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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.   )
Filed by the Registrant ☒
Filed by a Party other than the Registrant  ☐
Check the appropriate box:
 ☐
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Preliminary Proxy Statement
 ☐
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒
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Definitive Proxy Statement
 ☐
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Definitive Additional Materials
 ☐
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Soliciting Material under § 240.14a-12
QCR Holdings, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒
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No fee required
 
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 ☐
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Fee paid previously with preliminary materials
 
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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graphic
 
3551 Seventh Street, Moline, IL 61265
April 4, 2023
 ​ ​
Phone 309.277.2657
Fax 309.736.3149
www.qcrh.com
Dear Stockholder:
On behalf of the Board of Directors and management of QCR Holdings, Inc., we cordially invite you to attend the annual meeting of stockholders of QCR Holdings, Inc., to be held virtually on Thursday, May 18, 2023 at 8:00 a.m. local time (the “2023 Annual Meeting”). You will be able to attend the 2023 Annual Meeting, vote your shares electronically and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/QCRH2023. You will need to have your 16-digit control number included on your Notice of Internet Availability of Proxy Materials (the “Notice”) or your proxy card (if you received a printed copy of the proxy materials) to join the 2023 Annual Meeting. We are holding the 2023 Annual Meeting online to provide all shareholders equal and ready access to attend the live meeting regardless of their location.
This year we are again using the Securities and Exchange Commission rule that allows us to furnish our proxy statement, 2022 Annual Report and proxy card to stockholders over the internet. This means our stockholders will receive only the Notice containing instructions on how to access the proxy materials over the internet and vote online. If you receive the Notice but would still like to request paper copies of the proxy materials, please follow the instructions on the Notice or on the website referred to on the Notice. By delivering proxy materials electronically to our stockholders, we can reduce the cost of printing and mailing our proxy materials. Please visit www.proxyvote.com for more information about the electronic delivery of proxy materials.
There are a number of proposals to be considered at the 2023 Annual Meeting. Our stockholders will be asked to: (i) elect four persons to serve as Class III directors; (ii) approve, in a non-binding, advisory vote, the compensation of certain executive officers, which is referred to as a “say-on-pay” vote; and (iii) ratify the appointment of RSM US LLP as our independent registered public accounting firm for the year ending December 31, 2023.
We recommend that you vote your shares “FOR” each of the director nominees and “FOR” all of the other proposals presented at the 2023 Annual Meeting.
Regardless of whether you plan to attend the 2023 Annual Meeting, you should vote by following the instructions provided on the Notice as soon as possible. This will assure that your shares are represented at the 2023 Annual Meeting.
Very truly yours,
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Marie Z. Ziegler
Chair of the Board
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Larry J. Helling
Chief Executive Officer
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3551 Seventh Street, Moline, IL 61265
Phone 309.277.2657
Fax 309.736.3149
www.qcrh.com
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD MAY 18, 2023
To the Stockholders of QCR Holdings, Inc.:
The annual meeting of stockholders of QCR Holdings, Inc., a Delaware corporation, will be held virtually on Thursday, May 18, 2023, at 8:00 a.m., local time. You can attend the 2023 Annual Meeting online, vote your shares electronically and submit questions during the webcast. Instructions on how to attend and participate via the internet, including how to demonstrate proof of stock ownership, are posted on our meeting site at www.virtualshareholdermeeting.com/QCRH2023. You will need to have your 16 digit control number included on your Notice of Internet Availability of Proxy Materials or your proxy card (if you received a printed copy of the proxy materials) to join the 2023 Annual Meeting. The 2023 Annual Meeting will be held for the following purposes:
1.
to elect four Class III directors to serve until the regular annual meeting of stockholders in 2026 and until their successors are elected and have qualified;
2.
to approve, in a non-binding, advisory vote, the compensation of certain executive officers, which is referred to as a “say-on-pay” vote;
3.
to ratify the appointment of RSM US LLP as QCR Holdings, Inc.’s independent registered public accounting firm for the fiscal year ending December 31, 2023; and
4.
to transact such other business as may properly be brought before the meeting and any adjournments or postponements of the meeting.
The Board of Directors has fixed the close of business on March 21, 2023, as the record date for the determination of stockholders entitled to notice of, and to vote at, the 2023 Annual Meeting. In the event there is an insufficient number of votes for a quorum or to approve any of the proposals at the time of the 2023 Annual Meeting, the meeting may be adjourned or postponed in order to permit the further solicitation of proxies.
By order of the Board of Directors,
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Deborah M. Neyens
Corporate Secretary
Moline, Illinois
April 4, 2023
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TABLE OF CONTENTS
 
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Page Number
About the 2023 Annual Meeting
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2
Proposal 1: Election of Directors
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7
Nominees and Continuing Directors
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7
Qualifications of our Board Members and Nominees
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8
Corporate Governance and the Board of Directors
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12
General
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12
Committees of the Board of Directors
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13
Consideration of Director Candidates
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15
Board Diversity
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16
Code of Business Conduct and Ethics
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16
Board Leadership Structure
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16
The Board’s Role in Risk Oversight
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17
Environmental, Social, and Governance Matters
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17
Share Ownership and Retention Guidelines
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19
Stockholder Communications with the Board, Nomination and Proposal Procedures
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19
Our Executive Management Team
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20
Security Ownership of Certain Beneficial Owners
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21
Executive Compensation
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23
Compensation Discussion and Analysis
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23
Overview and Executive Summary
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23
Objectives of Our Compensation Program
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24
Elements of Compensation
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25
Compensation Process
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28
Analysis of 2022 Compensation
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30
Regulatory Considerations
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33
Insider Trading Policy
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33
Anti-Hedging Policy
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33
Anti-Pledging Policy
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34
Clawback Policy
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34
Share Ownership and Retention Guidelines
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34
Compensation Committee Report
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35
Summary Compensation Table
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36
Grant of Plan-Based Awards
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37
Outstanding Equity Awards at Fiscal Year-End
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38
Option Exercises and Stock Vested in 2022
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39
Pension Benefits
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40
Potential Payments upon Termination or Change in Control
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41
Compensation Committee Interlocks and Insider Participation
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45
CEO Pay Ratio
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45
Pay Versus Performance
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47
Director Compensation
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51
Cash Compensation
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51
Equity Award Compensation
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52
Proposal 2: Advisory (Non-Binding) Vote to Approve Executive Officer Compensation
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53
Proposal 3: Ratification of Selection of Independent Registered Public Accounting Firm
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54
Section 16(a) Beneficial Ownership Reporting Compliance
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55
Transactions with Management and Directors
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55
Audit Committee Report
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55
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PROXY STATEMENT
QCR Holdings, Inc., a Delaware corporation (“QCR Holdings”), is the holding company for Quad City Bank and Trust Company, Cedar Rapids Bank and Trust Company, Community State Bank and Guaranty Bank. Quad City Bank and Trust is an Iowa state bank located in Bettendorf and Davenport, Iowa and in Moline, Illinois. Quad City Bank and Trust owns m2 Equipment Finance, LLC, a Wisconsin limited liability company based in Milwaukee, Wisconsin, which is engaged in the business of leasing machinery and equipment to businesses under direct financing lease contracts. Cedar Rapids Bank and Trust is an Iowa state bank located in Cedar Rapids, Cedar Falls and Waterloo, Iowa, serving the Cedar Falls and Waterloo communities through its division, Community Bank & Trust. Community State Bank is an Iowa state bank located in Ankeny, Iowa and five other cities throughout the greater Des Moines area. Guaranty Bank is a Missouri state bank located in Springfield, Missouri and the southwest Missouri markets. When we refer to our “subsidiary banks” in this proxy statement, we are collectively referring to Quad City Bank and Trust, Cedar Rapids Bank and Trust, Community State Bank and Guaranty Bank. When we refer to our “subsidiaries” in this proxy statement, we are collectively referring to our subsidiary banks, as well as our other subsidiaries.
This proxy statement is being furnished in connection with the solicitation by the Board of Directors of QCR Holdings of proxies to be voted at the annual meeting of stockholders (the “2023 Annual Meeting”) to be held virtually on Thursday, May 18, 2023, at 8:00 a.m., local time, and at any adjournments or postponements of the meeting. This proxy statement and the accompanying form of proxy are first being transmitted or delivered to stockholders of QCR Holdings on or about April 4, 2023, together with our 2022 Annual Report to stockholders.
About the 2023 Annual Meeting
The following, presented in question and answer format, is information regarding the meeting and the voting process.
Why did I receive access to the proxy materials?
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We have made the proxy materials available to you over the internet because on March 21, 2023, the record date for the 2023 Annual Meeting, you owned shares of QCR Holdings common stock. This proxy statement describes the matters that will be presented for consideration by the stockholders at the 2023 Annual Meeting. It also gives you information concerning those matters to assist you in making an informed decision.
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The Board of Directors is asking you to give us your proxy. Giving us your proxy means that you authorize another person or persons to vote your shares of our common stock at the 2023 Annual Meeting in the manner you direct. If you vote using one of the methods described herein, you appoint the proxy holder as your representative at the meeting, who will vote your shares as you instruct, thereby assuring that your shares will be
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voted whether or not you attend the 2023 Annual Meeting. Even if you plan to attend the 2023 Annual Meeting, you should vote by proxy in advance of the meeting in case your plans change.
If you sign and return your proxy card or vote over the internet or by telephone and an issue comes up for a vote at the meeting that is not identified in the proxy materials, the proxy holder will vote your shares, pursuant to your proxy, in accordance with his or her judgment.
Why did I receive a notice regarding the internet availability of proxy materials instead of paper copies of the proxy materials?
We are using the Securities and Exchange Commission notice and access rule that allows us to furnish our proxy materials over the internet to our stockholders instead of mailing paper copies of those materials to each
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stockholder. As a result, beginning on or about April 4, 2023, we sent our stockholders by mail a notice containing instructions on how to access our proxy materials over the internet and vote online. This notice is not a proxy card and cannot be used to vote your shares. If you received a notice this year, you will not receive paper copies of the proxy materials unless you request the materials by following the instructions on the notice or on the website referred to on the notice.
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What matters will be voted on at the meeting?
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You are being asked to vote on:
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1.the election of four Class III directors for a term expiring in 2026;
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2.a non-binding, advisory proposal to approve the compensation of certain executive officers, which is referred to as a “say-on-pay” vote; and
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3.the ratification of the selection of our independent registered public accounting firm.
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If I am the record holder of my shares, how do I vote?
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You may vote by telephone, by internet, or by mail by completing, signing, dating, and mailing the proxy card you received in the mail, if you received paper copies of the proxy materials, or virtually during the meeting, as described further below. If you vote using one of the methods described above, your shares will be voted as you instruct.
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If you sign and return your proxy card or vote over the internet or by telephone without giving specific voting instructions, the shares represented by your proxy card will be voted “for” all nominees named in this proxy statement and “for” each of the other proposals described in this proxy statement.
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What will I need in order to attend the 2023 Annual Meeting virtually?
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You are entitled to attend the virtual 2023 Annual Meeting if you were a stockholder of record as of the record date for the 2023 Annual Meeting, March 21, 2023. You may attend the 2023 Annual Meeting, vote, and submit a question
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during the 2023 Annual Meeting by visiting www.virtualshareholdermeeting.com/QCRH2023 and using your 16-digit control number to enter the meeting. Alternatively, you may simply log in as a guest, which does not require a control number, but you will not have the opportunity to vote your shares or ask a question. If you are not a stockholder of record but hold shares in the name of a broker or other fiduciary (or what is typically referred to as “street name”), you should follow the instructions for attending the 2023 Annual Meeting provided by your broker or other fiduciary. However, even if you plan to attend the 2023 Annual Meeting virtually, we recommend that you vote your shares in advance so that your vote will be counted if you later decide not to attend the 2023 Annual Meeting.
Online check-in will start approximately 15 minutes prior to the start of the meeting, which will begin promptly at 8:00 a.m. central time on May 18, 2023. The virtual meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Participants should ensure that they have a strong Wi-Fi connection wherever they intend to participate in the meeting. Participants should also give themselves plenty of time to log in and ensure that they can hear streaming audio prior to the start of the meeting. A technical support number will be made available on the webpage during check-in for stockholders who experience technical difficulties accessing the virtual 2023 Annual Meeting.
How do I ask questions at the 2023 Annual Meeting?
To submit a question at the 2023 Annual Meeting, you will need to log into the meeting using your 16-digit control number. If you would like to submit a question, click on the “Q&A” button at the bottom of the screen, enter your question in the text box and click on “Submit” at any time during the 2023 Annual Meeting. You may also provide questions ahead of the 2023 Annual Meeting by emailing Cari J. Henson, VP, Corporate Communications Manager, at chenson@qcrh.com.
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We encourage you to submit any questions as soon as possible to ensure your questions are received.
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Although you may vote by mail, we ask that you vote instead by internet or telephone, which saves us postage and processing costs.
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You may vote by telephone by calling the toll-free number specified on your notice or by accessing the internet website referred to on your notice, each by following the preprinted instructions on your notice. If you submit your vote by internet, you may incur costs, such as cable, telephone, and internet access charges. Votes submitted by telephone or internet must be received by 11:59 p.m. Eastern Time on May 17, 2023. The giving of a proxy by either of these means will not affect your right to vote during the webcast if you decide to attend the 2023 Annual Meeting virtually. If you want to vote during the live webcast of the 2023 Annual Meeting, please follow the instructions for attending and voting at the meeting at the following website: www.virtualshareholdermeeting.com/QCRH2023. Please note, however, that if your shares are held in the name of a broker or other fiduciary, you should follow the instructions for attending the 2023 Annual Meeting provided by your broker or other fiduciary to vote during the live webcast of the meeting. Even if you plan to attend the 2023 Annual Meeting virtually, you should complete, sign, and return your proxy card, or vote by telephone or internet, in advance of the meeting in case your plans change.
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If I hold shares in the name of a broker or fiduciary, who votes my shares?
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If you received access to these proxy materials from your broker or other fiduciary, your broker or fiduciary should have given you instructions for directing how that person or entity should vote your shares. It will then be your broker or fiduciary’s responsibility to vote your shares for you in the manner you direct.
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Under the rules of various national and regional securities exchanges, brokers and fiduciaries generally may vote on routine matters, such as the ratification of the engagement of an independent public accounting firm, but may not vote on non-routine matters unless they have received voting instructions from the person for whom they are holding shares. The election of directors and
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the approval of non-binding advisory proposals on executive compensation are non-routine matters, and consequently, your broker or fiduciary will not have discretionary authority to vote your shares on these matters. If your broker or fiduciary does not receive instructions from you on how to vote on these matters, your broker or fiduciary will return the proxy card to us, indicating that he or she does not have the authority to vote on these matters. This is generally referred to as a “broker non-vote” and may affect the outcome of the voting on those matters.
We therefore encourage you to provide directions to your broker or fiduciary as to how you want your shares voted on all matters to be brought before the 2023 Annual Meeting. You should do this by carefully following the instructions your broker gives you concerning its procedures. This ensures that your shares will be voted at the 2023 Annual Meeting.
A number of banks and brokerage firms participate in a program that also permits stockholders to direct their vote by telephone or internet. If your shares are held in an account at such a bank or brokerage firm, you may vote your shares by telephone or internet by following the instructions on their voting form. If you submit your vote by internet, you may incur costs, such as cable, telephone, and internet access charges. Voting your shares in this manner will not affect your right to vote during the 2023 Annual Meeting if you decide to attend the 2023 Annual Meeting virtually.
What does it mean if I receive more than one notice card?
It means that you have multiple holdings reflected in our stock transfer records or in accounts with brokers. To vote all of your shares by proxy, please follow the separate voting instructions that you received for the shares of common stock held in each of your different accounts.
What if I change my mind after I vote?
If you hold your shares in your own name, you may revoke your proxy and change your vote at any time before the polls close at the meeting.
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You may do this by:
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•signing another proxy with a later date and returning that proxy to us;
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•timely submitting another proxy via telephone or internet by the deadline stated above;
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•sending notice that you are revoking your proxy to Shellee R. Showalter, SVP, Director of Investor Services, QCR Holdings, Inc., 3551 Seventh Street, Moline, Illinois 61265; or
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•voting during the live webcast of the meeting. However, simply attending the meeting will not, by itself, revoke your proxy.
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If you hold your shares in the name of your broker or through a fiduciary and desire to revoke your proxy, you will need to contact that person or entity to revoke your proxy.
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How many votes do we need to hold the 2023 Annual Meeting?
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A majority of the shares that are outstanding and entitled to vote as of the record date must be cast at the 2023 Annual Meeting at which a quorum is present in order to hold the meeting and conduct business.
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Shares are counted as present at the meeting if the stockholder either votes during the live webcast or has properly submitted a signed proxy card or other proxy.
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On March 21, 2023, the record date, there were 16,841,670 shares of common stock outstanding. Therefore, at least 8,420,836 shares need to be present either by having logged in for the live webcast or by proxy at the 2023 Annual Meeting in order to hold the meeting and conduct business.
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What happens if a nominee is unable to stand for election?
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The Board of Directors may, by resolution, provide for a lesser number of directors or designate a substitute nominee. In the latter case, shares represented by proxies may be voted for a substitute nominee. Proxies cannot be voted for more than the number of nominees presented for election at the meeting. The Board of Directors has no reason to believe any nominee will be unable to stand for election.
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What options do I have in voting on each of the proposals?
You may vote “for” or “withhold authority to vote for” each nominee for director. You may vote “for,” “against” or “abstain” on each of the other proposals described in this proxy statement and on any other proposal that may properly be brought before the meeting.
How many votes may I cast?
You are entitled to cast one vote for each share of stock you owned on the record date.
How many votes are needed for each proposal?
Our directors are elected by a plurality of the votes of the shares present in person or by proxy and entitled to vote and the four individuals receiving the highest number of votes cast “for” their election will be elected as Class III directors of QCR Holdings. A “withhold authority to vote for” and broker non-votes will have no effect on the election of any director at the 2023 Annual Meeting.
Approval of the say-on-pay vote, the ratification of the appointment of RSM US LLP as our independent registered public accounting firm and, in general, any other proposals must receive the affirmative vote of a majority of the shares present in person or by proxy at the meeting and entitled to vote. Abstentions will have the effect of voting against these proposals. On all matters, broker non-votes will not be counted as entitled to vote but will count for purposes of determining whether or not a quorum is present.
Because the ratification of the say-on-pay vote is advisory, the outcome of such vote will not be binding on the Board of Directors.
Please remember that the election of directors and the non-binding, advisory proposal on executive compensation are each considered to be non-routine matters. As a result, if your shares are held by a broker or other fiduciary, it cannot vote your shares on these matters unless it has received voting instructions from you.
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Where do I find the voting results of the meeting?
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If available, we will announce voting results during the webcast of the 2023 Annual Meeting. The voting results will also be disclosed on a Form 8-K that we will file within four business days of the 2023 Annual Meeting.
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Who bears the cost of soliciting proxies?
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We will bear the cost of soliciting proxies. In addition to solicitations by mail, officers, directors, or employees of QCR Holdings or of our subsidiaries may solicit proxies in person or by telephone. These persons will not receive any special or additional compensation for soliciting proxies. We may reimburse brokerage houses and other custodians, nominees, and fiduciaries for their reasonable out-of-pocket expenses for forwarding proxy and solicitation materials to stockholders.
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What is householding?
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The Securities and Exchange Commission has issued rules regarding the delivery of proxy statements and information statements to households. These rules spell out the conditions under which annual reports, information statements, proxy statements, prospectuses, and other disclosure documents of a particular company that would otherwise be mailed in separate envelopes to more than one person at a shared address may be mailed as one copy in one
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envelope addressed to all holders at that address (i.e., “householding”). To conserve resources and reduce expenses, we consolidate materials under these rules when possible.
However, because we are using the Securities and Exchange Commission notice and access rule for the 2023 Annual Meeting, we will not household our proxy materials or notices to stockholders of record who share an address. This means that stockholders of record who share an address will each be mailed a separate notice of the proxy materials. However, certain brokerage firms, banks, or similar entities holding our common stock for their customers may household proxy materials or notices. Stockholders who share an address and whose shares of our common stock are held in street name should contact their broker or fiduciary if they now receive: (i) multiple copies of our proxy materials or notices and wish to receive only one copy of these materials per household in the future; or (ii) a single copy of our proxy materials or notice and wish to receive separate copies of these materials in the future. If at any time you would like to receive a paper copy of our Annual Report or proxy statement, please write to Shellee R. Showalter, SVP, Director of Investor Services at QCR Holdings, Inc., 3551 Seventh Street, Moline, Illinois 61265, or call us at (309) 277-2657.
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PROPOSAL 1:
 
ELECTION OF DIRECTORS
Nominees and Continuing Directors
Our directors are divided into three classes having staggered terms of three years. At the 2023 Annual Meeting, stockholders will be asked to elect four Class III directors for a term expiring in 2026. The board has considered and nominated four of the incumbent directors to serve as Class III directors of QCR Holdings.
We have no knowledge that any of the nominees will refuse to or be unable to serve, but if any of the nominees becomes unavailable for election, the holders of the proxies reserve the right to substitute another person of their choice as a nominee when voting at the meeting. Set forth below is information concerning the nominees for election and for each of the other persons whose terms of office will continue after the meeting, including age, year first elected as a director of QCR Holdings and all positions and offices held by the director with QCR Holdings. Directors are elected by a plurality of the votes of the shares present in person or by proxy and entitled to vote, and the four individuals receiving the highest number of votes cast “for” their election will be elected as Class III directors. Our board of directors unanimously recommends that you vote your shares “FOR” all of the nominees for directors.
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Name – (Age)
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Director
Since 
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Positions with QCR Holdings and Subsidiaries
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NOMINEES
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CLASS III (New Term Expires 2026)
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James M. Field – (Age 60)
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2019
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Vice Chair of the Board and Director of QCR Holdings; Director of Quad City Bank and Trust
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John F. Griesemer – (Age 55)
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2022
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Director of QCR Holdings; Director of Guaranty Bank
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Elizabeth S. Jacobs – (Age 66)
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2020
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Director of QCR Holdings; Director of Community State Bank
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Marie Z. Ziegler – (Age 65)
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2008
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Chair of the Board and Director of QCR Holdings; Director of Quad City Bank and Trust; Director of m2 Equipment Finance
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Name - (Age)
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Director Since 
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Positions with QCR Holdings and Subsidiaries
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CONTINUING DIRECTORS
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CLASS I (Term Expires 2024)
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Mary Kay Bates – (Age 63)
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2018
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Director of QCR Holdings
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John-Paul E. Besong – (Age 69)
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2015
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Director of QCR Holdings
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Todd A. Gipple – (Age 59)
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2009
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President, Chief Operating Officer/Chief Financial Officer and Director of QCR Holdings; Director of Quad City Bank and Trust; Director of Guaranty Bank
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Donna J. Sorensen – (Age 73)
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2009
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Director of QCR Holdings
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CLASS II (Term Expires 2025)
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Brent R. Cobb – (Age 47)
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2020
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Director of QCR Holdings; Director of Cedar Rapids Bank and Trust
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Larry J. Helling – (Age 67)
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2001
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Chief Executive Officer and Director of QCR Holdings; Chief Executive Officer and Director of Cedar Rapids Bank and Trust; Director of m2 Equipment Finance
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Mark C. Kilmer – (Age 64)
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2004
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Director of QCR Holdings; Chair of the Board and Director of Quad City Bank and Trust
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All of our continuing directors and nominees will hold office for the terms indicated, or until their earlier death, resignation, removal, disqualification, or ineligibility due to exceeding age eligibility requirements (a person who has reached the age of 75 before the date of the 2023 Annual Meeting is not eligible for election to the Board of Directors), and until their respective successors are duly elected and qualified. Unless otherwise provided in their employment agreements, all of our executive officers hold office for a term of one year. Other than such employment agreements, there are no arrangements or understandings between any of the directors, executive officers, or any other person pursuant to which any of our directors or executive officers have been selected for their respective positions.
Mr. Besong is director of United Fire Group, Inc., a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Prior to the merger of Guaranty Federal Bancshares with and into QCR Holdings, Mr. Griesemer served on the board of directors of Guaranty Federal Bancshares. No other nominee or continuing director has been a director of another company subject to the reporting requirements of the Exchange Act within the past five years.
Qualifications of our Board Members and Nominees
Descriptions of each director’s business experience during the past five years or more, as well as their qualifications to serve on the Board of Directors, are as follows:
Mary Kay Bates is President and Chief Executive Officer of Bank Midwest, a regional community bank and financial services company based in Spirit Lake, Iowa, that provides banking, insurance, and wealth management services through an 11-branch network located throughout Northwest Iowa, Southwest Minnesota, and Sioux Falls, South Dakota. Ms. Bates’ career in community banking has spanned over 30 years and, since joining Bank Midwest in 1995, she has gained a broad range of experience in lending, marketing, audit/risk, human resources, and operations. As an executive leader of Bank Midwest for the past 15 years, her responsibilities progressively increased to strategic initiatives that have included acquisitions and growth strategies, operational effectiveness, and workforce engagement. Ms. Bates currently serves on the board of directors for Bank Midwest and Goodenow Bancorporation. She serves as a Trustee of the Graduate School of Banking at Colorado and Chair Elect for the Iowa Bankers Association. She is also a Trustee of Lakes Regional Healthcare. Ms. Bates is recognized as an active community leader and volunteer, having served as a director and officer on multiple boards to enrich the quality of life and economic development within her community. In 2019, Ms. Bates was recognized as Banker of the Year by BankBeat Magazine. She attended Iowa State University and graduated with honors from the Graduate School of Banking at Colorado. We consider Ms. Bates to be a qualified candidate for service on the Board of Directors due to her extensive knowledge of the banking industry that she has attained as the President and Chief Executive Officer of Bank Midwest.
John-Paul E. Besong is a former Senior Vice President of e-Business and Chief Information Officer for Rockwell Collins, a Fortune 500 company based in Cedar Rapids, Iowa, that provides aviation electronics for both commercial and military aircraft. He was appointed Senior Vice President and Chief Information Officer in 2003. Beginning in 1979, when he joined Rockwell Collins as a chemical engineer, Mr. Besong held management roles having increasingly more responsibility within the company, including Vice President of e-Business and Lean ElectronicsSM, Head of the SAP initiative and Director of the Printed Circuits and Fabrication businesses. Mr. Besong serves on the boards of directors of United Fire Group, Inc., Junior Achievement (Cedar Rapids area), Mercy Medical Center, Iowa Public Television Foundation, the Technology Association of Iowa (TAI) CIO Advisory Board and is a former director of Lean Aerospace Initiative (LAI). He also serves as a member and former chair of the executive board of TAI. We consider Mr. Besong to be a qualified candidate for service on the Board of Directors and the committees he is a member of due to his business acumen and distinguished management career as an officer and information technology expert of a Fortune 500 company.
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Brent R. Cobb is Chief Executive Officer of World Class Industries. Mr. Cobb joined World Class Industries in May 2002 as Vice President, subsequently being named President in 2005 and Chief Executive Officer in 2019. Concurrently, Mr. Cobb is Chairman of Morton Industries, a global leader in tube fabrication for global equipment manufacturers. Active in the community, he is a past chair of the Greater Cedar Rapids Community Foundation and the founding board chair of the Hiawatha Economic Development Corporation. Additionally, Mr. Cobb is involved in YPO Iowa and is a former Chapter Chair. Currently he sits on John Deere’s Direct Material Supplier Council. We consider Mr. Cobb to be a qualified candidate for service on the Board of Directors due to his knowledge and experience gained through his various roles at World Class Industries, in addition to his leadership roles in the Cedar Rapids, Iowa area, one of our markets.
James M. Field is a retired President and Chief Financial Officer of Deere & Company. During his 27 years with John Deere, he served as President of Worldwide Construction & Forestry and Power Systems, President of Worldwide Agricultural & Turf Division and President of Worldwide Commercial and Consumer Equipment Division. In addition, Mr. Field has also served as Deere & Company’s Chief Financial Officer and its Principal Accounting Officer and held several additional positions in the areas of accounting, treasury, business development, and planning. Before joining Deere & Company, Mr. Field served in a number of assignments at Deloitte & Touche. Mr. Field is a graduate of Western Michigan University and holds a Certified Public Accountant designation. He has completed Executive Education at Dartmouth’s Tuck School of Business, has served as a member of the Executive Committee for the John Deere Classic and served on the board of directors for Hand in Hand and the Board of Trustees for St. Ambrose University. We consider Mr. Field to be a qualified candidate for service on the Board of Directors due primarily to his knowledge and experience regarding public companies that he gained in his various roles at Deere & Company as well as the financial and investment banking perspective he brings.
Todd A. Gipple currently serves as the President, Chief Operating Officer and Chief Financial Officer of QCR Holdings. He is a Certified Public Accountant (inactive) and began his career with KPMG Peat Marwick in 1985. In 1991, McGladrey & Pullen (now known as RSM US LLP) acquired the Quad Cities practice of KPMG. Mr. Gipple was named Tax Partner with McGladrey & Pullen in 1994 and served as the Tax Partner-in-Charge of the firm’s Mississippi Valley Practice and as one of five Regional Tax Coordinators for the national firm until he joined QCR Holdings in January 2000 as Executive Vice President and Chief Financial Officer. He specialized in Financial Institutions Taxation and Mergers and Acquisitions throughout his 14-year career in public accounting. Mr. Gipple currently serves on the board of directors of the John Deere Classic and is Past-Chair and a current member of the Executive Committee of the board of directors for the YMCA of the Iowa Mississippi Valley. Mr. Gipple previously served on the board of directors and the Executive Committee of the Davenport Chamber of Commerce, United Way of the Quad Cities, SAL Family and Community Services and the Scott County Beautification Foundation and was a member of the original governing body for the Quad Cities “Success by 6” initiative. Mr. Gipple was the 2016 Chief Corporate Chair for the Quad Cities JDRF One Walk. We consider Mr. Gipple to be a qualified candidate for service on the Board of Directors due to his experience as the President, Chief Financial Officer and Chief Operating Officer of QCR Holdings and his prior experience as a tax partner in public accounting. Mr. Gipple brings extensive business and banking experience to the Board of Directors and enhances the Board of Directors’ overall understanding of QCR Holdings’ and the banking industry.
John F. Griesemer has been President and Chief Executive Officer of Erlen Group since 2017 and a member of the board of directors of the Erlen Group since 1993. The Erlen Group is a privately-held family of industrial companies, involved in aggregates, real estate and logistics. Companies include Springfield Underground, Westside Stone, Cold Zone, Umlaut Industrials, and Joplin Stone. Mr. Griesemer holds a B.S. degree in Industrial Management and Engineering from Purdue University. He is a member of the Springfield Catholic Schools board of directors, BNSF Transload Advisory Board and the board of directors of the National Stone Sand and Gravel Association. He is the past Chairman of Mercy Springfield Communities, and a past member of the board of directors of the Missouri Limestone
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Producers Association, Catholic Campus Ministries, Junior Achievement of the Ozarks, and Ozark Technical Community College Foundation. We consider Mr. Griesemer to be a qualified candidate for service on the Board of Directors due to his strong organizational and leadership background, management experience and deep ties in the Springfield, Missouri community, one of our market areas, and his service on the boards of directors of Guaranty Federal Bancshares and Guaranty Bank.
Larry J. Helling has served as the Chief Executive Officer of QCR Holdings since May 2019. He was previously the Executive Vice President and Regional Commercial Banking Manager of Firstar Bank in Cedar Rapids with a focus on the Cedar Rapids metropolitan area and the Eastern Iowa region. Prior to his six years with Firstar Bank, Mr. Helling spent 12 years with Omaha National Bank. He joined QCR Holdings in September of 2001 as President and Chief Executive Officer of Cedar Rapids Bank and Trust. Mr. Helling is a graduate of the Cedar Rapids Leadership for the Five Seasons program and currently serves on the Board of Trustees of the United Way of East Central Iowa and Junior Achievement, as well as the board of directors of the Entrepreneurial Development Center. He is past President and a member of the Rotary Club of Cedar Rapids. We consider Mr. Helling to be a qualified candidate for service on the Board of Directors due to his experience as the President of Cedar Rapids Bank and Trust, his past experience as an executive officer of Firstar Bank, located in Cedar Rapids, Iowa, one of our market areas, and his prior banking experience. Mr. Helling brings extensive business experience to the Board of Directors and enhances the Board of Directors’ overall understanding of QCR Holdings and the banking industry.
Elizabeth “Libby” Jacobs is President of The Jacobs Group, LLC, a Des Moines-based consulting firm specializing in the energy and regulated utilities industries, focused on business development, strategic communications, and public and regulatory policy. Ms. Jacobs formerly served on the Iowa Utilities Board, including four years as Chair. Previously, she had a 20-year career with the Principal Financial Group serving as Community Relations Director for the last 14 years of her career. In addition, Ms. Jacobs served seven terms in the Iowa House of Representatives, and was elected by her peers to serve seven years as Majority Whip. She has received numerous awards and honors, including the 2008 West Des Moines Citizen of the Year, 2008 Greater Des Moines Leadership Institute Business Leadership Award, and selection as a 2001 Des Moines Business Record Woman of Influence. Currently Ms. Jacobs is Chair of the board of directors of Goodwill Industries of Central Iowa and serves on the board of directors of Iowa Public Radio and the Taxpayers Association of Central Iowa. She has served in leadership positions on nonprofit boards in the Des Moines area as well as regionally and nationally. Ms. Jacobs earned her Bachelor of Arts, with distinction, in political science from the University of Nebraska-Lincoln and her Master of Public Administration from Drake University. We consider Ms. Jacobs to be a qualified candidate for service on the Board of Directors due to her public company experience, as well as her community involvement, which includes leadership roles on numerous nonprofit boards with focus on strategic planning and sustainability.
Mark C. Kilmer is President of The Republic Companies, a family-owned group of businesses founded in 1916 and headquartered in Davenport, Iowa involved in the wholesale equipment and supplies distribution of energy management, electrical, refrigeration, heating, air-conditioning and sign support systems. Prior to joining The Republic Companies in 1984, Mr. Kilmer worked in the Management Information Systems Department of Standard Oil of California (Chevron) in San Francisco. Mr. Kilmer is currently the Chair of the board of directors of Quad City Bank and Trust, a board member of Genesis Health System, a member of the Board of Trustees of St. Ambrose University, and a former member of the board of directors of IMARK Group, Inc., a national member-owned purchasing cooperative of electric supplies and equipment distributors. He is a two-term past Chair of the PGA TOUR John Deere Classic and the past Chair of the Scott County YMCA’s board of directors. Mr. Kilmer is the past Chair of the board of directors of Genesis Medical Center and has served on the board of directors of the Genesis Heart Institute, St. Luke’s Hospital, Rejuvenate Davenport, the Vera French Foundation and Trinity Lutheran Church. He was a four-time project business consultant for Junior Achievement. Prior to joining the board of Quad City Bank and Trust in 1996, Mr. Kilmer served on the board of directors of Citizen’s
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Federal Savings Bank in Davenport, Iowa. In 2014, Mr. Kilmer was named the Outstanding Volunteer Fundraiser by the Quad City Chapter of the Association of Fundraising Professionals, and along with his wife, Kathy, received the Bethany Homes Leadership Family of the Year Award. In 2016, Mr. Kilmer and his wife were inducted into the Hall of Fame of the Handicapped Development Center. We consider Mr. Kilmer to be a qualified candidate for service on the Board of Directors due to his experience as the President of a successful wholesale and supply distribution business in Davenport, Iowa, one of our market areas, prior service on a bank board and his knowledge of the business community in the areas in which QCR Holdings operates.
Donna J. Sorensen earned an undergraduate degree from Marycrest College and Juris Doctor degree from the University of Iowa College of Law. She has over thirty years’ experience in Wealth Management (Trust, Brokerage, Private Banking) having served as Executive Vice President Institutional Trust for U.S. Bank and President of SCI Pension Services. Ms. Sorensen has also taught as an Adjunct Professor at the University of Iowa Tippie College of Business. She has served in leadership positions on numerous nonprofit boards in the Cedar Rapids community and for the University of Iowa. We consider Ms. Sorensen to be a qualified candidate for service on the Board of Directors due to her experience as the President of a consulting firm in Iowa City, Iowa, her prior banking and wealth management experience, and her education and training as an attorney.
Marie Z. Ziegler is a retired Vice President and Deputy Financial Officer of Deere & Company and was previously the Vice President and Treasurer. She joined Deere & Company in 1978 as a consolidation accountant and held management positions in finance, treasury operations, strategic planning and investor and banking relations. Ms. Ziegler is a 1978 graduate of St. Ambrose University, with a Bachelor of Arts in accounting. She received her Certified Public Accountant designation in 1979, an MBA from the University of Iowa in 1985 and became a Board Leadership Fellow of the National Association of Corporate Directors in 2017. Ms. Ziegler is Chair of Royal Neighbors of America and Unity Point Health-Quad Cities, and is Vice Chair of the River Bend Food Bank. She served as Chair of the Camp Liberty Capital Campaign for the Girl Scouts, Co-Chair of the Unity Point Birthplace campaign and is a past Chair of Trinity Health Enterprise. She recently joined the UnityPoint Health Board where she chairs the Investment Committee and serves on the Executive, Compensation, Finance and Venture Committees. Ms. Ziegler is the immediate past-Chair of the Regional Development Authority and former chair of the St. Ambrose University College of Business Alumni Advisory Council. She previously served on the following boards: United Way, John Deere Foundation, Quad Cities Community Foundation, Trinity Regional Health Systems, Trinity North Hospital/Trinity Medical Center, Mississippi Valley Girl Scout Council, Deere & Company Employees Credit Union, and University of Iowa College of Business Tippie Advisory Board. She is past-Chair of fundraising for Playcrafters Barn Theatre and a past-Chair of the Two Rivers YMCA Board of Trustees. In 2006 Ms. Ziegler was honored with a Quad City Athena Business Women’s Award and in 2016 was an Iowa Women’s Foundation honoree. Ms. Ziegler brings a broad knowledge of audit, risk and financial investment experience, all of which are valuable perspectives for the Board of Directors. We consider Ms. Ziegler to be a qualified candidate for service on the Board of Directors due primarily to the knowledge and experience regarding public companies she gained in her various roles at Deere & Company, as well as her involvement with a number of charitable organizations headquartered in communities served by QCR Holdings, providing her with business connections and extensive knowledge of our market areas.
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CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS
General
Generally, the Board of Directors oversees our business and monitors the performance of our management. In accordance with our corporate governance procedures, the Board of Directors does not involve itself in the day-to-day operations of QCR Holdings, which is monitored by our executive officers and management. Our directors fulfill their duties and responsibilities by attending regular meetings of the full Board of Directors, which are held no less frequently than quarterly. Our directors also discuss business and other matters with Mr. Helling, our Chief Executive Officer, other key executives and our principal external advisors (legal counsel, auditors and other consultants). The Board of Directors is currently comprised of 11 directors.
Directors Bates, Besong, Cobb, Field, Griesemer, Jacobs, Kilmer, Sorensen, and Ziegler are “independent” according to the Nasdaq listing requirements, and the Board of Directors has determined that these independent directors do not have other relationships with us that prevent them from making objective, independent decisions. Directors Helling and Gipple are not “independent” because they also serve as executive officers of QCR Holdings and certain of our subsidiaries.
During 2022, the Board of Directors had an Audit Committee, a Risk Oversight Committee, a Nomination and Governance Committee, a Compensation Committee, and an Executive Committee. The current charters of these committees are available on our website at www.qcrh.com. Also posted on the website is general information regarding QCR Holdings and our common stock, many of our corporate polices (including our Corporate Governance Guidelines), and links to our filings with the Securities and Exchange Commission.
In 2022, a total of five meetings were held by the Board of Directors of QCR Holdings. All incumbent directors attended at least 75 percent of the meetings of the Board of Directors and the committees on which they served during 2022. Although we do not have a formal policy regarding director attendance at the annual meeting, we encourage our directors to attend. Last year, all of our directors attended the virtual annual meeting.
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Committees of the Board of Directors
The composition of the board committees as of December 31, 2022 is shown in the following table:
​
Director Name
 ​ ​
Audit
Committee
 ​ ​
Compensation
Committee
 ​ ​
Nomination &
Governance
Committee
 ​ ​
Risk
Oversight Committee
 ​ ​
Executive
Committee
​
Mary Kay Bates (I)
 ​ ​
graphic
 ​ ​
​ ​
​ ​
graphic
 ​ ​
graphic
​
John-Paul E. Besong (I)
 ​ ​
​ ​
​ ​
graphic
 ​ ​
graphic
 ​ ​
​
Brent R. Cobb (I)
 ​ ​
graphic
 ​ ​
​ ​
​ ​
graphic
 ​ ​
​
James M. Field (I)
 ​ ​
  graphic
 ​ ​
graphic
 ​ ​
​ ​
​ ​
graphic
​
Todd A. Gipple
 ​ ​
​ ​
​ ​
​ ​
​ ​
​
Larry J. Helling
 ​ ​
​ ​
​ ​
​ ​
​ ​
graphic
​
John F. Griesemer (I)
 ​ ​
​ ​
​ ​
graphic
 ​ ​
​ ​
​
Elizabeth S. Jacobs (I)
 ​ ​
​ ​
graphic
 ​ ​
graphic
 ​ ​
​ ​
​
Mark C. Kilmer (I)
 ​ ​
graphic
 ​ ​
graphic
 ​ ​
​ ​
graphic
 ​ ​
graphic
​
Donna J. Sorensen (I)
 ​ ​
​ ​
​ ​
graphic
 
 ​ ​
graphic
 ​ ​
graphic
​
Marie Z. Ziegler (Chair) (I)
 ​ ​
​ ​
   graphic
​ ​
   graphic
​ ​
   graphic
​ ​
   graphic
graphic Audit Committee Financial Expert
​ ​
graphic Committee Chair
 ​ ​
(I) Independent Director
 ​ ​
graphic Member
Audit Committee. In 2022, the Audit Committee consisted of directors Bates, Cobb (Vice Chair), Field (Chair) and Kilmer, and met five times. Each of the members is “independent” pursuant to the Nasdaq listing requirements and the regulations of the Securities and Exchange Commission. The Board of Directors has determined that Mr. Field qualifies as an “Audit Committee Financial Expert” as that term is defined by the regulations of the Securities and Exchange Commission. The Board of Directors based this decision on his professional experience as former President and Chief Financial Officer of Deere & Company, and his educational experience, including having received a Certified Public Accountant designation.
The functions performed by the Audit Committee include, but are not limited to, the following:
•
selecting our independent auditors and pre-approving all engagements and fee arrangements;
•
reviewing the independence of the independent auditors;
•
reviewing actions by management on recommendations of the independent auditors and internal auditors;
•
meeting with management, the internal auditors, and the independent auditors to review the effectiveness of our system of internal control and internal audit procedures;
•
reviewing our earnings releases and reports filed with the Securities and Exchange Commission; and
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•
reviewing reports of bank regulatory agencies and monitoring management’s compliance with recommendations contained in those reports.
To promote the independence of the audit function, the Audit Committee consults separately and jointly with QCR Holdings’ independent auditors, internal auditors, and management. The Audit Committee has adopted a written charter, which sets forth its duties and responsibilities. The current charter of the Audit Committee is available on our website at www.qcrh.com.
Compensation Committee. In 2022, the Compensation Committee consisted of directors Baird (until his retirement in May of 2022), Field (beginning in August 2022), Jacobs (Vice Chair), Kilmer (Chair), and Ziegler, and met four times. Each of these directors is “independent” according to the Nasdaq listing requirements and a “non-employee” as defined in Section 16 of the Exchange Act. The purpose of the Compensation Committee is to determine the compensation to be paid to Mr. Helling, our Chief Executive Officer, and our other executive officers, as well as to make decisions regarding various personnel, compensation, and benefits related matters of QCR Holdings and its subsidiaries. The Compensation Committee reviews Mr. Helling’s performance and relies on Mr. Helling’s assessment of the performance of each of our other executive officers. Other members of senior management also provide the Compensation Committee with evaluations as to employee performance, guidance on establishing performance targets and objectives, and recommendations with respect to other compensation programs. The Compensation Committee also reviews and recommends to the Board of Directors for approval other incentive compensation and equity compensation plans for QCR Holdings. The Compensation Committee’s responsibilities and functions are further described in its charter, which is available on our website at www.qcrh.com.
Nomination and Governance Committee. In 2022, the Nomination and Governance Committee consisted of directors Baird (until his retirement in May of 2022), Besong (Vice Chair), Griesemer (beginning in August 2022), Jacobs, Sorensen (Chair), and Ziegler. and met four times. Each of these directors is “independent” according to the Nasdaq listing requirements. The primary purposes of the Nomination and Governance Committee are to identify and recommend individuals to be presented to our stockholders for election or re-election to the board of directors and to review and monitor our policies, procedures, and structure as they relate to corporate governance. We have adopted Corporate Governance Guidelines to assist our Board of Directors in the exercise of its responsibilities. The responsibilities and functions of the committee are further described in its charter, which, along with the Corporate Governance Guidelines, is available on our website at www.qcrh.com.
Risk Oversight Committee. In 2022, the Risk Oversight Committee consisted of directors Bates (Chair), Besong (Vice Chair), Cobb, Kilmer, Sorensen, and Ziegler, and met four times. Each of these directors is “independent” according to the Nasdaq listing requirements. The Risk Oversight Committee is charged with being the primary committee to actively monitor and oversee the risk management process. Additional information regarding risk oversight and the Risk Oversight Committee’s role is found on page 17 of this proxy statement. The responsibilities and functions are further described in its charter, which is available on our website at www.qcrh.com.
Executive Committee. The Executive Committee consisted of directors Bates, Field (Vice Chair), Helling, Kilmer, Sorensen, and Ziegler (Chair), and did not meet in 2022. The Executive Committee is authorized to act with the same authority as the Board of Directors between meetings of the Board of Directors, subject to certain limitations set forth in its charter. Although this authority allows the committee to act quickly on matters requiring urgency when the full Board of Directors is not available to meet, it is not intended to supplant the authority of the full Board of Directors. The responsibilities and functions of the Executive Committee are further described in its charter, which is available on our website at www.qcrh.com.
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Consideration of Director Candidates
Director Nominations and Qualifications. For the 2023 Annual Meeting, the Nomination and Governance Committee recommended for re-election to the Board of Directors each of the four incumbent directors whose terms are scheduled to expire at the 2023 Annual Meeting. These nominations were approved by the full Board of Directors. We did not receive any stockholder nominations for director for the 2023 Annual Meeting.
In carrying out its nominating function, the Nomination and Governance Committee has developed qualification criteria for membership on the Board of Directors. All potential nominees for election, including incumbent directors, board nominees and those stockholder nominees included in the proxy statement are reviewed for the following attributes:
•
demonstrated integrity, ethics, reputation, and character;
•
education, professional background and/or board experience relevant to the operation of QCR Holdings and service on the Board of Directors;
•
evidenced leadership and sound business judgment in his or her professional life;
•
well recognized and demonstrated leadership of service to his or her community; and
•
willingness and ability to devote sufficient time to carrying out the duties and responsibilities required of a board member.
The Nomination and Governance Committee also evaluates potential nominees to determine if they have any conflicts of interest that may interfere with their ability to serve as effective board members, to determine if they meet QCR Holdings’ age eligibility requirements (a person who has reached age 75 before the date of the 2023 Annual Meeting is not eligible for election to the Board of Directors) and to determine whether they are “independent” in accordance with the Nasdaq listing requirements (to ensure that at least a majority of the directors will, at all times, be independent). The Nomination and Governance Committee considers the diversity of its directors and nominees in terms of knowledge, experience, skills, expertise, and other demographics which may contribute to the Board of Directors. It has not, in the past, retained any third party to assist it in identifying candidates, but it has the authority to retain a third-party firm or professional for the purpose of identifying candidates.
The Nomination and Governance Committee identifies nominees by first evaluating the current members of the Board of Directors willing to continue in service whose term is scheduled to expire at the upcoming annual stockholder meeting to determine if those individuals satisfy the qualification criteria for continued membership on the Board of Directors. Prior to nominating an existing director for re-election to the Board of Directors, it considers and reviews the following attributes with respect to each existing director:
•
board and committee attendance and performance;
•
length of board service;
•
experience, skills, and contributions that the existing director brings to the Board of Directors;
•
independence and any conflicts of interest; and
•
any significant change in the existing director’s status, including the attributes considered for initial board membership.
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Current members of the Board of Directors who satisfy the qualification criteria described above and who are willing to continue in service are considered for re-nomination. If any member of the Board of Directors does not wish to continue to service or if the Nomination and Governance Committee or the Board of Directors decides not to re-nominate a member for re-election, it would determine whether or not the position would be filled and, if so, would identify the desired skills and experience of a new nominee.
Board Diversity
In August 2021, the Securities and Exchange Commission approved amendments to the listing rules of Nasdaq relating to board diversity and disclosure. The new Nasdaq listing rule requires all Nasdaq listed companies to disclose consistent, transparent diversity statistics regarding their boards of directors. The rules also require Nasdaq listed companies to have, or explain why they do not have, at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an under-represented minority or LGBTQ+. Accordingly, we have surveyed members of our Board of Directors and concluded that the Board of Directors is in compliance with Nasdaq’s diversity requirement. The Board Diversity Matrix below presents the Board of Directors’ diversity statistics as prescribed by the Nasdaq rule.
​
Board Diversity Matrix as of April 4, 2023
​
Total Number of Directors
 ​ ​
11
​
​ ​
Female
 ​ ​
Male
 ​ ​
Non-Binary
 ​ ​
Did not
Disclose
Gender
​
Part I: Gender Identity
 ​ ​
​ ​
​ ​
​ ​
​
Directors
 ​ ​
4
 ​ ​
7
 ​ ​
—
 ​ ​
—
​
Part II: Demographic Background
 ​ ​
​ ​
​ ​
​ ​
​
African American or Black
 ​ ​
—
 ​ ​
1
 ​ ​
—
 ​ ​
—
​
White
 ​ ​
4
 ​ ​
6
 ​ ​
​ ​
​
LGBTQ+
 ​ ​
1
​
Did Not Disclose Demographic Background
 ​ ​
0
Code of Business Conduct and Ethics
We have a Code of Business Conduct and Ethics in place that applies to all of our directors and employees, and all of these individuals receive annual training. The code sets forth the standard of ethics that we expect all of our directors and employees to follow, including our Chief Executive Officer and Chief Financial Officer. The code is posted on our website at www.qcrh.com. We have satisfied and intend to continue to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding any amendment to or waiver of the code with respect to our Chief Executive Officer, Chief Financial Officer, and persons performing similar functions, by posting such information on our website.
Board Leadership Structure
Since January 1, 2007, we have kept the positions of Chair of the Board of Directors and Chief Executive Officer separate. While our bylaws do not require our Chair and Chief Executive Officer positions to be separate, the Board of Directors believes that having separate positions and having an independent outside director serve as Chair is the appropriate leadership structure for QCR Holdings at this time and demonstrates our commitment to good corporate governance. Separating these positions allows our Chief Executive Officer to focus on our day-to-day business, while allowing the Chair to lead the Board of Directors in its fundamental role of providing advice to, and exercising independent oversight of,
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management. We believe that having an independent Chair eliminates conflicts of interest that could arise if the positions were held by one person. In addition, this leadership structure allows the Board of Directors to more effectively monitor and evaluate the performance of our Chief Executive Officer.
Currently, Ms. Ziegler holds the position of Chair of the Board of Directors and Mr. Helling holds the position of Chief Executive Officer. Ms. Ziegler is “independent” according to the Nasdaq listing requirements. To further enhance the role of the independent directors on our Board of Directors and consistent with the Nasdaq listing requirements, the Board of Directors’ independent directors regularly meet without Messrs. Helling or Gipple in attendance.
The Board’s Role in Risk Oversight
While management is responsible for the day-to-day management of risks QCR Holdings faces, oversight of our risk management is central to the role of the Board of Directors. The Risk Oversight Committee is charged with the primary responsibility for overseeing risk management functions including those relating to operational (including information technology and cyber security aspects), legal/regulatory, capital, liquidity, interest rate, reputational and strategic risks, on behalf of the Board of Directors. The members of the Risk Oversight Committee discuss our risk assessment and risk management policies, provide oversight, and inquire about significant risks and exposures, if any, and the steps taken to monitor and minimize such risks. As noted on page 14 of this proxy statement, the Risk Oversight Committee is composed of independent directors. The Risk Oversight Committee makes regular reports to the full Board of Directors.
In addition, other board committees have been assigned oversight responsibility for specific areas of risk and risk management, and each committee considers risks within their areas of responsibility. The Audit Committee is responsible for monitoring our financial reporting process and system of internal controls, including controls related to risk management. The Compensation Committee is chiefly responsible for compensation-related risks. The members of the Compensation Committee discuss and review the key business and other risks we face and the relationship of those risks to certain compensation arrangements. This review is intended to comply with the Securities and Exchange Commission requirement to assess risks related to compensation plans and requirements of financial institution regulatory agencies (each as more fully described in the “Executive Compensation” section of this proxy statement). The subsidiary banks’ Loan Committees have primary responsibility for credit risk. For those subsidiary banks that have fiduciary powers, the banks’ Wealth Management Committees have primary responsibility for fiduciary risk. Each of these committees receives regular reports from management regarding such risks and reports regularly to the Risk Oversight Committee or the full Board of Directors concerning such risks.
Environmental, Social, and Governance Matters
QCR Holdings is built on relationships and integrity. We adhere to those principles in all areas of our business and in our communities and believe that meaningful Environmental, Social, and Governance (“ESG”) programs will drive shareholder value and make us a better company.
With numerous programs and activities aligned with the ESG framework, we continue to develop and enhance our long-term plan for the future. Below are some of the ways we have addressed ESG matters for the benefit of all of our stakeholders.
Environmental. We believe in responsible use of our resources with a focus on sustainability. Our 2022 environmental efforts included:
•
Facility enhancements to reduce our carbon footprint, including the purchase of a 59,820 square-foot LEED Silver Certified headquarters building with rooftop solar capable of producing over 40,000 KWH annually for our Springfield, MO charter, installation of rooftop solar and other energy-efficient features at our branch rebuild in Marion, IA, and ongoing LED conversions in all of our office locations.
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•
Reduction in courier delivery frequency at our Quad Cities charter, resulting in at least 7,000 fewer miles driven per year.
•
$36.1 million in financing for solar projects and $2.9 million in Property Assessed Clean Energy (PACE) financing outstanding as of year-end 2022.
Social. We are committed to fostering and preserving a culture of diversity, equity, and inclusion (“DEI”), promoting a highly engaged workforce, and supporting the communities in which we live and work. Some of our 2022 highlights include:
•
Employee inclusion committees were established at each entity, and 179 DEI workshops and educational sessions were held across the company throughout the year.
•
Our annual DEI survey saw participation increase by 4% over the prior year, with an overall score of 3.9 on a 1-5 scale, representing an increase of 3.4%.
•
Our annual employee engagement survey resulted in an engagement score of 78%, above the financial services national benchmark of 76%, with a 90% employee participation rate that exceeded 2021 participation.
•
We expanded our employee development opportunities with a newly-created manager training program provided on a quarterly basis.
•
Our employees volunteered over 20,000 hours, including nearly 4,500 hours of financial literacy efforts, in the communities we serve.
•
We supported non-profit organizations and community development efforts with close to $1.7 million in corporate sponsorships and donations.
•
We provided $753 million in Community Reinvestment Act (CRA) financing and investments.
•
Since 2018 and through year-end 2022, we have supported the affordable housing market with nearly $2 billion in low-income housing tax credit (LIHTC) investments and loans, helping to build over 15,000 housing units.
Governance. We are committed to integrity in our business practices and strong corporate governance principles. Some highlights include:
•
Our Board of Directors includes 45% women and minorities, with women in several leadership roles, including board chair and three committee chair positions.
•
The board self-evaluation process was refreshed in 2022 with updated self-evaluation questionnaires designed to produce meaningful, actionable results and a revised self-evaluation schedule that will require all directors to complete self-evaluations on an annual basis.
•
Our Code of Business Conduct and Ethics Policy reinforces QCR Holdings’ commitment to ethical business practices, details the fundamental principles of ethical business behavior, defines the responsibilities of all employees, officers, and directors, and requires all of these individuals to receive annual ethics training.
•
We maintain a comprehensive cyber and information security program to ensure the protection and proper disposal of company information and customers’ non-public personal information. All employees receive annual training on information security, including specific training on identity theft, phishing, and social engineering.
•
Through our Best in Class initiative, we implemented a total of 162 standard operating procedures as of year-end 2022 to allow for collaboration, agility, transformation, and innovation throughout QCR Holdings and its subsidiaries.
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Share Ownership and Retention Guidelines
In order to better align the interests of our board members and management with the interests of our stockholders, our Board of Directors adopted share ownership guidelines in 2008. These share ownership guidelines were amended in February 2016 to clarify the ownership holding requirements for our executives, and later amended in November 2022 for a change to non-employee directors of QCR Holdings to better align with our peer group’s requirements.
Under these guidelines, non-employee directors of QCR Holdings are expected to achieve a share ownership level with a value equal to five times the amount of each non-employee director’s annual cash retainer (excluding compensation for committee service) within five years of initial election as a director and maintain such ownership level so long as they serve in the position of director. For 2023, based on the one-year trailing average monthly closing stock price, the amount is 3,560 shares.
We also have share ownership guidelines for our named executive officers, who are set forth on page 23 of this proxy statement. The stock ownership guidelines vary by position and for Messrs. Helling and Gipple, in light of their service as board members of QCR Holdings, the amount is 30,000 shares. For all other named executive officers, based on QCR Holdings’ one-year trailing average monthly closing stock price, the amount is 4,565 shares within three years of date of hire, which must be maintained so long as they are employed in their positions with QCR Holdings and/or a subsidiary.
Currently, each QCR Holdings director and each named executive officer holds the requisite number of shares and is in compliance with the share ownership guidelines.
Stockholder Communications with the Board, Nomination and Proposal Procedures
General Communications with the Board. Stockholders may contact our Board of Directors by contacting Deborah M. Neyens, Corporate Secretary, at QCR Holdings, Inc., 3551 Seventh Street, Moline, Illinois 61265 or (309) 277-2657. All appropriate comments will be forwarded directly to the Chair of the Board of Directors. Ms. Neyens will not generally forward communications that are primarily commercial in nature or related to an improper or irrelevant topic.
Nominations of Directors. In accordance with our bylaws, a stockholder may nominate a director for election at an annual meeting of stockholders by delivering or mailing written notice of the nomination to our Corporate Secretary, at the above address, not less than 30 days nor more than 75 days prior to the date of the annual meeting, provided, however, that if we provide less than 40 days’ notice or prior public disclosure of the date of the meeting, notice by the stockholder, to be timely, must be delivered no later than the close of business on the 10th day following the day on which notice of the date of the meeting was mailed or such public disclosure was made, whichever occurs first. The stockholder’s notice of intention to nominate a director must include: (i) the name and address of record of the nominating stockholder; (ii) a representation that the stockholder is a record holder entitled to vote at the meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (iii) the name, age, business and residence addresses and principal occupation or employment of each nominee; (iv) a description of all arrangements or understandings between the stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by the stockholder; (v) any other information regarding each proposed nominee as would be required to comply with the rules and regulations set forth by the Securities and Exchange Commission; and (vi) the consent of each nominee to serve as a director of the corporation if so elected. We may request additional information after receiving the notification for the purpose of determining the proposed nominee’s eligibility to serve as a director. Persons nominated for election to the Board of Directors pursuant to this paragraph will not be included in our proxy statement.
Other Stockholder Proposals. To be considered for inclusion in our proxy statement and form of proxy for our 2023 annual meeting of stockholders, stockholder proposals must be received by our Corporate
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Secretary, at the above address, no later than December 8, 2023, and must otherwise comply with the notice and other provisions of our bylaws, as well as Securities and Exchange Commission rules and regulations, including Rule 14a-8 adopted under the Exchange Act. Submission of a proposal does not guarantee inclusion within our proxy statement.
In accordance with our bylaws, for proposals to be brought by a stockholder at an annual meeting, the stockholder must file a written notice of the proposal to our Corporate Secretary not less than 30 days nor more than 75 days prior to the date of the annual meeting, provided, however, that if we provide less than 40 days’ notice of the meeting, notice by the stockholder, to be timely, must be delivered no later than the close of business on the 10th day following the day on which notice of the date on which the notice of the meeting was first mailed to stockholders. The notice must set forth: (i) a brief description of the proposal and the reasons for conducting such business at the meeting; (ii) the name and address of the proposing stockholder; (iii) the number of shares of the corporation’s common stock beneficially owned by the stockholder on the date of the notice; and (iv) any financial or other interest of the stockholder in the proposal. Stockholder proposals submitted under these procedures will not be included in our proxy statement.
Our Executive Management Team
Our current management officers and subsidiary bank leaders are Larry J. Helling, Todd A. Gipple, both of whom are also directors of QCR Holdings, as well as John H. Anderson, Monte C. McNew, Kurt A. Gibson, James D. Klein, and Reba K. Winter.
Mr. Helling (age 67) was appointed Chief Executive Officer of QCR Holdings in May 2019, and he previously served as President and Chief Executive Officer of Cedar Rapids Bank and Trust since 2001. Mr. Gipple (age 59) was appointed President of QCR Holdings in May 2019 and he has served as Chief Operating Officer and Chief Financial Officer since 2008. He previously served as Executive Vice President and Chief Financial Officer since 2000. Mr. Anderson (age 58) has served as Chief Executive Officer of Quad City Bank and Trust since 2007. He previously served as President since May 2020 and Senior Vice President, Business Development since 1998. Mr. McNew (age 50) was appointed Chief Executive Officer of Guaranty Bank in April 2022. He previously served as Chief Executive Officer and President of Guaranty Bank (previously known as Springfield First Community Bank) since February 2021, as President since 2018, and as Executive Vice President, Commercial Lending since 2014. Mr. Gibson (age 55) has served as President and Chief Executive Officer of Community State Bank since 2018, and he previously served as President since 2017. Mr. Klein (age 49) has served as President of Cedar Rapids Bank & Trust since 2019, and he previously served as Chief Lending Officer since 2014 and Senior Vice President, Retail Banking since 2010. Ms. Winter (age 61) has served as Executive Vice President, Chief Information Officer since 2019. Ms. Anne E. Howard (age 44) served as Senior Vice President, Director of Human Resources from 2017 until her resignation on March 8, 2023.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
The following table sets forth certain information regarding our common stock beneficially owned on March 21, 2023, by each director, by each director nominee, by each named executive officer named in the summary compensation table, by persons who are the beneficial owners of more than 5% of our common stock and by all directors and executive officers of QCR Holdings as a group. Beneficial ownership has been determined for this purpose in accordance with Rule 13d-3 under the Exchange Act, under which a person is deemed to be the beneficial owner of securities if he or she has voting power or investment power in respect of such securities or has the right to acquire beneficial ownership of securities within 60 days of March 21, 2023.
​
Name of Stockholder and
 ​ ​
Amount and Nature of
 ​ ​
Percent
 ​
​
Number of Persons in Group
 ​ ​
Beneficial Ownership(1)
 ​ ​
of Class
 ​
​
Directors and Named Executive Officers
 ​ ​
​ ​
​
​
John H. Anderson
 ​ ​
42,059(2)
 ​ ​
*
 ​
​
Mary Kay Bates
 ​ ​
5,574(3)
 ​ ​
*
 ​
​
John-Paul E. Besong
 ​ ​
7,137(4)
 ​ ​
*
 ​
​
Brent R. Cobb
 ​ ​
38,795(5)
 ​ ​
*
 ​
​
James M. Field
 ​ ​
8,241(6)
 ​ ​
*
 ​
​
Kurt A. Gibson
 ​ ​
6,872(7)
 ​ ​
*
 ​
​
Todd A. Gipple
​ ​
83,430(8)
 ​ ​
*
 ​
​
John F. Griesemer
 ​ ​
80,764(9)
 ​ ​
*
 ​
​
Larry J. Helling
 ​ ​
115,262(10)
 ​ ​
*
 ​
​
Elizabeth S. Jacobs
 ​ ​
3,908(11)
 ​ ​
*
​
​
Mark C. Kilmer
 ​ ​
109,250(12)
 ​ ​
*
 ​
​
Monte C. McNew
 ​ ​
4,302(13)
 ​ ​
*
 ​
​
Donna J. Sorensen
 ​ ​
29,682(14)
 ​ ​
*
 ​
​
Marie Z. Ziegler
 ​ ​
49,128(15)
 ​ ​
*
 ​
​
All directors and executive officers as a group (16 persons)
 ​ ​
590,768(16)
 ​ ​
3.5%
 ​
​
5% Stockholders
 ​ ​
​ ​
​
​
BlackRock, Inc., 55 East 52nd Street, New York, NY 10055
 ​ ​
1,261,166(17)
 ​ ​
7.5%
 ​
​
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746
 ​ ​
930,863
 ​ ​
5.5%
 ​
​
The Vanguard Group, 100 Vanguard Boulevard., Malvern, PA 19355
 ​ ​
891,380
 ​ ​
5.3%
 ​
*
Less than 1%.
(1)
Amounts reported include shares held directly, including certain shares subject to options, as well as shares held in retirement accounts, by certain members of the named individuals’ families or held by trusts of which the named individual is a trustee or substantial beneficiary. Inclusion of shares shall not constitute an admission of beneficial ownership or voting or investment power over included shares. The nature of beneficial ownership for shares listed in this table is sole voting and investment power, except as set forth in the following footnotes.
(2)
Includes 39,684 shares in the 401(k) Plan, over which Mr. Anderson has shared voting and investment power.
(3)
Includes 3,430 shares held in a trust, over which Ms. Bates has shared voting and investment power.
(4)
Includes 4,835 shares held in a trust, over which Mr. Besong has shared voting and investment power.
(5)
Includes 2,790 shares held in a trust, over which Mr. Cobb has shared voting and investment power.
(6)
Includes 2,698 shares held in a trust, over which Mr. Field has shared voting and investment power.
(7)
Includes 3,720 shares in the 401(k) Plan, over which Mr. Gibson has shared voting and investment power.
(8)
Includes 28,509 shares subject to options which are presently exercisable or exercisable within 60 days of March 21, 2023. Also includes 10,981 shares held in the 401(k) Plan, 1,199 shares held in an IRA account, 2,000 shares held by Mr. Gipple’s spouse, and 698 shares held in a trust, over which he has shared voting and investment power.
(9)
Includes 23,598 shares held in an IRA account, and 24,443 shares held by Mr. Griesemer’s spouse and children.
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(10)
Includes 32,291 shares subject to options which are presently exercisable or exercisable within 60 days of March 21, 2023. Also includes 20,103 shares held in the 401(k) Plan, 36,450 shares held in an IRA account, and 4,376 shares held in a trust, over which Mr. Helling has shared voting and investment power.
(11)
Includes 2,082 shares held in a trust, over which Ms. Jacobs has shared voting and investment power.
(12)
Includes 17,887 shares held by Mr. Kilmer’s spouse or children, 40,200 shares held in a trust, 6,172 shares held by a corporation and 3,375 shares held in an IRA account, over which he has shared voting and investment power.
(13)
Includes 1,291 shares in the 401(k) Plan, over which Mr. McNew has shared voting and investment power.
(14)
Includes 7,907 shares held jointly and 21,775 shares held in a trust, over which Ms. Sorensen has shared voting and investment power.
(15)
Includes 200 shares held by Ms. Ziegler’s spouse and 19,367 shares held in a trust, over which she has shared voting and investment power.
(16)
Includes 60,800 shares subject to options which are presently exercisable or exercisable within 60 days of March 21, 2023.
(17)
Includes shares held by BlackRock Advisors, LLC, Aperio Group, LLC, BlackRock Investment Management (UK) Limited, BlackRock Asset Management Canada Limited, BlackRock Fund Advisors, BlackRock Asset Management Ireland Limited, BlackRock Institutional Trust Company, National Association, BlackRock Financial Management, Inc., BlackRock Fund Managers Ltd., BlackRock Asset Management Schweiz AG, and BlackRock Investment Management, LLC, as reported in a Schedule 13G filed with the Securities and Exchange Commission on January 31, 2023.
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EXECUTIVE COMPENSATION
Compensation Discussion and Analysis
This Compensation Discussion and Analysis (“CD&A”) provides information about our compensation objectives and policies for our named executive officers and explains the structure and rationale of the various compensation elements. For purposes of the CD&A and the compensation tables that follow, our named executive officers in 2022 were Larry J. Helling, Todd A. Gipple, John H. Anderson, Kurt A. Gibson, and Monte C. McNew. Our CD&A is organized as follows:
•
Overview and Executive Summary. Background context and highlights provide context for the disclosures in the CD&A.
•
Objectives of Our Compensation Program. The objectives of our executive compensation program are based on our business model and the competitive pressures we face in attracting and retaining executive talent. We structure our executive compensation program to attract, motivate and retain outstanding executives who lead QCR Holdings in creating sustained long-term value for our stockholders.
•
Elements of Compensation. The key components of our compensation program are base salary, annual bonus and equity awards, with an emphasis on tying executive compensation to performance.
•
Compensation Process. Our executive compensation program is regularly reviewed internally and externally to ensure that proper risk-mitigating procedures and protocols are in place.
•
Analysis of 2022 Compensation. Decisions about 2022 compensation are analyzed and explained in the context of our compensation objectives and performance.
•
Regulatory Considerations. We describe the impact of guidance established by the Federal Deposit Insurance Corporation and other bank regulatory agencies, in addition to various other regulatory requirements, on our decisions regarding our executive compensation.
•
Insider Trading, Anti-Hedging, and Anti-Pledging Policies. QCR Holdings has insider trading, anti-hedging, and anti-pledging policies that are applicable to our named executive officers.
•
Clawback Policy. QCR Holdings has a clawback policy that is applicable to our named executive officers.
•
Share Ownership and Retention Guidelines. Our named executive officers maintain a significant equity interest in QCR Holdings pursuant to our ownership and retention guidelines.
Overview and Executive Summary
Business Overview
QCR Holdings, through its subsidiary banks, provides lending, deposit, and trust and other wealth management services for individuals and businesses. We offer competitive commercial and personal banking products and are committed to providing superior customer service. We place a high priority on community service and are actively involved with many civic and community projects in the communities where we conduct business. We operate in an intensely competitive and uncertain business environment. From a business perspective, not only do we compete with numerous companies in our markets for clients, but we also compete with many different types and sizes of organizations for senior leadership capable of executing our business strategies. Among other challenges, our business model requires experienced leaders with banking and operational expertise who are capable of taking on high levels of personal responsibility in an ever-evolving banking industry and economy.
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Financial Overview
QCR Holdings achieved record net income for 2022. We reported net income of $99.1 million for the year ended December 31, 2022 and diluted earnings per share (“EPS”) of $5.87. For the same period in 2021 and 2020, we reported net income of $98.9 million and $60.6 million, and diluted EPS of $6.20 and $3.80, respectively. The year ended December 31, 2022 was highlighted by several significant items, including record adjusted net income (non-GAAP) of $114.9 million, or $6.80 per diluted share, an increase of 14.8% and 8.5%, respectively, excluding one-time expenses associated with the Guaranty Bank acquisition; loan and lease growth of 14.6% for the year, excluding Paycheck Protection Program and Guaranty Bank acquired loans (non-GAAP), and nonperforming assets represented only 0.11% of total assets as of December 31, 2022.
Overview of Our Executive Compensation Program
QCR Holdings is committed to paying for performance. This commitment is reflected by the significant amount of our named executive officers’ total compensation that is provided through performance-based components. Our executive compensation program evolves and is adjusted over time to support the business goals of QCR Holdings and to promote both near- and long-term profitable growth. Total compensation for each named executive officer varies based upon corporate and, when applicable, individual performance in achieving financial and nonfinancial objectives.
Say-on-Pay
At the QCR Holdings 2022 annual meeting, our stockholders approved, on an advisory basis, the executive compensation of our named executive officers as disclosed in the 2022 proxy statement, with over 98% of the shares represented by stockholders present in person or represented by proxy at the annual meeting voting “for” such approval. QCR Holdings, the board and the Compensation Committee pay careful attention to the say-on-pay vote and communications received from stockholders regarding executive compensation, and we believe the vote reflects stockholders’ support of our compensation philosophy and the manner in which we compensate our named executive officers. The Compensation Committee considered the results of the advisory vote as one of many factors in making 2022 compensation decisions and will continue to do so as it continually reviews our compensation program and practices to ensure they continue to support our business strategy and align with stockholders’ interests.
Objectives of Our Compensation Program
The goal of our compensation program is to attract, motivate and retain outstanding employees who provide excellent service to our clients while balancing short- and long-term performance to create sustained long-term value for our investors. Our compensation program for executives is based in large part on our business needs and challenges in creating stockholder value. To support the achievement of our business strategies and goals, we strive to:
•
Pay for performance;
•
Tie equity compensation to long-term value creation for our stockholders;
•
Align executives’ financial interests with those of our stockholders;
•
Support QCR Holdings’ values, strategy, and development of employees;
•
Foster a team approach among top executives;
•
Attract, retain, and align leaders capable of delivering superior business results;
•
Provide competitive cash compensation and benefit opportunities;
•
Adhere to the highest legal and ethical standards; and
•
Manage our compensation program in light of risks to the organization.
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Elements of Compensation
Our executive compensation program consists of several elements, each with an objective that fits into our overall compensation program. The following overview explains the structure and rationale of the elements of compensation used for 2022.
Base Salary
Cash salaries are intended to be competitive with the market and reflect the individual’s experience, performance, responsibilities, and contribution to QCR Holdings. The salaries are intended to offer each executive security and to allow QCR Holdings to maintain a stable management team and environment. The Compensation Committee reviews the salaries of the named executive officers annually. The Compensation Committee uses its own judgment, as well as its independent compensation consultant’s expertise, when determining the positioning of each executive’s salary compared to the competitive marketplace and also considers internal equity with other employees.
Annual Cash Incentive Bonus
Annual cash incentive bonuses are an important piece of total compensation for our named executive officers as they support and encourage the achievement of our business goals and strategies by tying a meaningful portion of cash compensation to financial results for the year as compared to internal and external standards. The Compensation Committee believes the named executive officers should have a significant portion of their total compensation packages contingent on annual performance, and therefore a significant portion of compensation is made available through an annual cash incentive bonus program. Maximum bonus opportunities are capped to discourage both excessive risk-taking and to avoid a focus on maximizing short-term results at the expense of long-term soundness. In addition, net income in excess of 25% of budgeted net income is required for any bonuses to be paid to our named executive officers.
Under the program, the Compensation Committee established measurable goals for each named executive officer at the beginning of 2022. These goals focus primarily on net income and other financial performance measures. Following the Compensation Committee’s review of quantitative and qualitative analyses and calculations at the beginning of 2023, the Compensation Committee determined the amount of annual bonuses for the named executive officers for 2022, based upon the attainment of goals established in early 2022.
Long-Term Stock Incentives
Equity compensation is the other key element of compensation for our named executive officers. We use several types of long-term incentive awards to drive the creation of long-term value for our stockholders, to attract and retain executives capable of effectively executing our business strategies, and to structure compensation to account for the time horizons of risks. Our equity compensation practices support the achievement of many of our key compensation objectives, including:
•
Tying pay to performance by linking compensation to stockholder value creation;
•
Aligning executives’ interests with those of our stockholders;
•
Attracting executives committed to building long-term value for our stockholders, by including equity compensation as an element of competitive pay packages for executives; and
•
Retaining and rewarding executives for continued service, by maintaining multi-year vesting periods.
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Equity Incentive Plans. Currently, all equity awards are made under our 2016 Equity Incentive Plan (the “2016 Equity Plan”), which our stockholders approved in 2016. Initially, 400,000 shares were authorized for issuance under the plan, in addition to shares remaining available for issuance under our prior equity plans. As of December 31, 2022, there were 100,271 remaining shares available for issuance. The 2016 Equity Plan provides for the issuance of nonqualified stock options, restricted stock, stock appreciation rights and other stock and cash-based awards.
The 2016 Equity Plan allows for accelerated vesting of outstanding awards held by participants, including our named executive officers, in certain circumstances. Unless provided otherwise in the agreements setting forth the terms of the award, vesting will accelerate upon a “change in control” of QCR Holdings (as defined in the 2016 Equity Plan) if the awards are not assumed or otherwise equitably converted into comparable awards by the acquiring company. If the awards are assumed by the acquirer and a participant’s employment is terminated without “cause” or a participant resigns for “good reason,” the participant’s awards will become vested. This is what is known as a “double trigger” approach, as compared to a “single trigger” approach which provides for vesting solely upon a change in control (without a termination of employment). We use the double trigger approach for our equity awards because we believe it provides adequate employment protection while reducing, for the stockholders’ benefit, potential transaction costs associated with the awards. In addition, the award agreements generally provide that vesting will accelerate upon the participant’s disability or death.
Employee Stock Purchase Plan. At our last annual meeting, our stockholders approved the QCR Holdings 2022 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”), which became effective on July 1, 2022 and replaced our prior employee stock purchase plan. The plan is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). The Employee Stock Purchase Plan allows employees of QCR Holdings and its subsidiaries to purchase shares of common stock. The purchase price for a share is 85% of the fair market value, as of the beginning of the Offering Period or the Purchase Date, whichever is lower, as defined in the Employee Stock Purchase Plan. Currently, the maximum percentage that any one participant can elect to contribute to the Employee Stock Purchase Plan for purchase of shares is 15% of compensation, up to a maximum of $21,250. During 2022, our employees purchased 27,103 shares under the Employee Stock Purchase Plan and the prior plan.
Retirement Benefits
QCR Holdings 401(k)/Profit Sharing Plan. QCR Holdings sponsors a tax-qualified profit sharing plan qualified under Section 401(k) of the Code (the “401(k) Plan”). All employees are eligible to participate. Pursuant to the 401(k) Plan, QCR Holdings matches 100% of the first 3% of an employee’s annual compensation deferred under the 401(k) Plan and 50% of the next 3% of an employee’s annual compensation deferred under the 401(k) Plan, up to a maximum of 4.5% of an employee’s annual compensation. Although QCR Holdings may make additional contributions to the 401(k) Plan at its discretion, which are allocated to the accounts of participants based on relative compensation, there were no discretionary contributions made to the 401(k) Plan for the 2022 plan year. Contributions under the 401(k) Plan for the benefit of our named executive officers are reflected in the Summary Compensation Table of this proxy statement.
Deferred Compensation
Non-Qualified Supplemental Executive Retirement Program. QCR Holdings maintains a Non-Qualified Supplemental Executive Retirement Plan (“SERP”) for certain of the named executive officers, including Messrs. Helling, Gipple and Anderson. The Compensation Committee believes the SERP is an important component of compensation that helps maintain a stable, committed, and qualified team of key executives while also protecting QCR Holdings and our stockholders through certain retention and non-competition provisions.
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Under their SERP agreements, Messrs. Helling and Gipple will receive a supplemental retirement benefit in an annual pre-tax amount equal to 2.5% for each year of credited full-time service prior to attainment of age 65 (not to exceed 40 years), multiplied by the executive’s average annual base salary plus cash bonus for the three most recently completed plan years prior to retirement, subject to a maximum of 70% of average compensation. The retirement benefit will be reduced by any contributions made by QCR Holdings, plus earnings under the 401(k) Plan and other deferred compensation plans. Each executive is eligible for the SERP benefit if he retires after attaining age 55 with at least 10 years of service. Both Mr. Helling and Mr. Gipple have attained the age of 55 and have at least 10 years of service. Assuming the executives retire on or after attaining age 55 and based on salaries and cash bonuses paid for 2022, we estimate that we will owe the following annual amounts upon their respective retirements: Mr. Helling, $262,681; and Mr. Gipple, $318,801.
Under his SERP agreement, Mr. Anderson will receive a SERP benefit that varies depending upon the executive’s age at retirement, ranging from $20,000 per year following a retirement after attainment of age 55 but before attainment of age 56, to $84,000 per year following a retirement on or after attainment of 65.
These SERP benefits will generally be paid in 180 monthly installments. The SERP agreements also provide for the payment of a survivor’s benefit to the executive’s beneficiary upon the executive’s death.
Non-Qualified Deferred Compensation Plan Agreements. QCR Holdings has entered into non-qualified deferred compensation plan agreements with certain of the named executive officers. These plan agreements enable executives to save for retirement by deferring a portion of their annual salaries and bonuses under a voluntary, non-qualified deferred compensation plan. QCR Holdings matches these deferrals up to certain maximum amounts, and interest is earned at the prime rate subject to certain floor and cap rates, as follows:
​
Executive
 ​ ​
Deferred Compensation Plan Agreements
 ​
​
2022 Executive
Contributions
 ​ ​
2022 QCR Holdings
Matching Contributions
 ​ ​
Interest Rate
Floor and Cap
 ​
​
Larry J. Helling
 ​ ​
$50,000
 ​ ​
$25,000
 ​ ​
8.0% - 10.0%
 ​
​
Todd A. Gipple
 ​ ​
$20,000
 ​ ​
$20,000
 ​ ​
6.0% - 12.0%
 ​
​
John H. Anderson
 ​ ​
$25,000
 ​ ​
$10,000
 ​ ​
4.0% - 8.0%
 ​
​
Kurt A. Gibson
 ​ ​
$10,000
 ​ ​
$10,000
 ​ ​
4.0% - 8.0%
 ​
​
Monte C. McNew
 ​ ​
$12,729
 ​ ​
$10,000
 ​ ​
4.0% - 8.0%
 ​
Other than Mr. Gipple, the participating executives will receive their existing account balances upon a termination in connection with a change in control. Mr. Gipple will receive the greater of a guaranteed minimum amount of $1,288,000 or his then existing account balance, which was $1,193,866 as of December 31, 2022. The agreements also provide for the payment of a survivor’s benefit to the executive’s beneficiary upon the executive’s death.
Consistent with Code requirements, the SERP and non-qualified deferred compensation plan agreements are “unfunded” general contractual obligations of QCR Holdings subject to the claims of our creditors. If QCR Holdings were to become insolvent, the participants would be unsecured general creditors of QCR Holdings. The Compensation Committee believes this form of “at risk” compensation helps align the interests of plan participants with the long-term interests of QCR Holdings, its debt holders, and its stockholders.
Deferred Income Plans. Stockholders approved the 1997 Deferred Income Plan and the 2005 Deferred Income Plan to enable directors and selected key officers of QCR Holdings and its related companies, to
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elect to defer all or a portion of the fees and cash compensation payable to them for their service as directors or employees. The plans purchase shares of QCR Holdings common stock at market value, which are held in a rabbi trust associated with the plans. Messrs. Helling and Gipple were participants in the 1997 plan until 2005.
Perquisites and Other Benefits
The named executive officers participate in QCR Holdings’ broad-based employee benefit plans, such as medical, dental, disability and life insurance programs, under the same terms as other eligible employees. Each named executive officer other than Mr. McNew also receives an automobile allowance. Messrs. Anderson, Gibson, and McNew receive payments for a country club membership to foster customer relationships. In addition, QCR Holdings pays for tax planning and preparation services for Messrs. Helling and Gipple. The value of the perquisites provided by or paid for by QCR Holdings is reflected in the All Other Compensation column of the Summary Compensation Table in this proxy statement and is comparable to perquisites offered at other bank holding companies.
Employment Agreements
We have employment agreements with each of our named executive officers. We believe employment agreements help us recruit and retain executives with the experience, skills, knowledge, and background needed to achieve our business goals and strategy and also provide certain protections to QCR Holdings and our stockholders by including confidentiality, non-competition, and non-solicitation covenants. The employment agreements are discussed beginning on page 41 of this proxy statement under the heading Potential Payments upon Termination or Change in Control.
Compensation Process
The Compensation Committee has broad discretion in overseeing our compensation program. It reviews each element of compensation for each of our named executive officers at least once each year and makes a final determination regarding any adjustments to the current compensation structure and levels after considering a number of factors. When reviewing compensation, the Compensation Committee takes into account the scope of each named executive officer’s responsibilities, performance and experience, as well as competitive compensation levels. During the annual review process, the Compensation Committee also reviews our full-year financial results against other banking organizations and reviews the structure of our compensation program relative to sound risk management.
The Committee’s primary considerations when making executive compensation decisions are:
•
Key financial measurements, which reflect our ultimate goal of value creation for our stockholders;
•
Strategic initiatives related to our business;
•
Achievement of specific operational goals relating to each executive’s area of oversight;
•
Compensation of other QCR Holdings executives; and
•
Compensation of peer group executives.
Consulting Assistance
Under its charter, the Compensation Committee has the authority to retain its own compensation consultants. Since June 2015, the Compensation Committee has retained Frederic W. Cook & Co., Inc. (“FWC”) as its compensation consultant to provide it with independent analysis and advice about executive compensation-related matters, including a review of the compensation program actions recommended by management, reviewing the chosen peer group and survey data for competitive comparisons, and advising it on best practices and ideas for board governance of executive compensation.
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FWC reports directly to the Compensation Committee, and management has not retained its own compensation consultant. The Compensation Committee has conducted an inquiry and assessment with respect to FWC, including the factors relating to independence specified in Nasdaq listing requirements, and determined that it is independent of management and has no conflicts of interest in acting as a compensation consultant to the Compensation Committee.
Role of Executive Officers
As requested by the Compensation Committee, select members of management facilitate the Committee’s consideration of compensation for our named executive officers by providing information for the Committee’s review. Mr. Helling provides background and recommendations with respect to each of the other named executive officers. Mr. Helling is not present for the discussion or determination of his compensation. Information considered by the Compensation Committee includes, among other items, financial results and analysis, performance evaluations, compensation provided to our named executive officers, technical and regulatory considerations, and input on program design and possible modifications.
Peer Group
Market pay levels and practices are one of many factors we consider in setting executive pay levels and designing the compensation program. Information on pay levels and practices is gathered for a group of publicly traded companies selected based on their business focus, scope and location of operations, size, and other considerations. The Compensation Committee reviews and evaluates the membership of the peer group on an annual basis. For 2022, FWC and management jointly presented the peer group of the 17 financial institutions listed below, which after substantial review and consideration, the Compensation Committee approved.
Community Trust Bancorp, Inc.
 ​ ​
German American Bancorp, Inc.
 ​ ​
Mercantile Bank Corporation
Enterprise Financial Services Corp
 ​ ​
Great Southern Bancorp, Inc.
 ​ ​
Midland States Bancorp, Inc.
First Busey Corporation
 ​ ​
Heartland Financial USA, Inc.
 ​ ​
MidWestOne Financial Group, Inc.
First Financial Corporation
 ​ ​
Horizon Bancorp, Inc.
 ​ ​
National Bank Holdings Corporation
First Merchants Corporation
 ​ ​
1st Source Corporation
 ​ ​
Stock Yards Bancorp, Inc.
First Mid Bancshares, Inc.
 ​ ​
Lakeland Financial Corporation
 ​ ​
 
The companies in the peer group have a median asset size of $7.3 billion (as of June 30, 2022), ranging from approximately $5.0 billion to $19.7 billion. QCR Holdings is currently $7.4 billion in total assets as of December 31, 2022. In addition to asset size, other factors considered in selecting peers included geography, complexity of the organization and similarity of business lines, and services and products offered to those of QCR Holdings. We believe the peers selected are a diverse group of financial institutions that provide the necessary breadth to be meaningful in evaluating the named executive officers’ compensation. FWC summarized and provided the Compensation Committee with market data relating to base salaries, annual cash incentive bonuses, long term stock incentives, and total compensation. The Compensation Committee considered this information, together with other factors discussed below, in determining the compensation for our named executive officers.
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Analysis of 2022 Compensation
Consistent with our philosophy of linking compensation to performance, the compensation for our named executive officers in 2022 was based, in part, on our business results in 2022. This section discusses the compensation actions that were taken in 2022 for our named executive officers, as detailed below.
Base Salary
Salaries for our named executive officers for 2022 and 2023 are as follows:
​
Executive
 ​ ​
2022 Salary
 ​ ​
2023 Salary
 ​ ​
Percentage Change
 ​
​
Larry J. Helling
 ​ ​
$416,894
 ​ ​
$437,738
 ​ ​
5.00%
 ​
​
Todd A. Gipple
 ​ ​
$354,307
 ​ ​
$369,365
 ​ ​
4.25%
 ​
​
John H. Anderson
 ​ ​
$272,520
 ​ ​
$284,783
 ​ ​
4.50%
 ​
​
Kurt A. Gibson
 ​ ​
$224,534
 ​ ​
$234,077
 ​ ​
4.25%
 ​
​
Monte C. McNew
 ​ ​
$254,592
 ​ ​
$265,412
 ​ ​
4.25%
 ​
Annual Incentive Bonus
On an annual basis, the Compensation Committee approves targets applicable to annual incentive bonus awards for our named executive officers. At the beginning of 2022, the Compensation Committee set threshold, target, and maximum award opportunities as a percentage of salary for each of our named executive officers based on that individual’s position and competitive market data for similar positions. The 2022 awards for our named executive officers were contingent primarily on performance relative to goals for net income and other financial performance measures and objectives aligned with those of QCR Holdings’ stockholders. The performance criteria were weighted to reflect QCR Holdings’ strategic objectives. The Compensation Committee also has the discretion to include individual performance goals for the named executive officers, including entity-level goals for subsidiaries within their oversight, consistent with QCR Holdings’ 2022 strategic objectives and their specific roles. For 2022 earned annual incentive bonuses, corporate goals were weighted 100%. As noted above, our named executive officers would not have been eligible to receive an annual incentive bonus had QCR Holdings’ net income not exceeded 25% of budgeted net income.
For 2022, threshold, target, and maximum annual incentive bonus levels were as follows (stated as a percentage of base salary):
​
Executive
 ​ ​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​
​
Larry J. Helling
 ​ ​
45.0%
 ​ ​
90.0%
 ​ ​
135.0%
 ​
​
Todd A. Gipple
 ​ ​
40.0%
 ​ ​
80.0%
 ​ ​
120.0%
 ​
​
John H. Anderson
 ​ ​
25.0%
 ​ ​
50.0%
 ​ ​
75.0%
 ​
​
Kurt A. Gibson
 ​ ​
22.5%
 ​ ​
45.0%
 ​ ​
67.5%
 ​
​
Monte C. McNew
 ​ ​
20.0%
 ​ ​
40.0%
 ​ ​
60.0%
 ​
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Larry J. Helling and Todd A. Gipple. The Compensation Committee established the following corporate goals for Messrs. Helling and Gipple:
​
Corporate Goals
 ​ ​
Goal
Weight
 ​ ​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​ ​
Actual
 ​
​
QCR Holdings bonus-adjusted net income
 ​ ​
80%
 ​ ​
$101.6M
 ​ ​
$112.7M
 ​ ​
$118.2M
 ​ ​
$116.4M
 ​
​
QCR Holdings NPAs to total assets
 ​ ​
20%
 ​ ​
1.00%
 ​ ​
.75%
 ​ ​
.50%
 ​ ​
.11%
 ​
John H. Anderson. The Compensation Committee established the following corporate goals for Mr. Anderson:
​
Corporate Goals
 ​ ​
Goal
Weight
 ​ ​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​ ​
Actual
 ​
​
QCR Holdings bonus-adjusted net income
 ​ ​
30%
 ​ ​
$101.6M
 ​ ​
$112.7M
 ​ ​
$118.2M
 ​ ​
$116.4M
 ​
​
Quad City Bank and Trust net income
 ​ ​
30%
 ​ ​
$28.7M
 ​ ​
$31.9M
 ​ ​
$33.5M
 ​ ​
$33.8M
 ​
​
Quad City Bank and Trust core loan growth
 ​ ​
15%
 ​ ​
$0M
 ​ ​
$20.4M
 ​ ​
$40.9M
 ​ ​
$74.7M
 ​
​
Quad City Bank and Trust noninterest income
 ​ ​
15%
 ​ ​
$13.3M
 ​ ​
$15.7M
 ​ ​
$17.3M
 ​ ​
$13.7M
 ​
​
Quad City Bank and Trust NPAs to total assets
 ​ ​
10%
 ​ ​
1.00%
 ​ ​
.75%
 ​ ​
.50%
 ​ ​
.01%
 ​
Kurt A. Gibson. The Compensation Committee established the following corporate goals for Mr. Gibson:
​
Corporate Goals
 ​ ​
Goal
Weight
 ​ ​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​ ​
Actual
 ​
​
QCR Holdings bonus-adjusted net income
 ​ ​
30%
 ​ ​
$101.6M
 ​ ​
$112.7M
 ​ ​
$118.2M
 ​ ​
$116.4M
 ​
​
Community State Bank net income
 ​ ​
30%
 ​ ​
$12.0M
 ​ ​
$13.3M
 ​ ​
$14.0M
 ​ ​
$17.2M
 ​
​
Community State Bank core loan growth
 ​ ​
15%
 ​ ​
$0M
 ​ ​
$13.0M
 ​ ​
$26.5M
 ​ ​
$63.5M
 ​
​
Community State Bank noninterest income
 ​ ​
15%
 ​ ​
$5.2M
 ​ ​
$6.1M
 ​ ​
$6.8M
 ​ ​
$5.5M
 ​
​
Community State Bank NPAs to total assets
 ​ ​
10%
 ​ ​
1.00%
 ​ ​
.75%
 ​ ​
.50%
 ​ ​
0.01%
 ​
Monte C. McNew. The Compensation Committee established the following corporate goals for Mr. McNew:
​
Corporate Goals
 ​ ​
Goal
Weight
 ​ ​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​ ​
Actual
 ​
​
QCR Holdings bonus-adjusted net income
 ​ ​
30%
 ​ ​
$101.6M
 ​ ​
$112.7M
 ​ ​
$118.2M
 ​ ​
$116.4M
 ​
​
Guaranty Bank net income
 ​ ​
30%
 ​ ​
$30.5M
 ​ ​
$34.0M
 ​ ​
$35.7M
 ​ ​
$34.1M
 ​
​
Guaranty Bank core loan growth
 ​ ​
15%
 ​ ​
$0M
 ​ ​
$32.2M
 ​ ​
$64.5M
 ​ ​
$66.6M
 ​
​
Guaranty Bank noninterest income
 ​ ​
15%
 ​ ​
$15.1M
 ​ ​
$17.8M
 ​ ​
$19.5M
 ​ ​
$8.6M
 ​
​
Guaranty Bank NPAs to total assets
 ​ ​
10%
 ​ ​
1.00%
 ​ ​
.75%
 ​ ​
.50%
 ​ ​
0.22%
 ​
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After considering the weighting of all criteria and the resulting performance of QCR Holdings and the named executive officers, the Compensation Committee determined the actual annual cash incentive bonuses for 2022 as shown in the table below (as a percentage of base salary):
​
Executive
 ​ ​
Target
Award
 ​ ​
Corporate
Goals
 ​ ​
Actual
Award
 ​
​
Larry J. Helling
 ​ ​
90.0%
 ​ ​
123.6%
 ​ ​
123.6%
 ​
​
Todd A. Gipple
 ​ ​
80.0%
 ​ ​
109.9%
 ​ ​
109.9%
 ​
​
John H. Anderson
 ​ ​
50.0%
 ​ ​
65.8%
 ​ ​
65.8%
 ​
​
Kurt A. Gibson
 ​ ​
45.0%
 ​ ​
59.8%
 ​ ​
59.8%
 ​
​
Monte C. McNew
 ​ ​
40.0%
 ​ ​
43.4%
 ​ ​
43.4%
 ​
Long-Term Stock Incentives
For 2022, the Compensation Committee targeted equity award values between 16% and 40% of salary for each named executive officer. The table below reflects the target awards and the actual grants awarded in March 2023 based upon the executive’s performance in 2022. Actual awards were granted in the form of restricted stock units subject to a four-year vesting schedule, with equal portions vesting on each anniversary of the grant date.
​
Executive
 ​ ​
2022 Performance-Based Equity Incentive Plan
(Grant Value of Restricted Stock Unit Awards
as a Percentage of Salary)
 ​
​
2022 Target
 ​ ​
2022 Award
 ​
​
Larry J. Helling
 ​ ​
40.0%
 ​ ​
54.9%
 ​
​
Todd A. Gipple
 ​ ​
35.0%
 ​ ​
48.1%
 ​
​
John H. Anderson
 ​ ​
30.0%
 ​ ​
39.5%
 ​
​
Kurt A. Gibson
 ​ ​
16.0%
 ​ ​
21.2%
 ​
​
Monte C. McNew
 ​ ​
16.0%
 ​ ​
17.4%
 ​
Additionally, the Compensation Committee reviews talent retention on an ongoing basis and considers whether any additional incentive awards are necessary in order to ensure the retention of executives with strong performance who are key to our future success. Based on this review and consideration, in 2019, Messrs. Helling, Gipple, and Anderson received a one-time grant of performance awards in connection with entering their new employment agreements, with total fair market values, which assume maximum attainment, the probable outcome of such awards at the time of grant, summarized in the table below:
​
Named Executive Officer
 ​ ​
Intended Total Fair
Market Value
 ​
​
Larry J. Helling
 ​ ​
$500,000
 ​
​
Todd A. Gipple
 ​ ​
$500,000
 ​
​
John H. Anderson
 ​ ​
$250,000
 ​
These performance awards are granted in annual tranches with several annual net income goals because this metric resonates strongly with our stockholders. The net income-based tranche of the 2022 performance shares was tied to achievement of our 2022 net income goal and is disclosed in our Summary Compensation Table and Grants of Plan Based Awards Table. Future tranches will be tied to net income goals in 2023 and onward and will be disclosed in future years. Our Compensation Committee has determined that an annual net income goal, with a multi-year service period component, is the most appropriate metric due to an uncertainty of factors influencing our business, including factors such as
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potential future company growth through acquisitions and interest rate changes. The awards are subject to continued employment through the date our Compensation Committee certifies performance achievement. These awards are described in the employment agreements beginning on page 42 of this proxy statement under the heading Potential Payments upon Termination or Change in Control.
Regulatory Considerations
As a publicly traded financial institution, QCR Holdings must comply with multiple layers of regulations when considering and implementing compensation decisions. Although these regulations do not set specific parameters within which compensation decisions must be made, they do require QCR Holdings and the Compensation Committee be mindful of the risks associated with a compensation program designed to incentivize superior performance.
The Compensation Committee believes that its regular, overall assessment of the compensation plans, program and arrangements established for the named executive officers includes a sensible, responsible approach toward balancing risks and rewarding reasonable, but not necessarily easily attainable, goals. The Compensation Committee also believes that QCR Holdings has adequate policies and procedures in place to balance and control any risk-taking that may be incentivized by the employee compensation plans. The Compensation Committee further believes that such policies and procedures will work to limit the risk that any employee would manipulate reported earnings in an effort to enhance his or her compensation.
When making decisions about executive compensation, in addition to the above, we also consider the impact of other regulatory provisions, including: Code Section 162(m) as in effect for 2022, which may limit the tax deductibility of certain compensation; Code Section 409A, regarding nonqualified deferred compensation; and Code Sections 4999 and 280G, regarding excise taxes and deduction limitations on golden parachute payments made in connection with a change in control. We also consider how various elements of compensation will impact our financial results. For example, we consider the impact of FASB ASC Topic 718, which requires us to recognize the compensation cost of grants of equity awards based upon the grant date fair value of those awards.
Insider Trading Policy
QCR Holdings has an insider trading policy that permits open market transactions in QCR Holdings stock beginning two trading days following the date of public disclosure of each fiscal quarter’s financial results until two weeks before the end of the next fiscal quarter. In addition, our named executive officers may purchase QCR Holdings common stock through payroll deductions under our 401(k) Plan and Employee Stock Purchase Plan. Changes to certain elections under the 401(k) Plan and Employee Stock Purchase Plan may only be made during the period when open market transactions are permitted. All of our named executive officers are currently in compliance with this policy.
Anti-Hedging Policy
The insider trading policy includes provisions that prohibit all employees and directors from entering into hedging transactions involving QCR Holdings securities. This prohibition includes the direct or indirect purchase or use of stock options, prepaid variable forward contracts, equity swaps, collars, exchange funds or any other instruments designed to hedge or offset any decrease in the market value of QCR Holdings securities. To our knowledge, none of our officers or directors has entered into a hedging transaction involving QCR Holdings stock in violation of this prohibition.
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Anti-Pledging Policy
The insider trading policy also includes provisions that prohibit our directors and executive officers from pledging QCR Holdings securities without the prior approval of the Nomination and Governance Committee. To our knowledge, none of our officers or directors has pledged his or her stock in violation of this policy.
Clawback Policy
In the event of a material restatement of QCR Holdings’ financial results, other than a restatement due to changes in accounting principles or applicable law or interpretations thereof, the board will review the facts and circumstance that led to the requirement for the restatement and will take such actions, including clawback, as it deems necessary or appropriate. The board will consider whether any named executive officer received cash or equity compensation based on the original financial statements because it appeared that he achieved financial performance targets which in fact were not achieved based on the restatement. The board will also consider the accountability of any named executive officer whose acts or omissions were responsible in whole or in part for the events that led to the restatement and whether such acts or omissions constituted misconduct.
In addition, the clawback provision of the Sarbanes-Oxley Act of 2002 also applies to Messrs. Helling and Gipple. This provision provides that if QCR Holdings is required to restate its financials as a result of misconduct, Messrs. Helling and Gipple are required to reimburse QCR Holdings for bonuses or other incentive-based or equity-based compensation and profits realized in the 12 months after the financial information was first publicly issued or filed with the Securities and Exchange Commission.
In October 2022, the Securities and Exchange Commission adopted final clawback rules. In February 2023, Nasdaq released its proposed rule implementing the final clawback rules. If the Nasdaq’s proposed rule is approved by the Securities and Exchange Commission, we may need to make certain changes to our clawback policies, which will be disclosed in the proxy statement for our 2024 annual meeting of stockholders.
Share Ownership and Retention Guidelines
We believe our named executive officers and nonemployee directors should have a significant equity interest in QCR Holdings. To promote such equity ownership and further align the interests of our executives and directors with our stockholders, we maintain share retention and ownership guidelines that require our named executive officers and our directors to hold shares of common stock of QCR Holdings that are described on page 19 of this proxy statement. Until an individual’s stock ownership guideline is met, an executive’s annual incentive and the director’s fees will be paid solely in shares of QCR Holdings common stock (net of required withholding). The guidelines are subject to periodic review by the Compensation Committee and compliance is monitored on an annual basis.
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COMPENSATION COMMITTEE REPORT
The Compensation Committee has reviewed and approved the Compensation Discussion and Analysis contained in this proxy statement with management. Based on discussion with management, the Compensation Committee recommended that the board of directors approve and include the Compensation Discussion and Analysis in this proxy statement.
Compensation Committee:
James M. Field
 ​ ​
Mark C. Kilmer
Elizabeth S. Jacobs
 ​ ​
Marie Z. Ziegler
This report shall not be deemed to be incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 and shall not otherwise be deemed filed under such acts.
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Summary Compensation Table
The table below sets forth the following information for the years ended December 31, 2022, 2021 and 2020: (i) the dollar value of base salary earned; (ii) the aggregate grant date fair value of stock awards granted; (iii) the dollar value of awards granted under non-equity incentive plans; (iv) above-market earnings on nonqualified deferred compensation and increase in pension value; (v) all other compensation; and (vi) the dollar value of total compensation.
​
Name and
Principal
Position
 ​ ​
Year
​ ​
Salary
($)
​ ​
Bonus
($)
 ​ ​
Stock
Awards
($)(1)
 ​ ​
Non-Equity
Incentive Plan
Compensation
($)
 ​ ​
Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings
($)(2)
 ​ ​
All Other
Compensation
($)(3)
 ​ ​
Total
($)
​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
(d)
 ​ ​
(e)
 ​ ​
(g)
 ​ ​
(h)
 ​ ​
(i)
 ​ ​
(j)
 ​
​
Larry J. Helling,
CEO of Cedar Rapids Bank & QCR Holdings
 ​ ​
2022
​ ​
$416,894
​ ​
—
​ ​
$294,582
​ ​
$515,315
​ ​
$561,512
​ ​
$66,814
​ ​
$1,855,117
​
​
2021
​ ​
$363,297
​ ​
—
​ ​
$286,937
​ ​
$495,307
​ ​
$725,382
​ ​
$68,218
​ ​
$1,939,141
​
​
2020
 ​ ​
$359,700
 ​ ​
—
 ​ ​
$582,304
 ​ ​
$478,097
 ​ ​
$546,391
 ​ ​
$65,600
 ​ ​
$2,032,092
 ​
​
Todd A. Gipple,
President, VP, COO and CFO
​ ​
2022
​ ​
$354,307
​ ​
—
​ ​
$238,391
​ ​
$389,291
​ ​
$561,489
​ ​
$52,749
​ ​
$1,596,227
​
​
2021
​ ​
$337,340
​ ​
—
​ ​
$232,151
​ ​
$408,816
​ ​
$550,161
​ ​
$52,124
​ ​
$1,580,592
​
​
2020
 ​ ​
$334,000
 ​ ​
—
 ​ ​
$528,019
 ​ ​
$394,612
 ​ ​
$523,423
 ​ ​
$51,849
 ​ ​
$1,831,903
 ​
​
John H. Anderson,
CEO of Quad City Bank
​ ​
2022
​ ​
$272,520
​ ​
—
​ ​
$119,183
​ ​
$179,216
​ ​
$55,374
​ ​
$52,803
​ ​
$679,096
​
​
2021
​ ​
$259,469
​ ​
—
​ ​
$138,745
​ ​
$158,949
​ ​
$49,935
​ ​
$53,276
​ ​
$660,374
​
​
2020
 ​ ​
$256,900
 ​ ​
—
 ​ ​
$255,479
 ​ ​
$191,559
 ​ ​
$44,934
 ​ ​
$48,361
 ​ ​
$797,233
 ​
​
Kurt A. Gibson, President & CEO of Community State Bank(4)
 ​ ​
2022
​ ​
$224,534
​ ​
—
​ ​
$47,890
​ ​
$134,171
​ ​
—
​ ​
$33,829
​ ​
$440,424
​
​
Monte C. McNew,
CEO of Guaranty Bank(5)
 ​ ​
2022
​ ​
$254,592
​ ​
—
​ ​
$50,315
​ ​
$110,534
​ ​
—
​ ​
$56,857
​ ​
$472,298
​
​
2021
 ​ ​
$242,400
​ ​
—
​ ​
$100,041
​ ​
$110,168
​ ​
—
​ ​
$39,781
​ ​
$492,390
 ​
(1)
Pursuant to Securities and Exchange Commission reporting requirements, we report the grant date fair value of each award calculated in accordance with FASB ASC Topic 718. For awards of restricted stock and restricted stock units, the fair market value per share is equal to the closing price of our stock on the date of the grant. Performance awards are valued assuming maximum attainment, the probable outcome at the time of grant.
(2)
The amounts reflected in this column include both an increase in the actuarial present value of the executive’s benefit under his SERP as well as “above-market earnings” under the deferred compensation arrangement. The amount of above-market earnings is determined in accordance with, and for purposes of, proxy disclosure rules only (generally over 120% of the applicable federal long-term rate). The portion of the amount reflected that is attributable to above-market earnings for Mr. Helling is, for 2022 equal to $24,996, for 2021 equal to $21,996 and for 2020 equal to $19,351. Neither Mr. Gipple nor Mr. Anderson had above-market earnings as determined for purposes of proxy disclosure rules.
(3)
“All Other Compensation” for the named executive officers during 2022 is summarized below.
​
Name
 ​ ​
Employer
401(k) Plan
Contribution
 ​ ​
Tax Planning
Reimbursement
 ​ ​
Car
Allowance
 ​ ​
Employer
Deferred
Compensation
Contribution
 ​ ​
Life
Insurance
Benefit
 ​ ​
Country
Club
Membership
 ​
​
Larry J. Helling
 ​ ​
$13,725
 ​ ​
$2,388
 ​ ​
$6,000
 ​ ​
$25,000
 ​ ​
$19,701
 ​ ​
—
 ​
​
Todd A. Gipple
 ​ ​
$13,725
 ​ ​
$725
 ​ ​
$8,000
 ​ ​
$20,000
 ​ ​
$10,299
 ​ ​
—
 ​
​
John H. Anderson
 ​ ​
$13,725
 ​ ​
—
 ​ ​
$6,000
 ​ ​
$10,000
 ​ ​
$7,164
 ​ ​
$15,914
 ​
​
Kurt A. Gibson
 ​ ​
$13,725
 ​ ​
—
 ​ ​
$6,000
 ​ ​
$10,000
 ​ ​
​ ​
$4,104
 ​
​
Monte C. McNew
 ​ ​
$13,725
 ​ ​
—
 ​ ​
$6,000
 ​ ​
$10,000
 ​ ​
$18,631
 ​ ​
$8,501
 ​
(4)
Mr. Gibson was not a named executive officer in 2020 or 2021.
(5)
Mr. McNew was not a named executive officer in 2020.
36

TABLE OF CONTENTS

Grant of Plan-Based Awards
The following table provides information on non-equity incentive plan awards and equity awards made to our named executive officers during 2022. The non-equity incentive plan awards were made under the annual cash incentive bonus program and the equity awards were made under our Equity Incentive Plan, each of which is described in our CD&A.
​
Name
 ​ ​
Grant Date
 ​ ​
Estimated Future Payouts Under
Non-Equity Incentive Plan
Awards(1)
 ​ ​
Estimated Future Payouts
Under Equity Incentive Plan
Awards(2)
​ ​
All Other
Stock
Awards: # of
Shares of
Stock or
Units
 ​ ​
Grant
Date
Fair
Value of
Stock
and
Option
Awards
 ​
​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​ ​
Threshold
 ​ ​
Target
 ​ ​
Maximum
 ​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
(d)
 ​ ​
(e)
 ​ ​
(f)
 ​ ​
(g)
 ​ ​
(h)
 ​ ​
(i)
 ​ ​
(l)
 ​
​
Larry J. Helling
 ​ ​
1/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,881
 ​ ​
—
 ​ ​
—
 ​ ​
$74,469
 ​
​
3/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
4,086
 ​ ​
$220,113
 ​
​
​ ​
$187,602
 ​ ​
$375,205
 ​ ​
$562,807
 ​ ​
—
 ​ ​
​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
Todd A. Gipple
 ​ ​
1/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,505
 ​ ​
—
 ​ ​
—
 ​ ​
$59,543
 ​
​
3/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
3,320
 ​ ​
$178,848
 ​
​
​ ​
$141,723
 ​ ​
$283,446
 ​ ​
$425,169
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
John H. Anderson
 ​ ​
1/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
602
 ​ ​
—
 ​ ​
—
 ​ ​
$23,833
 ​
​
3/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,770
 ​ ​
$95,350
 ​
​
​ ​
$68,130
 ​ ​
$136,260
 ​ ​
$204,390
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
Kurt A. Gibson
 ​ ​
3/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
​ ​
$50,520
 ​ ​
$101,040
 ​ ​
$151,561
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
889
 ​ ​
$47,890
 ​
​
Monte C. McNew
 ​ ​
3/1/22
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
934
 ​ ​
$50,315
 ​
​
​ ​
$50,918
 ​ ​
$101,837
 ​ ​
$152,755
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
(1)
The amounts set forth in the “Estimated Future Payouts Under Non-Equity Incentive Plan Awards” columns reflect the threshold, target, and maximum payouts for performance under the annual cash incentive bonus program as described in the section titled “Annual Cash Incentive Bonus” in the CD&A. The amount earned by each named executive officer for 2022 performance is included in the Summary Compensation Table in the column titled “Non-Equity Incentive Plan Compensation.”
(2)
The amounts set forth reflect 2022 tranches of performance awards to Messrs. Helling, Gipple, and Anderson in connection with their employment agreements. The awards are described in the CD&A above under the heading Long-Term Stock Incentives, while the employment agreements are described below under the heading Potential Payments upon Termination or Change in Control.
37

TABLE OF CONTENTS

Outstanding Equity Awards at Fiscal Year-End
The following table sets forth information on outstanding equity awards held by the individuals named in the Summary Compensation Table on December 31, 2022, including the number of shares underlying exercisable and unexercisable portions of each stock option award as well as the exercise price and the expiration date of each outstanding option. The options expire 10 years from the date of grant and vest in four equal annual portions beginning one year from the date of grant. The stock awards are either restricted stock or restricted stock units. The market value of stock awards is based on our closing stock price on December 30, 2022 (the last trading day of the year), which was $49.64.
​
 
 ​ ​
Option Awards
 ​ ​
Stock Awards
​
​
Name
 ​ ​
Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
 ​ ​
Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
 ​ ​
Option
Exercise
Price
($)
 ​ ​
Option
Expiration
Date
 ​ ​
Number of
Shares or
Units of
Stock that
Have Not
Vested
(#)
 ​ ​
Market
Value of
Shares or
Units of
Stock that
Have Not
Vested
($)
 ​ ​
Equity
Incentive
Plan
Awards:
Number of
Shares,
Units, or
Other
Rights That
Have Not
Vested
(#)
 ​ ​
Equity
Incentive Plan
Awards:
Market or
Payout Value
of Unearned
Shares, Units,
or Other
Rights That
Have Not
Vested
($)
 ​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
(e)
 ​ ​
(f)
 ​ ​
(g)
 ​ ​
(h)
 ​ ​
(i)
 ​ ​
(j)
 ​
​
Larry J. Helling
​ ​
10,002
 ​ ​
—
 ​ ​
$15.65
 ​ ​
5/1/2023
 ​ ​
—
 ​ ​
—
 ​ ​
—-
 ​ ​
—
 ​
​
8,112
 ​ ​
—
 ​ ​
$17.10
 ​ ​
2/3/2024
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
6,715
 ​ ​
—
 ​ ​
$17.49
 ​ ​
2/2/2025
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
8,390
 ​ ​
—
 ​ ​
$22.64
 ​ ​
2/1/2026
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
3,072
 ​ ​
—
 ​ ​
$42.75
 ​ ​
3/9/2027
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,880(1)
 ​ ​
$93,323
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
855(2)
 ​ ​
$42,442
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
2,624(3)
 ​ ​
$130,255
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
3,654(4)
 ​ ​
$181,385
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
4,086(5)
 ​ ​
$202,829
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
​ ​
—
 ​ ​
1,881(1)
 ​ ​
$105,336
 ​
​
Todd A. Gipple
 ​ ​
7,006
 ​ ​
—
 ​ ​
$15.65
 ​ ​
5/1/2023
 ​ ​
—
 ​ ​
—
 ​ ​
​ ​
—
 ​
​
6,791
 ​ ​
—
 ​ ​
$17.10
 ​ ​
2/3/2024
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
8,857
 ​ ​
—
 ​ ​
$17.49
 ​ ​
2/2/2025
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
8,590
 ​ ​
—
 ​ ​
$22.64
 ​ ​
2/1/2026
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
4,271
 ​ ​
—
 ​ ​
$42.75
 ​ ​
3/9/2027
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
3,009(1)
 ​ ​
$149,367
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
754(2)
 ​ ​
$37,429
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
2,132(3)
 ​ ​
$105,832
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
2,968(4)
 ​ ​
$147,332
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
3,320(5)
 ​ ​
$164,805
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,504(1)
 ​ ​
$84,224
 ​
​
John H. Anderson
 ​ ​
1,389
 ​ ​
—
 ​ ​
$42.75
 ​ ​
3/9/2027
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,203(1)
 ​ ​
$59,717
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
315(2)
 ​ ​
$15,637
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,406(3)
 ​ ​
$69,794
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,976(4)
 ​ ​
$98,089
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,770(5)
 ​ ​
$87,863
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
602(1)
 ​ ​
$33,712
 ​
​
Kurt A. Gibson
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
233(2)
 ​ ​
$11,566
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
616(3)
 ​ ​
$30,578
 ​ ​
—
 ​ ​
—
 ​
​
​ ​
​ ​
​ ​
​ ​
868(4)
 ​ ​
$43,088
 ​ ​
—
 ​ ​
—
 ​
​
​ ​
​ ​
​ ​
​ ​
889(5)
 ​ ​
$44,130
 ​ ​
—
 ​ ​
—
 ​
​
Monte C. McNew
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
1,720(4)
 ​ ​
$85,381
 ​ ​
—
 ​ ​
—
 ​
​
—
 ​ ​
—
 ​ ​
—
 ​ ​
—
 ​ ​
934(5)
 ​ ​
$46,364
 ​ ​
—
 ​ ​
—
 ​
(1)
Unvested restricted stock and performance units were granted on January 14, 2019. With respect to Mr. Helling, the units vest in four equal annual portions beginning January 1, 2020. With respect to Mr. Gipple, the units vest in three 20% portions beginning January 1, 2020 and four 10% portions beginning on January 1, 2023. With respect to Mr. Anderson, the units vest in five equal annual portions beginning January 1, 2020.
38

TABLE OF CONTENTS

(2)
Unvested stock units were granted on March 1, 2019 and vest in four equal annual portions beginning March 1, 2020.
(3)
Unvested stock units were granted on March 2, 2020 and vest in four equal annual portions beginning March 1, 2021.
(4)
Unvested stock units were granted on March 1, 2021 and vest in four equal annual portions beginning March 1, 2022.
(5)
Unvested stock units were granted on March 1, 2022 and vest in four equal annual portions beginning March 1, 2023.
Option Exercises and Stock Vested in 2022
The following table sets forth information for each of the individuals named in the Summary Compensation Table regarding stock option exercises and vesting of stock awards during 2022.
​
 
 ​ ​
Option Awards
 ​ ​
Stock Awards
 ​
​
Name
 ​ ​
Number of
Shares
Acquired on
Exercise (#)
 ​ ​
Value
Realized on
Exercise ($)
 ​ ​
Number of
Shares
Acquired on
Vesting (#)
 ​ ​
Value
Realized on
Vesting ($)
 ​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
(d)
 ​ ​
(e)
 ​
​
Larry J. Helling
 ​ ​
0
 ​ ​
$0
 ​ ​
7,811
 ​ ​
$433,536(1)
 ​
​
Todd A. Gipple
 ​ ​
0
 ​ ​
$0
 ​ ​
6,469
 ​ ​
$358,554(1)
 ​
​
John H. Anderson
 ​ ​
0
 ​ ​
$0
 ​ ​
3,185
 ​ ​
$176,345(1)
 ​
​
Kurt A. Gibson
 ​ ​
0
 ​ ​
$0
 ​ ​
831
 ​ ​
$45,642
 ​
​
Monte C. McNew
 ​ ​
0
 ​ ​
$0
 ​ ​
863
 ​ ​
$48,009
 ​
(1)
The entire value of vested stock realized was paid in cash.
39

TABLE OF CONTENTS

Pension Benefits
The following table sets forth the present value of accumulated benefits payable to each of the individuals named in the Summary Compensation Table, including the number of years of service credited to each under the SERP determined using interest rate and mortality rate assumptions consistent with those used in our financial statements. Information regarding the SERP can be found under the heading “Non-Qualified Supplemental Executive Retirement Program” on page 27 of this proxy statement.
Non-Qualified Supplemental Executive Retirement Plan
​
Name
 ​ ​
Plan Name
 ​ ​
Number of Years
Credited Service
(#)
 ​ ​
Present Value of
Accumulated
Benefit
($)(1)
 ​ ​
Payments During
Last Fiscal Year
($)
 ​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
(d)
 ​ ​
(e)
 ​
​
Larry J. Helling
 ​ ​
Supplemental Executive Retirement Plan
 ​ ​
21
 ​ ​
$2,620,980
 ​ ​
—
 ​
​
Todd A. Gipple
 ​ ​
Supplemental Executive Retirement Plan
 ​ ​
22
 ​ ​
$3,119,741
 ​ ​
—
 ​
​
John H. Anderson
 ​ ​
Supplemental Executive Retirement Plan
 ​ ​
14
 ​ ​
$258,954
 ​ ​
—
 ​
​
Kurt A. Gibson
 ​ ​
None
 ​ ​
—
 ​ ​
—
​ ​
—
 ​
​
Monte C. McNew
 ​ ​
None
 ​ ​
—
 ​ ​
—
​ ​
—
 ​
(1)
Each calendar year, QCR Holdings accrues an expense with respect to the SERP in accordance with generally accepted accounting principles. The assumptions used in determining the present value of the accumulated benefit are explained in the footnotes to our financial statements, which are included in our Annual Report on Form 10-K. During 2022, the following amounts were accrued with respect to each of our named executive officers: Mr. Helling – $536,598; Mr. Gipple – $561,489; and Mr. Anderson - $55,374.
The following table sets forth information concerning our non-qualified deferred compensation agreements with each individual named in the Summary Compensation Table. The agreements are discussed in detail beginning on page 27 of this proxy statement.
Non-Qualified Deferred Compensation
​
Name
 ​ ​
Executive
Contributions
in 2022(1)
($)
 ​ ​
Registrant
Contributions in
2022(2)
($)
 ​ ​
Aggregate
Earnings in
2022(3)
($)
 ​ ​
Aggregate
Withdrawals/
Distributions
($)
 ​ ​
Aggregate
Balance as of
12/31/22(4)
($)
 ​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
(d)
 ​ ​
(e)
 ​ ​
(f)
 ​
​
Larry J. Helling
 ​ ​
$50,000
 ​ ​
$25,000
 ​ ​
$130,876
 ​ ​
—
 ​ ​
$1,799,565
 ​
​
Todd A. Gipple
​ ​
$20,000
 ​ ​
$20,000
 ​ ​
$66,404
 ​ ​
—
 ​ ​
$1,193,866
 ​
​
John H. Anderson
 ​ ​
$40,000
 ​ ​
$10,000
 ​ ​
$18,545
 ​ ​
—
 ​ ​
$476,972
 ​
​
Kurt A. Gibson
 ​ ​
$10,000
 ​ ​
$10,000
 ​ ​
$3,566
 ​ ​
—
 ​ ​
$90,540
 ​
​
Monte C. McNew
 ​ ​
$10,000
 ​ ​
$10,000
 ​ ​
$44,352
 ​ ​
—
 ​ ​
$20,510
 ​
(1)
All amounts included are reflected in the Summary Compensation Table under the Salary column.
(2)
All amounts included are reflected in the Summary Compensation Table under the All Other Compensation column.
(3)
Includes the following amounts reflected in the Summary Compensation Table under the Change in Pension Value and Nonqualified Deferred Compensation Earnings column as above-market earnings: Mr. Helling, $21,996; Mr. Gipple, $0; Mr. Anderson, $0; Mr. Gibson; and Mr. McNew, $0.
(4)
Includes the following amounts that were previously reported as compensation to the named executive officers in the Summary Compensation Table for years prior to 2022: Mr. Helling, $911,947; Mr. Gipple, $768,549; and Mr. Anderson, $218,854.
40

TABLE OF CONTENTS

Potential Payments upon Termination or Change in Control
The following table sets forth the estimated amount of compensation payable to each of our named executive officers, as provided under the agreements and arrangements described in the CD&A, upon termination of such officer’s employment in the event of (1) termination by QCR Holdings without cause other than in connection with a change in control (2), termination by QCR Holdings without cause or by the officer, in each case in connection with a change in control, and (3) the officer’s disability. The amounts shown assume that the termination was effective as of December 31, 2022 and that the price of QCR Holdings stock as of termination was the closing price of $49.64 on December 30, 2022 (the last trading day of the year). The actual amounts to be paid can be determined only following the named executive officer’s termination. We do not provide any benefits to our named executive officers solely as a result of a change in control.
​
Name
 ​ ​
Benefit
 ​ ​
Termination
without Cause
 ​ ​
Termination in
Connection
with Change
in Control
 ​ ​
Disability
 ​
​
Larry J. Helling
 ​ ​
Salary
 ​ ​
$375,205
 ​ ​
$750,414
 ​ ​
$250,149(1)
 ​
​
Bonus
 ​ ​
—
 ​ ​
$1,030,630
 ​ ​
$330,843
 ​
​
Stock award acceleration
 ​ ​
—
 ​ ​
$724,703(4)
 ​ ​
—
 ​
​
Health insurance
 ​ ​
$20,115
 ​ ​
$20,115
 ​ ​
—
 ​
​
Todd A. Gipple
 ​ ​
Salary
 ​ ​
$354,307
 ​ ​
$708,614
 ​ ​
$236,216(1)
 ​
​
Bonus
 ​ ​
—
 ​ ​
$778,582
​ ​
$265,062
 ​
​
Stock award acceleration
 ​ ​
—
 ​ ​
$664,308(4)
 ​ ​
—
 ​
​
Deferred compensation
 ​ ​
—
 ​ ​
$94,134(5)
 ​ ​
—
 ​
​
Health insurance
 ​ ​
$30,493
 ​ ​
$30,493
 ​ ​
—
 ​
​
John H.Anderson
 ​ ​
Salary
 ​ ​
$272,520
 ​ ​
$545,040
 ​ ​
$163,512(2)
 ​
​
Bonus
 ​ ​
—
 ​ ​
$358,432
​ ​
$105,945
 ​
​
Stock award acceleration
 ​ ​
—
 ​ ​
$354,933(4)
​ ​
—
 ​
​
Health insurance
 ​ ​
$10,486
 ​ ​
$10,486
 ​ ​
—
 ​
​
Kurt A.Gibson
 ​ ​
Salary
 ​ ​
$112,267
 ​ ​
$336,801
​ ​
$148,192(3)
 ​
​
Bonus
 ​ ​
$68,499
 ​ ​
$273,995
​ ​
$90,418
 ​
​
Stock award acceleration
 ​ ​
—
 ​ ​
$129,362(4)
 ​ ​
—
 ​
​
Monte C. McNew
 ​ ​
Salary
 ​ ​
$509,184
 ​ ​
$509,184
 ​ ​
$168,031(3)
 ​
​
Bonus
 ​ ​
$222,881
 ​ ​
$222,881
 ​ ​
$73,551
 ​
​
Stock award acceleration
 ​ ​
—
 ​ ​
$131,745(4)
​ ​
—
 ​
​
Health insurance
 ​ ​
$43,153
 ​ ​
$43,153
 ​ ​
—
 ​
(1)
In the event of disability during the employment term, payments based upon then current annual salary and the average annual bonus shall continue thereafter through the last day of the one (1) year period beginning on the date of disability, after which time employment shall terminate. Payments made in the event of disability shall be equal to 66-2/3% of salary and the average annual bonus, less any amounts received under short or long-term disability programs, as applicable. The above amounts do not reflect the offset of disability insurance benefits.
(2)
In the event of disability during the employment term, payments based upon then current annual salary and the average annual bonus shall continue thereafter through the last day of the one (1) year period beginning on the date of disability, after which time employment shall terminate. Payments made in the event of disability shall be equal to 60% of salary and the average annual bonus, less any amounts received under short or long-term disability programs, as applicable. The above amounts do not reflect the offset of disability insurance benefits.
(3)
In the event of disability during the employment term, payments based upon then current annual salary and the average annual bonus shall continue thereafter through the last day of the one (1) year period beginning on the date of disability, after which time employment shall terminate. Payments made in the event of disability shall be equal to 66% of salary and the average annual bonus, less any amounts received under short or long-term disability programs, as applicable. The above amounts do not reflect the offset of disability insurance benefits.
41

TABLE OF CONTENTS

(4)
In the event of a change in control, all outstanding restricted stock and restricted stock unit awards shall become immediately and fully vested, exercisable and unrestricted, if they are not assumed by the resulting entity or if the executive is terminated by the resulting entity without cause or resigns for good reason. This represents the value of unvested stock awards on December 31, 2022. This amount also represents the value of unvested stock awards which would vest upon the Executive’s death.
(5)
In the event of a termination of employment in connection with a change in control, the named executive officer is entitled to an enhanced benefit, in excess of his already accrued account balance, under his deferred compensation plan agreement.
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Mr. Larry J. Helling’s Employment Agreements
In November 2018, we entered into a new employment agreement with Mr. Helling, which became effective in 2019. The agreement has an initial term through December 31, 2021 and automatically extends for an additional year on January 1, 2022 and each January 1st thereafter, unless either party gives at least 90 days’ prior notice that the employment period will not be extended. The employment agreement provides for annual base salary of $350,000, subject to annual review and increase at the discretion of the board of directors. The agreement provides that Mr. Helling is eligible to receive a performance-based annual incentive bonus with a target opportunity of 90% of his annual base salary and an annual equity grant with a target opportunity of 40% of his annual base salary. The agreement also provides Mr. Helling with a one-time grant of restricted stock units with an intended grant date fair market value of $500,000 and vests in approximately equal installments on January 1 in each of years 2020 through 2023. Fifty percent of the award is subject to a performance threshold determined by the board of directors. In addition, Mr. Helling is entitled to participate in any other incentive or employee benefit plans.
The agreement also provides for severance benefits in the event the executive’s employment is terminated other than for cause and other than as a result of the executive’s death or disability, or if the employment is terminated by the executive for good reason (“Termination”). For a Termination during the term of the employment agreement that is not in connection with a change in control, Mr. Helling would be entitled to receive an amount equal to 100% of his base salary. For a Termination in connection with a change in control, Mr. Helling would be entitled to receive a lump sum equal to 200% of his base salary plus his cash incentive for the most recently completed fiscal year. In the event of a Termination, Mr. Helling and his eligible dependents would also be entitled to continued coverage under the medical and dental plans for up to 18 months. All severance benefits are contingent upon the executive’s execution and nonrevocation of a general release and waiver of claims against QCR Holdings. The agreement is subject to certain banking regulatory provisions and provides for an automatic reduction of severance payments if the reduction would result in a better net-after-tax result for the respective executive after taking into account the impact of the golden parachute payment restrictions of Sections 280G and 4999 of the Code. The employment agreement contains restrictive covenants prohibiting the unauthorized disclosure of confidential information of QCR Holdings by him during and after his employment with us, and he is subject to non-compete and non-solicitation provisions for two years following the termination of his employment.
Mr. Todd A. Gipple’s Employment Agreements
In November 2018, we entered into a new employment agreement with Mr. Gipple, which became effective in 2019. The agreement has an initial term through December 31, 2021 and automatically extends for an additional year on January 1, 2022 and each January 1st thereafter, unless either party gives at least 90 days’ prior notice that the employment period will not be extended. The employment agreement provides for annual base salary of $325,000, subject to annual review and increase at the discretion of the board of directors. The agreement provides that Mr. Gipple is eligible to receive a performance-based annual incentive bonus with a target opportunity of 80% of his annual base salary and an annual equity grant with a target opportunity of 35% of his annual base salary. The agreement also provides Mr. Gipple with a one-time grant of restricted stock units with an intended grant date fair market value of $500,000 and vests 20% on January 1 in each of years 2020 through 2022 and an additional 10% on January 1 in each of 2023 through 2026. Fifty percent of the award is subject to a performance threshold determined by the board of directors. In addition, Mr. Gipple is entitled to participate in any other incentive or employee benefit plans.
The agreement also provides for severance benefits in the event of the executive’s Termination. For a Termination during the term of the employment agreement that is not in connection with a change in control, Mr. Gipple would be entitled to receive an amount equal to 100% of his base salary. For a Termination in connection with a change in control, Mr. Gipple would be entitled to receive a lump sum
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equal to 200% of his base salary plus his cash incentive for the most recently completed fiscal year. In the event of a Termination, Mr. Gipple and his eligible dependents would also be entitled to continued coverage under the medical and dental plans for up to 18 months. All severance benefits are contingent upon the executive’s execution and nonrevocation of a general release and waiver of claims against QCR Holdings. The agreement is subject to certain banking regulatory provisions and provides for an automatic reduction of severance payments if the reduction would result in a better net-after-tax result for the respective executive after taking into account the impact of the golden parachute payment restrictions of Sections 280G and 4999 of the Code. The employment agreement contains restrictive covenants prohibiting the unauthorized disclosure of confidential information of QCR Holdings by him during and after his employment with us, and he is subject to non-compete and non-solicitation provisions for two years following the termination of his employment.
Mr. John H. Anderson’s Employment Agreements
In January 2019, we entered into a new employment agreement with Mr. Anderson. The agreement has an initial term through December 31, 2021 and automatically extends for an additional year on January 1, 2022 and each January 1st thereafter, unless either party gives at least 90 days’ prior notice that the employment period will not be extended. The employment agreement provides for annual base salary of $250,000, subject to annual review and increase at the discretion of the board of directors. The agreement provides that Mr. Anderson is eligible to receive a performance-based annual incentive bonus with a target opportunity of 50% of his annual base salary and an annual equity grant with a target opportunity of 30% of his annual base salary. The agreement also provides Mr. Anderson with a one-time grant of restricted stock units with an intended grant date fair market value of $250,000 and vests in approximately equal installments on January 1 in each of years 2020 through 2024. Fifty percent of the award will further be subject to a performance threshold as will be determined by the board of directors. In addition, Mr. Anderson is entitled to participate in any other incentive or employee benefit plans.
The agreement also provides for severance benefits in the event of the executive’s Termination. For a Termination during the term of the employment agreement that is not in connection with a change in control, Mr. Anderson would be entitled to receive an amount equal to 100% of his base salary. For a Termination in connection with a change in control, Mr. Anderson would be entitled to receive a lump sum equal to 200% of his base salary plus his cash incentive for the most recently completed fiscal year. In the event of a Termination, Mr. Anderson and his eligible dependents would also be entitled to continued coverage under the medical and dental plans for up to 18 months. All severance benefits are contingent upon the executive’s execution and nonrevocation of a general release and waiver of claims against QCR Holdings. The agreement is subject to certain banking regulatory provisions and provides for an automatic reduction of severance payments if the reduction would result in a better net-after-tax result for the respective executive after taking into account the impact of the golden parachute payment restrictions of Sections 280G and 4999 of the Code. The employment agreement contains restrictive covenants prohibiting the unauthorized disclosure of confidential information of QCR Holdings by him during and after his employment with us, and he is subject to non-compete and non-solicitation provisions for two years following the termination of his employment.
Mr. Kurt A. Gibson’s Employment Agreement
In October 2017, we entered into an employment agreement with Mr. Gibson. The agreement has an initial term through December 31, 2018, and, in the absence of notice from either party to the contrary, the employment term extends for one additional year on each anniversary of the agreement. The agreement provides a disability benefit of up to 66% of Mr. Gibson’s base salary and average annual bonus for a period of one year following a termination of employment due to disability. The agreement further provides for severance compensation equal to one-half of his then-current annual salary and average annual bonus in the event Mr. Gibson is terminated without cause; and one and one-half times the sum of
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his annual salary and average annual bonus if he is terminated within one year following a change in control. Under the agreement, Mr. Gibson is subject to non-compete and non-solicitation provisions for two years following the termination of his employment.
Mr. Monte C. McNew’s Employment Agreement
In April 2018, we entered into an employment agreement with Mr. McNew. The agreement has an initial term through December 31, 2020, and, in the absence of notice from either party to the contrary, the employment term extends for one additional year on each anniversary of the agreement. The agreement provides a disability benefit of up to 66% of Mr. McNew’s base salary and average annual bonus for a period of one year following a termination of employment due to disability. The agreement also provides for severance benefits in the event Mr. McNew’s employment is terminated other than for cause and other than as a result of the executive’s death or disability, or if the employment is terminated by Mr. McNew for good reason. Mr. McNew’s severance benefit is an amount equal to 200% of his base salary and average annual bonus if he is terminated without cause or terminates the agreement for good reason, plus eighteen months of continued health insurance, and he is entitled to the same amount in a lump sum if he is terminated within two years following a change in control. Under the agreement, Mr. McNew is subject to non-compete and non-solicitation provisions for two years following the termination of his employment.
2016 Equity Plan
QCR Holdings currently maintains the 2016 Equity Plan. Unless provided otherwise in the agreements setting forth the terms of the award, vesting of awards under the 2016 Plan will accelerate upon a “change in control” of QCR Holdings (as defined in the 2016 Equity Plan) if the awards are not assumed or otherwise equitably converted into comparable awards by the acquiring company. If the awards are assumed by the acquirer and a participant’s employment is terminated without “cause” or a participant resigns for “good reason,” the participant’s awards will become vested. This is what is known as a “double trigger” approach, as compared to a “single trigger” approach which provides for vesting solely upon a change in control (without a termination of employment). We use the double trigger approach for our equity awards because we believe it provides adequate employment protection while reducing, for the stockholders’ benefit, potential transaction costs associated with the awards. In addition, the award agreements generally provide that vesting will accelerate upon the participant’s disability or death. As of December 31, 2022, there were 100,271 shares available for issuance under the 2016 Plan.
Compensation Committee Interlocks and Insider Participation
During 2022, the Compensation Committee, which sets the salaries and compensation for our executive officers, was comprised solely of independent directors Baird (until his retirement in May), Field, (beginning in August), Jacobs, Kilmer, and Ziegler. None of these individuals was an officer or employee of QCR Holdings in 2022, and none of these individuals is a former officer or employee of QCR Holdings. In addition, during 2022, no executive officer of QCR Holdings served on the board of directors or compensation committee of any other corporation with respect to which any member of the Compensation Committee was engaged as an executive officer.
CEO Pay Ratio
As required by the Securities and Exchange Commission rule, we are providing information about the relationship of the annual total compensation of Larry J. Helling, our chief executive officer, and the median annual total compensation of our employees.
The median employee was identified from all full-time and part-time employees, excluding Mr. Helling, who were employed by QCR Holdings and its subsidiaries on December 31, 2022. All of our employees are located in the United States. A total of 1,101 employees were included. Compensation was measured over the 12-month period beginning on January 1, 2022 and ending on December 31, 2022.
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In identifying the median employee, each employee’s compensation was determined using 2022 W-2 compensation. Wages were annualized for our employees who did not work the entire calendar year. Mr. Helling had 2022 annual total compensation of $1,855,117 as reflected in the Summary Compensation Table included in this proxy statement. The median employee’s annual total compensation for 2022 that would be reportable in the Summary Compensation Table, if the employee were a named executive officer, was $56,498. As a result, the CEO pay ratio is approximately 32:8.
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Pay Versus Performance
Under newly-adopted rules of the Securities and Exchange Commission, the following tabular disclosure is required to disclose the relationship between executive compensation registrants actually paid and the financial performance of QCR Holdings. The following tables and graphs show the relationship between the compensation actually paid to our named executive officers and our financial performance.
​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
 
 ​ ​
Value of initial fixed $100
investment based on:
 ​ ​
 
 ​ ​
 
 ​
​
Year
 ​ ​
Summary
Compensation
Table Total
for CEO(1)
 ​ ​
Compensation
Actually Paid
to CEO(1)(2)
 ​ ​
Average
Summary
Compensation
Table Total
for Non-CEO
NEOs
 ​ ​
Average
Compensation
Actually Paid
to Non-CEO
NEOs(2)
 ​ ​
Total
Shareholder
Return
 ​ ​
Peer Group
Total
Shareholder
Return (6)
 ​ ​
Net
Income (in
thousands)
 ​ ​

Adjusted Earnings Per Share (non- GAAP)
 ​
​
2022
 ​ ​
$1,855,117
 ​ ​
$1,152,003
 ​ ​
$797,011(3)
 ​ ​
$601,280
 ​ ​
$115
 ​ ​
$117
 ​ ​
$99,066
 ​ ​
$6.89
 ​
​
2021
 ​ ​
$1,939,141
 ​ ​
$1,458,808
 ​ ​
$810,346(4)
 ​ ​
$856,847
 ​ ​
$129
 ​ ​
$117
 ​ ​
$98,905
 ​ ​
$6.37
 ​
​
2020
 ​ ​
$2,032,092
 ​ ​
$989,964
 ​ ​
$928,529(5)
 ​ ​
$602,915
 ​ ​
$91
 ​ ​
$87
 ​ ​
$60,582
 ​ ​
$4.01
 ​
(1)
The CEO in 2022, 2021 and 2020 was Mr. Helling.
(2)
See the table immediately following these footnotes for a reconciliation of the Summary Compensation Table compensation and the Compensation Actually Paid to the CEO and Non-CEO NEOs.
(3)
Non-CEO NEOs in 2022 were Messrs. Gipple, Anderson, Gibson, and McNew.
(4)
Non-CEO NEOs in 2021 were Messrs. Gipple, Anderson, McNew, and Dana L. Nichols.
(5)
Non-CEO NEOs in 2020 were Messrs. Gipple, Anderson, Robert C. Fulp, and Nichols.
(6)
The peer group consists of the cumulative total shareholder return of the KBW NASDAQ Bank Index which we also use in the stock performance graph included in our Annual Report on Form 10-K for the year ended December 31, 2022.
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The following table reconciles the Summary Compensation Table compensation to the Compensation Actually Paid in the above table,
​
 
 ​ ​
CEO
 ​ ​
Non-CEO NEOs
 ​
​
 
 ​ ​
2020
 ​ ​
2021
 ​ ​
2022
 ​ ​
2020
 ​ ​
2021
 ​ ​
2022
 ​
​
Total Compensation as reported in the Summary Compensation Table (“SCT”)
 ​ ​
2,032,092
​ ​
1,939,141
​ ​
1,855,117
​ ​
928,529
​ ​
810,346
​ ​
797,011
​
​
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year
 ​ ​
(582,304)
​ ​
(286,937)
​ ​
(294,582)
​ ​
(208,025)
​ ​
(134,808)
​ ​
(113,945)
​
​
-Pension values as reported in the SCT
 ​ ​
(546,391)
​ ​
(725,382)
​ ​
(561,512)
​ ​
(142,089)
​ ​
(150,024)
​ ​
(154,216)
​
​
Change in Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year
 ​ ​
208,162
​ ​
274,001
​ ​
203,565
​ ​
105,614
​ ​
195,959
​ ​
114,802
​
​
Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years
 ​ ​
(105,212)
​ ​
177,669
​ ​
(61,581)
​ ​
(69,804)
​ ​
96,761
​ ​
(38,590)
​
​
Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years for which Applicable Vesting Conditions were Satisfied during Fiscal Year
 ​ ​
(31,488)
​ ​
61,734
​ ​
(10,552)
​ ​
(14,755)
​ ​
34,570
​ ​
(8,405)
​
​
Pension Benefit Adjustments
 ​ ​
15,105
​ ​
18,582
​ ​
21,548
​ ​
3,445
​ ​
4,043
​ ​
4,623
​
​
Compensation Actually Paid (“CAP”)
 ​ ​
989,964
​ ​
1,458,808
​ ​
1,152,003
​ ​
602,915
​ ​
856,847
​ ​
601,280
​
The most important financial performance measures used by the Company in setting compensation for the CEO and all non-CEO NEOs for 2022 are listed in the table below.
​
Net income
 ​
​
Total nonperforming assets to total assets ratio
 ​
​
Adjusted earnings per share (non-GAAP)
 ​
​
Core loan growth
 ​
​
Noninterest income
 ​
​
Return on average equity
 ​
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Relationship between Pay and Financial Performance
The graphs below show the relationship between the CAP and QCR Holdings total shareholder return and the peer group’s total shareholder return, QCR Holdings net income and QCR Holdings adjusted earnings per share (non-GAAP).
The graph below shows the relationship between CAP and QCR Holdings and its peer group’s total shareholder return.
graphic
 
The graph below shows the relationship between CAP and QCR Holdings net income.
graphic
 
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The graph below shows the relationship between CAP and QCR Holdings adjusted earnings per share (non-GAAP).
graphic
 
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DIRECTOR COMPENSATION
QCR Holdings uses a combination of cash and stock-based compensation to attract and retain qualified candidates to serve on the Board of Directors. In setting director compensation, we consider the significant amount of time that directors expend in fulfilling their duties as well as the skill level required of members of the board.
Cash Compensation
In 2022, members of the Board of Directors who were not employees of QCR Holdings were entitled to receive an annual cash retainer. Pursuant to the QCR Holdings, Inc. 1997 Deferred Income Plan and the 2005 Deferred Income Plan, a director may elect to defer the fees and cash compensation payable by us for the director’s service until either the termination of such director’s service on the Board of Directors or the age specified in the director’s deferral election. During 2022, six of the nine QCR Holdings directors and 28 of the 43 subsidiary directors deferred 100% of their director fees pursuant to the plan, and the total expense for the deferred fees with respect to all participating directors was $609,825 for 2022. The director fees approved for 2023 and the fees paid for 2022 for QCR Holdings and our other affiliated boards are shown in the following table.
​
QCR Holdings, Inc.
 ​ ​
2023
 ​ ​
2022
 ​
​
Quarterly Retainer
​ ​
$9,750
 ​ ​
$9,000
 ​
​
Additional Quarterly Retainers
 ​ ​
​ ​
​
​
- Board Chair
 ​ ​
5,000
 ​ ​
5,000
 ​
​
- Board Vice Chair
​ ​
625
 ​ ​
625
 ​
​
- Audit Committee Chair
 ​ ​
1,500
 ​ ​
1,500
 ​
​
- Audit Committee Financial Expert
​ ​
625
 ​ ​
625
 ​
​
- Compensation Committee Chair
 ​ ​
1,250
 ​ ​
1,250
 ​
​
- Nomination and Governance Committee Chair
 ​ ​
1,250
 ​ ​
1,250
 ​
​
- Risk Oversight Committee Chair
 ​ ​
1,250
 ​ ​
1,250
 ​
​
- Audit Committee Member
 ​ ​
625
 ​ ​
625
 ​
​
- Compensation Committee Member
 ​ ​
625
 ​ ​
625
 ​
​
- Risk Oversight Committee Member
 ​ ​
625
 ​ ​
625
 ​
​
- All other Committee Members
 ​ ​
300
 ​ ​
300
 ​
​
Subsidiaries
 ​ ​
​ ​
​
​
Quarterly Retainer
​ ​
2,250
 ​ ​
2,250
 ​
​
Additional Quarterly Retainers
 ​ ​
​ ​
​
​
- Board Chair
 ​ ​
1,000
 ​ ​
1,000
 ​
​
- Asset/Liability Management Committee Chair
​ ​
500
 ​ ​
500
 ​
​
- Loan Committee Chair
​ ​
500
 ​ ​
500
 ​
​
- Wealth Management Committee Chair
 ​ ​
500
 ​ ​
500
 ​
​
- All Committee Members
 ​ ​
375
 ​ ​
375
 ​
​
m2 Equipment Finance, LLC
 ​ ​
​ ​
​
​
Quarterly Retainer
 ​ ​
1,000
 ​ ​
1,000
 ​
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Equity Award Compensation
On March 1, 2022, each current non-employee QCR Holdings director and each current non-employee subsidiary director received a grant of stock for board service in the amount of $18,500 for service as a QCR Holdings director and in the amount of $4,000 for service as a subsidiary director. The grant date fair value is based on the market price of QCR Holdings’ stock on March 2, 2022, the date of the grant, which was $53.87. The awards vested immediately on the date of grant.
The following table discloses the cash and equity awards earned, paid or awarded to each of our directors during the fiscal year ended 2022.
Director Compensation Table
​
Name
 ​ ​
Fees Earned
($)(1)
 ​ ​
Stock
Awards
($)(2)
 ​ ​
All Other
Compensation
($)
 ​ ​
Total
($)
 ​
​
(a)
 ​ ​
(b)
 ​ ​
(c)
 ​ ​
 
 ​ ​
(h)
 ​
​
Patrick S. Baird
 ​ ​
16,450
 ​ ​
18,500
 ​ ​
2,100(3)
 ​ ​
37,050
 ​
​
Mary Kay Bates
 ​ ​
47,200
 ​ ​
18,500
 ​ ​
—
 ​ ​
65,700
 ​
​
John-Paul E. Besong
 ​ ​
39,700
 ​ ​
18,500
 ​ ​
—
 ​ ​
58,200
 ​
​
Brent R. Cobb
 ​ ​
51,500
 ​ ​
22,500
 ​ ​
—
 ​ ​
74,000
 ​
​
James M. Field
 ​ ​
63,950
 ​ ​
22,500
 ​ ​
—
 ​ ​
86,450
 ​
​
John F. Griesemer
 ​ ​
35,775
 ​ ​
—
 ​ ​
—
 ​ ​
35,775
 ​
​
Elizabeth S. Jacobs
 ​ ​
50,200
 ​ ​
22,500
 ​ ​
—
 ​ ​
72,700
 ​
​
Mark C. Kilmer
 ​ ​
64,200
 ​ ​
22,500
 ​ ​
—
 ​ ​
86,700
 ​
​
Donna J. Sorensen
 ​ ​
51,900
 ​ ​
22,500
 ​ ​
—
 ​ ​
74,400
 ​
​
Marie Z. Ziegler
 ​ ​
79,400
 ​ ​
26,500
 ​ ​
—
 ​ ​
105,900
 ​
(1)
Directors may elect to defer the receipt of all or part of their fees and retainers. All of the directors other than Mr. Griesemer, Ms. Sorensen, and Ms. Ziegler have elected to defer the receipt of all their cash fees and retainers, and the deferred compensation is used to purchase additional shares of QCR Holdings common stock at market value through the Deferred Income Plans.
(2)
We report all equity awards at full grant date fair value of each award calculated in accordance with FASB ASC Topic 718. For restricted stock, the fair value per share is equal to the closing price of our stock on the date of the grant. None of the directors held any vested or unvested equity awards as of December 31, 2022.
(3)
Mr. Baird’s All Other Compensation includes charitable contributions made by QCR Holdings in his name in connection with retirement from service on the board.
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PROPOSAL 2:
ADVISORY (NON-BINDING) VOTE TO APPROVE EXECUTIVE OFFICER COMPENSATION
Section 14A of the Exchange Act, as created by Section 951 of the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the rules and regulations promulgated thereunder require publicly traded companies, such as QCR Holdings, to conduct a separate stockholder advisory vote to approve the compensation of certain executive officers, as disclosed pursuant to the Securities and Exchange Commission compensation disclosure rules, commonly referred to as a “say-on-pay” vote.
In accordance with these requirements, we are providing stockholders with an advisory vote on the compensation of our named executive officers. We currently hold a say-on-pay vote annually.
The overall objective of QCR Holdings’ compensation program has been to align executive officer compensation with the success of meeting long-term strategic operating and financial goals. Stockholders are urged to read the “Executive Compensation” section of this proxy statement, including the Summary Compensation Table and other related compensation tables and narrative disclosures that describe the compensation of our named executive officers in 2022. The Compensation Committee and the Board of Directors believe that the policies and procedures articulated in the “Executive Compensation” section are effective in implementing our compensation philosophy and achieving its goals and that the compensation of our named executive officers in 2022 reflects and supports these compensation policies and procedures.
The following resolution is submitted for stockholder approval:
“RESOLVED, that QCR Holdings’ stockholders approve, on an advisory basis, its executive compensation as described in the section captioned ‘Executive Compensation’ contained in the QCR Holdings proxy statement dated April 4, 2023.”
Approval of this resolution requires the affirmative vote of a majority of the shares present in person or by proxy and entitled to vote at the meeting. While this say-on-pay vote is required, as provided in Section 14A of the Exchange Act, it is not binding on our board of directors and may not be construed as overruling any decision by the Board of Directors. However, the Compensation Committee will consider the outcome of the vote when considering future compensation arrangements.
The Board of Directors unanimously recommends that you vote to approve the overall compensation of our named executive officers by voting “FOR” this proposal.
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PROPOSAL 3:
RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
RSM US LLP has served as our independent registered public accounting firm since 1993, and our Audit Committee has selected RSM US LLP to be our independent registered public accounting firm for the fiscal year ending December 31, 2023.
Although we are not required to do so, our Board of Directors recommends that the stockholders ratify this appointment. A representative of RSM US LLP is expected to attend the meeting and will be available to respond to appropriate questions and to make a statement if he or she so desires. If the appointment of our independent registered public accounting firm is not ratified, the Audit Committee of the Board of Directors will reconsider the matter of the appointment.
Our Board of Directors unanimously recommends that you vote to approve the ratification of this appointment by voting “FOR” this proposal.
Following is a summary of fees for professional services by RSM US LLP.
Accountant Fees
During the period covering the fiscal years ended December 31, 2022 and 2021, RSM US LLP performed the following professional services:
​
 
 ​ ​
2022
 ​ ​
2021
 ​
​
Audit fees(1)
​ ​
$1,305,395
 ​ ​
$818,022
 ​
​
Audit-related fees(2)
​ ​
15,372
 ​ ​
4,410
 ​
​
Tax fees(3)
 ​ ​
0
 ​ ​
0
 ​
​
Other fees(4)
 ​ ​
83,726
 ​ ​
93,184
 ​
​
Total
 ​ ​
$1,404,493
 ​ ​
$915,616
 ​
(1)
Audit fees consist of fees for professional services rendered for the integrated audit of QCR Holdings’ consolidated financial statements and internal control over financial reporting, review of financial statements included in QCR Holdings’ quarterly reporting on Form 10-Q, and review and assistance with other Securities and Exchange Commission filings.
(2)
Audit-related fees consist of fees for research and consultations concerning financial accounting and reporting matters.
(3)
Tax service fees consist of fees for research and consultations concerning tax reporting matters.
(4)
All other fees include a SOC 1 audit, SOC 1 readiness assessment for 2021, and out-of-pocket reimbursement for an electronic subscription to an accounting publication.
Audit Committee Approval Policy
Among other things, the Audit Committee is responsible for appointing, setting compensation for and overseeing the work of the independent auditor. The Audit Committee’s policy is to pre-approve, on a case-by-case basis, all audit and permissible non-audit services provided by any audit, tax consulting or general business consulting firm. All of the fees earned by RSM US LLP described above were attributable to services pre-approved by the Audit Committee.
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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Exchange Act requires that the directors, executive officers, and persons who own more than 10% of our common stock file reports of ownership and changes in ownership with the Securities and Exchange Commission.
Delinquent Section 16(a) Reports
We are not aware of any failure to comply with the Section 16(a) reporting requirements by any of our directors, executive officers or 10% shareholders during 2022.
TRANSACTIONS WITH MANAGEMENT AND DIRECTORS
Our directors and officers and their associates were clients of and had transactions with QCR Holdings and our subsidiaries during 2022. Additional transactions are expected to take place in the future. All outstanding loans, commitments to loan and certificates of deposit and depository relationships, in the opinion of management, were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the lenders and did not involve more than the normal risk of collectability or present other unfavorable features. All such loans are approved by the subsidiary banks’ board of directors in accordance with applicable bank regulatory requirements. Additionally, the Audit Committee considers any other non-lending transactions between us and a director to ensure that such transactions do not affect a director’s independence.
AUDIT COMMITTEE REPORT
The Audit Committee, comprised solely of independent directors, has the following responsibilities set forth in its charter, which include assisting the Board of Directors in carrying out its oversight responsibilities for our financial reporting process, audit process and internal controls. The Audit Committee also reviews our audited consolidated financial statements and recommends to the Board of Directors that they be included in our Annual Report on Form 10-K.
The Audit Committee reviewed the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and met with both management and RSM US LLP, our independent registered public accounting firm, to discuss those financial statements. The Audit Committee discussed with RSM US LLP the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the Securities and Exchange Commission and received the written disclosures and the letter from RSM US LLP required by applicable requirements of the PCAOB regarding RSM US LLP’s communications with the Audit Committee concerning independence and has discussed with RSM US LLP its independence. Based on the review and discussions noted above, the Audit Committee has recommended to the Board of Directors that the audited consolidated financial statements be included in our Annual Report on Form 10-K for the year ended December 31, 2022 for filing with the Securities and Exchange Commission.
Audit Committee:
Mary Kay Bates
​ ​
Brent R. Cobb
James M. Field
 ​ ​
Mark C. Kilmer
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