectivity | 40 | 274 | 290 | 345 | 333 |
| Supplies | 259 | 252 | 207 | 252 | 278 |
| Bank service charges | 678 | 720 | 596 | 635 | 603 |
| Correspondent banking expense | 338 | 314 | 329 | 328 | 325 |
| Intangibles amortization | 662 | 661 | 661 | 691 | 690 |
| Goodwill impairment |  |  |  |  | 431 |
| Payment card processing | 569 | 547 | 594 | 516 | 785 |
| Trust expense | 412 | 413 | 357 | 381 | 395 |
| Other | 974 | 839 | 587 | 551 | 1129 |
| **Total noninterest expense** | $**56587** | $**49583** | $**46539** | $**53499** | $**53565** |
| **Net income before income taxes** | $**40558** | $**30571** | $**26105** | $**33181** | $**29830** |
| Federal and state income tax expense | 3844 | 1552 | 308 | 2956 | 2045 |
| **Net income** | $**36714** | $**29019** | $**25797** | $**30225** | $**27785** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS | $2.17 | $1.71 | $1.53 | $1.80 | $1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS | $2.16 | $1.71 | $1.52 | $1.77 | $1.64 |
| Weighted average common shares outstanding | 16919785 | 16928542 | 16900785 | 16871652 | 16846200 |
| Weighted average common and common equivalent shares outstanding | 17015730 | 17006282 | 17013992 | 17024481 | 16982400 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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 Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br>**2025** | **September 30,**<br>**2024** |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| **INCOME STATEMENT** |  |  |
| Interest income | $361935 | $360215 |
| Interest expense | 175068 | 189631 |
| Net interest income  | 186867 | 170584 |
| Provision for credit losses | 12582 | 11949 |
| **Net interest income after provision for credit losses** | $**174285** | $**158635** |
| Trust fees | $10625 | $9572 |
| Investment advisory and management fees | 3996 | 3544 |
| Deposit service fees | 6601 | 6302 |
| Gains on sales of residential real estate loans, net | 1382 | 1307 |
| Gains on sales of government guaranteed portions of loans, net | 107 | 36 |
| Capital markets revenue | 40217 | 50505 |
| Earnings on bank-owned life insurance | 2474 | 4646 |
| Debit card fees | 4784 | 4612 |
| Correspondent banking fees | 1977 | 1529 |
| Loan related fee income | 2840 | 2747 |
| Fair value loss on derivatives and trading securities | (453) | (998) |
| Other | 1108 | 1102 |
| **Total noninterest income** | $**75658** | $**84904** |
| Salaries and employee benefits | $90176 | $94576 |
| Occupancy and equipment expense | 20655 | 19059 |
| Professional and data processing fees | 17974 | 13893 |
| Restructuring expense |  | 1954 |
| FDIC insurance, other insurance and regulatory fees | 5965 | 5510 |
| Loan/lease expense | 1133 | 1116 |
| Net cost of (income from) and gains/losses on operations of other real estate | 44 | (44) |
| Advertising and marketing | 5189 | 5172 |
| Communication and data connectivity | 604 | 1052 |
| Supplies | 718 | 812 |
| Bank service charges | 1994 | 1793 |
| Correspondent banking expense | 981 | 993 |
| Intangibles amortization | 1984 | 2070 |
| Goodwill impairment |  | 431 |
| Payment card processing | 1710 | 2137 |
| Trust expense | 1182 | 1199 |
| Other | 2400 | 2420 |
| **Total noninterest expense** | $**152709** | $**154143** |
| **Net income before income taxes** | $**97234** | $**89396** |
| Federal and state income tax expense | 5704 | 5771 |
| **Net income** | $**91530** | $**83625** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS | $5.41 | $4.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS | $5.38 | $4.94 |
| Weighted average common shares outstanding | 16916371 | 16814787 |
| Weighted average common and common equivalent shares outstanding | 17011877 | 16938309 |

---

------

**QCR Holdings, Inc.**

**Consolidated Financial Highlights**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Quarter Ended** | **As of and for the Quarter Ended** | **As of and for the Quarter Ended** | **As of and for the Quarter Ended** | **As of and for the Quarter Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,**<br>**2025** | **June 30,** <br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **September 30,**<br>**2025** | **September 30,**<br>**2024** |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| **COMMON SHARE DATA** |  |  |  |  |  |  |  |
| Common shares outstanding  | 16838866 | 16934698 | 16920363 | 16882045 | 16861108 |  |  |
| Book value per common share (1) | $64.55 | $62.04 | $60.44 | $59.08 | $57.92 |  |  |
| Tangible book value per common share (Non-GAAP) (2) | $55.78 | $53.28 | $51.64 | $50.21 | $49.00 |  |  |
| Closing stock price | $75.64 | $67.90 | $71.32 | $80.64 | $74.03 |  |  |
| Market capitalization | $1273692 | $1149866 | $1206760 | $1361368 | $1248228 |  |  |
| Market price / book value | 117.18% | 109.45% | 117.99% | 136.49% | 127.81% |  |  |
| Market price / tangible book value | 135.61% | 127.45% | 138.11% | 160.59% | 151.07% |  |  |
| Earnings per common share (basic) LTM (3) | $7.21 | $6.69 | $6.71 | $6.77 | $6.93 |  |  |
| Price earnings ratio LTM (3) | 10.49x | 10.15 x | 10.63 x | 11.91 x | 10.68 x |  |  |
| TCE / TA (Non-GAAP) (4) | 9.97% | 9.92% | 9.70% | 9.55% | 9.24% |  |  |
| **CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |  |
| Beginning balance | $1050554 | $1022747 | $997387 | $976620 | $936319 |  |  |
| Net income | 36714 | 29019 | 25797 | 30225 | 27785 |  |  |
| Other comprehensive income (loss), net of tax | 8342 | (1671) | 404 | (9628) | 12057 |  |  |
| Common stock cash dividends declared | (1017) | (1016) | (1015) | (1013) | (1012) |  |  |
| Repurchase and cancellation of shares of common stock as a result of a share repurchase program | (8993) |  |  |  |  |  |  |
| Other (5) | 1315 | 1475 | 174 | 1183 | 1471 |  |  |
| Ending balance | $**1086915** | $**1050554** | $**1022747** | $**997387** | $**976620** |  |  |
| **REGULATORY CAPITAL RATIOS (6):** |  |  |  |  |  |  |  |
| Total risk-based capital ratio | 14.03% | 14.26% | 14.18% | 14.10% | 13.87% |  |  |
| Tier 1 risk-based capital ratio | 10.85% | 10.96% | 10.81% | 10.57% | 10.33% |  |  |
| Tier 1 leverage capital ratio | 11.29% | 11.22% | 11.06% | 10.73% | 10.50% |  |  |
| Common equity tier 1 ratio | 10.34% | 10.43% | 10.27% | 10.03% | 9.79% |  |  |
| **KEY PERFORMANCE RATIOS AND OTHER METRICS**  |  |  |  |  |  |  |  |
| Return on average assets (annualized) | 1.57% | 1.27% | 1.14% | 1.34% | 1.24% | 1.33% | 1.27% |
| Return on average total equity (annualized) | 13.65% | 11.15% | 10.14% | 12.15% | 11.55% | 11.68% | 12.00% |
| Net interest margin | 3.00% | 2.97% | 2.95% | 2.95% | 2.90% | 2.97% | 2.85% |
| Net interest margin (TEY) (Non-GAAP)(7) | 3.51% | 3.46% | 3.42% | 3.43% | 3.37% | 3.46% | 3.30% |
| Efficiency ratio (Non-GAAP) (8) | 55.78% | 58.89% | 60.54% | 58.26% | 61.65% | 58.17% | 60.33% |
| Gross loans/leases held for investment / total assets  | 75.01% | 74.91% | 74.53% | 75.14% | 73.30% | 75.01% | 73.30% |
| Gross loans/leases held for investment / total deposits  | 97.25% | 94.61% | 92.96% | 96.05% | 95.38% | 97.25% | 95.38% |
| Effective tax rate | 9.48% | 5.08% | 1.18% | 8.91% | 6.86% | 5.87% | 6.46% |
| Full-time equivalent employees (9) | 994 | 1001 | 972 | 980 | 976 | 994 | 976 |
| **AVERAGE BALANCES**  |  |  |  |  |  |  |  |
| Assets | $9354411 | $9155473 | $9015439 | $9050280 | $8968653 | $9176349 | $8765913 |
| Loans/leases | 7048314 | 6881731 | 6790312 | 6839153 | 6840527 | 6907731 | 6739773 |
| Deposits | 7383373 | 7218540 | 7146286 | 7109567 | 6858196 | 7250268 | 6714251 |
| Total stockholders' equity | 1075715 | 1041428 | 1017487 | 995012 | 962302 | 1045090 | 929341 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes accumulated other comprehensive income (loss).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.

&nbsp;&nbsp;&nbsp;&nbsp;(3) LTM: Last twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;(4) TCE / TCA: tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.

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

&nbsp;&nbsp;&nbsp;&nbsp;(6) Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.

&nbsp;&nbsp;&nbsp;&nbsp;(7) TEY: Tax equivalent yield. See GAAP to Non-GAAP reconciliations.

&nbsp;&nbsp;&nbsp;&nbsp;(8) See GAAP to Non-GAAP reconciliations.

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 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)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| Fed funds sold | $13808 | $154 | 4.36% | $14285 | $159 | 4.40% | $12596 | $173 | 5.37% |
| Interest-bearing deposits at financial institutions | 128126 | 1341 | 4.15% | 151898 | 1634 | 4.31% | 145597 | 1915 | 5.23% |
| Investment securities - taxable | 400765 | 4878 | 4.86% | 401657 | 4805 | 4.79% | 381285 | 4439 | 4.64% |
| Investment securities - nontaxable (1) | 952542 | 13841 | 5.81% | 893753 | 12872 | 5.76% | 760645 | 10744 | 5.65% |
| Restricted investment securities | 31959 | 570 | 6.98% | 34037 | 622 | 7.23% | 42546 | 840 | 7.73% |
| Loans (1) | 7048314 | 115094 | 6.48% | 6881731 | 110245 | 6.43% | 6840527 | 116854 | 6.80% |
| &nbsp;&nbsp;&nbsp;Total earning assets (1) | $8575514 | $135878 | 6.29% | $8377361 | $130337 | 6.24% | $8183196 | $134965 | 6.56% |
| Interest-bearing deposits | $5197006 | $40221 | 3.07% | $5080367 | $38604 | 3.05% | $4739757 | $42180 | 3.54% |
| Time deposits | 1237232 | 12595 | 4.04% | 1193035 | 12409 | 4.17% | 1164560 | 13206 | 4.51% |
| Short-term borrowings | 2022 | 21 | 4.15% | 1420 | 15 | 4.23% | 2485 | 32 | 5.07% |
| Federal Home Loan Bank advances  | 204786 | 2348 | 4.49% | 250603 | 2853 | 4.50% | 445632 | 5972 | 5.24% |
| Other borrowings | 48295 | 479 | 3.97% |  |  | 0.00% |  |  | 0.00% |
| Subordinated notes | 236783 | 3861 | 6.52% | 233631 | 3599 | 6.16% | 233313 | 3616 | 6.20% |
| Junior subordinated debentures | 48936 | 690 | 5.52% | 48904 | 685 | 5.54% | 48806 | 693 | 5.56% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $6975060 | $60215 | 3.42% | $6807960 | $58165 | 3.42% | $6634553 | $65699 | 3.93% |
| Net interest income (1) |  | $75663 |  |  | $72172 |  |  | $69266 |  |
| Net interest margin (2) |  |  | 3.00% |  |  | 2.97% |  |  | 2.90% |
| Net interest margin (TEY) (Non-GAAP) (1) (2) (3) |  |  | 3.51% |  |  | 3.46% |  |  | 3.37% |
| Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) |  |  | 3.50% |  |  | 3.45% |  |  | 3.34% |
| Cost of funds (4) |  |  | 3.01% |  |  | 3.01% |  |  | 3.44% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | Average Balance | Interest Earned or Paid | Average Yield or Cost | Average Balance | Interest Earned or Paid | Average Yield or Cost |
|  | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| Fed funds sold | $12385 | $412 | 4.38% | $15196 | $625 | 5.40% |
| Interest-bearing deposits at financial institutions | 149287 | 4778 | 4.28% | 106195 | 4254 | 5.35% |
| Investment securities - taxable | 401067 | 14272 | 4.75% | 377538 | 12986 | 4.57% |
| Investment securities - nontaxable (1) | 896990 | 38434 | 5.72% | 717284 | 29557 | 5.50% |
| Restricted investment securities | 32191 | 1726 | 7.07% | 41348 | 2383 | 7.57% |
| Loans (1) | 6907731 | 332780 | 6.44% | 6739773 | 337244 | 6.68% |
| &nbsp;&nbsp;&nbsp;Total earning assets (1) | $8399651 | $392402 | 6.24% | $7997334 | $387049 | 6.46% |
| Interest-bearing deposits | $5094180 | $116523 | 3.06% | $4639937 | $122207 | 3.52% |
| Time deposits | 1211739 | 37693 | 4.16% | 1121508 | 37679 | 4.49% |
| Short-term borrowings | 1761 | 55 | 4.09% | 1846 | 76 | 5.47% |
| Federal Home Loan Bank advances | 211189 | 7197 | 4.49% | 421782 | 16948 | 5.28% |
| Other borrowings | 16275 | 479 | 3.93% |  |  | 0.00% |
| Subordinated notes | 234659 | 11062 | 6.29% | 233207 | 10678 | 6.10% |
| Junior subordinated debentures | 48904 | 2059 | 5.55% | 48774 | 2074 | 5.59% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | $6818707 | $175068 | 3.43% | $6467054 | $189662 | 3.91% |
| Net interest income (1) |  | $217334 |  |  | $197387 |  |
| Net interest margin (2) |  |  | 2.97% |  |  | 2.85% |
| Net interest margin (TEY) (Non-GAAP) (1) (2) (3) |  |  | 3.46% |  |  | 3.30% |
| Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3) |  |  | 3.45% |  |  | 3.28% |
| Cost of funds (4) |  |  | 3.01% |  |  | 3.41% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See "Select Financial Data – Subsidiaries" for a breakdown of amortization/accretion included in net interest margin for each period presented.

&nbsp;&nbsp;&nbsp;&nbsp;(3) TEY: Tax equivalent yield. See GAAP to Non-GAAP reconciliations.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Cost of funds includes the effect of noninterest-bearing deposits.

------

**QCR Holdings, Inc.**

**Consolidated Financial Highlights**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,** <br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| **ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES** |  |  |  |  |  |
| Beginning balance | $88732 | $90354 | $89841 | $86321 | $87706 |
| Change in ACL for transfer of loans to LHFS |  |  |  | 93 | (1812) |
| Provision for credit losses | 4225 | 4667 | 4743 | 6832 | 3828 |
| Loans/leases charged off | (4746) | (6490) | (4944) | (4787) | (3871) |
| Recoveries on loans/leases previously charged off | 559 | 201 | 714 | 1382 | 470 |
| **Ending balance** | $**88770** | $**88732** | $**90354** | $**89841** | $**86321** |
| **NONPERFORMING ASSETS**  |  |  |  |  |  |
| Nonaccrual loans/leases  | $42167 | $42482 | $47259 | $40080 | $33480 |
| Accruing loans/leases past due 90 days or more | 43 | 7 | 356 | 4270 | 1298 |
| &nbsp;&nbsp;Total nonperforming loans/leases | 42210 | 42489 | 47615 | 44350 | 34778 |
| Other real estate owned |  | 62 | 402 | 661 | 369 |
| Other repossessed assets | 510 | 113 | 122 | 543 | 542 |
| &nbsp;&nbsp;**Total nonperforming assets** | $**42720** | $**42664** | $**48139** | $**45554** | $**35689** |
| **ASSET QUALITY RATIOS** |  |  |  |  |  |
| Nonperforming assets / total assets  | 0.45% | 0.46% | 0.53% | 0.50% | 0.39% |
| ACL for loans and leases / total loans/leases held for investment | 1.24% | 1.28% | 1.32% | 1.32% | 1.30% |
| ACL for loans and leases / nonperforming loans/leases  | 210.31% | 208.84% | 189.76% | 202.57% | 248.21% |
| Net charge-offs as a % of average loans/leases | 0.06% | 0.09% | 0.06% | 0.05% | 0.05% |
| **INTERNALLY ASSIGNED RISK RATING (1)** |  |  |  |  |  |
| Special mention | $76750 | $68621 | $55327 | $73636 | $80121 |
| Substandard (2) | 67319 | 81040 | 85033 | 84930 | 70022 |
| Doubtful (2) |  |  |  |  |  |
| &nbsp;&nbsp;**Total Criticized loans (3)** | $**144069** | $**149661** | $**140360** | $**158566** | $**150143** |
| Classified loans as a % of total loans/leases (2) | 0.94% | 1.17% | 1.25% | 1.25% | 1.03% |
| Total Criticized loans as a % of total loans/leases (3) | 2.01% | 2.16% | 2.06% | 2.34% | 2.20% |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 Quarter Ended** | **For the Quarter Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
| <br>**SELECT FINANCIAL DATA - SUBSIDIARIES** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **September 30,**<br>**2024** | **September 30,**<br>**2025** | **September 30,**<br>**2024** |
|  | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| **TOTAL ASSETS** |  |  |  |  |  |
| Quad City Bank and Trust (1) | $2794136 | $2662450 | $2552962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m2 Equipment Finance, LLC | 211524 | 242722 | 349166 |  |  |
| Cedar Rapids Bank and Trust | 2760379 | 2664293 | 2625943 |  |  |
| Community State Bank | 1680476 | 1605966 | 1519585 |  |  |
| Guaranty Bank  | 2446635 | 2365944 | 2360301 |  |  |
| **TOTAL DEPOSITS** |  |  |  |  |  |
| Quad City Bank and Trust (1) | $2407371 | $2309942 | $2205465 |  |  |
| Cedar Rapids Bank and Trust | 1890779 | 1884370 | 1765964 |  |  |
| Community State Bank | 1296255 | 1272296 | 1269147 |  |  |
| Guaranty Bank  | 1835993 | 1866749 | 1778453 |  |  |
| **TOTAL LOANS & LEASES** |  |  |  |  |  |
| Quad City Bank and Trust (1) | $2118791 | $2032168 | $2090856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m2 Equipment Finance, LLC | 217966 | 250019 | 353259 |  |  |
| Cedar Rapids Bank and Trust | 1894594 | 1852316 | 1743809 |  |  |
| Community State Bank | 1269359 | 1206735 | 1161805 |  |  |
| Guaranty Bank  | 1896178 | 1833706 | 1832331 |  |  |
| **TOTAL LOANS & LEASES / TOTAL DEPOSITS** |  |  |  |  |  |
| Quad City Bank and Trust (1) | 88% | 88% | 95% |  |  |
| Cedar Rapids Bank and Trust | 100% | 98% | 99% |  |  |
| Community State Bank | 98% | 95% | 92% |  |  |
| Guaranty Bank  | 103% | 98% | 103% |  |  |
| **TOTAL LOANS & LEASES / TOTAL ASSETS** |  |  |  |  |  |
| Quad City Bank and Trust (1) | 76% | 76% | 82% |  |  |
| Cedar Rapids Bank and Trust | 69% | 70% | 66% |  |  |
| Community State Bank | 76% | 75% | 76% |  |  |
| Guaranty Bank  | 78% | 78% | 78% |  |  |
| **ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT** |  |  |  |  |  |
| Quad City Bank and Trust (1) | 1.24% | 1.32% | 1.49% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m2 Equipment Finance, LLC | 4.48% | 4.26% | 4.11% |  |  |
| Cedar Rapids Bank and Trust  | 1.31% | 1.35% | 1.38% |  |  |
| Community State Bank | 0.97% | 1.09% | 1.06% |  |  |
| Guaranty Bank  | 1.34% | 1.29% | 1.14% |  |  |
| **RETURN ON AVERAGE ASSETS (ANNUALIZED)** |  |  |  |  |  |
| Quad City Bank and Trust (1) | 1.20% | 1.24% | 0.76% | 1.25% | 0.81% |
| Cedar Rapids Bank and Trust | 3.26% | 2.36% | 2.52% | 2.60% | 2.84% |
| Community State Bank | 1.40% | 1.31% | 1.46% | 1.27% | 1.33% |
| Guaranty Bank  | 1.30% | 0.85% | 1.28% | 0.96% | 1.20% |
| **NET INTEREST MARGIN PERCENTAGE (2)** |  |  |  |  |  |
| Quad City Bank and Trust (1) | 3.40% | 3.45% | 3.50% | 3.43% | 3.40% |
| Cedar Rapids Bank and Trust | 4.03% | 3.99% | 3.88% | 4.01% | 3.80% |
| Community State Bank  | 3.90% | 3.87% | 3.76% | 3.85% | 3.74% |
| Guaranty Bank (3) | 3.22% | 3.11% | 3.12% | 3.13% | 3.03% |
| **ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET** |  |  |  |  |  |
| **INTEREST MARGIN, NET** |  |  |  |  |  |
| Community State Bank | $(1) | $(1) | $(1) | $(3) | $(3) |
| Guaranty Bank | 216 | 118 | 496 | 552 | 1194 |
| QCR Holdings, Inc. (4) | (33) | (33) | (32) | (98) | (97) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Guaranty Bank's net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 3.00% for the quarter ended September 30, 2025, 2.86% for the quarter ended June 30, 2025, and 2.94% for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **September 30,** | **September 30,** | **June 30,** | **June 30,** | **March 31,**  | **March 31,**  | **December 31,** | **December 31,** | **September 30,** | **September 30,** |
| <br>**GAAP TO NON-GAAP RECONCILIATIONS** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| **TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity (GAAP) | $| 1086915 | $| 1050554 | $| 1022747 | $| 997387 | $| 976620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible assets |  | 147672 |  | 148333 |  | 148995 |  | 149657 |  | 150347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity (non-GAAP) | $| 939243 | $| 902221 | $| 873752 | $| 847730 | $| 826273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets (GAAP) | $| 9568302 | $| 9242331 | $| 9152779 | $| 9026030 | $| 9088565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Intangible assets |  | 147672 |  | 148333 |  | 148995 |  | 149657 |  | 150347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (non-GAAP) | $| 9420630 | $| 9093998 | $| 9003784 | $| 8876373 | $| 8938218 |
| **Tangible common equity to tangible assets ratio (non-GAAP)** |  | **9.97%** |  | **9.92%** |  | **9.70%** |  | **9.55%** |  | **9.24%** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(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 Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
| <br>**ADJUSTED NET INCOME (1)** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **September 30,**<br>**2025** | **September 30,**<br>**2024** |
|  | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* | *(dollars in thousands, except per share data)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (GAAP) | $36714 | $29019 | $25797 | $30225 | $27785 | $91530 | $83625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less non-core items (post-tax) (2): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value loss on derivatives, net | (223) | (397) | (156) | (2594) | (542) | (776) | (831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted income (non-GAAP) | $(223) | $(397) | $(156) | $(2594) | $(542) | $(776) | $(831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  | 431 |  | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense |  |  |  |  | 1544 |  | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expense (non-GAAP) | $— | $— | $— | $— | $1975 | $— | $1975 |
| **Adjusted net income (non-GAAP) (1)** | $**36937** | $**29416** | $**25953** | $**32819** | $**30302** | $**92306** | $**86431** |
| **ADJUSTED EARNINGS PER COMMON SHARE (1)** |  |  |  |  |  |  |  |
| Adjusted net income (non-GAAP) (from above) | $36937 | $29416 | $25953 | $32819 | $30302 | $92306 | $86431 |
| Weighted average common shares outstanding | 16919785 | 16928542 | 16900785 | 16871652 | 16846200 | 16916371 | 16814787 |
| Weighted average common and common equivalent shares outstanding | 17015730 | 17006282 | 17013992 | 17024481 | 16982400 | 17011877 | 16938309 |
| **Adjusted earnings per common share (non-GAAP):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic** | $**2.18** | $**1.74** | $**1.54** | $**1.95** | $**1.80** | $**5.46** | $**5.14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diluted** | $**2.17** | $**1.73** | $**1.53** | $**1.93** | $**1.78** | $**5.43** | $**5.10** |
| **ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)** |  |  |  |  |  |  |  |
| Adjusted net income (non-GAAP) (from above) | $36937 | $29416 | $25953 | $32819 | $30302 | $92306 | $86431 |
| Average Assets | $9354411 | $9155473 | $9015439 | $9050280 | $8968653 | $9176349 | $8765913 |
| **Adjusted return on average assets (annualized) (non-GAAP)** | **1.58%** | **1.29%** | **1.15%** | **1.45%** | **1.35%** | **1.34%** | **1.31%** |
| **Adjusted return on average equity (annualized) (non-GAAP)** | **13.73%** | **11.30%** | **10.20%** | **13.19%** | **12.60%** | **11.78%** | **12.40%** |
| **NET INTEREST MARGIN (TEY) (3)** |  |  |  |  |  |  |  |
| Net interest income (GAAP) | $64799 | $62082 | $59986 | $61204 | $59722 | $186867 | $170584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Tax equivalent adjustment (4) | 10864 | 10090 | 9513 | 9698 | 9544 | 30467 | 26803 |
| Net interest income - tax equivalent (non-GAAP) | $75663 | $72172 | $69499 | $70902 | $69266 | $217334 | $197387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Acquisition accounting net accretion | 182 | 84 | 184 | 471 | 463 | 451 | 1094 |
| Adjusted net interest income | $75481 | $72088 | $69315 | $70431 | $68803 | $216883 | $196293 |
| Average earning assets | $8575514 | $8377361 | $8241035 | $8241190 | $8183196 | $8399651 | $7997334 |
| **Net interest margin (GAAP)** | **3.00%** | **2.97%** | **2.95%** | **2.95%** | **2.90%** | **2.97%** | **2.85%** |
| **Net interest margin (TEY) (non-GAAP)** | **3.51%** | **3.46%** | **3.42%** | **3.43%** | **3.37%** | **3.46%** | **3.30%** |
| **Adjusted net interest margin (TEY) (non-GAAP)** | **3.50%** | **3.45%** | **3.41%** | **3.40%** | **3.34%** | **3.45%** | **3.28%** |
| **EFFICIENCY RATIO (5)** |  |  |  |  |  |  |  |
| Noninterest expense (GAAP) | $56587 | $49583 | $46539 | $53499 | $53565 | $152709 | $154143 |
| Net interest income (GAAP) | $64799 | $62082 | $59986 | $61204 | $59722 | $186867 | $170584 |
| Noninterest income (GAAP) | 36651 | 22115 | 16892 | 30625 | 27157 | 75658 | 84904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | $101450 | $84197 | $76878 | $91829 | $86879 | $262525 | $255488 |
| **Efficiency ratio (noninterest expense/total income) (non-GAAP)** | **55.78%** | **58.89%** | **60.54%** | **58.26%** | **61.65%** | **58.17%** | **60.33%** |
| **Adjusted efficiency ratio (adjusted noninterest expense/adjusted total income) (non-GAAP)** | **55.62%** | **58.54%** | **60.38%** | **56.25%** | **58.45%** | **57.95%** | **59.16%** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company's management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Net interest margin (TEY) is a non-GAAP financial measure. The Company's management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure. In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it's difficult to provide a more realistic run-rate for future periods.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Efficiency ratio is a non-GAAP measure. The Company's management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.

------