# QCR HOLDINGS INC (QCRH) Informational only - not investment advice. CIK: 0000906465 SIC: 6022 State Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=906465 Filing source: https://www.sec.gov/Archives/edgar/data/906465/000110465926021531/qcrh-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001104659-26-021531 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000906465.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 489,426,000 USD | 2025 | verified | | Net income | 127,194,000 USD | 2025 | verified | | Assets | 9,575,470,000 USD | 2025 | verified | | Free cash flow | 354,108,000 USD | 2025 | computed | | Net margin | 25.99% | 2025 | computed | | Revenue YoY | +1.57% | 2025 | computed | | ROE | 11.44% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | QCRH | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 26.0% | 21.9% | 71 | 149 | | Revenue growth | 1.6% | 6.0% | 25 | 148 | | FCF margin | 72.4% | 23.8% | 99 | 133 | | ROE | 11.4% | 9.6% | 68 | 149 | | ROA | 1.3% | 1.1% | 74 | 149 | | Liabilities / equity | 7.61 | 8.04 | 39 | 149 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 489426000 | USD | 2025 | 2026-02-27 | | Net income | 127194000 | USD | 2025 | 2026-02-27 | | Assets | 9575470000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000906465.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 106,467,735 | 135,517,000 | 182,879,000 | 216,076,000 | 198,373,000 | 200,155,000 | 292,571,000 | 413,410,000 | 481,857,000 | 489,426,000 | | Net income | 27,686,787 | 35,707,000 | 43,120,000 | 57,408,000 | 60,582,000 | 98,905,000 | 99,066,000 | 113,558,000 | 113,850,000 | 127,194,000 | | Diluted EPS | 2.17 | 2.61 | 2.86 | 3.60 | 3.80 | 6.20 | 5.87 | 6.73 | 6.71 | 7.49 | | Operating cash flow | 43,382,821 | 33,713,000 | 64,271,000 | 76,494,000 | 112,177,000 | 88,218,000 | 118,699,000 | 376,323,000 | 444,538,000 | 421,541,000 | | Capital expenditures | 6,032,416 | 5,761,000 | 11,457,000 | 12,429,000 | 4,268,000 | 13,981,000 | 33,261,000 | 14,945,000 | 44,491,000 | 67,433,000 | | Assets | 3,301,943,748 | 3,982,665,000 | 4,949,710,000 | 4,909,050,000 | 5,705,043,000 | 6,096,132,000 | 7,948,837,000 | 8,538,894,000 | 9,026,030,000 | 9,575,470,000 | | Liabilities | 3,015,902,949 | 3,629,377,644 | 4,476,572,000 | 4,373,699,000 | 5,111,250,000 | 5,419,122,000 | 7,176,113,000 | 7,652,298,000 | 8,028,643,000 | 8,463,159,000 | | Stockholders' equity | 286,041,000 | 353,287,000 | 473,138,000 | 535,351,000 | 593,793,000 | 677,010,000 | 772,724,000 | 886,596,000 | 997,387,000 | 1,112,311,000 | | Free cash flow | 37,350,405 | 27,952,000 | 52,814,000 | 64,065,000 | 107,909,000 | 74,237,000 | 85,438,000 | 361,378,000 | 400,047,000 | 354,108,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 26.00% | 26.35% | 23.58% | 26.57% | 30.54% | 49.41% | 33.86% | 27.47% | 23.63% | 25.99% | | Return on equity | 9.68% | 10.11% | 9.11% | 10.72% | 10.20% | 14.61% | 12.82% | 12.81% | 11.41% | 11.44% | | Return on assets | 0.84% | 0.90% | 0.87% | 1.17% | 1.06% | 1.62% | 1.25% | 1.33% | 1.26% | 1.33% | | Liabilities / equity | 10.54 | 10.27 | 9.46 | 8.17 | 8.61 | 8.00 | 9.29 | 8.63 | 8.05 | 7.61 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000906465.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.71 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.60 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.69 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 28,425,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 108,568,000 | | 1.49 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 112,248,000 | 32,855,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 115,049,000 | 26,726,000 | 1.58 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 26,726,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 119,746,000 | | 1.72 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 29,114,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 125,420,000 | | 1.64 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 121,642,000 | 30,225,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 116,673,000 | 25,797,000 | 1.52 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 25,797,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 120,247,000 | | 1.71 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 29,019,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 125,015,000 | | 2.16 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 127,491,000 | 35,664,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 120,091,000 | 33,383,000 | 1.99 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 33,383,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 121,027,000 | | 2.19 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from QCRH's latest 10-K: [/company/QCRH/business/](/company/QCRH/business/). ## Risk Factors Verbatim Item 1A Risk Factors from QCRH's latest 10-K: [/company/QCRH/risk-factors/](/company/QCRH/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/906465/000110465926092545/qcrh-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 Item 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION This section reviews the financial condition and results of operations of the Company and its subsidiaries as of and for the three and six months ending June 30, 2026. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends. When reading this discussion, also refer to the Consolidated Financial Statements and related notes in this report. Page locations and specific sections and notes that are referred to in this discussion are listed in the table of contents. Additionally, a comprehensive list of the acronyms and abbreviations used throughout this discussion is included in Note 1 to the Consolidated Financial Statements. GENERAL The Company was formed in February 1993 for the purpose of organizing QCBT.  Over the past 33 years, the Company has grown to include four banking subsidiaries and a number of nonbanking subsidiaries.  As of June 30, 2026, the Company had $9.5 billion in consolidated assets, including $6.9 billion in net loans/leases, and $7.4 billion in deposits.  The financial results of acquired entities for the periods since their acquisition are included in this report.  Further information related to acquired entities has been presented in the annual reports previously filed with the SEC corresponding to the year of each acquisition.   CRITICAL ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES The Company's financial statements are prepared in accordance with GAAP. The financial information contained within these statements is, to a significant extent, financial information that is based on approximate measures of the financial effects of transactions and events that have already occurred. The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance, determination of the fair value of loans acquired in business combinations, impairment of goodwill, the fair value of financial instruments, and the fair value of securities. Based on its consideration of accounting policies that involve the most complex and subjective decisions and assessments, management has identified the following as critical accounting policies and estimates: [[GREPCENT_TABLE]] [["","\u25cf","Allowance for Credit Losses on Loans and Leases and Off-Balance Sheet Exposures"]] [[/GREPCENT_TABLE]] ​ A more detailed discussion of these critical accounting policies and estimates can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. EXECUTIVE OVERVIEW The Company reported net income of $36.3 million and diluted EPS of $2.19 for the quarter ended June 30, 2026. By comparison, for the quarter ended March 31, 2026, the Company reported net income of $33.4 million and diluted EPS of $1.99.  For the quarter ended June 30, 2025, the Company reported net income of $29.0 million, and diluted EPS of $1.71. For the six months ended June 30, 2026, the Company reported net income of $69.6 million and diluted EPS of $4.18.  By comparison, for the six months ended June 30, 2025, the Company reported net income of $54.8 million and diluted EPS of $3.22. 40 Table of Contents Part I Item 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued ​ The second quarter of 2026 was also highlighted by the following results and events (see section titled “GAAP to Non-GAAP Reconciliations” for additional information): [[GREPCENT_TABLE]] [["","\u25cf","Net income of $36.3 million, or $2.19 per diluted share, representing a 28% year-over-year increase in diluted EPS;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Strong ROAA of 1.51%;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Capital markets revenue from LIHTC production increased 69% year-over-year to $16.7 million;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Wealth Management assets under management increased 9% and revenue increased 7% on a linked-quarter basis;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Enhanced operating leverage, reflected by a 310-basis point improvement over the linked-quarter in the efficiency ratio to 54.6%;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Robust loan growth of 12% annualized, excluding securitization, LIHTC offtake transactions, and planned m2 portfolio runoff;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Successful execution of $443.6 million in LIHTC loan offtake transactions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Tangible book value per share (non-GAAP) growth of $2.17, or 15% annualized on a linked-quarter basis;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Opportunistic share repurchases of 149,639 common shares at an average price of $90.01 per share; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Asset quality improved to its strongest level since 2019."]] [[/GREPCENT_TABLE]] ​ Following is a table that represents various net income measurements for the Company: ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","For the three months ended","\u200b","For the six months ended","\u200b"],["\u200b","\u200b \u200b \u200b","June 30, 2026","\u200b \u200b \u200b","March 31, 2026","\u200b \u200b \u200b","June 30, 2025","\u200b \u200b \u200b","June 30, 2026","\u200b \u200b \u200b","June 30, 2025","\u200b"],["\u200b","\u200b","(dollars in thousands, except per share data)","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net income","\u200b","$","36,251","\u200b","$","33,383","\u200b","$","29,019","\u200b","$","69,634","\u200b","$","54,816","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Diluted earnings per common share","\u200b","$","2.19","\u200b","$","1.99","\u200b","$","1.71","\u200b","$","4.18","\u200b","$","3.22","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Weighted average common and common equivalent shares outstanding","\u200b","","16,569,815","\u200b","","16,741,541","\u200b","","17,006,282","\u200b","","16,655,678","\u200b","","17,010,136","\u200b"]] [[/GREPCENT_TABLE]] The Company reported adjusted net income (non-GAAP) of $36.3 million, with adjusted diluted EPS (non-GAAP) of $2.19 for the three months ended June 30, 2026.  See section titled “GAAP to Non-GAAP Reconciliations” for additional information.  The Company reported adjusted net income (non-GAAP) of $69.7 million, with adjusted diluted EPS (non-GAAP) of $4.18 for the six months ended June 30, 2026. Following is a table that represents the major income and expense categories for the Company: [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","For the three months ended","\u200b","For the six months ended","\u200b"],["\u200b","\u200b \u200b \u200b","June 30, 2026","\u200b \u200b \u200b","March 31, 2026","\u200b \u200b \u200b","June 30, 2025","\u200b \u200b \u200b","June 30, 2026","\u200b \u200b \u200b","June 30, 2025"],["\u200b","\u200b","(dollars in thousands)","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net interest income","\u200b","$","67,916","\u200b","$","67,438","\u200b","$","62,082","\u200b","$","135,354","\u200b","$","122,068","\u200b"],["Provision for credit losses","\u200b","","4,708","\u200b","","2,454","\u200b","","4,043","\u200b","","7,162","\u200b","","8,277","\u200b"],["Noninterest income","\u200b","","29,427","\u200b","","22,952","\u200b","","22,115","\u200b","","52,379","\u200b","","39,007","\u200b"],["Noninterest expense","\u200b","","53,157","\u200b","","52,125","\u200b","","49,583","\u200b","","105,282","\u200b","","96,122","\u200b"],["Federal and state income tax expense","\u200b","","3,227","\u200b","","2,428","\u200b","","1,552","\u200b","","5,655","\u200b","","1,860","\u200b"],["Net income","\u200b","$","36,251","\u200b","$","33,383","\u200b","$","29,019","\u200b","$","69,634","\u200b","$","54,816","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"]] [[/GREPCENT_TABLE]] Following are certain noteworthy developments in the Company's financial results for the quarter ended June 30, 2026: [[GREPCENT_TABLE]] [["","\u25cf","Net interest income in the second quarter of 2026 increased 1% compared to the first quarter of 2026 and increased 9% compared to the second quarter of 2025 due to higher average earning assets and higher NIM. Net interest"]] [[/GREPCENT_TABLE]] 41 Table of Contents Part I Item 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – continued ​ [[GREPCENT_TABLE]] [["","","income increased 11% when comparing the first six months of 2026 to the same period of the prior year due to higher average earning assets and higher NIM."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","The provision for credit losses in the second quarter of 2026 increased $2.3 million compared to the first quarter of 2026 reflecting loan growth in the current quarter and the prior quarter\u2019s benefit from a reversal of credit loss expense related to loans transferred to held for sale. Provision expense increased $665 thousand compared to the second quarter of 2025. Provision expense in the first six months of 2026 decreased $1.1 million compared to the first six months of 2025. See the \u201cProvision for Credit Losses\u201d section of this report for additional details."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Noninterest income in the second quarter of 2026 increased $6.5 million, or 28%, compared to the first quarter of 2026 primarily due to higher capital markets revenue from swap fees during the second quarter. Noninterest income in the second quarter of 2026 increased $7.3 million, or 33%, compared to the second quarter of 2025 and increased $13.4 million, or 34%, when comparing the first six months of 2026 to the same period of the prior year. The increases across both periods were primarily due to higher capital markets revenue from swap fees. The demand for low-income housing remains healthy and the economics associated with these tax credit projects continue to be favorable. The Company has a strong pipeline for this business that continues to improve. The Company expects its capital markets revenue will continue to be a significant source of fee income."]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/906465/000110465926021531/qcrh-20251231x10k.htm Complete FY 2025 MD&A: /company/QCRH/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations This section generally discusses 2025 and 2024 items and annual comparison between our fiscal 2025 performance compared to our fiscal 2024 performance.  A detailed review of our fiscal 2024 performance compared to our fiscal 2023 performance can be found in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” This discussion should be read together with our Consolidated Financial Statements and the accompanying notes thereto included or incorporated by reference elsewhere in this document. Additionally, a comprehensive list of the acronyms and abbreviations used throughout this discussion is included in Note 1 to the Consolidated Financial Statements. GENERAL The Company was formed in February 1993 for the purpose of organizing QCBT. Over the past 32 years, the Company has grown to include four banking subsidiaries and a number of nonbanking subsidiaries. As of December 31, 2025, the Company had $9.6 billion in consolidated assets, including $7.1 billion in total loans/leases, and $7.4 billion in deposits. The financial results of acquired entities for the periods since their acquisition are included in this Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q. Further information related to acquired entities has been presented in the Annual Reports on Form 10-K previously filed with the SEC corresponding to the period of each acquisition. CRITICAL ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES The Company’s financial statements are prepared in accordance with GAAP. The financial information contained within these statements is, to a significant extent, financial information that is based on approximate measures of the financial effects of transactions and events that have already occurred.  The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance, determination of the fair value of loans acquired in business combinations, impairment of goodwill, the fair value of financial instruments, and the fair value of securities. A more detailed discussion of these critical accounting policies and estimates can be found in Note 1 to the Consolidated Financial Statements. Based on its consideration of accounting policies and estimates that involve the most complex and subjective decisions and assessments, management has identified the following as critical accounting policies and estimates: ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES AND OFF-BALANCE SHEET EXPOSURES ​ The Company’s allowance methodology incorporates a variety of risk considerations, both quantitative and qualitative, in establishing an allowance that management believes is appropriate at each reporting date. The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts.  The methodologies apply historical loss information adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions that are expected to exist through the contractual lives of the financial assets and that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed (general reserve).  If a loan is determined to no longer share similar risk characteristics with other assets in the segmented pool, it is evaluated on an individual basis (specific reserve). ​ The Company also estimates expected credit losses over the contractual term of the loan for the unfunded portion of the loan commitment that is not unconditionally cancellable by the Company.  Management uses an estimated average utilization rate to determine the exposure of default.  The allowance for OBS exposures is calculated using probability of default and loss given default using the same segmentation and qualitative factors used for loans and leases. Although management believes the level of the ACL as of December 31, 2025 was adequate to absorb losses inherent in the loan/lease portfolio, the HTM portfolio and OBS exposures, a decline in local economic conditions, or other factors, could result in increasing losses that cannot be reasonably predicted at this time. 35 Table of Contents EXECUTIVE OVERVIEW The Company reported net income of $127.2 million for the year ended December 31, 2025, and diluted EPS of $7.49. For the same period in 2024 the Company reported net income of $113.9 million and diluted EPS of $6.71. The year ended December 31, 2025 was highlighted by several significant items: [[GREPCENT_TABLE]] [["","\u25cf","Record annual net income of $127.2 million, or $7.49 per diluted share;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Record adjusted net income (non-GAAP) of $129.6 million, or $7.64 per diluted share;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Strong capital markets revenue of $64.7 million;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Robust loan growth of 12% prior to LIHTC construction loan sale and m2 run-off;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Strong core deposit growth of 7%; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Tangible book value (non-GAAP) per share expansion of $7.65, or 15%."]] [[/GREPCENT_TABLE]] ​ Following is a table that represents the various net income measurements for the years ended December 31, 2025 and 2024. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31,"],["\u200b","\u200b","\u200b","2025","\u200b","2024"],["\u200b","\u200b","(dollars in thousands, except per share data)"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net income","\u200b","$","127,194","\u200b","$","113,850"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Diluted earnings per common share","\u200b","$","7.49","\u200b","$","6.71"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Weighted average common and common equivalent shares outstanding","\u200b","","16,973,671","\u200b","","16,959,853"]] [[/GREPCENT_TABLE]] ​ The Company reported adjusted net income (non-GAAP) of $129.6 million, with adjusted diluted EPS of $7.64. See section titled “GAAP to Non-GAAP Reconciliations” for additional information. Adjusted net income for the year excludes a number of non-core or non-recurring items, after-tax, as set forth in the “GAAP to Non-GAAP Reconciliation” section. Following is a table that represents the major income and expense categories for the years ended December 31, 2025 and 2024. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31,"],["\u200b","","2025","\u200b \u200b \u200b","2024"],["\u200b","\u200b","(dollars are in thousands)"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net interest income","\u200b","$","255,221","\u200b","$","231,788"],["Provision for credit losses","\u200b","","18,081","\u200b","","17,098"],["Noninterest income","\u200b","","114,323","\u200b","","115,529"],["Noninterest expense","\u200b","","215,561","\u200b","","207,642"],["Federal and state income tax expense","\u200b","","8,708","\u200b","","8,727"],["Net income","\u200b","$","127,194","\u200b","$","113,850"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"]] [[/GREPCENT_TABLE]] ​ The following are some noteworthy developments in the Company’s financial results: [[GREPCENT_TABLE]] [["","\u25cf","Net interest income increased $23.4 million, or 10.1%, in 2025 compared to the prior year. The increase in 2025 was primarily due to NIM expansion, strong loan growth and a decrease in FHLB borrowings."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Provision expense increased $983 thousand when comparing 2025 to 2024. The increase in 2025 was due to overall loan growth. See the below \u201cProvision for Credit Losses\u201d section of this Annual Report on Form 10-K for additional details."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["","\u25cf","Noninterest income decreased $1.2 million, or 1.0%, when compared to the prior year. The decrease in 2025 was primarily attributable to lower capital markets revenue from swap fees. Capital markets revenue in the first six months of 2025 was affected by macroeconomic uncertainty. Despite this, sustained, long-term demand for affordable housing remains strong. The demand for low-income housing remains healthy and the economics associated with these tax credit projects continue to be favorable. The Company has a strong pipeline for this business that continues to improve as clients adapt to evolving market conditions. The Company expects its capital markets revenue to continue to be a strong source of fee income."]] [[/GREPCENT_TABLE]] ​ 36 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Noninterest expense increased $7.9 million, or 3.8%, in 2025 compared to the prior year, primarily due to higher professional and data processing fees and occupancy and equipment expenses related to the Company\u2019s digital transformation."]] [[/GREPCENT_TABLE]] ​ STRATEGIC FINANCIAL METRICS The Company has established strategic financial metrics by which it manages its business and measures its performance. The metrics are periodically updated to reflect business developments. While the Company is determined to work prudently to achieve these metrics, there is no assurance that they will be met. Moreover, the Company’s ability to achieve these metrics may be affected by the factors discussed under “Forward-Looking Statements” as well as the factors detailed in the “Risk Factors” section included under Item 1A. of Part I of this Annual Report on Form 10-K. The Company’s strategic financial metrics are as follows: [[GREPCENT_TABLE]] [["","\u25cf","Grow loans/leases by 9% per year, funded by core deposits;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Grow fee-based income by at least 6% per year; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Limit our annual operating expense growth to 5% per year."]] [[/GREPCENT_TABLE]] The following table shows the evaluation of the Company’s strategic financial metrics: [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","For the Year Ending"],["Strategic Financial Metric*","\u200b \u200b \u200b","Key Metric","\u200b \u200b \u200b","Target","December 31, 2025","December 31, 2024"],["Loan and lease growth organically**","","Loans and leases growth",""," 9% annually","\u200b","11.7","%","\u200b","9.6","%"],["Fee income growth","","Fee income growth",""," 6% annually","\u200b","(3.7)","%","\u200b","(10.8)","%"],["Improve operational efficiencies and hold noninterest expense growth","\u200b","Noninterest expense growth",""," 5% annually","\u200b","4.1","%","\u200b","(2.4)","%"]] [[/GREPCENT_TABLE]] * Ratios and amounts provided for these measurements represent year-to-date actual amounts for the respective period. The calculations provi [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/QCRH/mda/fy2025/ All MD&A years: /company/QCRH/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/QCRH/mda/fy2024/): filed 2025-02-28; accession 0001558370-25-001954 (https://www.sec.gov/Archives/edgar/data/906465/000155837025001954/qcrh-20241231x10k.htm) - [FY 2023 MD&A](/company/QCRH/mda/fy2023/): filed 2024-02-29; accession 0001558370-24-002208 (https://www.sec.gov/Archives/edgar/data/906465/000155837024002208/qcrh-20231231x10k.htm) - [FY 2022 MD&A](/company/QCRH/mda/fy2022/): filed 2023-03-01; accession 0001558370-23-002607 (https://www.sec.gov/Archives/edgar/data/906465/000155837023002607/qcrh-20221231x10k.htm) - [FY 2021 MD&A](/company/QCRH/mda/fy2021/): filed 2022-03-11; accession 0001558370-22-003441 (https://www.sec.gov/Archives/edgar/data/906465/000155837022003441/qcrh-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/QCRH.md · JSON record: /company/QCRH.json · verified financials: /company/QCRH/financials.json / /company/QCRH/financials.csv · machine TOC for the whole site: /llms.txt