Exhibit 99.1

QCR Holdings, Inc. Announces Net Income of $25.1 Million

for the Third Quarter of 2023

Third Quarter 2023 Highlights

Moline, IL, October 25, 2023 – QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced net income of $25.1 million and diluted earnings per share (“EPS”) of $1.49 for the third quarter of 2023, compared to net income of $28.4 million and diluted EPS of $1.69 for the second quarter of 2023.

Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the third quarter of 2023 were $25.4 million and $1.51, respectively. For the second quarter of 2023, adjusted net income (non-GAAP) was $28.4 million and adjusted diluted EPS (non-GAAP) was $1.69. For the third quarter of 2022, adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) were $28.9 million and $1.69, 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.

“We delivered solid third quarter results, highlighted by a static net interest margin, robust loan growth and significant fee income,” said Larry J. Helling, Chief Executive Officer. “In addition, our deposit base is stable, our capital ratios are strong, and our asset quality remains sound. Our third quarter and year-to-date results demonstrate the continued strength of our franchise, our commitment to relationship banking and the successful execution of our strategic initiatives.”

Net Interest Income Grew 3.9%

Net interest income for the third quarter of 2023 totaled $55.3 million, an increase of $2.1 million from the second quarter, and compared to $60.8 million for the third quarter of 2022. Acquisition-related net accretion totaled $539 thousand for the third quarter of 2023, compared to $134 thousand in the second quarter.

In the third quarter of 2023, net interest margin (“NIM”) was 2.89% and NIM on a tax-equivalent yield (“TEY”) basis (non-GAAP) was 3.31%, compared to 2.93% and 3.29% in the prior quarter, respectively. Adjusted NIM TEY (non-GAAP) of 3.28% was unchanged.

“Our adjusted tax-equivalent NIM was static on a linked-quarter basis, which was at the top end of our guidance range,” said Todd A. Gipple, President and Chief Financial Officer. “During the quarter, our loan yield expansion accelerated while we experienced a more modest increase in our cost of funds with a slowing in the shift of the composition of our deposits from noninterest and lower beta deposits to higher beta deposits. We are pleased to see this stabilization of our deposit mix and believe that it will continue to benefit our net interest margin going forward.”

Noninterest Income of $26.6 Million Including $15.6 Million of Capital Markets Revenue

Noninterest income for the third quarter of 2023 totaled $26.6 million, down from the very strong $32.5 million for the second quarter of 2023. The Company generated $15.6 million of capital markets revenue in the quarter, as compared to the outsized performance of $22.5 million in the prior quarter. Wealth management revenue was $3.8 million for the quarter, consistent with the prior quarter.

“Capital markets revenue was $15.6 million in the third quarter, which outperformed our annualized guidance range,” added Mr. Gipple. “Capital markets revenue from swaps continues to benefit from the strong demand for affordable housing. This source of fee income has been consistent for the past several years. Based on decades of stability in the low-income housing tax credit industry and our own experience, we believe that this business will perform well throughout various economic cycles.”

Noninterest Expenses Remain Well-Controlled

Noninterest expense for the third quarter of 2023 totaled $51.1 million, an increase of 2.8% from $49.7 million for the second quarter of 2023, compared to $47.7 million for the third quarter of 2022. The linked-quarter increase was primarily due to higher variable employee compensation related to year-to-date performance, increased professional and data processing fees and other expenses related to fixed asset disposals. These increases were partially offset by lower advertising and marketing expenses.

Continued Strong Loan Growth

During the third quarter of 2023, the Company’s total loans and leases grew $227.0 million to a total of $6.6 billion, or 14.2% on an annualized basis. “Our loan growth during the quarter was driven primarily by strength in our low-income housing tax credit lending business as well as growth in our traditional lending business. Our low-income housing tax credit clients continue to experience strong demand for their projects as the need for affordable housing far exceeds supply,” added Mr. Helling.

“While our third quarter loan growth was exceptional, we are maintaining our guidance for growth in loans held for investment for the fourth quarter to be in the range of 9 to 12% on an annualized basis as our pipeline continues to be strong,” stated Mr. Helling. “As we have previously discussed, we have two low-income housing tax credit loan securitizations scheduled to close in the fourth quarter, a tax-exempt pool of $130 million and a taxable pool totaling $135 million. Both are now scheduled for closing prior to the end of November. We plan to continue to utilize securitizations on an ongoing basis as we view this as an effective tool in managing our liquidity and capital. It will also provide ongoing capacity for continued low-income housing tax credit production and the corresponding capital markets revenue that we generate from this business,” added Mr. Helling.

Asset Quality Remains Strong

“Our asset quality continues to be strong as the ratio of nonperforming assets to total assets was 0.41% at quarter-end and compares favorably to our long-term historical averages. We remain optimistic about the resilience of our Midwest markets as unemployment remains below the national average and business activity has continued at a healthy pace across our footprint,” said Mr. Helling.

Nonperforming assets (“NPAs”) increased $8.5 million during the quarter to $34.7 million. “The majority of the increase in NPAs was driven by three client relationships from unrelated industries. Approximately one-third of our 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 September 30, 2023 were 2.98% and 1.05%, respectively, as compared to 2.84% and 1.00% as of June 30, 2023.

The Company recorded a total provision for credit losses of $3.8 million during the quarter which included $3.3 million of provision for loans/leases primarily driven by loan growth during the quarter. As of September 30, 2023, the allowance for credit losses to total loans/leases held for investment was 1.39%.

Stable Core Deposits and Liquidity

During the third quarter of 2023, the Company’s core deposits, which exclude brokered deposits, remained relatively stable. Core deposits decreased slightly by $9.0 million, or 0.1%, after growing $339.3 million, or 23.0% on an annualized basis during the second quarter of 2023. Total uninsured and uncollateralized deposits remain low at 20.1% of total deposits as of the end of the third quarter as compared to 19.9% as of the end of the second quarter. The Company maintained approximately $3.0 billion of available liquidity sources at quarter-end, which includes $1.1 billion of immediately available liquidity.

Continued Strong Capital Levels

As of September 30, 2023, the Company’s total risk-based capital ratio was 14.40%, the common equity tier 1 ratio was 9.63% and the tangible common equity to tangible assets ratio (non-GAAP) was 8.05%. By comparison, these respective ratios were 14.69%, 9.73% and 8.28% as of June 30, 2023. The Company remains focused on growing capital and targeting capital levels in the top quartile of the Company’s peer group.

The Company’s tangible book value per share (non-GAAP) increased $0.34, or 3.4% annualized during the third quarter. Accumulated other comprehensive income (“AOCI”) declined $19.4 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 third 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, October 26, 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 November 2, 2023. The replay access information is 877-344-7529 (international 412-317-0088); access code 7582498. 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 Brookfield, Wisconsin, and also provides correspondent banking services. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of September 30, 2023, the Company had $8.5 billion in assets, $6.6 billion in loans and $6.5 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 Israeli-Palestinian conflict and 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 and the recent potential additional rate increases by the Federal Reserve); (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

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