Exhibit 99.1

QCR Holdings, Inc. Announces Net Income of $28.4 Million

for the Second Quarter of 2023

Second Quarter 2023 Highlights

Moline, IL, July 26, 2023 – QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $28.4 million and diluted earnings per share (“EPS”) of $1.69 for the second quarter of 2023, compared to net income of $27.2 million and diluted EPS of $1.60 for the first quarter of 2023.

“We delivered outstanding second quarter results, highlighted by robust loan and core deposit growth, significant fee income and continued strong asset quality,” said Larry J. Helling, Chief Executive Officer. “In addition, we continued to improve upon our already solid capital levels with exceptional earnings performance.”

Robust Core Deposit Growth and Strengthened Liquidity

During the second quarter of 2023, the Company’s core deposits, which exclude brokered deposits, grew $339.3 million to a total of $6.2 billion, or 23.0% on an annualized basis. Total uninsured and uncollateralized deposits further improved during the second quarter and represented 19.9% of total deposits at quarter-end. The Company maintained approximately $1.5 billion of immediately available liquidity at quarter-end, which exceeds the total amount of uninsured and uncollateralized deposits.

“Our experienced bankers grew core deposits significantly during the quarter building upon our strong and diversified deposit franchise. As a result, our ratio of loans held for investment to deposits further improved to 92.1%,” added Mr. Helling. “We are very pleased with our level of uninsured and uncollateralized deposits and our strong liquidity position.”

Net Income of $28.4 Million and Diluted EPS of $1.69

Both reported and adjusted (non-GAAP) net income and diluted EPS for the second quarter of 2023 were $28.4 million and $1.69, respectively. For the first quarter of 2023, net income and diluted EPS was $27.2 million and $1.60, respectively while adjusted net income (non-GAAP) was $28.0 million and adjusted diluted EPS (non-GAAP) was $1.65. For the second quarter of 2022, net income and diluted EPS were $15.2 million and $0.87, respectively, and adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $30.4 million and $1.73, respectively.

*Adjusted 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 measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

Net Interest Income of $53.2 Million

Net interest income for the second quarter of 2023 totaled $53.2 million, compared to $56.8 million for the first quarter of 2023 and $59.4 million for the second quarter of 2022. Adjusted net interest income (non-GAAP) during the quarter was $59.6 million, a decrease of $2.4 million from the prior quarter. Acquisition-related net accretion totaled $134 thousand for the second quarter of 2023, compared to $828 thousand in the first quarter.

In the second quarter of 2023, net interest margin (“NIM”) was 2.93% and NIM on a tax-equivalent yield (“TEY”) basis (non-GAAP) was 3.29%, compared to 3.18% and 3.52% in the prior quarter, respectively. Adjusted NIM TEY (non-GAAP) of 3.28% declined by 19 basis points from 3.47% in the first quarter.

“Our adjusted tax-equivalent NIM declined 19 basis points during the second quarter which was inside of our guidance range,” said Todd A. Gipple, President and Chief Financial Officer. “With the inverted yield curve and the competitive deposit landscape, our net interest income was pressured despite continued loan growth and the ongoing expansion of loan yields. During the second quarter, we experienced an increase in the cost of funds as our deposit mix continued to shift from noninterest-bearing and lower beta deposits to higher beta deposits.”

Noninterest Income Grew 26% to $32.5 Million

Noninterest income for the second quarter of 2023 totaled $32.5 million, up 25.8% from $25.8 million for the first quarter of 2023. The Company generated $22.5 million of capital markets revenue in the quarter, an increase of $5.5 million, or 32.1% from the first quarter. Wealth management revenue was $3.8 million for the quarter, consistent with the prior quarter.

“Capital markets revenue was $22.5 million in the second quarter, up significantly from the first quarter and well ahead of our guidance range,” added Mr. Gipple. “Capital markets revenue from swaps continues to benefit from stabilization in the supply chain and construction costs. The demand for affordable housing continues to be strong. This source of fee income has been consistent for us over the last several years. Based on decades of stability in the low- income housing tax credit (“LIHTC”) industry and our own experience, we believe that this business is countercyclical and will be very resilient in future recessionary environments.”

Noninterest Expenses Remain Well-Controlled

Noninterest expense for the second quarter of 2023 totaled $49.7 million, which is a modest increase of only 1.9% from $48.8 million for the first quarter of 2023, and compared to $54.2 million for the second quarter of 2022. The linked-quarter increase was primarily due to higher variable compensation, increased Insured Cash Sweep (“ICS”) fees and FDIC insurance rates. These increases were partially offset by well-controlled salaries and employee benefits expenses.

Exceptional Loan Growth of 12.2% Annualized

During the second quarter of 2023, the Company’s loans and leases grew $189.3 million to a total of $6.4 billion, or 12.2% on an annualized basis. “Our loan growth during the quarter was driven primarily by strength in our LIHTC lending business. Our clients continue to experience strong demand for their projects as the need for affordable housing exceeds supply in the markets they serve,” added Mr. Helling.

“We also experienced modest loan demand in the second quarter from our traditional commercial lending and leasing businesses. As a result, we are increasing our guidance for loan growth for the remainder of the year to be in the range of 9 to 12% on an annualized basis, which would result in a 0 to 3% growth rate on an annualized basis net of planned LIHTC loan securitizations. In the first quarter of 2023, we categorized $139.2 million of LIHTC loans as held for sale as part of a future loan securitization transaction. During the second quarter of 2023, we increased the size of our planned securitizations of LIHTC loans, adding an additional $151.8 of loans for a total of $291.1 million to achieve improved pricing and execution. We now expect to close on the transactions early in the fourth quarter,” said Mr. Helling.

Asset Quality Remains Excellent

“Our asset quality continues to be strong as the ratio of nonperforming assets to total assets was 0.32% at quarter-end and compares favorably to historical averages. We remain cautiously optimistic about the relative economic resiliency of our markets as unemployment is low and business activity is still healthy across our footprint,” said Mr. Helling.

Nonperforming assets (“NPAs”) increased modestly during the quarter to $26.1 million or 32 basis points of total assets. “Approximately half of the total dollar amount of NPAs consist of one relationship and we believe that this credit will be resolved without a loss,” added Mr. Helling. The Company’s criticized loans and classified loans to total loans and leases on June 30, 2023, improved to 2.84% and 1.00%, respectively, as compared to 3.16% and 1.14% as of March 31, 2023.

The Company recorded a total provision for credit losses of $3.6 million during the quarter which included $3.3 million of provision on loans/leases. As of June 30, 2023, the ACL to total loans/leases held for investment was 1.41%.

Continued Strong Capital Levels

As of June 30, 2023, the Company’s total risk-based capital ratio was 14.66%, the common equity tier 1 ratio was 9.71% and the tangible common equity to tangible assets ratio (non-GAAP) was 8.28%. By comparison, these respective ratios were 14.68%, 9.60% and 8.21% as of March 31, 2023. During the quarter, we repurchased a modest number of shares, as our priority has shifted to capital retention, targeting capital levels near the top of our peer group.

The Company’s tangible book value per share (non-GAAP) increased $1.28, or 13.2% annualized during the second quarter. Accumulated other comprehensive income (“AOCI”) declined $6.3 million during the quarter due to a decrease in the value of the Company’s available for sale securities portfolio and certain derivatives resulting from the change in interest rates during the second quarter. While the net decline in AOCI diluted the Company’s tangible common equity, strong earnings more than offset this impact, which led to the increase in tangible book value per share (non-GAAP).

Conference Call Details

The Company will host an earnings call/webcast tomorrow, July 27, 2023, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through August 3, 2023. The replay access information is 877-344-7529 (international 412-317-0088); access code 5035792. 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, Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank on April 1, 2022, with the combined entity operating under the Guaranty Bank name. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company offers equipment loans and leases to businesses through its wholly owned subsidiary, m2 Equipment Finance, LLC, based in Milwaukee, Wisconsin, and also provides correspondent banking services. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of June 30, 2023, the Company had $8.2 billion in assets, $6.4 billion in loans and $6.6 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

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 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.

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, among others, the following: (i) the strength of the local, state, national and international economies(including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof (including the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB or the PCAOB; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversity their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xixi) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. 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 Securities and Exchange Commission.

Contact:

Todd A. Gipple

President and Chief Financial Officer

(309) 743-7745

tgipple@qcrh.com

QCR Holding, Inc.

Consolidated Financial Highlights

(Unaudited)

(1) Loans with a fair value of $291.0 million, have been identified for securitization and are included in LHFS at June 30, 2023.

QCR Holding, Inc.

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ANALYSIS OF NET INTEREST INCOME AND MARGIN

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