QCR Holdings, Inc. Announces Net Income of $36.4 million for the Third Quarter of 2026

QCR Holdings, Inc. Announces Net Income of $36.4 million for the Third Quarter of 2026 GlobeNewswire October 20, 2026

Third Quarter 2026 Highlights

Record diluted earnings per share (“EPS”) of $2.21 with net income of $36.4 million and a 1.52% return on average assets (“ROAA”)
Expanded net interest margin (“NIM”) on a tax-equivalent yield (“TEY”) basis¹ 3 basis points to 3.58%
Strong capital markets revenue of $16.9 million, up 10% on a linked-quarter basis
Solid wealth management revenue of $5.7 million, up 12% year-over-year
Robust loan growth of 11% annualized on a linked-quarter basis, excluding m2 Equipment Finance (“m2”) portfolio runoff
Excellent asset quality with nonperforming assets (“NPAs”) improving to 0.39% of total assets, the lowest level in two years
Opportunistic share repurchases of $9.5 million, or 94,861 shares of common stock, during the quarter

MOLINE, Ill., Oct. 20, 2026 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $36.4 million and diluted EPS of $2.21 for the third quarter of 2026, compared to quarterly net income of $36.3 million and diluted EPS of $2.19 for the second quarter of 2026, and $36.7 million and $2.16 for the third quarter of 2025.


	For the Quarter Ended
	September 30,		June 30,		September 30,
$ in millions (except per share data)	2026		2026		2025
Net Income	$	36.4	$	36.3	$	36.7
Diluted EPS	$	2.21	$	2.19	$	2.16
Adjusted Net Income¹	$	36.4	$	36.3	$	36.9
Adjusted Diluted EPS¹	$	2.21	$	2.19	$	2.17

“We delivered record EPS this quarter with net income of $36.4 million, supported by margin expansion, robust loan growth, increased capital markets revenue, solid wealth management revenue, and further improvement in asset quality to the strongest level in several years,” said Todd Gipple, President and Chief Executive Officer. “Together, our results underscore the strength of our diversified business model, continued momentum in both low-income housing tax credit (“LIHTC”) and traditional lending, and disciplined execution across our franchise.”

Robust Loan Growth

In the third quarter of 2026, total loans increased $167.0 million, or 9% annualized from the second quarter. Loan growth was $189.7 million or 11% annualized when excluding the planned m2 portfolio runoff. Total loans were $7.2 billion on September 30, 2026, consistent with September 30, 2025 as the Company sold or securitized $730.0 million of LIHTC loans and an additional $105.6 million of m2 loans were runoff and not replaced.

“Over the past 12 months, we have strategically sold and securitized loans to recycle capital, support additional LIHTC originations, and generate attractive fee income without requiring corresponding balance sheet growth. By recycling this capital into new originations, we generated $67.5 million of capital markets revenue while increasing net interest income by $24.3 million or 10% compared to the preceding 12-month period. This demonstrates our ability to grow both net interest income and capital markets revenue while operating with a smaller balance sheet and deploying capital more efficiently,” said Mr. Gipple.

“With solid loan production trends and a strong pipeline heading into year-end, we are reaffirming our gross loan growth guidance of 10% to 15% annualized for the fourth quarter of 2026,” added Mr. Gipple.

Net Interest Income Growth Supported by Margin Expansion

Net interest income for the third quarter of 2026 was $68.7 million, an increase of $0.8 million, or 5% annualized, from the second quarter of 2026. NIM was 3.12% and NIM TEY¹ was 3.58% for the third quarter, as compared to 3.10% and 3.55%, respectively, for the prior quarter. The linked-quarter increase in net interest income was driven by margin expansion supported by disciplined funding costs and higher average noninterest-bearing deposits. Average earning assets declined $44.5 million, reflecting strategic LIHTC loan offtakes in the second quarter with strong third quarter loan and investment growth partially offsetting the reduction.

“Our NIM TEY¹ expanded 3 basis points from the second quarter of 2026, exceeding our guidance and driving solid net interest income growth. We expect the Federal Reserve’s September rate increase to be slightly accretive to NIM in the near-term, as variable-rate assets and new loan and investment growth reprice faster than deposits. The resulting benefit will hinge on our deposit repricing, customer behavior, and the shape of the yield curve. We remain focused on maintaining deposit pricing discipline and managing funding costs carefully,” said Nick Anderson, Chief Financial Officer.

“Looking ahead, we will continue to balance disciplined deposit pricing with the need to retain and grow core relationships. While our historical lag in deposit repricing should allow us to retain some near-term benefit from higher rates, continued competition for deposits and changes in our funding mix are expected to largely offset that benefit. Accordingly, assuming no additional Federal Reserve rate changes, we are guiding to a relatively static fourth quarter NIM TEY¹,” added Mr. Anderson.

Capital Markets and Wealth Management Revenue Remain Strong

Noninterest income for the third quarter of 2026 was $30.5 million, up from $29.4 million in the second quarter of 2026. The Company generated $16.9 million of capital markets revenue in the third quarter of 2026, compared to $15.4 million in the prior quarter, which was impacted by a $1.3 million loss from the Freddie Mac LIHTC securitization.

Wealth management revenue totaled $5.7 million for the quarter, consistent with the prior quarter, benefitting from market performance, continued expansion of client relationships, and growth in assets under management. Compared with the third quarter of 2025, wealth management revenue increased 12%. “Our wealth management business continues to deliver strong results, reflecting sustained new relationship growth and consistent growth in annual revenue,” said Mr. Gipple.

“Capital markets revenue remained strong, reflecting sustained demand for affordable housing, the strength of our LIHTC team, and longstanding developer relationships. While several transactions expected to close in the third quarter shifted into the fourth quarter, this business continues to demonstrate consistent performance over time. We are reaffirming our guidance for $60 to $70 million of capital markets revenue over the next four quarters, including an expected $18 to $20 million in the fourth quarter,” added Mr. Gipple.

Expense Discipline Supports Operating Leverage

Noninterest expense for the third quarter of 2026 totaled $54.7 million, compared to $53.2 million for the second quarter of 2026. The linked-quarter increase was driven by occupancy and equipment expense, salary and employee benefits, and the timing of advertising and marketing expenses. Occupancy and equipment expense included costs related to the third core system conversion completed in early October 2026. Salary and employee benefits reflected higher incentive compensation driven by strong full-year performance to date.

“Expenses were near the lower end of our guidance range while we continued to invest in digital transformation and growth initiatives,” said Mr. Anderson. “Our efficiency ratio¹ remained strong at 55.2%, reflecting our continued focus on operating leverage. Year-to-date, revenue has increased 9.3%, compared with expense growth of 4.8%, demonstrating continued operating leverage. Expenses remain well controlled, highlighting our disciplined execution of our 9/6/5 strategic model, which targets annual noninterest expense growth below 5%,” added Mr. Anderson.

For the fourth quarter of 2026, the Company expects noninterest expense to remain well controlled, assuming capital markets revenue and loan growth are within the guidance ranges and reflecting continued investments in digital transformation initiatives. The Company is reaffirming its noninterest expense guidance range of $54 to $57 million for the fourth quarter of 2026.

Strongest Asset Quality in Years

NPAs totaled $38.0 million at the end of the third quarter of 2026, a decrease of $1.5 million from the prior quarter, improving the NPA to total assets ratio to 0.39%, the lowest level since 2024. Total criticized loans also decreased $13.8 million on a linked-quarter basis to $120.4 million, or 1.67% of total loans and leases, the lowest percentage since 2019. The improvement reflected a combination of loan payoffs, credit upgrades, and charge-offs across several criticized borrower relationships.

The Company recorded a total provision for credit losses of $4.5 million in the third quarter, compared to $4.7 million in the second quarter. Net charge-offs were $3.1 million during the third quarter of 2026, a decline of $0.2 million from the prior quarter, and the lowest level recorded all year as the Company continues to benefit from the positive trends in charge-off activity from the winddown of the m2 portfolio. The allowance for credit losses to total loans held for investment was 1.23%, a decline of 1 basis point from the prior quarter.

Noninterest-Bearing Deposit Growth Despite Timing-Related Correspondent Deposit Outflows

Total deposits were $7.2 billion at September 30, 2026, compared to $7.4 billion at June 30, 2026. Core deposits excluding brokered deposits totaled $7.0 billion compared to $7.3 billion at June 30, 2026, while brokered deposits remained at 2% of total deposits. Noninterest-bearing deposits increased slightly, while average noninterest-bearing deposits increased $39.2 million or 15% annualized.

“We remain focused on optimizing our deposit mix and continued growth in relationship-based core deposits across our markets,” said Mr. Anderson. “We also achieved our fourth consecutive quarter of noninterest-bearing deposit growth, demonstrating continued progress on this key strategic priority. While we experienced some outflows of correspondent deposit balances during the quarter largely due to timing, those deposits have since returned to our balance sheet along with additional deposit growth shortly after the quarter ended,” added Mr. Anderson.

Tangible Book Value Growth and Disciplined Capital Management

Tangible book value (“TBV”) per share¹ increased to $61.79 at September 30, 2026, representing 11% year-over-year growth while at the same time returning capital to shareholders through the repurchase of approximately 650 thousand shares of common stock and two dividend increases to-date in 2026.

As of September 30, 2026, the tangible common equity to tangible assets ratio¹ decreased 28 basis points to 10.43% from 10.71% in the prior quarter. The decrease primarily reflected a $19.4 million reduction in accumulated other comprehensive income from unrealized losses on the investment portfolio as market interest rates increased, as well as the impact of continued share repurchases. These factors were partially offset by strong earnings.

The common equity tier 1 ratio increased 33 basis points to 11.01% and the total risk-based capital ratio increased 37 basis points to 14.50%. These quarterly changes reflect the combined impact of strong earnings and share repurchases during the quarter, partially offset by strong loan and investment growth. By comparison, these ratios were 10.68% and 14.13%, respectively, as of June 30, 2026.

Continued Opportunistic Share Repurchases

The Company repurchased $9.5 million of common stock during the third quarter of 2026, reflecting confidence in the Company’s long-term outlook. Since resuming share repurchase activity in 2025, the Company has repurchased more than 770 thousand shares, returning $65.5 million of capital to shareholders at an attractive multiple relative to TBV¹. The share repurchase program remains an important capital management tool, providing flexibility to return capital to shareholders while maintaining a strong capital position.

Efficient Tax Management Supports Strong Earnings

The Company continued to benefit from a well-managed effective tax rate, reflecting disciplined tax planning and execution across the organization. This consistent approach enhances earnings quality and supports the Company’s ability to reinvest in growth, maintain strong capital levels, and return capital to shareholders. The Company expects its effective tax rate to remain in the range of 8% to 10% for the fourth quarter of 2026, assuming a revenue mix in line with its guidance ranges.

Conference Call Details
The Company will host an earnings call/webcast tomorrow, October 21, 2026, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253; Canada toll-free 855-669-9657). Participants should request to join the QCR Holdings, Inc. call. Participants will be required to state their name and company upon entering the call. The event will be available for replay through October 28, 2026. The replay access information is 855-669-9658 (international 412-317-0088); access code 5670385. 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 35 locations in Iowa, Missouri, and Illinois. As of September 30, 2026, the Company had $9.8 billion in assets, $7.2 billion in loans and $7.2 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

Endnotes
¹Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in 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.

Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially, from those currently expected or projected in these forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. 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, immigration enforcement and changes in foreign policy; (ii) effects on the U.S. economy resulting from actions taken by federal and local governments, including changes in local, state and federal laws and regulations, the threat or implementation of tariffs, immigration enforcement and changes in foreign policy; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), and other adverse external events that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control, 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, private credit firms, 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 such as the September increase in the benchmark federal funds rate by the Federal Reserve; (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 the Company’s or 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) emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or customers; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework; 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:
Doug Neumann
VP, Investor Relations
(309) 743-7753
dneumann@qcrh.com


QCR Holdings, Inc. Consolidated Financial Highlights (Unaudited)

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
		(dollars in thousands)
CONDENSED BALANCE SHEET
Cash and due from banks	$	89,267		$	111,342		$	80,038		$	76,494		$	77,581
Federal funds sold and interest-bearing deposits		97,433			80,408			39,290			76,399			84,738
Securities, net of allowance for credit losses		1,431,589			1,401,408			1,324,750			1,312,310			1,308,689
Loans receivable held for sale (1)		2,449			3,731			524,931			1,429			1,457
Loans/leases receivable held for investment		7,197,454			7,029,199			6,760,569			7,165,526			7,177,464
Allowance for credit losses		(88,424	)		(87,185	)		(85,459	)		(90,127	)		(88,770	)
Intangibles		6,562			7,068			7,574			8,080			9,077
Goodwill		138,595			138,595			138,595			138,595			138,595
Derivatives		243,882			211,178			209,836			188,409			202,703
Other assets		676,513			624,899			613,571			621,079			576,401
Total assets	$	9,795,320		$	9,520,643		$	9,613,695		$	9,498,194		$	9,487,935

Total deposits	$	7,203,201		$	7,417,334		$	7,770,850		$	7,414,198		$	7,380,068
Total borrowings		1,021,344			660,315			418,257			638,541			706,827
Derivatives		262,023			131,921			149,836			137,051			150,375
Other liabilities		156,934			161,316			152,288			196,093			163,750
Total stockholders’ equity		1,151,818			1,149,757			1,122,464			1,112,311			1,086,915
Total liabilities and stockholders’ equity	$	9,795,320		$	9,520,643		$	9,613,695		$	9,498,194		$	9,487,935

ANALYSIS OF LOAN PORTFOLIO
Loan/lease mix: (2)
Commercial and industrial - revolving	$	450,232		$	407,419		$	376,284		$	384,656		$	386,674
Commercial and industrial - other		1,046,885			1,080,335			1,059,148			1,094,064			1,107,896
Commercial and industrial - other - LIHTC		136,382			129,578			237,125			224,802			222,772
Total commercial and industrial		1,633,499			1,617,332			1,672,557			1,703,522			1,717,342
Commercial real estate, owner occupied		607,424			589,928			588,098			577,352			586,578
Commercial real estate, non-owner occupied		927,205			966,873			1,000,673			1,036,655			1,053,732
Construction and land development		666,961			630,909			608,039			566,891			515,787
Construction and land development - LIHTC		536,506			574,644			693,591			741,531			1,028,978
Multi-family		365,198			359,993			355,349			340,080			316,353
Multi-family - LIHTC		1,675,395			1,511,247			1,582,573			1,429,251			1,187,243
Direct financing leases		5,610			6,382			7,947			9,533			11,090
1-4 family real estate		614,717			613,664			618,973			603,683			599,838
Consumer		167,388			161,958			157,700			158,457			161,980
Total loans/leases	$	7,199,903		$	7,032,930		$	7,285,500		$	7,166,955		$	7,178,921
Less allowance for credit losses		88,424			87,185			85,459			90,127			88,770
Net loans/leases	$	7,111,479		$	6,945,745		$	7,200,041		$	7,076,828		$	7,090,151

ANALYSIS OF SECURITIES PORTFOLIO
Securities mix:
U.S. government sponsored agency securities	$	13,356		$	13,928		$	15,059		$	16,024		$	14,208
Municipal securities		1,144,374			1,126,055			1,081,102			1,081,274			1,085,669
Residential mortgage-backed and related securities		106,133			88,515			86,222			68,855			57,108
Asset backed securities		3,651			3,769			4,076			4,439			4,918
Other securities		48,307			53,456			55,845			58,143			63,824
Trading securities (3)		116,050			115,967			82,728			83,857			83,225
Total securities	$	1,431,871		$	1,401,690		$	1,325,032		$	1,312,592		$	1,308,952
Less allowance for credit losses		282			282			282			282			263
Net securities	$	1,431,589		$	1,401,408		$	1,324,750		$	1,312,310		$	1,308,689

ANALYSIS OF DEPOSITS
Deposit mix:
Noninterest-bearing demand deposits	$	1,023,748		$	1,022,346		$	982,696		$	945,513		$	931,774
Interest-bearing demand deposits		5,189,923			5,399,818			5,634,742			5,196,438			5,176,364
Time deposits		824,663			840,346			968,914			1,035,317			1,004,980
Brokered deposits		164,867			154,824			184,498			236,930			266,950
Total deposits	$	7,203,201		$	7,417,334		$	7,770,850		$	7,414,198		$	7,380,068

ANALYSIS OF BORROWINGS
Borrowings mix:
Term FHLB advances	$	10,609		$	10,609		$	10,609		$	10,383		$	145,383
Overnight FHLB advances		623,000			258,000			15,000			235,000			145,000
Other borrowings		99,488			99,430			107,457			107,395			130,609
Other short-term borrowings		4,750			8,907			1,950			2,650			2,850
Subordinated notes		234,407			234,312			234,217			234,122			234,027
Junior subordinated debentures		49,090			49,057			49,024			48,991			48,958
Total borrowings	$	1,021,344		$	660,315		$	418,257		$	638,541		$	706,827

__________________

(1)	There were no loans identified for LIHTC securitization or LIHTC loan sales September 30, 2026 and June 30, 2026, $522.9 million identified and included in LHFS at March 31, 2026 and none as of December 31, 2025 and September 30, 2025.
(2)	Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.4 billion at September 30, 2026.
(3)	Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.

QCR Holdings, Inc. Consolidated Financial Highlights (Unaudited)

	For the Quarter Ended
	September 30,		June 30,			March 31,			December 31,		September 30,
	2026		2026			2026			2025		2025
		(dollars in thousands, except per share data)
INCOME STATEMENT
Interest income	$	121,573	$	121,027		$	120,091		$	127,491	$	125,015
Interest expense		52,881		53,111			52,653			59,137		60,216
Net interest income		68,692		67,916			67,438			68,354		64,799
Provision for credit losses		4,452		4,708			2,454			5,499		4,305
Net interest income after provision for credit losses	$	64,240	$	63,208		$	64,984		$	62,855	$	60,494

Trust fees (1)	$	3,980	$	4,281		$	3,894		$	3,749	$	3,544
Investment advisory and management fees (1)		1,677		1,551			1,539			1,504		1,488
Deposit service fees		2,230		2,115			1,973			2,092		2,231
Gains on sales of residential real estate loans, net		325		507			614			666		529
Capital markets revenue		16,901		15,392			10,701			24,481		23,832
Earnings on bank-owned life insurance		887		1,025			931			888		952
Debit card fees		1,745		1,752			1,659			1,640		1,648
Correspondent banking fees		738		747			693			699		664
Loan related fee income		1,045		1,066			950			930		846
Fair value gain (loss) on derivatives and trading securities		442		802			(869	)		800		324
Other		512		189			867			1,216		593
Total noninterest income	$	30,482	$	29,427		$	22,952		$	38,665	$	36,651

Salaries and employee benefits	$	32,803	$	32,120		$	31,389		$	36,898	$	34,338
Occupancy and equipment expense		8,165		7,342			7,479			7,364		7,363
Professional and data processing fees		5,250		5,597			5,162			7,303		6,741
FDIC insurance, other insurance and regulatory fees		1,847		1,973			2,072			2,232		2,035
Loan/lease expense		606		291			106			378		345
Net cost of (income from) and gains/losses on operations of other real estate		24		(11	)		16			36		3
Advertising and marketing		2,143		1,822			1,775			2,346		1,830
Communication and data connectivity		170		243			202			184		40
Supplies		223		265			233			238		259
Bank service charges		679		711			664			706		678
Losses on debt extinguishment, net		—		—			—			1,963		—
Correspondent banking expense		334		335			333			329		338
Intangibles amortization		506		506			506			997		662
Payment card processing		551		496			508			577		569
Trust expense		423		455			474			436		412
Other		1,002		1,012			1,206			865		974
Total noninterest expense	$	54,726	$	53,157		$	52,125		$	62,852	$	56,587

Net income before income taxes	$	39,996	$	39,478		$	35,811		$	38,668	$	40,558
Federal and state income tax expense		3,562		3,227			2,428			3,004		3,844
Net income	$	36,434	$	36,251		$	33,383		$	35,664	$	36,714

Basic EPS	$	2.23	$	2.20		$	2.00		$	2.13	$	2.17
Diluted EPS	$	2.21	$	2.19		$	1.99		$	2.12	$	2.16

Weighted average common shares outstanding		16,362,311		16,489,987			16,651,808			16,756,717		16,919,785
Weighted average common and common equivalent shares outstanding		16,451,111		16,569,815			16,741,541			16,858,672		17,015,730

__________________

(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
	September 30,		September 30,
	2026		2025
	(dollars in thousands, except per share data)
INCOME STATEMENT
Interest income	$	362,691	$	361,935
Interest expense		158,645		175,068
Net interest income		204,046		186,867
Provision for credit losses		11,614		12,582
Net interest income after provision for credit losses	$	192,432	$	174,285

Trust fees (1)	$	12,155	$	10,625
Investment advisory and management fees (1)		4,767		3,996
Deposit service fees		6,318		6,601
Gains on sales of residential real estate loans, net		1,446		1,382
Capital markets revenue		42,994		40,217
Earnings on bank-owned life insurance		2,843		2,474
Debit card fees		5,156		4,784
Correspondent banking fees		2,178		1,977
Loan related fee income		3,061		2,840
Fair value gain (loss) on derivatives and trading securities		375		(453	)
Other		1,568		1,215
Total noninterest income	$	82,861	$	75,658

Salaries and employee benefits	$	96,312	$	90,176
Occupancy and equipment expense		22,986		20,655
Professional and data processing fees		16,009		17,974
FDIC insurance, other insurance and regulatory fees		5,892		5,965
Loan/lease expense		1,003		1,133
Net cost of and gains/losses on operations of other real estate		29		44
Advertising and marketing		5,740		5,189
Communication and data connectivity		615		604
Supplies		721		718
Bank service charges		2,054		1,994
Correspondent banking expense		1,002		981
Intangibles amortization		1,518		1,984
Payment card processing		1,555		1,710
Trust expense		1,352		1,182
Other		3,220		2,400
Total noninterest expense	$	160,008	$	152,709

Net income before income taxes	$	115,285	$	97,234
Federal and state income tax expense		9,217		5,704
Net income	$	106,068	$	91,530

Basic EPS	$	6.43	$	5.41
Diluted EPS	$	6.39	$	5.38

Weighted average common shares outstanding		16,501,369		16,916,371
Weighted average common and common equivalent shares outstanding		16,587,489		17,011,877

__________________

(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)

	As of and for the Quarter Ended															For the Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
	2026			2026			2026			2025			2025			2026			2025
	(dollars in thousands, except per share data)

COMMON SHARE DATA
Common shares outstanding		16,291,870			16,367,268			16,496,102			16,690,603			16,838,866
Book value per common share (1)	$	70.70		$	70.25		$	68.04		$	66.64		$	64.55
Tangible book value per common share (Non-GAAP) (2)	$	61.79		$	61.35		$	59.18		$	57.86		$	55.78
Closing stock price	$	97.88		$	97.35		$	85.45		$	83.30		$	75.64
Market capitalization	$	1,594,648		$	1,593,354		$	1,409,592		$	1,390,327		$	1,273,692
Market price / book value		138.45	%		138.58	%		125.58	%		124.99	%		117.18	%
Market price / tangible book value		158.41	%		158.68	%		144.38	%		143.98	%		135.61	%
Earnings per common share (basic) LTM (3)	$	8.56		$	8.50		$	8.01		$	7.54		$	7.21
Price earnings ratio LTM (3)		11.43x			11.45 x			10.67 x			11.05 x			10.49 x
TCE / TA (Non-GAAP) (4)		10.43	%		10.71	%		10.31	%		10.33	%		10.06	%

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
Beginning balance	$	1,149,757		$	1,122,464		$	1,112,311		$	1,086,915		$	1,050,554
Net income		36,434			36,251			33,383			35,664			36,714
Other comprehensive income (loss), net of tax		(23,834	)		4,354			(1,879	)		1,981			8,342
Common stock cash dividends declared		(2,457	)		(1,652	)		(1,674	)		(1,011	)		(1,017	)
Repurchase and cancellation of shares of common stock as a result of a share repurchase program		(9,545	)		(13,469	)		(20,842	)		(12,635	)		(8,993	)
Other (5)		1,463			1,809			1,165			1,397			1,315
Ending balance	$	1,151,818		$	1,149,757		$	1,122,464		$	1,112,311		$	1,086,915

REGULATORY CAPITAL RATIOS (6):
Total risk-based capital ratio		14.50	%		14.13	%		14.00	%		14.19	%		14.03	%
Tier 1 risk-based capital ratio		11.52	%		11.18	%		11.05	%		11.02	%		10.85	%
Tier 1 leverage capital ratio		11.96	%		11.65	%		11.44	%		11.07	%		11.29	%
Common equity tier 1 ratio		11.01	%		10.68	%		10.54	%		10.52	%		10.34	%

KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets (annualized)		1.52	%		1.51	%		1.40	%		1.46	%		1.57	%		1.48	%		1.33	%
Return on average total equity (annualized)		12.43	%		12.64	%		11.75	%		12.78	%		13.65	%		12.27	%		11.68	%
Net interest margin		3.12	%		3.10	%		3.13	%		3.06	%		3.00	%		3.12	%		2.97	%
Net interest margin TEY (Non-GAAP) (7)		3.58	%		3.55	%		3.58	%		3.57	%		3.51	%		3.57	%		3.46	%
Efficiency ratio (Non-GAAP) (8)		55.18	%		54.61	%		57.67	%		58.73	%		55.78	%		55.77	%		58.17	%
Gross loans/leases held for investment / total assets		73.48	%		73.83	%		70.32	%		75.44	%		75.65	%		73.48	%		75.01	%
Gross loans/leases held for investment / total deposits		99.92	%		94.77	%		87.00	%		96.65	%		97.25	%		99.92	%		97.25	%
Effective tax rate		8.91	%		8.17	%		6.78	%		7.77	%		9.48	%		7.99	%		5.87	%
Full-time equivalent employees		1,016			1,001			997			1,004			994			1,016			994

AVERAGE BALANCES
Assets	$	9,558,844		$	9,581,171		$	9,550,010		$	9,758,848		$	9,354,411		$	9,563,374		$	9,176,349
Loans/leases		7,103,446			7,182,293			7,183,312			7,292,592			7,048,314			7,156,107			6,907,731
Deposits		7,439,218			7,613,397			7,650,696			7,620,212			7,383,373			7,566,996			7,250,268
Total stockholders’ equity		1,172,894			1,147,382			1,136,307			1,116,342			1,075,715			1,152,328			1,045,090

__________________

(1)	Includes accumulated other comprehensive income (loss).
(2)	Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.
(3)	LTM: Last twelve months.
(4)	TCE / TCA: tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.
(5)	Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.
(6)	Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.
(7)	TEY: Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(8)	See GAAP to Non-GAAP reconciliations.

QCR Holdings, Inc. Consolidated Financial Highlights (Unaudited)

ANALYSIS OF NET INTEREST INCOME AND MARGIN

	For the Quarter Ended
	September. 30, 2026						June 30, 2026						September 30, 2025
	Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost

	(dollars in thousands)
Fed funds sold	$	13,386	$	127	3.71	%	$	5,264	$	52	3.91	%	$	13,808	$	154	4.36	%
Interest-bearing deposits at financial institutions		106,013		935	3.50	%		150,092		1,353	3.62	%		128,126		1,341	4.15	%
Investment securities - taxable		446,297		4,968	4.46	%		426,526		4,755	4.47	%		400,765		4,878	4.86	%
Investment securities - nontaxable (1)		1,035,149		16,451	6.35	%		989,220		15,537	6.29	%		952,542		13,841	5.81	%
Restricted investment securities		34,653		650	7.34	%		30,028		519	6.84	%		31,959		570	6.98	%
Loans (1)		7,103,446		108,476	6.06	%		7,182,293		108,623	6.07	%		7,048,314		115,094	6.48	%
Total earning assets (1)	$	8,738,944	$	131,607	5.98	%	$	8,783,423	$	130,839	5.97	%	$	8,575,514	$	135,878	6.29	%

Interest-bearing deposits	$	5,407,041	$	36,031	2.64	%	$	5,519,231	$	36,251	2.63	%	$	5,197,006	$	40,221	3.07	%
Time deposits		979,181		8,568	3.47	%		1,080,345		9,543	3.54	%		1,237,232		12,595	4.04	%
Short-term borrowings		3,661		33	3.47	%		3,138		30	3.82	%		2,022		21	4.15	%
Federal Home Loan Bank advances		256,174		2,509	3.83	%		153,279		1,384	3.57	%		204,786		2,348	4.49	%
Other borrowings		99,450		1,081	4.35	%		107,389		1,265	4.71	%		48,295		479	3.97	%
Subordinated notes		234,344		3,934	6.72	%		234,250		3,923	6.70	%		236,783		3,861	6.52	%
Junior subordinated debentures		49,068		725	5.78	%		49,035		716	5.78	%		48,936		690	5.52	%
Total interest-bearing liabilities	$	7,028,919	$	52,881	2.98	%	$	7,146,667	$	53,112	2.98	%	$	6,975,060	$	60,215	3.42	%

Net interest income (1)			$	78,726					$	77,727					$	75,663
Net interest margin					3.12	%					3.10	%					3.00	%
Net interest margin TEY (Non-GAAP) (1) (2)					3.58	%					3.55	%					3.51	%
Cost of funds (3)					2.60	%					2.61	%					3.01	%


	For the Nine Months Ended
	September. 30, 2026						September 30, 2025
	Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost

		(dollars in thousands)

Fed funds sold	$	8,904	$	252	3.73	%	$	12,385	$	412	4.38	%
Interest-bearing deposits at financial institutions		141,033		3,776	3.58	%		149,287		4,778	4.28	%
Investment securities - taxable		427,853		14,685	4.58	%		401,067		14,272	4.75	%
Investment securities - nontaxable (1)		989,559		46,038	6.21	%		896,990		38,434	5.72	%
Restricted investment securities		29,773		1,554	6.89	%		32,191		1,726	7.07	%
Loans (1)		7,156,107		325,980	6.09	%		6,907,731		332,780	6.44	%
Total earning assets (1)	$	8,753,229	$	392,285	5.99	%	$	8,399,651	$	392,402	6.24	%

Interest-bearing deposits	$	5,459,152	$	107,776	2.64	%	$	5,094,180	$	116,523	3.06	%
Time deposits		1,088,435		29,172	3.58	%		1,211,739		37,693	4.16	%
Short-term borrowings		3,349		90	3.55	%		1,761		55	4.09	%
Federal Home Loan Bank advances		151,212		4,190	3.65	%		211,189		7,197	4.49	%
Other borrowings		104,722		3,512	4.47	%		16,275		479	3.93	%
Subordinated notes		234,251		11,777	6.70	%		234,659		11,062	6.29	%
Junior subordinated debentures		49,035		2,128	5.72	%		48,904		2,059	5.55	%
Total interest-bearing liabilities	$	7,090,156	$	158,645	2.99	%	$	6,818,707	$	175,068	3.43	%

Net interest income (1)			$	233,640					$	217,334
Net interest margin					3.12	%					2.97	%
Net interest margin TEY (Non-GAAP) (1) (2)					3.57	%					3.46	%
Cost of funds (3)					2.61	%					3.01	%

__________________

(1)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(2)	TEY: Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(3)	Cost of funds includes the effect of noninterest-bearing deposits.

QCR Holdings, Inc. Consolidated Financial Highlights (Unaudited)

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
	(dollars in thousands)

ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES
Beginning balance	$	87,185		$	85,459		$	90,127		$	88,770		$	88,732
Change in ACL for transfer of loans to LHFS (4)		—			374			(3,450	)		—			—
Provision for credit losses		4,324			4,652			2,688			5,562			4,225
Loans/leases charged off		(4,217	)		(3,573	)		(4,447	)		(4,469	)		(4,746	)
Recoveries on loans/leases previously charged off		1,132			273			541			264			559
Ending balance	$	88,424		$	87,185		$	85,459		$	90,127		$	88,770

NONPERFORMING ASSETS
Nonaccrual loans/leases	$	36,250		$	39,139		$	41,823		$	42,212		$	42,167
Accruing loans/leases past due 90 days or more		21			1			35			85			43
Total nonperforming loans/leases		36,271			39,140			41,858			42,297			42,210
Other real estate owned		1,709			350			540			540			—
Other repossessed assets		20			20			500			500			510
Total nonperforming assets	$	38,000		$	39,510		$	42,898		$	43,337		$	42,720

ASSET QUALITY RATIOS
Nonperforming assets / total assets		0.39	%		0.41	%		0.45	%		0.45	%		0.45	%
ACL for loans and leases / total loans/leases held for investment		1.23	%		1.24	%		1.26	%		1.26	%		1.24	%
ACL for loans and leases / nonperforming loans/leases		243.79	%		222.75	%		204.16	%		213.08	%		210.31	%
Net charge-offs as a % of average loans/leases		0.04	%		0.05	%		0.05	%		0.06	%		0.06	%

INTERNALLY ASSIGNED RISK RATING (1)
Special mention	$	59,675		$	69,706		$	82,819		$	74,765		$	76,750
Substandard (2)		60,729			64,519			63,491			64,142			67,319
Doubtful (2)		—			—			—			—			—
Total Criticized loans (3)	$	120,404		$	134,225		$	146,310		$	138,907		$	144,069

Classified loans as a % of total loans/leases (2)		0.84	%		0.92	%		0.87	%		0.89	%		0.94	%
Total Criticized loans as a % of total loans/leases (3)		1.67	%		1.91	%		2.01	%		1.94	%		2.01	%

__________________

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

QCR Holdings, Inc. Consolidated Financial Highlights (Unaudited)

	For the Quarter Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
SELECT FINANCIAL DATA - SUBSIDIARIES	2026			2026			2025			2026			2025
		(dollars in thousands)

TOTAL ASSETS
Quad City Bank and Trust (1)	$	2,709,310		$	2,787,394		$	2,794,136
m2 Equipment Finance, LLC		108,136			130,764			211,524
Cedar Rapids Bank and Trust		2,979,899			2,880,251			2,760,379
Community State Bank		1,780,615			1,745,280			1,680,476
Guaranty Bank		2,414,400			2,377,330			2,446,635

TOTAL DEPOSITS
Quad City Bank and Trust (1)	$	2,166,722		$	2,393,789		$	2,407,371
Cedar Rapids Bank and Trust		2,045,193			2,075,070			1,890,779
Community State Bank		1,325,930			1,263,222			1,296,255
Guaranty Bank		1,879,258			1,879,401			1,835,993

TOTAL LOANS & LEASES
Quad City Bank and Trust (1)	$	1,949,427		$	1,895,840		$	2,118,791
m2 Equipment Finance, LLC		112,377			135,065			217,966
Cedar Rapids Bank and Trust		2,073,690			2,011,688			1,894,594
Community State Bank		1,331,493			1,291,151			1,269,359
Guaranty Bank		1,845,293			1,834,251			1,896,178

TOTAL LOANS & LEASES / TOTAL DEPOSITS
Quad City Bank and Trust (1)		90	%		79	%		88	%
Cedar Rapids Bank and Trust		101	%		97	%		100	%
Community State Bank		100	%		102	%		98	%
Guaranty Bank		98	%		98	%		103	%

TOTAL LOANS & LEASES / TOTAL ASSETS
Quad City Bank and Trust (1)		72	%		68	%		76	%
Cedar Rapids Bank and Trust		70	%		70	%		69	%
Community State Bank		75	%		74	%		76	%
Guaranty Bank		76	%		77	%		78	%

ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT
Quad City Bank and Trust (1)		1.18	%		1.17	%		1.24	%
m2 Equipment Finance, LLC		5.42	%		5.05	%		4.48	%
Cedar Rapids Bank and Trust		1.17	%		1.19	%		1.31	%
Community State Bank		1.03	%		1.00	%		0.97	%
Guaranty Bank		1.48	%		1.53	%		1.34	%

RETURN ON AVERAGE ASSETS (ANNUALIZED)
Quad City Bank and Trust (1)		1.37	%		1.59	%		1.20	%		1.43	%		1.25	%
Cedar Rapids Bank and Trust		3.02	%		3.03	%		3.26	%		2.84	%		2.60	%
Community State Bank		1.29	%		1.34	%		1.40	%		1.33	%		1.27	%
Guaranty Bank		1.22	%		0.66	%		1.30	%		1.04	%		0.96	%

NET INTEREST MARGIN PERCENTAGE (2)
Quad City Bank and Trust (1)		3.26	%		3.15	%		3.40	%		3.21	%		3.43	%
Cedar Rapids Bank and Trust		4.07	%		3.99	%		4.03	%		4.03	%		4.01	%
Community State Bank		3.92	%		3.91	%		3.90	%		3.91	%		3.85	%
Guaranty Bank		3.37	%		3.27	%		3.22	%		3.36	%		3.13	%

__________________

(1)	Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.
(2)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.

QCR Holdings, Inc. Consolidated Financial Highlights (Unaudited)

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
GAAP TO NON-GAAP RECONCILIATIONS	2026			2026			2026			2025			2025
	(dollars in thousands, except per share data)
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)
Stockholders’ equity (GAAP)	$	1,151,818		$	1,149,757		$	1,122,464		$	1,112,311		$	1,086,915
Less: Intangible assets		145,157			145,663			146,169			146,675			147,672
Tangible common equity (non-GAAP)	$	1,006,661		$	1,004,094		$	976,295		$	965,636		$	939,243

Total assets (GAAP)	$	9,795,320		$	9,520,643		$	9,613,695		$	9,498,194		$	9,487,935
Less: Intangible assets		145,157			145,663			146,169			146,675			147,672
Tangible assets (non-GAAP)	$	9,650,163		$	9,374,980		$	9,467,526		$	9,351,519		$	9,340,263

Tangible common equity to tangible assets ratio (non-GAAP)		10.43	%		10.71	%		10.31	%		10.33	%		10.06	%

TANGIBLE BOOK VALUE PER SHARE (1)

Tangible common equity (non-GAAP)	$	1,006,661		$	1,004,094		$	976,295		$	965,636		$	939,243

Common shares outstanding		16,291,870			16,367,268			16,496,102			16,690,603			16,838,866

Tangible book value per common share (non-GAAP)	$	61.79		$	61.35		$	59.18		$	57.86		$	55.78

CORE DEPOSITS (1)

Total deposits (GAAP)	$	7,203,201		$	7,417,334		$	7,770,850		$	7,414,198		$	7,380,068
Less: Brokered Deposits		164,867			154,824			184,498			236,930			266,950
Core deposits (non-GAAP)	$	7,038,334		$	7,262,510		$	7,586,352		$	7,177,268		$	7,113,118

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(1)

These metrics are non-GAAP financial measures. 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 Nine Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
ADJUSTED NET INCOME (1)	2026			2026			2026			2025			2025			2026			2025
		(dollars in thousands, except per share data)
Net income (GAAP)	$	36,434		$	36,251		$	33,383		$	35,664		$	36,714		$	106,068		$	91,530

Less non-core items (post-tax) (2):
Income:
Fair value loss on derivatives, net		—			(4	)		(13	)		(88	)		(223	)		(17	)		(776	)
Total adjusted income (non-GAAP)	$	—		$	(4	)	$	(13	)	$	(88	)	$	(223	)	$	(17	)	$	(776	)

Expense:
Losses on debt extinguishment, net		—			—			—			1,551			—			—			—
Total adjusted expense (non-GAAP)	$	—		$	—		$	—		$	1,551		$	—		$	—		$	—


Adjusted net income (non-GAAP) (1)	$	36,434		$	36,255		$	33,396		$	37,303		$	36,937		$	106,085		$	92,306

ADJUSTED EARNINGS PER COMMON SHARE (1)

Adjusted net income (non-GAAP) (from above)	$	36,434		$	36,255		$	33,396		$	37,303		$	36,937		$	106,085		$	92,306

Weighted average common shares outstanding		16,362,311			16,489,987			16,651,808			16,756,717			16,919,785			16,501,369			16,916,371
Weighted average common and common equivalent shares outstanding		16,451,111			16,569,815			16,741,541			16,858,672			17,015,730			16,587,489			17,011,877

Adjusted earnings per common share (non-GAAP):
Basic	$	2.23		$	2.20		$	2.01		$	2.23		$	2.18		$	6.43		$	5.46
Diluted	$	2.21		$	2.19		$	1.99		$	2.21		$	2.17		$	6.40		$	5.43

ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)

Adjusted net income (non-GAAP) (from above)	$	36,434		$	36,255		$	33,396		$	37,303		$	36,937		$	106,085		$	92,306

Average Assets	$	9,558,844		$	9,581,171		$	9,550,010		$	9,758,848		$	9,354,411		$	9,563,374		$	9,176,349

Adjusted return on average assets (annualized) (non-GAAP)		1.52	%		1.51	%		1.40	%		1.53	%		1.58	%		1.48	%		1.34	%
Adjusted return on average equity (annualized) (non-GAAP)		12.43	%		12.64	%		11.76	%		13.37	%		13.73	%		12.27	%		11.78	%

NET INTEREST MARGIN TEY (3)

Net interest income (GAAP)	$	68,692		$	67,916		$	67,438		$	68,354		$	64,799		$	204,046		$	186,867
Plus: Tax equivalent adjustment (4)		10,034			9,811			9,748			11,277			10,864			29,594			30,467
Net interest income - tax equivalent (non-GAAP)	$	78,726		$	77,727		$	77,186		$	79,631		$	75,663		$	233,640		$	217,334

Average earning assets	$	8,738,944		$	8,783,423		$	8,737,152		$	8,872,022		$	8,575,514		$	8,753,229		$	8,399,651

Net interest margin (GAAP)		3.12	%		3.10	%		3.13	%		3.06	%		3.00	%		3.12	%		2.97	%
Net interest margin TEY (non-GAAP)		3.58	%		3.55	%		3.58	%		3.57	%		3.51	%		3.57	%		3.46	%

EFFICIENCY RATIO (5)

Noninterest expense (GAAP)	$	54,726		$	53,157		$	52,125		$	62,852		$	56,587		$	160,008		$	152,709

Net interest income (GAAP)	$	68,692		$	67,916		$	67,438		$	68,354		$	64,799		$	204,046		$	186,867
Noninterest income (GAAP)		30,482			29,427			22,952			38,665			36,651			82,861			75,658
Total income	$	99,174		$	97,343		$	90,390		$	107,019		$	101,450		$	286,907		$	262,525

Efficiency ratio (noninterest expense/total income) (non-GAAP)		55.18	%		54.61	%		57.67	%		58.73	%		55.78	%		55.77	%		58.17	%
Adjusted efficiency ratio (adjusted noninterest expense/adjusted total income) (non-GAAP)		55.18	%		54.61	%		57.66	%		56.84	%		55.62	%		55.77	%		57.95	%

__________________

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