QCR Holdings Inc. (QCRH)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$396.2M

Revenue growth

16.6%

Net income, last twelve months

$142.0M

Earnings per share

$8.46

Net margin

35.8%

Free cash flow

$792.8M

Return on equity

12.4%

Market value

$1.7B

Price to earnings

11.9x

Dividend yield

0.3%

Cash

$111.3M

Debt

$660.3M

Debt to equity

0.57

Shares outstanding

16.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 20 October 2026.

• Record EPS on higher net income. Net income was $36.4 million and diluted EPS was $2.21, against $36.3 million and $2.19 in the second quarter. Return on average assets was 1.52%.
• Diversified model cited as driver. Management attributed the results to the diversified business model and to momentum in LIHTC and traditional lending.
• Year-earlier comparison for net income. Net income was $36.7 million and diluted EPS $2.16 in the third quarter of 2025, with adjusted diluted EPS of $2.17 that quarter.
• Year-to-date revenue outpaced expenses. Year-to-date revenue rose 9.3% while noninterest expense rose 4.8%. Management described this as continued operating leverage.
• Loans grew 11% annualized excluding runoff. Total loans rose $167.0 million, or 9% annualized. Excluding planned m2 portfolio runoff, growth was $189.7 million, or 11% annualized.
• Sales and runoff held balances flat. Total loans of $7.2 billion were unchanged from a year earlier, as LIHTC loan sales and securitizations and m2 runoff offset new lending.
• Average earning assets fell. Average earning assets declined $44.5 million in the quarter, as second-quarter LIHTC loan offtakes reduced the base, partly offset by third-quarter loan and investment growth.
• Capital markets revenue rose to $16.9M. Capital markets revenue was $16.9 million, compared with $15.4 million in the second quarter, which included a $1.3 million loss from the Freddie Mac LIHTC securitization.
• Affordable housing demand cited. Management attributed capital markets revenue to demand for affordable housing, its LIHTC team, and developer relationships.
• Capital recycling funded new originations. Over the trailing 12 months, capital markets revenue was $67.5 million, and net interest income rose $24.3 million, or 10%, on a smaller balance sheet.
• Wealth management revenue up 12%. Wealth management revenue was $5.7 million, unchanged from the second quarter and up 12% from the third quarter of 2025.
• Noninterest income rose to $30.5M. Noninterest income was $30.5 million, compared with $29.4 million in the second quarter.
• Net interest margin rose to 3.58% TEY. Net interest margin was 3.12% and NIM TEY was 3.58%, up from 3.10% and 3.55%. Net interest income was $68.7 million, up $0.8 million from the second quarter.
• Funding costs and deposits lifted margin. Management attributed the increase in net interest income to disciplined funding costs and higher average noninterest-bearing deposits.

Company events

The newest 8-K filings of 351 held.

Every filing

The newest filings with the SEC of 722 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

236 funds held it at 30 Jun 2026: 100 added and 64 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

QCR Holdings is a multi-bank holding company headquartered in Moline, Illinois. It was formed in February 1993 under Delaware law and elected to operate as a financial holding company under the BHCA in 2016. It serves the Quad Cities, Cedar Rapids, Waterloo/Cedar Falls, Des Moines/Ankeny and Springfield communities through four wholly-owned banking subsidiaries. These banks provide full-service commercial and consumer banking and trust and asset management services. The company's principal business is attracting deposits and investing them in loans, leases and securities. At 31 December 2025 it employed 967 full-time and 72 part-time employees.

How the business is organised

The four banks are Quad City Bank & Trust (QCBT), Cedar Rapids Bank & Trust (CRBT), Community State Bank (CSB) and Guaranty Bank (GB). QCBT is based in Bettendorf, Iowa and began operations in 1994. CRBT is based in Cedar Rapids, Iowa and began in 2001. CSB is based in Ankeny, Iowa and was acquired in 2016. GB is based in Springfield, Missouri and was acquired in 2018. The company's Commercial Banking business is split into four operating segments, one for each bank.

QCBT has five offices in Bettendorf and Davenport, Iowa and Moline, Illinois. CRBT has eight facilities, including branches acquired from CNB that operate as a division called "Community Bank & Trust". CSB has its headquarters and eight other branch facilities in the greater Des Moines area. GB has its headquarters and thirteen other branch facilities in the Springfield and Joplin area.

The company also has m2, a subsidiary of QCBT based in Waukesha, Wisconsin, which leased and financed machinery and equipment for C&I businesses. In September 2024 the company announced it would stop offering new loans and leases through m2.

The Federal Reserve is the primary federal regulator of the company and all four banks. QCBT, CRBT and CSB are also regulated by the Iowa Division of Banking, and GB by the Missouri Division of Finance. The FDIC also has regulatory authority over the banks.

What it lends

- - C&I other: 18% - - - - - - Consumer: 2%

About 46% of the CRE portfolio is made up of LIHTC loans, which finance low-income housing tax credit real estate projects. The filing says all of these were performing at 31 December 2025.

In C&I lending the banks focus on small and mid-sized businesses such as wholesalers, manufacturers, building contractors, business services companies, other banks and retailers. They take part in SBA and USDA programs, where the government generally guarantees 50% to 85% of the principal of a qualifying loan. Most residential mortgages are written to Freddie Mac and Fannie Mae standards so they can be resold, and servicing rights are generally not kept on loans sold. Each bank's total loans may not exceed 85% of its total assets.

How it earns its income

Results depend mainly on net interest income, the difference between interest earned on loans, leases and securities and interest paid on deposits and borrowings. Fee income comes from trust fees, investment advisory and management fees, deposit service fees, debit card fees, correspondent banking fees, capital markets revenue and gains on the sale of residential real estate and government guaranteed loans.

Capital markets revenue comes mainly from back-to-back interest rate swaps. The banks let commercial borrowers pay a fixed rate, receive a variable rate themselves, and collect an upfront nonrefundable fee. Each swap is matched with an offsetting swap with a larger financial institution. This is used most with LIHTC permanent loans, which can have terms up to 20 years.

Deposits and correspondent banking

Deposits in the ICS/CDARS program are 32.2% of all deposits.

Correspondent banking is a core line of business. The company serves 190 banks in Iowa, Illinois, Missouri and Wisconsin. It provides them with deposit accounts, fee-generating services, loan participations and bank stock loans.

Where it operates and who it competes with

The company operates in the Quad Cities, Cedar Rapids, Marion, Waterloo/Cedar Falls and Des Moines markets in Iowa, and the Springfield and Joplin markets in Missouri. It lends to corporations, partnerships, individuals and government agencies.

Competitors include other commercial banks, credit unions, thrift institutions, mutual funds, insurance companies, fintech companies, digital asset service providers, finance companies and brokerage firms. The filing says many of them are not subject to the same regulatory restrictions and that some much larger institutions have greater resources and larger lending limits.

Its people

None of the company's employees is represented by a collective bargaining unit. Benefits include an employee stock purchase plan, a Company-matched 401(k) plan, annual bonus opportunities and educational reimbursement. In 2025, 91% of employees took part in the annual engagement survey. The company reports an 82% engagement score against a national benchmark of 73%.

*From QCR Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/906465/000110465926021531/qcrh-20251231x10k.htm)*

From the company's 10-K.