OUR MISSION We make financial dreams areality OUR VISION We will be ranked in the top quartile ROA of peer firms by2020 THE VALUES LIVED AND EXPECTED OF ALL AT QCR HOLDINGS,INC. Achievement -We work to win Collaboration -We learn from each other Personal Responsibility -We own it Innovation -We make it better Fulfillment -We havefun To maximize shareholdervalue To reward employees, shareholders, clients and strengthen and serve our communitieslong-term



2017 ANNUAL REPORT 3 2017 Asaboard,weareabsolutelydedicatedtotherelationshipdrivencommunitybankingmodelforour chosenmarkets.Localdecisionmaking,bestinclasscustomerserviceandofferingcertainproductsand servicesnotofferedbyothercommunitybanksishowwedistinguishourselves.Webelievetheresults for2017onceagainshowthistobethecaseandthatwehavealong-term,sustainableapproachtoour businessthatworkswellforbothclientsandshareholders. ABoardistaskedwithmanyresponsibilitiestoensureitisresponsivetotheinterestsofinvestors, regulatorsandotherinterestedparties.WhilethisBoardtakesalloftheseresponsibilitiesseriously,most importanttousismakingsurewehavetherightmanagementinplaceinalllevelsoftheorganization.As theCompanycontinuestogroworganicallyandexpandintonewmarkets,thiswillnodoubtbecome moreofachallenge.Restassuredthatqualityofmanagementanddevelopmentofmanagementforthe futurewillremainatoppriority. Finally,wethankyouforbeinginvestorsandclients,andhopeyoufindour2017AnnualReportuseful andinformative. RELATIONSHIPDRIVEN ON BEHALF OF QCR HOLDINGS,INC., IT IS A PLEASURE TO PRESENT OUR 2017 ANNUALREPORT. PATBAIRD Chair of theBoard


4 QCR HOLDINGS,INC. SUMMARYOFFINANCIAL RESULTS 2013-2017 2013 2014 2015 2016 2017 (inthousands) Net interest income $64,105 $69,071 $76,296 $94,517 $116,065 Non-interest income 26,846 21,282 24,364 31,037 30,482 Non-interest expense (65,465) (65,554) (73,192) (81,486) (97,424) Pre-tax pre-provision netincome 25,486 24,799 27,468 44,068 49,123 Provision for loan/leaselosses (5,930) (6,807) (6,871) (7,478) (8,470) Net income beforetaxes 19,556 17,992 20,597 36,590 40,653 Income taxes (4,618) (3,039) (3,669) (8,903) (4,946) Net income attributable to QCR Holdings,Inc. $14,938 $14,953 $16,928 $27,687 $35,707 BOOK VALUE VS. FAIRMARKETVALUE COMMON STOCK (INMILLIONS) FAIR MARKET VALUE BOOKVALUE $600 $300 $0 D E C . 9 3 D E C . 0 3 D E C . 1 3 $800,000 $600,000 $400,000 $200,000 2 0 1 3 * $ 3 0 1 , 2 2 3 2 0 1 4 $ 1 3 0 , 0 0 5 $ 6 8 , 2 4 0 2 0 1 5 2 0 1 6 * * $ 7 0 8 , 7 4 6 2 0 1 7 * * * $ 6 8 0 , 7 2 1 TOTAL METROPOLITAN STATISTICAL AREADEPOSITS (JUNE 30, 2017 INTHOUSANDS) $20,000,000 $15,000,000 $10,000,000 $5,000,000 Population (July 1,2016) 3 8 2 , 2 6 8 2 6 7 , 7 9 9 3 3 9 , 3 7 6 $ 8 , 4 7 9 , 6 0 8 $ 5 , 8 1 5 , 3 7 8 $ 5 , 9 0 7 , 3 1 2 $ 3 , 4 3 1 , 3 2 7 $ 1 7 , 5 6 1 , 1 1 5 Q u a d C i t i e s C e d a r R a p i d s R o c k f o r d C e d a r V a l l e y A n k e n y / D e s M o i n e s 1 7 0 , 0 1 5 6 3 4 , 7 2 5 ASSETGROWTH (INTHOUSANDS) * Includes acquisition of Community NationalBank ** Includes acquisition of Community State Bank *** Includes acquisition of Guaranty Bank &Trust D E C . 1 6 D E C . 1 7


2017 ANNUAL REPORT 5 BeExceptional.AtQCRHoldings,Inc.,ouremployeeslivebythosewords every day. For our clients that means Exceptional local service. For our communities that means Exceptional sharing of our time and talents. And, forourshareholdersthatmeansdeliveringExceptionalvalue.Wearepleased toreportExceptionalnetincomeof$35.7millionfortheyear2017. TO OURSHAREHOLDERS Aftera successfulacquisition of CommunityStateBank of Ankeny(DesMoines,Iowa)in2016,onOctober1,2017we completedastrategicin-marketacquisition,GuarantyBank & Trust(Guaranty)inCedarRapids,Iowa.QCRHoldings,Inc.’s mergerandacquisitionexperienceanddedicatedemployees helpedeffectivelyconvertandmergeGuaranty’ssystemsinto CedarRapidsBank&Trust(CRBT)inaveryshorttimeof60days. WearedelightedtowelcometheGuarantyclients,employees andshareholderstotheQCRHoldings,Inc.family.Theaddition ofthreeGuarantybranchesandtheirclientsenhancesour competitivepositionandnowCRBTranks#2indepositmarket shareintheCedarRapidsmetropolitanstatisticalarea(MSA). CRBT’sassetsgrewto$1.3billionin2017andasimportantly, theadditionofGuarantyincreasescoredepositswhilelowering CRBT’saveragecostsoffunds. While a record 252 bank mergers and acquisitions were announcedin2017andtheaveragedealsizesandpremiums rose,QCRHoldings,Inc.continuestobeveryselectivein its strategic approach to acquisitions. Like the Guaranty acquisition, future acquisitions and mergers need to be a strategicfit,beaculturefit,providevaluetoclientsanddeliver increasedearningstoshareholders. QCRHoldings,Inc.’s2017annualgrowthoftotalassetsof23.6% significantlyexceededourpeergroup’stotalassetgrowthof 11.4%.ThismeansQCRHoldings,Inc.increaseditsassets$681 milliontoatotalof$4billion.Organicloanandleasegrowth wasanexceptional15.2%exceedingour10%to12%target. Importantly, this growth was primarily funded by a $597 million,or22%growthindepositsin2017.Oursuccessinswap feeincomeandgainsonthesaleofgovernmentguaranteed loanswasrobustin2017delivering$4.3millionofincome.As statedinoursevenkeyinitiatives,wewillcontinuetofocuson strong organic loan and lease growth funded with core deposits. Serving stable and vibrant markets provides greater opportunitiesforQCRHoldings,Inc.anditsbankstocontinue organicgrowth.WebelieveCommunityStateBankisuniquely positionedintheDesMoines,Iowamarket.Accordingtothe BureauofLaborStatistics,inthefirsthalfof2017,theDes Moinesareaexpandeditsjobbaseby2.41%oroverthreetimes thenationalaverage,adding8,700jobstoitsemployment ranks. No wonder Forbes Magazine has twice ranked Des Moinesasthe“BestPlaceforBusiness”inAmerica.TheCedar Rapids,IowaandQuadCitiesmarketscontinuetobestable while the Rockford, Illinois market predicts significant job growthoverthecomingdecade. Itwilltaketimetoseehowthelargesttaxreformindecades playsoutamongourclients.However,thebiggestimpact on businessesisthereductionofthetopcorporatetaxrate from 35% to 21%. The reduction required all companies to re- measuretheirdeferredtaxassetsanddeferredtaxliabilities. While many financial institutions announced significant downward earnings adjustments in 2017 with a negative impactontangiblebookvalue,QCRHoldings,Inc.recordeda $2.9millionincreaseinthevalueofitsnetdeferredtaxasset. Wewillusethetaxsavingstocontinuetosupportourgrowth, investinouremployees,strategicallyinvestintechnologiesto improve our competitive position, and enhance long-term shareholdervalue.


6 QCR HOLDINGS,INC. 2014 2015 2016 2017 (3) Quad City Bank & Trust (1) $10,273 $10,451 $11,762 $15,411 $23,794 Cedar Rapids Bank &Trust 6,736 8,006 8,108 12,729 11,143 Rockford Bank &Trust 1,579 1,877 2,189 3,201 2,698 Community StateBank - - - 2,127 7,076 Guaranty Bank &Trust - - - - 392 Parent Co. & Eliminations (2) (3,650) (5,381) (5,131) (5,781) (9,397) $27,687 $35,707 CONSOLIDATED EARNINGS (in thousands) 2013 ConsolidatedEarnings $14,938 $14,953 $16,928 (1) Includes m2 LeaseFunds. (2) Includes acquisition costs for the acquisition of GB&T in 2017, CSB in 2016, and all acquisition costs net of the bargain purchase gain for the acquisition of CB&T in2013. (3) 2017 results include tax reformadjustments 2017 FinancialResults QCR Holdings, Inc. StrategicAdvantages During2017,wecontinuedtobuildontheidentifiednichesbelowthathavebeenenhancingourgrowth overthelastseveralyears.Webelievethesenichesoffervarietyanddiversitytoourbusinessmodeland valuableexpertisetoourclients.Wewillcontinuetoinvestwiselyinourpeople,productsandtechnology aswelookforopportunitiesoffurthergrowthnotonlyintheselinesofbusinessbutinourcorebusiness aswell.WewillalsocontinuetocollaborateandleverageopportunitiesacrossourentireCompanyto maximizeshareholdervalueateveryopportunity. Correspondent Banking Division –The Correspondent Banking Division at Quad City Bank & Trust continues to seize opportunities to deliver exceptional client service to downstream banks in Illinois, Iowa and Wisconsin. During 2017, we were able to increase the total number of banks we serve to 187 and had a total of $261 million in non-interest bearing deposits at year end. In 2017, Quad City Bank & Trust introduced the Correspondent Money Market product which experienced growth of $150 million. Total non-interest bearing and money market deposits were $411 million at the end of 2017 in comparison to $354 million in total deposits at the end of 2016. Our veteran team of bankers provides many layers of expertise in areas such as treasury management, trust and investment services, loans andleases. Wealth Management Division –The expertise found across our company in our Wealth Management Division is a distinguishable competitive advantage. Our ability to provide clients with a continuum of services is crucial to deepening relationships. With offerings in portfolio management, investment services, trust administration and financial planning, we add non-interest income to our organization. In 2017, assets under management totaled $3.6 billion and our veteran staff added 422 new relationships. The $3.6 billion of assets under management were a combination of an increase in market value, new and expanded relationships and the relationshipsfromthemergerofGuarantyBank&TrustwithCedarRapidsBank&TrustintheCedarRapids,Iowamarket. m2 Lease Funds –m2 Lease Funds, a wholly owned subsidiary of Quad City Bank & Trust, celebrated its 20 year anniversary, and its 12year anniversary as part of QCR Holdings, Inc. The m2 Lease Funds business model of providing quick and responsive turnarounds in a simple and straight forward manner remains sound. m2 is nationwide and has leasing specialists located in Iowa, Wisconsin, Minnesota, South Carolina, North Carolina, Florida, California, Pennsylvania and Georgia. m2’s portfolio had an average yield of 5.29% in2017withincomegrowthof13.25%CAGRsince2006.


2017ANNUALREPORT 7 Results by Entity QuadCityBank&Trust–UndertheleadershipofPresidentandCEO, John Anderson, the Company’s first subsidiary bank (1994), reported total consolidatedassetsof$1.5billionatDecember31,2017.Thebankcontinues to have success in adding new clients to its Correspondent Banking and WealthManagementbusinesses.QuadCityBank&Trustrealizedrecordcore net income of $17.1 million for the year ended December 31, 2017, which comparesto$15.4millionin2016.Theresultsfor2017excludea$6.7million tax benefit related to taxreform. Cedar Rapids Bank & Trust –President and CEO, Larry Helling, one of the founders of Cedar Rapids Bank & Trust (2001), and his team achieved core net income of $13.1 million for the year ended December 31, 2017, which compares to $12.7 million in 2016. The results for 2017 exclude $2.0 million of additional tax expense related to tax reform. The fourth quarter of 2017 in-marketacquisitionandsuccessfulmergerofGuarantyintoCRBTbrought the bank’s total assets at December 31, 2017 to $1.3 billion. The addition of Guarantyclients,shareholdersandemployeesenablesCedarRapidsBank& Trusttocontinuetogrowandtoserveallclientswiththreenewconvenient banking locations in the metroarea. RockfordBank&Trust–LedbyPresidentandCEO,TomBudd,RockfordBank &Trust(2005)reportedcorenetincomefor2017of$3.7million.Theresultsfor 2017 excluded $973 thousand of additional tax expense related to tax reform. By comparison, the bank reported net income of $3.2 million in 2016. Total assetsfinishedtheyearat$461.7millionasofDecember31,2017. Community State Bank –In its first full year with the Company, CEO, Ron Nagel led his team at Community State Bank (acquired in 2016) to a record core net income of $7.2 million for the year ended December 31, 2017, which compares to $5.6 million in 2016. The results for 2017 excluded a $678 thousand tax benefit related to tax reform, as well as $753 thousand of one- time conversion costs (post-tax). Total assets for Community State Bank at December 31, 2017 were $670.5 million. As part of an executive succession planandsmoothtransitionofleadership,thebankwelcomedKurtGibsonas President of the bank in October2017. Living the Brand –We continue to believe our people are the key differentiator in each of our markets. As such, one measure of employee performance is utilizing a metric we call “Living the Brand.”“Living the Brand”meanslivingourBrandPromise–makingsurethateachemployee’s performance is so good that our clients, internal and external, will always experiencegreatrelationships,serviceandadvice.Itisourhopethatby placingdailyemphasisonourBrandPromiseeveryclientwilltrulysee“People you can bank on®” in everything we do and our shareholders will experience exceptionalreturns. DOUGLAS M.HULTQUIST President and Chief Executive Offi cer, Co-Founder, QCR Holdings,Inc. TODD A.GIPPLE Executive Vice President, Chief Operating Offi cer and Chief Financial Offi cer, QCR Holdings,Inc. The Company continues to focus on the following seven stated initiatives in an effort to further improve profitability and drive shareholdervalue: • Strong organic loan and lease growth to maintain loans andleases to total assets ratio in the range of 73% -78% • Grow core deposits to maintain reliance on wholesale fundingat less than 15% ofassets • Generate gains on the sale ofUSDA and SBA loans, and fee income on interest rate swaps, as a significant and consistent component of core revenue • Grow wealth managementnet income by 10%annually • Carefully managenon-interest expensegrowth • Maintain asset quality metricsat better than peerlevels • Participate as an acquirer in the consolidation taking place in our industry to further boost ROAA, improve efficiency ratio and increaseEPS STRATEGIES TOCONTINUE DRIVING SHAREHOLDERVALUE


8 QCR HOLDINGS,INC. Everyexceptionalorganizationbeginswitha strong foundation,and QCR Holdings,Inc. was extremely fortunatetohavethestrongestfoundationpossible.James “Jim”BrownsonandRonald“Ron”Petersonjoinedthe foundingcharterboard,QuadCityBank&Trust(QCBT)in 1993,andserveduntiltheirrecentretirementsfromboth ourQCRHoldings,Inc.andQCBTBoardofDirectors.From itsinception,JimandRonbelievedinthe“story”and passionatelyadvocatedforourcommunitybankingmodel uponeveryinteractionandateveryopportunity.Withtheir unparalleledbanking, business and entrepreneurial acumens,theyservedasourruddersfromourhumble beginningsthroughoursuccessesoftoday. JimBrownsonbeganasoneoftheoriginaldirectorsof QCBTin1993andservedontheBoardfor22years,retiring inMay2015.JimwaselectedtoQCRHoldings,Inc.'sBoard inSeptember1997.Jimservedastheleadindependent QCRHoldings,Inc.Directorstartingin2003untilbeing appointedasourfirstindependentChairoftheBoardin January2007.JimservedinthatcapacityuntilMay2016, facilitatingthebestoneyeartransitionpossibleforincoming Chair,PatBaird.Jimtirelesslyservedoneverycommitteeof theQCRHoldings,Inc.BoardandholdsaBoardrecordfor perfectattendance,allthewhilesuccessfullyleading a legacy family business– W.E. BrownsonCompany. ThroughoutJim’stenure,hemadeitapointtogettoknow asmanyemployeesaspossibleandhisapproachableand fundemeanormeldedhimtoourstaff. RonPetersonalsobeganasoneoftheoriginaldirectorsof QCBTin1993andwasChairoftheLoanCommitteeuntil hisretirementinMay2017.Ron’sexpertiseandcalming influenceledQCBTthroughtherecession,leavingan indelibleimprintandsageadviceforthestaffthatwillcarry themthroughanydifficulttimestocome.Ronwasoneof theoriginaldirectorsofQCRHoldings,Inc.,ashe was appointedtotheBoardinFebruary1993,serving24years untilhisretirementinMay2017.ThroughoutmostofRon’s Boardtenure,RonwasthePresidentandCEOofFirstState Bank of Illinois. Ron’s in-depth knowledge and commitmenttolocalcommunitybanking,alongwithhis commonsenseapproachtobusinessandbanking,made himastafffavorite. Jim and Ron, our deepest thanks to both ofyou. Thankyouforbeingsuchanimportantpartofourstory, thankyouforbelievinginus,andthankyouforalways brighteningourdayswithyourunendinggiftsoftimeand talent. DEEPESTTHANKSTOOURFOUNDINGBOARDMEMBERS JAMESJ.BROWNSONANDRONALDG.PETERSON MENTORS • LEADERS • ADVOCATES •FRIENDS JAMES J.BROWNSON RONALD G.PETERSON


2017 ANNUAL REPORT 9 (Left toRight) Marie Z. Ziegler // Vice Chair of the Board, QCR Holdings, Inc., Retired Executive, Deere &Company Donna J. Sorensen, J.D. // President, SorensenConsulting Mark C. Kilmer // President, The RepublicCompanies Patrick S. Baird // Chair of the Board, QCR Holdings, Inc., Retired President and Chief Executive Offi cer, AEGON USA,LLC Michael L. Peterson // President and Owner, Peterson Genetics,Inc. Todd A. Gipple // Executive Vice President, Chief Operating Offi cer and Chief Financial Offi cer, QCR Holdings,Inc. Larry J. Helling // President and Chief Executive Offi cer, Cedar Rapids Bank &Trust Douglas M. Hultquist // President and Chief Executive Offi cer, Co-Founder, QCR Holdings,Inc. George T. Ralph III // Owner, GTR Realty Advisors,LLC John-Paul E. Besong // Retired Executive, RockwellCollins Linda K. Neuman // Founder and Principal, Iowa Arbitrators, Associate Justice, Iowa Supreme Court(Retired) QCR Holdings,Inc. BOARD OFDIRECTORS


10 QCR HOLDINGS,INC. Cathie has meant a great deal to our entire organization over these past tenyears. She came to work every day thinking about how to improve our culture, how to improve our brand and how that should impact our long-term strategy.Her retirement is a big loss for our company but we are pleased that she will now have time to enjoy her family, travel and pursue her favorite pastimes. Cathie is very respected in the Quad Cities community. She has served on numerous key charitable boards and has received a number of awards for her volunteer efforts. QCR Holdings, Inc. is a better company because of CathieWhiteside. Anne Howard has been promoted to Senior Vice President, Human Resources Director and will assume Cathie’s human resources responsibilities. Anne joined QCR Holdings, Inc. in 2009. Chris Lindell, previously the CEO of Guaranty Bank, which we acquired in the fourth quarter of 2017, has been named Executive Vice President of Corporate Communications and Investor Relations and Corporate Secretary and will assume many of Cathie’s otherresponsibilities. Todd Kerska, previously the CFO of Guaranty Bank, has joined us as the Senior Vice President/Senior Operations Offi cer. We are pleased to retain both Chris and Todd in these key positions. Both were very instrumental in our combination with Guaranty and subsequentintegration. EXECUTIVE MANAGEMENT TRANSITIONS WepreviouslyannouncedthatCathieS.Whiteside,ExecutiveVicePresidentofCorporate Strategy,HumanResourcesandBranding,retiredonDecember31,2017.Ms.Whiteside joinedQCRHoldings,Inc.asanofficerin2007.Priortothat,shewasStationManagerof KWQC-TV6andaboardmemberofQuadCityBank&Trust,thelargestsubsidiaryofQCR Holdings,Inc.Ms.Whitesidewillcontinueinaconsultingroleonapart-timebasis. Douglas M.Hultquist President and Chief Executive Offi cer, Co-Founder, QCR Holdings,Inc.


2017 ANNUAL REPORT 11 (Left toRight) Dana L. Nichols // Executive Vice President, Chief Credit Officer M. Randolph Westlund // Executive Vice President, Chief Investment Offi cer Anne E. Howard // Senior Vice President, Director of HumanResources Peter J. Benson // Executive Vice President and Chief Legal Offi cer, QCR Holdings,Inc. Cathie S. Whiteside // Executive Vice President, Corporate Strategy, Human Resources andBranding Thomas D. Budd // President and Chief Executive Offi cer, Rockford Bank &Trust Cynthia M. Carlson // Executive Vice President, Wealth Management, Quad City Bank & Trust Todd A. Gipple // Executive Vice President, Chief Operating Offi cer and Chief Financial Officer Larry J. Helling // President and Chief Executive Offi cer, Cedar Rapids Bank & Trust / Executive Vice President, Chief Lending Offi cer, QCR Holdings,Inc. Douglas M. Hultquist // President and Chief Executive Offi cer,Co-Founder Shawna M. Graham // Senior Vice President, Chief Risk Officer John R. Oakes // 1st Vice President,Treasurer John H. Anderson // President and Chief Executive Offi cer, Quad City Bank & Trust / Executive Vice President, Chief Deposit Offi cer, QCR Holdings,Inc. Stacey J. Bentley // President and Chief Executive Offi cer, Community Bank &Trust John R. McEvoy // Executive Vice President, Chief Operations Offi cer and Cashier, Quad City Bank &Trust Elizabeth A. Grabin // 1st Vice President, Director of FinancialReporting John A. Rodriguez // Executive Vice President, Deposit Operations and InformationServices Michael J. Wyffels // Senior Vice President, Chief Information Offi cer (NotPictured) Richard W. Couch // President and Chief Operating Offi cer, m2 Lease Funds,LLC John R. Engelbrecht // Chief Executive Offi cer, m2 Lease Funds,LLC Ronald M. Nagel // Chief Executive Offi cer, Community StateBank QCR Holdings,Inc. EXECUTIVE MANAGEMENTTEAM




2017 ANNUAL REPORT 13 Non-interest bearing demanddeposits $616 $797 $790 Interest bearing demanddeposits 886 1,369 1,856 Time deposits 310 439 516 Brokered deposits 69 64 105 TOTALDEPOSITS $1,881 $2,669 $3,267 12.31.15 12.31.16 12.31.17 TOTALDEPOSITS (inmillions) $0 $2,500 $5,000 TOTAL ASSETS (inmillions) 12.31.17 $3,983 12.31.16 $3,302 12.31.15 $2,593 Todd A.Gipple Executive Vice President, Chief Operating Offi cer and Chief Financial Officer Beth L.Easterla VicePresident, Deposit Operations and Electronic BankingManager Kathleen M.Francque Senior VicePresident, Correspondent Banking and Information Services Quad City Bank &Trust Pamela J. Goodwin Senior Vice President, Loan OperationsManager Elizabeth A.Grabin 1st VicePresident, Director of FinancialReporting Shawna M. Graham Senior VicePresident, Chief Risk Officer R. Timothy Harding Executive Vice President, Director of InternalAudit Anne E.Howard Senior Vice President, Director of HumanResources Todd C.Kerska Senior Vice President, Senior Operations Officer John R.McEvoy Executive VicePresident, Chief Operations Offi cer and Cashier, Quad City Bank &Trust Kathy A.Nichols Senior Vice President, Retail Banking andCashier, Community StateBank John R.Oakes 1st Vice President,Treasurer John A.Rodriguez Executive VicePresident, Deposit Operations and InformationServices Shellee R.Showalter Senior VicePresident, Director of Investor Services andCompensation Michael J. Wyffels Senior Vice President, Chief Information Officer QCR Holdings,Inc. Group Operations ManagementTeam $1,000 $2,000 $3,000 GROSS LOANS/LEASES (inmillions) 12.31.17 $2,964 12.31.16 $2,405 12.31.15 $1,798 DEPOSIT MARKET SHARE (JUNE 30,2017) QuadCities 14.2% Rank #2 of34 CedarRapids* 15.1% Rank #2 of40 Rockford 5.9% Rank #7 of26 Waterloo /CedarFalls 3.6% Rank #11 of25 Ankeny /DesMoines 3.2% Rank #8 of49 * Includes Guaranty Bank &Trust


14 QCR HOLDINGS,INC. JohnAnderson President and Chief Executive Officer, Quad City Bank &Trust EXCEPTIONAL -WHAT DOES THIS WORD INVOKE WHEN YOU SEE IT, OR HEARIT? For the Quad City Bank & Trust team it is the cornerstone to how we approach each interaction with our clients, along with how we serve our community, and ultimately how well we perform as acompany. When defining our mission to make financial dreams a reality, it not only takes an exceptional approach but an exceptional team to drive that mission based on our core values:Collaboration,PersonalResponsibility,Achievement,InnovationandFulfillment. This, in and of itself is a large task, but when you consider our Values and Mission are driven by an exceptional local team who have made being exceptional in all things the ultimate goal and outcome for each interaction, you see local community banking at its finest.


2017 ANNUAL REPORT 15 Withoneexception,theteamhasmetor exceededourgoalsandtheycontinueto collaborateonwaystogainmomentum. Over the past 23 years, Quad City Bank & Trust has grown from a de novo institution into a $1.5 billion bank headquartered in Bettendorf, Iowa, a feat unimaginable to many when we opened our doors in January of1994. Outside of all of these achievements, and at our core, is the outstanding team ofindividuals who place client satisfaction, shareholder return, and growing our community, as their main objectives. I am proud to be part of this team of incredibly focused and talentedprofessionals. In our ever changing world, one consistent truth holds true for the team at Quad City Bank & Trust-make each andevery interaction an exceptional experience and our mission simply becomes the outcome we desire to provide. Here is how our clients describe it. Theterm“financialpartnership”hasbecomewildlyoverused.WithQuadCityBank&Trust, however, I don’t have a financial partnership—I have so much more. Quad City Bank & Trust’s relationship with its clients is one of collaboration, one that explores paths and options with me in mind, one that provides support and warns of possibleproblems, one that will answer the phone, and one that makes things happen. I am backed by real peoplewhoaredriventoensuremyfinancialstability.I’lltakemyQuadCityBank&Trust partnership over an everyday financial partnership any day, anytime. ErnestRiggen Owner, FidlarTechnologies


16 QCR HOLDINGS,INC. “Our employee-owned engineering consulting firm has entered a period of rapid expansion and growth. To accomplish our current and future needs and goals, we required a true banking partner. We have found that relationship with Quad City Bank &Trust. From day one, Quad City Bank & Trust built a personal, active and responsive relationship with us, molding their services to fit our needs and completing a seamless transfer of our accounts without draining our resources in the process. Their offi cers and staff invested their time to fully understand our operations and proposed business models, and worked strategically to help us move forward. Their service and guidance have been exceptional, providing us with the tools to meet our current operational needs –as well as the banking instruments required to successfully complete our plans for thefuture. We are proud of our roots in the Quad-Cities, where our firm was founded more than 50 years ago. We have maintained our headquarters here ever since –and plan to do so into the future. Having a partner in Quad City Bank & Trust aligns with our local business tradition, and sets us up for success as we continue our expansionplans.” PaulVanDuyne President and CEO, IMEGCorp. People you can bankon.®


2017 ANNUAL REPORT 17 DIRECTORS John H.Anderson President and Chief Executive Offi cer, Quad City Bank &Trust Mark C.Kilmer Chair of the Board, Quad City Bank &Trust President, The RepublicCompanies Michael A.Bauer Retired Executive, Quad CIty Bank &Trust, Co-Founder, QCR Holdings,Inc. Douglas M.Hultquist President and Chief Executive Offi cer, Co-Founder, QCR Holdings,Inc. Steven R.Geifman President and Managing Partner, Geifman | FirstEquity Todd A. Gipple Executive Vice President, Chief Operating Offi cer and Chief Financial Offi cer, QCR Holdings,Inc. John H. Harris,II Retired Former President, Star Forms, Inc. and Isabel Bloom,LLC Linda K.Neuman Vice Chair of the Board, Quad City Bank & Trust Founder and Principal, Iowa Arbitrators Associate Justice, Iowa Supreme Court(Retired) Victor J. Quinn Retired Executive, Quad City Bank &Trust David J.Steil Owner, FidlarTechnologies James D. von Maur President, Von Maur,Inc. Marie Z.Ziegler Retired Executive, Deere &Company INVESTING IN THE QUAD CITIES AREA SENIORMANAGERS John H.Anderson President and Chief Executive Officer Nick W.Anderson Vice President, Chief Financial Officer Cynthia M. Carlson Executive VicePresident, WealthManagement Jill L.Dubin Vice President, CRA and Community Development Officer Robert M. Eby Executive VicePresident, Chief Credit Officer Laura L. Ekizian Executive Vice President, Chief Relationship Officer Kathleen M. Francque Senior Vice President, Information servicesand CorrespondentBanking Therese K. Gerwe Senior Vice President, TreasuryManagement Deborah C.Gillum 1st Vice President, RetailBanking Anne E.Howard Senior Vice President, Director of HumanResources David C.Howell 1st Vice President, WealthManagement Thomas B.Fisher-King 1st VicePresident, Retail and Real EstateOperations Jeffrey M. Lockwood Executive VicePresident, Chief Lending Officer Peter J.McAndrews 1st Vice President,Retail, Real Estate and ConsumerLoans John R.McEvoy Executive VicePresident, Chief Operations Offi cer andCashier Cathie S. Whiteside Executive VicePresident, CorporateStrategy, Human Resources andBranding Michael J. Wyffels Senior Vice President, Chief Information Officer WITH 10,324EMPLOYEE HOURS VOLUNTEERED IN2017


18 QCR HOLDINGS,INC. LarryHelling President and Chief Executive Officer, Cedar Rapids Bank &Trust 2017 PROVED TO BE A MILESTONEYEAR FOR CEDAR RAPIDS BANK &TRUST. For the first time in our history, Cedar Rapids Bank & Trust surpassed $1.0 billion in assets during the third quarter; coincidentally, nearly 16 years to the day from when the bank first opened its doors in September 2001. As a result, it positioned CRBT as the second- largest bank in deposit share in the Cedar Rapids market and solidified our ranking as the largest community bank headquartered in LinnCounty.


2017 ANNUAL REPORT 19 AsIreflectonthissignificantmilestone,therearemanyfactorsthatplayedakeyroleinachieving this:ourstrongBoardofDirectors–pastandpresent;ouremployeesdoingthe“rightthings”every day;thesupportandloyaltyofourclientsandshareholders;andourconfidencetotakestrategic movesalongtheway. Inaddition,wecontinuedtobuildscalein2017withasuccessfulin-marketmergerofGuaranty Bank&Trustintoourcharterduringthefourthquarter.Iamextremelyproudoftheeffortandthe visionofourteam.Thiswasahugeundertakingthatrequiredmonthsofmeticulousandthoughtful preparation.Executionofeverythingfromdatamapping,systemconversion,tostaffintegration andacquiringadditionalbuildingswaskeytoasuccessfulmerger.GuarantyBankhadaproven,83- yearlegacyofunderstandingandservingthecustomerandcommunityneeds.Itwasanaturalfit andourhopeistohonorandenhancethesetraditionsasastrongercombinedfinancialinstitution thatwillmakealastingimpactinourcommunity. AsofDecember31,2017,CedarRapidsBank&Trustreportedcombinedassetsof$1.3billion.This increasedsizehelpsCRBTcompeteinanindustrywherescalematters.Itenablesustooffer additionalproductsandservices,expandourbranchnetwork,developmoretechnologiestomeet thegrowingneedsofourclientsandgainresourcestonavigatethroughthecomplexregulatory environment. Aswemoveforwardandstrivetocreateacultureofhighperformance,whatwillcontinuetoset CedarRapidsBank&Trustapartisthediversesetofpeoplethatbringtheiruniquetalentsandskills toworkeveryday.Bysharingthesedistinctiveapproachesandvariedbackgrounds,itmakesusall bettertogether.ThatisparticularlyimportantasweembraceournewemployeesfromGuaranty Bank.Theirnewanddifferentbackgroundswillhelpusexpandourparadigms.Aswecontinueon ourquesttoBeExceptional,itwilltakeallofuschallengingthestatusquoandsearchingfornew waysofthinkingabouttheevolvingmarketplaceandtheconstituenciesweserve.


20 QCR HOLDINGS,INC. People you can bankon.® "Thank you, Cedar Rapids Bank & Trust, for all that you do to encourage the success of Sadler Power Train and our businesspartners. Cedar Rapids Bank & Trust goes above and beyond to take care of our needs…from Shelly Strellner delivering Visa gifts cards to us that we requested for our customers, within hours of our request; to Tyler Clark’s immediate attention when we call him; to Nicole Langerman’s quick response to an emailed request for a copy of a check; to Larry Helling making us feel like family when he calls each December, thanking us for our business and checking to see if there is anything else Cedar Rapids Bank & Trust can do for us (a call we greatly appreciate and look forwardto). The team at CRBT is truly an extension of Team Sadler. They help us get tasks done sowe can spend time meeting our customers’needs." JohnSadler President, Sadler PowerTrain


2017 ANNUAL REPORT 21 SENIORMANAGERS Larry J.Helling President and Chief Executive Officer John A.Rodriguez Executive Vice President, Operations andCashier J. MitchellMcElree Executive Vice President, Managing Director, Specialty FinanceGroup Patricia L.Ellison Executive Vice President, Chief Credit Officer Gary M.Becker Senior Vice President, CommercialBanking Wayne R.Breckon Senior Vice President, C&IManager Kevin D.Bruns Senior Vice President, WealthManagement James D. Klein Executive Vice President, Chief Lending Officer Deborah J.Gertsen Senior Vice President, Trust andInvestments Shelly A.Strellner Senior Vice President, PrivateBanking Timothy J.White Senior Vice President, BusinessDevelopment, Specialty FinanceGroup INVESTING IN CEDAR RAPIDS, IOWA DIRECTORS Larry J.Helling President and Chief Executive Offi cer, Cedar Rapids Bank &Trust Fred G.Timko Chair of theBoard, Cedar Rapids Bank &Trust President, Down to Earth Development,LLC Donna J. Sorensen,J.D. President, SorensenConsulting Patrick S.Baird Retired President and Chief Executive Offi cer, AEGON USA,LLC Robert T.Buckley Chairman and Chief Executive Offi cer, Kirk GrossCompany Patrice M.Carroll Vice Chair of the Board, Cedar Rapids Bank &Trust President and Chief Executive Offi cer, ImOnCommunications Brent R.Cobb President, World Class Industries,Inc. Nancy H. Evans,J.D. CommunityVolunteer Todd A. Gipple Executive Vice President, ChiefOperating Offi cer and Chief Financial Officer, QCR Holdings,Inc. Hillary L. Hughes,CFA Director, Prairie Capital Advisors,Inc. James A. Mudd,II President and Chief Executive Offi cer, MuddAdvertising Amy L. ReasnerJ.D. Shareholder, Lynch Dallas,P.C. Jason D. Smith President, TrueNorthCompanies WITH 3,913EMPLOYEE HOURS VOLUNTEERED IN2017


22 QCR HOLDINGS,INC. StaceyBentley President and Chief Executive Officer, Community Bank &Trust August 18, 2017 marked the 20th anniversary of our presence in the Cedar Valley.What began as a vision in early 1997 has now flourished into a true Community Bank. Over 20 years ago, we contacted a successful community bank for insight on starting a de novo community bank in the Waterloo/Cedar Falls area. We are proud to say that was QCR Holdings, Inc. who we are united withtoday. Our success has always been about genuinely connecting with our clients and building relationships. From the very beginning, we have strived to grow through superior service to our clients and that concept still charts our coursetoday. 20 YEARS…ANDGROWING


2017 ANNUAL REPORT 23 Growing theNew The stars aligned for us in 2017 as we have successfully completed a fresh, modern renovation to our downtown Waterloo offi ce complete with first-class technology that will position us well for the future. Thisrenovation was the perfect celebration to commemorate our 20 year anniversary. We couldn’t think of a more fitting time for our brand tomirror our progress and launched a sleek, new logo representing the professionalism that equally portrays all of our newenhancements. Our culture of high expectations for client service and responsiveness is enabled by local decision-making. Our decisions affecting client relationships are made by people who live, work, and are actively involved in serving our communities. We are fortunate tobe part of a “Relationship Driven Organization” whose business model provides each QCR Holdings, Inc. entity with the autonomy to tailor value-added solutions to our clients and communities that we serve. With our higher lending capacity and various products and services, we can save you time and moneyand are able to help yougrow. Growing, and givingback Our commitment extends beyond our clients and employees. We are proud to be good corporate citizens in the communities we serve through lending, charitable giving, and volunteerism that permeate through the company. Getting better, not justbigger Our objective is not simply to get bigger. Our growth is an outcome of doing allthe right things for our clients. We strive daily to Be Exceptional as our top priority is to constantly get better at how we serve all our stakeholders. By staying true to our business model of building strong relationships with our clients, we learn and understand their hopes, challenges and dreams. We are here to make the financial lives of those who do business with us better. When they succeed, we becomeexceptional.


24 QCR HOLDINGS,INC. Jim MuddSr. Mudd Advertising "Community Bank & Trust has always been agreat help to us. For the past 20 years, you have always been available for goodadvice. From our first loan to our last, for five buildings as well as credit lines, we couldn’t have done it without your ideas and assistance. Your people and services have beenoutstanding." People you can bankon.®


25 2017 ANNUAL REPORT SENIORMANAGERS Stacey J. Bentley President and Chief Executive Officer Kyle M.Baker Vice President, RetailBanking Richard L.Jaacks Senior Vice President, Business Development Officer INVESTING IN THE CEDAR VALLEY WITH 1,024EMPLOYEE HOURS VOLUNTEERED IN2017 THANKYOU. Community Bank & Trust would like to offer a sincere “Thankyou”. Whether you have been with us from the beginning or at some point, became our champions, you have contributed greatly with your confidence, referrals and suggestions. Your continued support helped propel us to where we are today, 20 years andGrowing!


26 QCR HOLDINGS,INC. Like many communities of our size, Rockford has historically been a city that favors its local businesses. In late 2017, Rockford’s largest, locally owned, communitybank announced its pending sale to an out of town buyer. The announcement created a flurry of competing claims by the remaining community banks as to who is now the most“local.” For Rockford Bank & Trust, the fact that our community really values local banking is reassuring. Providing financial services to clients that value relationships is synonymous with what most people think of when they want “local” banking, and is consistent with the structure of QCR Holdings, Inc. and Rockford Bank &Trust. The value of being local in banking is really based on the way clients and the community are served. At the center of RB&T’s values is the client experience. We are committedto a structure whereby all aspects of the client relationship are delivered locally. It includes making timely loan decisions, setting local interest rates and product offerings, and problem resolution, all tailored to the specific needs of our clients. ThomasBudd President and Chief Executive Officer, Rockford Bank &Trust “Rockford is in our name for areason!”


2017 ANNUAL REPORT 27 Oneclearindicationofabank’s“local”commitmentistheextentandqualityofits communityinvolvement.RB&Thashistoricallybeenfocusedonsupportingareas ofthecommunitywhichhavethegreatestneedsandwhereourinvolvementcan make the greatest impact. For example, the RB&T Financial Scholars program, which provides financial literacy education to six high schools, celebrated its fifth year in 2017. Also, during 2017, Rockford Bank & Trust focused efforts on supporting the community through involvement in several public/private partnerships. RB&T announced a partnership with the Rockford Park District inthe form of a naming rights agreement for the construction of the Rockford Bank & Trust Pavilion, a banquet facility located at Aldeen Golf Course, Rockford’s premier golf facility. RB&T’s partnership helped bring to fruition a much needed enhancement to oneof Rockford’s greatestassets. Rockford Bank & Trust also played a role in the continuing revitalization of downtown Rockford through participation in two projects supporting the explosivegrowth in tourism. The bank provided funding to a not-for-profit, supported by the City of Rockford, as part of a Historic and New Market Tax credit financing of an indoor city market facility in the center of downtown. RB&T also collaborated with QCR Holdings, Inc.’s Specialty Finance Group and Cedar Rapids Bank & Trust to provide permanent financing for the historic renovation and construction of the downtown Amerock Hotel, arguably one of the highest profile projects in Rockford indecades. RB&T’s commitment to supporting the needs and opportunities of the Rockford area will continue to position RB&T as a leader in communitybanking.


People you can bankon.® 28 QCR HOLDINGS,INC. "Since 2008 Rockford Bank & Trust has been committed to the successof Paper Recovery Servicesgrowth. Recently we were looking to purchase a new property for expansion. Karl Swanson at Rockford Bank & Trust made the process effortless. Karl was there with us every step of the way with a complete knowledge of our financial needs. Due to all of his insight and help we were successfully able to find the perfect property for us. Knowing you have a partnership with someone who understands your needs and is watching out for your company’s best interest ispriceless. The relationship we have established with Kim, Blythe, Lori, Brian, Karl and everyone at Rockford Bank & Trust over the years has been valuable to us and our success. Thankyou to everyone at Rockford Bank & Trust for always being professional yet personal during every one of our interactions. You really do make working with youeasy!" FrankGraceffa Paper RecoveryServices


WITH 1,283EMPLOYEE HOURS VOLUNTEERED IN2017 2017 ANNUAL REPORT 29 DIRECTORS Thomas D. Budd President and Chief Executive Offi cer, Rockford Bank &Trust George T. RalphIII Chair of the Board, Rockford Bank &Trust Owner, GTR Realty Advisors,LLC Michael A.Bauer Consultant, Co-Founder of QCR Holdings,Inc. Charles E.Box Vice Chair of the Board, Rockford Bank & Trust Former Chairman, Illinois Commerce Commission Former Mayor, Rockford, Illinois Rebecca L.Epperson President, ChartwellAgency Todd A. Gipple Executive Vice President, Chief Operating Offi cer and Chief Financial Offi cer, QCR Holdings,Inc. Monica B. Glenny, CPA, CMA Independent Consultant, Mary KayCosmetics James P.Hamilton President, Milestone RocValeFoundation Douglas M.Hultquist President and Chief Executive Offi cer, Co-Founder, QCR Holdings,Inc. Dana S. Kiley,Jr. President, CoyleKiley Insurance Agency,Inc. Robert J.Stenstrom President, Stenstrom Petroleum ServicesGroup M. ShawnWay President and Chief Executive Offi cer, Milestone,Inc. SENIORMANAGERS Thomas D. Budd President and Chief Executive Officer Brian J.DeBenedetto Senior Vice President and TrustManager Lori L.Diaz Senior Vice President, TreasuryManagement James M.Hansberry Executive Vice President, WealthManagement Anthony A.Moczynski Senior Vice President, Chief Credit Officer Brenda S.Nayonis Executive Vice President, Operations andCashier Karl R.Swanson Executive Vice President, Chief Lending Officer INVESTING IN R OCKFORD, ILLINOIS


30 QCR HOLDINGS,INC. As stated in last year's annual report, we became part of the QCR Holdings, Inc. family on August 31, 2016. At that time, “We looked for an organization thatidentified with and shared similar values, i.e., our Redefining Simple Principles.” So have the last 16 months lived up to the expectations of our customers, our employees and our shareholders? If you take a look at the financial improvements over this time period, I think we clearly answer that question. RonNagel Chief Executive Officer, Community StateBank


2017 ANNUAL REPORT 31 Being part of the QCR Holdings, Inc. family has helped us reach the next level of financial performance. It is our belief this is just the beginning. In addition to the financialmetrics we have established and worked toward, we continue to support and drive our culture of Redefining Simple- -Make it Easy for Customers to do Business withUs -Make Exceptional Service the Rule –not theException -BeAccountable -Be Innovative and EmbraceChange -Be a TeamPlayer -BeProfessional These culture principles continue to be a priority at CSB and blend in well with the QCR Holdings, Inc. culture of Be Exceptional. As we begin 2018, we want to say a special thank you to all of our customers and employees. We are only successful because of these key people and companies. Withoutthese great groups working every day to improve themselves, their businesses and their communities, CSB just wouldn’t have been voted the best bank in Ankeny like it has been for the past severalyears. ASSETS 08/31/16$581.7million 12/31/16$600.0million 12/31/17$670.5million An increase of nearly $90.0million in the past 16months DEPOSITS 08/31/16$486.3million 12/31/16$513.6million 12/31/17$570.6million An increase of over $80.0million in the past 16months LOANS (as of) 08/31/16$419.0million 12/31/16$429.5million 12/31/17$489.1million Anincreaseof over$70.0million inthepast16months


People you can bankon.® 32 QCR HOLDINGS,INC. "We were in search of a new banking partner and CSB was convenient. They have locations close to our business. The staff provided personal service, so we made the move to CSB. That was 15 years ago. Since it is a full service bank, we have benefited from working with their mortgage, financial and banking areas. CSB makes you feel like a true partner and not just anothercustomer. The biggest difference between CSB and other financial institutions is flexibility. They tell you what they can do, not what they can’t do. That is very important to us. We often refer friends and business associates to CSB based on the good experience we have had with the Bank over these manyyears." GaryRuebel President/Owner, ChemorseLtd.


2017 ANNUAL REPORT 33 DIRECTORS Larry J.Helling Chair of the Board, Community StateBank President and Chief Executive Offi cer Cedar Rapids Bank &Trust Todd A. Gipple Director, Community StateBank Executive Vice President, Chief Operating Offi cer and Chief Financial Offi cer, QCR Holdings,Inc. Douglas M.Hultquist Vice Chair of the Board, Community State Bank President and Chief Executive Offi cer, Co-Founder, QCR Holdings,Inc. Ronald M. Nagel Chief Executive Offi cer, Community StateBank Kurt A.Gibson President, Community StateBank Dana L.Nichols Director, Community StateBank Executive Vice President, Chief Credit Offi cer QCR Holdings,Inc. Marie Z.Ziegler Retired Executive, Deere &Company John C.Flaugh Partner, Summit EquityGroup John L.Rapp President and Chief Executive Offi cer Auto-Jet Muffl erCorporation SENIORMANAGERS Ronald M.Nagel Chief Executive Officer Kurt A.Gibson President Jennifer L.Canelos Senior Vice President,Marketing JodiCorcoran Senior Vice President, TreasuryManagement Cade L.Lindaman Vice President, MortgageLending Kathy A.Nichols Senior Vice President, RetailBanking/Cashier Ken R.Wilson Vice President, FinancialAdvisor INVESTING IN THE GREATER DESMOINES AREA WITH 824EMPLOYEE HOURS VOLUNTEERED IN2017


34 QCR HOLDINGS,INC. m2 recently celebrated its 20 year anniversary, and 12 years with QCR Holdings, Inc. Today m2 has thousands of leases and is in every state. As an equipment leasing generalist, m2 leasesand finances all varieties of equipment. Currently the largest equipment concentrations include manufacturing, technology, marine, food processing, packaging, transportation, bakery andconstruction. JohnEngelbrecht Chief Executive Officer, m2 Lease Funds,LLC


2017 ANNUAL REPORT 35 We continue to believe that the m2 business model of providing quick and responsive turnarounds in a simple and straight forward manner remains sound and for us to grow we only need to add more “talent” to our team. Unlike our affiliated bank’s goals of increasing market share in their local communities, m2 does business nationwide; m2 doesn’t have a local community to call home, so we expanded by adding new employees nationally. We recently increased our footprint by expanding to Georgia, and adding two sales people inCalifornia. These producers join employees we already had in Pennsylvania, Florida, Iowa, Wisconsin, Minnesota and SouthCarolina. We are optimistic on the economic outlook for 2018; industry and business confidence levels are at the highest levels seen in years. Additionally, with the implementation of the new tax bill, allowing companies to depreciate 100% of the cost of new and used equipment in the year of acquisition, we anticipate increased levels of equipment purchases, many of which will be acquired using leasing or financing. We believe that we will benefit from increasing capital equipmentacquisitions. Weareconfidentthatwehavetheteaminplacetocontinueour steadygrowthandtocontinueaddingsubstantialreturnsforthe HoldingCompanyfor2018andbeyond.


36 QCR HOLDINGS,INC. YANK Marine (820C MarineTravelift) Dorchester, NewJersey "Our Small Shipyard Revitalization Project began more than 12 years ago when we purchased our Dorchester, New Jersey location and we needed the funds to build not only the infrastructure, but to purchase and install a 600 metric ton MarineTravelift. Beginning in 2008, during the worst financial crisis since the Great Depression, we began to discuss our project with numerous commercial banks in our area. Some were interested, but none of them had the vision to see that there was a real need for this large lift for the entire marine industry on the EastCoast. The few banks that were interested in financing our project offered us terms that were less than favorable. So after years of searching unsuccessfully for financing, Marine Travelift suggested that we talk to m2 LeaseFunds. With the professional guidance and the personalized support from m2, we were able to acquire an 820 metric ton mobile boat hoist, the second largest Marine Travelift in the country, which will allow us to dramatically grow our business and add jobs. This lift arrived, was assembled, and put into operation in November of2017. m2LeaseFundshadthevisionthatnootherlendinginstitutioninourareapossessed.Thecompletionofour SmallShipyardRevitalizationProjecthasbeenarealgamechangerforboththemilitaryandthecommercial vesselsworkingandprotectingtheentireEastCoastoftheUnitedStates!" People you can bankon.®


2017 ANNUAL REPORT 37 INVESTING IN OURCOMMUNITIES DIRECTORS AND SENIORMANAGER John R.Engelbrecht Chair of the Board, Founder and Chief Executive Offi cer, m2 Lease Funds,LLC John H.Anderson Director, m2 Lease Funds, LLC President and Chief Executive Offi cer, Quad City Bank &Trust Patrick S.Baird Director, m2 Lease Funds,LLC Retired President and Chief Executive Offi cer, AEGON USA,LLC Brian L.Besler Senior Vice President,Administration m2 Lease Funds,LLC Richard W.Couch President and Chief Operating Offi cer, m2 Lease Funds,LLC Michael A.Hatfield Vice Chair of the Board, m2 Lease Funds, LLC Retired Senior Vice President and Secretary, M & I -Marshall & IllsleyCorporation Larry J.Helling Director, m2 Lease Funds, LLC President and Chief Executive Offi cer, Cedar Rapids Bank &Trust Mark R.Hogan Director, m2 Lease Funds, LLC Secretary and Chief Executive Officer, Wisconsin Economic DevelopmentCorporation Douglas M.Hultquist Director, m2 Lease Funds, LLC President and Chief Executive Offi cer Co-Founder, QCR Holdings,Inc. ChristineD.Kennedy ChiefFinancialOfficer, m2LeaseFunds,LLC Dana L.Nichols Director, m2 Lease Funds,LLC Executive Vice President, Chief Credit Officer QCR Holdings,Inc. WITH 372EMPLOYEE HOURS VOLUNTEERED IN2017


38 QCR HOLDINGS,INC. Year-End2007-2017 Total Deposits 2007 /2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 DECEMBER 31,2007 Total $929.4million Non Interest BearingDemand $165.3 million or18% Interest BearingDemand $347.3 million or37% CDs $363.2 million or39% BrokeredDeposits $53.6 million or6% DECEMBER 31,2017 Total $3,267million Non Interest BearingDemand $789.5 million or24% Interest BearingDemand $1,855.9 million or57% CDs $516.1 million or16% BrokeredDeposits $105.2 million or3% StockPrice Tangible Book Value Per CommonShare $50 $40 $30 $20 $10 $0


2017 ANNUAL REPORT 39 Facility Map andLocations 1. QUAD CITY BANK &TRUST 2118 Middle Road, Bettendorf, IA52722 4500 N Brady Street, Davenport, IA52806 3551 Seventh Street, Moline, IL61265 5405 Utica Ridge Road, Davenport, IA52807 1700 Division Street, Davenport, IA52804 2. CEDAR RAPIDS BANK &TRUST 500 First Avenue NE, Cedar Rapids, IA52401 5400 Council Street NE, Cedar Rapids, IA52402 2711 Bever Ave SE, Cedar Rapids, IA52403 191 Jacolyn Dr NW, Cedar Rapids, IA52405 700 25th St, Marion, IA52302 3. COMMUNITY BANK &TRUST 422 Commercial Street, Waterloo, IA50701 312 W First Street, Cedar Falls, IA50613 11 Tower Park Drive, Waterloo, IA50701 4. ROCKFORD BANK &TRUST 4571 Guilford Road, Rockford, IL 61107 308 W State Street, Rockford, IL61101 5. m2 LEASEFUNDS 175 N Patrick Boulevard, Suite 140,Brookfield, WI 6. COMMUNITY STATEBANK 817 N Ankeny Boulevard, Ankeny, IA50023 200 8th Street SE, Altoona, IA50009 1401 E Euclid Avenue, Des Moines, IA50316 6175 Merle Hay Road, Johnston, IA50131 4811 SE 14th Street, Des Moines, IA50320 902 SE Oralabor Road, Ankeny, IA50021 3540 E 33rd Street, Des Moines, IA50317 1025NHickoryBoulevard,PleasantHill,IA50327 460 SE University Avenue, Waukee, IA50263 1640 SW White Birch Circle, Ankeny, IA50023


40 QCR HOLDINGS,INC. December 31, December31, ANALYSIS OF LOANDATA Loan/leasemix: 2017 2016 (dollars inthousands) Asof CONDENSED BALANCE SHEET Amount Amount Cash and due frombanks $ 75,722 $ 70,570 Federal funds sold and interest-bearingdeposits 85,962 86,206 Securities 652,382 574,022 Netloans/leases 2,930,130 2,374,730 Core depositintangible 9,079 7,381 Goodwill 28,334 13,111 Otherassets 201,056 175,924 Total assets $ 3,982,665 $ 3,301,944 Total deposits $ 3,266,655 $ 2,669,261 Total borrowings 309,479 290,952 Otherliabilities 53,244 55,690 Total stockholders'equity 353,287 286,041 Total liabilities and stockholders'equity $ 3,982,665 $ 3,301,944 Commercial and industrialloans $ 1,134,516 $ 827,637 Commercial real estateloans 1,303,492 1,093,459 Direct financingleases 141,448 165,419 Residential real estateloans 258,646 229,233 Installment and other consumerloans 118,611 81,666 Deferred loan/lease origination costs, net of fees 7,773 8,073 Total loans/leases $ 2,964,486 $ 2,405,487 Less allowance for estimated losses onloans/leases 34,356 30,757 Netloans/leases $ 2,930,130 $ 2,374,730 ANALYSIS OF SECURITIESDATA Securitiesmix: U.S. government sponsored agencysecurities $ 38,097 $ 46,084 Municipalsecurities 445,049 374,463 Residential mortgage-backed and relatedsecurities 163,301 147,702 Othersecurities 5,935 5,773 Total securities $ 652,382 $ 574,022 ANALYSIS OF DEPOSITDATA Depositmix: Noninterest-bearing demanddeposits $ 789,548 $ 797,415 Interest-bearing demanddeposits 1,855,893 1,369,226 Timedeposits 516,058 439,169 Brokereddeposits 105,156 63,451 Total deposits $ 3,266,655 $ 2,669,261 ANALYSIS OF BORROWINGS DATA Borrowingsmix: Term FHLBadvances $ 56,600 $ 63,000 Overnight FHLBadvances 135,400 74,500 Wholesale structured repurchaseagreements 35,000 45,000 Customer repurchaseagreements 7,003 8,132 Federal fundspurchased 6,990 31,840 Junior subordinateddebentures 37,486 33,480 Other 31,000 35,000 Total borrowings $ 309,479 $ 290,952 QCR Holdings, Inc. Consolidated FinancialHighlights


2017 ANNUAL REPORT 41 December31, 2017 December31, 2016 INCOMESTATEMENT Interest income $ 135,517 $ 106,468 Interest expense 19,452 11,951 Net interest income 116,065 94,517 Provision for loan/leaselosses 8,470 7,478 Net interest income after provision for loan/leaselosses $ 107,595 $ 87,039 Trust departmentfees $ 7,188 $ 6,164 Investment advisory and managementfees 3,870 2,993 Deposit servicefees 5,919 4,440 Gain on sales of residential real estateloans 409 431 Gain on sales of government guaranteed portions ofloans 1,164 3,159 Swap feeincome 3,095 1,708 Securities gains, net (88) 4,592 Earnings on bank-owned lifeinsurance 1,802 1,771 Debit card fees 2,942 1,815 Correspondent bankingfees 916 1,050 Other 3,265 2,914 Total noninterestincome $ 30,482 $ 31,037 Salaries and employee benefits $ 55,722 $ 46,317 Occupancy and equipment expense 10,938 8,405 Professional and data processing fees 10,757 7,113 Acquisition costs 1,069 1,400 Post-acquisition compensation, transition and integrationcosts 4,310 1,041 FDIC insurance, other insurance and regulatoryfees 2,752 2,549 Loan/leaseexpense 1,164 662 Net cost of operation of other realestate 2 591 Advertising and marketing 2,625 2,128 Bank service charges 1,771 1,693 Losses on debt extinguishment,net - 4,578 Correspondent bankingexpense 807 751 CDIamortization 1,001 443 Other 4,506 3,815 Total noninterestexpense $ 97,424 $ 81,486 Net income beforetaxes $ 40,653 $ 36,590 Income tax expense 4,946 8,903 Net income $ 35,707 $ 27,687 BasicEPS $ 2.68 $ 2.20 Diluted EPS $ 2.61 $ 2.17 Weighted average common sharesoutstanding 13,325,128 12,570,767 Weighted average common and common equivalent sharesoutstanding 13,680,472 12,766,003 For the YearEnded (dollars in thousands, except per sharedata) QCR Holdings, Inc. Consolidated FinancialHighlights


42 QCR HOLDINGS,INC. QCR Holdings, Inc. Consolidated FinancialHighlights December31, 2017 December31, 2016 (1) Includes accumulated other comprehensive income(loss). (2) Includes accumulated other comprehensive income (loss) and excludes intangibleassets. (3) LTM : Last twelvemonths. (4) TCE / TCA : tangible common equity / total tangibleassets. (5) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-basedcompensation. (6) TEY : Tax equivalent yield. See GAAP to non-GAAP reconciliations in the Company10-K. (7) Full-time equivalent employees increased in 2017 due to the acquisition of Guaranty, as well as the filing of open positions throughout theCompany. (8) See GAAP to Non-GAAP reconciliations in the Company's10-K. (9) Theefficiencyratiowasunusuallyhighin2017duetoone-timeacquisitioncosts andpost-acquisitioncompensation,transitionandintegrationcoststotaling$5.4million. For the YearEnded (dollars in thousands, except per sharedata) COMMON SHARE DATA Common shares outstanding 13,918,168 13,106,845 Book value per common share (1) $25.38 $21.82 Tangible book value per common share(2) $22.70 $20.11 Closing stock price $42.85 $43.30 Market capitalization $596,393 $567,526 Market price / book value 168.81% 198.41% Market price / tangible book value 188.81% 215.36% Earnings per common share (basic) LTM(3) $2.69 $2.20 Price earnings ratio LTM(3) 15.93x 19.68x TCE / TA(4) 8.01% 8.04% CONDENSED STATEMENT OF CHANGESIN STOCKHOLDERS'EQUITY Beginningbalance $ 286,041 $ 225,886 Net income 35,707 27,687 Other comprehensive income (loss), net oftax 1,093 (336) Common stock cash dividendsdeclared (2,665) (2,036) Proceeds from issuance of 1,215,000 sharesof common stock, net of costs - 29,829 Proceeds from issuance of 678,670 sharesof common stock, net of costs 30,741 - Other (5) 2,370 5,011 Endingbalance $ 353,287 $ 286,041 REGULATORY CAPITALRATIOS: Total risk-based capitalratio 11.15% 11.56% Tier 1 risk-based capitalratio 10.14% 10.46% Tier 1 leverage capital ratio 8.98% 9.10% Common equity tier 1ratio 9.10% 9.41% KEY PERFORMANCE RATIOSAND OTHER METRICS Return on average assets(annualized) 1.01% 0.97% Return on average total equity (annualized) 11.51% 10.56% Net interest margin 3.50% 3.53% Net interest margin (TEY) (Non-GAAP)(6)(8) 3.78% 3.75% Efficiency ratio (Non-GAAP) (8)(9) 66.48% 64.90% Gross loans and leases / total assets 74.43% 72.85% Full-time equivalent employees (7) 641 572 AVERAGE BALANCES Assets $ 3,519,848 $ 2,846,699 Loans/leases 2,611,888 2,042,555 Deposits 2,916,576 2,243,624 Total stockholders'equity 310,210 262,075


2017 ANNUAL REPORT 43 Fed funds sold $ 17,577 $ 149 0.85% $ 15,142 $ 45 0.30% Interest-bearing deposits at financialinstitutions 78,842 874 1.11% 70,757 393 0.56% Securities (1) 590,761 22,460 3.80% 535,912 19,054 3.56% Restricted investmentsecurities 15,768 631 4.00% 13,993 522 3.73% Loans(1) 2,611,888 120,618 4.62% 2,042,555 92,475 4.53% Total earning assets(1) $ 3,314,836 $ 144,732 4.37% $ 2,678,359 $ 112,489 4.20% Interest-bearingdeposits $ 1,622,724 $ 7,992 0.49% $ 1,092,687 $ 3,843 0.35% Timedeposits 528,834 5,020 0.95% 436,070 2,175 0.50% Short-term borrowings 22,596 114 0.50% 50,899 94 0.18% Federal Home Loan Bank advances 120,206 1,981 1.65% 114,797 1,284 1.12% Junior subordinateddebentures 34,030 1,466 4.31% 33,735 1,237 3.67% Other borrowings 73,394 2,879 3.92% 98,105 3,318 3.38% Total interest-bearingliabilities $ 2,401,784 $ 19,452 0.81% $ 1,826,293 $ 11,951 0.65% Net interest income / spread(1) $ 125,280 3.56% $ 100,538 3.55% Net interestmargin 3.50% 3.53% Net interest margin (TEY) (Non-GAAP) (1)(2) 3.78% 3.75% (1)Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 35% tax rate for each periodpresented. (2)TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations in the Company's10-K. ANALYSIS OF NET INTEREST INCOME ANDMARGIN For theYear Ended December31, 2017 December 31,2016 Average Interest Earned AverageYield Average Interest Earned AverageYield Balance or Paid or Cost Balance or Paid orCost (dollars inthousands) December31, 2017 December31, 2016 (1) Upon acquisition and per GAAP, acquired loans are recorded at market value which eliminated the allowance and impacts these ratios. (dollars inthousands) ROLLFORWARD OF ALLOWANCEFOR LOAN/LEASE LOSSES Beginningbalance $ 30,757 $ 26,141 Provision charged toexpense 8,470 7,478 Loans/leases chargedoff (5,373) (3,244) Recoveries on loans/leases previously chargedoff 502 382 Endingbalance $ 34,356 $ 30,757 NONPERFORMING ASSETS(2) Nonaccrualloans/leases $ 11,441 $ 13,919 Accruing loans/leases past due 90 days or more 89 967 Troubled debt restructures -accruing 7,113 6,347 Total nonperformingloans/leases 18,643 21,233 Other real estateowned 13,558 5,523 Other repossessedassets 80 202 Total nonperformingassets $ 32,281 $ 26,958 ASSET QUALITY RATIOS Nonperforming assets / totalassets 0.81% 0.82% Allowance / total loans/leases(1) 1.16% 1.28% Allowance / nonperforming loans/leases(1) 184.28% 144.85% QCR Holdings, Inc. Consolidated FinancialHighlights


44 QCR HOLDINGS,INC. Annual Meeting ofStockholders The Annual Meeting of the Stockholders of QCR Holdings, Inc. will beheld: Wednesday, May 23, 2018 at 8:00 am CDT Quad City Bank & TrustLobby 3551 SeventhStreet Moline, IL61265 Annual Report on Form10-K Copies of the QCR Holdings, Inc. annual report on Form 10-K and exhibits filed with the Securities and Exchange Commission (SEC), are available to stockholders without charge by accessing our internet site at www.qcrh.com or by writing orcalling: Elizabeth A.Grabin 1st VicePresident, Director of FinancialReporting QCR Holdings, Inc. 3551 SeventhStreet Moline, IL61265 309.743.7724 The SEC maintains an internet site that contains reports, proxy, and information statements and other information about issuers that file electronically with the SEC. The address of that site is:www.sec.gov. Stock TransferAgent Inquiries regarding stock transfer, registration, lost certificates, or changes in name and address should be directed to the stock transfer agent and registrar bywriting: American Stock Transfer & Trust Company, LLC OperationsCenter 6201 15thAvenue Brooklyn, NY11219 InvestorInformation Stockholders, investors, and analysts interested in additional information maycontact: Todd A.Gipple Executive Vice President, Chief Operating Offi cer and Chief Financial Officer QCR Holdings,Inc. 3551 Seventh Street Moline, IL61265 309.743.7745 Christopher J.Lindell Executive Vice President, Investor Relations and CorporateSecretary QCR Holdings,Inc. 500 First Avenue NE, Cedar Rapids, IA 52401 319.743.7006 Independent Registered Public Accounting Firm RSM US LLP, Davenport,IA CorporateCounsel Lane & Waterman LLP, Davenport,IA Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago,IL InternetInformation Informationonoursubsidiaries’history, locations,productsandservicescanbe accessedontheinternetat: www.qcbt.com www.crbt.com www.communitybt.com www.rkfdbank.com www.bankcsb.com www.m2lease.com COMMONSTOCK Calendar2017 High Low 4thQuarter 3rdQuarter $49.70 50.00 $41.50 39.85 2ndQuarter 49.80 40.45 1stQuarter 45.00 40.65 Calendar2016 High Low 4thQuarter $44.80 $30.31 3rd Quarter 2ndQuarter 1stQuarter 32.19 28.74 24.15 26.41 22.96 18.05 DIVIDENDINFORMATION The common stock of QCR Holdings, Inc. is traded on the NASDAQ Global Market under the symbolQCRH Recor d Dat e Payment Date Amoun t Per Share 12.15.17 01.04.18 $.05 09.15.17 10.04.17 $.05 06.16.17 07.06.17 $.05 03.17.17 04.05.17 $.05 12.23.16 01.06.17 $.04 09.16.16 10.05.16 $.04 06.17.16 07.06.16 $.04 03.18.16 04.06.16 $.04 STOCK LISTINGINFORMATION