<SEC-DOCUMENT>0001171843-21-004506.txt : 20210625
<SEC-HEADER>0001171843-21-004506.hdr.sgml : 20210625
<ACCEPTANCE-DATETIME>20210625104705
ACCESSION NUMBER:		0001171843-21-004506
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210625
DATE AS OF CHANGE:		20210625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QCR HOLDINGS INC
		CENTRAL INDEX KEY:			0000906465
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				421397595
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22208
		FILM NUMBER:		211045458

	BUSINESS ADDRESS:	
		STREET 1:		3551 7TH STREET
		CITY:			MOLINE
		STATE:			IL
		ZIP:			61265
		BUSINESS PHONE:		3097363580

	MAIL ADDRESS:	
		STREET 1:		3551 7TH STREET
		CITY:			MOLINE
		STATE:			IL
		ZIP:			61265

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUAD CITY HOLDINGS INC
		DATE OF NAME CHANGE:	19930805
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>f11k_062221.htm
<DESCRIPTION>FORM 11-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"></FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal"></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; font-style: normal">FORM
11-K</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Mark One)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ x ] Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the fiscal year ended <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
31, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&nbsp;&nbsp; ] Transition report pursuant to Section 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U> to<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Commission file number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-77420&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD>Full title of the plan and the address of the plan, if different from that of the issuer named below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><B>QCR Holdings, Inc. 401(k) Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD>Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><B>QCR Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><B>3551 Seventh Street, Suite 204</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><B>Moline, Illinois 61265</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REQUIRED INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The QCR Holdings, Inc. 401(k) Plan is subject
to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;). Accordingly, the financial statements
prepared in accordance with ERISA are provided as Exhibit 99.1 to this Form 11-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The Plan. </I>Pursuant to the requirements
of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>QCR HOLDINGS, INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>401(k) PLAN</b></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>June 24, 2021</u></TD>
    <TD>By:</TD>
    <TD><U>&nbsp;&nbsp;/s/ Shellee R. Showalter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">Shellee R. Showalter</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>QCR HOLDINGS, INC. 401(k) PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL REPORT ON FORM 11-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Exhibit</P>
                                                          <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">No.</P>

</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 89%; vertical-align: bottom">Description</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="exh_231.htm">23.1</A></TD>
    <TD><A HREF="exh_231.htm">Consent of Plante &amp; Moran, PLLC</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="exh_991.htm">99.1</A></TD>
    <TD><A HREF="exh_991.htm"> Financial Statements</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0pt">We consent to the incorporation by reference in the Registration Statement
(No. 333-116022) on Form S-8 of our report dated June 24, 2021 appearing in the annual report on Form 11-K of QCR Holdings, Inc. 401(k)
Plan for the year ended December 31, 2020.</P>

<P STYLE="margin: 0 0 0pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0pt; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt">/s/ Plante &amp; Moran, PLLC</P>

<P STYLE="margin: 0 0 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Chicago, Illinois</P>

<P STYLE="font-size: 10pt; margin: 0 0 8pt">June 24, 2021</P>

<P STYLE="font-size: 10pt; margin: 0 0 8pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit 99.1</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">QCR Holdings, Inc.</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">401(k) Plan</P>

</DIV>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Financial Report</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">December 31, 2020</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 4.5pt solid"><FONT STYLE="font-size: 14pt">QCR
Holdings, Inc. 401(k) Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right"><BR>
Contents</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 87%"><A HREF="#ReportLetter"><B>Report Letter</B></A></TD>
  <TD STYLE="text-align: right; width: 13%; vertical-align: middle"><A HREF="#ReportLetter">1</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#StatementsofNetAssets"><B>Statement of Net Assets Available for Benefits</B></A></TD>
  <TD STYLE="text-align: right; vertical-align: middle"><A HREF="#StatementsofNetAssets">2</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#ChangeInNetAssets"><B>Statement of Changes in Net Assets Available for Benefits</B></A></TD>
  <TD STYLE="text-align: right; vertical-align: middle"><A HREF="#ChangeInNetAssets">3</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#Notes"><B>Notes to Financial Statements</B></A></TD>
  <TD STYLE="text-align: right; vertical-align: middle"><A HREF="#Notes">4-11</A></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><A HREF="#ScheduleI"><B>Schedule of Assets Held at End of Year</B></A></TD>
  <TD STYLE="text-align: right; vertical-align: middle"><A HREF="#ScheduleI">Schedule 1</A></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD>
  <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="logo2.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="ReportLetter"></A><B>Report of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">To the Plan Administrator and Plan Participants<BR>
QCR Holdings, Inc. 401(k) Plan</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0 0 0pt"><B><I>Opinion on the Financial Statements</I></B></P>

<P STYLE="margin: 0 0 0pt; font-size: 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">We have audited the accompanying statement of net assets available for
benefits of the QCR Holdings, Inc. 401(k) Plan (the &ldquo;Plan&rdquo;) as of December 31, 2020 and 2019, and the related statement of
changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the &ldquo;financial
statements&rdquo;). In our opinion, the financial statements present fairly, in all material respects, the net assets of the Plan as of
December 31, 2020 and 2019, and the changes in its net assets for the years then ended, in conformity with accounting principles generally
accepted in the United States of America.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0 0 0pt; font-size: 10pt"><B><I>Basis of Opinion</I></B></P>

<P STYLE="margin: 0 0 0pt; font-size: 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The Plan&rsquo;s management is responsible for these financial statements.
Our responsibility is to express an opinion on the Plan&rsquo;s financial statements based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;) and are required to be independent
with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over
financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan&rsquo;s internal control over financial
reporting. Accordingly, we express no such opinion.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0pt"><B><I>Supplemental Information</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">The supplemental information in the accompanying schedule of assets held at
end of year as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan&rsquo;s
financial statements. The supplemental information is the responsibility of the Plan&rsquo;s management. Our audit procedures included
determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records,
as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information.
In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content,
is presented in conformity with Department of Labor&rsquo;s Rules and Regulations for Reporting under the Employee Retirement Income Security
Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements
as a whole.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>/s/ Plante &amp; Moran, PLLC</I></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">We have served as the Plan&rsquo;s auditor since 2008.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Chicago, Illinois</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">June 24,
2021</P>

<P STYLE="text-align: right; margin: 0 0 0pt; font-size: 10pt">&nbsp;<IMG SRC="logo3.jpg" ALT=""></P>

<P STYLE="text-align: right; margin: 0 0 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right"><A NAME="StatementsofNetAssets"></A><BR>
Statement of Net Assets Available for Benefits</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: 400; font-style: normal; text-align: left">Assets<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left; padding-left: 10pt">Investments at fair value</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">99,499,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">85,125,835</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Participant notes receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">979,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">963,530</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Participant contribution receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Employer contribution receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,439,306</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,413,097</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Assets Available for Benefits</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103,051,913</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">88,502,462</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right; text-indent: -4.5pt"><A NAME="ChangeInNetAssets"></A><BR>
Statement of Changes
in Net Assets Available for Benefits</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Additions to Net Assets</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Contributions:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; padding-left: 20pt">Employer</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">2,389,281</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">2,318,213</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Participant</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,303,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,147,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Rollover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,214,517</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,762,705</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 84px">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt">Total contributions</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,907,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,228,218</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 84px">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Investment income:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Interest and dividends</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,109,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,385,258</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Net realized and unrealized gains on investments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,024,289</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,199,045</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt">Total investment income</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,133,821</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,584,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 168px">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Interest from participant notes receivable</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">55,169</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,864</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt">Total additions</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,096,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,870,385</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Deductions from Net Assets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Benefits paid to participants</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,351,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,088,545</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Administrative expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,370</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,773</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt">Total deductions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,546,679</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,274,318</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Increase in Net Assets Available for Benefits</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,549,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,596,067</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net Assets Available for Benefits</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88,502,462</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,906,395</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 42px">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">End of year</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103,051,913</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">88,502,462</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>





<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right; text-indent: -4.5pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="Notes"></A><BR>
Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 1 - Description of the Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">The following description of the QCR
Holdings, Inc. 401(k) (the &#8220;Plan&#8221;) provides only general information. Participants should refer to the plan agreement for
a complete description of the Plan&#8217;s provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify"><B>General</B> - The Plan is a defined
contribution plan covering substantially all employees of QCR Holdings, Inc., and its subsidiaries, Quad City Bank and Trust Company,
Cedar Rapids Bank and Trust Company, Rockford Bank and Trust Company, Community State Bank, Springfield First Community Bank, M2 Lease
Funds, LLC and Bates Financial Advisors, Inc., (collectively referred to as the &#8220;Company&#8221;) who are at least 18 years of age.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">On November 30, 2019, QCR Holdings,
Inc. sold substantially all of the assets and transferred substantially all of the liabilities of Rockford Bank and Trust Company to Illinois
Bank and Trust, a wholly owned subsidiary of Heartland Financial USA, Inc. In connection with the sale, the Plan was amended to allow
all of the participants of the Plan who were employees of Rockford Bank and Trust Company to retain their participant accounts within
the Plan, become fully vested in all employer contributions on November 30, 2019, and deemed to have met all of the eligibility requirements
to receive employer matching contributions, as noted below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">In March 2020, the World Health Organization
categorized Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) as a pandemic. The COVID-19 pandemic has resulted in economic uncertainty
and extreme volatility in financial markets, and has affected, and may continue to affect the market price of Plan assets. The duration
and ultimate impact of COVID-19 is uncertain and difficult to assess or predict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">The Plan was amended to implement certain
changes permitted by the Coronavirus AID, Relief and Economic Security Act (the CARES Act), which provides for the Plan to, among other
changes, allow certain eligible individuals to receive coronavirus-related distributions (CRDs), suspend required minimum distributions
and delay the commencement date for required minimum distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify"><B>Contributions</B> - Participants
may contribute up to 100 percent of their eligible compensation in the form of a salary reduction, subject to certain limitations. Participants
may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans in the form
of a rollover contributions.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><BR>
Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 1 - Description of the Plan (Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify"><B>Contributions continued</B> - The
Company makes discretionary matching contributions equal to 100 percent of the first 3 percent of the participant&#8217;s compensation
deferred and 50 percent of the next 3 percent of compensation deferred. The Company&#8217;s profit-sharing contribution to the Plan is
discretionary and is determined annually by the board of directors. There were no discretionary profit-sharing contributions made for
the years ended December 31, 2020 and 2019. Participants must complete 1,000 hours of service during the plan year and be actively employed
on the last day of the plan year or have terminated employment due to death, disability, or retirement in order to be eligible for matching
or profit-sharing contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify"><B>Participant Accounts</B> - Each participant&#8217;s
account is credited with the participant&#8217;s contribution and the Company&#8217;s matching contribution, allocations of the Company&#8217;s
discretionary profit-sharing contribution, plan earnings (losses), and administrative expenses. Allocations of the Company&#8217;s profit-sharing
contribution are based on participant eligible wages. Allocations of the plan earnings are based on account balances. The benefit to which
a participant is entitled is the benefit that can be provided from the participant&#8217;s vested account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify"><B>Investment Options</B> - Participants
were able to select from various investments, including mutual funds, a common collective trust fund, and QCR Holdings, Inc. common stock,
during the years ended December 31, 2020 and 2019. All contributions are allocated according to the participants&#8217; investment directions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify"><B>Vesting </B>- Participants are immediately
vested in their voluntary contributions and actual earnings thereon. Vesting in the Company&#8217;s discretionary matching contribution,
discretionary profit-sharing contribution, and earnings thereon is based on years of service. Vesting is based on years of continuous
service beginning at 20 percent after 1 year of service and increasing 20 percent for each year of continuous service thereafter. A participant
is 100 percent vested after 5 years of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify"><B>Participant Notes Receivable </B>-
The Plan allows eligible participants to borrow up to the lesser of one-half of their vested balance or $50,000 from the Plan. Under the
terms of this provision, borrowings are subject to certain limitations, including a minimum borrowing of $1,000 and a maximum term of
five years or a reasonable period of time, which may exceed five years for notes receivable used to acquire a principal residence. For
the years ended December 31, 2020 and 2019, interest rates were fixed at the prime rate plus 1 percent at the note inception date. Principal
and interest are paid through payroll deductions.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><BR>
Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 1 - Description of the Plan (Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify"><B>Payment of Benefits </B>- Upon termination
of service due to death, retirement, disability, or hardship, participants or their beneficiaries may elect either a lump-sum payment
equal to the value of their account or monthly installments over a period not to exceed their life expectancy. For termination of service
for other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution. Involuntary
distributions, in the form of rollovers, are made from terminated participant accounts with balances less than $5,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify"><B>Forfeitures </B>- The Company may
elect to have forfeitures of terminated participants&#8217; nonvested employer match and profit-sharing portions of their accounts used
to reduce future Company matching and profit-sharing contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify"><B>Revenue Sharing </B>- The Company
has a revenue sharing agreement in place whereby fees earned by some of the mutual fund companies are shared with the Plan, which are
used for the benefit of the Plan to pay administrative expenses. For the years ended December 31, 2020 and 2019, expenses to the Plan
were reduced by $28,048 and $29,982, respectively, as these were paid under the revenue sharing agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 2 - Summary of Significant Accounting Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 57.6pt; text-align: justify"><B>Basis of Accounting</B> - The financial
statements of the Plan are prepared using the accrual basis of accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 57.6pt; text-align: justify"><B>Investment Valuation </B>- The Plan&#8217;s
investments are stated at fair value. The common collective trust fund is valued at net asset value per share (or its equivalent) of the
fund, which is based on the fair value of the fund underlying net assets. There were no unfunded commitments or redemption restrictions
on the common collective trust fund. Shares of mutual funds and Company common stock are valued at quoted market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 57.6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 57.6pt; text-align: justify">The methods described above may produce
a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the
Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies
or assumptions to determine the fair value of certain financial instruments could result in different fair value measurements at the reporting
date.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 2 - Summary of Significant Accounting Policies (Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 57.6pt; text-align: justify"><B>Participant Notes Receivable</B>
- Participant notes receivable are recorded at their unpaid principal balance plus any accrued interest. Participant notes receivable
are written off and considered deemed distributions in the quarter after the notes receivable become delinquent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 57.6pt; text-align: justify"><B>Payment of Benefits </B>- Benefits
are recorded when paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 57.6pt; text-align: justify"><B>Expenses </B>- Certain administrative
and operating expenses are paid by the Plan&#8217;s sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 57.6pt; text-align: justify"><B>Use of Estimates </B>- The preparation
of financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent
assets and liabilities at the date of the financial statements and reported amounts of additions and deductions during the reporting period.
Actual results could differ from those estimates<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 57.6pt; text-align: justify">Risks and Uncertainties <FONT STYLE="font-weight: normal">-
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and
credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes
in the values of investment securities will occur in the near term and that such changes could materially affect participants&#8217; account
balances and the amounts reported in the financial statements.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Note 3 - Fair Value Measurement of Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">The Plan accounts for its financial assets
in accordance with Accounting Standards Codification 820, Fair Value Measurements and Disclosures (ASC 820), which are carried at fair
value on a recurring basis in its financial statements. ASC 820 establishes a fair value hierarchy that requires assets measured at fair
value to be categorized into one of three levels based on the inputs used in the valuation. Assets are classified in their entirety based
on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 3 - Fair Value Measurement of Investments (Continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify"><B>Level 1</B> - Quoted prices in active
markets for identical assets that the Plan has the ability to access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify"><B>Level 2</B> &#8211; Observable inputs,
other than Level 1 prices, such as quoted prices for similar assets in active markets, and other inputs such as interest rates and yield
curves that are observable at commonly quoted intervals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify"><B>Level 3</B> - Unobservable inputs, including
inputs that are available in situations where there is little, if any, market activity for the related asset.&nbsp; These Level 3 fair
value measurements are based primarily on management&#8217;s own estimates using pricing models, discounted cash flow methodologies, or
similar techniques taking into account the characteristics of the asset.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">In instances where inputs used to measure
fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based
on the lowest level input that is significant to the valuation. The Plan&#8217;s assessment of the significance of particular inputs to
these fair value measurements requires judgment and considers factors specific to each asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify">The Plan&#8217;s policy is to recognize
transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 3 - Fair Value Measurement of Investments (Continued)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="background-color: White; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center">Assets Measured at Fair Value on a Recurring Basis at December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Total</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left">Mutual funds</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">88,067,731</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">88,067,731</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">QCR Holdings, Inc. common stock</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,739,783</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,739,783</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total investments measured at fair value</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,807,514</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,807,514</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investments measured at NAV:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Common collective trust fund</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,692,171</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt">Total investments at fair value</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">99,499,685</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center">Assets Measured at Fair Value on a Recurring Basis at December 31, 2019</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Total</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left">Mutual funds</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">72,732,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">72,732,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">QCR Holdings, Inc. common stock</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,818,552</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,818,552</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total investments measured at fair value</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">82,551,485</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">82,551,485</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investments measured at NAV:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Common collective trust fund</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,574,350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt">Total investments at fair value</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">85,125,835</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: Red"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 4 - Related Party Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">Certain plan investments include investments
in shares of the Company&#8217;s common stock. For the years ended December 31, 2020 and 2019, the Plan purchased 16,211 and 11,462 shares
of QCR Holdings, Inc. common stock, respectively, at a cost of $544,609 and $408,943, respectively. For the years ended December 31, 2020
and 2019, the Plan sold 19,315 and 36,288 shares of QCR Holdings, Inc. common stock, respectively, with proceeds of $710,638 and $1,443,206
respectively. At December 31, 2020 and 2019, the Plan held $8,739,783 (220,757 shares) and $9,818,552 (223,861 shares), respectively,
of QCR Holdings, Inc. common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">In addition, the Company pays certain
expenses for the Plan. These transactions qualify as party&#45;in&#45;interest transactions as defined under ERISA guidelines.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><BR>
Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 5 - Plan Termination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">Although it has not expressed any intent
to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of termination of the Plan, the accounts of all participants shall become 100 percent vested and shall
be distributed to the participants or their beneficiaries.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 6 - Tax Status</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">The Company&#8217;s Board of Directors
adopted a volume submitter 401(k) plan document. The plan sponsor has received, from the Internal Revenue Service, an opinion letter dated
August 8, 2014, stating that the written form of the underlying volume submitter plan is qualified under Section 401(a) of the Internal
Revenue Code (the &#8220;Code&#8221;) and that any employer adopting this form of the Plan will be considered to have a plan qualified
under Sections 401(a) of the Code. The Plan is required to operate in conformity with the Code to maintain its qualification. The plan
administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes
the Plan is qualified and the related trust is tax exempt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 57.6pt; text-align: justify">The plan administrator believes the
Plan is no longer subject to tax examinations for years prior to 2017.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Notes to Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">December 31, 2020 and 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Note 7 &#8211; Reconciliation of the Financial Statements to
Form 5500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt"><FONT STYLE="font-weight: normal">The following is a reconciliation
of net assets available for benefits per the financial statements at December 31, 2020 and 2019 to the Form 5500:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">Net assets available
for benefits per the financial statements</P></TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">103,051,913</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">88,502,462</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">Difference
in valuation of the common collective trust fund from NAV to fair value</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">106,349</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,781</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets available for benefits per Form 5500</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">103,158,262</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88,531,243</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 49.5pt"><FONT STYLE="font-weight: normal">The following is a reconciliation
of net increase in net assets available for benefits per the financial statements at December 31, 2020 and 2019 to the Form 5500:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 67%; text-align: left; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">Net increase in net
assets available for benefits per the financial statements</P></TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">14,549,451</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">21,596,067</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">Difference
in valuation of the common collective trust fund from NAV to fair value</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">77,568</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,337</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0pt"><P STYLE="margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt">Net
increase in net assets available for benefits per Form 5500</P></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,627,019</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21,634,404</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="border-bottom: Black 4.5pt solid; font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0">QCR Holdings, Inc. 401(k) Plan</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><A NAME="ScheduleI"></A><BR>
Schedule of Assets Held at End of Year</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Form 5500, Schedule H, Item 4i</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">EIN 42-1397595, Plan Number 001</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 14pt; text-align: right">December 31, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: center; width: 4%">(a)</TD>
    <TD STYLE="text-align: center; width: 51%">(b)</TD>
    <TD STYLE="text-align: center; width: 25%">(c)</TD>
    <TD STYLE="text-align: center; width: 7%">(d)</TD>
    <TD STYLE="text-align: center; width: 13%">(e)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-decoration: underline; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: center">Issue</TD>
    <TD STYLE="text-decoration: underline; text-align: center">Description</TD>
    <TD STYLE="text-decoration: underline; text-align: center">Cost</TD>
    <TD STYLE="text-decoration: underline; text-align: center">Current Value</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>**</TD>
    <TD STYLE="text-align: left">QCR Holdings, Inc. Stock</TD>
    <TD STYLE="text-align: left">Common stock</TD>
    <TD STYLE="text-align: center">*</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,739,783</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">American Funds Capital World Growth &amp; Income R6</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,250,896</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">American Funds EuroPacific Growth R6</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,802,948</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">BNY Mellon Small/Mid Cap Growth</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,293,238</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">DFA Intl Small Cap Value Port</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086,794</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Invesco Developing Markets R6</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,267,910</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Janus Henderson Small-Mid Cap Value</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,159,335</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Prudential Absolute Return Bond Z</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,834,648</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">T. Rowe Price Spectrum Conservative Allocation Fund I</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,694</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">T. Rowe Price Spectrum Moderate Allocation Fund I</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156,184</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">T. Rowe Price Spectrum Moderate Growth Allocation Fund I</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168,000</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">T. Rowe Price Blue Chip Growth</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,429,790</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Templeton Global Bond R6</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,543,344</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard 500 Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,421,153</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Intermediate Term Bond Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669,803</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Developed Markets Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,225</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Emerging Markets Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,428</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Mid Cap Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,706,117</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Small Cap Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,974,144</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2015 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,562,627</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2020 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825,199</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2025 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,091,827</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2030 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,040,379</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2035 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,884,465</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2040 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,097,045</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2045 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,372,474</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2050 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,530,511</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2055 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570,449</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2060 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,031</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement 2065 Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676,215</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Target Retirement Income Inv</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350,690</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Total Stock Market Index ADM</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,291,680</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Vanguard Windsor II Admiral</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,718,989</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Western Asset Core Plus Bond I</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Mutual fund</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">*</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,005,499</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morley Stable Value Fund</TD>
    <TD STYLE="text-align: left">Common collective trust fund</TD>
    <TD STYLE="text-align: center">*</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,692,171</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline"><U>&nbsp;</U></TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">Subtotal</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,499,685</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; vertical-align: bottom"><U>&nbsp;</U></TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 21px; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;**&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">Participant notes receivable, bearing interest at rates of 4.25% to 6.50%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979,646</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 21px; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 273px; text-align: left">Total</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-underline-style: double; text-align: right">&nbsp;$100,479,331</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">* Cost information not required for participant-directed investments</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">** Party-in-interest, as defined by ERISA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule I</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
