Market Newsdesk

DUBLIN, IRELAND, April 22, 2025 (GLOBE NEWSWIRE) — STERIS plc (NYSE: STE) (“STERIS” or the “Company”) announced today that it will host a conference call to discuss its fiscal 2025 fourth quarter and full year financial results at 9:00 a.m. ET on May 15, 2025. The conference call can be heard live at www.steris-ir.com or via phone by dialing 1-833-535-2199 in the United States or 1-412-902-6776 internationally, then asking to join the conference call for STERIS plc.

A press release detailing financial results will be issued after the U.S. market closes on May 14, 2025.

For those unable to listen to the conference call live, a replay will be available beginning at 12:00 p.m. ET on May 15, 2025, either at www.steris-ir.com or via phone. To access the replay of the call, please use the access code 5194825 and dial 1-877-344-7529 in the United States or 1-412-317-0088 internationally.

About STERIS

STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life sciences products and services.   For more information, visit www.steris.com.

Company Contact:

Julie Winter, Vice President, Investor Relations and Corporate Communications

[email protected]

+1.440.392.7245

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This release and the referenced conference call may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to STERIS or its industry, products or activities that are intended to qualify for the protections afforded “forward-looking statements” under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date the statement is made and may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “outlook,” “impact,” “potential,” “confidence,” “improve,” “optimistic,” “deliver,” “orders,” “backlog,” “comfortable,” “trend,” and “seeks,” or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, statements related to the expected benefits of and timing of completion of the Restructuring Plan, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, actions of regulatory agencies, and changes in laws, government regulations, labeling or product approvals or the application or interpretation thereof. Many of these important factors are outside of STERIS’s control. No assurances can be provided as to any result or the timing of any outcome regarding matters described in STERIS’s securities filings or otherwise with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, cost reductions, business strategies, earnings or revenue trends or future financial results. References to products are summaries only and should not be considered the specific terms of the product clearance or literature. Unless legally required, STERIS does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) the impact of public health crises on STERIS’s operations, supply chain, material and labor costs, performance, results, prospects, or value, (b) STERIS’s ability to achieve the expected benefits regarding the accounting and tax treatments of the redomiciliation to Ireland, (c) operating costs, Customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, Customers, clients or suppliers) being greater than expected, (d) STERIS’s ability to successfully integrate acquired businesses into its existing businesses, including unknown or inestimable liabilities, impairments, or increases in expected integration costs or difficulties in connection with the integration of such businesses, (e) uncertainties related to tax treatments under the TCJA and the IRA, (f) the possibility that Pillar Two Model Rules could increase tax uncertainty and adversely impact STERIS’s provision for income taxes and effective tax rate and subject STERIS to additional income tax in jurisdictions who adopt Pillar Two Model Rules, (g) STERIS’s ability to continue to qualify for benefits under certain income tax treaties in light of ratification of more strict income tax treaty rules (through the MLI) in many jurisdictions where STERIS has operations, (h) changes in tax laws or interpretations that could increase our consolidated tax liabilities, including changes in tax laws that would result in STERIS being treated as a domestic corporation for United States federal tax purposes, (i) the potential for increased pressure on pricing or costs that leads to erosion of profit margins, including as a result of inflation, (j) the possibility that market demand will not develop for new technologies, products or applications or services, or business initiatives will take longer, cost more or produce lower benefits than anticipated, (k) the possibility that application of or compliance with laws, court rulings, certifications, regulations, or regulatory actions, including without limitation any of the same relating to FDA, EPA or other regulatory authorities, government investigations, the outcome of any pending or threatened FDA, EPA or other regulatory warning notices, actions, requests, inspections or submissions, the outcome of any pending or threatened litigation brought by private parties or other requirements or standards may delay, limit or prevent new product or service introductions, affect the production, supply and/or marketing of existing products or services, result in costs to STERIS that may not be covered by insurance, or otherwise affect STERIS’s performance, results, prospects or value, (l) the timing of any court approvals and other conditions of the settlement related to the Isomedix litigation, as well as uncertainties related to the claims administration process, including the level of participation by eligible plaintiffs and its expected timeframe, (m) the potential of international unrest, including the Russia-Ukraine or Israel-Hamas military conflicts, economic downturn or effects of currencies, tax assessments, tariffs and/or other trade barriers, adjustments or anticipated rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs, (n) the possibility of reduced demand, or reductions in the rate of growth in demand, for STERIS’s products and services, (o) the possibility of delays in receipt of orders, order cancellations, or delays in the manufacture or shipment of ordered products, due to supply chain issues or otherwise, or in the provision of services, (p) the possibility that anticipated growth, cost savings, new product acceptance, performance or approvals, or other results may not be achieved, or that transition, labor, competition, timing, execution, impairments, regulatory, governmental, or other issues or risks associated with STERIS’s businesses, industry or initiatives including, without limitation, those matters described in STERIS’s various securities filings, may adversely impact STERIS’s performance, results, prospects or value, (q) the impact on STERIS and its operations, or tax liabilities, of Brexit or the exit of other member countries from the EU, and the Company’s ability to respond to such impacts, (r) the impact on STERIS and its operations of any legislation, regulations or orders, including but not limited to any new trade or tax legislation (including CAMT and excise tax on stock buybacks), regulations or orders, that may be implemented by the U.S. administration or Congress, or of any responses thereto, (s) the possibility that anticipated financial results or benefits of recent acquisitions, of STERIS’s restructuring efforts, or of recent divestitures, including anticipated revenue, productivity improvement, cost savings, growth synergies and other anticipated benefits, will not be realized or will be other than anticipated, (t) the level of STERIS’s indebtedness limiting financial flexibility or increasing future borrowing costs, (u) rating agency actions or other occurrences that could affect STERIS’s existing debt or future ability to borrow funds at rates favorable to STERIS or at all, (v) the effects of changes in credit availability and pricing, as well as the ability of STERIS’s Customers and suppliers to adequately access the credit markets, on favorable terms or at all, when needed, and (w) the possibility that our expectations about the pre-tax savings resulting from the Restructuring Plan, the number of positions eliminated pursuant to the Restructuring Plan and the costs, charges and cash expenditures associated with the announced restructuring plan may not be realized on the timeline or timelines we expect, or at all.

SINGAPORE, April 22, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its financial results for year ended December 31, 2024.

Recent Developments

• On January 15, 2025, the Company closed its initial public offering (the “Offering”) of 2,100,000 Class A Ordinary Shares at a public offering price of $4.00 per share, for total gross proceeds of $8.4 million, before deducting underwriting discounts and commissions. All of the Class A Ordinary Shares are offered by Uni-Fuels. The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025, under the ticker symbol “UFG”.

• On February 4, 2025, the Underwriter exercised the over-allotment option (the “Over-Allotment Option”) in full to purchase additional 315,000 Class A Ordinary Shares from the Company at the public offering price of $4.00 per share, generated gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

Main Highlights:

• In 2024, Sales of Marine Fuels reached US$155.2 million, an increase of US$85.0 million, 121% Year-Over-Year, compared to approximately US$70.2 million in 2023. As a result, Total Revenues reached US$155.2 million an increase of US$84.4 million, 119% YOY, versus US$70.8 million in 2023.

• Cost Of Revenues increased approximately US$83.5 million or 122% from approximately US$68.5 million in 2023 to US$152.0 million in 2024, mainly due to growth in sales of marine fuels with increasing cost to acquire marine fuels for sales.

• Gross Profit was US$2.3 million in 2023 and increased YOY in 2024 by US$0.9 million, 40%, to US$3.2 million.

• Total Operating Expenses rose from US$0.9 million in 2023 to approximately US$3.0 million, a YOY increase of US$2.1 million or 236%.

• As a result of these factors, Net Income decreased from US$1.2 million in 2023 to US$0.2 million in 2024, a YOY decrease of approximately US$1.0 million or 86%.

Management Commentary

“We are pleased to present our first annual results as a publicly listed company, marking a transformative year for our business and laying the groundwork for accelerated global growth” said Mr. Koh Kuan Hua, Chairman & CEO of Uni-Fuels. “Our listing on Nasdaq on January 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalized industry. Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders.”

The Company anticipates ongoing growth in 2025, driven by its global expansion in key markets and enhanced operational efficiency, positioning it to achieve continuous improvements in revenue and profitability year-over-year.

Financial Results for the Year Ended December 31, 2024

Revenues

Total revenues increased significantly by 119% from US$70.8 million for the year ended December 31, 2023 to US$155.2 million for the year ended December 31, 2024. This substantial increase was primarily driven by a pronounced rise in sales of marine fuels. This growth was partially offset by a decrease in brokerage commissions, part of a strategic shift in the Company’s revenue mix.

Sales of marine fuels
– Sales of marine fuels increased by approximately US$85.0 million, or 121%, from approximately US$70.2 million for the year ended December 31, 2023, to approximately US$155.2 million for the year ended December 31, 2024. This increase was attributable to strategic initiatives aimed at strengthening core business activities within the sales sector. The expansion of the Company’s sales and marketing department through additional hiring enabled the Company to conduct its own marine fuels sales. As a result, the Company substantially broadened its customer base and increased the number of ports served during the year ended December 31, 2024. The number of customers for marine fuel sales nearly doubled from 83 customers in the year ended December 31, 2023 to 156 customers in the year ended December 31, 2024, while the number of ports served rose from 51 to 87 over the same period. The successful expansion into new customer bases and supply ports resulted in a substantial increase in both the number of customers and ports where the Company arranged marine fuels supplies, subsequently leading to substantial revenue growth.

Brokerage commissions
– Brokerage commissions decreased by approximately US$0.6 million or 98% to US$12,150 for the year ended December 31, 2024, from approximately US$0.6 million for the year ended December 31, 2023. This decline was primarily due to a strategic shift towards enhancing sales activities. By allocating more resources through recruiting sales and marketing specialists and other personnel, the Company decided to leverage its resources for sales instead of referring deals to other parties for brokerage commissions during the year ended December 31, 2024. The significant reduction in the number of brokerage transactions referred, which dropped to 1 for the year ended December 31, 2024, from 85 for the year ended December 31, 2023, is reflected in the decrease in the Company’s brokerage commissions.

Cost of revenues

Cost of revenues increased by approximately US$83.5 million or 122% from approximately US$68.5 million for the year ended December 31, 2023 to US$152.0 million for the year ended December 31, 2024. The increase was mainly attributable to the growth in sales of marine fuels with increasing costs to acquire marine fuels for sales.

Gross profit

Gross profit increased by approximately US$0.9 million or 40%, from approximately US$2.3 million for the year ended December 31, 2023 to approximately US$3.2 million for the year ended December 31, 2024. The total gross profit margin for the year ended December 31, 2024, was approximately 2.1%, compared to approximately 3.2% for the year ended December 31, 2023.

Gross profit margin for sales of marine fuels decreased to 2.1% for the year ended December 31, 2024 from 2.3% for the year ended December 31, 2023. This decline was primarily due to the strategic focus on expanding market presence and capturing additional market share for the reselling business. As part of the Company’s growth strategy, resources were dedicated to acquiring new customers by offering competitive prices in line with market conditions to increase market share.

Despite decreases in gross profit and gross profit margin, these decisions were part of a strategy to drive sales, expand market share, and adapt to prevailing market dynamics. By offering more competitive pricing and strategically allocating resources, the Company is able to strengthen its market position and enhance long-term profitability.

Operating expenses

Selling and marketing expenses increased to US$0.7 million for the year ended December 31, 2024, from US$0.2 million for the year ended December 31, 2023, primarily driven by the expansion of sales activities. Personnel were added in the sales and marketing department to strengthen customer relationships. Additionally, efforts in building and nurturing relationships with customers and business partners increased, along with business travel and marketing activities, contributing to the substantial increase.

General and administrative expenses increased by US$1.7 million to US$2.3 million for the year ended December 31, 2023, compared to US$0.7 million for the year ended December 31, 2023. One significant factor was the expansion of the workforce through the recruitment of administrative staff and key management personnel to enhance operational efficiency. Professional fees related to auditing consolidated financial statements, consulting services regarding leasing new office premises, and negotiating banking facilities for business financing also contributed to the increase. These factors collectively increased total general and administrative expenses compared to the preceding year, reflecting the Company’s concerted efforts to support operational growth and strategic initiatives.

Other income

Other income increased by US$46,046 from US$9,037 for the year ended December 31, 2023 to US$55,083 for the year ended December 31, 2024. The increase was mainly due to interest income earned from fixed deposits and an increase in other ancillary service income not within the scope of ASC 606.

Income before income taxes

Income before income taxes of US$0.3 million and US$1.4 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to lower margins resulting from increased sales activities and higher operating costs during the expansion of the Company’s operations through the recruitment of staff and additional operating expenses to support growth initiatives and enhance overall capabilities during the year ended December 31, 2024.

Income tax expense

Income tax expense decreased from US$0.2 million for the year ended December 31, 2023 to US$0.1 million for the year ended December 31, 2024. The decrease was in tandem with the decrease in income before income taxes.

Net income

As a result of the foregoing factors, net income decreased by 86% from US$1.2 million for the year ended December 31, 2023 to US$0.2 million for the year ended December 31, 2024.

About Uni-Fuels Holdings Limited

Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

For more information, visit www.uni-fuels.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Information

For Investor Relations:

Uni-Fuels Holdings Ltd
Email: [email protected]

Skyline Corporate Communications Group, LLC
Email: [email protected]

Uni-Fuels Holdings Limited
Consolidated Balance Sheets
(Expressed in U.S. Dollars, except for the number of shares)
		As of December 31,
		2024				2023
Assets
Current Assets
Cash		$	4,324,956			$	2,564,850
Restricted cash			–				1,500,000
Accounts receivable, net			11,458,689				12,807,009
Prepayments and other assets, net			229,928				120,910
Total current assets			16,013,573				16,992,769
Property and equipment, net			329,585				395,056
Operating lease right-of-use assets			133,103				197,863
Prepayments and other assets, net			4,457				30,576
Deferred initial public offering (“IPO”) costs			482,183				112,900
Total assets		$	16,962,901			$	17,729,164
Liabilities and shareholders’ equity
Liabilities
Current liabilities
Accounts payable		$	10,092,160			$	11,196,384
Short-term bank loans			1,510,249				1,195,149
Amounts due to related parties			269,467				278,001
Income tax payables			91,025				272,437
Operating lease liabilities, current			104,267				85,382
Accrued expenses and other liabilities			291,464				177,737
Total current liabilities			12,358,632				13,205,090
Operating lease liabilities, non-current			41,011				127,834
Accrued expenses and other liabilities, non-current			10,153				9,700
Deferred tax liabilities, net			8,243				13,420
Total liabilities			12,418,039				13,356,044
Commitments and contingencies
Shareholders’ equity
Class A ordinary shares (US$0.0001 par value, 450,000,000 shares authorized; 7,350,000 and nil shares issued and outstanding as of December 31, 2024 and 2023, respectively) *			735				–
Class B ordinary shares (US$0.0001 par value, 50,000,000 shares authorized; 22,650,000 and 30,000,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively) *			2,265				3,000
Additional paid-in capital			3,997,000				3,997,000
Accumulated other comprehensive income			145				–
Retained earnings			544,717				373,120
Total shareholders’ equity			4,544,862				4,373,120
Total liabilities and shareholders’ equity		$	16,962,901			$	17,729,164

*		Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited
Consolidated Statements of Income and Comprehensive Income
(Expressed in U.S. dollar, except for the number of shares)
		For the Years Ended
		December 31,
		2024				2023				2022
Revenues
Sales of marine fuels		$	155,180,863				67,966,869			$	19,137,919
Sales of marine fuels -related party			–				2,184,911				10,424,827
Brokerage commissions			12,150				142,479				–
Brokerage commissions -related parties			–				491,269				1,255,725
Total revenues			155,193,013				70,785,528				30,818,471
Cost of revenues			(152,009,204	)			(68,505,327	)			(28,414,153	)
Gross profit			3,183,809				2,280,201				2,404,318
Operating expenses
Selling and marketing			(661,892	)			(210,957	)			(146	)
General and administrative			(2,307,275	)			(672,131	)			(45,532	)
Total operating expenses			(2,969,167	)			(883,088	)			(45,678	)
Income from operations			214,642				1,397,113				2,358,640
Other income
Interest expense, net			(4,801	)			(1,907	)			–
Other income			59,884				10,944				4,813
Total other income, net			55,083				9,037				4,813
Income before income tax expense			269,725				1,406,150				2,363,453
Income tax expense			(98,128	)			(194,363	)			(386,321	)
Net income			171,597				1,211,787				1,977,132
Other comprehensive income
Foreign currency translation adjustments			145				–				–
Total comprehensive income		$	171,742				1,211,787			$	1,977,132
Earnings per share*
Class A ordinary shares – basic and diluted		$	0.07				–			$	–
Class B ordinary shares – basic and diluted			0.01				0.04				0.07
Weighted average shares outstanding used in calculating basic and diluted earnings per share*
Class A ordinary shares – basic and diluted			2,318,630				–				–
Class B ordinary shares – basic and diluted			27,681,370				30,000,000				30,000,000

*		Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited
Consolidated Statements of Changes in Shareholders’ Equity
(Expressed in U.S. dollar, except for the number of shares)
		Class A ordinary share								Class B ordinary share*								Additional Paid-In				Accumulated other comprehensive				Retained
		Share				Amount				Share				Amount				Capital*				income				earnings				Total
Balance as of December 31, 2021			–			$	–				30,000,000			$	3,000			$	97,001			$	–			$	284,200			$	384,201
Net income			–				–				–				–				–				–				1,977,132				1,977,132
Balance as of December 31, 2022			–				–				30,000,000				3,000				97,001				–				2,261,332				2,361,333
Net income			–				–				–				–				–				–				1,211,787				1,211,787
Capital contribution from shareholder			–				–				–				–				3,899,999				–				–				3,899,999
Dividend distribution			–				–				–				–				–				–				(3,099,999	)			(3,099,999	)
Balance as of December 31, 2023			–			$	–				30,000,000			$	3,000			$	3,997,000			$	–			$	373,120			$	4,373,120
Net income			–				–				–				–				–				–				171,597				171,597
Foreign currency translation adjustment			–				–				–				–				–				145				–				145
Conversion of ordinary shares			7,350,000				735				(7,350,000	)			(735	)			–				–				–				–
Balance as of December 31, 2024			7,350,000			$	735				22,650,000			$	2,265			$	3,997,000			$	145			$	544,717			$	4,544,862

*		Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited
Consolidated Statements of Cash Flows
(Expressed in U.S. dollar)
		For the Years Ended December 31,
		2024				2023				2022
Cash flows from operating activities:
Net income		$	171,597			$	1,211,787			$	1,977,132
Adjustments to reconcile net profit to net cash (used in) provided by operating activities:
Depreciation			74,490				32,275				–
Allowance for credit losses			(1,733	)			8,473				4,221
Non-cash operating lease expenses			94,099				61,406				–
Deferred tax expenses (benefits)			(5,177	)			14,339				(717	)
Change in operating assets and liabilities:
Accounts receivable, net			1,351,178				(11,719,074	)			347,634
Prepayments and other assets, net			(84,024	)			(133,851	)			(725	)
Accounts payable			(1,104,224	)			9,773,464				144,080
Income tax payables			(181,412	)			(173,012	)			387,038
Operating lease liabilities			(138,287	)			(46,053	)			–
Accrued expenses and other liabilities			155,336				4,452				168,193
Net cash provided by (used in) operating activities			331,843				(965,794	)			3,026,856
Cash flows from investing activities:
Purchases of property and equipment			(9,020	)			(427,331	)			–
Net cash used in investing activities			(9,020	)			(427,331	)			–
Cash flows from financing activities:
Proceeds from short-term bank loans			14,117,030				7,551,546				–
Repayments of short-term bank loans			(13,801,930	)			(6,356,397	)			–
Payment of offering costs related to Initial Public Offering (“IPO”)			(369,283	)			(112,900	)			–
Capital contribution from shareholder			–				800,000				–
Borrowings from a related party			–				678,259				–
Repayment of borrowings to a related party			(8,534	)			(400,258	)			–
Net cash (used in) provided by financing activities			(62,717	)			2,160,250				–
Net increase in cash and restricted cash			260,106				767,125				3,026,856
Cash and restricted cash, beginning of year			4,064,850				3,297,725				270,869
Cash and restricted cash, end of year			4,324,956				4,064,850				3,297,725
Reconciliation of cash and restricted cash to the consolidated balance sheets
Cash		$	4,324,956				2,564,850			$	3,297,725
Restricted cash			–				1,500,000				–
Total cash and restricted cash		$	4,324,956				4,064,850			$	3,297,725
Supplemental disclosures of cash flow information:
Income tax paid		$	284,717				361,841			$	–
Interest expenses paid			83,973				18,280				–
Supplemental disclosure of non-cash investing and financing activities:
Dividend distribution against capital contribution from shareholder		$	–				3,099,999			$	–
Operating lease right-of-use assets obtained in exchange for operating lease liabilities			29,338				259,269				–

First Quarter 2025 Highlights

• Net income of $25.8 million, or $1.52 per diluted share
• Adjusted net income (non-GAAP) of $26.0 million, or $1.53 per diluted share
• Adjusted NIM (TEY) (non-GAAP) expanded to 3.41%
• Robust core deposit growth of 20% annualized
• Wealth management revenue growth of 14% annualized
• Tangible book value per share (non-GAAP) grew $1.43, or 11% annualized
• TCE/TA ratio (non-GAAP) improved 15 basis points to 9.70%
  

MOLINE, Ill., April 22, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $25.8 million and diluted earnings per share (“EPS”) of $1.52 for the first quarter of 2025, compared to net income of $30.2 million and diluted EPS of $1.77 for the fourth quarter of 2024.

Adjusted net income (non-GAAP) and adjusted diluted EPS for the first quarter of 2025 were $26.0 million and $1.53, respectively. For the fourth quarter of 2024, adjusted net income (non-GAAP) was $32.8 million and adjusted diluted EPS was $1.93. For the first quarter of 2024, adjusted net income (non-GAAP) was $26.9 million, and adjusted diluted EPS was $1.59.

	For the Quarter Ended
	March 31,		December 31,		March 31,
$ in millions (except per share data)	2025		2024		2024
Net Income	$	25.8	$	30.2	$	26.7
Diluted EPS	$	1.52	$	1.77	$	1.58
Adjusted Net Income (non-GAAP)*	$	26.0	$	32.8	$	26.9
Adjusted Diluted EPS (non-GAAP)*	$	1.53	$	1.93	$	1.59

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

“Our first quarter results were highlighted by margin expansion, robust deposit growth, and disciplined expense management. We also had another quarter of strong wealth management revenue growth,” said Larry J. Helling, Chief Executive Officer. “Our performance was further bolstered by continued loan growth while maintaining our excellent asset quality, further strengthening our capital levels, and significantly increasing our tangible book value per share.”

Margin Performance Continues

Net interest income for the first quarter of 2025 totaled $60.0 million, a decrease of $1.2 million from the fourth quarter of 2024, but increased slightly when adjusted for fewer days in the first quarter.

Net interest margin (“NIM”) was 2.95% and NIM on a tax-equivalent yield (“TEY”) basis (non-GAAP) was 3.42% for the first quarter, as compared to 2.95% and 3.43% for the prior quarter, respectively. Adjusted NIM TEY (non-GAAP) of 3.41% for the first quarter of 2025 increased one basis point compared to the fourth quarter of 2024.  

“Our adjusted NIM, on a tax equivalent yield basis, increased one basis point from the fourth quarter of 2024 and was within our guidance range, overpowering the dilution from the impact of expired interest rate caps,” said Todd A. Gipple, President and Chief Financial Officer. “Absent the impact from the interest rate caps, our adjusted NIM TEY expanded by five basis points. Looking ahead, we anticipate continued margin expansion and are guiding to second quarter adjusted NIM TEY in the range from static to an increase of four basis points, assuming no Federal Reserve rate cuts,” added Mr. Gipple.

Noninterest Income Driven by Capital Markets and Wealth Management Revenue

Noninterest income for the first quarter of 2025 was influenced by macroeconomic factors, particularly affecting our low-income housing tax credit (“LIHTC”) lending business and its associated capital markets revenue. Noninterest income for the quarter totaled $16.9 million, down from $30.6 million in the fourth quarter of 2024. The Company generated $6.5 million of capital markets revenue during the first quarter, compared to $20.6 million in the prior quarter.

“Our capital markets business was affected by macroeconomic uncertainty. Despite this, demand for affordable housing remains significant. The lower first quarter results in this sector should lead to a larger pipeline for future transactions. Our capital markets activity for the second quarter is normalizing as clients adjust to the current environment,” said Mr. Helling. “As a result, we continue to expect our capital markets revenue to be in a range of $50 to $60 million over the next four quarters. We believe the long-term demand and our growing backlog for new deals will support the sustainability of our LIHTC lending program,” added Mr. Helling.

“Additionally, our wealth management business remained strong in the first quarter of 2025, generating annualized revenue growth of 14% for the quarter driven by growth in new client accounts and assets under management. We expect continued strong growth in this business to be fueled by the strategic investments we made in our Southwest Missouri and Central Iowa markets,” said Mr. Gipple.

Significant Noninterest Expense Reduction

Noninterest expense for the first quarter of 2025 totaled $46.5 million, a decrease compared to $53.5 million for the fourth quarter and $50.7 million for the first quarter of 2024. The $7.0 million linked-quarter decrease was primarily due to lower salary and employee benefits expenses associated with reduced variable compensation.

“Our noninterest expense decreased by 13% during the quarter, primarily due to lower capital markets revenue and its impact on our variable compensation. As a result, expenses were well below the guided range of $52 to $55 million highlighting our expense flexibility,” said Mr. Gipple. “The Company’s efficiency ratio was 60.54% in the first quarter. For the second quarter of 2025 we expect noninterest expense to be in the range of $50 to $53 million which assumes both capital markets revenue and loan growth are within our guidance range,” added Mr. Gipple.

Exceptionally Low Effective Tax Rate

The effective tax rate for the first quarter of 2025 was 1%, down from 9% in the prior quarter. The linked quarter decline is primarily due to a combination of the tax benefits from equity compensation in the first quarter, new state tax credit investments, and lower pre-tax income from lower capital markets revenue. “These factors decreased the mix of our taxable income relative to our tax-exempt income. Our tax-exempt loan and bond portfolios have consistently helped us maintain our low tax liability benefiting our shareholders,” said Mr. Gipple. “Given a more normalized mix of revenue, we expect our effective tax rate to be in the range of 6% to 8% for the second quarter of 2025,” added Mr. Gipple.

Robust Deposit Growth

During the first quarter of 2025, core deposits increased by $332.2 million, or 20% annualized, which allowed the Company to decrease brokered deposits by $56.0 million, and overnight FHLB advances by $140 million. Gross loans and leases held for investment as a percentage of total deposits ratio improved to 92.96% from 96.05% from the prior quarter. “Our deposit growth this quarter reflects our strong execution in expanding market share and deepening relationships with both new and existing clients in our core markets,” added Mr. Helling.

Continued Loan Growth

In the first quarter of 2025, the Company’s total loans and leases held for investment grew by $38.9 million to $6.8 billion. “Loan growth was 4% annualized when adding back the impact from the runoff of m2 Equipment Finance loans. First quarter loan activity was influenced by heightened macroeconomic uncertainty and elevated payoffs. We anticipate that the slowdown in our LIHTC business during this period should lead to a larger pipeline of future activity driven by the ongoing significant demand for low-income housing,” stated Mr. Helling.

“Due to heightened uncertainty, we are suspending our full-year loan growth guidance. Instead, we are providing guidance for the second quarter of 2025, projecting an annualized growth rate of 4% to 6%,” added Mr. Helling.

Asset Quality Remains Excellent

The Company’s nonperforming assets (“NPAs”) to total assets ratio was 0.53% on March 31, 2025, up three basis points from the prior quarter. NPAs totaled $48.1 million at the end of the first quarter of 2025, a $2.6 million increase from the prior quarter. The increase in NPAs during the first quarter was primarily due to the addition of three specific loans, partially offset by the payoff of our largest NPA in January.

The Company’s total criticized loans, a leading indicator of asset quality, declined by $18.2 million on a linked-quarter basis, and the ratio of criticized loans to total loans and leases as of March 31, 2025, improved to 2.06%, as compared to 2.34% as of December 31, 2024. This $18.2 million reduction marks the Company’s lowest criticized loan ratio in five years.

The Company recorded a total provision for credit losses of $4.2 million during the quarter, representing a decline of $0.9 million from the prior quarter. The reduction in the provision for credit losses during the quarter was primarily due to lower loan growth and a decrease in total criticized balances. Net charge-offs were also $4.2 million during the first quarter of 2025, an increase of $0.8 million from the prior quarter. The allowance for credit losses to total loans held for investment was unchanged from the prior quarter at 1.32%.

Strong Tangible Book Value and Regulatory Capital Growth

The Company’s tangible book value per share (non-GAAP) increased by $1.43, or 11% annualized, during the first quarter of 2025 due to the combination of strong earnings, a modest dividend, and negligible changes in accumulated other comprehensive income (“AOCI”).

As of March 31, 2025, the Company’s tangible common equity to tangible assets ratio (“TCE”) (non-GAAP) increased 15 basis points to 9.70%. The improvement in TCE (non-GAAP) was driven by strong earnings as AOCI remained consistent during the quarter. The total risk-based capital ratio increased to 14.16% and the common equity tier 1 ratio increased to 10.26% due to solid earnings growth and modest loan growth during the quarter. By comparison, these ratios were 9.55%, 14.10%, and 10.03%, respectively, as of December 31, 2024. The Company remains focused on maintaining strong regulatory capital and targeting TCE (non-GAAP) in the top quartile of its peer group.

Conference Call Details

The Company will host an earnings call/webcast tomorrow, April 23, 2025, at 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 April 30, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 7198237. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

About Us

QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Guaranty Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, and Illinois. As of March 31, 2025, the Company had $9.2 billion in assets, $6.8 billion in loans and $7.3 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, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets, including effects of inflationary pressures, the threat or implementation of tariffs, trade wars and changes to immigration policy; (ii) changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies (including those concerning the Company’s general business); (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse 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; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB, the Securities and Exchange Commission (the “SEC”) or the PCAOB; (v) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions 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, including failure to realize the anticipated benefits of the acquisitions and the possibility that transaction and integration costs may be greater than anticipated; (ix) the loss of key executives and employees, talent shortages and employee turnover; (x) changes in consumer spending; (xi) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xiv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xv) the overall health of the local and national real estate market; (xvi) the ability to maintain an adequate level of allowance for credit losses on loans; (xvii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xviii) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xix) the level of non-performing assets on our balance sheet; (xx) interruptions involving our information technology and communications systems or third-party servicers; (xxi) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxii) changes in the interest rates and repayment rates of the Company’s assets; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the SEC.

Contact:
Todd A. Gipple
President
Chief Financial Officer
(309) 743-7745
[email protected]

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)
			As of
			March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024
			(dollars in thousands)
		CONDENSED BALANCE SHEET
		Cash and due from banks	$	98,994		$	91,732		$	103,840		$	92,173		$	80,988
		Federal funds sold and interest-bearing deposits		225,716			170,592			159,159			102,262			77,020
		Securities, net of allowance for credit losses		1,220,717			1,200,435			1,146,046			1,033,199			1,031,861
		Loans receivable held for sale (1)		2,025			2,143			167,047			246,124			275,344
		Loans/leases receivable held for investment		6,821,142			6,782,261			6,661,755			6,608,262			6,372,992
		Allowance for credit losses		(90,354	)		(89,841	)		(86,321	)		(87,706	)		(84,470	)
		Intangibles		10,400			11,061			11,751			12,441			13,131
		Goodwill		138,595			138,595			138,596			139,027			139,027
		Derivatives		180,997			186,781			261,913			194,354			183,888
		Other assets		544,547			532,271			524,779			531,855			509,768
		Total assets	$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991		$	8,599,549
		Total deposits	$	7,337,390		$	7,061,187		$	6,984,633		$	6,764,667		$	6,806,775
		Total borrowings		429,921			569,532			660,344			768,671			489,633
		Derivatives		206,925			214,823			285,769			221,798			211,677
		Other liabilities		155,796			183,101			181,199			180,536			184,122
		Total stockholders’ equity		1,022,747			997,387			976,620			936,319			907,342
		Total liabilities and stockholders’ equity	$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991		$	8,599,549
		ANALYSIS OF LOAN PORTFOLIO
		Loan/lease mix: (2)
		Commercial and industrial – revolving	$	388,479		$	387,991		$	387,409		$	362,115		$	326,129
		Commercial and industrial – other		1,231,198			1,295,961			1,321,053			1,370,561			1,374,333
		Commercial and industrial – other – LIHTC		212,921			218,971			89,028			92,637			96,276
		Total commercial and industrial		1,832,598			1,902,923			1,797,490			1,825,313			1,796,738
		Commercial real estate, owner occupied		599,488			605,993			622,072			633,596			621,069
		Commercial real estate, non-owner occupied		1,040,281			1,077,852			1,103,694			1,082,457			1,055,089
		Construction and land development		403,001			395,557			342,335			331,454			410,918
		Construction and land development – LIHTC		1,016,207			917,986			913,841			750,894			738,609
		Multi-family		289,782			303,662			324,090			329,239			296,245
		Multi-family – LIHTC		888,517			828,448			973,682			1,148,244			1,007,321
		Direct financing leases		14,773			17,076			19,241			25,808			28,089
		1-4 family real estate		592,127			588,179			587,512			583,542			563,358
		Consumer		146,393			146,728			144,845			143,839			130,900
		Total loans/leases	$	6,823,167		$	6,784,404		$	6,828,802		$	6,854,386		$	6,648,336
		Less allowance for credit losses		90,354			89,841			86,321			87,706			84,470
		Net loans/leases	$	6,732,813		$	6,694,563		$	6,742,481		$	6,766,680		$	6,563,866
		ANALYSIS OF SECURITIES PORTFOLIO
		Securities mix:
		U.S. government sponsored agency securities	$	17,487		$	20,591		$	18,621		$	20,101		$	14,442
		Municipal securities		1,003,985			971,567			965,810			885,046			884,469
		Residential mortgage-backed and related securities		43,194			50,042			53,488			54,708			56,071
		Asset backed securities		7,764			9,224			10,455			12,721			14,285
		Other securities		66,105			65,745			39,190			38,464			40,539
		Trading securities (3)		82,445			83,529			58,685			22,362			22,258
		Total securities	$	1,220,980		$	1,200,698		$	1,146,249		$	1,033,402		$	1,032,064
		Less allowance for credit losses		263			263			203			203			203
		Net securities	$	1,220,717		$	1,200,435		$	1,146,046		$	1,033,199		$	1,031,861
		ANALYSIS OF DEPOSITS
		Deposit mix:
		Noninterest-bearing demand deposits	$	963,851		$	921,160		$	969,348		$	956,445		$	955,167
		Interest-bearing demand deposits		5,119,601			4,828,216			4,715,087			4,644,918			4,714,555
		Time deposits		951,606			953,496			942,847			859,593			875,491
		Brokered deposits		302,332			358,315			357,351			303,711			261,562
		Total deposits	$	7,337,390		$	7,061,187		$	6,984,633		$	6,764,667		$	6,806,775
		ANALYSIS OF BORROWINGS
		Borrowings mix:
		Term FHLB advances	$	145,383		$	145,383		$	145,383		$	135,000		$	135,000
		Overnight FHLB advances		–			140,000			230,000			350,000			70,000
		Other short-term borrowings		2,050			1,800			2,750			1,600			2,700
		Subordinated notes		233,595			233,489			233,383			233,276			233,170
		Junior subordinated debentures		48,893			48,860			48,828			48,795			48,763
		Total borrowings	$	429,921		$	569,532		$	660,344		$	768,671		$	489,633
(1	)	Loans with a fair value of $0 million, $0 million, $165.9 million, $243.2 million and $274.8 million have been identified for securitization and are included in LHFS at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(2	)	Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.2 billion at March 31, 2025.
(3	)	Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
			For the Quarter Ended
			March 31,			December 31,			September 30,			June 30,		March 31,
			2025			2024			2024			2024		2024
			(dollars in thousands, except per share data)
INCOME STATEMENT
Interest income			$	116,673		$	121,642		$	125,420		$	119,746	$	115,049
Interest expense				56,687			60,438			65,698			63,583		60,350
Net interest income				59,986			61,204			59,722			56,163		54,699
Provision for credit losses				4,234			5,149			3,484			5,496		2,969
Net interest income after provision for credit losses			$	55,752		$	56,055		$	56,238		$	50,667	$	51,730
Trust fees (1)			$	3,686		$	3,456		$	3,270		$	3,103	$	3,199
Investment advisory and management fees (1)				1,254			1,320			1,229			1,214		1,101
Deposit service fees				2,183			2,228			2,294			1,986		2,022
Gains on sales of residential real estate loans, net				297			734			385			540		382
Gains on sales of government guaranteed portions of loans, net				61			49			–			12		24
Capital markets revenue				6,516			20,552			16,290			17,758		16,457
Earnings on bank-owned life insurance				524			797			814			2,964		868
Debit card fees				1,488			1,555			1,575			1,571		1,466
Correspondent banking fees				614			560			507			510		512
Loan related fee income				898			950			949			962		836
Fair value gain (loss) on derivatives and trading securities				(1,007	)		(1,781	)		(886	)		51		(163	)
Other				378			205			730			218		154
Total noninterest income			$	16,892		$	30,625		$	27,157		$	30,889	$	26,858
Salaries and employee benefits			$	27,364		$	33,610		$	31,637		$	31,079	$	31,860
Occupancy and equipment expense				6,455			6,354			6,168			6,377		6,514
Professional and data processing fees				5,144			5,480			4,457			4,823		4,613
Restructuring expense				–			–			1,954			–		–
FDIC insurance, other insurance and regulatory fees				1,970			1,934			1,711			1,854		1,945
Loan/lease expense				381			513			587			151		378
Net cost of (income from) and gains/losses on operations of other real estate				(9	)		23			(42	)		28		(30	)
Advertising and marketing				1,613			1,886			2,124			1,565		1,483
Communication and data connectivity				290			345			333			318		401
Supplies				207			252			278			259		275
Bank service charges				596			635			603			622		568
Correspondent banking expense				329			328			325			363		305
Intangibles amortization				661			691			690			690		690
Goodwill impairment				–			–			431			–		–
Payment card processing				594			516			785			706		646
Trust expense				357			381			395			379		425
Other				587			551			1,129			674		617
Total noninterest expense			$	46,539		$	53,499		$	53,565		$	49,888	$	50,690
Net income before income taxes			$	26,105		$	33,181		$	29,830		$	31,668	$	27,898
Federal and state income tax expense				308			2,956			2,045			2,554		1,172
Net income			$	25,797		$	30,225		$	27,785		$	29,114	$	26,726
Basic EPS			$	1.53		$	1.80		$	1.65		$	1.73	$	1.59
Diluted EPS			$	1.52		$	1.77		$	1.64		$	1.72	$	1.58
Weighted average common shares outstanding				16,900,785			16,871,652			16,846,200			16,814,814		16,783,348
Weighted average common and common equivalent shares outstanding				17,013,992			17,024,481			16,982,400			16,921,854		16,910,675
(1) Trust fees and investment advisory and management fees when combined are referred to as wealth management revenue.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)
			As of and for the Quarter Ended
			March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024
			(dollars in thousands, except per share data)
		COMMON SHARE DATA
		Common shares outstanding		16,920,363			16,882,045			16,861,108			16,824,985			16,807,056
		Book value per common share (1)	$	60.44		$	59.08		$	57.92		$	55.65		$	53.99
		Tangible book value per common share (Non-GAAP) (2)	$	51.64		$	50.21		$	49.00		$	46.65		$	44.93
		Closing stock price	$	71.32		$	80.64		$	74.03		$	60.00		$	60.74
		Market capitalization	$	1,206,760		$	1,361,368		$	1,248,228		$	1,009,499		$	1,020,861
		Market price / book value		117.99	%		136.49	%		127.81	%		107.82	%		112.51	%
		Market price / tangible book value		138.11	%		160.59	%		151.07	%		128.62	%		135.18	%
		Earnings per common share (basic) LTM (3)	$	6.71		$	6.77		$	6.93		$	6.78		$	6.75
		Price earnings ratio LTM (3)	10.63 x			11.91 x			10.68 x			8.85 x			9.00 x
		TCE / TA (Non-GAAP) (4)		9.70	%		9.55	%		9.24	%		9.00	%		8.94	%
		CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
		Beginning balance	$	997,387		$	976,620		$	936,319		$	907,342		$	886,596
		Net income		25,797			30,225			27,785			29,114			26,726
		Other comprehensive income (loss), net of tax		404			(9,628	)		12,057			(368	)		(5,373	)
		Common stock cash dividends declared		(1,015	)		(1,013	)		(1,012	)		(1,008	)		(1,008	)
		Other (5)		174			1,183			1,471			1,239			401
		Ending balance	$	1,022,747		$	997,387		$	976,620		$	936,319		$	907,342
		REGULATORY CAPITAL RATIOS (6):
		Total risk-based capital ratio		14.16	%		14.10	%		13.87	%		14.21	%		14.30	%
		Tier 1 risk-based capital ratio		10.79	%		10.57	%		10.33	%		10.49	%		10.50	%
		Tier 1 leverage capital ratio		11.06	%		10.73	%		10.50	%		10.40	%		10.33	%
		Common equity tier 1 ratio		10.26	%		10.03	%		9.79	%		9.92	%		9.91	%
		KEY PERFORMANCE RATIOS AND OTHER METRICS
		Return on average assets (annualized)		1.14	%		1.34	%		1.24	%		1.33	%		1.25	%
		Return on average total equity (annualized)		10.14	%		12.15	%		11.55	%		12.63	%		11.83	%
		Net interest margin		2.95	%		2.95	%		2.90	%		2.82	%		2.82	%
		Net interest margin (TEY) (Non-GAAP)(7)		3.42	%		3.43	%		3.37	%		3.27	%		3.25	%
		Efficiency ratio (Non-GAAP) (8)		60.54	%		58.26	%		61.65	%		57.31	%		62.15	%
		Gross loans/leases held for investment / total assets		74.53	%		75.14	%		73.30	%		74.48	%		74.11	%
		Gross loans/leases held for investment / total deposits		92.96	%		96.05	%		95.38	%		97.69	%		93.63	%
		Effective tax rate		1.18	%		8.91	%		6.86	%		8.06	%		4.20	%
		Full-time equivalent employees		972			980			976			988			986
		AVERAGE BALANCES
		Assets	$	9,015,439		$	9,050,280		$	8,968,653		$	8,776,002		$	8,550,855
		Loans/leases		6,790,312			6,839,153			6,840,527			6,779,075			6,598,614
		Deposits		7,146,286			7,109,567			6,858,196			6,687,188			6,595,453
		Total stockholders’ equity		1,017,487			995,012			962,302			921,986			903,371
(1	)	Includes accumulated other comprehensive income (loss).
(2	)	Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.
(3	)	LTM : Last twelve months.
(4	)	TCE / TCA : tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.
(5	)	Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.
(6	)	Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.
(7	)	TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(8	)	See GAAP to Non-GAAP reconciliations.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
		ANALYSIS OF NET INTEREST INCOME AND MARGIN
				For the Quarter Ended
				March 31, 2025							December 31, 2024							March 31, 2024
				Average Balance		Interest Earned or Paid		Average Yield or Cost			Average Balance		Interest Earned or Paid		Average Yield or Cost			Average Balance		Interest Earned or Paid		Average Yield or Cost
				(dollars in thousands)
		Fed funds sold		$	9,009	$	99	4.40	%		$	5,617	$	67	4.68	%		$	19,955	$	269	5.42	%
		Interest-bearing deposits at financial institutions			166,897		1,804	4.38	%			158,151		1,823	4.59	%			91,557		1,200	5.27	%
		Investment securities – taxable			400,779		4,588	4.59	%			375,552		4,230	4.49	%			373,540		4,261	4.55	%
		Investment securities – nontaxable (1)			843,476		11,722	5.57	%			829,544		12,286	5.92	%			685,969		9,349	5.45	%
		Restricted investment securities			30,562		534	6.99	%			33,173		608	7.17	%			38,085		674	7.00	%
		Loans (1)			6,790,312		107,439	6.42	%			6,839,153		112,325	6.53	%			6,598,614		107,673	6.56	%
		Total earning assets (1)		$	8,241,035	$	126,186	6.20	%		$	8,241,190	$	131,339	6.34	%		$	7,807,720	$	123,426	6.35	%
		Interest-bearing deposits		$	5,005,853	$	37,698	3.05	%		$	4,881,914	$	39,408	3.21	%		$	4,529,325	$	39,072	3.47	%
		Time deposits			1,204,593		12,690	4.27	%			1,248,412		13,868	4.42	%			1,107,622		12,345	4.48	%
		Short-term borrowings			1,839		18	3.97	%			1,862		22	4.67	%			1,763		23	5.16	%
		Federal Home Loan Bank advances			177,883		1,996	4.49	%			236,525		2,802	4.64	%			355,220		4,738	5.28	%
		Subordinated debentures			233,525		3,601	6.17	%			233,419		3,636	6.23	%			233,101		3,480	5.97	%
		Junior subordinated debentures			48,871		684	5.60	%			48,839		701	5.62	%			48,742		692	5.62	%
		Total interest-bearing liabilities		$	6,672,564	$	56,687	3.44	%		$	6,650,971	$	60,437	3.61	%		$	6,275,773	$	60,350	3.86	%
		Net interest income (1)				$	69,499						$	70,902						$	63,076
		Net interest margin (2)						2.95	%						2.95	%						2.82	%
		Net interest margin (TEY) (Non-GAAP) (1) (2) (3)						3.42	%						3.43	%						3.25	%
		Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)						3.41	%						3.40	%						3.24	%
		Cost of funds (4)						3.02	%						3.15	%						3.35	%
(1	)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(2	)	See “Select Financial Data – Subsidiaries” for a breakdown of amortization/accretion included in net interest margin for each period presented.
(3	)	TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(4	)	Cost of funds includes the effect of noninterest-bearing deposits.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)
			As of
			March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024
			(dollars in thousands, except per share data)
		ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES
		Beginning balance	$	89,841		$	86,321		$	87,706		$	84,470		$	87,200
		Change in ACL for transfer of loans to LHFS		–			93			(1,812	)		498			(3,377	)
		Credit loss expense		4,743			6,832			3,828			4,343			3,736
		Loans/leases charged off		(4,944	)		(4,787	)		(3,871	)		(1,751	)		(3,560	)
		Recoveries on loans/leases previously charged off		714			1,382			470			146			471
		Ending balance	$	90,354		$	89,841		$	86,321		$	87,706		$	84,470
		NONPERFORMING ASSETS
		Nonaccrual loans/leases	$	47,259		$	40,080		$	33,480		$	33,546		$	29,439
		Accruing loans/leases past due 90 days or more		356			4,270			1,298			87			142
		Total nonperforming loans/leases		47,615			44,350			34,778			33,633			29,581
		Other real estate owned		402			661			369			369			784
		Other repossessed assets		122			543			542			512			962
		Total nonperforming assets	$	48,139		$	45,554		$	35,689		$	34,514		$	31,327
		ASSET QUALITY RATIOS
		Nonperforming assets / total assets		0.53	%		0.50	%		0.39	%		0.39	%		0.36	%
		ACL for loans and leases / total loans/leases held for investment		1.32	%		1.32	%		1.30	%		1.33	%		1.33	%
		ACL for loans and leases / nonperforming loans/leases		189.76	%		202.57	%		248.21	%		260.77	%		285.55	%
		Net charge-offs as a % of average loans/leases		0.06	%		0.05	%		0.05	%		0.02	%		0.05	%
		INTERNALLY ASSIGNED RISK RATING (1)
		Special mention	$	55,327		$	73,636		$	80,121		$	85,096		$	111,729
		Substandard (2)		85,033			84,930			70,022			80,345			70,841
		Doubtful (2)		–			–			–			–			–
		Total Criticized loans (3)	$	140,360		$	158,566		$	150,143		$	165,441		$	182,570
		Classified loans as a % of total loans/leases (2)		1.25	%		1.25	%		1.03	%		1.17	%		1.07	%
		Total Criticized loans as a % of total loans/leases (3)		2.06	%		2.34	%		2.20	%		2.41	%		2.75	%
(1	)	Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.
(2	)	Classified loans are defined as loans with internally assigned risk ratings of 10 or 11, regardless of performance, and include loans identified as Substandard or Doubtful.
(3	)	Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 , regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)
				For the Quarter Ended
				March 31,				December 31,				March 31,
		SELECT FINANCIAL DATA – SUBSIDIARIES		2025				2024				2024
				(dollars in thousands)
		TOTAL ASSETS
		Quad City Bank and Trust (1)		$	2,777,634			$	2,588,587			$	2,618,727
		m2 Equipment Finance, LLC			276,096				310,915				350,801
		Cedar Rapids Bank and Trust			2,617,143				2,614,570				2,423,936
		Community State Bank			1,583,646				1,531,559				1,445,230
		Guaranty Bank			2,331,944				2,342,958				2,327,985
		TOTAL DEPOSITS
		Quad City Bank and Trust (1)		$	2,397,047			$	2,126,566			$	2,161,515
		Cedar Rapids Bank and Trust			1,883,952				1,882,487				1,757,353
		Community State Bank			1,238,307				1,256,938				1,187,926
		Guaranty Bank			1,840,774				1,824,139				1,743,514
		TOTAL LOANS & LEASES
		Quad City Bank and Trust (1)		$	2,041,181			$	2,048,926			$	2,046,038
		m2 Equipment Finance, LLC			284,983				320,237				354,815
		Cedar Rapids Bank and Trust			1,790,065				1,761,467				1,680,127
		Community State Bank			1,197,005				1,159,389				1,113,070
		Guaranty Bank			1,794,915				1,814,622				1,809,101
		TOTAL LOANS & LEASES / TOTAL DEPOSITS
		Quad City Bank and Trust (1)			85	%			96	%			95	%
		Cedar Rapids Bank and Trust			95	%			94	%			96	%
		Community State Bank			97	%			92	%			94	%
		Guaranty Bank			98	%			99	%			104	%
		TOTAL LOANS & LEASES / TOTAL ASSETS
		Quad City Bank and Trust (1)			73	%			79	%			78	%
		Cedar Rapids Bank and Trust			68	%			67	%			69	%
		Community State Bank			76	%			76	%			77	%
		Guaranty Bank			77	%			77	%			78	%
		ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT
		Quad City Bank and Trust (1)			1.44	%			1.49	%			1.40	%
		m2 Equipment Finance, LLC			4.37	%			4.22	%			3.75	%
		Cedar Rapids Bank and Trust			1.38	%			1.44	%			1.34	%
		Community State Bank			1.08	%			0.98	%			1.12	%
		Guaranty Bank			1.30	%			1.25	%			1.15	%
		RETURN ON AVERAGE ASSETS (ANNUALIZED)
		Quad City Bank and Trust (1)			1.31	%			1.09	%			0.79	%
		Cedar Rapids Bank and Trust			2.14	%			3.12	%			3.09	%
		Community State Bank			1.07	%			1.30	%			1.25	%
		Guaranty Bank			0.72	%			0.91	%			0.88	%
		NET INTEREST MARGIN PERCENTAGE (2)
		Quad City Bank and Trust (1)			3.45	%			3.53	%			3.31	%
		Cedar Rapids Bank and Trust			4.00	%			3.95	%			3.77	%
		Community State Bank			3.78	%			3.77	%			3.75	%
		Guaranty Bank (3)			3.05	%			3.18	%			2.98	%
		ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET
		INTEREST MARGIN, NET
		Cedar Rapids Bank and Trust		$	–			$	–			$	–
		Community State Bank			(1	)			(1	)			(1	)
		Guaranty Bank			218				504				396
		QCR Holdings, Inc. (4)			(33	)			(32	)			(32	)
(1	)	Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.
(2	)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(3	)	Guaranty Bank’s net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.91% for the quarter ended March 31, 2025, 2.97% for the quarter ended December 31, 2024 and 2.91% for the quarter ended March 31, 2024.
(4	)	Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)
				As of
				March 31,				December 31,				September 30,				June 30,				March 31,
		GAAP TO NON-GAAP RECONCILIATIONS		2025				2024				2024				2024				2024
				(dollars in thousands, except per share data)
		TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)
		Stockholders’ equity (GAAP)		$	1,022,747			$	997,387			$	976,620			$	936,319			$	907,342
		Less: Intangible assets			148,995				149,657				150,347				151,468				152,158
		Tangible common equity (non-GAAP)		$	873,752			$	847,730			$	826,273			$	784,851			$	755,184
		Total assets (GAAP)		$	9,152,779			$	9,026,030			$	9,088,565			$	8,871,991			$	8,599,549
		Less: Intangible assets			148,995				149,657				150,347				151,468				152,158
		Tangible assets (non-GAAP)		$	9,003,784			$	8,876,373			$	8,938,218			$	8,720,523			$	8,447,391
		Tangible common equity to tangible assets ratio (non-GAAP)			9.70	%			9.55	%			9.24	%			9.00	%			8.94	%
(1	)	This ratio is a non-GAAP financial measure. The Company’s management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders’ equity and total assets, which are the most directly comparable GAAP financial measures.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)
		GAAP TO NON-GAAP RECONCILIATIONS		For the Quarter Ended
				March 31,				December 31,				September 30,				June 30,				March 31,
		ADJUSTED NET INCOME (1)		2025				2024				2024				2024				2024
				(dollars in thousands, except per share data)
		Net income (GAAP)		$	25,797			$	30,225			$	27,785			$	29,114			$	26,726
		Less non-core items (post-tax) (2):
		Income:
		Fair value loss on derivatives, net			(156	)			(2,594	)			(542	)			(145	)			(144	)
		Total non-core income (non-GAAP)		$	(156	)		$	(2,594	)		$	(542	)		$	(145	)		$	(144	)
		Expense:
		Goodwill impairment			–				–				431				–				–
		Restructuring expense			–				–				1,544				–				–
		Total non-core expense (non-GAAP)		$	–			$	–			$	1,975			$	–			$	–
		Adjusted net income (non-GAAP) (1)		$	25,953			$	32,819			$	30,302			$	29,259			$	26,870
		ADJUSTED EARNINGS PER COMMON SHARE (1)
		Adjusted net income (non-GAAP) (from above)		$	25,953			$	32,819			$	30,302			$	29,259			$	26,870
		Weighted average common shares outstanding			16,900,785				16,871,652				16,846,200				16,814,814				16,783,348
		Weighted average common and common equivalent shares outstanding			17,013,992				17,024,481				16,982,400				16,921,854				16,910,675
		Adjusted earnings per common share (non-GAAP):
		Basic		$	1.54			$	1.95			$	1.80			$	1.74			$	1.60
		Diluted		$	1.53			$	1.93			$	1.78			$	1.73			$	1.59
		ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)
		Adjusted net income (non-GAAP) (from above)		$	25,953			$	32,819			$	30,302			$	29,259			$	26,870
		Average Assets		$	9,015,439			$	9,050,280			$	8,968,653			$	8,776,002			$	8,550,855
		Adjusted return on average assets (annualized) (non-GAAP)			1.15	%			1.45	%			1.35	%			1.33	%			1.26	%
		Adjusted return on average equity (annualized) (non-GAAP)			10.20	%			13.19	%			12.60	%			12.69	%			11.90	%
		NET INTEREST MARGIN (TEY) (3)
		Net interest income (GAAP)		$	59,986			$	61,204			$	59,722			$	56,163			$	54,699
		Plus: Tax equivalent adjustment (4)			9,513				9,698				9,544				8,914				8,377
		Net interest income – tax equivalent (Non-GAAP)		$	69,499			$	70,902			$	69,266			$	65,077			$	63,076
		Less: Acquisition accounting net accretion			184				471				463				268				363
		Adjusted net interest income		$	69,315			$	70,431			$	68,803			$	64,809			$	62,713
		Average earning assets		$	8,241,035			$	8,241,190			$	8,183,196			$	7,999,044			$	7,807,720
		Net interest margin (GAAP)			2.95	%			2.95	%			2.90	%			2.82	%			2.82	%
		Net interest margin (TEY) (Non-GAAP)			3.42	%			3.43	%			3.37	%			3.27	%			3.25	%
		Adjusted net interest margin (TEY) (Non-GAAP)			3.41	%			3.40	%			3.34	%			3.26	%			3.24	%
		EFFICIENCY RATIO (5)
		Noninterest expense (GAAP)		$	46,539			$	53,499			$	53,565			$	49,888			$	50,690
		Net interest income (GAAP)		$	59,986			$	61,204			$	59,722			$	56,163			$	54,699
		Noninterest income (GAAP)			16,892				30,625				27,157				30,889				26,858
		Total income		$	76,878			$	91,829			$	86,879			$	87,052			$	81,557
		Efficiency ratio (noninterest expense/total income) (Non-GAAP)			60.54	%			58.26	%			61.65	%			57.31	%			62.15	%
		Adjusted efficiency ratio (core noninterest expense/core total income) (Non-GAAP)			60.38	%			56.25	%			58.45	%			57.19	%			62.01	%
(1	)	Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company’s management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
(2	)	Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.
(3	)	Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(4	)	Net interest margin (TEY) is a non-GAAP financial measure. The Company’s management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure. In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it’s difficult to provide a more realistic run-rate for future periods.
(5	)	Efficiency ratio is a non-GAAP measure. The Company’s management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.