NOTE 5 - DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2026

DERIVATIVES AND HEDGING ACTIVITIES

Summary of derivatives

	March 31, 2026						December 31, 2025
			Fair Value						Fair Value
		Notional or Contractual Amount		Derivative Assets		Derivative Liabilities		Notional or Contractual Amount		Derivative Assets		Derivative Liabilities
	(dollars in thousands)
Hedged derivatives
Cash flow hedges
Interest rate swaps	$	39,000	$	752	$	19,864	$	49,310	$	576	$	20,169
Interest rate collars		150,000		7		—		150,000		—		144
Fair value hedges
Interest rate swaps		250,000		—		940		310,000		—		2,186
	$	439,000		759		20,804	$	509,310	$	576	$	22,499
Unhedged derivatives
Swaptions	$	86,151	$	6	$	—	$	203,600	$	22	$	—
Interest rate swaps		6,169,719		213,015		213,015		5,954,979		191,828		191,828
	$	6,255,870	$	213,021	$	213,015	$	6,158,579	$	191,850	$	191,828
Total derivatives, gross			$	213,780	$	233,819			$	192,426	$	214,327
Netting adjustments				(3,944)		(3,944)				(4,017)		(4,017)
Cash collateral				—		(80,039)				—		(73,259)
Total derivatives, net			$	209,836	$	149,836			$	188,409	$	137,051

Summary of impact of AOCI

	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Interest and		Interest		Interest and		Interest
	Dividend Income		Expense		Dividend Income		Expense
	(dollars in thousands)
Income and expense line items presented in the consolidated statements of income	$	120,091	$	52,653	$	116,673	$	56,687
The effects of cash flow hedging:
Loss on interest rate caps and collars on deposits		-		-		-		(117)
Loss on interest rate swaps on debt		-		(113)		-		(209)
Loss on interest rate swaps and collars on loans		(1,732)		-		(2,083)		-
The effects of fair value hedging:
Gain (loss) on interest rate swaps on loans		(127)		-		170		-

Schedule of hedged interest rate swaps and non-hedged interest rate swaps are collateralized by investment securities with carrying values

	March 31, 2026		December 31, 2025
	(dollars in thousands)
Cash	$	84,081	$	81,131
U.S. govt. sponsored agency securities		11,210		11,268
Municipal securities		138,695		142,065
Residential mortgage-backed and related securities		36,316		36,565
	$	270,302	$	271,029

Interest rate collars

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative

										Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Cap Strike Rate		Floor Strike Rate		March 31, 2026		December 31, 2025
(dollars in thousands)
Loans	10/1/2022	10/1/2026	Derivatives - Assets (Liabilities)	$	50,000	4.40	%	2.44	%	$	(1)	$	(1)

			Balance Sheet							Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Cap Strike Rate		Floor Strike Rate		March 31, 2026		December 31, 2025
(dollars in thousands)
Deposits	5/1/2025	11/1/2027	Derivatives - Liabilities	$	50,000	4.40	%	2.24	%	$	10	$	(18)
Deposits	5/1/2025	5/1/2028	Derivatives - Liabilities		50,000	4.40	%	2.34	%		4		(53)
Deposits	5/1/2025	11/1/2028	Derivatives - Liabilities		50,000	4.40	%	2.43	%		(6)		(72)
				$	150,000					$	8	$	(143)

Interest rate swaps

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative

			Balance Sheet	Notional						Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Amount		Receive Rate		Pay Rate		March 31, 2026		December 31, 2025
(dollars in thousands)
QCR Holdings Statutory Trust V	7/7/2018	7/7/2028	Derivatives - Assets	$	10,000	5.48	%	4.54	%	$	185	$	140
Community National Statutory Trust III	9/15/2018	9/15/2028	Derivatives - Assets		3,500	5.69	%	4.75	%		87		64
Guaranty Bankshares Statutory Trust I	9/15/2018	9/15/2028	Derivatives - Assets		4,500	5.69	%	4.75	%		68		50
Community National Statutory Trust II	9/20/2018	9/20/2028	Derivatives - Assets		3,000	6.12	%	5.17	%		59		43
QCR Holdings Statutory Trust II	9/30/2018	9/30/2028	Derivatives - Assets		10,000	6.81	%	5.85	%		196		144
QCR Holdings Statutory Trust III	9/30/2018	9/30/2028	Derivatives - Assets		8,000	6.81	%	5.85	%		157		115
Guaranty Statutory Trust II	5/23/2019	2/23/2026*	Derivatives - Assets		10,310	N/A	%	N/A	%		N/A		20
QCR Holdings Subordinated Note	3/1/2024	2/15/2028	Derivatives - Liabilities		65,000	4.02	%	4.02	%		(516)		(1,020)
				$	114,310					$	236	$	(444)
* Matured in first quarter of 2026.

			Balance Sheet							Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Receive Rate		Pay Rate		March 31, 2026		December 31, 2025
(dollars in thousands)
Loans	7/1/2021	7/1/2031	Derivatives - Liabilities	$	35,000	1.40	%	3.77	%	$	(3,864)	$	(3,798)
Loans	7/1/2021	7/1/2031	Derivatives - Liabilities		50,000	1.40	%	3.77	%		(5,520)		(5,425)
Loans	7/1/2021	7/1/2031	Derivatives - Liabilities		40,000	1.40	%	3.77	%		(4,424)		(4,348)
Loans	10/1/2022	7/1/2031	Derivatives - Liabilities		25,000	1.30	%	3.77	%		(2,780)		(2,734)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		15,000	1.91	%	3.77	%		(276)		(285)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		50,000	1.91	%	3.77	%		(920)		(948)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		35,000	1.91	%	3.77	%		(644)		(664)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		50,000	1.91	%	3.77	%		(920)		(947)
				$	300,000					$	(19,348)	$	(19,149)

			Balance Sheet							Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Receive Rate		Pay Rate		March 31, 2026		December 31, 2025
(dollars in thousands)
Loans	7/12/2023	2/1/2026*	Derivatives - Liabilities	$	25,000	4.21	%	4.38	%	$	N/A	$	(15)
Loans	7/12/2023	2/1/2026*	Derivatives - Liabilities		15,000	4.21	%	4.38	%		N/A		(9)
Loans	7/12/2023	2/1/2026*	Derivatives - Liabilities		20,000	4.21	%	4.38	%		N/A		(12)
Loans	7/12/2023	8/1/2026	Derivatives - Liabilities		30,000	4.21	%	4.21	%		(55)		(119)
Loans	7/12/2023	8/1/2026	Derivatives - Liabilities		15,000	4.21	%	4.21	%		(28)		(59)
Loans	7/12/2023	8/1/2026	Derivatives - Liabilities		20,000	4.21	%	4.21	%		(37)		(79)
Loans	7/12/2023	2/1/2027	Derivatives - Liabilities		32,500	4.21	%	4.08	%		(115)		(251)
Loans	7/12/2023	2/1/2027	Derivatives - Liabilities		15,000	4.21	%	4.08	%		(53)		(116)
Loans	7/12/2023	2/1/2027	Derivatives - Liabilities		20,000	4.21	%	4.08	%		(71)		(154)
Loans	7/12/2023	8/1/2027	Derivatives - Liabilities		32,500	4.21	%	3.98	%		(148)		(352)
Loans	7/12/2023	8/1/2027	Derivatives - Liabilities		15,000	4.21	%	3.98	%		(68)		(162)
Loans	7/12/2023	8/1/2027	Derivatives - Liabilities		25,000	4.21	%	3.98	%		(113)		(271)
Loans	7/12/2023	2/1/2028	Derivatives - Liabilities		30,000	4.21	%	3.90	%		(169)		(391)
Loans	7/12/2023	2/1/2028	Derivatives - Liabilities		15,000	4.21	%	3.90	%		(83)		(196)
				$	310,000					$	(940)	$	(2,186)
* Matured in first quarter of 2026.

Changes in the fair value of the underlying derivative contracts

		As of March 31, 2026			As of December 31, 2025
	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
	(dollars in thousands)
Non-Hedging Interest Rate Derivatives Assets:
Interest rate swap contracts	$	6,169,719	$	213,015	$	5,954,979	$	191,828
Non-Hedging Interest Rate Derivatives Liabilities:
Interest rate swap contracts	$	6,169,719	$	213,015	$	5,954,979	$	191,828

Swaptions

DERIVATIVES AND HEDGING ACTIVITIES

Changes in the fair value of the underlying derivative contracts

							Fair Value as of
Effective Date	Maturity Date	Location	Notional Amount		Strike Rate		March 31, 2026		December 31, 2025
(dollars in thousands)
7/30/2024	1/29/2026*	Derivatives - Assets	$	20,750	2.63	%	$	N/A	$	-
7/30/2024	1/29/2026*	Derivatives - Assets		41,700	2.13	%		N/A		-
7/30/2024	1/30/2026*	Derivatives - Assets		36,546	2.14	%		N/A		-
7/30/2024	1/30/2026*	Derivatives - Assets		18,453	2.64	%		N/A		-
7/30/2024	7/30/2026	Derivatives - Assets		16,100	2.64	%		2		8
7/30/2024	7/30/2026	Derivatives - Assets		29,800	2.14	%		1		4
7/30/2024	7/30/2026	Derivatives - Assets		25,971	2.14	%		1		3
7/30/2024	7/30/2026	Derivatives - Assets		14,280	2.64	%		2		7
			$	203,600			$	6	$	22
* Matured in first quarter of 2026.