Annual Report

3 2020 A nnual R epo r t On behalf of the entire Board of Directors, we are pleased and proud to b r ing y ou this y ea r ’ s A nnual R epo r t . As we reflect on 2020 , it’s difficult to describe the challenges we faced as in - dividuals, families, businesses and even as a country . As we turn the page to 2021 , we’re optimistic and confident about the opportunities ahead while a w a r e th a t ma n y challenges c o n tinu e . A year ago, we were confident that QCR Holdings’ companies were well - positioned to support our cli - ents, communities, employees and shareholders through the uncer - tainty . While there was no way to predict all that happened, we now know we were indeed prepared to successfully serve all of our stake - holders . With record earnings and improving operating metrics, our organization adapted and thrived while se r ving our clien t s ’ best i n t er - ests and the ma r k ets w e se r v e . We are all hopeful that we will see ongoing recovery in all areas over the c ourse of the y ea r , and no doubt new issues will arise, as well . Our organization will continue to adapt and be part of the solution for all stak eholder s . W e h a v e a g r e a t ma n - ageme n t t eam in plac e and a st r ong financial position t o tak e us the r e . FOCUSED ON SERVING OUR CLIENTS A Message from the Chair and Vice Chair of the Board A s w e turn the page t o 2021, w e ’ r e optimistic and confident about the opportunities ahead. P a t Bair d , C hair of the B oa rd M arie Z elni o - Z iegle r , V i c e C hair of the B oa rd Thank you for being ou r sha r eholder s , and please stay safe.

4 QCR H olding s , I n c . REL A TIONSHIP S M A T TER A message f r om the CEO and P r esiden t From learning how to adapt our business during a pandemic, to helping new and existing clients secure business - saving Paycheck Protection P r o g r am (PPP) loan s , our t eam c ame t ogether t o support each other and our clients in a way that w as tr ul y inspi r in g . Because of our long - standing emphasis on building relationships, we exceeded our goals, gained hundreds of new clients, and reported another record year . Our record net income results, driven by continued strong growth in loans, deposits and fee income, were accom - plished while also significantly building our re - se r v es f or futu r e loan losse s . There are likely still challenges ahead . However, we start the year with exceptional credit qual - ity and a strong capital position . We remain focused on simple growth strategies across all of our bank charters and our leasing company, providing best in class service through opera - tional excellence and helping our clients make their financial d r eams c ome tr u e . We’re genuinely excited by what’s ahead in 2021 and beyond and we will continue to work hard each day to drive long - term shareholder value . L a r r y J . H elling C hief E x ecuti v e O ffi c er QCR H olding s , I n c . T odd A. G ipple P r esiden t , C O O , CFO QCR H olding s , I n c . The year 2020 presented challenges no one could have predicted . While there were often more questions than answers, the impacts to our families, clients, busi - nesses and communities were deeply personal . Through it all, there seemed to be one universal truth : Relationships Matter . “ … T he r e seemed t o be one uni v ersal truth: R elationships Mat t e r . ”

OU R PERFORMANC E IN 202 0 G A V E U S INCREDIBLE MOMENTU M ENTERING TH E N E W Y E A R . WE ’ V E SET A SIMPL E AN D FOCUSED S T R A TE G Y FO R OU R FUTUR E . 9 - 6 - 5 I S OU R PL A N T O C ONTINU E T O GR O W E ARNINGS AN D DRIV E A T T R A CTIV E L ONG - TER M RETURN S FO R OUR SHAREHOLDERS. G r o w loans b y 9% p er y ea r , funded with c o r e dep osits W e i n t end t o c o n tinue t o gain ma r k et sha r e ac r oss our cha r ters by capitalizing on the value that our clients place on relation - shi p - based c ommunit y ban k in g . O ur goal is t o o r ganic all y g r o w loans and leases by 9 % per year and to fund this growth with a c o r r esponding inc r ease in our c o r e deposit s . OUR FUTURE: A SIMPLE AND FOCUSED STRATEGY G r o w f ee inc ome no less than 6% p er y ear We will continue our efforts to diversify our revenue mix and develop more opportunities to increase profitability with con - tinued gains in noninterest income . Our goal is to grow our fee - based inc ome b y a t least 6 % per y ea r . I mp r o v e efficiencies and hold e xpense g r o wth to 5% p er y ear W e will inc r ease our f ocus on imp r o ving oper a tional efficiencies and managing our noninterest expenses . Our goal is to limit our annual operating expense growth to no more than 5 % per year .

6 QCR H olding s , I n c . 202 0 PERFORMANC E HIGHLIGHTS • Adjusted net income increased 8% • T an g ible book v alue per sha r e g r ew b y 14% • After adjusting for non - core items, revenue g r ew b y 25%, d r i v en b y r e c o r d s w ap f ee in c ome and higher net i n t e r est in c ome • L oans g r ew b y nea r l y 8%, d r i v en b y healt h y demand f r om ne w and existing clien ts • C o r e deposits g r ew b y 22% f or the y ear and 25% of t otal deposits a r e n ow noni n t e r es t - bearing • C o n tinued t o gain ma r k et sha r e ac r oss our charters, reflecting the value that our clients place on relationship - based community banking • Protected our net interest margin over the c ourse of the y ear as w e sig nific an tl y r edu c ed our high - c ost wholesale funding and capitalized on favorable deposit repricing opportunities • O ur c r edit quali t y r emains e x c ellen t with net cha r g e - of fs near z e r o and nonpe r f o r ming assets n ow r ep r esen t only 0.26% of t otal assets 2020 was a year like no other given the challenges presented by the COVID - 19 pandemic . T he e n ti r e QCR H oldings t eam adjus t ed t o the new environment, helped our clients manage the impact of the crisis and con - tinued t o iden tify and c apitali z e on g r o wth opportunities, enabling us to deliver an - other y ear of r e c o r d ea r ning s . O ur st r ong financial r esults w e r e d r i v en b y robust revenue growth, including record fee income, and solid organic loan growth th a t helped boost our net i n t e r est inc om e . OU R PERFOR M ANCE A nother R e c o r d - B r ea k ing Y ear

7 2020 A nnual R epo r t 2016 2017 2018 2019 2020 Net i nt e r est in c ome $94,517 $116,065 $142,395 $155,559 $166,950 Non - i nt e r est in c ome 31,037 30,482 41,541 78,768 113,798 Non - i nt e r est expense (81,486) (97,424) (119,143) (155,234) (151,755) Pre - tax pre - provision net income 44,068 49,123 64,793 79,093 128,993 P r o vision f or loan/lease losses (7,478) (8,470) (12,658) (7,066) (55,704) Net in c ome be f o r e ta x es 36,590 40,653 52,135 72,027 73,289 I n c ome ta x es (8,903) (4,946) (9,015) (14,619) (12,707) Net in c ome $27,687 $35,707 $43,120 $57,408 $60,582 SUMMA R Y O F 202 0 FINANCIA L RESU L T S (i n thousands) RESPONDIN G T O OU R CLIEN T S ’ NEEDS P a y check P r o t e c tion P r o g r am and QCRH L oan R elief P r o g r am At the early onset of the pandemic, we recognized the importance of quickly responding to the needs of our clients and communities . We proactively launched our Loan Relief Program, allowing clients to de - f e r p ayme n t s an d p r ese r v e c as h an d liquidi t y . M or e tha n 1,90 0 clie n t s r e c ei v ed de f e r r al s , t otalin g o v e r $57 5 million of loan s an d lease s . N ear l y al l of our b or r o w er s wh o r e c ei v e d p ayme n t r elie f r esume d p ayme n t s w el l b e f or e th e y ea r ende d . A t y ea r - en d , w e had onl y $2 8 millio n of loan s r emaining o n de f e r r a l , o r 0.66 % of th e t otal p o r t f oli o . W e b eliev e thi s sp eak s t o th e hig h quali t y of ou r loa n p o r t - f oli o an d th e r esilien c y of ou r lo c al ma r k et s , whic h c o n tinu e t o e xhibit imp r o vin g e c onomi c a c tivi t y . W it h th e i n t r o du c tio n of th e SB A P a y chec k P r o t e c tio n P r o g r a m (PPP ), ou r lendin g t eams or i g in a t e d 1,700 PP P loan s t otalin g $35 8 million, which included the acquisition of mo r e tha n 30 0 ne w , highl y desi r ed clie n t s . T hi s p r o g r a m e f f e c ti v ely p ro vide d much - neede d c apital and liquidi t y t o c omme r cia l an d no n - p r o fi t clie n t s . D u e t o ou r philosop h y of puttin g clie n t s fi rs t c ouple d with ou r a g il e busines s mo de l , QCR H w as abl e t o r esp on d t o clie n t s ’ needs more quickly than larger institutions i n ou r ma r k et s .

8 QCR H olding s , I n c . FINANCIAL HIGHLIGH T S 7% Wealth Management Net Inc ome G r owth 8.2% 1.13% Adju s t e d R eturn on A v e r age Assets 10.7% R eturn on A v e r age T otal Equity 7.8% O r ganic L oan Growth Adju s t e d E arnings Per Sha r e G r owth 0.26% NPAs/ASSETS 20 2 0 Annual K e y Metrics 8 . 1 % Adju s t e d Net Inc ome G r owth 14.2% T angible Book V alue Per Sha re G r owth

$0 $800 $600 $200 $400 ASS E T GR O W TH (MILLIONS) (1) INCLUDES ACQUISITION OF GUARANTY BANK & TRUST (2) INCLUDES MERGER WITH SPRINGFIELD BANCSHARES / ACQUISITION OF BATES COMPANIES $800 $200 $0 $400 $600 BOOK V A L UE V S . FAIR M ARK E T V A L UE YEAR - EN D / C OMMO N S T OCK (MILLIONS) BOOK V A L UE F AI R M ARKET V A L UE 2017 2018 2019 2020 T O T A L ASSETS (MILLIONS) $6,000 12.31.18 $4,441 $3,521 $3,000 12.31.17 12.31.19 $4,909 12.31.2 0 $5,683 GROS S L O ANS/LEASE S (MILLIONS) L O A N MI X BALANCES (AS OF 12/31/20) DEPOSI T MI X BALANCES (AS OF 12/31/20) $0 $2,500 $5,000 12.31.20 $4,251 12.31.19 $3,690 12.31.18 $3,733 12.31.17 $2,964 T O T A L DEPOSIT S (MILLIONS) $0 $2,500 $5,000 Commercial Real Estate 50% Direct Financing Leases 1% Installment an d Consumer 2% Residential Real Estate 6% Commercial and Industrial 41% T ime Deposits 10% Interest - bearing 65% Brokered Deposits 0% Noninteres t - bearing 25% $468 2019 2020 $774 $610 2017 (1) $1000 $920 2018 (2) $0 12.31.2 0 $4,599 12.31.19 $3,911 12.31.18 $3,545 12.31.17 $3,267

10 QCR H olding s , I n c . QCR Holdings is a company built on relationships and integrity . We adhere to those principles in all areas of our business and in our communities and believe that mean - ingful environmental, social and governance programs will not only drive shareholder v alue but mak e us a bet t er c ompa n y . With numerous programs and activities aligned with the ESG framework, we continue to develop and enhance our long - term plan for the future . We are advancing standard reporting processes and gathering benchmarking data to generate meaningful ESG goals for our company based on relevant metrics for our industry . ENVIRONMENTAL R esponsible use of our r esou r ces with a focus on sustainability SOCIAL C ommitme n t t o suppo r t the c ommunities in which we live and work GOVERNANCE I n t e g r i t y in our business pr a c ti c es ENVI R ONMEN T A L , SOCIAL AN D G O VERNANC E (ESG) A long - t e r m c ommitme n t

11 2020 A nnual R epo r t Ene rgy e f ficient f acility enhanc ements t o r e duc e ene r gy c onsumption Company - wide di ve r sity t r aining and unconscious bias wor k shops c onduc t e d in 2020 P aid pa rental le a v e and enhanc e d mental health benefits adde d t o empl o y ee benefits pac k age 12,563 employee v olun t e er hou r s in 2020 $1,654,776 in c orpo r a t e sponso r ships and donations $33,536,203 CR A financing and i n v es tments in 2020; 639 hou r s of financial li t e r acy classes QCR Holdings boa r d is comprise d of 42% f emales and minorities 42% The Boa r d p r o vides o v e r sight of the c ompa n y ’ s E SG initi a ti v es and s t r a t e gy $1 7 .5 million in financing f or solar p r oje cts and $5 . 49 million in P rope r ty A ssesse d Clean Ene rgy ( P A C E ) financing out s tanding as of 12/31/20 2020 ES G HIGHLIGH T S

12 QCR H olding s , I n c . B O ARD OF DIRE C T ORS OU R LEADERSHIP John - P aul E . Besong E x ec uti v e ( r eti r ed), Rock w ell C ollins James M. F ield P r eside n t and C hief F inancial O ffi c er ( r eti r ed), D ee r e and C ompa n y B r ent R. C obb C hief E x ec uti v e O ffi c e r , W orld C lass Industries T odd A. Gipple P r eside n t , C hief O pe r a ting O ffi c er and C hief F inancial O ffi c e r , QCR H olding s , In c . L ar r y J . H elling C hief E x ec uti v e O ffi c e r , QCR H olding s , In c . P a trick S. Bair d C hair of the B oa r d , QCR H olding s , In c ., P r eside n t and C hief E x ec uti v e O ffi c e r , ( r eti r ed) AEGON USA M arie Z elni o - Z iegler Vice Chair of the Board, QCR Holdings, Inc., V i c e P r eside n t and D epu t y F inancial O ffi c er ( r eti r ed), D ee r e & C ompa n y M a r y K a y Ba t es P r eside n t and C hief E x ec uti v e O ffi c e r , B ank M id w est E lizabeth S. Jacobs P r eside n t , T he Jac obs G r ou p , L L C T imot h y B . O ’ R eill y C hief E x ec uti v e O ffi c e r , Managing P a r tne r , O ’Reilly H ospitali t y Manageme n t , L L C M ark C. K ilmer P r eside n t , T he Republic C ompanies Donna J . S o renson, J. D . P r eside n t , S o r ensen C onsulting

13 2020 A nnual R epo r t M anageme n t C abinet L eadership T eam Leadership Team includes all members of the Management Cabinet and the following: (Sh o wn lef t t o rig h t) Anne E . Ho w a r d Senior Vice President, Director of Human Resources, QCR H olding s , In c . T odd A. Gipple President, Chief Operating Officer and Chief Financial Officer, QCR H olding s , In c . L ar r y J . H elling C hief E x ec uti v e O ffi c e r , QCR H olding s , In c . and C edar R apids B ank & T r ust John H. Anderson Chief Executive Officer, Quad City Bank & Trust, C hief D eposit O ffi c e r , QCR H olding s , In c . D ana L. Nichols Executive Vice President, Chief Lending Officer, QCR H olding s , In c . Reba K . W in ter E x ec uti v e V i c e P r eside n t , C hief In f orm a tion O ffi c e r , QCR H olding s , In c . K u r t A. G ibson P r eside n t and C hief E x ec uti v e O ffi c e r , C ommuni t y S t a t e B ank T odd C. Kerska C hai r , B est in C lass Initi a ti v es , QCR Holdings, Inc. and Cedar Rapids B ank & T r ust C ashier John A. Rodriguez Executive Vice President, Operations, QCR H olding s , In c . Mon t e C. Mc N e w P r eside n t and C hief E x ec uti v e O ffi c e r , SFC B ank Kim K. Garrett V i c e P r eside n t , C orpo r a t e C ommunic a tions and I n ves t or Rel a tions Manage r , QCR H olding s , In c . Robe r t M. E b y E x ec uti v e V i c e P r eside n t , C hief C r edit O ffi c e r , QCR H olding s , In c . J ames D . Klein President, C edar R apids B ank & T r ust Sta c e y J . B e n tl e y P r eside n t and C hief E x ec uti v e O ffi c e r , C ommuni t y B ank & T r ust

14 QCR H olding s , I n c . A s of December 31, December 31, 2020 2019 (dollars in thousands) CONDENSED BALANCE SHEET Amount Amount Cash and due from banks $ 61,329 $ 76,254 Federal funds sold and interest - bearing deposits 95,676 157,691 Securities 838,131 611,341 Net loans/leases 4,166,753 3,654,204 Intangibles 11,381 14,970 Goodwill 74,066 74,748 Derivatives 222,757 87,827 Assets held for sale - 11,966 Other assets 212,704 220,049 Total assets $ 5,682,797 $ 4,909,050 Total deposits $ 4,599,137 $ 3,911,051 Total borrowings 177,114 278,955 Derivatives 229,270 88,436 Liabilities held for sale - 5,003 Other liabilities 83,483 90,254 Total stockholders' equity 593,793 535,351 Total liabilities and stockholders' equity $ 5,682,797 $ 4,909,050 ANALYSIS OF LOAN PORTFOLIO Loan/lease mix: Commercial and industrial loans $ 1,726,723 $ 1,507,825 Commercial real estate loans 2,107,629 1,736,396 Direct financing leases 66,016 87,869 Residential real estate loans 252,121 239,904 Installment and other consumer loans 91,302 109,352 Deferred loan/lease origination costs, net of fees 7,338 8,859 Total loans/leases $ 4,251,129 $ 3,690,205 Less allowance for estimated losses on loans/leases 84,376 36,001 Net loans/leases $ 4,166,753 $ 3,654,204 ANALYSIS OF SECURITIES PORTFOLIO Securities mix: U.S. government sponsored agency securities $ 15,336 $ 20,078 Municipal securities 627,523 447,853 Residential mortgage - backed and related securities 132,842 120,587 Asset backed securities 40,683 16,887 Other securities 21,747 5,936 Total securities $ 838,131 $ 611,341 ANALYSIS OF DEPOSITS Deposit mix: Noninterest - bearing demand deposits $ 1,145,378 $ 777,224 Interest - bearing demand deposits 2,987,469 2,407,502 Time deposits 460,659 571,343 Brokered deposits 5,631 154,982 Total deposits $ 4,599,137 $ 3,911,051 ANALYSIS OF BORROWINGS Borrowings mix: Term FHLB advances $ - $ 50,000 Overnight FHLB advances 15,000 109,300 Customer repurchase agreements - 2,193 Federal funds purchased 5,430 11,230 Subordinated notes 118,691 68,394 Junior subordinated debentures 37,993 37,838 Total borrowings $ 177,114 $ 278,955

15 2020 A nnual R epo r t INCOME STATEMENT D ece m b e r 31, 2020 (dollars in thousands, D ece m b e r 31, 2019 except per share data) Interest income $ 198,373 $ 216,076 Interest expense 31,423 60,517 Net interest income 166,950 155,559 Provision for loan/lease losses 55,704 7,066 Net interest income after provision for loan/lease losses $ 111,246 $ 148,493 Trust department fees $ 9,207 $ 9,559 Investment advisory and management fees 5,318 6,995 Deposit service fees 6,041 6,812 Gain on sales of residential real estate loans 4,680 2,571 Gain on sales of government guaranteed portions of loans 224 748 Swap fee income 74,821 28,295 Securities gains (losses), net 2,484 (30) Earnings on bank - owned life insurance 1,904 1,973 Debit card fees 3,402 3,357 Correspondent banking fees 903 773 Gain on sale of assets and liabilities of subsidiary - 12,286 Other 4,814 5,429 Total noninterest income $ 113,798 $ 78,768 Salaries and employee benefits $ 96,268 $ 92,063 Occupancy and equipment expense 16,504 15,106 Professional and data processing fees 14,644 13,381 Post - acquisition compensation, transition and integration costs 214 3,582 Disposition costs 690 3,325 FDIC insurance, other insurance and regulatory fees 4,164 2,955 Loan/lease expense 1,435 1,097 Net cost of operation of other real estate (307) 3,789 Advertising and marketing 3,260 4,548 Bank service charges 2,016 2,009 Losses on debt extinguishment 3,907 436 Correspondent banking expense 838 836 CDI amortization 2,149 2,266 Goodwill impairment 500 3,000 Loss on sale of subsidiary 158 - Other 5,315 6,841 Total noninterest expense $ 151,755 $ 155,234 Net income before taxes $ 73,289 $ 72,027 Income tax expense 12,707 14,619 Net income $ 60,582 $ 57,408 Basic EPS $ 3.84 $ 3.65 Diluted EPS $ 3.80 $ 3.60 Weighted average common shares outstanding 15,771,650 15,730,016 Weighted average common and common equivalent shares outstanding 15,952,637 15,967,775 For the Year Ended

16 QCR H olding s , I n c . December 31, 2020 December 31, 2019 COMMON SHARE DATA Common shares outstanding 15,805,711 15,828,098 Book value per common share (1) $37.57 $33.82 Tangible book value per common share (2) $32.16 $28.15 Closing stock price $39.59 $43.86 Market capitalization $625,748 $694,220 Market price / book value 105.38% 129.69% Market price / tangible book value 123.09% 155.76% Earnings per common share (basic) LTM (3) $3.84 $3.65 Price earnings ratio LTM (3) 10.31 x 12.02 x TCE / TA (4) 9.08% 9.25% CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY Beginning balance $ 535,351 $ 473,138 Net income 60,582 57,408 Other comprehensive income (loss), net of tax 2,474 4,445 Common stock cash dividends declared Proceeds from issuance of 9,400 shares of common stock (3,779) (3,775) - 400 as a result of the acquisition of Bates Companies Repurchase and cancellation of 100,932 shares of common stock as a result of a share repurchase program ( 3 , 779) - Other (5) 2,944 3,735 Ending balance $ 593 , 793 $ 535,351 REGULATORY CAPITAL RATIOS: Total risk - based capital ratio 14.95% 13.33% Tier 1 risk - based capital ratio 11.34% 11.04% Tier 1 leverage capital ratio 9.49% 9.53% Common equity tier 1 ratio 10.55% 10.18% KEY PERFORMANCE RATIOS AND OTHER METRICS Return on average assets (annualized) 1.08% 1.12% Return on average total equity (annualized) 10.70% 11.31% Net interest margin 3.28% 3.31% Net interest margin (TEY) (Non - GAAP)(6) (8) 3.44% 3.45% Efficiency ratio (Non - GAAP) (8) 54.05% 66.18% Gross loans and leases / total assets (9) 74.81% 74.80% Full - time equivalent employees (7) 714 697 AVERAGE BALANCES Assets $ 5,604,074 $ 5,102,980 Loans/leases 4,031,567 3,857,547 Deposits 4,540,266 4,228,207 Total stockholders' equity 566,240 507,409 (1) Includes accumulated other comprehensive income (loss). (2) Includes accumulated other comprehensive income (loss) and excludes intangible assets. (3) LTM : Last twelve months. (4) TCE / TCA : tangible common equity / total tangible assets. (5) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock - based compensation. (6) TEY : Tax equivalent yield. (7) Growth in full - time equivalent employees due to addition of new positions created to build scale. (8) See GAAP to Non - GAAP reconciliations in the Company's 10 - K. (9) Excludes assets held for sale as of December 31, 2019. For the Year Ended (dollars in thousands, except per share data)

17 2020 A nnual R epo r t Fed funds sold $ 2,398 $ 19 0.79% $ 8,898 $ 204 2.29% Interest - bearing deposits at financial institutions 315,616 669 0.21% 179,635 3,910 2.18% Securities (1) 715,808 26,773 3.74% 635,650 24,150 3.80% Restricted investment securities 20,270 1,031 5.00% 21,559 1,174 5.45% Loans (1) Total earning assets (1) 4 , 031 , 567 178 , 097 4 . 42% $ 5 , 085 , 659 $ 206 , 589 4 . 06% 3 , 857 , 547 193 , 365 5 . 01% $ 4 , 703 , 289 $ 222 , 803 4 . 74% Interest - bearing deposits $ 2,797,669 $ 11,980 0.43% $ 2,443,989 $ 29,898 1.22% Time deposits 690,222 11,289 1.64% 966,745 20,977 2.17% Short - term borrowings 22,625 84 0.37% 16,837 363 2.16% Federal Home Loan Bank advances 74,167 1,087 1.44% 108,536 2,895 2.67% Other borrowings - - - 13,563 512 3.77% Subordinated notes 83,404 4,697 5.63% 60,883 3,564 5.85% Junior subordinated debentures Total interest - bearing liabilities 37 , 913 2 , 286 5 . 93% $ 3 , 706 , 000 $ 31 , 423 0 . 85% 37 , 751 2 , 308 6 . 11% $ 3 , 648 , 304 $ 60 , 517 1 . 66% Net interest income / spread (1) $ 175,166 $ 162,286 Net interest margin 3.28% 3.31% Net interest margin (TEY) (Non - GAAP) (1) (2) (3) 3.44% 3.45% Adjusted net interest margin (TEY) (Non - GAAP) (1) (2) (3) 3.38% 3.36% (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% tax rate. (2) TEY: Tax equivalent yield. (3) See GAPP to non - GAAP reconciliations in the Company's 10K ANALYSIS OF NET INTEREST INCOME AND MARGIN For the Year Ended D ece m b e r 3 1, 2020 D ece m b e r 3 1, 2019 Average Interest Earned Average Yield Average Interest Earned Average Yield B a l a n c e or P a i d or C o s t B a l a n c e or P a i d or C o s t (dollars in thousands) December 31, 2020 December 31, 2019 ADJUSTED NIM (TEY)* Net interest income (GAAP) $ 166,950 $ 155,559 Plus: Tax - equivalent adjustment 8,216 6,727 Net interest income - tax equivalent (non - GAAP) 175,166 162,286 Less: Acquisition accounting net accretion 3,271 4,344 Adjusted net interest income $ 171,895 $ 157,942 Average earning assets $ 5,085,659 $ 4,703,289 NIM (GAAP) 3.28% 3.31% NIM (TEY) (non - GAAP) 3.44% 3.45% Adjusted NIM (TEY) (non - GAAP) 3.38% 3.36% ADJUSTED NET INCOME Net income (GAAP) Less nonrecurring items (post - tax) * : Income: 60 , 582 $ 57 , 408 $ Securities losses, net $ 1,962 $ (22) Loss on syndicated loan $ (210) $ - Gain on sale of assets and liabilities of subsidiary - 8,539 Total nonrecurring income (non - GAAP) $ 1,752 $ 8,517 Expense: Losses on debt extinguishment $ 3,087 $ 345 Goodwill impairment 500 3,000 Disposition costs 545 2,627 Tax expense on expected liquidation of RB&T BOLI - 790 Post - acquisition compensation, transition and integration costs 169 2,828 Loss on sale of subsidiary 110 - Total nonrecurring expense (non - GAAP) $ 4,411 $ 9,590 Adjusted net interest income (non - GAAP) $ 63,240 $ 58,480 * Nonrecurring items (after - tax) are calculated using an estimated effective tax rate of 21% with the exception of goodwill impairment, which is not deductible for tax, and gain on sale of subsidiary, which has an estimated effective tax rate of 30.5%. (dollars in thousands)

18 QCR H olding s , I n c . 2021 Annual Meeting of Stockholders We invite you to electronically attend the “virtual” annual meeting which will be held on Thursday, May 20, 2021 at 8:00 a.m. Central Daylight Time. You will be able to attend the annual meeting and vote du r ing the meeting b y visiting: ww w .vi r tualsha r eholde r meetin g .com/ QCRH2021. Prior to the meeting, you will be able to vote by visiting www.proxyvote.com. Stockholders interested in information may contact: Shellee R. Sh o wal t er Senior Vice President, Director of Investor Services & Compensation QCR Holdings, Inc., 3551 Seventh Street, Moline, IL 61265 309.743.7760 A nnual R epo r t on F or m 10 - K Copies of the QCR Holdings, Inc. annual report on Form 10 - K and exhibits filed with the S ecu rities and E x change C ommission a r e available to stockholders without charge by accessing our website at ww w .qc r h.com or m a y conta c t: N ick W . Anderson S enior V ice P r esident, Chief A ccounting O fficer QCR Holdings, Inc., 3551 Seventh Street, Moline, IL 61265 309.743.7707 S t ock T r ans f er A ge n t Inquiries related to stockholder records, stock transfers, lost certificates, changes of ownership, changes of address, and dividend payments should be sent to our transfer agent at the following address: AST Sha r eholder S e r vices A ttn: Operations C en t er 6201 15th A v enu e , B r oo k lyn, NY 11219 1.718.921.8124 or 1.800.937.5449 Analysts or other investors interested in information may contact: T odd A. Gipple President, Chief Operating Officer and Chief Financial Officer QCR Holdings, Inc., 3551 Seventh Street, Moline, IL 61265 309.743.7745 K im K . G a r r ett Vice President, Corp Communications and Investor Relations Manager QCR Holdings, Inc., 500 First Avenue NE, Cedar Rapids, IA 52401 319.743.7006 I ndepende n t R e g is t e r ed P ublic A cc ou n ting F ir m RSM US LL P , D a v enpo r t, IA C or por a t e C ounsel Lane & W a t e r man LL P , D a v enpo r t, IA Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago, IL I n t er net I n f orm a tion Information on our subsidiaries’ history, locations, products and services can be accessed on the internet at: www.qcbt.bank, www.crbt.bank, www.communitybt.bank, www.bankcsb.com, www.sfc.bank and www.m2equipmentfinance.com STOCK LISTING INFORMATION The common stock of QCR Holdings, Inc. is traded on the Nasdaq Global Market under the symbol “QCRH”. D ividend I n f o r m a tion Record Date Payment Date Cash Amount 03/20/20 04/08/20 $ .06 06/19/20 07/08/20 $ .06 09/18/20 10/07/20 $ .06 12/18/20 01/06/21 $ .06

3551 Seventh S t r e et M o li n e , IL 61265 qcrh.com