QCR HOLDINGS INC

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

QCRH$100.85-0.3%Stored close · as of Nov 6, 2026

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Contents

Executive Overview

The Company reported record net income of $36.7 million and diluted EPS of $2.16 for the quarter ended September 30, 2025. By comparison, for the quarter ended June 30, 2025, the Company reported net income of $29.0 million and diluted EPS of $1.71. For the quarter ended September 30, 2024, the Company reported net income of $27.8 million, and diluted EPS of $1.64. For the nine months ended September 30, 2025, the Company reported net income of $91.5 million and diluted EPS of $5.38. By comparison, for the nine months ended September 30, 2024 the Company reported net income of $83.6 million and diluted EPS of $4.94.

Part I

Item 2

The third quarter of 2025 was also highlighted by the following results and events (see section titled “GAAP to Non-GAAP Reconciliations” for additional information):

●	Adjusted net income (non-GAAP) of $36.9 million, or $2.17 per diluted share;

●	Net interest income growth of 18% annualized and NIM TEY (non-GAAP) 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 (non-GAAP) growth of $2.50, or 19% annualized; and

●	Repurchased 115,735 shares at an average price of $77.49 per share.

Following is a table that represents various net income measurements for the Company:


· · For the three months ended · · For the nine months ended ·
· September 30, 2025 · June 30, 2025 · September 30, 2024 · September 30, 2025 · September 30, 2024 ·
· · (dollars in thousands) ·

Net income	$36,714	$29,019	$27,785	$91,530	$83,625

Diluted earnings per common share	$2.16	$1.71	$1.64	$5.38	$4.94

Weighted average common and common equivalent shares outstanding	17,015,730	17,006,282	16,982,400	17,011,877	16,938,309

The Company reported adjusted net income (non-GAAP) of $36.9 million, with adjusted diluted EPS (non-GAAP) of $2.17 for the three months ended September 30, 2025. The Company reported adjusted net income (non-GAAP) of $92.3 million, with adjusted diluted EPS (non-GAAP) of $5.43 for the nine months ended September 30, 2025. See section titled “GAAP to Non-GAAP Reconciliations” for additional information. Adjusted net income (non-GAAP) for the three and nine months ended September 30, 2025 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 Company:


· · For the three months ended · · For the nine months ended ·
· September 30, 2025 · June 30, 2025 · September 30, 2024 · September 30, 2025 · September 30, 2024
· · (dollars in thousands) ·

Net interest income	$64,799	$62,082	$59,722	$186,867	$170,584
Provision for credit losses	4,305	4,043	3,484	12,582	11,949
Noninterest income	36,651	22,115	27,157	75,658	84,904
Noninterest expense	56,587	49,583	53,565	152,709	154,143
Federal and state income tax expense	3,844	1,552	2,045	5,704	5,771
Net income	$36,714	$29,019	$27,785	$91,530	$83,625

Following are certain noteworthy developments in the Company's financial results for the quarter ended September 30, 2025:

●

Net interest income in the third quarter of 2025 increased 4% compared to the second quarter of 2025 and increased 9% compared to the third quarter of 2024 due to higher average earning assets and higher investment yields. Net interest income increased 10% when comparing the first nine months of 2025 to the same period of the prior year. The increase was primarily due to higher average earning assets and higher investment securities yields and a decrease in the cost of interest-bearing deposits.

Part I

Item 2

●

Provision for credit losses in the third quarter of 2025 increased $262 thousand compared to the second quarter of 2025. Provision expense increased $821 thousand compared to the third quarter of 2024. Provision expense in the first nine months of 2025 increased $633 thousand compared to the first nine months of 2024. The increases across all periods were due to higher loan growth. See the “Provision for Credit Losses” section of this report for additional details.

●

Noninterest income in the third quarter of 2025 increased $14.5 million, or 66%, compared to the second quarter of 2025. Noninterest income in the third quarter of 2025 increased $9.5 million, or 35%, compared to the third quarter of 2024. The increases across both periods were primarily due to higher capital markets revenue from swap fees. Noninterest income decreased $9.2 million, or 11%, when comparing the first nine months of 2025 to the same period of the prior year. The decreases were primarily due to a decrease in capital markets revenue. Capital markets revenue in the first six months of 2025 was affected by macroeconomic and governmental 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 will normalize to historical levels over the next four quarters and continue to be a solid source of fee income.

●

Noninterest expense in the third quarter of 2025 increased $7.0 million, or 14%, compared to the second quarter of 2025. Noninterest expense increased $3.0 million, or 6%, compared to the third quarter of 2024. The increases across both periods were primarily due to higher capital markets revenue and its impact on variable compensation as well as higher professional and data processing fees and occupancy and equipment expenses related to the Company’s digital transformation. Noninterest expense decreased $1.4 million, or 1%, when comparing the first nine months of 2025 to the same period in the prior year. These decreases were primarily due to lower capital markets revenue and its impact on variable compensation and no restructuring expenses associated with the exit of the equipment finance business in 2024.

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