Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | QCR HOLDINGS INC | |
Trading Symbol | qcrh | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,741,029 | |
Amendment Flag | false | |
Entity Central Index Key | 906,465 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 41,053,241 | $ 38,235,019 |
Federal funds sold | 34,330,000 | 46,780,000 |
Interest-bearing deposits at financial institutions | 32,275,631 | 35,334,682 |
Securities held to maturity, at amortized cost | 238,640,598 | 199,879,574 |
Securities available for sale, at fair value | 352,134,351 | 451,659,630 |
Total securities | 590,774,949 | 651,539,204 |
Loans receivable held for sale | 533,225 | 553,000 |
Loans/leases receivable held for investment | 1,755,139,144 | 1,629,450,070 |
Gross loans/leases receivable | 1,755,672,369 | 1,630,003,070 |
Less allowance for estimated losses on loans/leases | (25,534,344) | (23,074,365) |
Net loans/leases receivable | 1,730,138,025 | 1,606,928,705 |
Premises and equipment, net | 38,065,241 | 36,021,128 |
Bank-owned life insurance | 55,042,457 | 53,723,548 |
Restricted investment securities | 14,931,025 | 15,559,575 |
Other real estate owned, net | 8,140,283 | 12,767,636 |
Goodwill | 3,222,688 | 3,222,688 |
Core deposit intangible | 1,521,287 | 1,670,921 |
Other assets | 26,359,890 | 23,174,994 |
Total assets | 2,575,854,717 | 2,524,958,100 |
Deposits: | ||
Noninterest-bearing | 585,300,296 | 511,991,864 |
Interest-bearing | 1,270,018,691 | 1,167,676,149 |
Total deposits | 1,855,318,987 | 1,679,668,013 |
Short-term borrowings | 167,564,212 | 268,351,670 |
Federal Home Loan Bank advances | 133,000,000 | 203,500,000 |
Other borrowings | 115,000,000 | 150,282,492 |
Junior subordinated debentures | 40,526,691 | 40,423,735 |
Other liabilities | 43,329,588 | 38,653,681 |
Total liabilities | 2,354,739,478 | 2,380,879,591 |
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value; shares authorized 20,000,000 | 11,728,911 | 8,074,443 |
December 2014 - 8,074,443 shares issued and 7,953,197 outstanding | ||
Additional paid-in capital | 122,573,712 | 61,668,968 |
Retained earnings | 86,649,405 | 77,876,824 |
Accumulated other comprehensive income (loss): | ||
Securities available for sale | 1,010,014 | (1,535,849) |
Interest rate cap derivatives | (846,803) | (399,367) |
Less treasury stock, at cost | (1,606,510) | |
December 2014 - 121,246 common shares | ||
Total stockholders' equity | 221,115,239 | 144,078,509 |
Total liabilities and stockholders' equity | $ 2,575,854,717 | $ 2,524,958,100 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common stock, par value (in Dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 11,728,911 | 8,074,443 |
Common stock, shares outstanding | 11,728,911 | 7,953,197 |
Less treasury stock, shares | 0 | 121,246 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Interest and dividend income: | |||||
Loans/leases, including fees | $ 19,278,335 | $ 17,735,190 | $ 55,528,578 | $ 51,379,586 | |
Securities: | |||||
Taxable | 1,639,534 | 2,327,836 | 5,317,794 | 7,484,279 | |
Nontaxable | 2,021,804 | 1,531,534 | 5,642,692 | 4,434,005 | |
Interest-bearing deposits at financial institutions | 66,604 | 66,397 | 208,323 | 228,167 | |
Restricted investment securities | 127,172 | 128,153 | 377,651 | 396,648 | |
Federal funds sold | 7,663 | 7,532 | 18,416 | 14,544 | |
Total interest and dividend income | 23,141,112 | 21,796,642 | 67,093,454 | 63,937,229 | |
Interest expense: | |||||
Deposits | 1,140,419 | 1,168,385 | 3,296,351 | 3,371,593 | |
Short-term borrowings | 63,815 | 64,665 | 181,084 | 177,172 | |
Federal Home Loan Bank advances | 537,473 | 1,497,456 | 2,982,834 | 4,549,412 | |
Other borrowings | 944,903 | 1,279,626 | 3,285,231 | 3,625,751 | |
Junior subordinated debentures | 316,976 | 311,179 | 937,375 | 923,386 | |
Total interest expense | 3,003,586 | 4,321,311 | 10,682,875 | 12,647,314 | |
Net interest income | 20,137,526 | 17,475,331 | 56,410,579 | 51,289,915 | |
Provision for loan/lease losses | 1,635,263 | 1,063,323 | 5,694,384 | 3,159,364 | |
Net interest income after provision for loan/lease losses | 18,502,263 | 16,412,008 | 50,716,195 | 48,130,551 | |
Noninterest income: | |||||
Trust department fees | 1,531,964 | 1,355,700 | 4,676,535 | 4,300,456 | |
Investment advisory and management fees | 782,442 | 726,908 | 2,250,918 | 2,086,758 | |
Deposit service fees | 1,186,701 | 1,168,961 | 3,404,550 | 3,306,769 | |
Gains on sales of residential real estate loans | 84,609 | 120,627 | 266,284 | 317,085 | |
Gains on sales of government guaranteed portions of loans | 759,668 | 158,736 | 899,987 | 860,923 | |
Securities gains, net | 56,580 | 19,429 | 473,513 | 40,625 | |
Earnings on bank-owned life insurance | 407,018 | 434,065 | 1,318,909 | 1,276,901 | |
Swap fee income | 62,700 | 1,182,630 | 62,000 | ||
Debit card fees | 289,500 | 251,600 | 782,500 | 763,005 | |
Correspondent banking fees | 310,759 | 295,147 | 915,759 | 745,794 | |
Participation service fees on commercial loan participations | 201,822 | 218,268 | 647,598 | 632,469 | |
Gains (losses) on other real estate owned, net | 1,134,093 | 30,596 | 1,204,016 | (114,109) | |
Other | 841,070 | 381,636 | 1,603,175 | 1,063,222 | |
Total noninterest income | 7,648,926 | 5,161,673 | 19,626,374 | 15,341,898 | |
Noninterest expense: | |||||
Salaries and employee benefits | 10,583,361 | 10,358,783 | 32,709,765 | 30,298,892 | |
Occupancy and equipment expense | 1,863,648 | 1,798,030 | 5,507,533 | 5,515,448 | |
Professional and data processing fees | 1,742,268 | 1,530,139 | 4,683,480 | 4,518,460 | |
FDIC and other insurance | 702,136 | 711,792 | 2,151,756 | 2,121,907 | |
Loan/lease expense | 252,860 | 184,908 | 1,087,747 | 908,036 | |
Advertising and marketing | 460,411 | 555,076 | 1,368,152 | 1,394,211 | |
Postage and telephone | 220,895 | 146,759 | 683,993 | 695,555 | |
Stationery and supplies | 144,967 | 138,377 | 424,330 | 435,763 | |
Bank service charges | 392,352 | 337,067 | 1,088,806 | 959,496 | |
Losses on debt extinguishment | 6,894,185 | ||||
Other | 830,433 | 721,209 | 2,193,815 | 1,970,492 | |
Total noninterest expense | 17,193,331 | 16,482,140 | 58,793,562 | 48,818,260 | |
Net income before income taxes | 8,957,858 | 5,091,541 | 11,549,007 | 14,654,189 | |
Federal and state income tax expense | 2,468,871 | 1,028,876 | 1,405,949 | 2,694,473 | |
Net income | 6,488,987 | 4,062,665 | 10,143,058 | 11,959,716 | |
Less: Preferred stock dividends | 1,081,877 | ||||
Net income attributable to QCR Holdings, Inc. common stockholders | $ 6,488,987 | $ 4,062,665 | $ 10,143,058 | $ 10,877,839 | |
Earnings per common share attributable to QCR Holdings, Inc. common shareholders | |||||
Basic (in Dollars per share) | $ 0.55 | $ 0.51 | $ 1.03 | $ 1.37 | |
Diluted (in Dollars per share) | $ 0.55 | $ 0.50 | $ 1.01 | $ 1.35 | |
Weighted average common shares outstanding (in Shares) | [1] | 11,713,993 | 7,931,944 | 9,878,882 | 7,919,201 |
Weighted average common and common equivalent shares outstanding (in Shares) | 11,875,930 | 8,053,985 | 10,024,441 | 8,040,418 | |
Cash dividends declared per common share (in Dollars per share) | $ 0.04 | $ 0.04 | |||
[1] | The increase in weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 7 to the Consolidated Financial Statements. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 6,488,987 | $ 4,062,665 | $ 10,143,058 | $ 11,959,716 |
Unrealized gains (losses) on securities available for sale: | ||||
Unrealized holding gains (losses) arising during the period before tax | 4,155,252 | (1,455,231) | 4,598,599 | 14,691,007 |
Less reclassification adjustment for gains included in net income before tax | 56,580 | 19,429 | 473,513 | 40,625 |
4,098,672 | (1,474,660) | 4,125,086 | 14,650,382 | |
Unrealized gains (losses) on interest rate cap derivatives: | ||||
Unrealized holding gains (losses) arising during the period before tax | (419,219) | 87,756 | (672,169) | (163,393) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | 20,099 | (10,968) | 30,562 | (10,968) |
(439,318) | 98,724 | (702,731) | (152,425) | |
Other comprehensive income (loss), before tax | 3,659,354 | (1,375,936) | 3,422,355 | 14,497,957 |
Tax expense (benefit) | 1,402,871 | (563,761) | 1,323,928 | 5,603,334 |
Other comprehensive income (loss), net of tax | 2,256,483 | (812,175) | 2,098,427 | 8,894,623 |
Comprehensive income attributable to QCR Holdings, Inc. | $ 8,745,470 | $ 3,250,490 | $ 12,241,485 | $ 20,854,339 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 6,488,987 | $ 4,062,665 | $ 10,143,058 | $ 11,959,716 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 2,283,558 | 2,092,992 | |||
Provision for loan/lease losses | 1,635,263 | 1,063,323 | 5,694,384 | 3,159,364 | |
Stock-based compensation expense | 758,493 | 703,274 | |||
Deferred compensation expense accrued | 767,292 | 996,941 | |||
Losses (gains) on other real estate owned, net | (1,134,093) | (30,596) | (1,204,016) | 114,109 | |
Amortization of premiums on securities, net | 756,876 | 1,470,641 | |||
Securities gains, net | (473,513) | (40,625) | |||
Loans originated for sale | (29,968,289) | (32,643,486) | |||
Proceeds on sales of loans | 31,154,335 | 33,537,484 | |||
Gains on sales of residential real estate loans | (84,609) | (120,627) | (266,284) | (317,085) | |
Gains on sales of government guaranteed portions of loans | (759,668) | (158,736) | (899,987) | (860,923) | |
Losses on debt extinguishment | 6,894,185 | ||||
Amortization of core deposit intangible | 149,634 | 149,634 | |||
Accretion of acquisition fair value adjustments, net | (334,990) | (549,604) | |||
Increase in cash value of bank-owned life insurance | (1,318,909) | (1,276,901) | |||
Increase in other assets | (5,211,555) | (346,977) | |||
Increase in other liabilities | 4,269,482 | 712,565 | |||
Net cash provided by operating activities | 23,193,754 | 18,861,119 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Net decrease in federal funds sold | 12,450,000 | 9,675,000 | |||
Net decrease (increase) in interest-bearing deposits at financial institutions | 3,059,051 | (1,586,856) | |||
Proceeds from sales of other real estate owned | 6,774,151 | 1,172,365 | |||
Purchase of derivative instruments | (2,071,650) | ||||
Activity in securities portfolio: | |||||
Purchases | (200,249,686) | (48,493,532) | |||
Calls, maturities and redemptions | 187,029,003 | 30,827,423 | |||
Paydowns | 11,859,406 | 19,147,455 | |||
Sales | 65,889,838 | 65,754,467 | |||
Activity in restricted investment securities: | |||||
Purchases | (2,806,650) | (1,653,450) | |||
Redemptions | 3,435,200 | 3,377,900 | |||
Net increase in loans/leases originated and held for investment | (129,356,790) | (115,589,620) | |||
Purchase of premises and equipment | (4,327,671) | (1,587,828) | |||
Net cash used in investing activities | (46,244,148) | (41,028,326) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Net increase in deposit accounts | 175,656,866 | 66,893,213 | |||
Net increase (decrease) in short-term borrowings | (100,787,458) | 12,893,731 | |||
Activity in Federal Home Loan Bank advances: | |||||
Term advances | 5,000,000 | 2,000,000 | |||
Calls and maturities | (24,000,000) | (23,850,000) | |||
Net change in short-term and overnight advances | 24,000,000 | (13,000,000) | |||
Prepayments | (81,192,185) | ||||
Activity in other borrowings: | |||||
Proceeds from other borrowings | 10,000,000 | ||||
Calls, maturities and scheduled principal payments | (7,350,000) | ||||
Prepayments | (29,177,000) | (1,000,000) | |||
Payment of cash dividends on common and preferred stock | (782,054) | (1,964,607) | |||
Net cash provided by financing activities | 25,868,616 | 22,542,594 | |||
Net increase in cash and due from banks | 2,818,222 | 375,387 | |||
Cash and due from banks, beginning | 38,235,019 | 41,950,790 | $ 41,950,790 | ||
Cash and due from banks, ending | $ 41,053,241 | $ 42,326,177 | 41,053,241 | 42,326,177 | $ 38,235,019 |
Supplemental disclosure of cash flow information, cash payments for: | |||||
Interest | 10,880,589 | 12,445,044 | |||
Income/franchise taxes | 1,985,275 | 3,457,500 | |||
Supplemental schedule of noncash investing activities: | |||||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net | 2,098,427 | 8,894,623 | |||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (68,706) | (177,984) | |||
Tax benefit of nonqualified stock options exercised | 71,110 | 25,120 | |||
Transfers of loans to other real estate owned | 942,782 | 2,237,268 | |||
Common Stock Offering 1 [Member] | |||||
Activity in other borrowings: | |||||
Proceeds from issuance of common stock, net | 63,484,123 | ||||
Common Stock Offering 2 [Member] | |||||
Activity in other borrowings: | |||||
Proceeds from issuance of common stock, net | $ 1,016,324 | 394,179 | |||
Series F Noncumulative Perpetual Preferred Stock One [Member] | |||||
Activity in other borrowings: | |||||
Redemption of Cumulative Perpetual Preferred Stock, net | (15,000,000) | ||||
Series F Noncumulative Perpetual Preferred Stock Two [Member] | |||||
Activity in other borrowings: | |||||
Redemption of Cumulative Perpetual Preferred Stock, net | $ (14,823,922) |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2014shares | |
Series F Noncumulative Perpetual Preferred Stock One [Member] | |
Redemption of shares of Series F Noncumulative Perpetual Preferred Stock, net | 15,000 |
Series F Noncumulative Perpetual Preferred Stock Two [Member] | |
Redemption of shares of Series F Noncumulative Perpetual Preferred Stock, net | 14,867 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial information of the Company included herein has been prepared in accordance with U.S. generally accepted accounting principles for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management’s discussion and analysis are due to rounding. The results of the interim period ended September 30, 2015, are not necessarily indicative of the results expected for the year ending December 31, 2015. The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements as well as in Management’s Discussion & Analysis of Financial Condition & Results of Operations. It may be helpful to refer back to this page as you read this report. Allowance: Allowance for estimated losses on loans/leases NIM: Net interest margin AOCI: Accumulated other comprehensive income (loss) NPA: Nonperforming asset ASU: Accounting Standards Update NPL: Nonperforming loan BOLI: Bank-owned life insurance OREO: Other real estate owned Community National: Community National Bancorporation OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company Provision: Provision for loan/lease losses Dodd-Frank Act: Dodd-Frank Wall Street Reform and QCBT: Quad City Bank & Trust Company Consumer Protection Act RB&T: Rockford Bank & Trust Company EPS: Earnings per share SBA: U.S. Small Business Administration Exchange Act: Securities Exchange Act of 1934, as amended SEC: Securities and Exchange Commission FASB: Financial Accounting Standards Board TA: Tangible assets FDIC: Federal Deposit Insurance Corporation TCE: Tangible common equity FHLB: Federal Home Loan Bank TDRs: Troubled debt restructurings m2: m2 Lease Funds, LLC USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include three commercial banks: QCBT, CRBT, and RB&T. All are state-chartered commercial banks. The Company also engages in direct financing lease contracts through m2 Lease Funds, a wholly-owned subsidiary of QCBT. All material intercompany transactions and balances have been eliminated in consolidation. Recent accounting developments Revenue from Contracts with Customers FASB recently issued ASU 2015-14 which defers the effective date in order to provide additional time for both public and private entities to evaluate the impact. ASU 2014-09 will now be effective for the Company on January 1, 2018 and it is not expected to have a significant impact on the Company’s consolidated financial statements. In February 2015, FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis Reclassifications |
Note 2 - Investment Securities
Note 2 - Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investment Holdings [Abstract] | |
Investment Holdings [Text Block] | NOTE 2 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of September 30, 2015 and December 31, 2014 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value September 30, 2015 Securities held to maturity: Municipal securities $ 237,590,598 $ 2,429,898 $ (1,649,655 ) $ 238,370,841 Other securities 1,050,000 - - 1,050,000 $ 238,640,598 $ 2,429,898 $ (1,649,655 ) $ 239,420,841 Securities available for sale: U.S. govt. sponsored agency securities $ 247,911,701 $ 577,904 $ (865,014 ) $ 247,624,591 Residential mortgage-backed and related securities 74,444,924 938,379 (481,744 ) 74,901,559 Municipal securities 26,815,175 925,922 (39,445 ) 27,701,652 Other securities 1,344,814 633,415 (71,680 ) 1,906,549 $ 350,516,614 $ 3,075,620 $ (1,457,883 ) $ 352,134,351 December 31, 2014: Securities held to maturity: Municipal securities $ 198,829,574 $ 2,420,298 $ (1,186,076 ) $ 200,063,796 Other securities 1,050,000 - - 1,050,000 $ 199,879,574 $ 2,420,298 $ (1,186,076 ) $ 201,113,796 Securities available for sale: U.S. govt. sponsored agency securities $ 312,959,760 $ 173,685 $ (5,263,873 ) $ 307,869,572 Residential mortgage-backed and related securities 110,455,925 1,508,331 (541,032 ) 111,423,224 Municipal securities 29,408,740 1,053,713 (62,472 ) 30,399,981 Other securities 1,342,554 625,145 (846 ) 1,966,853 $ 454,166,979 $ 3,360,874 $ (5,868,223 ) $ 451,659,630 The Company’s held to maturity municipal securities consist largely of private issues of municipal debt. The large majority of the municipalities are located within the Midwest. The municipal debt investments are underwritten using specific guidelines with ongoing monitoring. The Company’s residential mortgage-backed and related securities portfolio consists entirely of government sponsored or government guaranteed securities. The Company has not invested in commercial mortgage-backed securities or pooled trust preferred securities. Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2015 and December 31, 2014, are summarized as follows: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2015: Securities held to maturity: Municipal securities $ 53,289,140 $ (1,053,551 ) $ 15,450,731 $ (596,104 ) $ 68,739,871 $ (1,649,655 ) Securities available for sale: U.S. govt. sponsored agency securities $ 54,246,955 $ (229,249 ) $ 74,289,108 $ (635,765 ) $ 128,536,063 $ (865,014 ) Residential mortgage-backed and related securities 18,732,443 (126,214 ) 20,731,733 (355,530 ) 39,464,176 (481,744 ) Municipal securities 1,621,304 (11,388 ) 852,734 (28,057 ) 2,474,038 (39,445 ) Other securities 71,751 (71,680 ) - - 71,751 (71,680 ) $ 74,672,453 $ (438,531 ) $ 95,873,575 $ (1,019,352 ) $ 170,546,028 $ (1,457,883 ) December 31, 2014: Securities held to maturity: Municipal securities $ 20,419,052 $ (587,992 ) $ 38,779,545 $ (598,084 ) $ 59,198,597 $ (1,186,076 ) Securities available for sale: U.S. govt. sponsored agency securities $ 23,970,085 $ (102,695 ) $ 255,743,056 $ (5,161,178 ) $ 279,713,141 $ (5,263,873 ) Residential mortgage-backed and related securities 10,710,671 (10,139 ) 37,570,774 (530,893 ) 48,281,445 (541,032 ) Municipal securities 920,935 (1,773 ) 4,425,337 (60,699 ) 5,346,272 (62,472 ) Other securities 243,004 (846 ) - - 243,004 (846 ) $ 35,844,695 $ (115,453 ) $ 297,739,167 $ (5,752,770 ) $ 333,583,862 $ (5,868,223 ) At September 30, 2015, the investment portfolio included 483 securities. Of this number, 128 securities were in an unrealized loss position. The aggregate losses of these securities totaled less than 1% of the total amortized cost of the portfolio. Of these 128 securities, 48 securities had an unrealized loss for twelve months or more. All of the debt securities in unrealized loss positions are considered acceptable credit risks. Based upon an evaluation of the available evidence, including the recent changes in market rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. In addition, the Company does not intend to sell these securities and it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. At September 30, 2015 and December 31, 2014, equity securities represented less than 1% of the total portfolio. The Company did not recognize OTTI on any debt or equity securities for the three or nine months ended September 30, 2015 and 2014. All sales of securities for the three and nine months ended September 30, 2015 and 2014, respectively, were from securities identified as available for sale. Information on proceeds received, as well as pre-tax gross gains and losses from sales on those securities are as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Proceeds from sales of securities $ 11,922,915 $ 39,876,889 $ 65,889,838 $ 65,754,467 Pre-tax gross gains from sales of securities 102,766 357,934 672,317 379,130 Pre-tax gross losses from sales of securities (46,186 ) (338,505 ) (198,804 ) (338,505 ) The amortized cost and fair value of securities as of September 30, 2015 by contractual maturity are shown below. Expected maturities of residential mortgage-backed and related securities may differ from contractual maturities because the residential mortgages underlying the residential mortgage-backed and related securities may be prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following table. “Other securities” available for sale are excluded from the maturity categories as there is no fixed maturity date for those securities. Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 4,391,209 $ 4,396,637 Due after one year through five years 17,965,982 18,089,831 Due after five years 216,283,407 216,934,373 $ 238,640,598 $ 239,420,841 Securities available for sale: Due in one year or less $ 1,356,439 $ 1,360,215 Due after one year through five years 120,148,336 120,643,573 Due after five years 153,222,101 153,322,455 $ 274,726,876 $ 275,326,243 Residential mortgage-backed and related securities 74,444,924 74,901,559 Other securities 1,344,814 1,906,549 $ 350,516,614 $ 352,134,351 Portions of the U.S. government sponsored agency securities and municipal securities contain call options, at the discretion of the issuer, to terminate the security at par and at predetermined dates prior to the stated maturity, summarized as follows: Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 131,904,972 $ 132,612,402 Securities available for sale: U.S. govt. sponsored agency securities 159,441,770 158,761,957 Municipal securities 16,774,804 17,200,807 $ 176,216,574 $ 175,962,764 As of September 30, 2015, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 81 issuers with fair values totaling $64.7 million and revenue bonds issued by 87 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $201.4 million. The Company held investments in general obligation bonds in 19 states, including four states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in eight states, including four states in which the aggregate fair value exceeded $5.0 million. As of December 31, 2014, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 77 issuers with fair values totaling $68.8 million and revenue bonds issued by 64 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $161.7 million. The Company held investments in general obligation bonds in 19 states, including three states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in eight states, including four states in which the aggregate fair value exceeded $5.0 million. The amortized cost and fair values of the Company’s portfolio of general obligation bonds are summarized in the following tables by the issuer’s state: September 30, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 20,225,477 $ 20,363,737 $ 1,357,582 Illinois 10 11,851,955 12,191,238 1,219,124 Missouri 12 7,930,365 7,968,565 664,047 North Dakota 3 6,675,000 6,767,961 2,255,987 Other 41 17,122,829 17,398,100 424,344 Total general obligation bonds 81 $ 63,805,626 $ 64,689,601 $ 798,637 December 31, 2014: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 14 $ 20,156,969 $ 20,446,655 $ 1,460,475 Illinois 10 22,447,799 22,784,638 2,278,464 Missouri 11 8,424,928 8,426,047 766,004 Other 42 16,838,719 17,110,831 407,401 Total general obligation bonds 77 $ 67,868,415 $ 68,768,171 $ 893,093 The amortized cost and fair values of the Company’s portfolio of revenue bonds are summarized in the following tables by the issuer’s state: September 30, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 40 $ 75,016,470 $ 75,197,907 $ 1,879,948 Iowa 26 71,365,816 71,890,381 2,765,015 Indiana 14 34,701,481 34,707,516 2,479,108 Kansas 3 11,751,560 11,688,179 3,896,060 Other 4 7,764,820 7,898,909 1,974,727 Total revenue bonds 87 $ 200,600,147 $ 201,382,892 $ 2,314,746 December 31, 2014: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 30 $ 62,358,276 $ 62,584,516 $ 2,086,151 Iowa 20 59,417,246 60,402,941 3,020,147 Indiana 8 17,991,200 17,925,721 2,240,715 Kansas 2 12,307,866 12,332,528 6,166,264 Other 4 8,295,311 8,449,900 2,112,475 Total revenue bonds 64 $ 160,369,899 $ 161,695,606 $ 2,526,494 Both general obligation and revenue bonds are diversified across many issuers. As of September 30, 2015 and December 31, 2014, the Company did not hold general obligation or revenue bonds of any single issuer, the aggregate book or market value of which exceeded 5% and 10%, respectively, of the Company’s stockholders’ equity. Of the general obligation and revenue bonds in the Company’s portfolio, the majority are unrated bonds that represent small, private issuances. All unrated bonds were underwritten according to loan underwriting standards and have an average loan risk rating of 2, indicating very high quality. Additionally, many of these bonds are funding essential municipal services such as water, sewer, education, and medical facilities. The Company’s municipal securities are owned by each of the three charters, whose investment policies set forth limits for various subcategories within the municipal securities portfolio. Each charter is monitored individually, and as of September 30, 2015, all were well within policy limitations approved by the board of directors. Policy limits are calculated as a percentage of total risk-based capital. As of September 30, 2015, the Company’s standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credit ratings than those assigned by a nationally recognized statistical rating organization, or in the case of unrated bonds, the rating assigned using the credit underwriting standards. |
Note 3 - Loans_Leases Receivabl
Note 3 - Loans/Leases Receivable | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of September 30, 2015 and December 31, 2014 is presented as follows: As of September 30, As of December 31, 2015 2014 Commercial and industrial loans $ 647,398,566 $ 523,927,140 Commercial real estate loans Owner-occupied commercial real estate 247,779,183 260,069,080 Commercial construction, land development, and other land 45,011,361 68,118,989 Other non owner-occupied commercial real estate 399,778,590 373,952,353 692,569,134 702,140,422 Direct financing leases * 173,304,223 166,032,416 Residential real estate loans ** 165,060,663 158,632,492 Installment and other consumer loans 69,862,991 72,606,480 1,748,195,577 1,623,338,950 Plus deferred loan/lease origination costs, net of fees 7,476,792 6,664,120 1,755,672,369 1,630,003,070 Less allowance for estimated losses on loans/leases (25,534,344 ) (23,074,365 ) $ 1,730,138,025 $ 1,606,928,705 * Direct financing leases: Net minimum lease payments to be received $ 195,626,557 $ 188,181,432 Estimated unguaranteed residual values of leased assets 1,165,706 1,488,342 Unearned lease/residual income (23,488,040 ) (23,637,358 ) 173,304,223 166,032,416 Plus deferred lease origination costs, net of fees 6,710,311 6,639,244 180,014,534 172,671,660 Less allowance for estimated losses on leases (3,248,633 ) (3,442,915 ) $ 176,765,901 $ 169,228,745 *Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three or nine months ended September 30, 2015 and 2014 . **Includes residential real estate loans held for sale totaling $533,225 and $553,000 as of September 30, 2015, and December 31, 2014, respectively. The aging of the loan/lease portfolio by classes of loans/leases as of September 30, 2015 and December 31, 2014 is presented as follows: As of September 30, 2015 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total Commercial and Industrial $ 637,545,096 $ 4,169,089 $ 148,932 $ - $ 5,535,449 $ 647,398,566 Commercial Real Estate Owner-Occupied Commercial Real Estate 246,787,360 80,056 - - 911,767 247,779,183 Commercial Construction, Land Development, and Other Land 44,788,952 - - - 222,409 45,011,361 Other Non Owner-Occupied Commercial Real Estate 397,650,373 163,163 349,588 - 1,615,466 399,778,590 Direct Financing Leases 171,036,424 892,496 279,815 - 1,095,488 173,304,223 Residential Real Estate 163,433,860 46,638 46,626 - 1,533,539 165,060,663 Installment and Other Consumer 69,333,416 121,009 51,505 2,411 354,650 69,862,991 $ 1,730,575,481 $ 5,472,451 $ 876,466 $ 2,411 $ 11,268,768 $ 1,748,195,577 As a percentage of total loan/lease portfolio 99.00 % 0.31 % 0.05 % 0.00 % 0.64 % 100.00 % As of December 31, 2014 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total Commercial and Industrial $ 515,616,752 $ 323,145 $ - $ 822 $ 7,986,421 $ 523,927,140 Commercial Real Estate Owner-Occupied Commercial Real Estate 259,166,743 239,771 - - 662,566 260,069,080 Commercial Construction, Land Development, and Other Land 67,021,157 729,983 111,837 - 256,012 68,118,989 Other Non Owner-Occupied Commercial Real Estate 360,970,551 3,448,902 2,840,862 60,000 6,632,038 373,952,353 Direct Financing Leases 164,059,914 573,575 293,212 - 1,105,715 166,032,416 Residential Real Estate 154,303,644 2,528,287 475,343 25,673 1,299,545 158,632,492 Installment and Other Consumer 71,534,329 172,872 246,882 6,916 645,481 72,606,480 $ 1,592,673,090 $ 8,016,535 $ 3,968,136 $ 93,411 $ 18,587,778 $ 1,623,338,950 As a percentage of total loan/lease portfolio 98.11 % 0.49 % 0.24 % 0.01 % 1.15 % 100.00 % NPLs by classes of loans/leases as of September 30, 2015 and December 31, 2014 are presented as follows: As of September 30, 2015 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Accruing TDRs Total NPLs Percentage of Total NPLs Commercial and Industrial $ - $ 5,535,449 $ 174,071 $ 5,709,520 46.37 % Commercial Real Estate Owner-Occupied Commercial Real Estate - 911,767 - 911,767 7.41 % Commercial Construction, Land Development, and Other Land - 222,409 - 222,409 1.81 % Other Non Owner-Occupied Commercial Real Estate - 1,615,466 - 1,615,466 13.12 % Direct Financing Leases - 1,095,488 - 1,095,488 8.90 % Residential Real Estate - 1,533,539 406,712 1,940,251 15.76 % Installment and Other Consumer 2,411 354,650 459,129 816,190 6.63 % $ 2,411 $ 11,268,768 $ 1,039,912 $ 12,311,091 100.00 % *Nonaccrual loans/leases includes $1,865,749 of TDRs, including $1,260,992 in commercial and industrial loans, $335,409 in commercial real estate loans, $47,846 in direct financing leases, $207,299 in residential real estate loans, and $14,203 in installment loans. As of December 31, 2014 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Accruing TDRs Total NPLs Percentage of Total NPLs Commercial and Industrial $ 822 $ 7,986,421 $ 235,926 $ 8,223,169 40.91 % Commercial Real Estate $ - Owner-Occupied Commercial Real Estate - 662,566 - $ 662,566 3.30 % Commercial Construction, Land Development, and Other Land - 256,012 - $ 256,012 1.27 % Other Non Owner-Occupied Commercial Real Estate 60,000 6,632,038 - $ 6,692,038 33.29 % Direct Financing Leases - 1,105,715 233,557 $ 1,339,272 6.66 % Residential Real Estate 25,673 1,299,545 489,183 $ 1,814,401 9.02 % Installment and Other Consumer 6,916 645,481 462,552 $ 1,114,949 5.55 % $ 93,411 $ 18,587,778 $ 1,421,218 $ 20,102,407 100.00 % **Nonaccrual loans/leases includes $5,013,041 of TDRs, including $1,227,537 in commercial and industrial loans, $3,214,468 in commercial real estate loans, $61,144 in direct financing leases, $506,283 in residential real estate loans, and $3,609 in installment loans. Changes in the allowance by portfolio segment for the three and nine months ended September 30, 2015 and 2014, respectively, are presented as follows: Three Months Ended September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,020,866 $ 9,929,656 $ 3,352,303 $ 1,720,135 $ 1,123,040 $ 26,146,000 Provisions charged to expense 520,058 573,119 361,071 130,742 50,273 1,635,263 Loans/leases charged off (145,665 ) (1,813,973 ) (483,420 ) (25,928 ) (6,837 ) (2,475,823 ) Recoveries on loans/leases previously charged off 136,909 19,913 18,679 4,107 49,296 228,904 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Three Months Ended September 30, 2014 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 6,549,378 $ 10,277,692 $ 3,319,131 $ 1,439,185 $ 1,481,638 $ 23,067,024 Provisions (credits) charged to expense 851,542 (196,865 ) 509,657 (53,963 ) (47,048 ) 1,063,323 Loans/leases charged off (741,127 ) (120,505 ) (741,478 ) (42,022 ) (86,370 ) (1,731,502 ) Recoveries on loans/leases previously charged off 254,265 68,346 19,577 9,870 17,014 369,072 Balance, ending $ 6,914,058 $ 10,028,668 $ 3,106,887 $ 1,353,070 $ 1,365,234 $ 22,767,917 Nine Months Ended September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,750,317 $ 8,353,386 $ 3,442,915 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,513,430 2,490,766 1,238,505 324,925 126,758 5,694,384 Loans/leases charged off (391,303 ) (2,165,049 ) (1,496,010 ) (25,928 ) (40,886 ) (4,119,176 ) Recoveries on loans/leases previously charged off 659,724 29,612 63,223 4,107 128,105 884,771 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Nine Months Ended September 30, 2014 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 5,648,774 $ 10,705,434 $ 2,517,217 $ 1,395,849 $ 1,180,774 $ 21,448,048 Provisions (credits) charged to expense 1,930,050 (460,356 ) 1,428,678 42,712 218,280 3,159,364 Loans/leases charged off (967,207 ) (436,056 ) (885,966 ) (95,464 ) (102,107 ) (2,486,800 ) Recoveries on loans/leases previously charged off 302,441 219,646 46,958 9,973 68,287 647,305 Balance, ending $ 6,914,058 $ 10,028,668 $ 3,106,887 $ 1,353,070 $ 1,365,234 $ 22,767,917 The allowance by impairment evaluation and by portfolio segment as of September 30, 2015 and December 31, 2014 is presented as follows: As of September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,649,170 $ 154,086 $ 153,333 $ 250,084 $ 345,457 $ 3,552,130 Allowance for nonimpaired loans/leases 7,882,998 8,554,629 3,095,300 1,578,972 870,315 21,982,214 $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Impaired loans/leases $ 5,036,852 $ 2,739,644 $ 1,095,486 $ 1,940,250 $ 813,778 $ 11,626,010 Nonimpaired loans/leases 642,361,714 689,829,490 172,208,737 163,120,413 69,049,213 1,736,569,567 $ 647,398,566 $ 692,569,134 $ 173,304,223 $ 165,060,663 $ 69,862,991 $ 1,748,195,577 Allowance as a percentage of impaired loans/leases 52.60 % 5.62 % 14.00 % 12.89 % 42.45 % 30.55 % Allowance as a percentage of nonimpaired loans/leases 1.23 % 1.24 % 1.80 % 0.97 % 1.26 % 1.27 % 1.63 % 1.26 % 1.87 % 1.11 % 1.74 % 1.45 % As of December 31, 2014 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 3,300,199 $ 1,170,020 $ 356,996 $ 151,663 $ 265,795 $ 5,244,673 Allowance for nonimpaired loans/leases 5,450,118 7,183,366 3,085,919 1,374,289 736,000 17,829,692 $ 8,750,317 $ 8,353,386 $ 3,442,915 $ 1,525,952 $ 1,001,795 $ 23,074,365 Impaired loans/leases $ 7,279,709 $ 7,433,383 $ 1,339,272 $ 1,788,729 $ 1,165,548 $ 19,006,641 Nonimpaired loans/leases 516,647,431 694,707,039 164,693,144 156,843,763 71,440,932 1,604,332,309 $ 523,927,140 $ 702,140,422 $ 166,032,416 $ 158,632,492 $ 72,606,480 $ 1,623,338,950 Allowance as a percentage of impaired loans/leases 45.33 % 15.74 % 26.66 % 8.48 % 22.80 % 27.59 % Allowance as a percentage of nonimpaired loans/leases 1.05 % 1.03 % 1.87 % 0.88 % 1.03 % 1.11 % 1.67 % 1.19 % 2.07 % 0.96 % 1.38 % 1.42 % Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the nine months ended September 30, 2015 are presented as follows: Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: Commercial and Industrial $ 360,420 $ 470,197 $ - $ 370,376 $ 5,579 $ 5,579 Commercial Real Estate Owner-Occupied Commercial Real Estate 431,065 524,839 - 510,604 - - Commercial Construction, Land Development, and Other Land - - - 17,291 - - Other Non Owner-Occupied Commercial Real Estate 1,973,169 1,973,169 - 3,412,360 - - Direct Financing Leases 579,219 579,219 - 797,396 4,142 4,142 Residential Real Estate 661,490 697,067 - 1,036,845 1,845 1,845 Installment and Other Consumer 12,666 12,666 - 448,095 4,387 4,387 $ 4,018,029 $ 4,257,157 $ - $ 6,592,967 $ 15,953 $ 15,953 Impaired Loans/Leases with Specific Allowance Recorded: Commercial and Industrial $ 4,676,432 $ 4,681,930 $ 2,649,170 $ 4,792,439 $ - $ - Commercial Real Estate Owner-Occupied Commercial Real Estate - - - - - - Commercial Construction, Land Development, and Other Land 335,410 576,228 154,086 335,963 - - Other Non Owner-Occupied Commercial Real Estate - - - - - - Direct Financing Leases 516,267 516,267 153,333 379,841 - - Residential Real Estate 1,278,760 1,278,760 250,084 835,674 6,778 6,778 Installment and Other Consumer 801,112 801,112 345,457 699,182 5,903 5,903 $ 7,607,981 $ 7,854,297 $ 3,552,130 $ 7,043,099 $ 12,681 $ 12,681 Total Impaired Loans/Leases: Commercial and Industrial $ 5,036,852 $ 5,152,127 $ 2,649,170 $ 5,162,815 $ 5,579 $ 5,579 Commercial Real Estate Owner-Occupied Commercial Real Estate 431,065 524,839 - 510,604 - - Commercial Construction, Land Development, and Other Land 335,410 576,228 154,086 353,254 - - Other Non Owner-Occupied Commercial Real Estate 1,973,169 1,973,169 - 3,412,360 - - Direct Financing Leases 1,095,486 1,095,486 153,333 1,177,237 4,142 4,142 Residential Real Estate 1,940,250 1,975,827 250,084 1,872,519 8,623 8,623 Installment and Other Consumer 813,778 813,778 345,457 1,147,277 10,290 10,290 $ 11,626,010 $ 12,111,454 $ 3,552,130 $ 13,636,066 $ 28,634 $ 28,634 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended September 30, 2015 and 2014, respectively, are presented as follows: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Classes of Loans/Leases Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: Commercial and Industrial $ 365,798 $ 1,870 $ 1,870 $ 621,836 $ 17,855 $ 17,855 Commercial Real Estate Owner-Occupied Commercial Real Estate 451,851 - - 751,191 - - Commercial Construction, Land Development, and Other Land 9,968 - - 1,397,733 - - Other Non Owner-Occupied Commercial Real Estate 2,868,950 - - 4,051,261 - - Direct Financing Leases 634,378 325 325 1,152,456 - - Residential Real Estate 900,938 1,362 1,362 1,186,197 704 704 Installment and Other Consumer 328,669 3,912 3,912 494,498 - - $ 5,560,552 $ 7,469 $ 7,469 $ 9,655,172 $ 18,559 $ 18,559 Impaired Loans/Leases with Specific Allowance Recorded: Commercial and Industrial $ 4,735,149 $ - $ - $ 3,454,429 $ - $ - Commercial Real Estate Owner-Occupied Commercial Real Estate - - - 439,701 - - Commercial Construction, Land Development, and Other Land 335,707 - - 796,194 - - Other Non Owner-Occupied Commercial Real Estate - - - 6,034,473 - - Direct Financing Leases 488,860 - - 578,317 - - Residential Real Estate 984,558 1,981 1,981 564,278 1,296 1,296 Installment and Other Consumer 723,674 1,391 1,391 826,092 890 890 $ 7,267,948 $ 3,372 $ 3,372 $ 12,693,484 $ 2,186 $ 2,186 Total Impaired Loans/Leases: Commercial and Industrial $ 5,100,947 $ 1,870 $ 1,870 $ 4,076,265 $ 17,855 $ 17,855 Commercial Real Estate Owner-Occupied Commercial Real Estate 451,851 - - 1,190,892 - - Commercial Construction, Land Development, and Other Land 345,675 - - 2,193,927 - - Other Non Owner-Occupied Commercial Real Estate 2,868,950 - - 10,085,734 - - Direct Financing Leases 1,123,238 325 325 1,730,773 - - Residential Real Estate 1,885,496 3,343 3,343 1,750,475 2,000 2,000 Installment and Other Consumer 1,052,343 5,303 5,303 1,320,590 890 890 $ 12,828,500 $ 10,841 $ 10,841 $ 22,348,656 $ 20,745 $ 20,745 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2014 are presented as follows: Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Impaired Loans/Leases with No Specific Allowance Recorded: Commercial and Industrial $ 246,308 $ 342,391 $ - Commercial Real Estate Owner-Occupied Commercial Real Estate 67,415 163,638 - Commercial Construction, Land Development, and Other Land 31,936 143,136 - Other Non Owner-Occupied Commercial Real Estate 491,717 491,717 - Direct Financing Leases 561,414 561,414 - Residential Real Estate 1,060,770 1,060,770 - Installment and Other Consumer 671,319 671,319 - $ 3,130,879 $ 3,434,385 $ - Impaired Loans/Leases with Specific Allowance Recorded: Commercial and Industrial $ 7,033,401 $ 8,190,495 $ 3,300,199 Commercial Real Estate Owner-Occupied Commercial Real Estate 620,896 620,896 4,462 Commercial Construction, Land Development, and Other Land 337,076 577,894 12,087 Other Non Owner-Occupied Commercial Real Estate 5,884,343 6,583,934 1,153,471 Direct Financing Leases 777,858 777,858 356,996 Residential Real Estate 727,959 763,537 151,663 Installment and Other Consumer 494,229 494,229 265,795 $ 15,875,762 $ 18,008,843 $ 5,244,673 Total Impaired Loans/Leases: Commercial and Industrial $ 7,279,709 $ 8,532,886 $ 3,300,199 Commercial Real Estate Owner-Occupied Commercial Real Estate 688,311 784,534 4,462 Commercial Construction, Land Development, and Other Land 369,012 721,030 12,087 Other Non Owner-Occupied Commercial Real Estate 6,376,060 7,075,651 1,153,471 Direct Financing Leases 1,339,272 1,339,272 356,996 Residential Real Estate 1,788,729 1,824,307 151,663 Installment and Other Consumer 1,165,548 1,165,548 265,795 $ 19,006,641 $ 21,443,228 $ 5,244,673 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. For commercial and industrial and commercial real estate loans, the Company’s credit quality indicator consists of internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 months, at a minimum, and on an as-needed basis depending on the specific circumstances of the loan. For direct financing leases, residential real estate loans, and installment and other consumer loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of September 30, 2015 and December 31, 2014: As of September 30, 2015 Commercial Real Estate Non Owner-Occupied Internally Assigned Risk Rating Commercial and Industrial Owner-Occupied Commercial Real Estate Commercial Construction, Land Development, and Other Land Other Commercial Real Estate Total As a % of Total Pass (Ratings 1 through 5) $ 619,562,207 $ 237,616,448 $ 42,172,844 $ 386,936,606 $ 1,286,288,105 96.00 % Special Mention (Rating 6) 15,739,256 8,064,486 1,780,000 4,878,807 30,462,549 2.27 % Substandard (Rating 7) 12,097,103 2,098,249 1,058,517 7,963,177 23,217,046 1.73 % Doubtful (Rating 8) - - - - - - $ 647,398,566 $ 247,779,183 $ 45,011,361 $ 399,778,590 $ 1,339,967,700 100.00 % As of September 30, 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 172,208,735 $ 163,120,412 $ 69,046,801 $ 404,375,948 99.06 % Nonperforming 1,095,488 1,940,251 816,190 3,851,929 0.94 % $ 173,304,223 $ 165,060,663 $ 69,862,991 $ 408,227,877 100.00 % As of December 31, 2014 Commercial Real Estate Non Owner-Occupied Internally Assigned Risk Rating Commercial and Industrial Owner-Occupied Commercial Real Estate Commercial Construction, Land Development, and Other Land Other Commercial Real Estate Total As a % of Total Pass (Ratings 1 through 5) $ 491,883,568 $ 245,237,462 $ 65,691,737 $ 354,581,419 $ 1,157,394,186 94.40 % Special Mention (Rating 6) 17,034,909 12,637,930 - 3,285,191 32,958,030 2.69 % Substandard (Rating 7) 15,008,663 2,193,688 2,427,252 16,085,743 35,715,346 2.91 % Doubtful (Rating 8) - - - - - - $ 523,927,140 $ 260,069,080 $ 68,118,989 $ 373,952,353 $ 1,226,067,562 100.00 % As of December 31, 2014 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 164,693,144 $ 156,818,091 $ 71,491,531 $ 393,002,766 98.93 % Nonperforming 1,339,272 1,814,401 1,114,949 4,268,622 1.07 % $ 166,032,416 $ 158,632,492 $ 72,606,480 $ 397,271,388 100.00 % *Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. As of September 30, 2015 and December 31, 2014, TDRs totaled $2,905,661 and $6,434,259, respectively. For each class of financing receivable, the following presents the number and recorded investment of TDRs, by type of concession, that were restructured during the three and nine months ended September 30, 2014. There was one TDR that was restructured during the three and nine months ended September 30, 2015. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring. For the three months ended September 30, 2015 For the three months ended September 30, 2014 Classes of Loans/Leases Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance CONCESSION - Interest rate adjusted below market Installment and Other Consumer 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - CONCESSION - Other Commercial and Industrial - $ - $ - $ - 1 $ 96,439 $ 71,760 $ 7,125 - $ - $ - $ - 1 $ 96,439 $ 71,760 $ 7,125 TOTAL 1 $ 14,203 $ 14,203 - 1 $ 96,439 $ 71,760 7,125 For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Classes of Loans/Leases Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance CONCESSION - Significant payment delay Commercial and Industrial - $ - $ - $ - 3 $ 889,154 $ 889,154 $ 239,783 Direct Financing Leases - $ - $ - $ - 1 $ 89,443 $ 89,443 $ - - $ - $ - $ - 4 $ 978,597 $ 978,597 $ 239,783 CONCESSION - Interest rate adjusted below market Installment and Other Consumer 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - CONCESSION - Extension of Maturity Direct Financing Leases - $ - $ - $ - 1 $ 70,144 $ 70,144 $ 24,246 - $ - $ - $ - 1 $ 70,144 $ 70,144 $ 24,246 CONCESSION - Other Commercial and Industrial - $ - $ - $ - 1 $ 427,849 $ 427,849 $ 113,449 Residential Real Estate - $ - $ - $ - 1 $ 96,439 $ 71,760 $ 7,125 - $ - $ - $ - 2 $ 524,288 $ 499,609 $ 120,574 TOTAL 1 $ 14,203 $ 14,203 - 7 $ 1,573,029 $ 1,548,350 $ 384,603 Of the TDRs reported above, one with a post-modification recorded investment of $14,203 was on nonaccrual as of September 30, 2015, and three with post-modification recorded investments totaling $75,767 were on nonaccrual as of September 30, 2014. For the three and nine months ended September 30, 2015 and 2014, none of the Company’s TDRs had redefaulted within 12 months subsequent to restructure where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. |
Note 4 - Derivatives and Hedgin
Note 4 - Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 4 – DERIVATIVES AND HEDGING ACTIVITIES Following is a summary of interest rate cap derivatives held by the Company as of September 30, 2015 and December 31, 2014. An initial premium of $2.1 million was paid for the two caps. The fair value of these instruments will fluctuate with market value changes, as well as amortization of the initial premium to interest expense. Effective Date Maturity Date Balance Sheet Location Notional Amount Accounting Treatment September 30, 2015 Fair Value December 31, 2014 Fair Value June 5, 2014 June 5, 2019 Other Assets $ 15,000,000 Cash Flow Hedging $ 271,913 $ 608,189 June 5, 2014 June 5, 2021 Other Assets 15,000,000 Cash Flow Hedging 512,742 879,197 $ 30,000,000 $ 784,655 $ 1,487,386 Changes in the fair values of derivative financial instruments accounted for as cash flow hedges to the extent they are effective hedges, are recorded as a component of AOCI. The following is a summary of how AOCI was impacted during the reporting periods: Three Months Ended September 30, 2015 September 30, 2014 Unrealized loss at beginning of period, net of tax $ (574,311 ) $ (251,149 ) Amount reclassified from AOCI to noninterest income related to hedge ineffectiveness 15,561 (10,968 ) Amount reclassified from AOCI to interest expense related to caplet amortization 4,538 - Amount of income (loss) recognized in other comprehensive income, net of tax (292,591 ) 109,692 Unrealized loss at end of period $ (846,803 ) $ (152,425 ) Nine Months Ended September 30, 2015 September 30, 2014 Unrealized loss at beginning of period, net of tax $ (399,367 ) $ - Amount reclassified from AOCI to noninterest income related to hedge ineffectiveness 23,658 (10,968 ) Amount reclassified from AOCI to interest expense related to caplet amortization 6,904 - Amount of income (loss) recognized in other comprehensive income, net of tax (477,998 ) (141,457 ) Unrealized loss at end of period $ (846,803 ) $ (152,425 ) Changes in the fair value related to the ineffective portion of cash flow hedges are reported in noninterest income during the period of the change. As shown in the tables above, $15,561 and $23,658 of expense from the change in fair value for the three and nine months ended September 30, 2015, respectively, was due to ineffectiveness. There was income recognized of $10,968 related to the ineffectiveness of cash flow hedges during the three and nine months ended September 30, 2014. |
Note 5 - Federal Home Loan Bank
Note 5 - Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 5 – FEDERAL HOME LOAN BANK ADVANCES The subsidiary banks are members of the FHLB of Des Moines or Chicago. As of September 30, 2015 and December 31, 2014, the subsidiary banks held $9,227,800 and $11,279,000, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheet. During the second quarter of 2015, QCBT and CRBT prepaid a total of $75,500,000 of fixed rate FHLB advances with a weighted average interest rate of 4.36% and maturity dates ranging from May 2016 to June 2019. The prepayment fees associated with these advances totaled $5,692,185 and are included in losses on debt extinguishment in the statements of income. The prepayments were a part of the Company’s balance sheet restructuring, which is described in Note 7 to the Consolidated Financial Statements. Maturity and interest rate information on advances from the FHLB as of September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 Amount Due Weighted Average Interest Rate at Quarter-End Amount Due with Putable Option * Weighted Average Interest Rate at Quarter-End Maturity: Year ending December 31: 2015 $ 68,000,000 0.33 % $ - - % 2016 14,000,000 2.08 2,000,000 4.00 2017 18,000,000 2.89 - - 2018 33,000,000 3.33 5,000,000 2.84 Total FHLB advances $ 133,000,000 1.61 % $ 7,000,000 3.17 % December 31, 2014 Amount Due Weighted Average Interest Rate at Year-End Putable Option * Weighted Average Interest Rate at Year-End Maturity: Year ending December 31: 2015 $ 63,000,000 0.87 % $ - - % 2016 44,500,000 3.81 32,500,000 4.56 2017 33,000,000 3.59 15,000,000 4.42 2018 43,000,000 3.49 5,000,000 2.84 2019 20,000,000 4.12 - - Total FHLB advances $ 203,500,000 2.83 % $ 52,500,000 4.36 % *Of the advances outstanding, a portion have putable options which allow the FHLB, at its discretion, to terminate the advances and require the subsidiary banks to repay at predetermined dates prior to the stated maturity date of the advances. The amount of advances with putable options decreased $45.5 million from December 31, 2014 to September 30, 2015 due to the prepayment of advances having putable options. Advances are collateralized by loans totaling $450.9 million and $499.1 million, in the aggregate, as of September 30, 2015 and December 31, 2014, respectively. On pledged loans, the FHLB applies varying collateral maintenance levels from 125% to 333% based on the loan type. No securities were pledged as collateral on advances as of September 30, 2015 or December 31, 2014. As of September 30, 2015, and included with the 2015 maturity grouping above, are $61.0 million of short-term and overnight advances from the FHLB. These advances have maturities ranging from one day to one month. As of December 31, 2014, and included with the 2015 maturity grouping above, are $37.0 million of short-term advances from the FHLB. These advances have maturities ranging from two weeks to one month. |
Note 6 - Other Borrowings and U
Note 6 - Other Borrowings and Unused Lines of Credit | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 6 – OTHER BORROWINGS AND UNUSED LINES OF CREDIT Other borrowings as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 December 31, 2014 Wholesale structured repurchase agreements $ 115,000,000 $ 130,000,000 Term note - 17,625,000 Series A subordinated notes - 2,657,492 $ 115,000,000 $ 150,282,492 During the second quarter of 2015, CRBT prepaid a $10,000,000 wholesale structured repurchase agreement with an interest rate of 4.40% and a maturity in May 2019. The prepayment fee associated with the transaction totaled $1,202,000. This amount is included in losses on debt extinguishment in the statements of income. The wholesale structured repurchase agreement prepayments were a part of the Company’s balance sheet restructuring, which is described in Note 7 to the Consolidated Financial Statements. Maturity and interest rate information concerning wholesale structured repurchase agreements is summarized as follows: September 30, 2015 December 31, 2014 Weighted Weighted Average Average Interest Rate Interest Rate Amount Due at Quarter-End Amount Due at Year-End Maturity: Year ending December 31: 2015 $ - - $ 5,000,000 2.77 % 2016 - - - - 2017 10,000,000 3.00 10,000,000 3.00 2018 10,000,000 3.97 10,000,000 3.97 2019 50,000,000 3.41 60,000,000 3.57 Thereafter 45,000,000 2.66 45,000,000 2.66 Total Wholesale Structured Repurchase Agreements $ 115,000,000 3.13 % $ 130,000,000 3.21 % Some of the wholesale structured repurchase agreements have a one-time put option, at the discretion of the counterparty, to terminate the agreement and require the subsidiary bank to repay at predetermined dates prior to the stated maturity date of the agreement. Of the $115.0 million in wholesale structured repurchase agreements outstanding at September 30, 2015, $50.0 million are putable in 2016 and $20.0 million are putable in 2017. The wholesale structured repurchase agreements are collateralized by securities with a carrying value of $138.3 million and $153.8 million as of September 30, 2015 and December 31, 2014, respectively. At December 31, 2014, the Company had a 4-year term note with principal and interest due quarterly. Interest was calculated at the effective LIBOR rate plus 3.00% per annum (3.23% at December 31, 2014) and the balance totaled $17,625,000 at December 31, 2014. After two quarterly principal payments totaling $2,350,000 were made in January and April 2015, the resulting balance of the term debt was $15,275,000. In May 2015, the Company repaid this term note in its entirety without prepayment penalty and using proceeds from a common stock offering. Additional information regarding the capital raise and balance sheet restructuring is described in Note 7 to the Consolidated Financial Statements. Additionally, as of December 31, 2014, the Company maintained a $10.0 million revolving line of credit note where the interest is calculated at the effective LIBOR rate plus 2.50% per annum. At December 31, 2014, the Company had not borrowed on this revolving credit note and had the full amount available. At the renewal date in June 2015, the note was amended to increase the maximum amount available. The Company now maintains a $40.0 million revolving line of credit note, with interest calculated at the effective LIBOR rate plus 2.50% per annum. At September 30, 2015, the Company had not borrowed on this revolving credit note and had the full amount available. The current revolving note agreement contains certain covenants that place restrictions on additional debt and stipulate minimum capital and various operating ratios. As of December 31, 2014, the Company had Series A subordinated notes outstanding totaling $2.7 million with a maturity date of September 1, 2018 and interest payable semi-annually, in arrears, on June 30 and December 30 of each year. This debt was at a fixed rate of 6.00% per year. In June 2015, the Company redeemed all of these subordinated notes using proceeds from a common stock offering, leaving no remaining balance as of September 30, 2015. There was no penalty related to this redemption. At September 30, 2015, the subsidiary banks had 32 lines of credit totaling $347.2 million, of which $15.2 million was secured and $332.0 million was unsecured. At September 30, 2015, $266.2 million was available as $81.0 million was utilized for short-term borrowing needs at QCBT. At December 31, 2014, the subsidiary banks had 35 lines of credit totaling $351.6 million, of which $17.1 million was secured and $334.5 million was unsecured. At December 31, 2014, $237.6 million was available as $114.0 million was utilized for short-term borrowing needs at QCBT and RB&T. As of September 30, 2015 and December 31, 2014, the Company had Public Unit Deposit Letters of Credit with the FHLB of Des Moines totaling $55.0 million and $15.0 million, respectively. There were no amounts outstanding under these letters of credit as of either date. |
Note 7 - Common Stock Offering
Note 7 - Common Stock Offering and Balance Sheet Restructuring | 9 Months Ended |
Sep. 30, 2015 | |
Common Stock Offering And Balance Sheet Restructuring [Abstract] | |
Common Stock Offering And Balance Sheet Restructuring [Text Block] | NOTE 7 – COMMON STOCK OFFERING AND BALANCE SHEET RESTRUCTURING On May 13, 2015, the Company announced the closing of an underwritten public offering of 3,680,000 shares of its common stock at a price of $18.25 per share. The net proceeds to the Company, after deducting the underwriting discount and offering expenses, totaled $63.5 million. As a result of the capital raise, the Company’s regulatory capital ratios increased significantly. Additional information regarding regulatory capital is described in Note 8 to the Consolidated Financial Statements. The Company utilized the proceeds from the common stock offering to restructure certain debt obligations and to bolster overall capital levels. Specifically, the Company repaid $15.3 million of holding company senior debt at an interest rate of 3.27%, and $2.7 million of subordinated debt at an interest rate of 6.00%. Additionally, $85.5 million of FHLB advances and wholesale structured repurchase agreements at a weighted average interest rate of 4.36% were prepaid at QCBT and CRBT. As a result of this planned restructuring, the Company incurred $6.9 million (pre-tax) in losses for debt extinguishment that were recognized in the second quarter of 2015. Of the $103.5 million in debt extinguishments, $63.5 million was funded with the proceeds from the common stock issuance. Approximately $27.7 million was funded through the maturity of low-yielding securities. Brokered CDs and overnight FHLB advances were utilized to fund the remaining $12.3 million. The weighted average interest rate on these new borrowings was approximately 0.90%. This restructuring and deleveraging significantly reduced the wholesale borrowings portfolio of the Company, which includes FHLB advances, wholesale structured repurchase agreements, and brokered time deposits. The table below presents the maturity schedule including weighted average cost for the Company’s combined wholesale borrowings portfolio. September 30, 2015 December 31, 2014 Weighted Weighted Average Average Interest Rate Interest Rate Maturity: Amount Due at Quarter-End Amount Due at Year-End Year ending December 31: (dollar amounts in thousands) 2015 $ 84,916 0.33 % $ 103,818 0.92 % 2016 26,142 1.52 50,642 3.51 2017 49,055 2.07 53,965 2.96 2018 60,283 2.93 60,042 3.41 2019 59,341 3.07 83,152 3.59 Thereafter 51,141 2.64 51,141 2.64 Total Wholesale Borrowings $ 330,878 2.00 % $ 402,760 2.66 % Total wholesale borrowings decreased $71.9 million from December 31, 2014 to September 30, 2015. Specifically, FHLB advances decreased $70.5 million, wholesale structured repurchase agreements decreased $15.0 million, and brokered time deposits increased $13.6 million, as liquidity needs were supplemented with this source. The average cost of wholesale borrowings decreased from 2.66% to 2.00% and the average duration shortened, as many of the borrowings that were extinguished were long-term in nature. Of the $85.5 million in FHLB advances and wholesale structured repurchase agreements that were prepaid, $30.5 million were set to mature in 2016, $15.0 million in 2017, $10.0 million in 2018 and $30.0 million in 2019. The weighted average duration of these borrowings was 2.56 years. |
Note 8 - Regulatory Capital Req
Note 8 - Regulatory Capital Requirements and Restrictions on Dividends | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 8 – REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS ON DIVIDENDS The Company (on a consolidated basis) and the subsidiary banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and subsidiary banks’ financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the subsidiary banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the subsidiary banks to maintain minimum amounts and ratios (set forth in the following table) of total common equity Tier 1 and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets, each as defined by regulation. Management believes, as of September 30, 2015 and December 31, 2014, that the Company and the subsidiary banks met all capital adequacy requirements to which they are subject. Under the regulatory framework for prompt corrective action, to be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage and common equity Tier 1 ratios as set forth in the following tables. The Company and the subsidiary banks’ actual capital amounts and ratios as of September 30, 2015 and December 31, 2014 are also presented in the following table (dollars in thousands). As of September 30, 2015 and December 31, 2014, each of the subsidiary banks met the requirements to be “well capitalized”. To Be Well Capitalized Under New For Capital Prompt Corrective Basel III Actual Adequacy Purposes Action Provisions Minimums* Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2015: Company: Total risk-based capital $ 274,586 13.06 % $ 168,246 > 8.0 % $ 210,308 > 10.0 % $ 168,246 > 8.0 % Tier 1 risk-based capital 248,802 11.83 % 126,185 > 6.0 168,246 > 8.0 126,185 > 6.0 Tier 1 leverage 248,802 9.73 % 102,260 > 4.0 127,825 > 5.0 102,260 > 4.0 Common equity Tier 1 213,710 10.16 % 94,638 > 4.5 136,700 > 6.5 94,638 > 4.5 Quad City Bank & Trust: Total risk-based capital $ 131,695 12.64 % $ 83,340 > 8.0 % $ 104,175 > 10.0 % $ 83,340 > 8.0 % Tier 1 risk-based capital 120,268 11.54 % 62,505 > 6.0 83,340 > 8.0 62,505 > 6.0 Tier 1 leverage 120,268 8.97 % 53,610 > 4.0 67,012 > 5.0 53,610 > 4.0 Common equity Tier 1 120,268 11.54 % 46,879 > 4.5 67,714 > 6.5 46,879 > 4.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 103,138 13.81 % $ 59,755 > 8.0 % $ 74,694 > 10.0 % $ 59,755 > 8.0 % Tier 1 risk-based capital 93,784 12.56 % 44,817 > 6.0 59,755 > 8.0 44,817 > 6.0 Tier 1 leverage 93,784 10.68 % 35,121 > 4.0 43,901 > 5.0 35,121 > 4.0 Common equity Tier 1 93,784 12.56 % 33,612 > 4.5 48,551 > 6.5 33,612 > 4.5 Rockford Bank & Trust: Total risk-based capital $ 38,827 12.40 % $ 25,047 > 8.0 % $ 31,308 > 10.0 % $ 25,047 > 8.0 % Tier 1 risk-based capital 34,909 11.15 % 18,785 > 6.0 25,047 > 8.0 18,785 > 6.0 Tier 1 leverage 34,909 9.63 % 14,495 > 4.0 18,119 > 5.0 14,495 > 4.0 Common equity Tier 1 34,909 11.15 % 14,089 > 4.5 20,350 > 6.5 14,089 > 4.5 *The minimums under Basel III phase in higher by .625% (the capital conservation buffer) annually until 2019. The fully phased-in mimimums are To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2014: Company: Total risk-based capital $ 204,376 10.91 % $ 149,876 > 8.0 % N/A N/A Tier 1 risk-based capital 178,364 9.52 % 74,938 > 4.0 % N/A N/A Tier 1 leverage 178,364 7.62 % 93,658 > 4.0 % N/A N/A Quad City Bank & Trust: Total risk-based capital $ 104,869 11.26 % $ 74,495 > 8.0 % $ 93,119 > 10.00 % Tier 1 risk-based capital 93,785 10.07 % 37,248 > 4.0 55,872 > 6.0 Tier 1 leverage 93,785 7.10 % 52,817 > 4.0 66,021 > 5.0 Cedar Rapids Bank & Trust: Total risk-based capital $ 76,662 11.54 % $ 53,126 > 8.0 % $ 66,407 > 10.0 % Tier 1 risk-based capital 68,772 10.36 % 26,563 > 4.0 39,844 > 6.0 Tier 1 leverage 68,772 8.21 % 33,525 > 4.0 41,906 > 5.0 Rockford Bank & Trust: Total risk-based capital $ 35,906 12.56 % $ 22,875 > 8.0 % $ 28,594 > 10.0 % Tier 1 risk-based capital 32,325 11.30 % 11,438 > 4.0 17,156 > 6.0 Tier 1 leverage 32,325 9.16 % 14,112 > 4.0 17,640 > 5.0 In July 2013, the U.S. federal banking authorities approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act. The Basel III Rules are applicable to all U.S. banks that are subject to minimum capital requirements, as well as to bank and savings and loan holding companies other than “small bank holding companies” (generally bank holding companies with consolidated assets of less than $1 billion). The Basel III Rules not only increased most of the required minimum regulatory capital ratios, but they introduced a new common equity Tier 1 capital ratio and the concept of a capital conservation buffer. Failure to maintain capital levels above Basel III minimums may lead to restrictions on dividends, share buybacks, discretionary payments on Tier 1 instruments and discretionary bonus payments. The Basel III Rules also permit smaller banking organizations to retain, through a one-time election, the existing treatment for AOCI, which excluded the affect of AOCI from regulatory capital. The Company made this election in the first quarter of 2015. On August 27, 2015, the Company filed a universal shelf registration statement on Form S-3 with the SEC. This registration statement, declared effective by the SEC on October 5, 2015, will allow the Company to issue various types of securities, including common stock, preferred stock, debt securities or warrants, from time to time, up to an aggregate amount of $100.0 million. The specific terms and prices of the securities will be determined at the time of any future offering and described in a separate prospectus supplement, which would be filed with the SEC at the time of the particular offering, if any. |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 9 - EARNINGS PER SHARE The following information was used in the computation of EPS on a basic and diluted basis: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Net income $ 6,488,987 $ 4,062,665 $ 10,143,058 $ 11,959,716 Less: Preferred stock dividends - - - 1,081,877 Net income attributable to QCR Holdings, Inc. common stockholders $ 6,488,987 $ 4,062,665 $ 10,143,058 $ 10,877,839 Earnings per common share attributable to QCR Holdings, Inc. common stockholders Basic $ 0.55 $ 0.51 $ 1.03 $ 1.37 Diluted $ 0.55 $ 0.50 $ 1.01 $ 1.35 Weighted average common shares outstanding* 11,713,993 7,931,944 9,878,882 7,919,201 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 161,937 122,041 145,559 121,217 Weighted average common and common equivalent shares outstanding 11,875,930 8,053,985 10,024,441 8,040,418 *The increase in weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 7 to the Consolidated Financial Statements. |
Note 10 - Fair Value
Note 10 - Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 10 – FAIR VALUE Accounting guidance on fair value measurement uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three levels and is based upon the valuation techniques used to measure assets and liabilities. The three levels are as follows: ● Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets; ● Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Assets measured at fair value on a recurring basis comprise the following at September 30, 2015 and December 31, 2014: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 247,624,591 $ - $ 247,624,591 $ - Residential mortgage-backed and related securities 74,901,559 - 74,901,559 - Municipal securities 27,701,652 - 27,701,652 - Other securities 1,906,549 354,128 1,552,421 - Derivative instruments 784,655 - 784,655 - $ 352,919,006 $ 354,128 $ 352,564,878 $ - December 31, 2014: Securities available for sale: U.S. govt. sponsored agency securities $ 307,869,572 $ - $ 307,869,572 $ - Residential mortgage-backed and related securities 111,423,224 - 111,423,224 - Municipal securities 30,399,981 - 30,399,981 - Other securities 1,966,853 345,952 1,620,901 - Derivative instruments 1,487,386 - 1,487,386 $ 453,147,016 $ 345,952 $ 452,801,064 $ - There were no transfers of assets or liabilities between Levels 1, 2, and 3 of the fair value hierarchy for the nine months ended September 30, 2015 or 2014. A small portion of the securities available for sale portfolio consists of common stock issued by various unrelated bank holding companies. The fair values used by the Company are obtained from an independent pricing service and represent quoted market prices for the identical securities (Level 1 inputs). The remainder of the securities available for sale portfolio consists of securities whereby the Company obtains fair values from an independent pricing service. The fair values are determined by pricing models that consider observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2 inputs). Derivative instruments consist of interest rate caps that are used for the purpose of hedging interest rate risk. See Note 4 to the Consolidated Financial Statements for the details of these instruments. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 inputs). Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets measured at fair value on a non-recurring basis comprise the following at September 30, 2015 and December 31, 2014: Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 September 30, 2015: Impaired loans/leases $ 4,849,718 $ - $ - $ 4,849,718 OREO 8,791,506 - - 8,791,506 $ 13,641,224 $ - $ - $ 13,641,224 December 31, 2014: Impaired loans/leases $ 12,467,362 $ - $ - $ 12,467,362 OREO 13,789,047 - - 13,789,047 $ 26,256,409 $ - $ - $ 26,256,409 Impaired loans/leases are evaluated and valued at the time the loan/lease is identified as impaired, at the lower of cost or fair value, and are classified as Level 3 in the fair value hierarchy. Fair value is measured based on the value of the collateral securing these loans/leases. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable, and is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. OREO in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as Level 3 in the fair value hierarchy. The estimated fair value of the property is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the property. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Quantitave Information about Level Fair Value Measurments Fair Value September 30, 2015 Fair Value December 31, 2014 Valuation Technique Unobservable Input Range Impaired loans/leases $ 4,849,718 $ 12,467,362 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 8,791,506 13,789,047 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% For the impaired loans/leases and OREO, the Company records carrying value at fair value less disposal or selling costs. The amounts reported in the tables above are fair values before the adjustment for disposal or selling costs. There have been no changes in valuation techniques used for any assets measured at fair value during the nine months ended September 30, 2015 and 2014. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company’s consolidated balance sheets, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: Fair Value As of September 30, 2015 As of December 31, 2014 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 41,053,241 $ 41,053,241 $ 38,235,019 $ 38,235,019 Federal funds sold Level 2 34,330,000 34,330,000 46,780,000 46,780,000 Interest-bearing deposits at financial institutions Level 2 32,275,631 32,275,631 35,334,682 35,334,682 Investment securities: Held to maturity Level 3 238,640,598 239,420,841 199,879,574 201,113,796 Available for sale See Previous Table 352,134,351 352,134,351 451,659,630 451,659,630 Loans/leases receivable, net Level 3 4,490,480 4,849,718 11,543,854 12,467,362 Loans/leases receivable, net Level 2 1,725,647,545 1,735,872,520 1,595,384,851 1,606,646,146 Derivative instruments Level 2 784,655 784,655 1,487,386 1,487,386 Deposits: Nonmaturity deposits Level 2 1,469,462,729 1,469,462,729 1,304,044,099 1,304,044,099 Time deposits Level 2 385,856,258 386,900,000 375,623,914 376,509,000 Short-term borrowings Level 2 167,564,212 167,564,212 268,351,670 268,351,670 FHLB advances Level 2 133,000,000 135,877,000 203,500,000 208,172,000 Other borrowings Level 2 115,000,000 123,363,000 150,282,492 159,741,000 Junior subordinated debentures Level 2 40,526,691 28,887,138 40,423,735 28,585,294 |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 11 – BUSINESS SEGMENT INFORMATION Selected financial and descriptive information is required to be disclosed for reportable operating segments, applying a “management perspective” as the basis for identifying reportable segments. The management perspective is determined by the view that management takes of the segments within the Company when making operating decisions, allocating resources, and measuring performance. The segments of the Company have been defined by the structure of the Company’s internal organization, focusing on the financial information that the Company’s operating decision-makers routinely use to make decisions about operating matters. The Company’s primary segment, Commercial Banking, is geographically divided by markets into the secondary segments which are the three subsidiary banks wholly owned by the Company: QCBT, CRBT, and RB&T. Each of these secondary segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services. The Company’s Wealth Management segment represents the trust and asset management and investment management and advisory services offered at the Company’s three subsidiary banks in aggregate. This segment generates income primarily from fees charged based on assets under administration for corporate and personal trusts, custodial services, and investments managed. No assets of the subsidiary banks have been allocated to the Wealth Management segment. The Company’s All Other segment includes the operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. This segment includes the corporate operations of the parent company. Selected financial information on the Company’s business segments is presented as follows as of and for the three and nine months ended September 30, 2015 and 2014. Commercial Banking Quad City Bank & Trust Cedar Rapids Bank & Trust Rockford Bank & Trust Wealth All Other Intercompany Consolidated Three Months Ended September 30, 2015 Total revenue $ 14,039,050 $ 10,390,806 $ 4,095,882 $ 2,314,406 $ 7,936,414 $ (7,986,520 ) $ 30,790,038 Net interest income $ 10,728,143 $ 6,956,027 $ 2,771,214 $ - $ (317,858 ) $ - $ 20,137,526 Net income $ 3,786,289 $ 2,893,397 $ 847,709 $ 373,801 $ 6,488,988 $ (7,901,197 ) $ 6,488,987 Total assets $ 1,328,053,105 $ 867,064,041 $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 910,263 $ 550,000 $ 175,000 $ - $ - $ - $ 1,635,263 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ 1,521,287 Three Months Ended September 30, 2014 Total revenue $ 12,467,712 $ 8,853,958 $ 3,595,245 $ 2,082,609 $ 5,526,296 $ (5,567,505 ) $ 26,958,315 Net interest income $ 9,234,089 $ 6,179,763 $ 2,584,613 $ - $ (523,134 ) $ - $ 17,475,331 Net income $ 2,602,238 $ 1,861,236 $ 669,814 $ 358,997 $ 4,062,665 $ (5,492,285 ) $ 4,062,665 Total assets $ 1,274,033,270 $ 822,348,680 $ 346,791,265 $ - $ 212,236,225 $ (204,813,887 ) $ 2,450,595,553 Provision $ 609,657 $ 331,666 $ 122,000 $ - $ - $ - $ 1,063,323 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,720,799 $ - $ - $ - $ - $ 1,720,799 Nine Months Ended September 30, 2015 Total revenue $ 39,824,626 $ 28,662,969 $ 11,536,814 $ 6,927,453 $ 14,489,717 $ (14,721,751 ) $ 86,719,828 Net interest income $ 29,745,080 $ 19,836,835 $ 8,089,626 $ - $ (1,260,962 ) $ - $ 56,410,579 Net income $ 6,578,479 $ 4,645,136 $ 1,895,933 $ 1,271,661 $ 10,143,059 $ (14,391,210 ) $ 10,143,058 Total assets $ 1,328,053,105 $ 867,064,041 $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 3,466,384 $ 1,650,000 $ 578,000 $ - $ - $ - $ 5,694,384 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ 1,521,287 Nine Months Ended September 30, 2014 Total revenue $ 36,368,665 $ 25,972,122 $ 10,779,962 $ 6,387,215 $ 16,016,503 $ (16,245,340 ) $ 79,279,127 Net interest income $ 27,235,902 $ 17,820,878 $ 7,637,029 $ - $ (1,403,894 ) $ - $ 51,289,915 Net income $ 7,397,943 $ 5,577,993 $ 1,755,117 $ 1,205,204 $ 11,959,716 $ (15,936,257 ) $ 11,959,716 Total assets $ 1,274,033,270 $ 822,348,680 $ 346,791,265 $ - $ 212,236,225 $ (204,813,887 ) $ 2,450,595,553 Provision $ 1,779,698 $ 881,666 $ 498,000 $ - $ - $ - $ 3,159,364 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,720,799 $ - $ - $ - $ - $ 1,720,799 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of presentation The financial information of the Company included herein has been prepared in accordance with U.S. generally accepted accounting principles for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management’s discussion and analysis are due to rounding. The results of the interim period ended September 30, 2015, are not necessarily indicative of the results expected for the year ending December 31, 2015. The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements as well as in Management’s Discussion & Analysis of Financial Condition & Results of Operations. It may be helpful to refer back to this page as you read this report. Allowance: Allowance for estimated losses on loans/leases NIM: Net interest margin AOCI: Accumulated other comprehensive income (loss) NPA: Nonperforming asset ASU: Accounting Standards Update NPL: Nonperforming loan BOLI: Bank-owned life insurance OREO: Other real estate owned Community National: Community National Bancorporation OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company Provision: Provision for loan/lease losses Dodd-Frank Act: Dodd-Frank Wall Street Reform and QCBT: Quad City Bank & Trust Company Consumer Protection Act RB&T: Rockford Bank & Trust Company EPS: Earnings per share SBA: U.S. Small Business Administration Exchange Act: Securities Exchange Act of 1934, as amended SEC: Securities and Exchange Commission FASB: Financial Accounting Standards Board TA: Tangible assets FDIC: Federal Deposit Insurance Corporation TCE: Tangible common equity FHLB: Federal Home Loan Bank TDRs: Troubled debt restructurings m2: m2 Lease Funds, LLC USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include three commercial banks: QCBT, CRBT, and RB&T. All are state-chartered commercial banks. The Company also engages in direct financing lease contracts through m2 Lease Funds, a wholly-owned subsidiary of QCBT. All material intercompany transactions and balances have been eliminated in consolidation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting developments Revenue from Contracts with Customers FASB recently issued ASU 2015-14 which defers the effective date in order to provide additional time for both public and private entities to evaluate the impact. ASU 2014-09 will now be effective for the Company on January 1, 2018 and it is not expected to have a significant impact on the Company’s consolidated financial statements. In February 2015, FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Note 2 - Investment Securities (Tables) [Line Items] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value September 30, 2015 Securities held to maturity: Municipal securities $ 237,590,598 $ 2,429,898 $ (1,649,655 ) $ 238,370,841 Other securities 1,050,000 - - 1,050,000 $ 238,640,598 $ 2,429,898 $ (1,649,655 ) $ 239,420,841 Securities available for sale: U.S. govt. sponsored agency securities $ 247,911,701 $ 577,904 $ (865,014 ) $ 247,624,591 Residential mortgage-backed and related securities 74,444,924 938,379 (481,744 ) 74,901,559 Municipal securities 26,815,175 925,922 (39,445 ) 27,701,652 Other securities 1,344,814 633,415 (71,680 ) 1,906,549 $ 350,516,614 $ 3,075,620 $ (1,457,883 ) $ 352,134,351 December 31, 2014: Securities held to maturity: Municipal securities $ 198,829,574 $ 2,420,298 $ (1,186,076 ) $ 200,063,796 Other securities 1,050,000 - - 1,050,000 $ 199,879,574 $ 2,420,298 $ (1,186,076 ) $ 201,113,796 Securities available for sale: U.S. govt. sponsored agency securities $ 312,959,760 $ 173,685 $ (5,263,873 ) $ 307,869,572 Residential mortgage-backed and related securities 110,455,925 1,508,331 (541,032 ) 111,423,224 Municipal securities 29,408,740 1,053,713 (62,472 ) 30,399,981 Other securities 1,342,554 625,145 (846 ) 1,966,853 $ 454,166,979 $ 3,360,874 $ (5,868,223 ) $ 451,659,630 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2015: Securities held to maturity: Municipal securities $ 53,289,140 $ (1,053,551 ) $ 15,450,731 $ (596,104 ) $ 68,739,871 $ (1,649,655 ) Securities available for sale: U.S. govt. sponsored agency securities $ 54,246,955 $ (229,249 ) $ 74,289,108 $ (635,765 ) $ 128,536,063 $ (865,014 ) Residential mortgage-backed and related securities 18,732,443 (126,214 ) 20,731,733 (355,530 ) 39,464,176 (481,744 ) Municipal securities 1,621,304 (11,388 ) 852,734 (28,057 ) 2,474,038 (39,445 ) Other securities 71,751 (71,680 ) - - 71,751 (71,680 ) $ 74,672,453 $ (438,531 ) $ 95,873,575 $ (1,019,352 ) $ 170,546,028 $ (1,457,883 ) December 31, 2014: Securities held to maturity: Municipal securities $ 20,419,052 $ (587,992 ) $ 38,779,545 $ (598,084 ) $ 59,198,597 $ (1,186,076 ) Securities available for sale: U.S. govt. sponsored agency securities $ 23,970,085 $ (102,695 ) $ 255,743,056 $ (5,161,178 ) $ 279,713,141 $ (5,263,873 ) Residential mortgage-backed and related securities 10,710,671 (10,139 ) 37,570,774 (530,893 ) 48,281,445 (541,032 ) Municipal securities 920,935 (1,773 ) 4,425,337 (60,699 ) 5,346,272 (62,472 ) Other securities 243,004 (846 ) - - 243,004 (846 ) $ 35,844,695 $ (115,453 ) $ 297,739,167 $ (5,752,770 ) $ 333,583,862 $ (5,868,223 ) |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Proceeds from sales of securities $ 11,922,915 $ 39,876,889 $ 65,889,838 $ 65,754,467 Pre-tax gross gains from sales of securities 102,766 357,934 672,317 379,130 Pre-tax gross losses from sales of securities (46,186 ) (338,505 ) (198,804 ) (338,505 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 4,391,209 $ 4,396,637 Due after one year through five years 17,965,982 18,089,831 Due after five years 216,283,407 216,934,373 $ 238,640,598 $ 239,420,841 Securities available for sale: Due in one year or less $ 1,356,439 $ 1,360,215 Due after one year through five years 120,148,336 120,643,573 Due after five years 153,222,101 153,322,455 $ 274,726,876 $ 275,326,243 Residential mortgage-backed and related securities 74,444,924 74,901,559 Other securities 1,344,814 1,906,549 $ 350,516,614 $ 352,134,351 Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 131,904,972 $ 132,612,402 Securities available for sale: U.S. govt. sponsored agency securities 159,441,770 158,761,957 Municipal securities 16,774,804 17,200,807 $ 176,216,574 $ 175,962,764 |
Schedule of Debt [Table Text Block] | September 30, 2015 December 31, 2014 Wholesale structured repurchase agreements $ 115,000,000 $ 130,000,000 Term note - 17,625,000 Series A subordinated notes - 2,657,492 $ 115,000,000 $ 150,282,492 |
Bonds [Member] | |
Note 2 - Investment Securities (Tables) [Line Items] | |
Schedule of Debt [Table Text Block] | September 30, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 20,225,477 $ 20,363,737 $ 1,357,582 Illinois 10 11,851,955 12,191,238 1,219,124 Missouri 12 7,930,365 7,968,565 664,047 North Dakota 3 6,675,000 6,767,961 2,255,987 Other 41 17,122,829 17,398,100 424,344 Total general obligation bonds 81 $ 63,805,626 $ 64,689,601 $ 798,637 December 31, 2014: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 14 $ 20,156,969 $ 20,446,655 $ 1,460,475 Illinois 10 22,447,799 22,784,638 2,278,464 Missouri 11 8,424,928 8,426,047 766,004 Other 42 16,838,719 17,110,831 407,401 Total general obligation bonds 77 $ 67,868,415 $ 68,768,171 $ 893,093 September 30, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 40 $ 75,016,470 $ 75,197,907 $ 1,879,948 Iowa 26 71,365,816 71,890,381 2,765,015 Indiana 14 34,701,481 34,707,516 2,479,108 Kansas 3 11,751,560 11,688,179 3,896,060 Other 4 7,764,820 7,898,909 1,974,727 Total revenue bonds 87 $ 200,600,147 $ 201,382,892 $ 2,314,746 December 31, 2014: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 30 $ 62,358,276 $ 62,584,516 $ 2,086,151 Iowa 20 59,417,246 60,402,941 3,020,147 Indiana 8 17,991,200 17,925,721 2,240,715 Kansas 2 12,307,866 12,332,528 6,166,264 Other 4 8,295,311 8,449,900 2,112,475 Total revenue bonds 64 $ 160,369,899 $ 161,695,606 $ 2,526,494 |
Note 3 - Loans_Leases Receiva21
Note 3 - Loans/Leases Receivable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of September 30, As of December 31, 2015 2014 Commercial and industrial loans $ 647,398,566 $ 523,927,140 Commercial real estate loans Owner-occupied commercial real estate 247,779,183 260,069,080 Commercial construction, land development, and other land 45,011,361 68,118,989 Other non owner-occupied commercial real estate 399,778,590 373,952,353 692,569,134 702,140,422 Direct financing leases * 173,304,223 166,032,416 Residential real estate loans ** 165,060,663 158,632,492 Installment and other consumer loans 69,862,991 72,606,480 1,748,195,577 1,623,338,950 Plus deferred loan/lease origination costs, net of fees 7,476,792 6,664,120 1,755,672,369 1,630,003,070 Less allowance for estimated losses on loans/leases (25,534,344 ) (23,074,365 ) $ 1,730,138,025 $ 1,606,928,705 * Direct financing leases: Net minimum lease payments to be received $ 195,626,557 $ 188,181,432 Estimated unguaranteed residual values of leased assets 1,165,706 1,488,342 Unearned lease/residual income (23,488,040 ) (23,637,358 ) 173,304,223 166,032,416 Plus deferred lease origination costs, net of fees 6,710,311 6,639,244 180,014,534 172,671,660 Less allowance for estimated losses on leases (3,248,633 ) (3,442,915 ) $ 176,765,901 $ 169,228,745 |
Past Due Financing Receivables [Table Text Block] | As of September 30, 2015 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total Commercial and Industrial $ 637,545,096 $ 4,169,089 $ 148,932 $ - $ 5,535,449 $ 647,398,566 Commercial Real Estate Owner-Occupied Commercial Real Estate 246,787,360 80,056 - - 911,767 247,779,183 Commercial Construction, Land Development, and Other Land 44,788,952 - - - 222,409 45,011,361 Other Non Owner-Occupied Commercial Real Estate 397,650,373 163,163 349,588 - 1,615,466 399,778,590 Direct Financing Leases 171,036,424 892,496 279,815 - 1,095,488 173,304,223 Residential Real Estate 163,433,860 46,638 46,626 - 1,533,539 165,060,663 Installment and Other Consumer 69,333,416 121,009 51,505 2,411 354,650 69,862,991 $ 1,730,575,481 $ 5,472,451 $ 876,466 $ 2,411 $ 11,268,768 $ 1,748,195,577 As a percentage of total loan/lease portfolio 99.00 % 0.31 % 0.05 % 0.00 % 0.64 % 100.00 % As of December 31, 2014 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total Commercial and Industrial $ 515,616,752 $ 323,145 $ - $ 822 $ 7,986,421 $ 523,927,140 Commercial Real Estate Owner-Occupied Commercial Real Estate 259,166,743 239,771 - - 662,566 260,069,080 Commercial Construction, Land Development, and Other Land 67,021,157 729,983 111,837 - 256,012 68,118,989 Other Non Owner-Occupied Commercial Real Estate 360,970,551 3,448,902 2,840,862 60,000 6,632,038 373,952,353 Direct Financing Leases 164,059,914 573,575 293,212 - 1,105,715 166,032,416 Residential Real Estate 154,303,644 2,528,287 475,343 25,673 1,299,545 158,632,492 Installment and Other Consumer 71,534,329 172,872 246,882 6,916 645,481 72,606,480 $ 1,592,673,090 $ 8,016,535 $ 3,968,136 $ 93,411 $ 18,587,778 $ 1,623,338,950 As a percentage of total loan/lease portfolio 98.11 % 0.49 % 0.24 % 0.01 % 1.15 % 100.00 % |
Schedule of Nonperforming Loans Leases [Table Text Block] | As of September 30, 2015 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Accruing TDRs Total NPLs Percentage of Total NPLs Commercial and Industrial $ - $ 5,535,449 $ 174,071 $ 5,709,520 46.37 % Commercial Real Estate Owner-Occupied Commercial Real Estate - 911,767 - 911,767 7.41 % Commercial Construction, Land Development, and Other Land - 222,409 - 222,409 1.81 % Other Non Owner-Occupied Commercial Real Estate - 1,615,466 - 1,615,466 13.12 % Direct Financing Leases - 1,095,488 - 1,095,488 8.90 % Residential Real Estate - 1,533,539 406,712 1,940,251 15.76 % Installment and Other Consumer 2,411 354,650 459,129 816,190 6.63 % $ 2,411 $ 11,268,768 $ 1,039,912 $ 12,311,091 100.00 % As of December 31, 2014 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Accruing TDRs Total NPLs Percentage of Total NPLs Commercial and Industrial $ 822 $ 7,986,421 $ 235,926 $ 8,223,169 40.91 % Commercial Real Estate $ - Owner-Occupied Commercial Real Estate - 662,566 - $ 662,566 3.30 % Commercial Construction, Land Development, and Other Land - 256,012 - $ 256,012 1.27 % Other Non Owner-Occupied Commercial Real Estate 60,000 6,632,038 - $ 6,692,038 33.29 % Direct Financing Leases - 1,105,715 233,557 $ 1,339,272 6.66 % Residential Real Estate 25,673 1,299,545 489,183 $ 1,814,401 9.02 % Installment and Other Consumer 6,916 645,481 462,552 $ 1,114,949 5.55 % $ 93,411 $ 18,587,778 $ 1,421,218 $ 20,102,407 100.00 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,020,866 $ 9,929,656 $ 3,352,303 $ 1,720,135 $ 1,123,040 $ 26,146,000 Provisions charged to expense 520,058 573,119 361,071 130,742 50,273 1,635,263 Loans/leases charged off (145,665 ) (1,813,973 ) (483,420 ) (25,928 ) (6,837 ) (2,475,823 ) Recoveries on loans/leases previously charged off 136,909 19,913 18,679 4,107 49,296 228,904 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Three Months Ended September 30, 2014 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 6,549,378 $ 10,277,692 $ 3,319,131 $ 1,439,185 $ 1,481,638 $ 23,067,024 Provisions (credits) charged to expense 851,542 (196,865 ) 509,657 (53,963 ) (47,048 ) 1,063,323 Loans/leases charged off (741,127 ) (120,505 ) (741,478 ) (42,022 ) (86,370 ) (1,731,502 ) Recoveries on loans/leases previously charged off 254,265 68,346 19,577 9,870 17,014 369,072 Balance, ending $ 6,914,058 $ 10,028,668 $ 3,106,887 $ 1,353,070 $ 1,365,234 $ 22,767,917 Nine Months Ended September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,750,317 $ 8,353,386 $ 3,442,915 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,513,430 2,490,766 1,238,505 324,925 126,758 5,694,384 Loans/leases charged off (391,303 ) (2,165,049 ) (1,496,010 ) (25,928 ) (40,886 ) (4,119,176 ) Recoveries on loans/leases previously charged off 659,724 29,612 63,223 4,107 128,105 884,771 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Nine Months Ended September 30, 2014 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 5,648,774 $ 10,705,434 $ 2,517,217 $ 1,395,849 $ 1,180,774 $ 21,448,048 Provisions (credits) charged to expense 1,930,050 (460,356 ) 1,428,678 42,712 218,280 3,159,364 Loans/leases charged off (967,207 ) (436,056 ) (885,966 ) (95,464 ) (102,107 ) (2,486,800 ) Recoveries on loans/leases previously charged off 302,441 219,646 46,958 9,973 68,287 647,305 Balance, ending $ 6,914,058 $ 10,028,668 $ 3,106,887 $ 1,353,070 $ 1,365,234 $ 22,767,917 As of September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,649,170 $ 154,086 $ 153,333 $ 250,084 $ 345,457 $ 3,552,130 Allowance for nonimpaired loans/leases 7,882,998 8,554,629 3,095,300 1,578,972 870,315 21,982,214 $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Impaired loans/leases $ 5,036,852 $ 2,739,644 $ 1,095,486 $ 1,940,250 $ 813,778 $ 11,626,010 Nonimpaired loans/leases 642,361,714 689,829,490 172,208,737 163,120,413 69,049,213 1,736,569,567 $ 647,398,566 $ 692,569,134 $ 173,304,223 $ 165,060,663 $ 69,862,991 $ 1,748,195,577 Allowance as a percentage of impaired loans/leases 52.60 % 5.62 % 14.00 % 12.89 % 42.45 % 30.55 % Allowance as a percentage of nonimpaired loans/leases 1.23 % 1.24 % 1.80 % 0.97 % 1.26 % 1.27 % 1.63 % 1.26 % 1.87 % 1.11 % 1.74 % 1.45 % As of December 31, 2014 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 3,300,199 $ 1,170,020 $ 356,996 $ 151,663 $ 265,795 $ 5,244,673 Allowance for nonimpaired loans/leases 5,450,118 7,183,366 3,085,919 1,374,289 736,000 17,829,692 $ 8,750,317 $ 8,353,386 $ 3,442,915 $ 1,525,952 $ 1,001,795 $ 23,074,365 Impaired loans/leases $ 7,279,709 $ 7,433,383 $ 1,339,272 $ 1,788,729 $ 1,165,548 $ 19,006,641 Nonimpaired loans/leases 516,647,431 694,707,039 164,693,144 156,843,763 71,440,932 1,604,332,309 $ 523,927,140 $ 702,140,422 $ 166,032,416 $ 158,632,492 $ 72,606,480 $ 1,623,338,950 Allowance as a percentage of impaired loans/leases 45.33 % 15.74 % 26.66 % 8.48 % 22.80 % 27.59 % Allowance as a percentage of nonimpaired loans/leases 1.05 % 1.03 % 1.87 % 0.88 % 1.03 % 1.11 % 1.67 % 1.19 % 2.07 % 0.96 % 1.38 % 1.42 % |
Impaired Financing Receivables [Table Text Block] | Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: Commercial and Industrial $ 360,420 $ 470,197 $ - $ 370,376 $ 5,579 $ 5,579 Commercial Real Estate Owner-Occupied Commercial Real Estate 431,065 524,839 - 510,604 - - Commercial Construction, Land Development, and Other Land - - - 17,291 - - Other Non Owner-Occupied Commercial Real Estate 1,973,169 1,973,169 - 3,412,360 - - Direct Financing Leases 579,219 579,219 - 797,396 4,142 4,142 Residential Real Estate 661,490 697,067 - 1,036,845 1,845 1,845 Installment and Other Consumer 12,666 12,666 - 448,095 4,387 4,387 $ 4,018,029 $ 4,257,157 $ - $ 6,592,967 $ 15,953 $ 15,953 Impaired Loans/Leases with Specific Allowance Recorded: Commercial and Industrial $ 4,676,432 $ 4,681,930 $ 2,649,170 $ 4,792,439 $ - $ - Commercial Real Estate Owner-Occupied Commercial Real Estate - - - - - - Commercial Construction, Land Development, and Other Land 335,410 576,228 154,086 335,963 - - Other Non Owner-Occupied Commercial Real Estate - - - - - - Direct Financing Leases 516,267 516,267 153,333 379,841 - - Residential Real Estate 1,278,760 1,278,760 250,084 835,674 6,778 6,778 Installment and Other Consumer 801,112 801,112 345,457 699,182 5,903 5,903 $ 7,607,981 $ 7,854,297 $ 3,552,130 $ 7,043,099 $ 12,681 $ 12,681 Total Impaired Loans/Leases: Commercial and Industrial $ 5,036,852 $ 5,152,127 $ 2,649,170 $ 5,162,815 $ 5,579 $ 5,579 Commercial Real Estate Owner-Occupied Commercial Real Estate 431,065 524,839 - 510,604 - - Commercial Construction, Land Development, and Other Land 335,410 576,228 154,086 353,254 - - Other Non Owner-Occupied Commercial Real Estate 1,973,169 1,973,169 - 3,412,360 - - Direct Financing Leases 1,095,486 1,095,486 153,333 1,177,237 4,142 4,142 Residential Real Estate 1,940,250 1,975,827 250,084 1,872,519 8,623 8,623 Installment and Other Consumer 813,778 813,778 345,457 1,147,277 10,290 10,290 $ 11,626,010 $ 12,111,454 $ 3,552,130 $ 13,636,066 $ 28,634 $ 28,634 Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Classes of Loans/Leases Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: Commercial and Industrial $ 365,798 $ 1,870 $ 1,870 $ 621,836 $ 17,855 $ 17,855 Commercial Real Estate Owner-Occupied Commercial Real Estate 451,851 - - 751,191 - - Commercial Construction, Land Development, and Other Land 9,968 - - 1,397,733 - - Other Non Owner-Occupied Commercial Real Estate 2,868,950 - - 4,051,261 - - Direct Financing Leases 634,378 325 325 1,152,456 - - Residential Real Estate 900,938 1,362 1,362 1,186,197 704 704 Installment and Other Consumer 328,669 3,912 3,912 494,498 - - $ 5,560,552 $ 7,469 $ 7,469 $ 9,655,172 $ 18,559 $ 18,559 Impaired Loans/Leases with Specific Allowance Recorded: Commercial and Industrial $ 4,735,149 $ - $ - $ 3,454,429 $ - $ - Commercial Real Estate Owner-Occupied Commercial Real Estate - - - 439,701 - - Commercial Construction, Land Development, and Other Land 335,707 - - 796,194 - - Other Non Owner-Occupied Commercial Real Estate - - - 6,034,473 - - Direct Financing Leases 488,860 - - 578,317 - - Residential Real Estate 984,558 1,981 1,981 564,278 1,296 1,296 Installment and Other Consumer 723,674 1,391 1,391 826,092 890 890 $ 7,267,948 $ 3,372 $ 3,372 $ 12,693,484 $ 2,186 $ 2,186 Total Impaired Loans/Leases: Commercial and Industrial $ 5,100,947 $ 1,870 $ 1,870 $ 4,076,265 $ 17,855 $ 17,855 Commercial Real Estate Owner-Occupied Commercial Real Estate 451,851 - - 1,190,892 - - Commercial Construction, Land Development, and Other Land 345,675 - - 2,193,927 - - Other Non Owner-Occupied Commercial Real Estate 2,868,950 - - 10,085,734 - - Direct Financing Leases 1,123,238 325 325 1,730,773 - - Residential Real Estate 1,885,496 3,343 3,343 1,750,475 2,000 2,000 Installment and Other Consumer 1,052,343 5,303 5,303 1,320,590 890 890 $ 12,828,500 $ 10,841 $ 10,841 $ 22,348,656 $ 20,745 $ 20,745 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Impaired Loans/Leases with No Specific Allowance Recorded: Commercial and Industrial $ 246,308 $ 342,391 $ - Commercial Real Estate Owner-Occupied Commercial Real Estate 67,415 163,638 - Commercial Construction, Land Development, and Other Land 31,936 143,136 - Other Non Owner-Occupied Commercial Real Estate 491,717 491,717 - Direct Financing Leases 561,414 561,414 - Residential Real Estate 1,060,770 1,060,770 - Installment and Other Consumer 671,319 671,319 - $ 3,130,879 $ 3,434,385 $ - Impaired Loans/Leases with Specific Allowance Recorded: Commercial and Industrial $ 7,033,401 $ 8,190,495 $ 3,300,199 Commercial Real Estate Owner-Occupied Commercial Real Estate 620,896 620,896 4,462 Commercial Construction, Land Development, and Other Land 337,076 577,894 12,087 Other Non Owner-Occupied Commercial Real Estate 5,884,343 6,583,934 1,153,471 Direct Financing Leases 777,858 777,858 356,996 Residential Real Estate 727,959 763,537 151,663 Installment and Other Consumer 494,229 494,229 265,795 $ 15,875,762 $ 18,008,843 $ 5,244,673 Total Impaired Loans/Leases: Commercial and Industrial $ 7,279,709 $ 8,532,886 $ 3,300,199 Commercial Real Estate Owner-Occupied Commercial Real Estate 688,311 784,534 4,462 Commercial Construction, Land Development, and Other Land 369,012 721,030 12,087 Other Non Owner-Occupied Commercial Real Estate 6,376,060 7,075,651 1,153,471 Direct Financing Leases 1,339,272 1,339,272 356,996 Residential Real Estate 1,788,729 1,824,307 151,663 Installment and Other Consumer 1,165,548 1,165,548 265,795 $ 19,006,641 $ 21,443,228 $ 5,244,673 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of September 30, 2015 Commercial Real Estate Non Owner-Occupied Internally Assigned Risk Rating Commercial and Industrial Owner-Occupied Commercial Real Estate Commercial Construction, Land Development, and Other Land Other Commercial Real Estate Total As a % of Total Pass (Ratings 1 through 5) $ 619,562,207 $ 237,616,448 $ 42,172,844 $ 386,936,606 $ 1,286,288,105 96.00 % Special Mention (Rating 6) 15,739,256 8,064,486 1,780,000 4,878,807 30,462,549 2.27 % Substandard (Rating 7) 12,097,103 2,098,249 1,058,517 7,963,177 23,217,046 1.73 % Doubtful (Rating 8) - - - - - - $ 647,398,566 $ 247,779,183 $ 45,011,361 $ 399,778,590 $ 1,339,967,700 100.00 % As of September 30, 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 172,208,735 $ 163,120,412 $ 69,046,801 $ 404,375,948 99.06 % Nonperforming 1,095,488 1,940,251 816,190 3,851,929 0.94 % $ 173,304,223 $ 165,060,663 $ 69,862,991 $ 408,227,877 100.00 % As of December 31, 2014 Commercial Real Estate Non Owner-Occupied Internally Assigned Risk Rating Commercial and Industrial Owner-Occupied Commercial Real Estate Commercial Construction, Land Development, and Other Land Other Commercial Real Estate Total As a % of Total Pass (Ratings 1 through 5) $ 491,883,568 $ 245,237,462 $ 65,691,737 $ 354,581,419 $ 1,157,394,186 94.40 % Special Mention (Rating 6) 17,034,909 12,637,930 - 3,285,191 32,958,030 2.69 % Substandard (Rating 7) 15,008,663 2,193,688 2,427,252 16,085,743 35,715,346 2.91 % Doubtful (Rating 8) - - - - - - $ 523,927,140 $ 260,069,080 $ 68,118,989 $ 373,952,353 $ 1,226,067,562 100.00 % As of December 31, 2014 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 164,693,144 $ 156,818,091 $ 71,491,531 $ 393,002,766 98.93 % Nonperforming 1,339,272 1,814,401 1,114,949 4,268,622 1.07 % $ 166,032,416 $ 158,632,492 $ 72,606,480 $ 397,271,388 100.00 % |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the three months ended September 30, 2015 For the three months ended September 30, 2014 Classes of Loans/Leases Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance CONCESSION - Interest rate adjusted below market Installment and Other Consumer 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - CONCESSION - Other Commercial and Industrial - $ - $ - $ - 1 $ 96,439 $ 71,760 $ 7,125 - $ - $ - $ - 1 $ 96,439 $ 71,760 $ 7,125 TOTAL 1 $ 14,203 $ 14,203 - 1 $ 96,439 $ 71,760 7,125 For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Classes of Loans/Leases Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre-Modification Recorded Investment Post-Modification Recorded Investment Specific Allowance CONCESSION - Significant payment delay Commercial and Industrial - $ - $ - $ - 3 $ 889,154 $ 889,154 $ 239,783 Direct Financing Leases - $ - $ - $ - 1 $ 89,443 $ 89,443 $ - - $ - $ - $ - 4 $ 978,597 $ 978,597 $ 239,783 CONCESSION - Interest rate adjusted below market Installment and Other Consumer 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - CONCESSION - Extension of Maturity Direct Financing Leases - $ - $ - $ - 1 $ 70,144 $ 70,144 $ 24,246 - $ - $ - $ - 1 $ 70,144 $ 70,144 $ 24,246 CONCESSION - Other Commercial and Industrial - $ - $ - $ - 1 $ 427,849 $ 427,849 $ 113,449 Residential Real Estate - $ - $ - $ - 1 $ 96,439 $ 71,760 $ 7,125 - $ - $ - $ - 2 $ 524,288 $ 499,609 $ 120,574 TOTAL 1 $ 14,203 $ 14,203 - 7 $ 1,573,029 $ 1,548,350 $ 384,603 |
Note 4 - Derivatives and Hedg22
Note 4 - Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Effective Date Maturity Date Balance Sheet Location Notional Amount Accounting Treatment September 30, 2015 Fair Value December 31, 2014 Fair Value June 5, 2014 June 5, 2019 Other Assets $ 15,000,000 Cash Flow Hedging $ 271,913 $ 608,189 June 5, 2014 June 5, 2021 Other Assets 15,000,000 Cash Flow Hedging 512,742 879,197 $ 30,000,000 $ 784,655 $ 1,487,386 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended September 30, 2015 September 30, 2014 Unrealized loss at beginning of period, net of tax $ (574,311 ) $ (251,149 ) Amount reclassified from AOCI to noninterest income related to hedge ineffectiveness 15,561 (10,968 ) Amount reclassified from AOCI to interest expense related to caplet amortization 4,538 - Amount of income (loss) recognized in other comprehensive income, net of tax (292,591 ) 109,692 Unrealized loss at end of period $ (846,803 ) $ (152,425 ) Nine Months Ended September 30, 2015 September 30, 2014 Unrealized loss at beginning of period, net of tax $ (399,367 ) $ - Amount reclassified from AOCI to noninterest income related to hedge ineffectiveness 23,658 (10,968 ) Amount reclassified from AOCI to interest expense related to caplet amortization 6,904 - Amount of income (loss) recognized in other comprehensive income, net of tax (477,998 ) (141,457 ) Unrealized loss at end of period $ (846,803 ) $ (152,425 ) |
Note 5 - Federal Home Loan Ba23
Note 5 - Federal Home Loan Bank Advances (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2015 Amount Due Weighted Average Interest Rate at Quarter-End Amount Due with Putable Option * Weighted Average Interest Rate at Quarter-End Maturity: Year ending December 31: 2015 $ 68,000,000 0.33 % $ - - % 2016 14,000,000 2.08 2,000,000 4.00 2017 18,000,000 2.89 - - 2018 33,000,000 3.33 5,000,000 2.84 Total FHLB advances $ 133,000,000 1.61 % $ 7,000,000 3.17 % December 31, 2014 Amount Due Weighted Average Interest Rate at Year-End Putable Option * Weighted Average Interest Rate at Year-End Maturity: Year ending December 31: 2015 $ 63,000,000 0.87 % $ - - % 2016 44,500,000 3.81 32,500,000 4.56 2017 33,000,000 3.59 15,000,000 4.42 2018 43,000,000 3.49 5,000,000 2.84 2019 20,000,000 4.12 - - Total FHLB advances $ 203,500,000 2.83 % $ 52,500,000 4.36 % |
Note 6 - Other Borrowings and24
Note 6 - Other Borrowings and Unused Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | September 30, 2015 December 31, 2014 Wholesale structured repurchase agreements $ 115,000,000 $ 130,000,000 Term note - 17,625,000 Series A subordinated notes - 2,657,492 $ 115,000,000 $ 150,282,492 |
Schedule of Wholesale Repurchase Agreements [Table Text Block] | September 30, 2015 December 31, 2014 Weighted Weighted Average Average Interest Rate Interest Rate Amount Due at Quarter-End Amount Due at Year-End Maturity: Year ending December 31: 2015 $ - - $ 5,000,000 2.77 % 2016 - - - - 2017 10,000,000 3.00 10,000,000 3.00 2018 10,000,000 3.97 10,000,000 3.97 2019 50,000,000 3.41 60,000,000 3.57 Thereafter 45,000,000 2.66 45,000,000 2.66 Total Wholesale Structured Repurchase Agreements $ 115,000,000 3.13 % $ 130,000,000 3.21 % |
Note 7 - Common Stock Offerin25
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Common Stock Offering And Balance Sheet Restructuring [Abstract] | |
Restructured Borrowings [Table Text Block] | September 30, 2015 December 31, 2014 Weighted Weighted Average Average Interest Rate Interest Rate Maturity: Amount Due at Quarter-End Amount Due at Year-End Year ending December 31: (dollar amounts in thousands) 2015 $ 84,916 0.33 % $ 103,818 0.92 % 2016 26,142 1.52 50,642 3.51 2017 49,055 2.07 53,965 2.96 2018 60,283 2.93 60,042 3.41 2019 59,341 3.07 83,152 3.59 Thereafter 51,141 2.64 51,141 2.64 Total Wholesale Borrowings $ 330,878 2.00 % $ 402,760 2.66 % |
Note 8 - Regulatory Capital R26
Note 8 - Regulatory Capital Requirements and Restrictions on Dividends (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under New For Capital Prompt Corrective Basel III Actual Adequacy Purposes Action Provisions Minimums* Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2015: Company: Total risk-based capital $ 274,586 13.06 % $ 168,246 > 8.0 % $ 210,308 > 10.0 % $ 168,246 > 8.0 % Tier 1 risk-based capital 248,802 11.83 % 126,185 > 6.0 168,246 > 8.0 126,185 > 6.0 Tier 1 leverage 248,802 9.73 % 102,260 > 4.0 127,825 > 5.0 102,260 > 4.0 Common equity Tier 1 213,710 10.16 % 94,638 > 4.5 136,700 > 6.5 94,638 > 4.5 Quad City Bank & Trust: Total risk-based capital $ 131,695 12.64 % $ 83,340 > 8.0 % $ 104,175 > 10.0 % $ 83,340 > 8.0 % Tier 1 risk-based capital 120,268 11.54 % 62,505 > 6.0 83,340 > 8.0 62,505 > 6.0 Tier 1 leverage 120,268 8.97 % 53,610 > 4.0 67,012 > 5.0 53,610 > 4.0 Common equity Tier 1 120,268 11.54 % 46,879 > 4.5 67,714 > 6.5 46,879 > 4.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 103,138 13.81 % $ 59,755 > 8.0 % $ 74,694 > 10.0 % $ 59,755 > 8.0 % Tier 1 risk-based capital 93,784 12.56 % 44,817 > 6.0 59,755 > 8.0 44,817 > 6.0 Tier 1 leverage 93,784 10.68 % 35,121 > 4.0 43,901 > 5.0 35,121 > 4.0 Common equity Tier 1 93,784 12.56 % 33,612 > 4.5 48,551 > 6.5 33,612 > 4.5 Rockford Bank & Trust: Total risk-based capital $ 38,827 12.40 % $ 25,047 > 8.0 % $ 31,308 > 10.0 % $ 25,047 > 8.0 % Tier 1 risk-based capital 34,909 11.15 % 18,785 > 6.0 25,047 > 8.0 18,785 > 6.0 Tier 1 leverage 34,909 9.63 % 14,495 > 4.0 18,119 > 5.0 14,495 > 4.0 Common equity Tier 1 34,909 11.15 % 14,089 > 4.5 20,350 > 6.5 14,089 > 4.5 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2014: Company: Total risk-based capital $ 204,376 10.91 % $ 149,876 > 8.0 % N/A N/A Tier 1 risk-based capital 178,364 9.52 % 74,938 > 4.0 % N/A N/A Tier 1 leverage 178,364 7.62 % 93,658 > 4.0 % N/A N/A Quad City Bank & Trust: Total risk-based capital $ 104,869 11.26 % $ 74,495 > 8.0 % $ 93,119 > 10.00 % Tier 1 risk-based capital 93,785 10.07 % 37,248 > 4.0 55,872 > 6.0 Tier 1 leverage 93,785 7.10 % 52,817 > 4.0 66,021 > 5.0 Cedar Rapids Bank & Trust: Total risk-based capital $ 76,662 11.54 % $ 53,126 > 8.0 % $ 66,407 > 10.0 % Tier 1 risk-based capital 68,772 10.36 % 26,563 > 4.0 39,844 > 6.0 Tier 1 leverage 68,772 8.21 % 33,525 > 4.0 41,906 > 5.0 Rockford Bank & Trust: Total risk-based capital $ 35,906 12.56 % $ 22,875 > 8.0 % $ 28,594 > 10.0 % Tier 1 risk-based capital 32,325 11.30 % 11,438 > 4.0 17,156 > 6.0 Tier 1 leverage 32,325 9.16 % 14,112 > 4.0 17,640 > 5.0 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Net income $ 6,488,987 $ 4,062,665 $ 10,143,058 $ 11,959,716 Less: Preferred stock dividends - - - 1,081,877 Net income attributable to QCR Holdings, Inc. common stockholders $ 6,488,987 $ 4,062,665 $ 10,143,058 $ 10,877,839 Earnings per common share attributable to QCR Holdings, Inc. common stockholders Basic $ 0.55 $ 0.51 $ 1.03 $ 1.37 Diluted $ 0.55 $ 0.50 $ 1.01 $ 1.35 Weighted average common shares outstanding* 11,713,993 7,931,944 9,878,882 7,919,201 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 161,937 122,041 145,559 121,217 Weighted average common and common equivalent shares outstanding 11,875,930 8,053,985 10,024,441 8,040,418 |
Note 10 - Fair Value (Tables)
Note 10 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 247,624,591 $ - $ 247,624,591 $ - Residential mortgage-backed and related securities 74,901,559 - 74,901,559 - Municipal securities 27,701,652 - 27,701,652 - Other securities 1,906,549 354,128 1,552,421 - Derivative instruments 784,655 - 784,655 - $ 352,919,006 $ 354,128 $ 352,564,878 $ - December 31, 2014: Securities available for sale: U.S. govt. sponsored agency securities $ 307,869,572 $ - $ 307,869,572 $ - Residential mortgage-backed and related securities 111,423,224 - 111,423,224 - Municipal securities 30,399,981 - 30,399,981 - Other securities 1,966,853 345,952 1,620,901 - Derivative instruments 1,487,386 - 1,487,386 $ 453,147,016 $ 345,952 $ 452,801,064 $ - Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 September 30, 2015: Impaired loans/leases $ 4,849,718 $ - $ - $ 4,849,718 OREO 8,791,506 - - 8,791,506 $ 13,641,224 $ - $ - $ 13,641,224 December 31, 2014: Impaired loans/leases $ 12,467,362 $ - $ - $ 12,467,362 OREO 13,789,047 - - 13,789,047 $ 26,256,409 $ - $ - $ 26,256,409 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitave Information about Level Fair Value Measurments Fair Value September 30, 2015 Fair Value December 31, 2014 Valuation Technique Unobservable Input Range Impaired loans/leases $ 4,849,718 $ 12,467,362 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 8,791,506 13,789,047 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value As of September 30, 2015 As of December 31, 2014 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 41,053,241 $ 41,053,241 $ 38,235,019 $ 38,235,019 Federal funds sold Level 2 34,330,000 34,330,000 46,780,000 46,780,000 Interest-bearing deposits at financial institutions Level 2 32,275,631 32,275,631 35,334,682 35,334,682 Investment securities: Held to maturity Level 3 238,640,598 239,420,841 199,879,574 201,113,796 Available for sale See Previous Table 352,134,351 352,134,351 451,659,630 451,659,630 Loans/leases receivable, net Level 3 4,490,480 4,849,718 11,543,854 12,467,362 Loans/leases receivable, net Level 2 1,725,647,545 1,735,872,520 1,595,384,851 1,606,646,146 Derivative instruments Level 2 784,655 784,655 1,487,386 1,487,386 Deposits: Nonmaturity deposits Level 2 1,469,462,729 1,469,462,729 1,304,044,099 1,304,044,099 Time deposits Level 2 385,856,258 386,900,000 375,623,914 376,509,000 Short-term borrowings Level 2 167,564,212 167,564,212 268,351,670 268,351,670 FHLB advances Level 2 133,000,000 135,877,000 203,500,000 208,172,000 Other borrowings Level 2 115,000,000 123,363,000 150,282,492 159,741,000 Junior subordinated debentures Level 2 40,526,691 28,887,138 40,423,735 28,585,294 |
Note 11 - Business Segment In29
Note 11 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial Banking Quad City Bank & Trust Cedar Rapids Bank & Trust Rockford Bank & Trust Wealth All Other Intercompany Consolidated Three Months Ended September 30, 2015 Total revenue $ 14,039,050 $ 10,390,806 $ 4,095,882 $ 2,314,406 $ 7,936,414 $ (7,986,520 ) $ 30,790,038 Net interest income $ 10,728,143 $ 6,956,027 $ 2,771,214 $ - $ (317,858 ) $ - $ 20,137,526 Net income $ 3,786,289 $ 2,893,397 $ 847,709 $ 373,801 $ 6,488,988 $ (7,901,197 ) $ 6,488,987 Total assets $ 1,328,053,105 $ 867,064,041 $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 910,263 $ 550,000 $ 175,000 $ - $ - $ - $ 1,635,263 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ 1,521,287 Three Months Ended September 30, 2014 Total revenue $ 12,467,712 $ 8,853,958 $ 3,595,245 $ 2,082,609 $ 5,526,296 $ (5,567,505 ) $ 26,958,315 Net interest income $ 9,234,089 $ 6,179,763 $ 2,584,613 $ - $ (523,134 ) $ - $ 17,475,331 Net income $ 2,602,238 $ 1,861,236 $ 669,814 $ 358,997 $ 4,062,665 $ (5,492,285 ) $ 4,062,665 Total assets $ 1,274,033,270 $ 822,348,680 $ 346,791,265 $ - $ 212,236,225 $ (204,813,887 ) $ 2,450,595,553 Provision $ 609,657 $ 331,666 $ 122,000 $ - $ - $ - $ 1,063,323 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,720,799 $ - $ - $ - $ - $ 1,720,799 Nine Months Ended September 30, 2015 Total revenue $ 39,824,626 $ 28,662,969 $ 11,536,814 $ 6,927,453 $ 14,489,717 $ (14,721,751 ) $ 86,719,828 Net interest income $ 29,745,080 $ 19,836,835 $ 8,089,626 $ - $ (1,260,962 ) $ - $ 56,410,579 Net income $ 6,578,479 $ 4,645,136 $ 1,895,933 $ 1,271,661 $ 10,143,059 $ (14,391,210 ) $ 10,143,058 Total assets $ 1,328,053,105 $ 867,064,041 $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 3,466,384 $ 1,650,000 $ 578,000 $ - $ - $ - $ 5,694,384 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ 1,521,287 Nine Months Ended September 30, 2014 Total revenue $ 36,368,665 $ 25,972,122 $ 10,779,962 $ 6,387,215 $ 16,016,503 $ (16,245,340 ) $ 79,279,127 Net interest income $ 27,235,902 $ 17,820,878 $ 7,637,029 $ - $ (1,403,894 ) $ - $ 51,289,915 Net income $ 7,397,943 $ 5,577,993 $ 1,755,117 $ 1,205,204 $ 11,959,716 $ (15,936,257 ) $ 11,959,716 Total assets $ 1,274,033,270 $ 822,348,680 $ 346,791,265 $ - $ 212,236,225 $ (204,813,887 ) $ 2,450,595,553 Provision $ 1,779,698 $ 881,666 $ 498,000 $ - $ - $ - $ 3,159,364 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,720,799 $ - $ - $ - $ - $ 1,720,799 |
Note 2 - Investment Securitie30
Note 2 - Investment Securities (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Note 2 - Investment Securities (Details) [Line Items] | |||||
Number of Securities | 483 | 483 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 128 | 128 | |||
Aggregate Depreciation from Amortized Cost Basis, Percent | 1.00% | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 48 | 48 | |||
Equity Securities [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Percentage of Investment Portfolio | 1.00% | 1.00% | 1.00% | ||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | $ 0 | $ 0 | $ 0 | |
Debt Securities [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | $ 0 | $ 0 | $ 0 | |
Revenue Bonds [Member] | Municipal Bonds [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Number of Issuers | 81 | 81 | 64 | ||
Other Investments (in Dollars) | $ 201,400,000 | $ 201,400,000 | $ 161,700,000 | ||
Number of States Investments Held In | 8 | 8 | 8 | ||
Revenue Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding $5 Million [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Number of States Investments Held In | 4 | 4 | 4 | ||
Revenue Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | |||
General Obligation Bonds [Member] | Municipal Bonds [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Number of Issuers | 64,700,000 | 64,700,000 | 77 | ||
Other Investments (in Dollars) | $ 87,000,000 | $ 87,000,000 | $ 68,800,000 | ||
Number of States Investments Held In | 19 | 19 | 19 | ||
General Obligation Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding $5 Million [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Number of States Investments Held In | 4 | 4 | 3 | ||
General Obligation Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | |||
Minimum [Member] | Revenue Bonds [Member] | Municipal Bonds [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Other Investments (in Dollars) | $ 5,000,000 | $ 5,000,000 | |||
Number of States Investments Held In | 5,000,000 | ||||
Minimum [Member] | General Obligation Bonds [Member] | Municipal Bonds [Member] | |||||
Note 2 - Investment Securities (Details) [Line Items] | |||||
Other Investments (in Dollars) | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Note 2 - Investment Securitie31
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Value of Investment Securities - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Securities held to maturity: | ||
Securities held to maturity, amortized cost | $ 238,640,598 | $ 199,879,574 |
Securities held to maturity, gross unrealized gains | 2,429,898 | 2,420,298 |
Securities held to maturity, gross unrealized losses | (1,649,655) | (1,186,076) |
Securities held to maturity, fair value | 239,420,841 | 201,113,796 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 350,516,614 | 454,166,979 |
Securities available for sale, gross unrealized gains | 3,075,620 | 3,360,874 |
Securities available for sale, gross unrealized losses | (1,457,883) | (5,868,223) |
Securities available for sale, fair value | 352,134,351 | 451,659,630 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, amortized cost | 237,590,598 | 198,829,574 |
Securities held to maturity, gross unrealized gains | 2,429,898 | 2,420,298 |
Securities held to maturity, gross unrealized losses | (1,649,655) | (1,186,076) |
Securities held to maturity, fair value | 238,370,841 | 200,063,796 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 26,815,175 | 29,408,740 |
Securities available for sale, gross unrealized gains | 925,922 | 1,053,713 |
Securities available for sale, gross unrealized losses | (39,445) | (62,472) |
Securities available for sale, fair value | 27,701,652 | 30,399,981 |
Other Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, amortized cost | 1,050,000 | 1,050,000 |
Securities held to maturity, fair value | 1,050,000 | 1,050,000 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 1,344,814 | 1,342,554 |
Securities available for sale, gross unrealized gains | 633,415 | 625,145 |
Securities available for sale, gross unrealized losses | (71,680) | (846) |
Securities available for sale, fair value | 1,906,549 | 1,966,853 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 247,911,701 | 312,959,760 |
Securities available for sale, gross unrealized gains | 577,904 | 173,685 |
Securities available for sale, gross unrealized losses | (865,014) | (5,263,873) |
Securities available for sale, fair value | 247,624,591 | 307,869,572 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 74,444,924 | 110,455,925 |
Securities available for sale, gross unrealized gains | 938,379 | 1,508,331 |
Securities available for sale, gross unrealized losses | (481,744) | (541,032) |
Securities available for sale, fair value | $ 74,901,559 | $ 111,423,224 |
Note 2 - Investment Securitie32
Note 2 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | $ 74,672,453 | $ 35,844,695 |
Securities available for sale, less than 12 months, gross unrealized losses | (438,531) | (115,453) |
Securities available for sale, 12 months or more, fair value | 95,873,575 | 297,739,167 |
Securities available for sale, 12 months or more, gross unrealized losses | (1,019,352) | (5,752,770) |
Securities available for sale, fair value | 170,546,028 | 333,583,862 |
Securities available for sale, gross unrealized losses | (1,457,883) | (5,868,223) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | 53,289,140 | 20,419,052 |
Securities held to maturity, less than 12 months, gross unrealized losses | (1,053,551) | (587,992) |
Securities held to maturity, 12 months or more, fair value | 15,450,731 | 38,779,545 |
Securities held to maturity, 12 months or more, gross unrealized losses | (596,104) | (598,084) |
Securities held to maturity, fair value | 68,739,871 | 59,198,597 |
Securities held to maturity, gross unrealized losses | (1,649,655) | (1,186,076) |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 1,621,304 | 920,935 |
Securities available for sale, less than 12 months, gross unrealized losses | (11,388) | (1,773) |
Securities available for sale, 12 months or more, fair value | 852,734 | 4,425,337 |
Securities available for sale, 12 months or more, gross unrealized losses | (28,057) | (60,699) |
Securities available for sale, fair value | 2,474,038 | 5,346,272 |
Securities available for sale, gross unrealized losses | (39,445) | (62,472) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 54,246,955 | 23,970,085 |
Securities available for sale, less than 12 months, gross unrealized losses | (229,249) | (102,695) |
Securities available for sale, 12 months or more, fair value | 74,289,108 | 255,743,056 |
Securities available for sale, 12 months or more, gross unrealized losses | (635,765) | (5,161,178) |
Securities available for sale, fair value | 128,536,063 | 279,713,141 |
Securities available for sale, gross unrealized losses | (865,014) | (5,263,873) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 18,732,443 | 10,710,671 |
Securities available for sale, less than 12 months, gross unrealized losses | (126,214) | (10,139) |
Securities available for sale, 12 months or more, fair value | 20,731,733 | 37,570,774 |
Securities available for sale, 12 months or more, gross unrealized losses | (355,530) | (530,893) |
Securities available for sale, fair value | 39,464,176 | 48,281,445 |
Securities available for sale, gross unrealized losses | (481,744) | (541,032) |
Other Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 71,751 | 243,004 |
Securities available for sale, less than 12 months, gross unrealized losses | (71,680) | (846) |
Securities available for sale, fair value | 71,751 | 243,004 |
Securities available for sale, gross unrealized losses | $ (71,680) | $ (846) |
Note 2 - Investment Securitie33
Note 2 - Investment Securities (Details) - Sales of Securities - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales of Securities [Abstract] | ||||
Proceeds from sales of securities | $ 11,922,915 | $ 39,876,889 | $ 65,889,838 | $ 65,754,467 |
Pre-tax gross gains from sales of securities | 102,766 | 357,934 | 672,317 | 379,130 |
Pre-tax gross losses from sales of securities | $ (46,186) | $ (338,505) | $ (198,804) | $ (338,505) |
Note 2 - Investment Securitie34
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Value of Securities by Contractual Maturity - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Securities held to maturity: | ||
Due in one year or less | $ 4,391,209 | |
Due in one year or less | 4,396,637 | |
Due after one year through five years | 17,965,982 | |
Due after one year through five years | 18,089,831 | |
Due after five years | 216,283,407 | |
Due after five years | 216,934,373 | |
238,640,598 | ||
239,420,841 | $ 201,113,796 | |
Securities available for sale: | ||
Due in one year or less | 1,356,439 | |
Due in one year or less | 1,360,215 | |
Due after one year through five years | 120,148,336 | |
Due after one year through five years | 120,643,573 | |
Due after five years | 153,222,101 | |
Due after five years | 153,322,455 | |
274,726,876 | ||
275,326,243 | ||
Amortized Cost | 350,516,614 | |
Fair Value | 352,134,351 | |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Amortized Cost | 74,444,924 | |
Fair Value | 74,901,559 | |
Other Securities [Member] | ||
Securities held to maturity: | ||
1,050,000 | 1,050,000 | |
Securities available for sale: | ||
Amortized Cost | 1,344,814 | |
Fair Value | 1,906,549 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
238,370,841 | $ 200,063,796 | |
Callable Securities [Member] | ||
Securities available for sale: | ||
Amortized Cost | 176,216,574 | |
Fair Value | 175,962,764 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Amortized Cost | 16,774,804 | |
Fair Value | 17,200,807 | |
Securities held to maturity: | ||
Municipal securities | 131,904,972 | |
Municipal securities | 132,612,402 | |
Callable Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale: | ||
Amortized Cost | 159,441,770 | |
Fair Value | $ 158,761,957 |
Note 2 - Investment Securitie35
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
General Obligation Bonds [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 81 | 77 |
Amortized cost | $ 63,805,626 | $ 67,868,415 |
Fair value | 64,689,601 | 68,768,171 |
Average exposure per issuer (fair value) | $ 798,637 | $ 893,093 |
General Obligation Bonds [Member] | IOWA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 15 | 14 |
Amortized cost | $ 20,225,477 | $ 20,156,969 |
Fair value | 20,363,737 | 20,446,655 |
Average exposure per issuer (fair value) | $ 1,357,582 | $ 1,460,475 |
General Obligation Bonds [Member] | ILLINOIS | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 10 | 10 |
Amortized cost | $ 11,851,955 | $ 22,447,799 |
Fair value | 12,191,238 | 22,784,638 |
Average exposure per issuer (fair value) | $ 1,219,124 | $ 2,278,464 |
General Obligation Bonds [Member] | MISSOURI | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 12 | 11 |
Amortized cost | $ 7,930,365 | $ 8,424,928 |
Fair value | 7,968,565 | 8,426,047 |
Average exposure per issuer (fair value) | $ 664,047 | $ 766,004 |
General Obligation Bonds [Member] | NORTH DAKOTA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 3 | |
Amortized cost | $ 6,675,000 | |
Fair value | 6,767,961 | |
Average exposure per issuer (fair value) | $ 2,255,987 | |
General Obligation Bonds [Member] | Other States [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 41 | 42 |
Amortized cost | $ 17,122,829 | $ 16,838,719 |
Fair value | 17,398,100 | 17,110,831 |
Average exposure per issuer (fair value) | $ 424,344 | $ 407,401 |
Revenue Bonds [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 87 | 64 |
Amortized cost | $ 200,600,147 | $ 160,369,899 |
Fair value | 201,382,892 | 161,695,606 |
Average exposure per issuer (fair value) | $ 2,314,746 | $ 2,526,494 |
Revenue Bonds [Member] | IOWA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 26 | 20 |
Amortized cost | $ 71,365,816 | $ 59,417,246 |
Fair value | 71,890,381 | 60,402,941 |
Average exposure per issuer (fair value) | $ 2,765,015 | $ 3,020,147 |
Revenue Bonds [Member] | MISSOURI | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 40 | 30 |
Amortized cost | $ 75,016,470 | $ 62,358,276 |
Fair value | 75,197,907 | 62,584,516 |
Average exposure per issuer (fair value) | $ 1,879,948 | $ 2,086,151 |
Revenue Bonds [Member] | Other States [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 4 | 4 |
Amortized cost | $ 7,764,820 | $ 8,295,311 |
Fair value | 7,898,909 | 8,449,900 |
Average exposure per issuer (fair value) | $ 1,974,727 | $ 2,112,475 |
Revenue Bonds [Member] | INDIANA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 14 | 8 |
Amortized cost | $ 34,701,481 | $ 17,991,200 |
Fair value | 34,707,516 | 17,925,721 |
Average exposure per issuer (fair value) | $ 2,479,108 | $ 2,240,715 |
Revenue Bonds [Member] | KANSAS | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 3 | 2 |
Amortized cost | $ 11,751,560 | $ 12,307,866 |
Fair value | 11,688,179 | 12,332,528 |
Average exposure per issuer (fair value) | $ 3,896,060 | $ 6,166,264 |
Note 3 - Loans_Leases Receiva36
Note 3 - Loans/Leases Receivable (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Losses On Residual Value | $ 0 | $ 0 | $ 0 | $ 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,268,768 | 11,268,768 | $ 18,587,778 | ||
Financing Receivable, Modifications, Recorded Investment | $ 2,905,661 | $ 2,905,661 | 6,434,259 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | 1 | 7 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 14,203 | $ 71,760 | $ 14,203 | $ 1,548,350 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Troubled Debt Restructurings [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1,865,749 | $ 1,865,749 | 5,013,041 | ||
Nonaccrual [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 1 | 3 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 14,203 | $ 75,767 | |||
Residential Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 533,225 | 533,225 | 553,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,533,539 | 1,533,539 | 1,299,545 | ||
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 207,299 | 207,299 | 506,283 | ||
Commercial Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,535,449 | 5,535,449 | 7,986,421 | ||
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,260,992 | 1,260,992 | 1,227,537 | ||
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 335,409 | 335,409 | 3,214,468 | ||
Finance Leases Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,095,488 | 1,095,488 | 1,105,715 | ||
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 47,846 | 47,846 | 61,144 | ||
Consumer Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 354,650 | 354,650 | 645,481 | ||
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 14,203 | $ 14,203 | $ 3,609 |
Note 3 - Loans_Leases Receiva37
Note 3 - Loans/Leases Receivable (Details) - Composition of the Loan/Lease Portfolio - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | $ 1,748,195,577 | $ 1,623,338,950 | |||||||
Plus deferred loan/lease orgination costs, net of fees | 7,476,792 | 6,664,120 | |||||||
Gross loans/leases receivable | 1,755,672,369 | 1,630,003,070 | |||||||
Less allowance for estimated losses on loans/leases | (25,534,344) | $ (26,146,000) | (23,074,365) | $ (22,767,917) | $ (23,067,024) | $ (21,448,048) | |||
Net loans/leases receivable | 1,730,138,025 | 1,606,928,705 | |||||||
Commercial Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 647,398,566 | 523,927,140 | |||||||
Less allowance for estimated losses on loans/leases | (10,532,168) | (10,020,866) | (8,750,317) | (6,914,058) | (6,549,378) | (5,648,774) | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 692,569,134 | 702,140,422 | |||||||
Less allowance for estimated losses on loans/leases | (8,708,715) | (9,929,656) | (8,353,386) | (10,028,668) | (10,277,692) | (10,705,434) | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 247,779,183 | 260,069,080 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 45,011,361 | 68,118,989 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | 399,778,590 | 373,952,353 | |||||||
Finance Leases Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | [1],[2] | 173,304,223 | 166,032,416 | ||||||
Plus deferred loan/lease orgination costs, net of fees | [1] | 6,710,311 | 6,639,244 | ||||||
Gross loans/leases receivable | [1] | 180,014,534 | 172,671,660 | ||||||
Less allowance for estimated losses on loans/leases | (3,248,633) | [1] | (3,352,303) | (3,442,915) | [1] | (3,106,887) | (3,319,131) | (2,517,217) | |
Net loans/leases receivable | [1] | 176,765,901 | 169,228,745 | ||||||
Net minimum lease payments to be received | [1] | 195,626,557 | 188,181,432 | ||||||
Estimated unguaranteed residual values of leased assets | [1] | 1,165,706 | 1,488,342 | ||||||
Unearned lease/residual income | [1] | (23,488,040) | (23,637,358) | ||||||
Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | [2],[3] | 165,060,663 | 158,632,492 | ||||||
Less allowance for estimated losses on loans/leases | (1,829,056) | (1,720,135) | (1,525,952) | (1,353,070) | (1,439,185) | (1,395,849) | |||
Consumer Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and leases | [2] | 69,862,991 | 72,606,480 | ||||||
Less allowance for estimated losses on loans/leases | $ (1,215,772) | $ (1,123,040) | $ (1,001,795) | $ (1,365,234) | $ (1,481,638) | $ (1,180,774) | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three or nine months ended September 30, 2015 and 2014. | ||||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||||||
[3] | Includes residential real estate loans held for sale totaling $533,225 and $553,000 as of September 30, 2015, and December 31, 2014, respectively. |
Note 3 - Loans_Leases Receiva38
Note 3 - Loans/Leases Receivable (Details) - Aging of the Loan/Lease Portfolio - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 1,730,575,481 | $ 1,592,673,090 | |
Accruing past due 90 days or more | 2,411 | 93,411 | |
Nonaccrual loans/leases | 11,268,768 | 18,587,778 | |
Loans and leases | $ 1,748,195,577 | $ 1,623,338,950 | |
Commercial Real Estate | |||
Current as a percentage of total loan/lease portfolio | 99.00% | 98.11% | |
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.00% | 0.01% | |
Nonaccrual loans/leases as a percentage of total loan/lease portfolio | 0.64% | 1.15% | |
Loans and leases as a percentage of total loan/lease portfolio | 100.00% | 100.00% | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 5,472,451 | $ 8,016,535 | |
Commercial Real Estate | |||
Past due as a percentage of total loan/lease portfolio | 0.31% | 0.49% | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 876,466 | $ 3,968,136 | |
Commercial Real Estate | |||
Past due as a percentage of total loan/lease portfolio | 0.05% | 0.24% | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 637,545,096 | $ 515,616,752 | |
Accruing past due 90 days or more | 822 | ||
Nonaccrual loans/leases | 5,535,449 | 7,986,421 | |
Loans and leases | $ 647,398,566 | $ 523,927,140 | |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 46.37% | 40.91% | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 4,169,089 | $ 323,145 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 148,932 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases | 692,569,134 | 702,140,422 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 246,787,360 | 259,166,743 | |
Nonaccrual loans/leases | 911,767 | 662,566 | |
Loans and leases | $ 247,779,183 | $ 260,069,080 | |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 7.41% | 3.30% | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 80,056 | $ 239,771 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 44,788,952 | 67,021,157 | |
Nonaccrual loans/leases | 222,409 | 256,012 | |
Loans and leases | $ 45,011,361 | $ 68,118,989 | |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 1.81% | 1.27% | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 729,983 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 111,837 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 397,650,373 | 360,970,551 | |
Accruing past due 90 days or more | 60,000 | ||
Nonaccrual loans/leases | 1,615,466 | 6,632,038 | |
Loans and leases | $ 399,778,590 | $ 373,952,353 | |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 13.12% | 33.29% | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 163,163 | $ 3,448,902 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 349,588 | 2,840,862 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 171,036,424 | 164,059,914 | |
Nonaccrual loans/leases | 1,095,488 | 1,105,715 | |
Loans and leases | [1],[2] | $ 173,304,223 | $ 166,032,416 |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 8.90% | 6.66% | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 892,496 | $ 573,575 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 279,815 | 293,212 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 163,433,860 | 154,303,644 | |
Accruing past due 90 days or more | 25,673 | ||
Nonaccrual loans/leases | 1,533,539 | 1,299,545 | |
Loans and leases | [2],[3] | $ 165,060,663 | $ 158,632,492 |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 15.76% | 9.02% | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 46,638 | $ 2,528,287 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | 46,626 | 475,343 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 69,333,416 | 71,534,329 | |
Accruing past due 90 days or more | 2,411 | 6,916 | |
Nonaccrual loans/leases | 354,650 | 645,481 | |
Loans and leases | [2] | $ 69,862,991 | $ 72,606,480 |
Commercial Real Estate | |||
Loans and leases as a percentage of total loan/lease portfolio | 6.63% | 5.55% | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 121,009 | $ 172,872 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due | $ 51,505 | $ 246,882 | |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three or nine months ended September 30, 2015 and 2014. | ||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||
[3] | Includes residential real estate loans held for sale totaling $533,225 and $553,000 as of September 30, 2015, and December 31, 2014, respectively. |
Note 3 - Loans_Leases Receiva39
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | $ 2,411 | $ 93,411 | |||
Nonaccrual loans/leases | 11,268,768 | 18,587,778 | |||
Troubled debt restructurings - accruing | 2,905,661 | 6,434,259 | |||
Total nonperforming loans/leases | $ 1,748,195,577 | $ 1,623,338,950 | |||
Percentage of total nonperforming loans/leases | 100.00% | 100.00% | |||
Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | $ 2,411 | $ 93,411 | |||
Nonaccrual loans/leases | 11,268,768 | [1] | 18,587,778 | [2] | |
Troubled debt restructurings - accruing | 1,039,912 | 1,421,218 | |||
Total nonperforming loans/leases | 12,311,091 | 20,102,407 | |||
Commercial Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | 822 | ||||
Nonaccrual loans/leases | 5,535,449 | 7,986,421 | |||
Total nonperforming loans/leases | $ 647,398,566 | $ 523,927,140 | |||
Percentage of total nonperforming loans/leases | 46.37% | 40.91% | |||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | $ 822 | ||||
Nonaccrual loans/leases | $ 5,535,449 | [1] | 7,986,421 | [2] | |
Troubled debt restructurings - accruing | 174,071 | 235,926 | |||
Total nonperforming loans/leases | 5,709,520 | 8,223,169 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Total nonperforming loans/leases | 692,569,134 | 702,140,422 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual loans/leases | 911,767 | 662,566 | |||
Total nonperforming loans/leases | $ 247,779,183 | $ 260,069,080 | |||
Percentage of total nonperforming loans/leases | 7.41% | 3.30% | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual loans/leases | $ 222,409 | $ 256,012 | |||
Total nonperforming loans/leases | $ 45,011,361 | $ 68,118,989 | |||
Percentage of total nonperforming loans/leases | 1.81% | 1.27% | |||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | $ 60,000 | ||||
Nonaccrual loans/leases | $ 1,615,466 | 6,632,038 | |||
Total nonperforming loans/leases | $ 399,778,590 | $ 373,952,353 | |||
Percentage of total nonperforming loans/leases | 13.12% | 33.29% | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual loans/leases | $ 911,767 | [1] | $ 662,566 | [2] | |
Total nonperforming loans/leases | 911,767 | 662,566 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual loans/leases | 222,409 | [1] | 256,012 | [2] | |
Total nonperforming loans/leases | 222,409 | 256,012 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | 60,000 | ||||
Nonaccrual loans/leases | 1,615,466 | [1] | 6,632,038 | [2] | |
Total nonperforming loans/leases | 1,615,466 | 6,692,038 | |||
Finance Leases Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual loans/leases | 1,095,488 | 1,105,715 | |||
Total nonperforming loans/leases | [3],[4] | $ 173,304,223 | $ 166,032,416 | ||
Percentage of total nonperforming loans/leases | 8.90% | 6.66% | |||
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual loans/leases | $ 1,095,488 | [1] | $ 1,105,715 | [2] | |
Troubled debt restructurings - accruing | 233,557 | ||||
Total nonperforming loans/leases | [4] | 1,095,488 | 1,339,272 | ||
Residential Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | 25,673 | ||||
Nonaccrual loans/leases | 1,533,539 | 1,299,545 | |||
Total nonperforming loans/leases | [4],[5] | $ 165,060,663 | $ 158,632,492 | ||
Percentage of total nonperforming loans/leases | 15.76% | 9.02% | |||
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | $ 25,673 | ||||
Nonaccrual loans/leases | $ 1,533,539 | [1] | 1,299,545 | [2] | |
Troubled debt restructurings - accruing | 406,712 | 489,183 | |||
Total nonperforming loans/leases | [4] | 1,940,251 | 1,814,401 | ||
Consumer Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | 2,411 | 6,916 | |||
Nonaccrual loans/leases | 354,650 | 645,481 | |||
Total nonperforming loans/leases | [4] | $ 69,862,991 | $ 72,606,480 | ||
Percentage of total nonperforming loans/leases | 6.63% | 5.55% | |||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing past due 90 days or more | $ 2,411 | $ 6,916 | |||
Nonaccrual loans/leases | 354,650 | [1] | 645,481 | [2] | |
Troubled debt restructurings - accruing | 459,129 | 462,552 | |||
Total nonperforming loans/leases | [4] | $ 816,190 | $ 1,114,949 | ||
[1] | Nonaccrual loans/leases includes $1,865,749 of TDRs, including $1,260,992 in commercial and industrial loans, $335,409 in commercial real estate loans, $47,846 in direct financing leases, $207,299 in residential real estate loans, and $14,203 in installment loans. | ||||
[2] | Nonaccrual loans/leases includes $5,013,041 of TDRs, including $1,227,537 in commercial and industrial loans, $3,214,468 in commercial real estate loans, $61,144 in direct financing leases, $506,283 in residential real estate loans, and $3,609 in installment loans. | ||||
[3] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three or nine months ended September 30, 2015 and 2014. | ||||
[4] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||
[5] | Includes residential real estate loans held for sale totaling $533,225 and $553,000 as of September 30, 2015, and December 31, 2014, respectively. |
Note 3 - Loans_Leases Receiva40
Note 3 - Loans/Leases Receivable (Details) - Allowance for Estimated Losses on Loans/Leases - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance, beginning | $ 26,146,000 | $ 23,067,024 | $ 23,074,365 | $ 21,448,048 | |||||||
Balance, ending | 25,534,344 | 22,767,917 | 25,534,344 | 22,767,917 | |||||||
Allowance for impaired loans/leases | $ 3,552,130 | $ 5,244,673 | |||||||||
Allowance for nonimpaired loans/leases | 21,982,214 | 17,829,692 | |||||||||
Allowance for estimated losses on loans/leases | 25,534,344 | 23,067,024 | 25,534,344 | 22,767,917 | 25,534,344 | 23,074,365 | |||||
Impaired loans/leases | 11,626,010 | 19,006,641 | |||||||||
Nonimpaired loans/leases | 1,736,569,567 | 1,604,332,309 | |||||||||
Loans/leases | $ 1,748,195,577 | $ 1,623,338,950 | |||||||||
Allowance as a percentage of impaired loans/leases | 30.55% | 27.59% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.27% | 1.11% | |||||||||
Total allowance as a percentage of total loans/leaess | 1.45% | 1.42% | |||||||||
Provisions (credits) charged to expense | 1,635,263 | 1,063,323 | 5,694,384 | 3,159,364 | |||||||
Loans/leases charged off | (2,475,823) | (1,731,502) | (4,119,176) | (2,486,800) | |||||||
Recoveries on loans/leases previously charged off | 228,904 | 369,072 | 884,771 | 647,305 | |||||||
Commercial Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance, beginning | 10,020,866 | 6,549,378 | 8,750,317 | 5,648,774 | |||||||
Balance, ending | 10,532,168 | 6,914,058 | 10,532,168 | 6,914,058 | |||||||
Allowance for impaired loans/leases | $ 2,649,170 | $ 3,300,199 | |||||||||
Allowance for nonimpaired loans/leases | 7,882,998 | 5,450,118 | |||||||||
Allowance for estimated losses on loans/leases | 10,020,866 | 6,549,378 | 10,532,168 | 6,914,058 | 10,532,168 | 8,750,317 | |||||
Impaired loans/leases | 5,036,852 | 7,279,709 | |||||||||
Nonimpaired loans/leases | 642,361,714 | 516,647,431 | |||||||||
Loans/leases | $ 647,398,566 | $ 523,927,140 | |||||||||
Allowance as a percentage of impaired loans/leases | 52.60% | 45.33% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.23% | 1.05% | |||||||||
Total allowance as a percentage of total loans/leaess | 1.63% | 1.67% | |||||||||
Provisions (credits) charged to expense | 520,058 | 851,542 | 1,513,430 | 1,930,050 | |||||||
Loans/leases charged off | (145,665) | (741,127) | (391,303) | (967,207) | |||||||
Recoveries on loans/leases previously charged off | 136,909 | 254,265 | 659,724 | 302,441 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance, beginning | 9,929,656 | 10,277,692 | 8,353,386 | 10,705,434 | |||||||
Balance, ending | 8,708,715 | 10,028,668 | 8,708,715 | 10,028,668 | |||||||
Allowance for impaired loans/leases | $ 154,086 | $ 1,170,020 | |||||||||
Allowance for nonimpaired loans/leases | 8,554,629 | 7,183,366 | |||||||||
Allowance for estimated losses on loans/leases | 9,929,656 | 10,277,692 | 8,708,715 | 10,028,668 | 8,708,715 | 8,353,386 | |||||
Impaired loans/leases | 2,739,644 | 7,433,383 | |||||||||
Nonimpaired loans/leases | 689,829,490 | 694,707,039 | |||||||||
Loans/leases | $ 692,569,134 | $ 702,140,422 | |||||||||
Allowance as a percentage of impaired loans/leases | 5.62% | 15.74% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.24% | 1.03% | |||||||||
Total allowance as a percentage of total loans/leaess | 1.26% | 1.19% | |||||||||
Provisions (credits) charged to expense | 573,119 | (196,865) | 2,490,766 | (460,356) | |||||||
Loans/leases charged off | (1,813,973) | (120,505) | (2,165,049) | (436,056) | |||||||
Recoveries on loans/leases previously charged off | 19,913 | 68,346 | 29,612 | 219,646 | |||||||
Finance Leases Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance, beginning | 3,352,303 | 3,319,131 | 3,442,915 | [1] | 2,517,217 | ||||||
Balance, ending | 3,248,633 | [1] | 3,106,887 | 3,248,633 | [1] | 3,106,887 | |||||
Allowance for impaired loans/leases | $ 153,333 | $ 356,996 | |||||||||
Allowance for nonimpaired loans/leases | 3,095,300 | 3,085,919 | |||||||||
Allowance for estimated losses on loans/leases | 3,248,633 | [1] | 3,319,131 | 3,248,633 | [1] | 3,106,887 | 3,248,633 | [1] | 3,442,915 | [1] | |
Impaired loans/leases | 1,095,486 | 1,339,272 | |||||||||
Nonimpaired loans/leases | 172,208,737 | 164,693,144 | |||||||||
Loans/leases | [1],[2] | $ 173,304,223 | $ 166,032,416 | ||||||||
Allowance as a percentage of impaired loans/leases | 14.00% | 26.66% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.80% | 1.87% | |||||||||
Total allowance as a percentage of total loans/leaess | 1.87% | 2.07% | |||||||||
Provisions (credits) charged to expense | 361,071 | 509,657 | 1,238,505 | 1,428,678 | |||||||
Loans/leases charged off | (483,420) | (741,478) | (1,496,010) | (885,966) | |||||||
Recoveries on loans/leases previously charged off | 18,679 | 19,577 | 63,223 | 46,958 | |||||||
Residential Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance, beginning | 1,720,135 | 1,439,185 | 1,525,952 | 1,395,849 | |||||||
Balance, ending | 1,829,056 | 1,353,070 | 1,829,056 | 1,353,070 | |||||||
Allowance for impaired loans/leases | $ 250,084 | $ 151,663 | |||||||||
Allowance for nonimpaired loans/leases | 1,578,972 | 1,374,289 | |||||||||
Allowance for estimated losses on loans/leases | 1,720,135 | 1,439,185 | 1,829,056 | 1,353,070 | 1,829,056 | 1,525,952 | |||||
Impaired loans/leases | 1,940,250 | 1,788,729 | |||||||||
Nonimpaired loans/leases | 163,120,413 | 156,843,763 | |||||||||
Loans/leases | [2],[3] | $ 165,060,663 | $ 158,632,492 | ||||||||
Allowance as a percentage of impaired loans/leases | 12.89% | 8.48% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 0.97% | 0.88% | |||||||||
Total allowance as a percentage of total loans/leaess | 1.11% | 0.96% | |||||||||
Provisions (credits) charged to expense | 130,742 | (53,963) | 324,925 | 42,712 | |||||||
Loans/leases charged off | (25,928) | (42,022) | (25,928) | (95,464) | |||||||
Recoveries on loans/leases previously charged off | 4,107 | 9,870 | 4,107 | 9,973 | |||||||
Consumer Portfolio Segment [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance, beginning | 1,123,040 | 1,481,638 | 1,001,795 | 1,180,774 | |||||||
Balance, ending | 1,215,772 | 1,365,234 | 1,215,772 | 1,365,234 | |||||||
Allowance for impaired loans/leases | $ 345,457 | $ 265,795 | |||||||||
Allowance for nonimpaired loans/leases | 870,315 | 736,000 | |||||||||
Allowance for estimated losses on loans/leases | 1,123,040 | 1,481,638 | 1,215,772 | 1,365,234 | 1,215,772 | 1,001,795 | |||||
Impaired loans/leases | 813,778 | 1,165,548 | |||||||||
Nonimpaired loans/leases | 69,049,213 | 71,440,932 | |||||||||
Loans/leases | [2] | $ 69,862,991 | $ 72,606,480 | ||||||||
Allowance as a percentage of impaired loans/leases | 42.45% | 22.80% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.26% | 1.03% | |||||||||
Total allowance as a percentage of total loans/leaess | 1.74% | 1.38% | |||||||||
Provisions (credits) charged to expense | 50,273 | (47,048) | 126,758 | 218,280 | |||||||
Loans/leases charged off | (6,837) | (86,370) | (40,886) | (102,107) | |||||||
Recoveries on loans/leases previously charged off | $ 49,296 | $ 17,014 | $ 128,105 | $ 68,287 | |||||||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three or nine months ended September 30, 2015 and 2014. | ||||||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||||||||
[3] | Includes residential real estate loans held for sale totaling $533,225 and $553,000 as of September 30, 2015, and December 31, 2014, respectively. |
Note 3 - Loans_Leases Receiva41
Note 3 - Loans/Leases Receivable (Details) - Impaired Loans/Leases - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | $ 4,018,029 | $ 4,018,029 | $ 3,130,879 | |
Unpaid principal balance with no specific allowance recorded | 4,257,157 | 4,257,157 | 3,434,385 | |
Average recorded investment with no specific allowance recorded | 5,560,552 | $ 9,655,172 | 6,592,967 | |
Interest income recognized with no specific allowance recorded | 7,469 | 18,559 | 15,953 | |
Interest income recognized for cash payments received with no specific allowance recorded | 7,469 | 18,559 | 15,953 | |
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 7,607,981 | 7,607,981 | 15,875,762 | |
Unpaid principal balance with specific allowance recorded | 7,854,297 | 7,854,297 | 18,008,843 | |
Related allowance | 3,552,130 | 3,552,130 | 5,244,673 | |
Average recorded investment with specific allowance recorded | 7,267,948 | 12,693,484 | 7,043,099 | |
Interest income recognized with specific allowance recorded | 3,372 | 2,186 | 12,681 | |
Interest income recognized for cash payments received with specific allowance recorded | 3,372 | 2,186 | 12,681 | |
Total Impaired Loans/Leases: | ||||
Recorded investment | 11,626,010 | 11,626,010 | 19,006,641 | |
Unpaid principal balance | 12,111,454 | 12,111,454 | 21,443,228 | |
Related allowance | 3,552,130 | 3,552,130 | 5,244,673 | |
Average recorded investment | 12,828,500 | 22,348,656 | 13,636,066 | |
Interest income recognized | 10,841 | 20,745 | 28,634 | |
Interest income recognized for cash payments received | 10,841 | 20,745 | 28,634 | |
Commercial Portfolio Segment [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 360,420 | 360,420 | 246,308 | |
Unpaid principal balance with no specific allowance recorded | 470,197 | 470,197 | 342,391 | |
Average recorded investment with no specific allowance recorded | 365,798 | 621,836 | 370,376 | |
Interest income recognized with no specific allowance recorded | 1,870 | 17,855 | 5,579 | |
Interest income recognized for cash payments received with no specific allowance recorded | 1,870 | 17,855 | 5,579 | |
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 4,676,432 | 4,676,432 | 7,033,401 | |
Unpaid principal balance with specific allowance recorded | 4,681,930 | 4,681,930 | 8,190,495 | |
Related allowance | 2,649,170 | 2,649,170 | 3,300,199 | |
Average recorded investment with specific allowance recorded | 4,735,149 | 3,454,429 | 4,792,439 | |
Total Impaired Loans/Leases: | ||||
Recorded investment | 5,036,852 | 5,036,852 | 7,279,709 | |
Unpaid principal balance | 5,152,127 | 5,152,127 | 8,532,886 | |
Related allowance | 2,649,170 | 2,649,170 | 3,300,199 | |
Average recorded investment | 5,100,947 | 4,076,265 | 5,162,815 | |
Interest income recognized | 1,870 | 17,855 | 5,579 | |
Interest income recognized for cash payments received | 1,870 | 17,855 | 5,579 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 431,065 | 431,065 | 67,415 | |
Unpaid principal balance with no specific allowance recorded | 524,839 | 524,839 | 163,638 | |
Average recorded investment with no specific allowance recorded | 451,851 | 751,191 | 510,604 | |
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 620,896 | |||
Unpaid principal balance with specific allowance recorded | 620,896 | |||
Related allowance | 4,462 | |||
Average recorded investment with specific allowance recorded | 439,701 | |||
Total Impaired Loans/Leases: | ||||
Recorded investment | 431,065 | 431,065 | 688,311 | |
Unpaid principal balance | 524,839 | 524,839 | 784,534 | |
Related allowance | 4,462 | |||
Average recorded investment | 451,851 | 1,190,892 | 510,604 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 31,936 | |||
Unpaid principal balance with no specific allowance recorded | 143,136 | |||
Average recorded investment with no specific allowance recorded | 9,968 | 1,397,733 | 17,291 | |
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 335,410 | 335,410 | 337,076 | |
Unpaid principal balance with specific allowance recorded | 576,228 | 576,228 | 577,894 | |
Related allowance | 154,086 | 154,086 | 12,087 | |
Average recorded investment with specific allowance recorded | 335,707 | 796,194 | 335,963 | |
Total Impaired Loans/Leases: | ||||
Recorded investment | 335,410 | 335,410 | 369,012 | |
Unpaid principal balance | 576,228 | 576,228 | 721,030 | |
Related allowance | 154,086 | 154,086 | 12,087 | |
Average recorded investment | 345,675 | 2,193,927 | 353,254 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 1,973,169 | 1,973,169 | 491,717 | |
Unpaid principal balance with no specific allowance recorded | 1,973,169 | 1,973,169 | 491,717 | |
Average recorded investment with no specific allowance recorded | 2,868,950 | 4,051,261 | 3,412,360 | |
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 5,884,343 | |||
Unpaid principal balance with specific allowance recorded | 6,583,934 | |||
Related allowance | 1,153,471 | |||
Average recorded investment with specific allowance recorded | 6,034,473 | |||
Total Impaired Loans/Leases: | ||||
Recorded investment | 1,973,169 | 1,973,169 | 6,376,060 | |
Unpaid principal balance | 1,973,169 | 1,973,169 | 7,075,651 | |
Related allowance | 1,153,471 | |||
Average recorded investment | 2,868,950 | 10,085,734 | 3,412,360 | |
Finance Leases Portfolio Segment [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 579,219 | 579,219 | 561,414 | |
Unpaid principal balance with no specific allowance recorded | 579,219 | 579,219 | 561,414 | |
Average recorded investment with no specific allowance recorded | 634,378 | 1,152,456 | 797,396 | |
Interest income recognized with no specific allowance recorded | 325 | 4,142 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 325 | 4,142 | ||
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 516,267 | 516,267 | 777,858 | |
Unpaid principal balance with specific allowance recorded | 516,267 | 516,267 | 777,858 | |
Related allowance | 153,333 | 153,333 | 356,996 | |
Average recorded investment with specific allowance recorded | 488,860 | 578,317 | 379,841 | |
Total Impaired Loans/Leases: | ||||
Recorded investment | 1,095,486 | 1,095,486 | 1,339,272 | |
Unpaid principal balance | 1,095,486 | 1,095,486 | 1,339,272 | |
Related allowance | 153,333 | 153,333 | 356,996 | |
Average recorded investment | 1,123,238 | 1,730,773 | 1,177,237 | |
Interest income recognized | 325 | 4,142 | ||
Interest income recognized for cash payments received | 325 | 4,142 | ||
Residential Portfolio Segment [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 661,490 | 661,490 | 1,060,770 | |
Unpaid principal balance with no specific allowance recorded | 697,067 | 697,067 | 1,060,770 | |
Average recorded investment with no specific allowance recorded | 900,938 | 1,186,197 | 1,036,845 | |
Interest income recognized with no specific allowance recorded | 1,362 | 704 | 1,845 | |
Interest income recognized for cash payments received with no specific allowance recorded | 1,362 | 704 | 1,845 | |
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 1,278,760 | 1,278,760 | 727,959 | |
Unpaid principal balance with specific allowance recorded | 1,278,760 | 1,278,760 | 763,537 | |
Related allowance | 250,084 | 250,084 | 151,663 | |
Average recorded investment with specific allowance recorded | 984,558 | 564,278 | 835,674 | |
Interest income recognized with specific allowance recorded | 1,981 | 1,296 | 6,778 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,981 | 1,296 | 6,778 | |
Total Impaired Loans/Leases: | ||||
Recorded investment | 1,940,250 | 1,940,250 | 1,788,729 | |
Unpaid principal balance | 1,975,827 | 1,975,827 | 1,824,307 | |
Related allowance | 250,084 | 250,084 | 151,663 | |
Average recorded investment | 1,885,496 | 1,750,475 | 1,872,519 | |
Interest income recognized | 3,343 | 2,000 | 8,623 | |
Interest income recognized for cash payments received | 3,343 | 2,000 | 8,623 | |
Consumer Portfolio Segment [Member] | ||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||
Recorded investment with no specific allowance recorded | 12,666 | 12,666 | 671,319 | |
Unpaid principal balance with no specific allowance recorded | 12,666 | 12,666 | 671,319 | |
Average recorded investment with no specific allowance recorded | 328,669 | 494,498 | 448,095 | |
Interest income recognized with no specific allowance recorded | 3,912 | 4,387 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 3,912 | 4,387 | ||
Impaired Loans/Leases with Specific Allowance Recorded: | ||||
Recorded investment with specific allowance recorded | 801,112 | 801,112 | 494,229 | |
Unpaid principal balance with specific allowance recorded | 801,112 | 801,112 | 494,229 | |
Related allowance | 345,457 | 345,457 | 265,795 | |
Average recorded investment with specific allowance recorded | 723,674 | 826,092 | 699,182 | |
Interest income recognized with specific allowance recorded | 1,391 | 890 | 5,903 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,391 | 890 | 5,903 | |
Total Impaired Loans/Leases: | ||||
Recorded investment | 813,778 | 813,778 | 1,165,548 | |
Unpaid principal balance | 813,778 | 813,778 | 1,165,548 | |
Related allowance | 345,457 | 345,457 | $ 265,795 | |
Average recorded investment | 1,052,343 | 1,320,590 | 1,147,277 | |
Interest income recognized | 5,303 | 890 | 10,290 | |
Interest income recognized for cash payments received | $ 5,303 | $ 890 | $ 10,290 |
Note 3 - Loans_Leases Receiva42
Note 3 - Loans/Leases Receivable (Details) - Loans/Leases By Credit Quality Indicators - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,748,195,577 | $ 1,623,338,950 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,311,091 | 20,102,407 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 647,398,566 | 523,927,140 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 619,562,207 | 491,883,568 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15,739,256 | 17,034,909 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,097,103 | 15,008,663 | |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,709,520 | 8,223,169 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 692,569,134 | 702,140,422 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 247,779,183 | 260,069,080 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 237,616,448 | 245,237,462 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,064,486 | 12,637,930 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,098,249 | 2,193,688 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 45,011,361 | 68,118,989 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 42,172,844 | 65,691,737 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,780,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,058,517 | 2,427,252 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 399,778,590 | 373,952,353 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 386,936,606 | 354,581,419 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,878,807 | 3,285,191 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,963,177 | 16,085,743 | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 911,767 | 662,566 | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 222,409 | 256,012 | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,615,466 | 6,692,038 | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,339,967,700 | $ 1,226,067,562 | |
As a % of Total | 100.00% | 100.00% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,286,288,105 | $ 1,157,394,186 | |
As a % of Total | 96.00% | 94.40% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 30,462,549 | $ 32,958,030 | |
As a % of Total | 2.27% | 2.69% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 23,217,046 | $ 35,715,346 | |
As a % of Total | 1.73% | 2.91% | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1],[2] | $ 173,304,223 | $ 166,032,416 |
Finance Leases Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 172,208,735 | 164,693,144 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 1,095,488 | 1,339,272 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2],[3] | 165,060,663 | 158,632,492 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 163,120,412 | 156,818,091 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 1,940,251 | 1,814,401 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 69,862,991 | 72,606,480 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 69,046,801 | 71,491,531 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 816,190 | 1,114,949 |
Lease, Residential and Consumer Portfolio Segments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 408,227,877 | $ 397,271,388 |
As a % of Total | [2] | 100.00% | 100.00% |
Lease, Residential and Consumer Portfolio Segments [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 404,375,948 | $ 393,002,766 |
As a % of Total | [2] | 99.06% | 98.93% |
Lease, Residential and Consumer Portfolio Segments [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 3,851,929 | $ 4,268,622 |
As a % of Total | [2] | 0.94% | 1.07% |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three or nine months ended September 30, 2015 and 2014. | ||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||
[3] | Includes residential real estate loans held for sale totaling $533,225 and $553,000 as of September 30, 2015, and December 31, 2014, respectively. |
Note 3 - Loans_Leases Receiva43
Note 3 - Loans/Leases Receivable (Details) - Troubled Debt Restructurings | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | 1 | 1 | 7 |
Pre-Modification Recorded Investment | $ 14,203 | $ 96,439 | $ 14,203 | $ 1,573,029 |
Post-Modification Recorded Investment | $ 14,203 | 71,760 | $ 14,203 | 1,548,350 |
Specific Allowance | $ 7,125 | $ 384,603 | ||
Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 14,203 | $ 14,203 | ||
Post-Modification Recorded Investment | $ 14,203 | $ 14,203 | ||
Other Modification [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | 2 | ||
Pre-Modification Recorded Investment | $ 96,439 | $ 524,288 | ||
Post-Modification Recorded Investment | 71,760 | 499,609 | ||
Specific Allowance | $ 7,125 | $ 120,574 | ||
Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 4 | |||
Pre-Modification Recorded Investment | $ 978,597 | |||
Post-Modification Recorded Investment | 978,597 | |||
Specific Allowance | $ 239,783 | |||
Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | |||
Pre-Modification Recorded Investment | $ 70,144 | |||
Post-Modification Recorded Investment | 70,144 | |||
Specific Allowance | $ 24,246 | |||
Consumer Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 14,203 | $ 14,203 | ||
Post-Modification Recorded Investment | $ 14,203 | $ 14,203 | ||
Commercial Portfolio Segment [Member] | Other Modification [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 96,439 | $ 427,849 | ||
Post-Modification Recorded Investment | 71,760 | 427,849 | ||
Specific Allowance | $ 7,125 | $ 113,449 | ||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 3 | |||
Pre-Modification Recorded Investment | $ 889,154 | |||
Post-Modification Recorded Investment | 889,154 | |||
Specific Allowance | $ 239,783 | |||
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | |||
Pre-Modification Recorded Investment | $ 89,443 | |||
Post-Modification Recorded Investment | $ 89,443 | |||
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | |||
Pre-Modification Recorded Investment | $ 70,144 | |||
Post-Modification Recorded Investment | 70,144 | |||
Specific Allowance | $ 24,246 | |||
Residential Portfolio Segment [Member] | Other Modification [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans/Leases | 1 | |||
Pre-Modification Recorded Investment | $ 96,439 | |||
Post-Modification Recorded Investment | 71,760 | |||
Specific Allowance | $ 7,125 |
Note 4 - Derivatives and Hedg44
Note 4 - Derivatives and Hedging Activities (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Note 4 - Derivatives and Hedging Activities (Details) [Line Items] | |||||
Payments for Hedge, Investing Activities | $ 2,071,650 | ||||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |||||
Note 4 - Derivatives and Hedging Activities (Details) [Line Items] | |||||
Payments for Hedge, Investing Activities | $ 2,100,000 | ||||
Number of Interest Rate Derivatives Held | 2 | 2 | |||
Noninterest Income [Member] | Cash Flow Hedging [Member] | |||||
Note 4 - Derivatives and Hedging Activities (Details) [Line Items] | |||||
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 15,561 | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 10,968 | $ 23,658 | $ 9 |
Note 4 - Derivatives and Hedg45
Note 4 - Derivatives and Hedging Activities (Details) - Summary of Interest Rate Cap Derivatives - Cash Flow Hedging [Member] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Interest Rate Cap 1 [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 15,000,000 | |
Fair value | 271,913 | $ 608,189 |
Interest Rate Cap 2 [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 15,000,000 | |
Fair value | 512,742 | 879,197 |
Interest Rate Cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 30,000,000 | |
Fair value | $ 784,655 | $ 1,487,386 |
Note 4 - Derivatives and Hedg46
Note 4 - Derivatives and Hedging Activities (Details) - Changes in Fair Values of Derivative Financial Instruments - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount of income (loss) recognized in other comprehensive income, net of tax | $ 2,256,483 | $ (812,175) | $ 2,098,427 | $ 8,894,623 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized loss at beginning of period, net of tax | (574,311) | (251,149) | (399,367) | |
Amount of income (loss) recognized in other comprehensive income, net of tax | (292,591) | 109,692 | (477,998) | (141,457) |
Unrealized loss at end of period | (846,803) | (152,425) | (846,803) | (152,425) |
Hedge Ineffectiveness [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount reclassified from AOCI to noninterest income related to hedge ineffectiveness | 15,561 | (10,968) | 23,658 | (10,968) |
Amount reclassified from AOCI to interest expense related to caplet amortization | 15,561 | $ (10,968) | 23,658 | $ (10,968) |
Caplet Amortization [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount reclassified from AOCI to noninterest income related to hedge ineffectiveness | 4,538 | 6,904 | ||
Amount reclassified from AOCI to interest expense related to caplet amortization | $ 4,538 | $ 6,904 |
Note 5 - Federal Home Loan Ba47
Note 5 - Federal Home Loan Bank Advances (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
Federal Home Loan Bank Stock | $ 9,227,800 | $ 11,279,000 | |
Repayments of Federal Home Loan Bank Borrowings | $ 75,500,000 | 81,192,185 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 4.36% | ||
Gains (Losses) on Extinguishment of Debt | $ (6,900,000) | (6,894,185) | |
Increase (Decrease) in Loans from Federal Home Loan Banks | (45,500,000) | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 450,900,000 | 499,100,000 | |
Advances from Federal Home Loan Banks, Short-term | 61,000,000 | 37,000,000 | |
Securities (Assets) [Member] | |||
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 0 | $ 0 | |
Federal Home Loan Bank Advances [Member] | |||
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
Gains (Losses) on Extinguishment of Debt | $ (5,692,185) | ||
Minimum [Member] | |||
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 1 day | 14 days | |
Minimum [Member] | Loans Receivable [Member] | |||
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
FHLB Collateral Maintenance Levels | 125.00% | ||
Maximum [Member] | |||
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 1 month | 1 month | |
Maximum [Member] | Loans Receivable [Member] | |||
Note 5 - Federal Home Loan Bank Advances (Details) [Line Items] | |||
FHLB Collateral Maintenance Levels | 333.00% |
Note 5 - Federal Home Loan Ba48
Note 5 - Federal Home Loan Bank Advances (Details) - Maturity and Interest Rate Information on Advances from FHLB - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Maturity: | |||
2,015 | $ 68,000,000 | $ 63,000,000 | |
2,015 | 0.33% | 0.87% | |
2,016 | $ 14,000,000 | $ 44,500,000 | |
2,016 | 2.08% | 3.81% | |
2,017 | $ 18,000,000 | $ 33,000,000 | |
2,017 | 2.89% | 3.59% | |
2,018 | $ 33,000,000 | $ 43,000,000 | |
2,018 | 3.33% | 3.49% | |
2,019 | $ 20,000,000 | ||
2,019 | 4.12% | ||
Total FHLB advances | $ 133,000,000 | $ 203,500,000 | |
Total FHLB advances | 1.61% | 2.83% | |
Federal Home Loan Bank, Advances, Putable Option [Member] | |||
Maturity: | |||
2,015 | [1] | ||
2,016 | [1] | $ 2,000,000 | $ 32,500,000 |
2,016 | 4.00% | 4.56% | |
2,017 | [1] | $ 15,000,000 | |
2,017 | 4.42% | ||
2,018 | [1] | $ 5,000,000 | $ 5,000,000 |
2,018 | 2.84% | 2.84% | |
2,019 | [1] | ||
Total FHLB advances | [1] | $ 7,000,000 | $ 52,500,000 |
Total FHLB advances | 3.17% | 4.36% | |
[1] | Of the advances outstanding, a portion have putable options which allow the FHLB, at its discretion, to terminate the advances and require the subsidiary banks to repay at predetermined dates prior to the stated maturity date of the advances. The amount of advances with putable options decreased $45.5 million from December 31, 2014 to September 30, 2015 due to the prepayment of advances having putable options. |
Note 6 - Other Borrowings and49
Note 6 - Other Borrowings and Unused Lines of Credit (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Repayments of Other Debt | $ 29,177,000 | $ 1,000,000 | |||||
Gains (Losses) on Extinguishment of Debt | $ (6,900,000) | (6,894,185) | |||||
Other Borrowings | 115,000,000 | $ 150,282,492 | |||||
Repayments of Long-term Debt | 7,350,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | 40,000,000 | 10,000,000 | ||||
Long-term Line of Credit | 0 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 0 | ||||||
Subsidiaries [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 347,200,000 | 351,600,000 | |||||
Long-term Line of Credit | 81,000,000 | 114,000,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 266,200,000 | $ 237,600,000 | |||||
Number of Lines of Credit | 32 | 35 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
Subordinated Debt [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Secured Debt [Member] | Subsidiaries [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,200,000 | $ 17,100,000 | |||||
Unsecured Debt [Member] | Subsidiaries [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 332,000,000 | 334,500,000 | |||||
Federal Home Loan Bank of Des Moines [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Letters of Credit Outstanding, Amount | 0 | 0 | |||||
Federal Home Loan Bank of Des Moines [Member] | Letter of Credit [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 55,000,000 | 15,000,000 | |||||
Wholesale Repurchase Agreements [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Repayments of Other Debt | $ 10,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | |||||
Gains (Losses) on Extinguishment of Debt | $ (1,202,000) | ||||||
Other Borrowings | 115,000,000 | 130,000,000 | |||||
Security Owned and Pledged as Collateral, Fair Value | 138,300,000 | 153,800,000 | |||||
Wholesale Repurchase Agreements Putable in 2016 [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Other Borrowings | 50,000,000 | ||||||
Wholesale Repurchase Agreements Putable in 2017 [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Other Borrowings | $ 20,000,000 | ||||||
Term Note [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Other Borrowings | $ 15,275,000 | $ 17,625,000 | |||||
Debt Instrument, Term | 4 years | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.27% | 3.27% | |||||
Repayments of Long-term Debt | $ 2,350,000 | $ 2,350,000 | $ 15,300,000 | ||||
Term Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.23% | ||||||
Series A Subordinated Notes [Member] | |||||||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||
Other Borrowings | $ 2,657,492 | ||||||
Repayments of Long-term Debt | $ 2,700,000 |
Note 6 - Other Borrowings and50
Note 6 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings - USD ($) | Sep. 30, 2015 | Apr. 30, 2015 | Dec. 31, 2014 |
Note 6 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 115,000,000 | $ 150,282,492 | |
Wholesale Repurchase Agreements [Member] | |||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 115,000,000 | 130,000,000 | |
Term Note [Member] | |||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 15,275,000 | 17,625,000 | |
Series A Subordinated Notes [Member] | |||
Note 6 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 2,657,492 |
Note 6 - Other Borrowings and51
Note 6 - Other Borrowings and Unused Lines of Credit (Details) - Wholesale Repurchase Agreements - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Maturity: | ||
Amount due | $ 115,000,000 | $ 150,282,492 |
Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due | $ 115,000,000 | $ 130,000,000 |
Weighted average interest rate at year end | 3.13% | 3.21% |
Maturing in 2015 [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due | $ 5,000,000 | |
Weighted average interest rate at year end | 2.77% | |
Maturing in 2017 [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due | $ 10,000,000 | $ 10,000,000 |
Weighted average interest rate at year end | 3.00% | 3.00% |
Maturing in 2018 [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due | $ 10,000,000 | $ 10,000,000 |
Weighted average interest rate at year end | 3.97% | 3.97% |
Maturing in 2019 [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due | $ 50,000,000 | $ 60,000,000 |
Weighted average interest rate at year end | 3.41% | 3.57% |
Maturing Thereafter [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due | $ 45,000,000 | $ 45,000,000 |
Weighted average interest rate at year end | 2.66% | 2.66% |
Note 7 - Common Stock Offerin52
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) - USD ($) | May. 13, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Repayments of Long-term Debt | $ 7,350,000 | |||||
Gains (Losses) on Extinguishment of Debt | $ (6,900,000) | $ (6,894,185) | ||||
Extinguishment of Debt, Amount | 103,500,000 | |||||
Common Stock Offering 1 [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 3,680,000 | 3,680,000 | ||||
Share Price (in Dollars per share) | $ 18.25 | |||||
Proceeds from Issuance of Common Stock | $ 63,500,000 | $ 63,484,123 | ||||
Term Note [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Repayments of Long-term Debt | $ 2,350,000 | $ 2,350,000 | $ 15,300,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.27% | |||||
Debt Instrument, Term | 4 years | |||||
Series A Subordinated Notes [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Repayments of Long-term Debt | $ 2,700,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
FHLB Advances and Wholesale Repurchase Agreements [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Repayments of Long-term Debt | $ 85,500,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 4.36% | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 30,500,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 15,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 30,000,000 | |||||
Debt Instrument, Term | 2 years 204 days | |||||
Brokered CD's and Overnight FHLB Advances [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 0.90% | |||||
Wholesale Borrowings [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Long-term Debt, Weighted Average Interest Rate | 2.00% | 2.66% | ||||
Debt Instrument, Increase (Decrease), Net | $ (71,900,000) | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 26,142,000 | $ 50,642,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 49,055,000 | 53,965,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 60,283,000 | 60,042,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 59,341,000 | $ 83,152,000 | ||||
FHLB Advances [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt Instrument, Increase (Decrease), Net | $ 70,500,000 | |||||
Wholesale Repurchase Agreements [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | |||||
Gains (Losses) on Extinguishment of Debt | $ (1,202,000) | |||||
Debt, Weighted Average Interest Rate | 3.13% | 3.21% | ||||
Debt Instrument, Increase (Decrease), Net | $ 15,000,000 | |||||
Brokered Time Deposits [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt Instrument, Increase (Decrease), Net | $ 13,600,000 | |||||
Funded With the Proceeds from the Common Stock Issuance [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Extinguishment of Debt, Amount | 63,500,000 | |||||
Funded Through the Maturity of Low-yielding Securities [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Extinguishment of Debt, Amount | 27,700,000 | |||||
Funded With Brokered CDs and Overnight FHLB Advances [Member] | ||||||
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 12,300,000 |
Note 7 - Common Stock Offerin53
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) - Restructured Wholesale Borrowings Portfolio - Wholesale Borrowings [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Note 7 - Common Stock Offering and Balance Sheet Restructuring (Details) - Restructured Wholesale Borrowings Portfolio [Line Items] | ||
2,015 | $ 84,916 | $ 103,818 |
2,015 | 0.33% | 0.92% |
2,016 | $ 26,142 | $ 50,642 |
2,016 | 1.52% | 3.51% |
2,017 | $ 49,055 | $ 53,965 |
2,017 | 2.07% | 2.96% |
2,018 | $ 60,283 | $ 60,042 |
2,018 | 2.93% | 3.41% |
2,019 | $ 59,341 | $ 83,152 |
2,019 | 3.07% | 3.59% |
Thereafter | $ 51,141 | $ 51,141 |
Thereafter | 2.64% | 2.64% |
Total Wholesale Borrowings | $ 330,878 | $ 402,760 |
Total Wholesale Borrowings | 2.00% | 2.66% |
Note 8 - Regulatory Capital R54
Note 8 - Regulatory Capital Requirements and Restrictions on Dividends (Details) $ in Millions | Aug. 27, 2015USD ($) |
Disclosure Text Block [Abstract] | |
Shelf Registration, Maximum Value of Equity Authorized for Issuance | $ 100 |
Note 8 - Regulatory Capital R55
Note 8 - Regulatory Capital Requirements and Restrictions on Dividends (Details) - Capital Requirements - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Parent Company [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total risk-based capital actual amount | $ 274,586 | $ 204,376 | |
Total risk-based capital actual ratio | 13.06% | 10.91% | |
Total risk-based capital for capital adequacy purposes amount | $ 168,246 | $ 149,876 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 210,308 | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions ratio | 10.00% | ||
Total risk-based capital new Basel III minimums amount | [1] | $ 168,246 | |
Total risk-based capital new Basel III minimums ratio | [1] | 8.00% | |
Tier 1 risk-based capital actual amount | $ 248,802 | $ 178,364 | |
Tier 1 risk-based capital actual ratio | 11.83% | 9.52% | |
Tier 1 risk-based capital for capital adequacy purposes amount | $ 126,185 | $ 74,938 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | 4.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 168,246 | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions ratio | 8.00% | ||
Tier 1 risk-based capital new Basel III minimums amount | [1] | $ 126,185 | |
Tier 1 risk-based capital new Basel III minimums ratio | [1] | 6.00% | |
Tier 1 leverage actual amount | $ 248,802 | $ 178,364 | |
Tier 1 leverage actual ratio | 9.73% | 7.62% | |
Tier 1 leverage for capital adequacy purposes amount | $ 102,260 | $ 93,658 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 127,825 | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | ||
Tier 1 leverage new Basel III minimums amount | [1] | $ 102,260 | |
Tier 1 leverage new Basel III minimums ratio | [1] | 4.00% | |
Common equity Tier 1 actual amount | $ 213,710 | ||
Common equity Tier 1 actual ratio | 10.16% | ||
Common equity Tier 1 capital adequacy purposes amount | $ 94,638 | ||
Common equity Tier 1 capital adequacy purposes ratio | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 136,700 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | ||
Common equity Tier 1 new Basel III minimums amount | [1] | $ 94,638 | |
Common equity Tier 1 new Basel III minimums ratio | [1] | 4.50% | |
Quad City Bank and Trust Company [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total risk-based capital actual amount | $ 131,695 | $ 104,869 | |
Total risk-based capital actual ratio | 12.64% | 11.26% | |
Total risk-based capital for capital adequacy purposes amount | $ 83,340 | $ 74,495 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 104,175 | $ 93,119 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions ratio | 10.00% | 10.00% | |
Total risk-based capital new Basel III minimums amount | [1] | $ 83,340 | |
Total risk-based capital new Basel III minimums ratio | [1] | 8.00% | |
Tier 1 risk-based capital actual amount | $ 120,268 | $ 93,785 | |
Tier 1 risk-based capital actual ratio | 11.54% | 10.07% | |
Tier 1 risk-based capital for capital adequacy purposes amount | $ 62,505 | $ 37,248 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | 4.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 83,340 | $ 55,872 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions ratio | 8.00% | 6.00% | |
Tier 1 risk-based capital new Basel III minimums amount | [1] | $ 62,505 | |
Tier 1 risk-based capital new Basel III minimums ratio | [1] | 6.00% | |
Tier 1 leverage actual amount | $ 120,268 | $ 93,785 | |
Tier 1 leverage actual ratio | 8.97% | 7.10% | |
Tier 1 leverage for capital adequacy purposes amount | $ 53,610 | $ 52,817 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 67,012 | $ 66,021 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | 5.00% | |
Tier 1 leverage new Basel III minimums amount | [1] | $ 53,610 | |
Tier 1 leverage new Basel III minimums ratio | [1] | 4.00% | |
Common equity Tier 1 actual amount | $ 120,268 | ||
Common equity Tier 1 actual ratio | 11.54% | ||
Common equity Tier 1 capital adequacy purposes amount | $ 46,879 | ||
Common equity Tier 1 capital adequacy purposes ratio | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 67,714 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | ||
Common equity Tier 1 new Basel III minimums amount | [1] | $ 46,879 | |
Common equity Tier 1 new Basel III minimums ratio | [1] | 4.50% | |
Cedar Rapids Bank and Trust [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total risk-based capital actual amount | $ 103,138 | $ 76,662 | |
Total risk-based capital actual ratio | 13.81% | 11.54% | |
Total risk-based capital for capital adequacy purposes amount | $ 59,755 | $ 53,126 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 74,694 | $ 66,407 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions ratio | 10.00% | 10.00% | |
Total risk-based capital new Basel III minimums amount | [1] | $ 59,755 | |
Total risk-based capital new Basel III minimums ratio | [1] | 8.00% | |
Tier 1 risk-based capital actual amount | $ 93,784 | $ 68,772 | |
Tier 1 risk-based capital actual ratio | 12.56% | 10.36% | |
Tier 1 risk-based capital for capital adequacy purposes amount | $ 44,817 | $ 26,563 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | 4.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 59,755 | $ 39,844 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions ratio | 8.00% | 6.00% | |
Tier 1 risk-based capital new Basel III minimums amount | [1] | $ 44,817 | |
Tier 1 risk-based capital new Basel III minimums ratio | [1] | 6.00% | |
Tier 1 leverage actual amount | $ 93,784 | $ 68,772 | |
Tier 1 leverage actual ratio | 10.68% | 8.21% | |
Tier 1 leverage for capital adequacy purposes amount | $ 35,121 | $ 33,525 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 43,901 | $ 41,906 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | 5.00% | |
Tier 1 leverage new Basel III minimums amount | [1] | $ 35,121 | |
Tier 1 leverage new Basel III minimums ratio | [1] | 4.00% | |
Common equity Tier 1 actual amount | $ 93,784 | ||
Common equity Tier 1 actual ratio | 12.56% | ||
Common equity Tier 1 capital adequacy purposes amount | $ 33,612 | ||
Common equity Tier 1 capital adequacy purposes ratio | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 48,551 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | ||
Common equity Tier 1 new Basel III minimums amount | [1] | $ 33,612 | |
Common equity Tier 1 new Basel III minimums ratio | [1] | 4.50% | |
Rockford Bank and Trust [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total risk-based capital actual amount | $ 38,827 | $ 35,906 | |
Total risk-based capital actual ratio | 12.40% | 12.56% | |
Total risk-based capital for capital adequacy purposes amount | $ 25,047 | $ 22,875 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 31,308 | $ 28,594 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions ratio | 10.00% | 10.00% | |
Total risk-based capital new Basel III minimums amount | [1] | $ 25,047 | |
Total risk-based capital new Basel III minimums ratio | [1] | 8.00% | |
Tier 1 risk-based capital actual amount | $ 34,909 | $ 32,325 | |
Tier 1 risk-based capital actual ratio | 11.15% | 11.30% | |
Tier 1 risk-based capital for capital adequacy purposes amount | $ 18,785 | $ 11,438 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | 4.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 25,047 | $ 17,156 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions ratio | 8.00% | 6.00% | |
Tier 1 risk-based capital new Basel III minimums amount | [1] | $ 18,785 | |
Tier 1 risk-based capital new Basel III minimums ratio | [1] | 6.00% | |
Tier 1 leverage actual amount | $ 34,909 | $ 32,325 | |
Tier 1 leverage actual ratio | 9.63% | 9.16% | |
Tier 1 leverage for capital adequacy purposes amount | $ 14,495 | $ 14,112 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 18,119 | $ 17,640 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | 5.00% | |
Tier 1 leverage new Basel III minimums amount | [1] | $ 14,495 | |
Tier 1 leverage new Basel III minimums ratio | [1] | 4.00% | |
Common equity Tier 1 actual amount | $ 34,909 | ||
Common equity Tier 1 actual ratio | 11.15% | ||
Common equity Tier 1 capital adequacy purposes amount | $ 14,089 | ||
Common equity Tier 1 capital adequacy purposes ratio | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 20,350 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | ||
Common equity Tier 1 new Basel III minimums amount | [1] | $ 14,089 | |
Common equity Tier 1 new Basel III minimums ratio | [1] | 4.50% | |
[1] | The minimums under Basel III phase in higher by .625% (the capital conservation buffer) annually until 2019. The fully phased-in minimums are 10.5% (Total risk-based capital), 8.5% (Tier 1 risk-based capital), and 7.0% (Common equity Tier 1). |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details) - Earnings Per Share - Basic and Diluted - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share, Basic and Diluted [Abstract] | |||||
Net income (in Dollars) | $ 6,488,987 | $ 4,062,665 | $ 10,143,058 | $ 11,959,716 | |
Less: Preferred stock dividends (in Dollars) | 1,081,877 | ||||
Net income attributable to QCR Holdings, Inc. common stockholders (in Dollars) | $ 6,488,987 | $ 4,062,665 | $ 10,143,058 | $ 10,877,839 | |
Earnings per common share attributable to QCR Holdings, Inc. common stockholders | |||||
Basic (in Dollars per share) | $ 0.55 | $ 0.51 | $ 1.03 | $ 1.37 | |
Diluted (in Dollars per share) | $ 0.55 | $ 0.50 | $ 1.01 | $ 1.35 | |
Weighted average common shares outstanding* | [1] | 11,713,993 | 7,931,944 | 9,878,882 | 7,919,201 |
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan | 161,937 | 122,041 | 145,559 | 121,217 | |
Weighted average common and common equivalent shares outstanding | 11,875,930 | 8,053,985 | 10,024,441 | 8,040,418 | |
[1] | The increase in weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 7 to the Consolidated Financial Statements. |
Note 10 - Fair Value (Details)
Note 10 - Fair Value (Details) - Assets Measured at Fair Value on a Recurring Basis - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Securities available for sale | $ 352,134,351 | $ 451,659,630 |
Derivative instruments | 784,655 | 1,487,386 |
Securities available for sale including derivative instruments | 352,919,006 | 453,147,016 |
Securities available for sale: | ||
Assets measured on a non-recurring basis | 13,641,224 | 26,256,409 |
Impaired Loans/Leases [Member] | ||
Securities available for sale: | ||
Assets measured on a non-recurring basis | 4,849,718 | 12,467,362 |
Other Real Estate Owned [Member] | ||
Securities available for sale: | ||
Assets measured on a non-recurring basis | 8,791,506 | 13,789,047 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 247,624,591 | 307,869,572 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 74,901,559 | 111,423,224 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 27,701,652 | 30,399,981 |
Other Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 1,906,549 | 1,966,853 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
Securities available for sale including derivative instruments | 354,128 | 345,952 |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 354,128 | 345,952 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Derivative instruments | 784,655 | 1,487,386 |
Securities available for sale including derivative instruments | 352,564,878 | 452,801,064 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 247,624,591 | 307,869,572 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 74,901,559 | 111,423,224 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 27,701,652 | 30,399,981 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale | 1,552,421 | 1,620,901 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Assets measured on a non-recurring basis | 13,641,224 | 26,256,409 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans/Leases [Member] | ||
Securities available for sale: | ||
Assets measured on a non-recurring basis | 4,849,718 | 12,467,362 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Securities available for sale: | ||
Assets measured on a non-recurring basis | $ 8,791,506 | $ 13,789,047 |
Note 10 - Fair Value (Details58
Note 10 - Fair Value (Details) - Quantitative Information About Level Fair Value Measurements - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 13,641,224 | $ 26,256,409 |
Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 4,849,718 | 12,467,362 |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | 8,791,506 | 13,789,047 |
Market Approach Valuation Technique [Member] | Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 4,849,718 | 12,467,362 |
Valuation technique | Appraisal of collateral | |
Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 8,791,506 | $ 13,789,047 |
Valuation technique | Appraisal of collateral | |
Minimum [Member] | Market Approach Valuation Technique [Member] | Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | (10.00%) | |
Minimum [Member] | Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | (0.00%) | |
Maximum [Member] | Market Approach Valuation Technique [Member] | Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | (50.00%) | |
Maximum [Member] | Market Approach Valuation Technique [Member] | Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Range | (35.00%) |
Note 10 - Fair Value (Details59
Note 10 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Note 10 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Cash and due from banks | $ 41,053,241 | $ 38,235,019 |
Federal funds sold | 34,330,000 | 46,780,000 |
Interest-bearing deposits at financial institutions | 32,275,631 | 35,334,682 |
Investment securities: | ||
Held to maturity | 238,640,598 | |
Held to maturity | 239,420,841 | 201,113,796 |
Available for sale | 352,134,351 | 451,659,630 |
Derivative instruments | 784,655 | 1,487,386 |
Deposits: | ||
Deposits | 1,855,318,987 | 1,679,668,013 |
FHLB advances | 133,000,000 | 203,500,000 |
Other borrowings | 115,000,000 | 150,282,492 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 10 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Cash and due from banks | 41,053,241 | 38,235,019 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 10 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Federal funds sold | 34,330,000 | 46,780,000 |
Federal funds sold | 34,330,000 | 46,780,000 |
Investment securities: | ||
Loans/leases receivable, net | 1,725,647,545 | 1,595,384,851 |
Loans/leases receivable, net, fair value | 1,735,872,520 | 1,606,646,146 |
Derivative instruments | 784,655 | 1,487,386 |
Deposits: | ||
Short-term borrowings | 167,564,212 | 268,351,670 |
Short-term borrowings | 167,564,212 | 268,351,670 |
FHLB advances | 133,000,000 | 203,500,000 |
FHLB advances | 135,877,000 | 208,172,000 |
Other borrowings | 115,000,000 | 150,282,492 |
Other borrowings | 123,363,000 | 159,741,000 |
Junior subordinated debentures | 40,526,691 | 40,423,735 |
Junior subordinated debentures | 28,887,138 | 28,585,294 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Investment securities: | ||
Derivative instruments | 784,655 | 1,487,386 |
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | ||
Note 10 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Interest-bearing deposits at financial institutions | 32,275,631 | 35,334,682 |
Interest-bearing deposits at financial institutions | 32,275,631 | 35,334,682 |
Fair Value, Inputs, Level 2 [Member] | Nonmaturity Deposits [Member] | ||
Deposits: | ||
Deposits | 1,469,462,729 | 1,304,044,099 |
Deposits, fair value | 1,469,462,729 | 1,304,044,099 |
Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
Deposits: | ||
Deposits | 385,856,258 | 375,623,914 |
Deposits, fair value | 386,900,000 | 376,509,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities: | ||
Held to maturity | 238,640,598 | 199,879,574 |
Held to maturity | 239,420,841 | 201,113,796 |
Loans/leases receivable, net | 4,490,480 | 11,543,854 |
Loans/leases receivable, net, fair value | $ 4,849,718 | $ 12,467,362 |
Note 11 - Business Segment In60
Note 11 - Business Segment Information (Details) - Selected Financial Information on the Company’s Business Segments - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 30,790,038 | $ 26,958,315 | $ 86,719,828 | $ 79,279,127 | |
Net interest income | 20,137,526 | 17,475,331 | 56,410,579 | 51,289,915 | |
Net income attributable to QCR Holdings, Inc. | 6,488,987 | 4,062,665 | 10,143,058 | 11,959,716 | |
Total assets | 2,575,854,717 | 2,450,595,553 | 2,575,854,717 | 2,450,595,553 | $ 2,524,958,100 |
Provision for loan/lease losses | 1,635,263 | 1,063,323 | 5,694,384 | 3,159,364 | |
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 |
Core deposit intangible | 1,521,287 | 1,720,799 | 1,521,287 | 1,720,799 | $ 1,670,921 |
Operating Segments [Member] | Wealth Management Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 2,314,406 | 2,082,609 | 6,927,453 | 6,387,215 | |
Net income attributable to QCR Holdings, Inc. | 373,801 | 358,997 | 1,271,661 | 1,205,204 | |
Operating Segments [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 7,936,414 | 5,526,296 | 14,489,717 | 16,016,503 | |
Net interest income | (317,858) | (523,134) | (1,260,962) | (1,403,894) | |
Net income attributable to QCR Holdings, Inc. | 6,488,988 | 4,062,665 | 10,143,059 | 11,959,716 | |
Total assets | 277,001,408 | 212,236,225 | 277,001,408 | 212,236,225 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (7,986,520) | (5,567,505) | (14,721,751) | (16,245,340) | |
Net income attributable to QCR Holdings, Inc. | (7,901,197) | (5,492,285) | (14,391,210) | (15,936,257) | |
Total assets | (256,611,839) | (204,813,887) | (256,611,839) | (204,813,887) | |
Quad City Bank and Trust Company [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 14,039,050 | 12,467,712 | 39,824,626 | 36,368,665 | |
Net interest income | 10,728,143 | 9,234,089 | 29,745,080 | 27,235,902 | |
Net income attributable to QCR Holdings, Inc. | 3,786,289 | 2,602,238 | 6,578,479 | 7,397,943 | |
Total assets | 1,328,053,105 | 1,274,033,270 | 1,328,053,105 | 1,274,033,270 | |
Provision for loan/lease losses | 910,263 | 609,657 | 3,466,384 | 1,779,698 | |
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | |
Cedar Rapids Bank and Trust [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 10,390,806 | 8,853,958 | 28,662,969 | 25,972,122 | |
Net interest income | 6,956,027 | 6,179,763 | 19,836,835 | 17,820,878 | |
Net income attributable to QCR Holdings, Inc. | 2,893,397 | 1,861,236 | 4,645,136 | 5,577,993 | |
Total assets | 867,064,041 | 822,348,680 | 867,064,041 | 822,348,680 | |
Provision for loan/lease losses | 550,000 | 331,666 | 1,650,000 | 881,666 | |
Core deposit intangible | 1,521,287 | 1,720,799 | 1,521,287 | 1,720,799 | |
Rockford Bank and Trust [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 4,095,882 | 3,595,245 | 11,536,814 | 10,779,962 | |
Net interest income | 2,771,214 | 2,584,613 | 8,089,626 | 7,637,029 | |
Net income attributable to QCR Holdings, Inc. | 847,709 | 669,814 | 1,895,933 | 1,755,117 | |
Total assets | 360,348,002 | 346,791,265 | 360,348,002 | 346,791,265 | |
Provision for loan/lease losses | $ 175,000 | $ 122,000 | $ 578,000 | $ 498,000 |