Bull case
QCR Hldgs is positioned for attractive fundamental growth because its loan franchise has historically outperformed peers once securitizations, LIHTC sales, and equipment-finance runoff are adjusted for, with three- and five-year loan CAGRs near 10% versus peer medians around 7% and 6%, while management is still guiding to 10%-15% annual loan growth in 2H26. Its earnings power is also broadened by fee income that is expected to represent about 28% of revenue in 2027, supported by capital markets revenue of $60-$70 million and wealth management AUM of $7.7 billion as of 2Q26, which should help ROA and ROTCE reach 1.42% and 13.4% in 2027. In addition, a CET1 ratio of 10.7%, ongoing share repurchases, stable margins near 3.55%, and disciplined expenses around 2.25% of average assets give the company capital flexibility and operating leverage that support continued TBV growth.