Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | QCR HOLDINGS INC | ||
Trading Symbol | qcrh | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 11,812,011 | ||
Entity Public Float | $ 235,581,715 | ||
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 | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and due from banks | $ 41,957,855 | $ 38,235,019 |
Federal funds sold | 19,850,000 | 46,780,000 |
Interest-bearing deposits at financial institutions | 36,098,431 | 35,334,682 |
Securities held to maturity, at amortized cost | 253,674,159 | 199,879,574 |
Securities available for sale, at fair value | 323,434,982 | 451,659,630 |
Total securities | 577,109,141 | 651,539,204 |
Loans receivable, held for sale | 565,850 | 553,000 |
Loans/leases receivable, held for investment | 1,797,456,825 | 1,629,450,070 |
Gross loans/leases receivable | 1,798,022,675 | 1,630,003,070 |
Less allowance for estimated losses on loans/leases | (26,140,906) | (23,074,365) |
Net loans/leases receivable | 1,771,881,769 | 1,606,928,705 |
Bank-owned life insurance | 55,485,655 | 53,723,548 |
Premises and equipment, net | 37,350,352 | 36,021,128 |
Restricted investment securities | 14,835,925 | 15,559,575 |
Other real estate owned, net | 7,150,658 | 12,767,636 |
Goodwill | 3,222,688 | 3,222,688 |
Core deposit intangible | 1,471,409 | 1,670,921 |
Other assets | 26,784,392 | 23,174,994 |
Total assets | 2,593,198,275 | 2,524,958,100 |
Deposits: | ||
Noninterest-bearing | 615,292,211 | 511,991,864 |
Interest-bearing | 1,265,373,973 | 1,167,676,149 |
Total deposits | 1,880,666,184 | 1,679,668,013 |
Short-term borrowings | 144,662,716 | 268,351,670 |
Federal Home Loan Bank advances | 151,000,000 | 203,500,000 |
Other borrowings | 110,000,000 | 150,282,492 |
Junior subordinated debentures | 38,499,052 | 40,423,735 |
Other liabilities | 42,484,573 | 38,653,681 |
Total liabilities | $ 2,367,312,525 | $ 2,380,879,591 |
Preferred stock, $1 par value; shares authorized 250,000 | ||
December 2015 and 2014 - No shares issued or outstanding | ||
Common stock, $1 par value; shares authorized 20,000,000 | $ 11,761,083 | $ 8,074,443 |
December 2014 - 8,074,443 shares issued and 7,953,197 outstanding | ||
Additional paid-in capital | 123,282,851 | 61,668,968 |
Retained earnings | 92,965,645 | 77,876,824 |
Accumulated other comprehensive loss: | ||
Securities available for sale | (1,324,408) | (1,535,849) |
Interest rate cap derivatives | (799,421) | (399,367) |
Less treasury stock, at cost | (1,606,510) | |
December 2014 - 121,246 common shares | ||
Total stockholders' equity | 225,885,750 | 144,078,509 |
Total liabilities and stockholders' equity | $ 2,593,198,275 | $ 2,524,958,100 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in Dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 11,761,083 | 8,074,443 |
Common stock, shares outstanding | 11,761,083 | 7,953,197 |
Less treasury stock, shares | 0 | 121,246 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Interest and dividend income: | ||||
Loans/leases, including fees | $ 74,615,499 | $ 69,423,001 | $ 66,810,952 | |
Securities: | ||||
Taxable | 6,772,244 | 9,618,436 | 10,061,066 | |
Nontaxable | 7,782,370 | 6,074,896 | 4,147,050 | |
Interest-bearing deposits at financial institutions | 304,602 | 299,227 | 275,352 | |
Restricted investment securities | 503,764 | 528,660 | 558,946 | |
Federal funds sold | 24,774 | 21,036 | 18,592 | |
Total interest and dividend income | 90,003,253 | 85,965,256 | 81,871,958 | |
Interest expense: | ||||
Deposits | 4,495,538 | 4,508,921 | 4,714,306 | |
Short-term borrowings | 210,306 | 233,930 | 293,020 | |
Federal Home Loan Bank advances | 3,511,541 | 6,025,749 | 6,863,216 | |
Other borrowings | 4,233,193 | 4,890,909 | 4,753,260 | |
Junior subordinated debentures | 1,255,951 | 1,234,619 | 1,142,719 | |
Total interest expense | 13,706,529 | 16,894,128 | 17,766,521 | |
Net interest income | 76,296,724 | 69,071,128 | 64,105,437 | |
Provision for loan/lease losses | 6,870,900 | 6,807,000 | 5,930,420 | |
Net interest income after provision for loan/lease losses | 69,425,824 | 62,264,128 | 58,175,017 | |
Noninterest income: | ||||
Trust department fees | 6,131,209 | 5,715,151 | 4,941,681 | |
Investment advisory and management fees | 2,971,964 | 2,798,170 | 2,580,140 | |
Deposit service fees | 3,823,818 | 3,847,350 | 3,873,349 | |
Gains on sales of residential real estate loans, net | 322,872 | 460,721 | 836,065 | |
Gains on sales of government guaranteed portions of loans, net | 1,304,575 | 2,040,638 | 2,148,979 | |
Swap fee income | 1,717,552 | 154,800 | 104,560 | |
Securities gains | 798,983 | 92,363 | 432,492 | |
Earnings on bank-owned life insurance | 1,762,107 | 1,721,507 | 1,786,023 | |
Debit card fees | 1,072,431 | 982,005 | 991,300 | |
Correspondent banking fees | 1,190,411 | 1,064,030 | 772,120 | |
Participation service fees on commercial loan participations | 865,280 | 854,621 | 768,547 | |
Bargain purchase gain on Community National Acquisition | 1,841,385 | |||
Fee income from early termination of leases | 296,546 | 60,941 | 123,587 | |
Credit card issuing fees | 538,167 | 552,639 | 743,700 | |
Lawsuit award | 387,045 | 444,732 | ||
Gains on debt extinguishment | 300,000 | |||
Other | 1,046,763 | 812,421 | 1,272,127 | |
Total noninterest income | 24,529,723 | 21,157,357 | 26,845,676 | |
Gain on sale of credit card loan receivables | 495,405 | |||
Noninterest expenses: | ||||
Salaries and employee benefits | 42,967,915 | 40,337,055 | 37,510,318 | |
Occupancy and equipment expense | 7,042,706 | 7,385,526 | 6,712,468 | |
Professional and data processing fees | 5,523,447 | 6,191,574 | 6,424,594 | |
FDIC insurance, other insurance and regulatory fees | 2,724,968 | 2,895,494 | 2,587,041 | |
Loan/lease expense | 882,591 | 665,602 | 1,241,704 | |
Net cost of operations of other real estate | (1,092,401) | 603,092 | 1,206,973 | |
Advertising and marketing | 1,900,539 | 1,985,121 | 1,726,314 | |
Postage and communications | 936,231 | 930,408 | 1,069,142 | |
Stationery and supplies | 595,689 | 579,330 | 562,301 | |
Bank service charges | 1,486,265 | 1,291,017 | 1,144,757 | |
Losses on debt extinguishment | 7,485,601 | |||
Acquisition and data conversion costs | 2,353,162 | |||
Correspondent banking expense | 703,495 | 635,630 | 661,451 | |
Other | 2,201,378 | 1,930,129 | 2,264,281 | |
Total noninterest expenses | 73,358,424 | 65,429,978 | 65,464,506 | |
Income before income taxes | 20,597,123 | 17,991,507 | 19,556,187 | |
Federal and state income tax expense | 3,669,242 | 3,038,970 | 4,617,942 | |
Net income | 16,927,881 | 14,952,537 | 14,938,245 | |
Less: preferred stock dividends | 1,081,877 | 3,168,302 | ||
Net income attributable to QCR Holdings, Inc. common stockholders | $ 16,927,881 | $ 13,870,660 | $ 11,769,943 | |
Basic earnings per common share (in Dollars per share) | $ 1.64 | $ 1.75 | $ 2.13 | |
Diluted earnings per common share (in Dollars per share) | $ 1.61 | $ 1.72 | $ 2.08 | |
Weighted average common shares outstanding (in Shares) | [1] | 10,345,286 | 7,925,220 | 5,531,948 |
Weighted average common and common equivalent shares outstanding (in Shares) | 10,499,841 | 8,048,661 | 5,646,926 | |
Cash dividends declared per common share (in Dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | |
CNB Branches [Member] | ||||
Noninterest income: | ||||
Gain on disposal of business | $ 2,334,216 | |||
Credit Card Issuing Operations [Member] | ||||
Noninterest income: | ||||
Gain on disposal of business | $ 355,268 | |||
[1] | The increase in weighted average common shares outstanding from 2014 to 2015 was primarily due to the common stock issuance discussed in Note 12 to theConsolidated Financial Statements |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 16,927,881 | $ 14,952,537 | $ 14,938,245 |
Unrealized gains (losses) on securities available for sale: | |||
Unrealized holding gains (losses) arising during the period before tax | 1,144,314 | 19,697,118 | (29,292,079) |
Less reclassification adjustment for gains included in net income before tax | 798,983 | 92,363 | 432,492 |
345,331 | 19,604,755 | (29,724,571) | |
Unrealized losses on interest rate cap derivatives: | |||
Unrealized holding losses arising during the period before tax | (631,363) | (584,264) | |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | (15,895) | 30,147 | |
(615,468) | (614,411) | ||
Other comprehensive income (loss), before tax | (270,137) | 18,990,344 | (29,724,571) |
Tax expense (benefit) | (81,524) | 7,281,574 | (11,373,902) |
Other comprehensive income (loss), net of tax | (188,613) | 11,708,770 | (18,350,669) |
Comprehensive income (loss) attributable to QCR Holdings, Inc. | $ 16,739,268 | $ 26,661,307 | $ (3,412,424) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2012 | $ 54,867 | $ 5,039,448 | $ 78,912,791 | $ 53,326,542 | $ 4,706,683 | $ (1,606,510) | $ 140,433,821 |
Net income | 14,938,245 | 14,938,245 | |||||
Other comprehensive loss, net of tax | (18,350,669) | (18,350,669) | |||||
Common cash dividends declared, $0.08 per share | (459,312) | (459,312) | |||||
Preferred cash dividends declared and accrued | (3,168,302) | (3,168,302) | |||||
Issuance of 834,715 shares of common stock as a result of the acquisition of Community National Bancorporation, net | 834,715 | 12,181,894 | 13,016,609 | ||||
Conversion of 25,000 shares of Series E Non-cumulative Perpetual Preferred Stock to 2,057,502 shares of common stock | (25,000) | 2,057,502 | (2,032,502) | ||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 27,110 | 304,396 | 331,506 | ||||
Proceeds from issuance of common stock, stock options exercised | 41,258 | 373,519 | 414,777 | ||||
Exchange of 7,679 shares of common stock in connection with stock options exercised | (7,679) | (120,955) | (128,634) | ||||
Stock-based compensation expense | 792,279 | 792,279 | |||||
Tax benefit of nonqualified stock options exercised | 62,371 | 62,371 | |||||
Restricted stock awards | 30,152 | (30,152) | |||||
Exchange of common stock, restricted stock vested | (16,798) | (289,113) | (305,911) | ||||
Balance at Dec. 31, 2013 | 29,867 | 8,005,708 | 90,154,528 | 64,637,173 | (13,643,986) | (1,606,510) | 147,576,780 |
Net income | 14,952,537 | 14,952,537 | |||||
Other comprehensive loss, net of tax | 11,708,770 | 11,708,770 | |||||
Common cash dividends declared, $0.08 per share | (631,009) | (631,009) | |||||
Preferred cash dividends declared and accrued | (1,081,877) | (1,081,877) | |||||
Redemption of 29,867 shares of Series F Non-cumulative Perpetual Preferred Stock | $ (29,867) | (29,794,055) | (29,823,922) | ||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 25,321 | 353,566 | 378,887 | ||||
Proceeds from issuance of common stock, stock options exercised | 23,659 | 218,095 | 241,754 | ||||
Stock-based compensation expense | 891,619 | 891,619 | |||||
Tax benefit of nonqualified stock options exercised | 42,954 | 42,954 | |||||
Restricted stock awards | 30,055 | (30,055) | |||||
Exchange of common stock, restricted stock vested | (10,300) | (167,684) | (177,984) | ||||
Balance at Dec. 31, 2014 | 8,074,443 | 61,668,968 | 77,876,824 | (1,935,216) | (1,606,510) | 144,078,509 | |
Net income | 16,927,881 | 16,927,881 | |||||
Other comprehensive loss, net of tax | (188,613) | (188,613) | |||||
Common cash dividends declared, $0.08 per share | (934,682) | (934,682) | |||||
Proceeds from issuance of 3,680,000 share of common stock, net of issuance costs | 3,680,000 | 59,804,123 | 63,484,123 | ||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 24,033 | 375,120 | 399,153 | ||||
Proceeds from issuance of common stock, stock options exercised | 78,909 | 1,074,611 | 1,153,520 | ||||
Stock-based compensation expense | 941,469 | 941,469 | |||||
Tax benefit of nonqualified stock options exercised | 93,096 | 93,096 | |||||
Retirement of treasury stock, 121,246 shares of common stock | (121,246) | (580,886) | (904,378) | $ 1,606,510 | |||
Restricted stock awards | 28,846 | (28,846) | |||||
Exchange of common stock, restricted stock vested | (3,902) | (64,804) | (68,706) | ||||
Balance at Dec. 31, 2015 | $ 11,761,083 | $ 123,282,851 | $ 92,965,645 | $ (2,123,829) | $ 225,885,750 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common cash dividends declared, dividends per share (in Dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 |
Proceeds from issuance of common stock, stock options exercised, shares | 79,638 | 23,659 | 41,258 |
Common Stock [Member] | |||
Issuance of common stock, acquisition of Community National Bancorporation, shares | 834,715 | ||
Proceeds from issuance of common stock, Employee Stock Purchase Plan, Shares | 24,033 | 25,321 | 27,110 |
Proceeds from issuance of common stock, stock options exercised, shares | 78,909 | 23,659 | 41,258 |
Exchange of common stock, stock options exercised, shares (in Dollars) | $ 7,679 | ||
Exchange of common stock, restricted stock vested, shares | 3,902 | 10,300 | 16,798 |
Proceeds from issuance of common stock, net of issuance costs, shares | 3,680,000 | ||
Retirement of treasury stock, shares | 121,246 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||||
Cash Flows from Operating Activities: | ||||||
Net income | $ 16,927,881 | $ 14,952,537 | $ 14,938,245 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation | 3,065,031 | 2,812,645 | 2,695,578 | |||
Provision for loan/lease losses | 6,870,900 | 6,807,000 | 5,930,420 | |||
Deferred income taxes | (2,004,532) | (1,165,009) | (1,021,991) | |||
Stock-based compensation expense | 941,469 | 891,619 | 792,279 | |||
Deferred compensation expense accrued | 1,023,827 | 1,311,627 | 822,335 | |||
Losses (gains) on sale of other real estate owned, net | (1,021,242) | 447,272 | 545,340 | |||
Amortization of premiums on securities, net | 1,040,275 | 1,809,804 | 3,574,097 | |||
Securities gains, net | (798,983) | (92,363) | (432,492) | |||
Loans originated for sale | (38,748,100) | (58,128,415) | (80,027,780) | |||
Proceeds on sales of loans | 40,362,697 | 61,435,064 | 86,231,767 | |||
Gains on sales of residential real estate loans, net | (322,872) | (460,721) | (836,065) | |||
Gains on sales of government guaranteed portions of loans, net | (1,304,575) | (2,040,638) | (2,148,979) | |||
Gain on sale of credit card loan receivables | (495,405) | |||||
Increase in cash value of bank-owned life insurance | (1,762,107) | (1,721,507) | (1,786,023) | |||
Decrease (increase) in other assets | (3,910,486) | (1,198,107) | 7,650,490 | |||
Increase in other liabilities | 2,721,335 | 414,134 | 1,017,133 | |||
Net cash provided by operating activities | 30,098,622 | 25,599,915 | 32,036,253 | |||
Bargain purchase gain on Community National acquisition | (1,841,385) | |||||
Losses on debt extinguishment | 7,485,601 | |||||
Gain on debt extinguishment | (300,000) | |||||
Amortization of core deposit intangible | 199,512 | 199,512 | 178,881 | |||
Accretion of acquisition fair value adjustments, net | (367,009) | (674,539) | (1,060,708) | |||
Cash Flows from Investing Activities: | ||||||
Net (increase) decrease in federal funds sold | 26,930,000 | (7,345,000) | (540,000) | |||
Net increase in interest-bearing deposits at financial institutions | (763,749) | (2,289,765) | (8,660,888) | |||
Proceeds from sales of other real estate owned | 7,696,026 | 1,593,714 | 1,345,479 | |||
Purchase of derivative instruments | (2,071,650) | |||||
Activity in securities portfolio: | ||||||
Purchases | (232,092,732) | (76,256,503) | (312,970,498) | |||
Calls, maturities and redemptions | 211,942,737 | 35,247,090 | 147,264,900 | |||
Paydowns | 15,476,369 | 23,611,559 | 46,098,773 | |||
Sales | 81,410,368 | 78,476,422 | 37,393,047 | |||
Activity in restricted investment securities: | ||||||
Purchases | (3,752,450) | (1,912,050) | (7,264,600) | |||
Redemptions | 4,476,100 | 3,380,100 | 7,244,200 | |||
Net increase in loans/leases originated and held for investment | (172,786,032) | (180,325,359) | (55,311,462) | |||
Purchase of premises and equipment | (4,394,255) | (2,035,855) | (2,430,353) | |||
Proceeds from sale of credit card loan receivables | 10,674,723 | |||||
Net cash received from Community National Acquisition | 3,025,073 | |||||
Net cash paid on sales of certain branches of Community National Bank | (30,425,618) | |||||
Net cash used in investing activities | (65,857,618) | (129,927,297) | (164,557,224) | |||
Cash Flows from Financing Activities: | ||||||
Net increase in deposits | 200,988,645 | 32,695,797 | 108,923,293 | |||
Net (decrease) increase in short-term borrowings | (123,688,954) | 119,058,703 | (21,789,994) | |||
Activity in Federal Home Loan Bank advances: | ||||||
Term advances | 5,000,000 | 6,000,000 | 77,000,000 | |||
Calls and maturities | (26,000,000) | (27,850,000) | (82,000,000) | |||
Net change in short-term and overnight advances | 47,000,000 | (6,000,000) | 34,000,000 | |||
Prepayments | (84,401,601) | 0 | ||||
Activity in other borrowings: | ||||||
Proceeds from other borrowings | 10,000,000 | 10,000,000 | ||||
Calls, maturities and scheduled principal payments | (7,350,000) | (2,125,000) | (5,800,000) | |||
Prepayments | (34,559,000) | |||||
Retirement of junior subordinated debentures | (1,762,000) | |||||
Repayment of Community National's other borrowings at acquisition | (3,950,000) | |||||
Payment of cash dividends on common and preferred stock | (782,054) | (1,964,608) | (4,062,726) | |||
Cash and due from banks, beginning | 38,235,019 | 41,950,790 | 61,568,446 | |||
Cash and due from banks, ending | 41,957,855 | 38,235,019 | 41,950,790 | |||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | (29,823,922) | |||||
Supplemental Disclosures of Cash Flow Information, cash payments for: | ||||||
Interest | 14,027,512 | 16,826,619 | 17,953,357 | |||
Income and franchise taxes | 2,619,288 | 4,541,000 | 3,011,244 | |||
Supplemental Schedule of Noncash Investing and Financing Activities: | ||||||
Change in accumulated other comprehensive income (loss), unrealized gains (losses) on on securities available for sale and derivative instruments, net | (188,613) | 11,708,770 | (18,350,669) | |||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and options exercised | (68,706) | (177,984) | (434,545) | |||
Tax benefit of nonqualified stock options exercised | 93,096 | 42,954 | 62,371 | |||
Transfers of loans to other real estate owned | 1,577,060 | 5,594,256 | 7,115,008 | |||
Due from broker | 2,290,930 | |||||
Dividends payable | 468,583 | 315,955 | 567,677 | |||
Consideration paid: | ||||||
Bargain purchase gain | 1,841,385 | |||||
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 | 1,552,673 | 620,641 | 582,742 | |||
Net cash provided by financing activities | 39,481,832 | 100,611,611 | 112,903,315 | |||
Net (decrease) increase in cash and due from banks | $ 3,722,836 | (3,715,771) | (19,617,656) | |||
Series F Noncumulative Perpetual Preferred Stock Two [Member] | ||||||
Activity in other borrowings: | ||||||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | $ (29,823,922) | |||||
Credit Card Issuing Operations [Member] | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Gain on disposal of business | (355,268) | |||||
Liabilities sold: | ||||||
Gains on sales of certain branches of Community National Bank | 355,268 | |||||
CNB Branches [Member] | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Gain on disposal of business | (2,334,216) | |||||
Assets sold: | ||||||
Cash ** | 30,425,618 | |||||
Loans receivable | 54,458,870 | |||||
Premises and equipment, net | 2,373,822 | |||||
Core deposit intangible | 1,390,762 | |||||
Other assets | 138,899 | |||||
Total assets sold | 88,787,971 | |||||
Liabilities sold: | ||||||
Deposits | 91,022,098 | |||||
Other liabilities | 100,089 | |||||
Total liabilities sold | 91,122,187 | |||||
Gains on sales of certain branches of Community National Bank | 2,334,216 | |||||
Community National Bancorporation and Community National Bank [Member] | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Bargain purchase gain on Community National acquisition | (1,841,385) | |||||
Fair value of assets acquired: | ||||||
Cash and due from banks * | [1] | [1] | 9,286,757 | [1] | ||
Federal funds sold | 12,335,000 | |||||
Interest-bearing deposits at financial institutions | 2,024,539 | |||||
Securities available for sale | 45,853,826 | |||||
Loans/leases receivable held for investment, net | 195,658,486 | |||||
Premises and equipment, net | 8,132,021 | |||||
Core deposit intangible | 3,440,076 | |||||
Bank-owned life insurance | 4,595,529 | |||||
Restricted investment securities | 1,259,375 | |||||
Other real estate owned | 550,326 | |||||
Other assets | 5,178,583 | |||||
Total assets acquired | 288,314,518 | |||||
Fair value of liabilities assumed: | ||||||
Deposits | 255,045,071 | |||||
Other borrowings | 3,950,000 | |||||
Junior subordinated debentures | 4,125,175 | |||||
Other liabilities | 3,911,053 | |||||
Total liabilities assumed | 267,031,299 | |||||
Net assets acquired | 21,283,219 | |||||
Consideration paid: | ||||||
Cash paid * | [1] | [1] | 6,261,684 | [1] | ||
Issuance of 834,715 shares of common stock | 13,180,150 | |||||
Total consideration paid | 19,441,834 | |||||
Bargain purchase gain | $ 1,841,385 | |||||
[1] | Net cash received at closing totaled $3,025,073 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Series F Noncumulative Perpetual Preferred Stock Two [Member] | ||
Redemption of shares of Series F Noncumulative Perpetual Preferred Stock, net | 29,867 | |
Community National Bancorporation and Community National Bank [Member] | ||
NetCashReceivedAtClosing (in Dollars) | $ 3,025,073 | |
Issuance of common stock, shares | 834,715 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1. Nature of Business and Significant Accounting Policies Basis of presentation The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements, as well as in the other sections of this Form 10-K (including appendices). It may be helpful to refer back to this page as you read this report. Allowance: Allowance for estimated losses on loans/leases HTM: Held to maturity AML-BSA: Anti-money laundering and bank secrecy laws Iowa Superintendent: Iowa Superintendent of Banking AOCI: Accumulated other comprehensive income (loss) LCR: Liquidity Coverage Ratio AFS: Available for sale m2: m2 Lease Funds, LLC ASC: Accounting Standards Codification MD&A: Management's Discussion & Analysis ASU: Accounting Standards Update NIM: Net interest margin BHCA: Bank Holding Company Act of 1956 NPA: Nonperforming asset BOLI: Bank-owned life insurance NPL: Nonperforming loan Caps: Interest rate cap derivatives NSFR: Net Stable Funding Ratio CFPB: Bureau of Consumer Financial Protection OREO: Other real estate owned Community National: Community National Bancorporation OTTI: Other-than-temporary impairment CNB: Community National Bank PCAOB: Public Company Accounting Oversight Board CPP: Capital Purchase Program Provision: Provision for loan/lease losses CRBT: Cedar Rapids Bank & Trust Company PUD LOC: Public Unit Deposit Letter of Credit CRE: Commercial real estate QCBT: Quad City Bank & Trust Company CRE Guidance: Interagency Concentrations in Commercial Real Estate RB&T: Rockford Bank & Trust Company Lending, Sound Risk Management Practices guidance ROAA: Return on Average Assets C&I: Commercial and industrial ROACE: Return on Average Common Equity Dodd-Frank Act: Dodd-Frank Wall Street Reform and ROAE: Return on Average Equity Consumer Protection Act SBA: U.S. Small Business Administration IDFPR: Illinois Department of Financial & Professional Regulation SBLF: Small Business Lending Fund DGCL: Delaware General Corporation Law SEC: Securities and Exchange Commission DIF: Deposit Insurance Fund SERPs: Supplemental Executive Retirement Plans EPS: Earnings per share TA: Tangible assets Exchange Act: Securities Exchange Act of 1934, as amended TCE: Tangible common equity FASB: Financial Accounting Standards Board TDRs: Troubled debt restructurings FDIC: Federal Deposit Insurance Corporation The Company: QCR Holdings, Inc. Federal Reserve: Board of Governors of the Federal Reserve System Treasury: U.S. Department of the Treasury FHLB: Federal Home Loan Bank USA Patriot Act: Uniting and Strengthening America by FICO: Financing Corporation Providing Appropriate Tools Required to Intercept and FRB: Federal Reserve Bank of Chicago Obstruct Terrorism Act of 2001 FTEs: Full-time equivalents USDA: U.S. Department of Agriculture GAAP: Generally Accepted Accounting Principles VPHC: Velie Plantation Holding Company Goldman Sachs: Goldman Sachs and Company Nature of business QCR Holdings, Inc. is a bank holding company providing bank and bank-related services through its banking subsidiaries, QCBT, CRBT, and RB&T. The Company also engages in direct financing lease contracts through its wholly-owned equity investment by QCBT in m2, headquartered in Milwaukee, Wisconsin. On May 13, 2013, the Company acquired Community National and its banking subsidiary, CNB. In October 2013, the Company sold certain assets and liabilities of certain branches of CNB in two separate transactions. The Company operated CNB as a separate banking charter since the acquisition until October 26, 2013, when CNB’s charter was merged with and into CRBT. CNB’s merged branch offices operate as a division of CRBT under the name of “Community Bank & Trust.” See Note 2 for additional information on the acquisition, sales of certain branches, and subsequent merger into CRBT. The remaining subsidiaries of the Company consist of six non-consolidated subsidiaries formed for the issuance of trust preferred securities. The Company assumed two of these subsidiaries in the acquisition of Community National on May 13, 2013. See Note 11 for a listing of these subsidiaries and additional information. QCBT is a commercial bank that serves the Iowa and Illinois Quad Cities and adjacent communities. CRBT is a commercial bank that serves Cedar Rapids, Iowa, and adjacent communities including Cedar Falls and Waterloo, Iowa. RB&T is a commercial bank that serves Rockford, Illinois, and adjacent communities. QCBT and CRBT are chartered and regulated by the state of Iowa, and RB&T is chartered and regulated by the state of Illinois. All three subsidiary banks are insured and subject to regulation by the FDIC, and are members of and regulated by the Federal Reserve System. In December 2014, the Company entered into a joint venture providing residential real estate mortgage services and products to customers. This joint venture is a collaboration between QCBT and Ruhl Mortgage. QCBT has a 20% ownership interest. Significant accounting policies: Accounting estimates : The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance, OTTI of securities, and the fair value of financial instruments. Principles of consolidation : The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, except those six subsidiaries formed for the issuance of trust preferred securities which do not meet the criteria for consolidation. See Note 11 for a detailed listing of these subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Presentation of cash flows : For purposes of reporting cash flows, cash and due from banks include cash on hand and noninterest bearing amounts due from banks. Cash flows from federal funds sold, interest bearing deposits at financial institutions, loans/leases, deposits, and short-term borrowings are treated as net increases or decreases. Cash and due from banks : The subsidiary banks are required by federal banking regulations to maintain certain cash and due from bank reserves. The reserve requirement was approximately $30,532,000 and $23,251,000 as of December 31, 2015 and 2014, respectively. Investment securities : Investment securities held to maturity are those debt securities that the Company has the ability and intent to hold until maturity regardless of changes in market conditions, liquidity needs, or changes in general economic conditions. Such securities are carried at cost adjusted for amortization of premiums and accretion of discounts. If the ability or intent to hold to maturity is not present for certain specified securities, such securities are considered AFS as the Company intends to hold them for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations, and other factors. Securities AFS are carried at fair value. Unrealized gains or losses, net of taxes, are reported as increases or decreases in AOCI. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. All securities are evaluated to determine whether declines in fair value below their amortized cost are other-than-temporary. In estimating OTTI losses on AFS debt securities, management considers a number of factors including, but not limited to, (1) the length of time and extent to which the fair value has been less than amortized cost, (2) the financial condition and near-term prospects of the issuer, (3) the current market conditions, and (4) the intent of the Company to not sell the security prior to recovery and whether it is not more-likely-than-not that it will be required to sell the security prior to recovery. If the Company does not intend to sell the security, and it is not more-likely-than-not the entity will be required to sell the security before recovery of its amortized cost basis, the Company will recognize the credit component of an OTTI of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an OTTI recorded in other comprehensive income for the noncredit portion would be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. In estimating OTTI losses on AFS equity securities management considers factors (1), (2) and (3) above as well as whether the Company has the intent and the ability to hold the security until its recovery. If the Company (a) intends to sell an impaired equity security and does not expect the fair value of the security to fully recover before the expected time of sale, or (b) does not have the ability to hold the security until its recovery, the security is deemed other-than-temporarily impaired and the impairment is charged to earnings. The Company recognizes an impairment loss through earnings if based upon other factors the loss is deemed to be other-than-temporary even if the decision to sell has not been made. Loans receivable, held for sale Loans receivable, held for investment The Company discloses allowance for credit losses (also known allowance) and fair value by portfolio segment, and credit quality information, impaired financing receivables, nonaccrual status, and TDRs by class of financing receivable. A portfolio segment is the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. A class of financing receivable is a further disaggregation of a portfolio segment based on risk characteristics and the Company’s method for monitoring and assessing credit risk. See the following information and Note 4. The Company’s portfolio segments are as follows: ● C&I ● CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a segment within the overall loan/lease portfolio. The Company’s classes of loans receivable are as follows: ● C&I ● Owner-occupied CRE ● Commercial construction, land development, and other land loans that are not owner-occupied CRE ● Other non-owner-occupied CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a class of financing receivable within the overall loan/lease portfolio. The accounting policies for direct financing leases are disclosed below. Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 days or greater. For all classes of loans receivable, loans will generally be placed on nonaccrual status when the loan has become 90 days past due (unless the loan is well secured and in the process of collection); or if any of the following conditions exist: ● It becomes evident that the borrower will not make payments, or will not or cannot meet the terms for renewal of a matured loan; ● When full repayment of principal and interest is not expected; ● When the loan is graded “doubtful”; ● When the borrower files bankruptcy and an approved plan of reorganization or liquidation is not anticipated in the near future; or ● When foreclosure action is initiated. When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. Generally, cash collected on nonaccrual loans is applied to principal. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. For all classes of loans receivable, nonaccrual loans may be restored to accrual status provided the following criteria are met: ● The loan is current, and all principal and interest amounts contractually due have been made; ● All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period; and ● There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: o Six months of repayment performance for contractual monthly payments, or o One year of repayment performance for contractual quarterly or semi-annual payments. Direct finance leases receivable, held for investment Lease income is recognized on the interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends. The Company’s estimates are reviewed continuously to ensure reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review results in a lower estimate than had been previously established, a determination is made as to whether the decline in estimated residual value is other-than-temporary. If the decline in estimated unguaranteed residual value is judged to be other-than-temporary, the accounting for the transaction is revised using the changed estimate. The resulting reduction in the investment is recognized as a loss in the period in which the estimate is changed. An upward adjustment of the estimated residual value is not recorded. The policies for delinquency and nonaccrual for direct financing leases are materially consistent with those described above for all classes of loan receivables. The Company defers and amortizes fees and certain incremental direct costs over the contractual term of the lease as an adjustment to the yield. These initial direct leasing costs generally approximate 5.5% of the leased asset’s cost. The unamortized direct costs are recorded as a reduction of unearned lease income. TDRs The following criteria, related to granting a concession, together or separately, create a TDR: ● A modification of terms of a debt such as one or a combination of: o The reduction of the stated interest rate. o The extension of the maturity date or dates at a stated interest rate lower than the current market rate for the new debt with similar risk. o The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. o The reduction of accrued interest. ● A transfer from the borrower/lessee to the Company of receivables from third parties, real estate, other assets, or an equity position in the borrower to fully or partially satisfy a loan. ● The issuance or other granting of an equity position to the Company to fully or partially satisfy a debt unless the equity position is granted pursuant to existing terms for converting the debt into an equity position. Allowance For all portfolio segments, the allowance is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans/leases in light of historical experience, the nature and volume of the loan/lease portfolio, adverse situations that may affect the borrower’s/lessee’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. A discussion of the risk characteristics and the allowance by each portfolio segment follows: For C&I loans ● Ability and stability of current management of the borrower; ● Stable earnings with positive financial trends; ● Sufficient cash flow to support debt repayment; ● Earnings projections based on reasonable assumptions; ● Financial strength of the industry and business; and ● Value and marketability of collateral. Collateral for C&I loans generally includes accounts receivable, inventory, equipment and real estate. The Company’s lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The Company’s lending policy specifies maximum term limits for C&I loans. For term loans, the maximum term is generally 7 years. Generally, term loans range from 3 to 5 years. For lines of credit, the maximum term is typically 365 days. In addition, the Company often takes personal guarantees or cosigners to help assure repayment. Loans may be made on an unsecured basis if warranted by the overall financial condition of the borrower. CRE loans The Company’s lending policy also includes guidelines for real estate appraisals, including minimum appraisal standards based on certain transactions. In addition, the Company often takes personal guarantees to help assure repayment. In addition, management tracks the level of owner-occupied CRE loans versus non-owner occupied loans. Owner-occupied loans are generally considered to have less risk. As of December 31, 2015 and 2014, approximately 35% and 37%, respectively, of the CRE loan portfolio was owner-occupied. The Company’s lending policy limits non-owner occupied CRE lending to 300% of total risk-based capital, and limits construction, land development, and other land loans to 100% of total risk-based capital. Exceeding these limits warrants the use of heightened risk management practices in accordance with regulatory guidelines. As of December 31, 2015 and 2014, all three subsidiary banks were in compliance with these limits. In some instances for all loans/leases, it may be appropriate to originate or purchase loans/leases that are exceptions to the guidelines and limits established within the Company’s lending policy described above and below. In general, exceptions to the lending policy do not significantly deviate from the guidelines and limits established within the Company’s lending policy and, if there are exceptions, they are clearly noted as such and specifically identified in loan/lease approval documents. For C&I and CRE loans The specific component relates to loans that are classified as impaired, as defined below. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. For C&I loans and all classes of CRE loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. See below for a detailed description of the Company’s internal risk rating scale. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. For C&I and CRE loans, the Company utilizes the following internal risk rating scale: 1. Highest Quality (Pass) – loans of the highest quality with no credit risk, including those fully secured by subsidiary bank certificates of deposit and U.S. government securities. 2. Superior Quality (Pass) – loans with very strong credit quality. Borrowers have exceptionally strong earnings, liquidity, capital, cash flow coverage, and management ability. Includes loans secured by high quality marketable securities, certificates of deposit from other institutions, and cash value of life insurance. Also includes loans supported by U.S. government, state, or municipal guarantees. 3. Satisfactory Quality (Pass) – loans with satisfactory credit quality. Established borrowers with satisfactory financial condition, including credit quality, earnings, liquidity, capital and cash flow coverage. Management is capable and experienced. Collateral coverage and guarantor support, if applicable, are more than adequate. Includes loans secured by personal assets and business assets, including equipment, accounts receivable, inventory, and real estate. 4. Fair Quality (Pass) – loans with moderate but still acceptable credit quality. The primary repayment source remains adequate; however, management’s ability to maintain consistent profitability is unproven or uncertain. Borrowers exhibit acceptable leverage and liquidity. May include new businesses with inexperienced management or unproven performance records in relation to peer, or borrowers operating in highly cyclical or deteriorating industries. 5. Early Warning (Pass) – loans where the borrowers have generally performed as agreed, however unfavorable financial trends exist or are anticipated. Earnings may be erratic, with marginal cash flow or declining sales. Borrowers reflect leveraged financial condition and/or marginal liquidity. Management may be new and a track record of performance has yet to be developed. Financial information may be incomplete, and reliance on secondary repayment sources may be increasing. 6. Special Mention – loans where the borrowers exhibit credit weaknesses or unfavorable financial trends requiring close monitoring. Weaknesses and adverse trends are more pronounced than Early Warning loans, and if left uncorrected, may jeopardize repayment according to the contractual terms. Currently, no loss of principal or interest is expected. Borrowers in this category have deteriorated to the point that it would be difficult to refinance with another lender. Special Mention should be assigned to borrowers in turnaround situations. This rating is intended as a transitional rating, therefore, it is generally not assigned to a borrower for a period of more than one year. 7. Substandard – loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if applicable. These loans have a well-defined weakness or weaknesses which jeopardize repayment according to the contractual terms. There is distinct loss potential if the weaknesses are not corrected. Includes loans with insufficient cash flow coverage which are collateral dependent, other real estate owned, and repossessed assets. 8. Doubtful – loans which have all the weaknesses inherent in a Substandard loan, with the added characteristic that existing weaknesses make full principal collection, on the basis of current facts, conditions and values, highly doubtful. The possibility of loss is extremely high, but because of pending factors, recognition of a loss is deferred until a more exact status can be determined. All doubtful loans will be placed on non-accrual, with all payments, including principal and interest, applied to principal reduction. The Company has certain loans risk-rated 7 (substandard), which are not classified as impaired based on the facts of the credit. For these non-impaired and risk-rated 7 loans, the Company does not follow the same allowance methodology as it does for all other non-impaired, collectively evaluated loans. Rather, the Company performs a more detailed analysis including evaluation of the cash flow and collateral valuations. Based upon this evaluation, an estimate of the probable loss in this portfolio is collectively evaluated under ASC 450-20. These non-impaired risk-rated 7 loans exist primarily in the C&I and CRE segments. For term C&I and CRE loans or credit relationships with aggregate exposure greater than $1,000,000, a loan review is required within 15 months of the most recent credit review. The review is completed in enough detail to, at a minimum, validate the risk rating. Additionally, the review shall include an analysis of debt service requirements, covenant compliance, if applicable, and collateral adequacy. The frequency of the review is generally accelerated for loans with poor risk ratings. The Company’s Loan Quality area performs a documentation review of a sampling of C&I and CRE loans, the primary purpose of which is to ensure the credit is properly documented and closed in accordance with approval authorities and conditions. A review is also performed by the Company’s Internal Audit Department of a sampling of C&I and CRE loans for proper documentation, according to an approved schedule. Validation of the risk rating is also part of Internal Audit’s review (performed by Internal Loan Review). Additionally, over the past several years, the Company has contracted an independent outside third party to review a sampling of C&I and CRE loans. Validation of the risk rating is part of this review as well. The Company leases machinery and equipment to C&I customers under direct financing leases For direct financing leases, the allowance consists of specific and general components. The specific component relates to leases that are classified as impaired, as defined for commercial loans above. For those leases that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired lease is lower than the carrying value of that lease. The general component consists of quantitative and qualitative factors and covers nonimpaired leases. The quantitative factors are based on historical charge-off experience for the entire lease portfolio. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss data. Generally, the Company’s residential real estate loans The Company provides many types of installment and other consumer loans For residential real estate loans, and installment and other consumer loans TDRs are considered impaired loans/leases and are subject to the same allowance methodology as described above for impaired loans/leases by portfolio segment. Credit related financial instruments Transfers of financial assets ● Pro-rata ownership in an entire financial asset. ● From the date of the transfer, all cash flows received from entire financial assets are divided proportionately among the participating interest holders in an amount equal to their share of ownership. ● The rights of each participating interest holder have the same priority, and no participating interest holder’s interest is subordinated to the interest of another participating interest holder. That is, no participating interest holder is entitled to receive cash before any other participating interest holder under its contractual rights as a participating interest holder. ● No party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. BOLI Premises and equipment Restricted investment securities OREO Repossessed assets Goodwill Core deposit intangible Swap transactions Fee income from early termination of leases Derivatives and hedging activities Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying index (such as a rate, security price or price index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying index. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market (although this type of derivative is negligible); and (2) interest rate caps to manage the interest rate risk of certain short-term fixed rate liabilities. Interest rate caps are valued by the transaction counterparty on a monthly basis and corroborated by a third party annually. The company uses the hypothetical derivative method to assess and measure effectiveness in accordance with ASC 815, Derivatives and Hedging. Preferred stock Treasury stock Stock-based compensation plans: The Company accounts for stock-based compensation with measurement of compensation cost for all stock-based awards at fair value on the grant date and recognition of compensation over the requisite service period for awards expected to vest. As discussed in Note 15, during the years ended December 31, 2015, 2014, and 2013, the Company recognized stock-based compensation expense related to stock options, stock purchase plans, and stock appreciation rights of $941,469, $891,619, and $792,279, respectively. As required, management made an estimate of expected forfeitures and is recognizing compensation costs only for those equity awards expected to vest. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following assumptions for the indicated periods: 2015 2014 2013 Dividend yield .37% to .46% .47% .44% to .53% Expected volatility 28.92% to 29.32% 29.07% to 29.18% 29.50% to 30.56% Risk-free interest rate 1.89% to 2.37% 2.69% to 2.82% 1.71% to 2.90% Expected life of option grants ( 6 6 6 Weighted-average grant date fair value $5.11 $5.68 $5.14 The Company also uses the Black-Scholes option pricing model to estimate the fair value of stock purchase grants with the following assumptions for the indicated periods: 2015 2014 2013 Dividend yield .37% to .45% .46% to .47% .53% to .61% Expected volatility 8.81% to 13.10% 16.96% to 19.35% 23.05% to 24.25% Risk-free interest rate . 09% to .16% .04% to .12% .10% to .18% Expected life of purchase grants ( 3 to 6 3 to 6 3 to 6 Weighted-average grant date fair value $2.39 $2.37 $2.10 The fair value is amortized on a straight-line basis over the vesting periods of the grants and will be adjusted for subsequent changes in estimated forfeitures. The expected dividend yield assumption is based on the Company's current expectations about its anticipated dividend policy. Expected volatility is based on historical volatility of the Company's common stock price. The risk-free interest rate for periods within the contractual life of the option or purchase is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the option and purchase grants is derived using the “simplified” method and represents the period of time that options and purchases are expected to be outstanding. Historical data is used to estimate forfeitures used in the model. Two separate groups of employees (employees subject to broad based grants, and executive employees and directors) are used. As of December 31, 2015, there was $721,916 of unrecognized compensation cost related to share based payments, which is expected to be recognized over a weighted average period of 2.28 years. The aggregate i |
Note 2 - Community National Ban
Note 2 - Community National Bancorporation and Community National Bank | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2. Community National Bancorporation and Community National Bank On May 13, 2013, the Company acquired 100% of Community National’s outstanding common stock for aggregate consideration totaling $19,441,834, which consisted of 834,715 shares of the Company’s common stock valued at $13,180,150 and cash of $6,261,684. Community National was a bank holding company providing bank and bank related services through its wholly-owned bank subsidiary, CNB. CNB was a commercial bank headquartered in Waterloo, Iowa serving Waterloo and Cedar Falls, Iowa. As a de novo bank, CNB commenced its operations in 1997. Previously, CNB also served Mason City, Iowa and Austin, Minnesota. On October 4, 2013, the Company sold certain assets and liabilities of the two Mason City branches of CNB. And, on October 11, 2013, the Company sold certain assets and liabilities of the two Austin branches of CNB. The Company operated CNB as a separate banking charter from the date of acquisition until October 26, 2013, when CNB’s charter was merged with and into CRBT. CNB’s merged branch offices now operate as a division of CRBT under the name “Community Bank & Trust.” The Company accounted for the business combination under the acquisition method of accounting in accordance with ASC 805, Business Combinations 2015 2014 Balance, beginning $ 1,670,921 $ 1,870,433 Amortization expense (199,512 ) (199,512 ) Balance, ending $ 1,471,409 $ 1,670,921 The Company expects annual amortization expense of $199,512 for each of the five succeeding years and $473,849 combined in years thereafter. The following table presents the gross carrying amount, accumulated amortization, and net carrying amount of the core deposit intangible as of December 31, 2015 and 2014. 2015 2014 Gross carrying amount $ 1,995,127 $ 1,995,127 Accumulated amortization (523,718 ) (324,206 ) Net carrying amount $ 1,471,409 $ 1,670,921 The Company’s acquired loans were recorded at fair value at the acquisition date and no separate valuation allowance was established. The initial fair value was determined with the assistance of a valuation specialist that discounted expected cash flows at appropriate rates. The discount rates were based on market rates for new originations of comparable loans and did not include a factor for credit losses, as that was included in the estimated cash flows. ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality”, applies to loans acquired in a transfer with evidence of deterioration of credit quality for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. If both conditions exist, the Company determines whether to account for each loan individually or whether such loans will be assembled into pools based on common risk characteristics such as credit score, loan type, and origination date. Based on this evaluation, the Company determined that the loans acquired from the Community National acquisition subject to ASC Topic 310-30 would be accounted for individually. At the acquisition date, the historical cost and fair value of these loans totaled $3,033,022 and $2,207,891, respectively. The Company considered expected prepayments and estimated the total expected cash flows, which includes undiscounted expected principal and interest. The excess of that amount over the fair value of the loan is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the expected life of the loan. The excess of the contractual cash flows over expected cash flows is referred to as nonaccretable difference and is not accreted into income. Over the life of the loan, the Company continues to estimate expected cash flows. Subsequent decreases in expected cash flows are recognized as impairments in the current period through a provision for loan losses. Subsequent increases in cash flows to be collected are first used to reverse any existing valuation allowance and any remaining increase is recognized prospectively through an adjustment of the loan’s yield over its remaining life. At the acquisition date, accretable yield totaled $4,128,315 and nonaccretable yield totaled $397,894. At December 31, 2015 and 2014, accretable yield totaled $640,194 and $1,215,398 and nonaccretable yield totaled $71,677 and $98,615, respectively. The decline in accretable yield was primarily the result of accelerated accretion of accretable yield for early payoffs of acquired performing loans and the predetermined schedule of accretable yield. The Company assumed junior subordinated debentures with principal outstanding of $6,702,000 and fair value of $4,125,175 after a discount of $2,576,825. The initial fair value was determined with the assistance of a valuation specialist that discounted expected cash flows at appropriate rates. The discount is accreted as interest expense on a level yield basis over the expected remaining term of the junior subordinated debentures. Results of the operations of the acquired business are included in the income statement from the effective date of the acquisition. The fair values of the assets acquired and liabilities assumed, including the consideration paid and resulting bargain purchase gain, is as follows: As of May 13, 2013 ASSETS Cash and due from banks $ 9,286,757 Federal funds sold 12,335,000 Interest-bearing deposits at financial institutions 2,024,539 Securities available for sale 45,853,826 Loans/leases receivable, net 195,658,486 Premises and equipment 8,132,021 Core deposit intangible 3,440,076 Bank-owned life insurance 4,595,529 Restricted investment securities 1,259,375 Other real estate owned 550,326 Other assets 5,178,583 Total assets acquired $ 288,314,518 LIABILITIES Deposits $ 255,045,071 Other borrowings 3,950,000 Junior subordinated debentures 4,125,175 Other liabilities 3,911,053 Total liabilities assumed $ 267,031,299 Net assets acquired $ 21,283,219 CONSIDERATION PAID: Cash $ 6,261,684 Issuance of 834,715 shares of common stock 13,180,150 Total consideration paid $ 19,441,834 Bargain purchase gain $ 1,841,385 In order to fund the cash portion of the consideration and pay off the $3,950,000 of Community National borrowings at acquisition, the Company borrowed $4,400,000 on its 364-day revolving credit note. The outstanding balance on the 364-day revolving credit note totaled $10,000,000 until maturity at June 26, 2013. Upon maturity, the credit facility was restructured whereby the $10,000,000 of outstanding debt was restructured into a secured 3-year term note with principal due quarterly and interest due monthly where the interest is calculated at the effective LIBOR rate plus 3.00% per annum (3.17% at December 31, 2013). Additionally, as part of the restructuring, the Company maintained a secured 364-day revolving credit note with availability of $10,000,000 where the interest is calculated at the effective LIBOR rate plus 2.50% per annum. At December 31, 2013, the Company had not borrowed on this revolving credit note and had the full amount available. See Note 10 regarding 2014 and 2015 activity in this debt. The current note agreement contains certain covenants that place restrictions on additional debt and stipulate minimum capital and various asset quality and operating ratios. The Company recorded a bargain purchase gain on the acquisition totaling $1,841,385 as the market value of the net assets acquired from Community National exceeded the total consideration paid. The consideration paid approximated a slight premium to the book value of Community National’s net assets at acquisition. The net impact of the market value adjustments resulted in a net increase to Community National’s net assets. The more significant market value adjustments were the core deposit intangible ($3,440,076) and the discount on the trust preferred securities ($2,576,825), as previously discussed. The Company incurred costs related to the acquisition of Community National totaling $2,353,162. These costs consisted of professional fees (legal, investment banking, and accounting) for the acquisition of Community National and the subsequent branch sales, as well as data conversion costs (including both the de-conversion of the sold branches and the conversion of the remaining branches), and compensation costs for severed and retained employees. Unaudited pro forma combined operating results for the year ended December 31, 2013, giving effect to the Community National acquisition as if it had occurred as of January 1, 2012 (the beginning of the prior annual reporting period in the year of acquisition), are as follows: Year ended December 31, 2013 Interest income $ 83,008,255 Noninterest income $ 22,042,194 Net income $ 11,320,890 Net income attributable to QCR Holdings, Inc. common stockholders $ 8,152,588 Earnings per common share attributable to QCR Holdings, Inc. common stockholders Basic $ 1.47 Diluted $ 1.44 The pro forma results exclude the impact of the bargain purchase gain of $1,841,385 and the impact of the gains on sales of certain CNB branches of $2,334,216. Additionally, the pro forma results do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on January 1, 2012 or of future results of operations of the consolidated entities. On October 4, 2013, the Company finalized the sale of certain assets and liabilities of the two Mason City, Iowa branches of CNB. The detail of the assets and liabilities sold, and resulting gain on sale, is as follows: ASSETS As of October 4, 2013 Cash $ 29,905,991 Loans receivable 22,709,735 Premises and equipment 776,782 Core deposit intangible 910,415 Other assets 68,456 Total assets sold $ 54,371,379 LIABILITIES Deposits $ 55,191,930 Other liabilities 53,421 Total liabilities sold $ 55,245,351 Gain on sale, pre-tax $ 873,972 On October 11, 2013, the Company finalized the sale of certain assets and liabilities of the two Austin, Minnesota branches of CNB. The detail of the assets and liabilities sold, and resulting gain on sale, is as follows: ASSETS As of October 11, 2013 Cash $ 519,627 Loans receivable 31,749,135 Premises and equipment 1,597,040 Core deposit intangible 480,347 Other assets 70,443 Total assets sold $ 34,416,592 LIABILITIES Deposits $ 35,830,168 Other liabilities 46,668 Total liabilities sold $ 35,876,836 Gain on sale, pre-tax $ 1,460,244 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Holdings [Abstract] | |
Investment Holdings [Text Block] | Note 3. Investment Securities The amortized cost and fair value of investment securities as of December 31, 2015 and 2014 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value December 31, 2015: Securities held to maturity: Municipal securities $ 252,624,159 $ 3,190,558 $ (1,173,432 ) $ 254,641,285 Other securities 1,050,000 - - 1,050,000 $ 253,674,159 $ 3,190,558 $ (1,173,432 ) $ 255,691,285 Securities available for sale: U.S. govt. sponsored agency securities $ 216,281,416 $ 104,524 $ (2,848,561 ) $ 213,537,379 Residential mortgage-backed and related securities 81,442,479 511,095 (1,283,439 ) 80,670,135 Municipal securities 26,764,981 872,985 (59,378 ) 27,578,588 Other securities 1,108,124 540,919 (163 ) 1,648,880 $ 325,597,000 $ 2,029,523 $ (4,191,541 ) $ 323,434,982 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 HTM municipal securities consist largely of private issues of municipal debt. The municipalities are located primarily within the Midwest with a large portion located in or adjacent to the communities of QCBT and CRBT. 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 December 31, 2015 and 2014, are summarized as follows: Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2015: Securities held to maturity: Municipal securities $ 14,803,408 $ (294,438 ) $ 19,927,581 $ (878,994 ) $ 34,730,989 $ (1,173,432 ) Securities available for sale: U.S. govt. sponsored agency securities $ 112,900,327 $ (1,397,591 ) $ 64,476,661 $ (1,450,970 ) $ 177,376,988 $ (2,848,561 ) Residential mortgage-backed and related securities 40,356,921 (730,466 ) 19,836,637 (552,973 ) 60,193,558 (1,283,439 ) Municipal securities 2,220,800 (31,807 ) 848,329 (27,571 ) 3,069,129 (59,378 ) Other securities 411 (163 ) - - 411 (163 ) $ 155,478,459 $ (2,160,027 ) $ 85,161,627 $ (2,031,514 ) $ 240,640,086 $ (4,191,541 ) 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 December 31, 2015, the investment portfolio included 470 securities. Of this number, 136 securities were in an unrealized loss position. The aggregate losses of these securities totaled approximately 1% of the total aggregate amortized cost. Of these 136 securities, 49 securities had an unrealized loss for 12 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/or it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. At December 31, 2015 and 2014, the Company’s equity securities represent less than 1% of the total portfolio. The Company did not recognize OTTI on any debt or equity securities for the years ended December 31, 2015, 2014 or 2013. All sales of securities, as applicable, for the years ended December 31, 2015, 2014 and 2013, respectively, were from securities identified as AFS. Information on proceeds received, as well as the gains and losses from the sale of those securities is as follows: 2015 2014 2013 Proceeds from sales of securities $ 81,410,368 $ 78,476,422 $ 37,393,047 Gross gains from sales of securities 1,045,444 517,116 523,071 Gross losses from sales of securities (246,461 ) (424,753 ) (90,579 ) The amortized cost and fair value of securities as of December 31, 2015, by contractual maturity are shown below. Expected maturities of mortgage-backed and related securities may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary. “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 $ 3,801,378 $ 3,803,101 Due after one year through five years 20,215,332 20,344,971 Due after five years 229,657,449 231,543,213 $ 253,674,159 $ 255,691,285 Securities available for sale: Due in one year or less $ 1,858,965 $ 1,858,071 Due after one year through five years 120,846,468 119,986,551 Due after five years 120,340,964 119,271,345 $ 243,046,397 $ 241,115,967 Residential mortgage-backed and related securities 81,442,479 80,670,135 Other securities 1,108,124 1,648,880 $ 325,597,000 $ 323,434,982 Portions of the U.S. government sponsored agencies and municipal securities contain call options, at the discretion of the issuer, to terminate the security at predetermined dates prior to the stated maturity, summarized as follows: Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 139,103,302 $ 140,444,117 Securities available for sale: U.S. govt. sponsored agency securities 127,935,745 125,936,777 Municipal securities 16,751,793 17,127,904 $ 144,687,538 $ 143,064,681 As of December 31, 2015 and 2014, investment securities with a carrying value of $248,277,471 and $402,507,865, respectively, were pledged on FHLB advances, customer and wholesale repurchase agreements, and for other purposes as required or permitted by law. As of December 31, 2015, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 82 issuers with fair values totaling $67.8 million and revenue bonds issued by 92 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $214.4 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 nine 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: December 31, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 19,974,939 $ 20,247,108 $ 1,349,807 Illinois 9 10,928,700 11,264,348 1,251,594 North Dakota 5 10,890,000 11,050,235 2,210,047 Missouri 12 7,924,800 7,986,856 665,571 Other 41 16,965,393 17,229,485 420,231 Total general obligation bonds 82 $ 66,683,832 $ 67,778,032 $ 826,561 December 31, 2014: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Illinois 10 $ 22,447,799 $ 22,784,638 $ 2,278,464 Iowa 14 20,156,969 20,446,655 1,460,475 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: December 31, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 41 $ 78,593,590 $ 79,015,378 $ 1,927,204 Iowa 26 70,773,660 71,659,410 2,756,131 Indiana 17 40,018,381 40,210,320 2,365,313 Kansas 3 11,748,679 11,821,055 3,940,352 Other 5 11,570,998 11,735,678 2,347,136 Total revenue bonds 92 $ 212,705,308 $ 214,441,841 $ 2,330,890 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 December 31, 2015 and 2014, the Company did not hold general obligation or revenue bonds of any single issuer, the aggregate book or market value of which exceeded 10% 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 risk rating of 2, indicating very high quality. Additionally, many of these bonds are funding essential municipal services (water, sewer, education, 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 December 31, 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 December 31, 2015, the Company’s standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credits 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 4 - Loans_Leases Receivabl
Note 4 - Loans/Leases Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 4. Loans/Leases Receivable The composition of the loan/lease portfolio as of December 31, 2015 and 2014 is presented as follows: 2015 2014 C&I loans $ 648,159,892 $ 523,927,140 CRE loans Owner-occupied CRE 252,523,164 260,069,080 Commercial construction, land development, and other land 49,083,844 68,118,989 Other non owner-occupied CRE 422,761,757 373,952,353 724,368,765 702,140,422 Direct financing leases * 173,655,605 166,032,416 Residential real estate loans ** 170,432,530 158,632,492 Installment and other consumer loans 73,669,493 72,606,480 1,790,286,285 1,623,338,950 Plus deferred loan/lease orgination costs, net of fees 7,736,390 6,664,120 1,798,022,675 1,630,003,070 Less allowance (26,140,906 ) (23,074,365 ) $ 1,771,881,769 $ 1,606,928,705 * Direct financing leases: Net minimum lease payments to be received $ 195,476,230 $ 188,181,432 Estimated unguaranteed residual values of leased assets 1,165,706 1,488,342 Unearned lease/residual income (22,986,331 ) (23,637,358 ) 173,655,605 166,032,416 Plus deferred lease origination costs, net of fees 6,594,582 6,639,244 180,250,187 172,671,660 Less allowance (3,395,088 ) (3,359,400 ) $ 176,855,099 $ 169,312,260 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 and 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 during the years ended December 31, 2015, 2014, and 2013. At December 31, 2015, the Company had 16 leases remaining with residual values totaling $1,165,706 that were not protected with a lease end options rider. At December 31, 2014, the Company had 27 leases remaining with residual values totaling $1,488,342 that were not protected with a lease end options rider. Management has performed specific evaluations of these residual values and determined that the valuations are appropriate. **Includes residential real estate loans held for sale totaling $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. The aging of the loan/lease portfolio by classes of loans/leases as of December 31, 2015 and 2014 is presented as follows: 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 C&I $ 640,725,241 $ 1,636,860 $ 5,816 $ - $ 5,791,975 $ 648,159,892 CRE Owner-Occupied CRE 251,612,752 182,949 - - 727,463 252,523,164 Commercial Construction, Land Development, and Other Land 48,890,040 - - - 193,804 49,083,844 Other Non Owner-Occupied CRE 420,819,874 614,732 219,383 - 1,107,768 422,761,757 Direct Financing Leases 170,021,289 1,490,818 439,314 2,843 1,701,341 173,655,605 Residential Real Estate 166,415,118 2,800,589 200,080 - 1,016,743 170,432,530 Installment and Other Consumer 73,134,197 412,052 14,127 - 109,117 73,669,493 $ 1,771,618,511 $ 7,138,000 $ 878,720 $ 2,843 $ 10,648,211 $ 1,790,286,285 As a percentage of total loan/lease portfolio 98.96 % 0.40 % 0.05 % 0.00 % 0.59 % 100.00 % 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 C&I $ 515,616,752 $ 323,145 $ - $ 822 $ 7,986,421 $ 523,927,140 CRE Owner-Occupied CRE 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 CRE 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 % Nonperforming loans/leases by classes of loans/leases as of December 31, 2015 and 2014 is presented as follows: 2015 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Troubled Debt Restructurings - Accruing Total Nonperforming Loans/Leases Percentage of Total Nonperforming Loans/Leases C&I $ - $ 5,791,975 $ 173,087 $ 5,965,062 50.96 % CRE Owner-Occupied CRE - 727,463 - 727,463 6.22 % Commercial Construction, Land Development, and Other Land - 193,804 - 193,804 1.66 % Other Non Owner-Occupied CRE - 1,107,768 - 1,107,768 9.46 % Direct Financing Leases 2,843 1,701,341 - 1,704,184 14.56 % Residential Real Estate - 1,016,743 402,044 1,418,787 12.12 % Installment and Other Consumer - 109,117 478,625 587,742 5.02 % $ 2,843 $ 10,648,211 $ 1,053,756 $ 11,704,810 100.00 % *At December 31, 2015, nonaccrual loans/leases included $1,533,657 of troubled debt restructurings, including $1,164,423 in C&I loans, $193,804 in CRE loans, $42,098 in direct financing leases, $119,305 in residential real estate loans, and $14,027 in installment loans. 2014 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Troubled Debt Restructurings - Accruing Total Nonperforming Loans/Leases Percentage of Total Nonperforming Loans/Leases C&I $ 822 $ 7,986,421 $ 235,926 $ 8,223,169 40.91 % CRE Owner-Occupied CRE - 662,566 - 662,566 3.30 % Commercial Construction, Land Development, and Other Land - 256,012 - 256,012 1.27 % Other Non Owner-Occupied CRE 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 % **At December 31, 2014, nonaccrual loans/leases included $5,013,041 of troubled debt restructurings, including $1,227,537 in C&I loans, $3,214,468 in CRE 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 years ended December 31, 2015, 2014, and 2013 are presented as follows: Year Ended December 31, 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,470,526 3,080,611 1,688,031 430,087 201,645 6,870,900 Loans/leases charged off (453,782 ) (2,560,749 ) (1,788,772 ) (169,996 ) (251,838 ) (5,225,137 ) Recoveries on loans/leases previously charged off 633,504 501,869 136,429 4,107 144,869 1,420,778 Balance, ending $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Year Ended December 31, 2014 C&I CRE 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 charged to expense 4,297,253 (13,326 ) 2,278,132 251,030 (6,089 ) 6,807,000 Loans/leases charged off (1,475,885 ) (2,756,083 ) (1,504,181 ) (130,900 ) (268,656 ) (6,135,705 ) Recoveries on loans/leases previously charged off 363,690 417,361 68,232 9,973 95,766 955,022 Balance, ending $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Year Ended December 31, 2013 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 4,531,545 $ 11,069,502 $ 1,990,395 $ 1,070,328 $ 1,263,434 $ 19,925,204 Provisions charged to expense 1,453,455 2,635,327 1,431,246 471,060 (60,668 ) 5,930,420 Loans/leases charged off (962,607 ) (3,573,006 ) (916,836 ) (162,010 ) (229,447 ) (5,843,906 ) Recoveries on loans/leases previously charged off 626,381 573,611 12,412 16,471 207,455 1,436,330 Balance, ending $ 5,648,774 $ 10,705,434 $ 2,517,217 $ 1,395,849 $ 1,180,774 $ 21,448,048 The allowance by impairment evaluation and by portfolio segment as of December 31, 2015 and 2014 is presented as follows: 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,592,270 $ 76,934 $ 306,193 $ 185,801 $ 143,089 $ 3,304,287 Allowance for nonimpaired loans/leases 7,891,810 9,298,183 3,088,895 1,604,349 953,382 22,836,619 $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Impaired loans/leases $ 5,286,482 $ 2,029,035 $ 1,701,341 $ 1,418,787 $ 587,742 $ 11,023,387 Nonimpaired loans/leases 642,873,410 722,339,730 171,954,264 169,013,743 73,081,751 1,779,262,898 $ 648,159,892 $ 724,368,765 $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 1,790,286,285 Allowance as a percentage of impaired loans/leases 49.04 % 3.79 % 18.00 % 13.10 % 24.35 % 29.98 % Allowance as a percentage of nonimpaired loans/leases 1.23 % 1.29 % 1.80 % 0.95 % 1.30 % 1.28 % Total allowance as a percentage of total loans/leases 1.62 % 1.29 % 1.96 % 1.05 % 1.49 % 1.46 % 2014 C&I CRE 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 5,533,633 7,183,366 3,002,404 1,374,289 736,000 17,829,692 $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Impaired loans/leases $ 7,279,709 $ 7,433,383 $ 1,339,272 $ 1,788,728 $ 1,108,033 $ 18,949,125 Nonimpaired loans/leases 516,647,431 694,707,039 164,693,144 156,843,764 71,498,447 1,604,389,825 $ 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 % 23.99 % 27.68 % Allowance as a percentage of nonimpaired loans/leases 1.07 % 1.03 % 1.82 % 0.88 % 1.03 % 1.11 % Total allowance as a percentage of total loans/leases 1.69 % 1.19 % 2.02 % 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 years ended December 31, 2015, 2014, and 2013 are presented as follows: 2015 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Averag e Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 234,636 $ 346,072 $ - $ 380,495 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land - 228,818 - 117,406 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 871,884 871,884 - 892,281 4,142 4,142 Residential Real Estate 613,486 649,064 - 1,047,001 3,929 3,929 Installment and Other Consumer 377,304 377,304 - 817,854 9,563 9,563 $ 3,932,541 $ 4,402,147 $ - $ 6,656,069 $ 25,070 $ 25,070 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 5,051,846 $ 5,055,685 $ 2,592,270 $ 4,811,046 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 193,804 205,804 76,934 195,986 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 829,457 829,457 306,193 474,458 - - Residential Real Estate 805,301 805,301 185,801 712,085 7,913 7,913 Installment and Other Consumer 210,438 210,438 143,089 189,539 5,693 5,693 $ 7,090,846 $ 7,106,685 $ 3,304,287 $ 6,383,114 $ 13,606 $ 13,606 Total Impaired Loans/Leases: C&I $ 5,286,482 $ 5,401,757 $ 2,592,270 $ 5,191,541 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land 193,804 434,622 76,934 313,392 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 1,701,341 1,701,341 306,193 1,366,739 4,142 4,142 Residential Real Estate 1,418,787 1,454,365 185,801 1,759,086 11,842 11,842 Installment and Other Consumer 587,742 587,742 143,089 1,007,393 15,256 15,256 $ 11,023,387 $ 11,508,832 $ 3,304,287 $ 13,039,183 $ 38,676 $ 38,676 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. 2014 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: C&I $ 246,308 $ 342,391 $ - $ 525,543 $ 7,599 $ 7,599 CRE Owner-Occupied CRE 67,415 163,638 - 548,464 - - Commercial Construction, Land Development, and Other Land 31,936 143,136 - 1,656,401 - - Other Non Owner-Occupied CRE 491,717 491,717 - 4,925,681 13,283 13,283 Direct Financing Leases 561,414 561,414 - 867,657 31,911 31,911 Residential Real Estate 1,060,770 1,060,770 - 1,269,213 3,032 3,032 Installment and Other Consumer 613,804 813,804 - 893,971 - - $ 3,073,364 $ 3,576,870 $ - $ 10,686,930 $ 55,825 $ 55,825 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 7,033,401 $ 8,190,495 $ 3,300,199 $ 3,159,985 $ 14,837 $ 14,837 CRE Owner-Occupied CRE 620,896 620,896 4,462 316,743 - - Commercial Construction, Land Development, and Other Land 337,076 577,894 12,087 528,564 - - Other Non Owner-Occupied CRE 5,884,343 6,583,934 1,153,471 4,240,000 - - Direct Financing Leases 777,858 777,858 356,996 514,144 - - Residential Real Estate 727,958 763,537 151,663 538,678 2,967 2,967 Installment and Other Consumer 494,229 494,229 265,795 386,009 3,564 3,564 $ 15,875,761 $ 18,008,843 $ 5,244,673 $ 9,684,123 $ 21,368 $ 21,368 Total Impaired Loans/Leases: C&I $ 7,279,709 $ 8,532,886 $ 3,300,199 $ 3,685,528 $ 22,436 $ 22,436 CRE Owner-Occupied CRE 688,311 784,534 4,462 865,207 - - Commercial Construction, Land Development, and Other Land 369,012 721,030 12,087 2,184,965 - - Other Non Owner-Occupied CRE 6,376,060 7,075,651 1,153,471 9,165,681 13,283 13,283 Direct Financing Leases 1,339,272 1,339,272 356,996 1,381,801 31,911 31,911 Residential Real Estate 1,788,728 1,824,307 151,663 1,807,891 5,999 5,999 Installment and Other Consumer 1,108,033 1,308,033 265,795 1,279,980 3,564 3,564 $ 18,949,125 $ 21,585,713 $ 5,244,673 $ 20,371,053 $ 77,193 $ 77,193 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. 2013 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: C&I $ 492,622 $ 568,951 $ - $ 747,134 $ 7,749 $ 7,749 CRE Owner-Occupied CRE 392,542 392,542 - 1,881,823 - - Commercial Construction, Land Development, and Other Land 1,943,168 2,054,368 - 2,666,039 - - Other Non Owner-Occupied CRE 1,790,279 1,902,279 - 3,869,493 58,534 58,534 Direct Financing Leases 557,469 557,469 - 802,825 - - Residential Real Estate 1,071,927 1,071,927 - 1,010,027 4,235 4,235 Installment and Other Consumer 509,667 509,667 - 606,282 4,464 4,464 $ 6,757,674 $ 7,057,203 $ - $ 11,583,623 $ 74,982 $ 74,982 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 1,269,228 $ 1,956,755 $ 927,453 $ 1,222,449 $ 33,703 $ 33,703 CRE Owner-Occupied CRE 159,247 159,247 67,498 87,035 - - Commercial Construction, Land Development, and Other Land 888,547 1,011,747 503,825 1,137,489 10,862 10,862 Other Non Owner-Occupied CRE 7,783,132 8,488,414 2,603,381 7,426,299 45,926 45,926 Direct Financing Leases 336,989 336,989 192,847 97,846 - - Residential Real Estate 1,044,820 1,044,820 246,266 641,217 1,883 1,883 Installment and Other Consumer 840,783 840,783 467,552 640,557 - - $ 12,322,746 $ 13,838,755 $ 5,008,822 $ 11,252,892 $ 92,374 $ 92,374 Total Impaired Loans/Leases: C&I $ 1,761,850 $ 2,525,706 $ 927,453 $ 1,969,583 $ 41,452 $ 41,452 CRE Owner-Occupied CRE 551,789 551,789 67,498 1,968,858 - - Commercial Construction, Land Development, and Other Land 2,831,715 3,066,115 503,825 3,803,528 10,862 10,862 Other Non Owner-Occupied CRE 9,573,411 10,390,693 2,603,381 11,295,792 104,460 104,460 Direct Financing Leases 894,458 894,458 192,847 900,671 - - Residential Real Estate 2,116,747 2,116,747 246,266 1,651,244 6,118 6,118 Installment and Other Consumer 1,350,450 1,350,450 467,552 1,246,839 4,464 4,464 $ 19,080,420 $ 20,895,958 $ 5,008,822 $ 22,836,515 $ 167,356 $ 167,356 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. For C&I and CRE loans, the Company’s credit quality indicator is 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. See Note 1 for further discussion on the Company’s risk ratings. 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 December 31, 2015 and 2014: 2015 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE Total As a % of Total Pass (Ratings 1 through 5) $ 616,200,797 $ 238,119,608 $ 46,929,876 $ 406,027,442 $ 1,307,277,723 95.24 % Special Mention (Rating 6) 18,031,845 8,630,658 1,780,000 8,846,286 37,288,789 2.72 % Substandard (Rating 7) 13,927,250 5,772,898 373,968 7,888,029 27,962,145 2.04 % Doubtful (Rating 8) - - - - - 0.00 % $ 648,159,892 $ 252,523,164 $ 49,083,844 $ 422,761,757 $ 1,372,528,657 100.00 % 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 171,951,419 $ 169,013,743 $ 73,081,751 $ 414,046,913 99.11 % Nonperforming 1,704,186 1,418,787 587,742 3,710,715 0.89 % $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 417,757,628 100.00 % 2014 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE 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) - - - - - 0.00 % $ 523,927,140 $ 260,069,080 $ 68,118,989 $ 373,952,353 $ 1,226,067,562 100.00 % 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 troubled debt restructurings. As of December 31, 2015 and 2014, TDRs totaled $2,587,413 and $6,434,259, respectively. For each class of financing receivable, the following presents the number and recorded investment of troubled debt restructurings, by type of concession, that were restructured during the years ended December 31, 2015 and 2014. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of restructuring. The specific allowance is as of December 31, 2015 and 2014, respectively. The following excludes any troubled debt restructurings that were restructured and paid off or charged off in the same year. 2015 Classes of Loans/Leases Number of Loans/Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Interest rate adjusted below market Installment and Other Consumer 2 $ 37,979 $ 37,979 $ 12,013 2 $ 37,979 $ 37,979 $ 12,013 TOTAL 2 $ 37,979 $ 37,979 $ 12,013 Of the TDRs reported above, one with a post-modification recorded investment totaling $14,027 was on nonaccrual as of December 31, 2015. For the year ended December 31, 2015, the Company had no TDRs that redefaulted within 12 months subsequent to restructure, where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. The Company had no TDRs that were both restructured and charged off in 2015. 2014 Classes of Loans/Leases Number of Loans/Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of maturity C&I 1 $ 58,987 $ 58,987 $ 58,987 Direct Financing Leases 2 303,701 303,701 12,644 Residential Real Estate 1 159,680 159,680 25,360 Installment and Other Consumer 1 113,653 113,653 113,653 5 $ 636,021 $ 636,021 $ 210,644 CONCESSION - Significant payment delay C&I 3 $ 889,154 $ 889,154 $ 217,524 3 $ 889,154 $ 889,154 $ 217,524 CONCESSION - Forgiveness of principal C&I 1 96,439 71,760 6,948 1 $ 96,439 $ 71,760 $ 6,948 CONCESSION - Other C&I 1 $ 427,849 $ 427,849 $ 60,429 1 $ 427,849 $ 427,849 $ 60,429 TOTAL 10 $ 2,049,463 $ 2,024,784 $ 495,545 Of the TDRs reported above, five with post-modification recorded investments totaling $1,387,147 were on nonaccrual as of December 31, 2014. For the year ended December 31, 2014, the Company had no TDRs that redefaulted within 12 months subsequent to restructure, where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. Not included in the table above, the Company had one TDR that was restructured and charged off in 2014, totaling $89,443. Loans are made in the normal course of business to directors, executive officers, and their related interests. The terms of these loans, including interest rates and collateral, are similar to those prevailing for comparable transactions with other persons. An analysis of the changes in the aggregate committed amount of loans greater than or equal to $60,000 during the years ended December 31, 2015, 2014, and 2013, is as follows: 2015 2014 2013 Balance, beginning $ 42,469,111 $ 39,192,966 $ 20,502,058 Net increase (decrease) due to change in related parties (3,606,418 ) 1,040,278 17,124,702 Advances 19,040,675 13,284,475 6,213,381 Repayments (15,891,055 ) (11,048,608 ) (4,647,175 ) Balance, ending $ 42,012,313 $ 42,469,111 $ 39,192,966 The Company’s loan portfolio includes a geographic concentration in the Midwest. Additionally, the loan portfolio included a concentration of loans in certain industries as of December 31, 2015 and 2014 as follows: 2015 2014 Industry Name Balance Percentage of Total Loans/Leases Balance Percentage of Total Loans/Leases Lessors of Non-Residential Buildings $ 311,138,005 17 % $ 256,436,213 16 % Lessors of Residential Buildings 91,811,101 5 % 74,667,674 5 % Bank Holding Companies 55,840,984 3 % 60,910,570 4 % Concentrations within the leasing portfolio are monitored by equipment type – none of which represent a concentration within the total loans/leases portfolio. Within the leasing portfolio, diversification is spread among construction, manufacturing and the service industries. Geographically, the lease portfolio is diversified across all 50 states. No individual state represents a concentration within the total loan/lease portfolio. |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Premises and Equipment The following summarizes the components of premises and equipment as of December 31, 2015 and 2014: 2015 2014 Land $ 6,655,796 $ 7,100,393 Buildings (useful lives 15 to 50 years) 34,615,006 31,602,931 Furniture and equipment (useful lives 3 to 10 years) 24,953,570 23,142,643 66,224,372 61,845,967 Less accumulated depreciation 28,874,020 25,824,839 $ 37,350,352 $ 36,021,128 Certain facilities are leased under operating leases. Rental expense was $339,839, $484,868, and $795,816 for the years ended December 31, 2015, 2014, and 2013, respectively. Future minimum rental commitments under noncancelable leases are as follows as of December 31, 2015: Year ending December 31: 2016 $ 239,565 2017 241,440 2018 194,340 2019 162,819 $ 838,164 |
Note 6 - Derivatives and Hedgin
Note 6 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 6. Derivatives and Hedging Activities Below is a summary of the interest rate cap derivatives held by the Company as of December 31, 2015 and 2014. An initial premium of $2.1 million was paid upfront 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 December 31, 2015 Fair Value December 31, 2014 Fair Value June 5, 2014 June 5, 2019 Other Assets $ 15,000,000 Cash Flow Hedging $ 321,112 $ 608,189 June 5, 2014 June 5, 2021 Other Assets 15,000,000 Cash Flow Hedging 534,912 879,198 $ 30,000,000 $ 856,024 $ 1,487,387 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 accumulated other comprehensive income. The following is a summary of how AOCI was impacted during the reporting periods: Year Ended December 31, 2015 December 31, 2014 Unrealized loss at beginning of period, net of tax $ (399,367 ) $ - Amount reclassified from accumulated other comprehensive income to noninterest income related to hedge ineffectiveness (156 ) (30,212 ) Amount reclassified from accumulated other comprehensive income to interest expense related to caplet amortization 16,051 65 Amount of loss recognized in other comprehensive income, net of tax (415,949 ) (369,220 ) Unrealized loss at end of period, net of tax $ (799,421 ) $ (399,367 ) 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 table above, $156 and $30,212 of income from the change in fair value for the years ending December 31, 2015 and 2014, respectively, was due to ineffectiveness. |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 7. Deposits The aggregate amount of certificates of deposit, each with a minimum denomination of $250,000, was $235,565,570 and $230,925,385 as of December 31, 2015 and 2014, respectively. As of December 31, 2015, the scheduled maturities of certificates of deposit were as follows: Year ending December 31: 2016 $ 274,389,118 2017 39,795,570 2018 22,926,023 2019 13,872,274 2020 9,421,012 Thereafter 3,663,106 $ 364,067,103 The Company had a $45.0 million PUD LOC with the FHLB of Des Moines and an $8.0 million PUD LOC with the FHLB of Chicago for the purpose of providing additional collateral on public deposits as of December 31, 2015. As of December 31, 2014, the Company had a $15.0 million PUD LOC with the FHLB of Des Moines. There were no amounts outstanding under these letters of credit as of December 31, 2015 or 2014. |
Note 8. Short-Term Borrowings
Note 8. Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Short-term Debt [Text Block] | Note 8. Short-Term Borrowings Short-term borrowings as of December 31, 2015 and 2014 are summarized as follows: 2015 2014 Overnight repurchase agreements with customers $ 73,872,716 $ 137,251,670 Federal funds purchased 70,790,000 131,100,000 $ 144,662,716 $ 268,351,670 The Company’s overnight repurchase agreements with customers are collateralized by investment securities with carrying values as follows: 2015 2014 U.S. govt. sponsored agency securities $ 29,499,803 $ 68,430,410 Residential mortgage-backed and related securities 65,888,911 96,930,017 Total securities pledged to overnight customer repurchase agreements $ 95,388,714 $ 165,360,427 Less: overcollateralized position 21,515,998 28,108,757 $ 73,872,716 $ 137,251,670 Inherent in the overnight purchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under our customer repurchase agreements. The Company considers this risk minimal. The Company monitors balances daily to ensure that collateral is sufficient to meet obligations. Additionally, the Company maintains an overcollateralized position that is sufficient to cover any minor interest rate movements. The securities underlying the agreements as of December 31, 2015 and 2014 were under the Company's control in safekeeping at third-party financial institutions. Information concerning overnight repurchase agreements with customers is summarized as follows as of December 31, 2015 and 2014: 2015 2014 Average daily balance during the period $ 121,186,231 $ 128,818,152 Average daily interest rate during the period 0.11 % 0.12 % Maximum month-end balance during the period $ 159,407,193 $ 147,623,624 Weighted average rate as of end of period 0.11 % 0.11 % Information concerning federal funds purchased is summarized as follows as of December 31, 2015 and 2014: 2015 2014 Average daily balance during the period $ 32,826,489 $ 33,876,815 Average daily interest rate during the period 0.41 % 0.40 % Maximum month-end balance during the period $ 126,220,000 $ 131,100,000 Weighted average rate as of end of period 0.57 % 0.51 % |
Note 9 - FHLB Advances
Note 9 - FHLB Advances | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 9. FHLB Advances The subsidiary banks are members of the FHLB of Des Moines or Chicago. As of December 31, 2015 and 2014, the subsidiary banks held $9,135,900 and $11,279,000, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheet. There were no FHLB advance prepayments or modifications during 2014. 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 12 to the Consolidated Financial Statements. Additionally, during the fourth quarter of 2015, RBT prepaid a $3,000,000 fixed rate FHLB advance with an interest rate of 3.98% and a maturity date in May 2018. The prepayment fees associated with this advance totaled $209,416 and are included in losses on debt extinguishment in the statements of income. This transaction is part of the Company’s ongoing balance sheet restructuring strategy, which will continue to be evaluated in the future as a way to reduce reliance on wholesale funding. The Company continued this strategy in early 2016, as described in Note 25 to the Consolidated Financial Statements. Maturity and interest rate information on advances from FHLB as of December 31, 2015 and 2014 is as follows: December 31, 2015 Amount Due Weighted Average Interest Rate at Year-End Amount Due with Putable Option * Weighted Average Interest Rate at Year-End Maturity: Year ending December 31: 2016 $ 103,000,000 0.56 % $ 2,000,000 4.00 % 2017 18,000,000 2.89 - - 2018 30,000,000 3.27 5,000,000 2.84 Total FHLB advances $ 151,000,000 1.37 % $ 7,000,000 3.17 % December 31, 2014 Amount Due Weighted Average Interest Rate at Year-End Amount Due with 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. Advances are collateralized by loans of $480,466,274 and $499,084,047 as of December 31, 2015 and 2014, respectively, in aggregate. On pledged loans, the FHLB applies varying collateral maintenance levels from 125% to 333% based on the loan type. Although advance balances have decreased significantly in 2015, the Company continues to pledge loans under blanket liens to provide off balance sheet liquidity. As of December 31, 2015 and included with the 2016 maturity grouping above are $84.0 million of short-term advances from the FHLB. These advances have maturities ranging from 1 day to 1 month. Short-term and overnight advances totaled $37.0 million as of December 31, 2014 and had maturities ranging from 2 weeks to 1 month. |
Note 10 - Other Borrowings and
Note 10 - Other Borrowings and Unused Lines of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 10. Other Borrowings and Unused Lines of Credit Other borrowings as of December 31, 2015 and 2014 are summarized as follows: 2015 2014 Wholesale structured repurchase agreements $ 110,000,000 $ 130,000,000 Term note - 17,625,000 Series A subordinated notes - 2,657,492 $ 110,000,000 $ 150,282,492 The Company’s wholesale structured repurchase agreements are collateralized by investment securities with carrying values as follows: 2015 2014 U.S. govt. sponsored agency securities $ 129,824,128 $ 153,757,514 Less: overcollateralized position 19,824,128 23,757,514 $ 110,000,000 $ 130,000,000 Inherent in the wholesale structured repurchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under the agreements. The Company considers this risk minimal. The Company maintains an overcollateralized position that is sufficient to cover any minor interest rate movements. Maturity and interest rate information concerning wholesale structured repurchase agreements is summarized as follows: December 31, 2015 December 31, 2014 Amount Due Weighted Average Interest Rate at Year-End Amount Due Weighted Average Interest Rate at Year-End Maturity: Year ending December 31: 2015 $ - 0.00 % $ 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 45,000,000 3.40 60,000,000 3.57 2020 45,000,000 2.66 45,000,000 2.66 Total Wholesale Structured Repurchase Agreements $ 110,000,000 3.11 % $ 130,000,000 3.21 % Each wholesale structured repurchase agreement has 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 $110.0 million in wholesale structured repurchase agreements outstanding at December 31, 2015, $45.0 million no longer have put options, $45.0 million are putable in 2016 and $20.0 million are putable in 2017. 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 12 to the Consolidated Financial Statements. Also during the fourth quarter of 2015, RBT prepaid a $5,000,000 wholesale structured repurchase agreement with an interest rate of 3.46% and a maturity in May 2019. The prepayment fee associated with the transaction totaled $382,000. This amount is included in losses on debt extinguishment in the statements of income. This transaction is part of the Company’s ongoing balance sheet restructuring strategy, which will continue to be evaluated in the future as a way to reduce reliance on wholesale funding. The Company continued this strategy in early 2016, as described in Note 25 to the Consolidated Financial Statements. During 2013, the Company modified $50,000,000 of fixed rate wholesale structured repurchase agreements with a weighted average interest rate of 3.21% and a weighted average maturity of February 2016 into new fixed rate wholesale structured repurchase agreements with a weighted average interest rate of 2.65% and a weighted average maturity of May 2020. There were no modifications of borrowings during 2015 or 2014. 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 common stock offering and balance sheet restructuring is described in Note 12 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 (3.10% at December 31, 2015). At December 31, 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 December 31, 2015. There was no penalty related to this redemption. The Series A redemption was part of the Company’s balance sheet restructuring, which is described in Note 12 to the Consolidated Financial Statements. Unused lines of credit of the subsidiary banks as of December 31, 2015 and 2014 are summarized as follows: 2015 2014 Secured $ 14,601,432 $ 17,050,159 Unsecured 332,000,000 329,500,000 $ 346,601,432 $ 346,550,159 The Company pledges the eligible portion of its municipal securities portfolio and select C&I and CRE loans to the Federal Reserve Bank of Chicago for borrowing at the Discount Window . |
Note 11 - Junior Subordinated D
Note 11 - Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | Note 1 1 . Junior Subordinated Debentures Junior subordinated debentures are summarized as of December 31, 2015 and 2014 as follows: 2015 2014 Note Payable to QCR Holdings Capital Trust II $ 10,310,000 $ 12,372,000 Note Payable to QCR Holdings Capital Trust III 8,248,000 8,248,000 Note Payable to QCR Holdings Capital Trust IV 5,155,000 5,155,000 Note Payable to QCR Holdings Capital Trust V 10,310,000 10,310,000 Note Payable to Community National Trust II 3,093,000 3,093,000 Note Payable to Community National Trust III 3,609,000 3,609,000 Market Value Discount per ASC 805 (see Note 2) (2,225,948 ) (2,363,265 ) $ 38,499,052 $ 40,423,735 A schedule of the Company’s non-consolidated subsidiaries formed for the issuance of trust preferred securities including the amounts outstanding as of December 31, 2015 and 2014, is as follows: Name Date Issued Amount Outstanding Interest Rate Interest Rate as of 12/31/2015 Interest Rate as of 12/31/2014 QCR Holdings Statutory Trust II* February 2004 $ 10,310,000 2.85% over 3-month LIBOR 3.18% 3.08% QCR Holdings Statutory Trust III February 2004 8,248,000 2.85% over 3-month LIBOR 3.18% 3.08% QCR Holdings Statutory Trust IV May 2005 5,155,000 1.80% over 3-month LIBOR 2.12% 2.03% QCR Holdings Statutory Trust V February 2006 10,310,000 1.55% over 3-month LIBOR 1.87% 1.78% Community National Statutory Trust II September 2004 3,093,000 2.17% over 3-month LIBOR 2.74% 2.42% Community National Statutory Trust III March 2007 3,609,000 1.75% over 3-month LIBOR 2.26% 1.99% $ 40,725,000 Weighted Average Rate 2.60% 2.50% *Original amount issued for QCR Holdings Statutory Trust II was $12,372,000. Securities issued by all of the trusts listed above mature 30 years from the date of issuance, but all are currently callable at par at any time. Interest rate reset dates vary by Trust. During 2015, the Company acquired and extinguished $2.1 million of the QCR Holdings Statutory Trust II junior subordinated debentures and recorded a $300,000 gain on the extinguishment, which is included in the statements of income. The Company was able to acquire the related security at a discount through auction, which resulted in the gain. The interest rate on this debenture floated at LIBOR plus 2.85% and had a rate of 3.18% at the time of extinguishment. The Company completed a similar transaction in early 2016, which is described in Note 25 to the Consolidated Financial Statements. |
Note 12 - Common Stock Offering
Note 12 - Common Stock Offering and Balance Sheet Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Offering And Balance Sheet Restructuring [Abstract] | |
Common Stock Offering And Balance Sheet Restructuring [Text Block] | Note 12. 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 16 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 Series A 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 certificates of deposits 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 certificates of deposits. The table below presents the maturity schedule including weighted average cost for the Company’s combined wholesale borrowings portfolio. December 31, 2015 December 31, 2014 Weighted Weighted Average Average Interest Rate Interest Rate Maturity: Amount Due at Year-End Amount Due at Year-End (dollar amounts in thousands) Year ending December 31: 2015 $ - 0.00 % $ 117,300 0.86 % 2016 125,038 0.59 50,642 3.51 2017 49,055 2.07 53,965 2.96 2018 57,283 2.87 60,042 3.41 2019 50,089 3.14 83,152 3.59 2020 45,000 2.66 45,000 2.66 Thereafter 3,641 2.51 6,141 2.54 Total Wholesale Borrowings $ 330,106 1.89 % $ 416,242 2.59 % The Company continued to execute further balance sheet restructuring strategies in late 2015 and early 2016, as described in Notes 9, 10 and 25 to the Consolidated Financial Statements. |
Note 13 -Federal and State Inco
Note 13 -Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 13. Federal and State Income Taxes Federal and state income tax expense was comprised of the following components for the years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Current $ 5,673,774 $ 4,203,979 $ 5,639,933 Deferred (2,004,532 ) (1,165,009 ) (1,021,991 ) $ 3,669,242 $ 3,038,970 $ 4,617,942 A reconciliation of the expected federal income tax expense to the income tax expense included in the consolidated statements of income was as follows for the years ended December 31, 2015, 2014, and 2013: Years Ended December 31, 2015 2014 2013 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income Computed "expected" tax expense $ 7,208,993 35.0 % $ 6,297,027 35.0 % $ 6,844,665 35.0 % Effect of graduated tax rates (76,973 ) (0.4 ) (79,529 ) (0.4 ) (123,868 ) (0.6 ) Tax exempt income, net (3,461,438 ) (16.8 ) (2,646,275 ) (14.7 ) (1,790,049 ) (9.2 ) Bank-owned life insurance (616,737 ) (3.0 ) (585,312 ) (3.3 ) (624,847 ) (3.2 ) State income taxes, net of federal benefit, current year 767,557 3.7 497,068 2.8 758,695 3.9 Change in unrecognized tax benefits 223,668 1.1 (55,728 ) (0.3 ) 63,941 0.3 Acquisition costs - - - - 248,952 1.3 Other (375,828 ) (1.8 ) (388,281 ) (2.1 ) (759,547 ) (3.9 ) $ 3,669,242 17.8 % $ 3,038,970 17.0 % $ 4,617,942 23.6 % Changes in the unrecognized tax benefits included in other liabilities are as follows for the years ended December 31, 2015 and 2014: 2015 2014 Balance, beginning $ 1,002,291 $ 1,058,019 Impact of tax positions taken during current year 468,055 234,475 Gross increase related to tax positions of prior years 16,965 16,915 Reduction as a result of a lapse of the applicable statute of limitations (261,352 ) (307,118 ) Balance, ending $ 1,225,959 $ 1,002,291 Included in the unrecognized tax benefits liability at December 31, 2015 are potential benefits of approximately $1,005,000 that, if recognized, would affect the effective tax rate. The liability for unrecognized tax benefits includes accrued interest for tax positions, which either do not meet the more-likely-than-not recognition threshold or where the tax benefit is measured at an amount less than the tax benefit claimed or expected to be claimed on an income tax return. At December 31, 2015 and 2014, accrued interest on uncertain tax positions was approximately $221,000 and $260,000, respectively. Estimated interest related to the underpayment of income taxes is classified as a component of “income taxes” in the statements of income. The Company’s federal income tax returns are open and subject to examination from the 2012 tax return year and later. Various state franchise and income tax returns are generally open from the 2011 and later tax return years based on individual state statute of limitations. The net deferred tax assets (liabilities) consisted of the following as of December 31, 2015 and 2014: 2015 2014 Deferred tax assets: Alternative minimum tax credits $ 5,475,062 $ 5,018,008 New markets tax credits 2,700,000 2,100,000 Net unrealized losses on securities available for sale and derivative instruments 1,268,068 1,186,544 Compensation 8,687,856 8,266,896 Loan/lease losses 8,802,271 7,393,437 Net operating loss carryforwards, federal and state 2,069,093 2,415,284 Other 452,854 496,444 29,455,204 26,876,613 Deferred tax liabilities: Premises and equipment 1,173,966 1,216,080 Equipment financing leases 25,059,159 24,701,676 Acquisition fair value adjustments 1,755,874 1,774,157 Investment accretion 44,462 45,580 Deferred loan origination fees, net 137,461 - Other 678,227 619,121 28,849,149 28,356,614 Net deferred tax asset (liability) $ 606,055 $ (1,480,001 ) At December 31, 2015, the Company had $5.6 million of federal tax net operating loss carryforwards which are set to expire in varying amounts between 2029 and 2033. At December 31, 2015, the Company had $3.8 million of state tax net operating loss carryforwards which are set to expire in varying amounts between 2023 and 2028. All of the federal tax net operating loss carryforwards and the majority of the state tax net operating loss carryforwards were acquired from Community National and CNB. The change in deferred income taxes was reflected in the consolidated financial statements as follows for the years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Provision for income taxes $ (2,004,532 ) $ (1,165,009 ) $ (1,021,991 ) Statement of stockholders' equity- Accumulated other comprehensive income (loss) (81,524 ) 7,281,574 (11,373,902 ) $ (2,086,056 ) $ 6,116,565 $ (12,395,893 ) |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 14. Employee Benefit Plans The Company has a profit sharing plan which includes a provision designed to qualify under Section 401(k) of the Internal Revenue Code of 1986, as amended, to allow for participant contributions. All employees are eligible to participate in the plan. The Company matches 100% of the first 3% of employee contributions, and 50% of the next 3% of employee contributions, up to a maximum amount of 4.5% of an employee's compensation. Additionally, at its discretion, the Company may make additional contributions to the plan which are allocated to the accounts of participants in the plan based on relative compensation. Company contributions for the years ended December 31, 2015, 2014, and 2013 were as follows: 2015 2014 2013 Matching contribution $ 1,314,276 $ 1,179,979 $ 1,129,726 Discretionary contribution - 198,800 186,000 $ 1,314,276 $ 1,378,779 $ 1,315,726 The Company has entered into nonqualified SERPs with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified plans. During the years ended December 31, 2015, 2014, and 2013, the Company expensed $297,826, $650,016, and $264,672, respectively, related to these plans. As part of the acquisition of Community National, the Company assumed the liability related to a SERP for one CNB executive. The assumed SERP liability was $317,418 at acquisition. As of December 31, 2015 and 2014, the liability related to the SERPs, included in other liabilities, was $3,934,605 and $3,800,603, respectively. Payments to former executives in the amounts of $163,824, $117,000 and $117,000 were made in 2015, 2014 and 2013, respectively. The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements, the officers may defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution varies by officer and is a maximum of between $8,000 and $25,000 annually. Interest on the deferred amounts is earned at The Wall Street Journal The Wall Street Journal Changes in the deferred compensation agreements, included in other liabilities, are as follows for the years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Balance, beginning $ 7,503,692 $ 6,224,368 $ 5,151,630 Company expense 726,001 661,611 557,663 Employee deferrals 693,656 628,589 525,469 Cash payments made (48,324 ) (10,876 ) (10,394 ) Balance, ending $ 8,875,025 $ 7,503,692 $ 6,224,368 |
Note 15 - Stock-Based Compensat
Note 15 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 15. Stock-Based Compensation Stock-based compensation expense was reflected in the consolidated financial statements as follows for the years ended December 31, 2015, 2014, and 2013. 2015 2014 2013 Stock option and incentive plans $ 885,524 $ 832,845 $ 734,827 Stock purchase plan 55,945 58,774 57,452 $ 941,469 $ 891,619 $ 792,279 Stock option and incentive plans: The Company’s Board of Directors adopted in January 2008, and the stockholders approved in May 2008, the QCR Holdings, Inc. 2008 Equity Incentive Plan (“2008 Equity Incentive Plan”). The Company’s Board of Directors adopted in February 2010, and the stockholders approved in May 2010, the QCR Holdings, Inc. 2010 Equity Incentive Plan (“2010 Equity Incentive Plan”). The Company’s Board of Directors adopted in February 2013, and the stockholders approved in May 2013, the QCR Holdings, Inc. 2013 Equity Incentive Plan (“2013 Equity Incentive Plan”). Up to 250,000, 350,000 and 350,000 shares of common stock, respectively, may be issued to employees and directors of the Company and its subsidiaries pursuant to the exercise of nonqualified stock options and restricted stock granted under these plans. The 2008 Equity Incentive Plan, the 2010 Equity Incentive Plan, and the 2013 Equity Incentive Plan (collectively, “the stock option plans”) are administered by the Compensation Committee of the Board of Directors (the “Committee”). As of December 31, 2015, there were 89,073 remaining options available for grant under the stock option plans. The number and exercise price of options granted under the stock option plans are determined by the Committee at the time the option is granted. In no event can the exercise price be less than the value of the common stock at the date of the grant for incentive stock options. All options have a 10-year life and will vest and become exercisable from 3-to-7 years after the date of the grant. Only nonqualified stock options have been issued to date. In the case of nonqualified stock options, the stock option plans provide for the granting of "Tax Benefit Rights" to certain participants at the same time as these participants are awarded nonqualified options. Each Tax Benefit Right entitles a participant to a cash payment, which is expensed by the Company, equal to the excess of the fair market value of a share of common stock on the exercise date over the exercise price of the related option multiplied by the difference between the rate of tax on ordinary income over the rate of tax on capital gains (federal and state). A summary of the stock option plans as of December 31, 2015, 2014, and 2013 and changes during the years then ended is presented below: December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning 661,771 $ 13.89 662,506 $ 13.82 608,852 $ 13.27 Granted 73,403 17.63 82,609 17.11 96,232 15.68 Exercised (79,638) 14.70 (23,659) 10.22 (41,258) 10.06 Forfeited (32,360) 20.69 (59,685) 19.02 (1,320) 10.53 Outstanding, ending 623,176 13.88 661,771 13.89 662,506 13.82 Exercisable, ending 405,832 420,429 419,735 Weighted average fair value per option of options granted during the period $ 5.11 $ 5.68 $ 5.14 A further summary of options outstanding as of December 31, 2015 is presented below: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 7.99 to $8.93 45,165 4.90 $ 8.19 34,290 $ 8.19 $ 9.00 to $9.30 179,547 4.82 9.21 149,193 9.21 $ 13.25 to $16.85 214,585 4.10 15.88 170,335 15.88 $ 17.00 to $18.48 165,629 7.94 17.42 35,764 17.42 $ 19.05 to $21.71 18,250 1.09 19.05 16,250 19.05 623,176 405,832 Stock purchase plan: The Company’s Board of Directors and its stockholders adopted in October 2002 the QCR Holdings, Inc. Employee Stock Purchase Plan (the “Purchase Plan”). On May 2, 2012, the Company’s stockholders approved a complete amendment and restatement of the Purchase Plan. As of January 1, 2015, there were 230,040 shares of common stock available for issuance under the Purchase Plan. For each six-month offering period, the Board of Directors will determine how many of the total number of available shares will be offered. The purchase price is the lesser of 90% of the fair market value at the date of the grant or the investment date. The investment date, as established by the Board of Directors, is the date common stock is purchased after the end of each calendar quarter during an offering period. The maximum dollar amount any one participant can elect to contribute in an offering period is $7,500. Additionally, the maximum percentage that any one participant can elect to contribute is 8% of his or her compensation for the years ended December 31, 2015, 2014, and 2013. Information for the stock purchase plan for the years ended December 31, 2015, 2014, and 2013 is presented below: 2015 2014 2013 Shares granted 23,408 24,811 27,415 Shares purchased 24,033 25,321 27,110 Weighted average fair value per share granted $ 2.39 $ 2.37 $ 2.10 |
Note 16 - Regulatory Capital Re
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16. 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 December 31, 2015 and 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 December 31, 2015 and 2014 are also presented in the following table (dollars in thousands). As of December 31, 2015 and 2014, the subsidiary banks met the requirements to be “well capitalized”. Actual For Capital Adequacy Purposes* To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015: Company: Total risk-based capital $ 280,273 13.11 % $ 170,969 > 8.0 % $ 213,711 > 10.0 % Tier 1 risk-based capital 253,891 11.88 % 128,227 > 6.0 170,969 > 8.0 Tier 1 leverage 253,891 9.75 % 104,163 > 4.0 130,203 > 5.0 Common equity Tier 1 220,800 10.33 % 96,170 > 4.5 138,912 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 135,477 12.50 % $ 86,726 > 8.0 % $ 108,407 > 10.0 % Tier 1 risk-based capital 123,498 11.39 % 65,044 > 6.0 86,726 > 8.0 Tier 1 leverage 123,498 8.87 % 55,718 > 4.0 69,648 > 5.0 Common equity Tier 1 123,498 11.39 % 48,783 > 4.5 70,465 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 105,285 14.39 % $ 58,537 > 8.0 % $ 73,172 > 10.0 % Tier 1 risk-based capital 96,118 13.14 % 43,903 > 6.0 58,537 > 8.0 Tier 1 leverage 96,118 10.96 % 35,079 > 4.0 43,848 > 5.0 Common equity Tier 1 96,118 13.14 % 32,927 > 4.5 47,562 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 38,544 11.96 % $ 25,772 > 8.0 % $ 32,216 > 10.0 % Tier 1 risk-based capital 34,514 10.71 % 19,329 > 6.0 25,772 > 8.0 Tier 1 leverage 34,514 9.59 % 14,401 > 4.0 18,001 > 5.0 Common equity Tier 1 34,514 10.71 % 14,497 > 4.5 20,940 > 6.5 *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). Currently, the New Basel III minimums mirror the minimums required for capital adequacy purposes. The first phase-in of the Basel III capital conservation buffer will occur in 2016. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective 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 > 10.0 % 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 The Company’s ability to pay dividends to its stockholders may be affected by both general corporate law considerations and policies of the Federal Reserve applicable to bank holding companies. The payment of dividends by any financial institution or its holding company is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. Notwithstanding the availability of funds for dividends, however, the Federal Reserve may prohibit the payment of any dividends by the subsidiary banks if the Federal Reserve determines such payment would constitute an unsafe or unsound practice. The Company also has certain contractual restrictions on its ability to pay dividends. The Company has issued junior subordinated debentures in four private placements and assumed two issues of junior subordinated debentures in connection with the Community National acquisition. Under the terms of the debentures, the Company may be prohibited, under certain circumstances, from paying dividends on shares of its common stock. These circumstances did not exist at December 31, 2015 or 2014. 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 the Basel III minimums may lead to restrictions on dividends, share buybacks, discretionary payments on Tier I instruments and discretionary bonus payouts. The Basel III Rules also permit smaller banking organizations (including the Company and the subsidiary banks) to retain, through a one-time election, the existing treatment for AOCI, which excluded the effect 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 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 17. Earnings per Share The following information was used in the computation of basic and diluted EPS for the years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Net income $ 16,927,881 $ 14,952,537 $ 14,938,245 Less: Preferred stock dividends - 1,081,877 3,168,302 Net income attributable to QCR Holdings, Inc. common stockholders $ 16,927,881 $ 13,870,660 $ 11,769,943 EPS attributable to QCR Holdings, Inc. common stockholders Basic $ 1.64 $ 1.75 $ 2.13 Diluted $ 1.61 $ 1.72 $ 2.08 Weighted average common shares outstanding* 10,345,286 7,925,220 5,531,948 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** 154,555 123,441 114,978 Weighted average common and common equivalent shares outstanding 10,499,841 8,048,661 5,646,926 *The increase in weighted average common shares outstanding from 2014 to 2015 was primarily due to the common stock issuance discussed in Note 12 to the Consolidated Financial Statements. **Excludes anti-dilutive shares of 36,572, 124,983, and 116,324 at December 31, 2015, 2014 and 2013, respectively. |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 18. Commitments and Contingencies In the normal course of business, the subsidiary banks make various commitments and incur certain contingent liabilities that are not presented in the accompanying consolidated financial statements. The commitments and contingent liabilities include various guarantees, commitments to extend credit, and standby letters of credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The subsidiary banks evaluate each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the subsidiary banks upon extension of credit, is based upon management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, marketable securities, inventory, property, plant and equipment, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the subsidiary banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The subsidiary banks hold collateral, as described above, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the subsidiary banks would be required to fund the commitments. The maximum potential amount of future payments the subsidiary banks could be required to make is represented by the contractual amount. If the commitment is funded, the subsidiary banks would be entitled to seek recovery from the customer. At December 31, 2015 and 2014, no amounts had been recorded as liabilities for the subsidiary banks’ potential obligations under these guarantees. As of December 31, 2015 and 2014, commitments to extend credit aggregated $480,475,033 and $499,267,717, respectively. As of December 31, 2015 and 2014, standby letters of credit aggregated $13,067,100 and $12,896,428, respectively. Management does not expect that all of these commitments will be funded. The Company has also executed contracts for the sale of mortgage loans in the secondary market in the amount of $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. These amounts are included in loans held for sale at the respective balance sheet dates. Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially, all loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty, or covenant, untimely document delivery, false or misleading statements, failure to obtain certain certificates of insurance, unmarketability, etc. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days/months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the specific terms stated in the agreements of investors purchasing residential mortgage loans from the Company’s subsidiary banks, the Company had $524,400 and $9,049,519 of sold residential mortgage loans with recourse provisions still in effect at December 31, 2015 and 2014, respectively. The subsidiary banks did not repurchase any loans from secondary market investors under the terms of loans sales agreements during the years ended December 31, 2015, 2014, and 2013. In the opinion of management, the risk of recourse and the subsequent requirement of loan repurchase to the subsidiary banks is not significant, and accordingly no liabilities have been established related to such. Aside from cash on-hand and in-vault, the majority of the Company's cash is maintained at upstream correspondent banks. The total amount of cash on deposit, certificates of deposit, and federal funds sold exceeded federal insured limits by approximately $101.0 million and $101.6 million as of December 31, 2015 and 2014, respectively. In the opinion of management, no material risk of loss exists due to the financial condition of the upstream correspondent banks. In an arrangement with Goldman Sachs, CRBT offers a cash management program for select customers. Based on a predetermined minimum balance, which must be maintained in the account, excess funds are automatically swept daily to an institutional money market fund administered by Goldman Sachs. At December 31, 2015 and 2014, the Company had $105,290,874 and $89,006,285, respectively of customer funds invested in this cash management program. In the opinion of management, no material risk of loss exists due to the financial condition of Goldman Sachs. |
Note 19 - Quarterly Results of
Note 19 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 19. Quarterly Results of Operations (Unaudited) Year Ended December 31, 2015 March 2015 June 2015 September 2015 December 2015 Total interest income $ 21,901,730 $ 22,050,612 $ 23,141,112 $ 22,909,799 Total interest expense 4,119,513 3,559,776 3,003,586 3,023,654 Net interest income 17,782,217 18,490,836 20,137,526 19,886,145 Provision for loan/lease losses 1,710,456 2,348,665 1,635,263 1,176,516 Noninterest income 6,221,778 5,461,234 6,368,807 6,477,904 Noninterest expense 17,204,161 24,101,634 15,913,212 16,139,417 Income (loss) before taxes 5,089,378 (2,498,229 ) 8,957,858 9,048,116 Federal and state income tax expense (benefit) 911,489 (1,974,411 ) 2,468,871 2,263,293 Net income (loss) $ 4,177,889 $ (523,818 ) $ 6,488,987 $ 6,784,823 EPS: Basic $ 0.52 $ (0.05 ) $ 0.55 $ 0.58 Diluted $ 0.52 $ (0.05 ) $ 0.55 $ 0.57 Year Ended December 31, 2014 March 2014 June 2014 September 2014 December 2014 Total interest income $ 21,035,211 $ 21,105,376 $ 21,796,642 $ 22,028,027 Total interest expense 4,185,970 4,140,033 4,321,311 4,246,814 Net interest income 16,849,241 16,965,343 17,475,331 17,781,213 Provision for loan/lease losses 1,094,162 1,001,879 1,063,323 3,647,636 Noninterest income 4,766,827 5,327,059 4,985,288 6,078,181 Noninterest expense 16,160,408 16,089,374 16,305,756 16,874,440 Income before taxes 4,361,500 5,201,148 5,091,541 3,337,318 Federal and state income tax expense 472,285 1,193,312 1,028,876 344,497 Net income $ 3,889,215 $ 4,007,836 $ 4,062,665 $ 2,992,821 EPS: Basic $ 0.40 $ 0.46 $ 0.51 $ 0.38 Diluted $ 0.40 $ 0.45 $ 0.50 $ 0.37 |
Note 20 - Parent Company Only F
Note 20 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 20. Parent Company Only Financial Statements The following is condensed financial information of QCR Holdings, Inc. (parent company only): Condensed Balance Sheets December 31, 2015 and 2014 Assets 2015 2014 Cash and due from banks $ 3,650,133 $ 4,499,139 Interest-bearing deposits at financial institutions 701 190,127 Securities available for sale, at fair value 1,398,255 1,724,353 Investment in bank subsidiaries 256,709,890 198,881,739 Investment in nonbank subsidiaries 1,318,227 1,388,361 Premises and equipment, net 4,502,435 3,160,035 Other assets 12,797,292 6,765,109 Total assets $ 280,376,933 $ 216,608,863 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ - $ 21,745,116 Junior subordinated debentures 38,499,052 40,423,735 Other liabilities 15,992,131 10,361,503 Total liabilities 54,491,183 72,530,354 Stockholders' Equity: Common stock 11,761,083 8,074,443 Additional paid-in capital 123,282,851 61,668,968 Retained earnings 92,965,645 77,876,824 Accumulated other comprehensive loss (2,123,829 ) (1,935,216 ) Treasury stock - (1,606,510 ) Total stockholders' equity 225,885,750 144,078,509 Total liabilities and stockholders' equity $ 280,376,933 $ 216,608,863 Condensed Statements of Income Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Total interest income $ 69,774 $ 40,815 $ 43,476 Equity in net income of bank subsidiaries 22,059,086 20,333,194 20,499,070 Equity in net income of nonbank subsidiaries 32,823 32,675 31,540 Securities gains 262,800 - - Gain on debt extinguishment 300,000 - - Bargain purchase gain on Community National acquisition - - 1,841,385 Other (4,436 ) 7,486 7,942 Total income 22,720,047 20,414,170 22,423,413 Interest expense 1,679,909 1,986,752 1,714,814 Salaries and employee benefits 4,847,507 4,671,719 4,765,762 Professional fees 1,121,094 1,100,714 977,571 Acquisition and data conversion costs - - 2,037,684 Other 949,041 635,081 642,044 Total expenses 8,597,551 8,394,266 10,137,875 Income before income tax benefit 14,122,496 12,019,904 12,285,538 Income tax benefit 2,805,385 2,932,633 2,652,707 Net income $ 16,927,881 $ 14,952,537 $ 14,938,245 Condensed Statements of Cash Flows Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Cash Flows from Operating Activities: Net income $ 16,927,881 $ 14,952,537 $ 14,938,245 Adjustments to reconcile net income to net cash provided by operating activities: Distributions in excess of (less than) earnings of: Bank subsidiaries (12,359,086 ) 166,806 5,500,930 Nonbank subsidiaries (128 ) 9 (103 ) Bargain purchase gain on Community National acquisition - - (1,841,385 ) Accretion of acquisition fair value adjustments 137,317 133,905 79,655 Depreciation 174,757 100,158 75,182 Stock-based compensation expense 941,469 891,619 792,279 Securities gains, net (262,801 ) - - Gain on debt extinguishment (300,000 ) - - Decrease (increase) in other assets (5,929,110 ) 1,912,597 (725,105 ) (Decrease) increase in other liabilities 5,502,390 2,644,458 (2,978,106 ) Net cash provided by operating activities 4,832,689 20,802,089 15,841,592 Cash Flows from Investing Activities: Net increase in interest-bearing deposits at financial institutions 189,426 (2,726 ) (2,288 ) Activity in securities portfolio: Purchases (1,764,137 ) (40,523 ) (34,040 ) Calls, maturities and redemptions 1,772,719 71,429 - Sales 489,828 - - Capital infusion, bank subsidiaries (45,600,000 ) - - Net cash paid for Community National acquisition - - (6,261,684 ) Purchase of premises and equipment (1,517,157 ) (16,618 ) - Net cash (used in) provided by investing activities (46,429,321 ) 11,562 (6,298,012 ) Cash Flows from Financing Activities: Activity in other borrowings: Proceeds from other borrowings - 10,000,000 10,000,000 Calls, maturities and scheduled principal payments (2,350,000 ) (2,359,207 ) (373,446 ) Prepayments (19,395,116 ) - (9,550,000 ) Retirement of junior subordinated debentures (1,762,000 ) - - Payment of cash dividends on common and preferred stock (782,054 ) (1,964,608 ) (4,062,726 ) Net proceeds from common stock offering, 3,680,000 shares issued 63,484,123 - - Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net - (29,823,922 ) - Proceeds from issuance of common stock, net 1,552,673 620,641 582,742 Net cash provided by (used in) financing activities 40,747,626 (23,527,096 ) (3,403,430 ) Net increase (decrease) in cash and due from banks (849,006 ) (2,713,445 ) 6,140,150 Cash and due from banks: Beginning 4,499,139 7,212,584 1,072,434 Ending $ 3,650,133 $ 4,499,139 $ 7,212,584 |
Note 21 - Fair Value
Note 21 - Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 21. Fair Value Accounting guidance on fair value measurements 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 comprised the following at December 31, 2015 and 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) December 31, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 213,537,379 $ - $ 213,537,379 $ - Residential mortgage-backed securities 80,670,135 - 80,670,135 - Municipal securities 27,578,588 - 27,578,588 - Other securities 1,648,880 411 1,648,469 - Derivative instruments 856,024 - 856,024 - $ 324,291,006 $ 411 $ 324,290,595 $ - December 31, 2014: Securities available for sale: U.S. govt. sponsored agency securities $ 307,869,572 $ - $ 307,869,572 $ - Residential mortgage-backed 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 1,487,387 - 1,487,387 - $ 453,147,017 $ 345,952 $ 452,801,065 $ - There were no transfers of assets or liabilities between Levels 1, 2, and 3 of the fair value hierarchy during the years ended December 31, 2015 or 2014. A small portion of the securities available for sale portfolio consists of common stock issued by various unrelated bank holding companies and mutual funds. The fair values used by the Company are obtained from an independent pricing service, which 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 6 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 comprised the following at December 31, 2015 and 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) December 31, 2015: Impaired loans/leases $ 4,545,966 $ - $ - $ 4,545,966 Other real estate owned 7,722,711 - - 7,722,711 $ 12,268,677 $ - $ - $ 12,268,677 December 31, 2014: Impaired loans/leases $ 12,467,362 $ - $ - $ 12,467,362 Other real estate owned 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 a 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 may be 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. Other real estate owned 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 a 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: Quantitative Information about Level Fair Value Measurements December 31, 2015 Fair Value December 31, 2014 Fair Value Valuation Technique Unobservable Input Range Impaired loans/leases $ 4,545,966 $ 12,467,362 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% Other real estate owned 7,722,711 13,789,047 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% For impaired loans/leases and other real estate owned, 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 years ended December 31, 2015 or 2014. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company’s consolidated balance sheet, 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 December 31, 2015 As of December 31, 2014 Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and due from banks Level 1 $ 41,957,855 $ 41,957,855 $ 38,235,019 $ 38,235,019 Federal funds sold Level 2 19,850,000 19,850,000 46,780,000 46,780,000 Interest-bearing deposits at financial institutions Level 2 36,098,431 36,098,431 35,334,682 35,334,682 Investment securities: Held to maturity Level 2 253,674,159 255,691,285 199,879,574 201,113,796 Available for sale See Previous Table 323,434,982 323,434,982 451,659,630 451,659,630 Loans/leases receivable, net Level 3 4,209,228 4,545,966 11,543,853 12,467,362 Loans/leases receivable, net Level 2 1,767,672,541 1,764,178,772 1,595,384,852 1,606,646,146 Derivative instruments Level 2 856,024 856,024 1,487,387 1,487,387 Deposits: Nonmaturity deposits Level 2 1,516,599,081 1,516,599,081 1,304,044,099 1,304,044,099 Time deposits Level 2 364,067,103 364,192,000 375,623,914 376,509,000 Short-term borrowings Level 2 144,662,716 144,662,716 268,351,670 268,351,670 Federal Home Loan Bank advances Level 2 151,000,000 153,143,000 203,500,000 208,172,000 Other borrowings Level 2 110,000,000 116,061,000 150,282,492 159,741,000 Junior subordinated debentures Level 2 38,499,052 27,642,093 40,423,735 28,585,294 The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These instruments include: cash and due from banks, federal funds sold, interest-bearing deposits at financial institutions, non-maturity deposits, and short-term borrowings. The Company used the following methods and assumptions in estimating the fair value of the following instruments: Securities held to maturity The fair values are estimated using pricing models that consider certain observable market data and some observable inputs, such as rate and term. Loans/leases receivable Deposits FHLB advances and junior subordinated debentures Other borrowings Commitments to extend credit |
Note 22 - Business Segment Info
Note 22 - Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 22. 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. CRBT includes CNB’s operations from acquisition date (May 13, 2013) forward. Each of these secondary segments offer similar products and services, but are 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 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 corporate operations of the parent and operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. Selected financial information on the Company's business segments, with all intercompany accounts and transactions eliminated, is presented as follows as of and for the years ended December 31, 2015, 2014, and 2013: Commercial Banking Quad City Bank & Trust Cedar Rapids Bank & Trust Rockford Bank & Trust Wealth Management All other Intercompany Eliminations Consolidated Total Twelve Months Ended December 31, 2015 Total revenue $ 52,859,118 $ 37,515,641 $ 14,816,300 $ 9,103,173 $ 663,432 $ (424,688 ) $ 114,532,976 Net interest income 40,416,563 26,635,659 10,854,637 - (1,610,135 ) - 76,296,724 Net income 10,333,111 7,695,867 2,402,522 1,627,586 (5,131,205 ) - 16,927,881 Total assets 1,336,571,694 866,872,406 367,471,639 - 27,605,704 (5,323,168 ) 2,593,198,275 Provision for loan/lease losses 4,367,234 1,750,000 753,666 - - - 6,870,900 Goodwill 3,222,688 - - - - - 3,222,688 Core deposit intangible - 1,471,409 - - - - 1,471,409 Twelve Months Ended December 31, 2014 Total revenue $ 48,827,714 $ 35,899,702 $ 14,286,757 $ 8,513,322 $ 80,978 $ (485,860 ) $ 107,122,613 Net interest income 36,539,635 24,215,815 10,261,615 - (1,945,937 ) - 69,071,128 Net income 9,065,183 7,562,252 2,149,676 1,556,082 (5,380,656 ) - 14,952,537 Total assets 1,320,684,456 840,331,777 353,448,134 - 17,727,123 (7,233,390 ) 2,524,958,100 Provision for loan/lease losses 3,800,667 1,855,333 1,151,000 - - - 6,807,000 Goodwill 3,222,688 - - - - - 3,222,688 Core deposit intangible - 1,670,921 - - - - 1,670,921 Twelve Months Ended December 31, 2013 Total revenue $ 49,701,389 $ 35,946,233 $ 13,732,076 $ 7,521,821 $ 1,924,329 $ (108,214 ) $ 108,717,634 Net interest income 33,892,035 22,239,329 9,645,411 - (1,671,338 ) - 64,105,437 Net income 9,310,779 7,953,230 1,855,672 1,379,402 (5,560,838 ) - 14,938,245 Total assets 1,245,128,136 804,223,453 339,375,139 - 22,394,401 (16,168,205 ) 2,394,952,924 Provision for loan/lease losses 3,391,406 1,531,014 1,008,000 - - - 5,930,420 Goodwill 3,222,688 - - - - - 3,222,688 Core deposit intangible - 1,870,433 - - - - 1,870,433 |
Note 23 - Acquisition of Noncon
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 23. Acquisition of Noncontrolling Interest in m2 Lease Funds On August 27, 2012, the Company’s largest subsidiary bank, QCBT, entered into an amendment to the operating agreement of m2 and purchased the remaining 20% noncontrolling interest in m2 for $4,501,442. The purchase price and related acquisition costs exceeded the book value by $2,133,417. This excess was reflected as a reduction in additional paid in capital on the Company’s consolidated financial statements until the final payout in 2015. The acquisition was structured in two payments with the initial payment of $1,653,755 made on September 11, 2012 and the final payment of $3,307,509 due in September 2015. QCBT calculated the present value of this future payment using a discount rate of 5% and recorded a resulting liability of $2,847,687. QCBT accreted the discount of $459,822 using the effective yield method over the three year period to the final payment date. Accretion totaled $80,820, $155,716 and $148,137 for the years ended December 31, 2015, 2014 and 2013, respectively. The liability related to the final payment due totaled $3,199,298 and $3,043,582 at December 31, 2014 and 2013, respectively. The final payment made in 2015 eliminated any further liability. In conjunction with the purchase agreement, the Company also entered into an agreement with the Chief Executive Officer and former 20% owner of m2, whereby he was provided additional consideration equal to 20% of the earnings of m2 for the period from September 2012 through the earlier of August 2015 or his separation from service. The payment under this arrangement was also due in September 2015. Because the payment was contingent upon future service, QCBT was accruing the liability and related compensation expense over the service period. Expense totaled $593,611, $701,634, $725,483 for the years ended December 31, 2015, 2014 and 2013, respectively. The liability related to this future payment totaled $1,622,832 and $921,198 at December 31, 2014 and 2013, respectively. The final payment made in 2015 eliminated any further liability. |
Note 24 - Sale of Credit Card L
Note 24 - Sale of Credit Card Loan Receivables and Credit Card Issuing Operations for QCBT | 12 Months Ended |
Dec. 31, 2015 | |
Sale Of Credit Card Loan Receivables And Issuing Business [Abstract] | |
Sale Of Credit Card Loan Receivables And Issuing Business [Text Block] | Note 24. Sale of Credit Card Loan Receivables and Credit Card Issuing Operations for QCBT On January 31, 2013, QCBT entered into an agreement to sell its credit card loan receivables totaling $10,179,318. This transaction closed on February 15, 2013 and resulted in a pre-tax gain of $495,405. As part of the agreement, QCBT also agreed to sell its credit card issuing operations to the purchaser. The gain recognized on this transaction was $355,268. QCBT incurred pre-tax expenses related to these transactions of $257,476, resulting in a net pre-tax gain on the transactions of $593,197. |
Note 25 - Subsequent Event - Ju
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 25. Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring In January 2016, the Company extinguished $5.1 million of the QCR Holdings Capital Trust IV junior subordinated debentures (the full balance outstanding) and recorded a $1.2 million gain on extinguishment (pre-tax), as the Company was able to acquire the related security at a discount through auction. This gain will be included in the statements of income for the first quarter of 2016. The interest rate on these debentures floated at 3-month LIBOR plus 1.80% and had a rate of 2.42% at the time of extinguishment. QCR Holdings Capital Trust IV was dissolved after the extinguishment. Also in January 2016, the Company executed balance sheet restructuring strategies at QCBT and CRBT, which included the repayment of $10.0 million of wholesale structured repurchase agreements and $10.0 million of FHLB advances with a combined weighted average interest rate of 3.92%. As a result of this restructuring, the Company incurred $1.3 million (pre-tax) in losses on debt extinguishment that will be included in the statements of income for the first quarter of 2016. The weighted average duration of this combined debt was 2.17 years, with $10.0 million maturing in 2017 and $10.0 maturing in 2018. This funding was replaced with short-term borrowings at an average interest rate of 0.50%. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Accounting estimates : The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance, OTTI of securities, and the fair value of financial instruments. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation : The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, except those six subsidiaries formed for the issuance of trust preferred securities which do not meet the criteria for consolidation. See Note 11 for a detailed listing of these subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Presentation of cash flows : For purposes of reporting cash flows, cash and due from banks include cash on hand and noninterest bearing amounts due from banks. Cash flows from federal funds sold, interest bearing deposits at financial institutions, loans/leases, deposits, and short-term borrowings are treated as net increases or decreases. Cash and due from banks : The subsidiary banks are required by federal banking regulations to maintain certain cash and due from bank reserves. The reserve requirement was approximately $30,532,000 and $23,251,000 as of December 31, 2015 and 2014, respectively. |
Marketable Securities, Policy [Policy Text Block] | Investment securities : Investment securities held to maturity are those debt securities that the Company has the ability and intent to hold until maturity regardless of changes in market conditions, liquidity needs, or changes in general economic conditions. Such securities are carried at cost adjusted for amortization of premiums and accretion of discounts. If the ability or intent to hold to maturity is not present for certain specified securities, such securities are considered AFS as the Company intends to hold them for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including movements in interest rates, changes in the maturity mix of the Company's assets and liabilities, liquidity needs, regulatory capital considerations, and other factors. Securities AFS are carried at fair value. Unrealized gains or losses, net of taxes, are reported as increases or decreases in AOCI. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. All securities are evaluated to determine whether declines in fair value below their amortized cost are other-than-temporary. In estimating OTTI losses on AFS debt securities, management considers a number of factors including, but not limited to, (1) the length of time and extent to which the fair value has been less than amortized cost, (2) the financial condition and near-term prospects of the issuer, (3) the current market conditions, and (4) the intent of the Company to not sell the security prior to recovery and whether it is not more-likely-than-not that it will be required to sell the security prior to recovery. If the Company does not intend to sell the security, and it is not more-likely-than-not the entity will be required to sell the security before recovery of its amortized cost basis, the Company will recognize the credit component of an OTTI of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an OTTI recorded in other comprehensive income for the noncredit portion would be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. In estimating OTTI losses on AFS equity securities management considers factors (1), (2) and (3) above as well as whether the Company has the intent and the ability to hold the security until its recovery. If the Company (a) intends to sell an impaired equity security and does not expect the fair value of the security to fully recover before the expected time of sale, or (b) does not have the ability to hold the security until its recovery, the security is deemed other-than-temporarily impaired and the impairment is charged to earnings. The Company recognizes an impairment loss through earnings if based upon other factors the loss is deemed to be other-than-temporary even if the decision to sell has not been made. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans receivable, held for sale |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans receivable, held for investment The Company discloses allowance for credit losses (also known allowance) and fair value by portfolio segment, and credit quality information, impaired financing receivables, nonaccrual status, and TDRs by class of financing receivable. A portfolio segment is the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. A class of financing receivable is a further disaggregation of a portfolio segment based on risk characteristics and the Company’s method for monitoring and assessing credit risk. See the following information and Note 4. The Company’s portfolio segments are as follows: ● C&I ● CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a segment within the overall loan/lease portfolio. The Company’s classes of loans receivable are as follows: ● C&I ● Owner-occupied CRE ● Commercial construction, land development, and other land loans that are not owner-occupied CRE ● Other non-owner-occupied CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a class of financing receivable within the overall loan/lease portfolio. The accounting policies for direct financing leases are disclosed below. Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 days or greater. For all classes of loans receivable, loans will generally be placed on nonaccrual status when the loan has become 90 days past due (unless the loan is well secured and in the process of collection); or if any of the following conditions exist: ● It becomes evident that the borrower will not make payments, or will not or cannot meet the terms for renewal of a matured loan; ● When full repayment of principal and interest is not expected; ● When the loan is graded “doubtful”; ● When the borrower files bankruptcy and an approved plan of reorganization or liquidation is not anticipated in the near future; or ● When foreclosure action is initiated. When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. Generally, cash collected on nonaccrual loans is applied to principal. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. For all classes of loans receivable, nonaccrual loans may be restored to accrual status provided the following criteria are met: ● The loan is current, and all principal and interest amounts contractually due have been made; ● All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period; and ● There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: o Six months of repayment performance for contractual monthly payments, or o One year of repayment performance for contractual quarterly or semi-annual payments. Direct finance leases receivable, held for investment Lease income is recognized on the interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends. The Company’s estimates are reviewed continuously to ensure reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review results in a lower estimate than had been previously established, a determination is made as to whether the decline in estimated residual value is other-than-temporary. If the decline in estimated unguaranteed residual value is judged to be other-than-temporary, the accounting for the transaction is revised using the changed estimate. The resulting reduction in the investment is recognized as a loss in the period in which the estimate is changed. An upward adjustment of the estimated residual value is not recorded. The policies for delinquency and nonaccrual for direct financing leases are materially consistent with those described above for all classes of loan receivables. The Company defers and amortizes fees and certain incremental direct costs over the contractual term of the lease as an adjustment to the yield. These initial direct leasing costs generally approximate 5.5% of the leased asset’s cost. The unamortized direct costs are recorded as a reduction of unearned lease income. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | TDRs The following criteria, related to granting a concession, together or separately, create a TDR: ● A modification of terms of a debt such as one or a combination of: o The reduction of the stated interest rate. o The extension of the maturity date or dates at a stated interest rate lower than the current market rate for the new debt with similar risk. o The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. o The reduction of accrued interest. ● A transfer from the borrower/lessee to the Company of receivables from third parties, real estate, other assets, or an equity position in the borrower to fully or partially satisfy a loan. ● The issuance or other granting of an equity position to the Company to fully or partially satisfy a debt unless the equity position is granted pursuant to existing terms for converting the debt into an equity position. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance For all portfolio segments, the allowance is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans/leases in light of historical experience, the nature and volume of the loan/lease portfolio, adverse situations that may affect the borrower’s/lessee’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. A discussion of the risk characteristics and the allowance by each portfolio segment follows: For C&I loans ● Ability and stability of current management of the borrower; ● Stable earnings with positive financial trends; ● Sufficient cash flow to support debt repayment; ● Earnings projections based on reasonable assumptions; ● Financial strength of the industry and business; and ● Value and marketability of collateral. Collateral for C&I loans generally includes accounts receivable, inventory, equipment and real estate. The Company’s lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The Company’s lending policy specifies maximum term limits for C&I loans. For term loans, the maximum term is generally 7 years. Generally, term loans range from 3 to 5 years. For lines of credit, the maximum term is typically 365 days. In addition, the Company often takes personal guarantees or cosigners to help assure repayment. Loans may be made on an unsecured basis if warranted by the overall financial condition of the borrower. CRE loans The Company’s lending policy also includes guidelines for real estate appraisals, including minimum appraisal standards based on certain transactions. In addition, the Company often takes personal guarantees to help assure repayment. In addition, management tracks the level of owner-occupied CRE loans versus non-owner occupied loans. Owner-occupied loans are generally considered to have less risk. As of December 31, 2015 and 2014, approximately 35% and 37%, respectively, of the CRE loan portfolio was owner-occupied. The Company’s lending policy limits non-owner occupied CRE lending to 300% of total risk-based capital, and limits construction, land development, and other land loans to 100% of total risk-based capital. Exceeding these limits warrants the use of heightened risk management practices in accordance with regulatory guidelines. As of December 31, 2015 and 2014, all three subsidiary banks were in compliance with these limits. In some instances for all loans/leases, it may be appropriate to originate or purchase loans/leases that are exceptions to the guidelines and limits established within the Company’s lending policy described above and below. In general, exceptions to the lending policy do not significantly deviate from the guidelines and limits established within the Company’s lending policy and, if there are exceptions, they are clearly noted as such and specifically identified in loan/lease approval documents. For C&I and CRE loans The specific component relates to loans that are classified as impaired, as defined below. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. For C&I loans and all classes of CRE loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. See below for a detailed description of the Company’s internal risk rating scale. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. For C&I and CRE loans, the Company utilizes the following internal risk rating scale: 1. Highest Quality (Pass) – loans of the highest quality with no credit risk, including those fully secured by subsidiary bank certificates of deposit and U.S. government securities. 2. Superior Quality (Pass) – loans with very strong credit quality. Borrowers have exceptionally strong earnings, liquidity, capital, cash flow coverage, and management ability. Includes loans secured by high quality marketable securities, certificates of deposit from other institutions, and cash value of life insurance. Also includes loans supported by U.S. government, state, or municipal guarantees. 3. Satisfactory Quality (Pass) – loans with satisfactory credit quality. Established borrowers with satisfactory financial condition, including credit quality, earnings, liquidity, capital and cash flow coverage. Management is capable and experienced. Collateral coverage and guarantor support, if applicable, are more than adequate. Includes loans secured by personal assets and business assets, including equipment, accounts receivable, inventory, and real estate. 4. Fair Quality (Pass) – loans with moderate but still acceptable credit quality. The primary repayment source remains adequate; however, management’s ability to maintain consistent profitability is unproven or uncertain. Borrowers exhibit acceptable leverage and liquidity. May include new businesses with inexperienced management or unproven performance records in relation to peer, or borrowers operating in highly cyclical or deteriorating industries. 5. Early Warning (Pass) – loans where the borrowers have generally performed as agreed, however unfavorable financial trends exist or are anticipated. Earnings may be erratic, with marginal cash flow or declining sales. Borrowers reflect leveraged financial condition and/or marginal liquidity. Management may be new and a track record of performance has yet to be developed. Financial information may be incomplete, and reliance on secondary repayment sources may be increasing. 6. Special Mention – loans where the borrowers exhibit credit weaknesses or unfavorable financial trends requiring close monitoring. Weaknesses and adverse trends are more pronounced than Early Warning loans, and if left uncorrected, may jeopardize repayment according to the contractual terms. Currently, no loss of principal or interest is expected. Borrowers in this category have deteriorated to the point that it would be difficult to refinance with another lender. Special Mention should be assigned to borrowers in turnaround situations. This rating is intended as a transitional rating, therefore, it is generally not assigned to a borrower for a period of more than one year. 7. Substandard – loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if applicable. These loans have a well-defined weakness or weaknesses which jeopardize repayment according to the contractual terms. There is distinct loss potential if the weaknesses are not corrected. Includes loans with insufficient cash flow coverage which are collateral dependent, other real estate owned, and repossessed assets. 8. Doubtful – loans which have all the weaknesses inherent in a Substandard loan, with the added characteristic that existing weaknesses make full principal collection, on the basis of current facts, conditions and values, highly doubtful. The possibility of loss is extremely high, but because of pending factors, recognition of a loss is deferred until a more exact status can be determined. All doubtful loans will be placed on non-accrual, with all payments, including principal and interest, applied to principal reduction. The Company has certain loans risk-rated 7 (substandard), which are not classified as impaired based on the facts of the credit. For these non-impaired and risk-rated 7 loans, the Company does not follow the same allowance methodology as it does for all other non-impaired, collectively evaluated loans. Rather, the Company performs a more detailed analysis including evaluation of the cash flow and collateral valuations. Based upon this evaluation, an estimate of the probable loss in this portfolio is collectively evaluated under ASC 450-20. These non-impaired risk-rated 7 loans exist primarily in the C&I and CRE segments. For term C&I and CRE loans or credit relationships with aggregate exposure greater than $1,000,000, a loan review is required within 15 months of the most recent credit review. The review is completed in enough detail to, at a minimum, validate the risk rating. Additionally, the review shall include an analysis of debt service requirements, covenant compliance, if applicable, and collateral adequacy. The frequency of the review is generally accelerated for loans with poor risk ratings. The Company’s Loan Quality area performs a documentation review of a sampling of C&I and CRE loans, the primary purpose of which is to ensure the credit is properly documented and closed in accordance with approval authorities and conditions. A review is also performed by the Company’s Internal Audit Department of a sampling of C&I and CRE loans for proper documentation, according to an approved schedule. Validation of the risk rating is also part of Internal Audit’s review (performed by Internal Loan Review). Additionally, over the past several years, the Company has contracted an independent outside third party to review a sampling of C&I and CRE loans. Validation of the risk rating is part of this review as well. The Company leases machinery and equipment to C&I customers under direct financing leases For direct financing leases, the allowance consists of specific and general components. The specific component relates to leases that are classified as impaired, as defined for commercial loans above. For those leases that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired lease is lower than the carrying value of that lease. The general component consists of quantitative and qualitative factors and covers nonimpaired leases. The quantitative factors are based on historical charge-off experience for the entire lease portfolio. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss data. Generally, the Company’s residential real estate loans The Company provides many types of installment and other consumer loans For residential real estate loans, and installment and other consumer loans TDRs are considered impaired loans/leases and are subject to the same allowance methodology as described above for impaired loans/leases by portfolio segment. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Credit related financial instruments |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets ● Pro-rata ownership in an entire financial asset. ● From the date of the transfer, all cash flows received from entire financial assets are divided proportionately among the participating interest holders in an amount equal to their share of ownership. ● The rights of each participating interest holder have the same priority, and no participating interest holder’s interest is subordinated to the interest of another participating interest holder. That is, no participating interest holder is entitled to receive cash before any other participating interest holder under its contractual rights as a participating interest holder. ● No party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. |
Bank-owned Life Insurance [Policy Text Block] | BOLI |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment |
Restricted Assets Disclosure [Text Block] | Restricted investment securities |
Real Estate, Policy [Policy Text Block] | OREO |
Repossessed Assets, Policy [Policy Text Block] | Repossessed assets |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core deposit intangible |
Swap Transactions, Policy [Policy Text Block] | Swap transactions |
Fee Income from Early Terminatin of Leases, Policy [Policy Text Block] | Fee income from early termination of leases |
Derivatives, Policy [Policy Text Block] | Derivatives and hedging activities Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying index (such as a rate, security price or price index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying index. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market (although this type of derivative is negligible); and (2) interest rate caps to manage the interest rate risk of certain short-term fixed rate liabilities. Interest rate caps are valued by the transaction counterparty on a monthly basis and corroborated by a third party annually. The company uses the hypothetical derivative method to assess and measure effectiveness in accordance with ASC 815, Derivatives and Hedging. |
Stockholders' Equity, Policy [Policy Text Block] | Preferred stock Treasury stock |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation plans: The Company accounts for stock-based compensation with measurement of compensation cost for all stock-based awards at fair value on the grant date and recognition of compensation over the requisite service period for awards expected to vest. As discussed in Note 15, during the years ended December 31, 2015, 2014, and 2013, the Company recognized stock-based compensation expense related to stock options, stock purchase plans, and stock appreciation rights of $941,469, $891,619, and $792,279, respectively. As required, management made an estimate of expected forfeitures and is recognizing compensation costs only for those equity awards expected to vest. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following assumptions for the indicated periods: 2015 2014 2013 Dividend yield .37% to .46% .47% .44% to .53% Expected volatility 28.92% to 29.32% 29.07% to 29.18% 29.50% to 30.56% Risk-free interest rate 1.89% to 2.37% 2.69% to 2.82% 1.71% to 2.90% Expected life of option grants ( 6 6 6 Weighted-average grant date fair value $5.11 $5.68 $5.14 The Company also uses the Black-Scholes option pricing model to estimate the fair value of stock purchase grants with the following assumptions for the indicated periods: 2015 2014 2013 Dividend yield .37% to .45% .46% to .47% .53% to .61% Expected volatility 8.81% to 13.10% 16.96% to 19.35% 23.05% to 24.25% Risk-free interest rate . 09% to .16% .04% to .12% .10% to .18% Expected life of purchase grants ( 3 to 6 3 to 6 3 to 6 Weighted-average grant date fair value $2.39 $2.37 $2.10 The fair value is amortized on a straight-line basis over the vesting periods of the grants and will be adjusted for subsequent changes in estimated forfeitures. The expected dividend yield assumption is based on the Company's current expectations about its anticipated dividend policy. Expected volatility is based on historical volatility of the Company's common stock price. The risk-free interest rate for periods within the contractual life of the option or purchase is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the option and purchase grants is derived using the “simplified” method and represents the period of time that options and purchases are expected to be outstanding. Historical data is used to estimate forfeitures used in the model. Two separate groups of employees (employees subject to broad based grants, and executive employees and directors) are used. As of December 31, 2015, there was $721,916 of unrecognized compensation cost related to share based payments, which is expected to be recognized over a weighted average period of 2.28 years. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company's common stock for the 623,176 options that were in-the-money at December 31, 2015. The aggregate intrinsic value at December 31, 2015 was $6.5 million on options outstanding and $4.6 million on options exercisable. During the years ended December 31, 2015, 2014 and 2013, the aggregate intrinsic value of options exercised under the Company's stock option plans was $480,354, $173,105, and $268,920, respectively, and determined as of the date of the option exercise |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income taxes are provided under the liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. |
Trust Assets [Policy Text Block] | Trust assets |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share |
Reclassification, Policy [Policy Text Block] | Reclassifications |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements: In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers In February 2015, FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis In January 2016, FASB issued ASU 2016-01, Financial Instruments – Overall In November 2015, FASB reached a decision on the effective date for its yet to be issued standard regarding measurement of credit losses on financial instruments. Under the standard it is expected that impairment of the Company’s loans/leases receivable will be measured using the current expected credit loss model, which will entail day-one recognition of life-of-asset expected losses. The standard is expected to be issued during the first quarter of 2016 and will be effective for the Company for the fiscal year beginning January 1, 2019. Management has not yet analyzed the impact of adoption. |
Note 1 - Nature of Business a36
Note 1 - Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 2014 2013 Dividend yield .37% to .46% .47% .44% to .53% Expected volatility 28.92% to 29.32% 29.07% to 29.18% 29.50% to 30.56% Risk-free interest rate 1.89% to 2.37% 2.69% to 2.82% 1.71% to 2.90% Expected life of option grants ( 6 6 6 Weighted-average grant date fair value $5.11 $5.68 $5.14 2015 2014 2013 Dividend yield .37% to .45% .46% to .47% .53% to .61% Expected volatility 8.81% to 13.10% 16.96% to 19.35% 23.05% to 24.25% Risk-free interest rate . 09% to .16% .04% to .12% .10% to .18% Expected life of purchase grants ( 3 to 6 3 to 6 3 to 6 Weighted-average grant date fair value $2.39 $2.37 $2.10 |
Note 2 - Community National B37
Note 2 - Community National Bancorporation and Community National Bank (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Core Deposit [Table Text Block] | 2015 2014 Balance, beginning $ 1,670,921 $ 1,870,433 Amortization expense (199,512 ) (199,512 ) Balance, ending $ 1,471,409 $ 1,670,921 2015 2014 Gross carrying amount $ 1,995,127 $ 1,995,127 Accumulated amortization (523,718 ) (324,206 ) Net carrying amount $ 1,471,409 $ 1,670,921 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | As of May 13, 2013 ASSETS Cash and due from banks $ 9,286,757 Federal funds sold 12,335,000 Interest-bearing deposits at financial institutions 2,024,539 Securities available for sale 45,853,826 Loans/leases receivable, net 195,658,486 Premises and equipment 8,132,021 Core deposit intangible 3,440,076 Bank-owned life insurance 4,595,529 Restricted investment securities 1,259,375 Other real estate owned 550,326 Other assets 5,178,583 Total assets acquired $ 288,314,518 LIABILITIES Deposits $ 255,045,071 Other borrowings 3,950,000 Junior subordinated debentures 4,125,175 Other liabilities 3,911,053 Total liabilities assumed $ 267,031,299 Net assets acquired $ 21,283,219 CONSIDERATION PAID: Cash $ 6,261,684 Issuance of 834,715 shares of common stock 13,180,150 Total consideration paid $ 19,441,834 Bargain purchase gain $ 1,841,385 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, 2013 Interest income $ 83,008,255 Noninterest income $ 22,042,194 Net income $ 11,320,890 Net income attributable to QCR Holdings, Inc. common stockholders $ 8,152,588 Earnings per common share attributable to QCR Holdings, Inc. common stockholders Basic $ 1.47 Diluted $ 1.44 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | ASSETS As of October 4, 2013 Cash $ 29,905,991 Loans receivable 22,709,735 Premises and equipment 776,782 Core deposit intangible 910,415 Other assets 68,456 Total assets sold $ 54,371,379 LIABILITIES Deposits $ 55,191,930 Other liabilities 53,421 Total liabilities sold $ 55,245,351 Gain on sale, pre-tax $ 873,972 ASSETS As of October 11, 2013 Cash $ 519,627 Loans receivable 31,749,135 Premises and equipment 1,597,040 Core deposit intangible 480,347 Other assets 70,443 Total assets sold $ 34,416,592 LIABILITIES Deposits $ 35,830,168 Other liabilities 46,668 Total liabilities sold $ 35,876,836 Gain on sale, pre-tax $ 1,460,244 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 3 - Investment Securities (Tables) [Line Items] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value December 31, 2015: Securities held to maturity: Municipal securities $ 252,624,159 $ 3,190,558 $ (1,173,432 ) $ 254,641,285 Other securities 1,050,000 - - 1,050,000 $ 253,674,159 $ 3,190,558 $ (1,173,432 ) $ 255,691,285 Securities available for sale: U.S. govt. sponsored agency securities $ 216,281,416 $ 104,524 $ (2,848,561 ) $ 213,537,379 Residential mortgage-backed and related securities 81,442,479 511,095 (1,283,439 ) 80,670,135 Municipal securities 26,764,981 872,985 (59,378 ) 27,578,588 Other securities 1,108,124 540,919 (163 ) 1,648,880 $ 325,597,000 $ 2,029,523 $ (4,191,541 ) $ 323,434,982 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 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2015: Securities held to maturity: Municipal securities $ 14,803,408 $ (294,438 ) $ 19,927,581 $ (878,994 ) $ 34,730,989 $ (1,173,432 ) Securities available for sale: U.S. govt. sponsored agency securities $ 112,900,327 $ (1,397,591 ) $ 64,476,661 $ (1,450,970 ) $ 177,376,988 $ (2,848,561 ) Residential mortgage-backed and related securities 40,356,921 (730,466 ) 19,836,637 (552,973 ) 60,193,558 (1,283,439 ) Municipal securities 2,220,800 (31,807 ) 848,329 (27,571 ) 3,069,129 (59,378 ) Other securities 411 (163 ) - - 411 (163 ) $ 155,478,459 $ (2,160,027 ) $ 85,161,627 $ (2,031,514 ) $ 240,640,086 $ (4,191,541 ) 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] | 2015 2014 2013 Proceeds from sales of securities $ 81,410,368 $ 78,476,422 $ 37,393,047 Gross gains from sales of securities 1,045,444 517,116 523,071 Gross losses from sales of securities (246,461 ) (424,753 ) (90,579 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 3,801,378 $ 3,803,101 Due after one year through five years 20,215,332 20,344,971 Due after five years 229,657,449 231,543,213 $ 253,674,159 $ 255,691,285 Securities available for sale: Due in one year or less $ 1,858,965 $ 1,858,071 Due after one year through five years 120,846,468 119,986,551 Due after five years 120,340,964 119,271,345 $ 243,046,397 $ 241,115,967 Residential mortgage-backed and related securities 81,442,479 80,670,135 Other securities 1,108,124 1,648,880 $ 325,597,000 $ 323,434,982 Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 139,103,302 $ 140,444,117 Securities available for sale: U.S. govt. sponsored agency securities 127,935,745 125,936,777 Municipal securities 16,751,793 17,127,904 $ 144,687,538 $ 143,064,681 |
Schedule of Debt [Table Text Block] | 2015 2014 Wholesale structured repurchase agreements $ 110,000,000 $ 130,000,000 Term note - 17,625,000 Series A subordinated notes - 2,657,492 $ 110,000,000 $ 150,282,492 |
Bonds [Member] | |
Note 3 - Investment Securities (Tables) [Line Items] | |
Schedule of Debt [Table Text Block] | December 31, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 19,974,939 $ 20,247,108 $ 1,349,807 Illinois 9 10,928,700 11,264,348 1,251,594 North Dakota 5 10,890,000 11,050,235 2,210,047 Missouri 12 7,924,800 7,986,856 665,571 Other 41 16,965,393 17,229,485 420,231 Total general obligation bonds 82 $ 66,683,832 $ 67,778,032 $ 826,561 December 31, 2014: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Illinois 10 $ 22,447,799 $ 22,784,638 $ 2,278,464 Iowa 14 20,156,969 20,446,655 1,460,475 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 December 31, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 41 $ 78,593,590 $ 79,015,378 $ 1,927,204 Iowa 26 70,773,660 71,659,410 2,756,131 Indiana 17 40,018,381 40,210,320 2,365,313 Kansas 3 11,748,679 11,821,055 3,940,352 Other 5 11,570,998 11,735,678 2,347,136 Total revenue bonds 92 $ 212,705,308 $ 214,441,841 $ 2,330,890 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 4 - Loans_Leases Receiva39
Note 4 - Loans/Leases Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 C&I loans $ 648,159,892 $ 523,927,140 CRE loans Owner-occupied CRE 252,523,164 260,069,080 Commercial construction, land development, and other land 49,083,844 68,118,989 Other non owner-occupied CRE 422,761,757 373,952,353 724,368,765 702,140,422 Direct financing leases * 173,655,605 166,032,416 Residential real estate loans ** 170,432,530 158,632,492 Installment and other consumer loans 73,669,493 72,606,480 1,790,286,285 1,623,338,950 Plus deferred loan/lease orgination costs, net of fees 7,736,390 6,664,120 1,798,022,675 1,630,003,070 Less allowance (26,140,906 ) (23,074,365 ) $ 1,771,881,769 $ 1,606,928,705 * Direct financing leases: Net minimum lease payments to be received $ 195,476,230 $ 188,181,432 Estimated unguaranteed residual values of leased assets 1,165,706 1,488,342 Unearned lease/residual income (22,986,331 ) (23,637,358 ) 173,655,605 166,032,416 Plus deferred lease origination costs, net of fees 6,594,582 6,639,244 180,250,187 172,671,660 Less allowance (3,395,088 ) (3,359,400 ) $ 176,855,099 $ 169,312,260 |
Past Due Financing Receivables [Table Text Block] | 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 C&I $ 640,725,241 $ 1,636,860 $ 5,816 $ - $ 5,791,975 $ 648,159,892 CRE Owner-Occupied CRE 251,612,752 182,949 - - 727,463 252,523,164 Commercial Construction, Land Development, and Other Land 48,890,040 - - - 193,804 49,083,844 Other Non Owner-Occupied CRE 420,819,874 614,732 219,383 - 1,107,768 422,761,757 Direct Financing Leases 170,021,289 1,490,818 439,314 2,843 1,701,341 173,655,605 Residential Real Estate 166,415,118 2,800,589 200,080 - 1,016,743 170,432,530 Installment and Other Consumer 73,134,197 412,052 14,127 - 109,117 73,669,493 $ 1,771,618,511 $ 7,138,000 $ 878,720 $ 2,843 $ 10,648,211 $ 1,790,286,285 As a percentage of total loan/lease portfolio 98.96 % 0.40 % 0.05 % 0.00 % 0.59 % 100.00 % 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 C&I $ 515,616,752 $ 323,145 $ - $ 822 $ 7,986,421 $ 523,927,140 CRE Owner-Occupied CRE 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 CRE 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] | 2015 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Troubled Debt Restructurings - Accruing Total Nonperforming Loans/Leases Percentage of Total Nonperforming Loans/Leases C&I $ - $ 5,791,975 $ 173,087 $ 5,965,062 50.96 % CRE Owner-Occupied CRE - 727,463 - 727,463 6.22 % Commercial Construction, Land Development, and Other Land - 193,804 - 193,804 1.66 % Other Non Owner-Occupied CRE - 1,107,768 - 1,107,768 9.46 % Direct Financing Leases 2,843 1,701,341 - 1,704,184 14.56 % Residential Real Estate - 1,016,743 402,044 1,418,787 12.12 % Installment and Other Consumer - 109,117 478,625 587,742 5.02 % $ 2,843 $ 10,648,211 $ 1,053,756 $ 11,704,810 100.00 % 2014 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Troubled Debt Restructurings - Accruing Total Nonperforming Loans/Leases Percentage of Total Nonperforming Loans/Leases C&I $ 822 $ 7,986,421 $ 235,926 $ 8,223,169 40.91 % CRE Owner-Occupied CRE - 662,566 - 662,566 3.30 % Commercial Construction, Land Development, and Other Land - 256,012 - 256,012 1.27 % Other Non Owner-Occupied CRE 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] | Year Ended December 31, 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,470,526 3,080,611 1,688,031 430,087 201,645 6,870,900 Loans/leases charged off (453,782 ) (2,560,749 ) (1,788,772 ) (169,996 ) (251,838 ) (5,225,137 ) Recoveries on loans/leases previously charged off 633,504 501,869 136,429 4,107 144,869 1,420,778 Balance, ending $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Year Ended December 31, 2014 C&I CRE 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 charged to expense 4,297,253 (13,326 ) 2,278,132 251,030 (6,089 ) 6,807,000 Loans/leases charged off (1,475,885 ) (2,756,083 ) (1,504,181 ) (130,900 ) (268,656 ) (6,135,705 ) Recoveries on loans/leases previously charged off 363,690 417,361 68,232 9,973 95,766 955,022 Balance, ending $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Year Ended December 31, 2013 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 4,531,545 $ 11,069,502 $ 1,990,395 $ 1,070,328 $ 1,263,434 $ 19,925,204 Provisions charged to expense 1,453,455 2,635,327 1,431,246 471,060 (60,668 ) 5,930,420 Loans/leases charged off (962,607 ) (3,573,006 ) (916,836 ) (162,010 ) (229,447 ) (5,843,906 ) Recoveries on loans/leases previously charged off 626,381 573,611 12,412 16,471 207,455 1,436,330 Balance, ending $ 5,648,774 $ 10,705,434 $ 2,517,217 $ 1,395,849 $ 1,180,774 $ 21,448,048 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,592,270 $ 76,934 $ 306,193 $ 185,801 $ 143,089 $ 3,304,287 Allowance for nonimpaired loans/leases 7,891,810 9,298,183 3,088,895 1,604,349 953,382 22,836,619 $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Impaired loans/leases $ 5,286,482 $ 2,029,035 $ 1,701,341 $ 1,418,787 $ 587,742 $ 11,023,387 Nonimpaired loans/leases 642,873,410 722,339,730 171,954,264 169,013,743 73,081,751 1,779,262,898 $ 648,159,892 $ 724,368,765 $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 1,790,286,285 Allowance as a percentage of impaired loans/leases 49.04 % 3.79 % 18.00 % 13.10 % 24.35 % 29.98 % Allowance as a percentage of nonimpaired loans/leases 1.23 % 1.29 % 1.80 % 0.95 % 1.30 % 1.28 % Total allowance as a percentage of total loans/leases 1.62 % 1.29 % 1.96 % 1.05 % 1.49 % 1.46 % 2014 C&I CRE 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 5,533,633 7,183,366 3,002,404 1,374,289 736,000 17,829,692 $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Impaired loans/leases $ 7,279,709 $ 7,433,383 $ 1,339,272 $ 1,788,728 $ 1,108,033 $ 18,949,125 Nonimpaired loans/leases 516,647,431 694,707,039 164,693,144 156,843,764 71,498,447 1,604,389,825 $ 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 % 23.99 % 27.68 % Allowance as a percentage of nonimpaired loans/leases 1.07 % 1.03 % 1.82 % 0.88 % 1.03 % 1.11 % Total allowance as a percentage of total loans/leases 1.69 % 1.19 % 2.02 % 0.96 % 1.38 % 1.42 % |
Impaired Financing Receivables [Table Text Block] | 2015 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Averag e Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 234,636 $ 346,072 $ - $ 380,495 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land - 228,818 - 117,406 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 871,884 871,884 - 892,281 4,142 4,142 Residential Real Estate 613,486 649,064 - 1,047,001 3,929 3,929 Installment and Other Consumer 377,304 377,304 - 817,854 9,563 9,563 $ 3,932,541 $ 4,402,147 $ - $ 6,656,069 $ 25,070 $ 25,070 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 5,051,846 $ 5,055,685 $ 2,592,270 $ 4,811,046 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 193,804 205,804 76,934 195,986 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 829,457 829,457 306,193 474,458 - - Residential Real Estate 805,301 805,301 185,801 712,085 7,913 7,913 Installment and Other Consumer 210,438 210,438 143,089 189,539 5,693 5,693 $ 7,090,846 $ 7,106,685 $ 3,304,287 $ 6,383,114 $ 13,606 $ 13,606 Total Impaired Loans/Leases: C&I $ 5,286,482 $ 5,401,757 $ 2,592,270 $ 5,191,541 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land 193,804 434,622 76,934 313,392 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 1,701,341 1,701,341 306,193 1,366,739 4,142 4,142 Residential Real Estate 1,418,787 1,454,365 185,801 1,759,086 11,842 11,842 Installment and Other Consumer 587,742 587,742 143,089 1,007,393 15,256 15,256 $ 11,023,387 $ 11,508,832 $ 3,304,287 $ 13,039,183 $ 38,676 $ 38,676 2014 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: C&I $ 246,308 $ 342,391 $ - $ 525,543 $ 7,599 $ 7,599 CRE Owner-Occupied CRE 67,415 163,638 - 548,464 - - Commercial Construction, Land Development, and Other Land 31,936 143,136 - 1,656,401 - - Other Non Owner-Occupied CRE 491,717 491,717 - 4,925,681 13,283 13,283 Direct Financing Leases 561,414 561,414 - 867,657 31,911 31,911 Residential Real Estate 1,060,770 1,060,770 - 1,269,213 3,032 3,032 Installment and Other Consumer 613,804 813,804 - 893,971 - - $ 3,073,364 $ 3,576,870 $ - $ 10,686,930 $ 55,825 $ 55,825 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 7,033,401 $ 8,190,495 $ 3,300,199 $ 3,159,985 $ 14,837 $ 14,837 CRE Owner-Occupied CRE 620,896 620,896 4,462 316,743 - - Commercial Construction, Land Development, and Other Land 337,076 577,894 12,087 528,564 - - Other Non Owner-Occupied CRE 5,884,343 6,583,934 1,153,471 4,240,000 - - Direct Financing Leases 777,858 777,858 356,996 514,144 - - Residential Real Estate 727,958 763,537 151,663 538,678 2,967 2,967 Installment and Other Consumer 494,229 494,229 265,795 386,009 3,564 3,564 $ 15,875,761 $ 18,008,843 $ 5,244,673 $ 9,684,123 $ 21,368 $ 21,368 Total Impaired Loans/Leases: C&I $ 7,279,709 $ 8,532,886 $ 3,300,199 $ 3,685,528 $ 22,436 $ 22,436 CRE Owner-Occupied CRE 688,311 784,534 4,462 865,207 - - Commercial Construction, Land Development, and Other Land 369,012 721,030 12,087 2,184,965 - - Other Non Owner-Occupied CRE 6,376,060 7,075,651 1,153,471 9,165,681 13,283 13,283 Direct Financing Leases 1,339,272 1,339,272 356,996 1,381,801 31,911 31,911 Residential Real Estate 1,788,728 1,824,307 151,663 1,807,891 5,999 5,999 Installment and Other Consumer 1,108,033 1,308,033 265,795 1,279,980 3,564 3,564 $ 18,949,125 $ 21,585,713 $ 5,244,673 $ 20,371,053 $ 77,193 $ 77,193 2013 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: C&I $ 492,622 $ 568,951 $ - $ 747,134 $ 7,749 $ 7,749 CRE Owner-Occupied CRE 392,542 392,542 - 1,881,823 - - Commercial Construction, Land Development, and Other Land 1,943,168 2,054,368 - 2,666,039 - - Other Non Owner-Occupied CRE 1,790,279 1,902,279 - 3,869,493 58,534 58,534 Direct Financing Leases 557,469 557,469 - 802,825 - - Residential Real Estate 1,071,927 1,071,927 - 1,010,027 4,235 4,235 Installment and Other Consumer 509,667 509,667 - 606,282 4,464 4,464 $ 6,757,674 $ 7,057,203 $ - $ 11,583,623 $ 74,982 $ 74,982 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 1,269,228 $ 1,956,755 $ 927,453 $ 1,222,449 $ 33,703 $ 33,703 CRE Owner-Occupied CRE 159,247 159,247 67,498 87,035 - - Commercial Construction, Land Development, and Other Land 888,547 1,011,747 503,825 1,137,489 10,862 10,862 Other Non Owner-Occupied CRE 7,783,132 8,488,414 2,603,381 7,426,299 45,926 45,926 Direct Financing Leases 336,989 336,989 192,847 97,846 - - Residential Real Estate 1,044,820 1,044,820 246,266 641,217 1,883 1,883 Installment and Other Consumer 840,783 840,783 467,552 640,557 - - $ 12,322,746 $ 13,838,755 $ 5,008,822 $ 11,252,892 $ 92,374 $ 92,374 Total Impaired Loans/Leases: C&I $ 1,761,850 $ 2,525,706 $ 927,453 $ 1,969,583 $ 41,452 $ 41,452 CRE Owner-Occupied CRE 551,789 551,789 67,498 1,968,858 - - Commercial Construction, Land Development, and Other Land 2,831,715 3,066,115 503,825 3,803,528 10,862 10,862 Other Non Owner-Occupied CRE 9,573,411 10,390,693 2,603,381 11,295,792 104,460 104,460 Direct Financing Leases 894,458 894,458 192,847 900,671 - - Residential Real Estate 2,116,747 2,116,747 246,266 1,651,244 6,118 6,118 Installment and Other Consumer 1,350,450 1,350,450 467,552 1,246,839 4,464 4,464 $ 19,080,420 $ 20,895,958 $ 5,008,822 $ 22,836,515 $ 167,356 $ 167,356 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2015 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE Total As a % of Total Pass (Ratings 1 through 5) $ 616,200,797 $ 238,119,608 $ 46,929,876 $ 406,027,442 $ 1,307,277,723 95.24 % Special Mention (Rating 6) 18,031,845 8,630,658 1,780,000 8,846,286 37,288,789 2.72 % Substandard (Rating 7) 13,927,250 5,772,898 373,968 7,888,029 27,962,145 2.04 % Doubtful (Rating 8) - - - - - 0.00 % $ 648,159,892 $ 252,523,164 $ 49,083,844 $ 422,761,757 $ 1,372,528,657 100.00 % 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 171,951,419 $ 169,013,743 $ 73,081,751 $ 414,046,913 99.11 % Nonperforming 1,704,186 1,418,787 587,742 3,710,715 0.89 % $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 417,757,628 100.00 % 2014 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE 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) - - - - - 0.00 % $ 523,927,140 $ 260,069,080 $ 68,118,989 $ 373,952,353 $ 1,226,067,562 100.00 % 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] | 2015 Classes of Loans/Leases Number of Loans/Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Interest rate adjusted below market Installment and Other Consumer 2 $ 37,979 $ 37,979 $ 12,013 2 $ 37,979 $ 37,979 $ 12,013 TOTAL 2 $ 37,979 $ 37,979 $ 12,013 2014 Classes of Loans/Leases Number of Loans/Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of maturity C&I 1 $ 58,987 $ 58,987 $ 58,987 Direct Financing Leases 2 303,701 303,701 12,644 Residential Real Estate 1 159,680 159,680 25,360 Installment and Other Consumer 1 113,653 113,653 113,653 5 $ 636,021 $ 636,021 $ 210,644 CONCESSION - Significant payment delay C&I 3 $ 889,154 $ 889,154 $ 217,524 3 $ 889,154 $ 889,154 $ 217,524 CONCESSION - Forgiveness of principal C&I 1 96,439 71,760 6,948 1 $ 96,439 $ 71,760 $ 6,948 CONCESSION - Other C&I 1 $ 427,849 $ 427,849 $ 60,429 1 $ 427,849 $ 427,849 $ 60,429 TOTAL 10 $ 2,049,463 $ 2,024,784 $ 495,545 |
Schedule of Related Party Transactions [Table Text Block] | 2015 2014 2013 Balance, beginning $ 42,469,111 $ 39,192,966 $ 20,502,058 Net increase (decrease) due to change in related parties (3,606,418 ) 1,040,278 17,124,702 Advances 19,040,675 13,284,475 6,213,381 Repayments (15,891,055 ) (11,048,608 ) (4,647,175 ) Balance, ending $ 42,012,313 $ 42,469,111 $ 39,192,966 |
Schedule of Loan Concentration by Industry Segment [Table Text Block] | 2015 2014 Industry Name Balance Percentage of Total Loans/Leases Balance Percentage of Total Loans/Leases Lessors of Non-Residential Buildings $ 311,138,005 17 % $ 256,436,213 16 % Lessors of Residential Buildings 91,811,101 5 % 74,667,674 5 % Bank Holding Companies 55,840,984 3 % 60,910,570 4 % |
Note 5 - Premises and Equipme40
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2015 2014 Land $ 6,655,796 $ 7,100,393 Buildings (useful lives 15 to 50 years) 34,615,006 31,602,931 Furniture and equipment (useful lives 3 to 10 years) 24,953,570 23,142,643 66,224,372 61,845,967 Less accumulated depreciation 28,874,020 25,824,839 $ 37,350,352 $ 36,021,128 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31: 2016 $ 239,565 2017 241,440 2018 194,340 2019 162,819 $ 838,164 |
Note 6 - Derivatives and Hedg41
Note 6 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Fair Value December 31, 2014 Fair Value June 5, 2014 June 5, 2019 Other Assets $ 15,000,000 Cash Flow Hedging $ 321,112 $ 608,189 June 5, 2014 June 5, 2021 Other Assets 15,000,000 Cash Flow Hedging 534,912 879,198 $ 30,000,000 $ 856,024 $ 1,487,387 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2015 December 31, 2014 Unrealized loss at beginning of period, net of tax $ (399,367 ) $ - Amount reclassified from accumulated other comprehensive income to noninterest income related to hedge ineffectiveness (156 ) (30,212 ) Amount reclassified from accumulated other comprehensive income to interest expense related to caplet amortization 16,051 65 Amount of loss recognized in other comprehensive income, net of tax (415,949 ) (369,220 ) Unrealized loss at end of period, net of tax $ (799,421 ) $ (399,367 ) |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Maturities of Certificates of Deposit [Table Text Block] | Year ending December 31: 2016 $ 274,389,118 2017 39,795,570 2018 22,926,023 2019 13,872,274 2020 9,421,012 Thereafter 3,663,106 $ 364,067,103 |
Note 8. Short-Term Borrowings (
Note 8. Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 8. Short-Term Borrowings (Tables) [Line Items] | |
Schedule of Short-term Debt [Table Text Block] | 2015 2014 Overnight repurchase agreements with customers $ 73,872,716 $ 137,251,670 Federal funds purchased 70,790,000 131,100,000 $ 144,662,716 $ 268,351,670 |
Schedule of Repurchase Agreements [Table Text Block] | 2015 2014 Average daily balance during the period $ 121,186,231 $ 128,818,152 Average daily interest rate during the period 0.11 % 0.12 % Maximum month-end balance during the period $ 159,407,193 $ 147,623,624 Weighted average rate as of end of period 0.11 % 0.11 % 2015 2014 Average daily balance during the period $ 32,826,489 $ 33,876,815 Average daily interest rate during the period 0.41 % 0.40 % Maximum month-end balance during the period $ 126,220,000 $ 131,100,000 Weighted average rate as of end of period 0.57 % 0.51 % |
Securities Sold under Agreements to Repurchase [Member] | |
Note 8. Short-Term Borrowings (Tables) [Line Items] | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | 2015 2014 U.S. govt. sponsored agency securities $ 29,499,803 $ 68,430,410 Residential mortgage-backed and related securities 65,888,911 96,930,017 Total securities pledged to overnight customer repurchase agreements $ 95,388,714 $ 165,360,427 Less: overcollateralized position 21,515,998 28,108,757 $ 73,872,716 $ 137,251,670 |
Note 9 - FHLB Advances (Tables)
Note 9 - FHLB Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2015 Amount Due Weighted Average Interest Rate at Year-End Amount Due with Putable Option * Weighted Average Interest Rate at Year-End Maturity: Year ending December 31: 2016 $ 103,000,000 0.56 % $ 2,000,000 4.00 % 2017 18,000,000 2.89 - - 2018 30,000,000 3.27 5,000,000 2.84 Total FHLB advances $ 151,000,000 1.37 % $ 7,000,000 3.17 % December 31, 2014 Amount Due Weighted Average Interest Rate at Year-End Amount Due with 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 10 - Other Borrowings an45
Note 10 - Other Borrowings and Unused Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 10 - Other Borrowings and Unused Lines of Credit (Tables) [Line Items] | |
Schedule of Debt [Table Text Block] | 2015 2014 Wholesale structured repurchase agreements $ 110,000,000 $ 130,000,000 Term note - 17,625,000 Series A subordinated notes - 2,657,492 $ 110,000,000 $ 150,282,492 |
Schedule of Wholesale Repurchase Agreements [Table Text Block] | December 31, 2015 December 31, 2014 Amount Due Weighted Average Interest Rate at Year-End Amount Due Weighted Average Interest Rate at Year-End Maturity: Year ending December 31: 2015 $ - 0.00 % $ 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 45,000,000 3.40 60,000,000 3.57 2020 45,000,000 2.66 45,000,000 2.66 Total Wholesale Structured Repurchase Agreements $ 110,000,000 3.11 % $ 130,000,000 3.21 % |
Schedule of Line of Credit Facilities [Table Text Block] | 2015 2014 Secured $ 14,601,432 $ 17,050,159 Unsecured 332,000,000 329,500,000 $ 346,601,432 $ 346,550,159 |
Wholesale Repurchase Agreements [Member] | |
Note 10 - Other Borrowings and Unused Lines of Credit (Tables) [Line Items] | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | 2015 2014 U.S. govt. sponsored agency securities $ 129,824,128 $ 153,757,514 Less: overcollateralized position 19,824,128 23,757,514 $ 110,000,000 $ 130,000,000 |
Note 11 - Junior Subordinated46
Note 11 - Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Borrowing [Table Text Block] | 2015 2014 Note Payable to QCR Holdings Capital Trust II $ 10,310,000 $ 12,372,000 Note Payable to QCR Holdings Capital Trust III 8,248,000 8,248,000 Note Payable to QCR Holdings Capital Trust IV 5,155,000 5,155,000 Note Payable to QCR Holdings Capital Trust V 10,310,000 10,310,000 Note Payable to Community National Trust II 3,093,000 3,093,000 Note Payable to Community National Trust III 3,609,000 3,609,000 Market Value Discount per ASC 805 (see Note 2) (2,225,948 ) (2,363,265 ) $ 38,499,052 $ 40,423,735 |
Investments in and Advances to Affiliates [Table Text Block] | Name Date Issued Amount Outstanding Interest Rate Interest Rate as of 12/31/2015 Interest Rate as of 12/31/2014 QCR Holdings Statutory Trust II* February 2004 $ 10,310,000 2.85% over 3-month LIBOR 3.18% 3.08% QCR Holdings Statutory Trust III February 2004 8,248,000 2.85% over 3-month LIBOR 3.18% 3.08% QCR Holdings Statutory Trust IV May 2005 5,155,000 1.80% over 3-month LIBOR 2.12% 2.03% QCR Holdings Statutory Trust V February 2006 10,310,000 1.55% over 3-month LIBOR 1.87% 1.78% Community National Statutory Trust II September 2004 3,093,000 2.17% over 3-month LIBOR 2.74% 2.42% Community National Statutory Trust III March 2007 3,609,000 1.75% over 3-month LIBOR 2.26% 1.99% $ 40,725,000 Weighted Average Rate 2.60% 2.50% |
Note 12 - Common Stock Offeri47
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Offering And Balance Sheet Restructuring [Abstract] | |
Restructured Borrowings [Table Text Block] | December 31, 2015 December 31, 2014 Weighted Weighted Average Average Interest Rate Interest Rate Maturity: Amount Due at Year-End Amount Due at Year-End (dollar amounts in thousands) Year ending December 31: 2015 $ - 0.00 % $ 117,300 0.86 % 2016 125,038 0.59 50,642 3.51 2017 49,055 2.07 53,965 2.96 2018 57,283 2.87 60,042 3.41 2019 50,089 3.14 83,152 3.59 2020 45,000 2.66 45,000 2.66 Thereafter 3,641 2.51 6,141 2.54 Total Wholesale Borrowings $ 330,106 1.89 % $ 416,242 2.59 % |
Note 13 -Federal and State In48
Note 13 -Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current $ 5,673,774 $ 4,203,979 $ 5,639,933 Deferred (2,004,532 ) (1,165,009 ) (1,021,991 ) $ 3,669,242 $ 3,038,970 $ 4,617,942 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2015 2014 2013 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income Computed "expected" tax expense $ 7,208,993 35.0 % $ 6,297,027 35.0 % $ 6,844,665 35.0 % Effect of graduated tax rates (76,973 ) (0.4 ) (79,529 ) (0.4 ) (123,868 ) (0.6 ) Tax exempt income, net (3,461,438 ) (16.8 ) (2,646,275 ) (14.7 ) (1,790,049 ) (9.2 ) Bank-owned life insurance (616,737 ) (3.0 ) (585,312 ) (3.3 ) (624,847 ) (3.2 ) State income taxes, net of federal benefit, current year 767,557 3.7 497,068 2.8 758,695 3.9 Change in unrecognized tax benefits 223,668 1.1 (55,728 ) (0.3 ) 63,941 0.3 Acquisition costs - - - - 248,952 1.3 Other (375,828 ) (1.8 ) (388,281 ) (2.1 ) (759,547 ) (3.9 ) $ 3,669,242 17.8 % $ 3,038,970 17.0 % $ 4,617,942 23.6 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 Balance, beginning $ 1,002,291 $ 1,058,019 Impact of tax positions taken during current year 468,055 234,475 Gross increase related to tax positions of prior years 16,965 16,915 Reduction as a result of a lapse of the applicable statute of limitations (261,352 ) (307,118 ) Balance, ending $ 1,225,959 $ 1,002,291 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax assets: Alternative minimum tax credits $ 5,475,062 $ 5,018,008 New markets tax credits 2,700,000 2,100,000 Net unrealized losses on securities available for sale and derivative instruments 1,268,068 1,186,544 Compensation 8,687,856 8,266,896 Loan/lease losses 8,802,271 7,393,437 Net operating loss carryforwards, federal and state 2,069,093 2,415,284 Other 452,854 496,444 29,455,204 26,876,613 Deferred tax liabilities: Premises and equipment 1,173,966 1,216,080 Equipment financing leases 25,059,159 24,701,676 Acquisition fair value adjustments 1,755,874 1,774,157 Investment accretion 44,462 45,580 Deferred loan origination fees, net 137,461 - Other 678,227 619,121 28,849,149 28,356,614 Net deferred tax asset (liability) $ 606,055 $ (1,480,001 ) |
Deferred Taxes in Financial Statements [Table Text Block] | 2015 2014 2013 Provision for income taxes $ (2,004,532 ) $ (1,165,009 ) $ (1,021,991 ) Statement of stockholders' equity- Accumulated other comprehensive income (loss) (81,524 ) 7,281,574 (11,373,902 ) $ (2,086,056 ) $ 6,116,565 $ (12,395,893 ) |
Note 14 - Employee Benefit Pl49
Note 14 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | 2015 2014 2013 Matching contribution $ 1,314,276 $ 1,179,979 $ 1,129,726 Discretionary contribution - 198,800 186,000 $ 1,314,276 $ 1,378,779 $ 1,315,726 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2015 2014 2013 Balance, beginning $ 7,503,692 $ 6,224,368 $ 5,151,630 Company expense 726,001 661,611 557,663 Employee deferrals 693,656 628,589 525,469 Cash payments made (48,324 ) (10,876 ) (10,394 ) Balance, ending $ 8,875,025 $ 7,503,692 $ 6,224,368 |
Note 15 - Stock-Based Compens50
Note 15 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 2015 2014 2013 Stock option and incentive plans $ 885,524 $ 832,845 $ 734,827 Stock purchase plan 55,945 58,774 57,452 $ 941,469 $ 891,619 $ 792,279 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning 661,771 $ 13.89 662,506 $ 13.82 608,852 $ 13.27 Granted 73,403 17.63 82,609 17.11 96,232 15.68 Exercised (79,638) 14.70 (23,659) 10.22 (41,258) 10.06 Forfeited (32,360) 20.69 (59,685) 19.02 (1,320) 10.53 Outstanding, ending 623,176 13.88 661,771 13.89 662,506 13.82 Exercisable, ending 405,832 420,429 419,735 Weighted average fair value per option of options granted during the period $ 5.11 $ 5.68 $ 5.14 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 7.99 to $8.93 45,165 4.90 $ 8.19 34,290 $ 8.19 $ 9.00 to $9.30 179,547 4.82 9.21 149,193 9.21 $ 13.25 to $16.85 214,585 4.10 15.88 170,335 15.88 $ 17.00 to $18.48 165,629 7.94 17.42 35,764 17.42 $ 19.05 to $21.71 18,250 1.09 19.05 16,250 19.05 623,176 405,832 |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | 2015 2014 2013 Shares granted 23,408 24,811 27,415 Shares purchased 24,033 25,321 27,110 Weighted average fair value per share granted $ 2.39 $ 2.37 $ 2.10 |
Note 16 - Regulatory Capital 51
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes* To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015: Company: Total risk-based capital $ 280,273 13.11 % $ 170,969 > 8.0 % $ 213,711 > 10.0 % Tier 1 risk-based capital 253,891 11.88 % 128,227 > 6.0 170,969 > 8.0 Tier 1 leverage 253,891 9.75 % 104,163 > 4.0 130,203 > 5.0 Common equity Tier 1 220,800 10.33 % 96,170 > 4.5 138,912 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 135,477 12.50 % $ 86,726 > 8.0 % $ 108,407 > 10.0 % Tier 1 risk-based capital 123,498 11.39 % 65,044 > 6.0 86,726 > 8.0 Tier 1 leverage 123,498 8.87 % 55,718 > 4.0 69,648 > 5.0 Common equity Tier 1 123,498 11.39 % 48,783 > 4.5 70,465 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 105,285 14.39 % $ 58,537 > 8.0 % $ 73,172 > 10.0 % Tier 1 risk-based capital 96,118 13.14 % 43,903 > 6.0 58,537 > 8.0 Tier 1 leverage 96,118 10.96 % 35,079 > 4.0 43,848 > 5.0 Common equity Tier 1 96,118 13.14 % 32,927 > 4.5 47,562 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 38,544 11.96 % $ 25,772 > 8.0 % $ 32,216 > 10.0 % Tier 1 risk-based capital 34,514 10.71 % 19,329 > 6.0 25,772 > 8.0 Tier 1 leverage 34,514 9.59 % 14,401 > 4.0 18,001 > 5.0 Common equity Tier 1 34,514 10.71 % 14,497 > 4.5 20,940 > 6.5 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective 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 > 10.0 % 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 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Net income $ 16,927,881 $ 14,952,537 $ 14,938,245 Less: Preferred stock dividends - 1,081,877 3,168,302 Net income attributable to QCR Holdings, Inc. common stockholders $ 16,927,881 $ 13,870,660 $ 11,769,943 EPS attributable to QCR Holdings, Inc. common stockholders Basic $ 1.64 $ 1.75 $ 2.13 Diluted $ 1.61 $ 1.72 $ 2.08 Weighted average common shares outstanding* 10,345,286 7,925,220 5,531,948 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** 154,555 123,441 114,978 Weighted average common and common equivalent shares outstanding 10,499,841 8,048,661 5,646,926 |
Note 19 - Quarterly Results o53
Note 19 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2015 March 2015 June 2015 September 2015 December 2015 Total interest income $ 21,901,730 $ 22,050,612 $ 23,141,112 $ 22,909,799 Total interest expense 4,119,513 3,559,776 3,003,586 3,023,654 Net interest income 17,782,217 18,490,836 20,137,526 19,886,145 Provision for loan/lease losses 1,710,456 2,348,665 1,635,263 1,176,516 Noninterest income 6,221,778 5,461,234 6,368,807 6,477,904 Noninterest expense 17,204,161 24,101,634 15,913,212 16,139,417 Income (loss) before taxes 5,089,378 (2,498,229 ) 8,957,858 9,048,116 Federal and state income tax expense (benefit) 911,489 (1,974,411 ) 2,468,871 2,263,293 Net income (loss) $ 4,177,889 $ (523,818 ) $ 6,488,987 $ 6,784,823 EPS: Basic $ 0.52 $ (0.05 ) $ 0.55 $ 0.58 Diluted $ 0.52 $ (0.05 ) $ 0.55 $ 0.57 Year Ended December 31, 2014 March 2014 June 2014 September 2014 December 2014 Total interest income $ 21,035,211 $ 21,105,376 $ 21,796,642 $ 22,028,027 Total interest expense 4,185,970 4,140,033 4,321,311 4,246,814 Net interest income 16,849,241 16,965,343 17,475,331 17,781,213 Provision for loan/lease losses 1,094,162 1,001,879 1,063,323 3,647,636 Noninterest income 4,766,827 5,327,059 4,985,288 6,078,181 Noninterest expense 16,160,408 16,089,374 16,305,756 16,874,440 Income before taxes 4,361,500 5,201,148 5,091,541 3,337,318 Federal and state income tax expense 472,285 1,193,312 1,028,876 344,497 Net income $ 3,889,215 $ 4,007,836 $ 4,062,665 $ 2,992,821 EPS: Basic $ 0.40 $ 0.46 $ 0.51 $ 0.38 Diluted $ 0.40 $ 0.45 $ 0.50 $ 0.37 |
Note 20 - Parent Company Only54
Note 20 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Assets 2015 2014 Cash and due from banks $ 3,650,133 $ 4,499,139 Interest-bearing deposits at financial institutions 701 190,127 Securities available for sale, at fair value 1,398,255 1,724,353 Investment in bank subsidiaries 256,709,890 198,881,739 Investment in nonbank subsidiaries 1,318,227 1,388,361 Premises and equipment, net 4,502,435 3,160,035 Other assets 12,797,292 6,765,109 Total assets $ 280,376,933 $ 216,608,863 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ - $ 21,745,116 Junior subordinated debentures 38,499,052 40,423,735 Other liabilities 15,992,131 10,361,503 Total liabilities 54,491,183 72,530,354 Stockholders' Equity: Common stock 11,761,083 8,074,443 Additional paid-in capital 123,282,851 61,668,968 Retained earnings 92,965,645 77,876,824 Accumulated other comprehensive loss (2,123,829 ) (1,935,216 ) Treasury stock - (1,606,510 ) Total stockholders' equity 225,885,750 144,078,509 Total liabilities and stockholders' equity $ 280,376,933 $ 216,608,863 |
Condensed Income Statement [Table Text Block] | 2015 2014 2013 Total interest income $ 69,774 $ 40,815 $ 43,476 Equity in net income of bank subsidiaries 22,059,086 20,333,194 20,499,070 Equity in net income of nonbank subsidiaries 32,823 32,675 31,540 Securities gains 262,800 - - Gain on debt extinguishment 300,000 - - Bargain purchase gain on Community National acquisition - - 1,841,385 Other (4,436 ) 7,486 7,942 Total income 22,720,047 20,414,170 22,423,413 Interest expense 1,679,909 1,986,752 1,714,814 Salaries and employee benefits 4,847,507 4,671,719 4,765,762 Professional fees 1,121,094 1,100,714 977,571 Acquisition and data conversion costs - - 2,037,684 Other 949,041 635,081 642,044 Total expenses 8,597,551 8,394,266 10,137,875 Income before income tax benefit 14,122,496 12,019,904 12,285,538 Income tax benefit 2,805,385 2,932,633 2,652,707 Net income $ 16,927,881 $ 14,952,537 $ 14,938,245 |
Condensed Cash Flow Statement [Table Text Block] | 2015 2014 2013 Cash Flows from Operating Activities: Net income $ 16,927,881 $ 14,952,537 $ 14,938,245 Adjustments to reconcile net income to net cash provided by operating activities: Distributions in excess of (less than) earnings of: Bank subsidiaries (12,359,086 ) 166,806 5,500,930 Nonbank subsidiaries (128 ) 9 (103 ) Bargain purchase gain on Community National acquisition - - (1,841,385 ) Accretion of acquisition fair value adjustments 137,317 133,905 79,655 Depreciation 174,757 100,158 75,182 Stock-based compensation expense 941,469 891,619 792,279 Securities gains, net (262,801 ) - - Gain on debt extinguishment (300,000 ) - - Decrease (increase) in other assets (5,929,110 ) 1,912,597 (725,105 ) (Decrease) increase in other liabilities 5,502,390 2,644,458 (2,978,106 ) Net cash provided by operating activities 4,832,689 20,802,089 15,841,592 Cash Flows from Investing Activities: Net increase in interest-bearing deposits at financial institutions 189,426 (2,726 ) (2,288 ) Activity in securities portfolio: Purchases (1,764,137 ) (40,523 ) (34,040 ) Calls, maturities and redemptions 1,772,719 71,429 - Sales 489,828 - - Capital infusion, bank subsidiaries (45,600,000 ) - - Net cash paid for Community National acquisition - - (6,261,684 ) Purchase of premises and equipment (1,517,157 ) (16,618 ) - Net cash (used in) provided by investing activities (46,429,321 ) 11,562 (6,298,012 ) Cash Flows from Financing Activities: Activity in other borrowings: Proceeds from other borrowings - 10,000,000 10,000,000 Calls, maturities and scheduled principal payments (2,350,000 ) (2,359,207 ) (373,446 ) Prepayments (19,395,116 ) - (9,550,000 ) Retirement of junior subordinated debentures (1,762,000 ) - - Payment of cash dividends on common and preferred stock (782,054 ) (1,964,608 ) (4,062,726 ) Net proceeds from common stock offering, 3,680,000 shares issued 63,484,123 - - Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net - (29,823,922 ) - Proceeds from issuance of common stock, net 1,552,673 620,641 582,742 Net cash provided by (used in) financing activities 40,747,626 (23,527,096 ) (3,403,430 ) Net increase (decrease) in cash and due from banks (849,006 ) (2,713,445 ) 6,140,150 Cash and due from banks: Beginning 4,499,139 7,212,584 1,072,434 Ending $ 3,650,133 $ 4,499,139 $ 7,212,584 |
Note 21 - Fair Value (Tables)
Note 21 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 213,537,379 $ - $ 213,537,379 $ - Residential mortgage-backed securities 80,670,135 - 80,670,135 - Municipal securities 27,578,588 - 27,578,588 - Other securities 1,648,880 411 1,648,469 - Derivative instruments 856,024 - 856,024 - $ 324,291,006 $ 411 $ 324,290,595 $ - December 31, 2014: Securities available for sale: U.S. govt. sponsored agency securities $ 307,869,572 $ - $ 307,869,572 $ - Residential mortgage-backed 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 1,487,387 - 1,487,387 - $ 453,147,017 $ 345,952 $ 452,801,065 $ - 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) December 31, 2015: Impaired loans/leases $ 4,545,966 $ - $ - $ 4,545,966 Other real estate owned 7,722,711 - - 7,722,711 $ 12,268,677 $ - $ - $ 12,268,677 December 31, 2014: Impaired loans/leases $ 12,467,362 $ - $ - $ 12,467,362 Other real estate owned 13,789,047 - - 13,789,047 $ 26,256,409 $ - $ - $ 26,256,409 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Information about Level Fair Value Measurements December 31, 2015 Fair Value December 31, 2014 Fair Value Valuation Technique Unobservable Input Range Impaired loans/leases $ 4,545,966 $ 12,467,362 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% Other real estate owned 7,722,711 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 December 31, 2015 As of December 31, 2014 Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and due from banks Level 1 $ 41,957,855 $ 41,957,855 $ 38,235,019 $ 38,235,019 Federal funds sold Level 2 19,850,000 19,850,000 46,780,000 46,780,000 Interest-bearing deposits at financial institutions Level 2 36,098,431 36,098,431 35,334,682 35,334,682 Investment securities: Held to maturity Level 2 253,674,159 255,691,285 199,879,574 201,113,796 Available for sale See Previous Table 323,434,982 323,434,982 451,659,630 451,659,630 Loans/leases receivable, net Level 3 4,209,228 4,545,966 11,543,853 12,467,362 Loans/leases receivable, net Level 2 1,767,672,541 1,764,178,772 1,595,384,852 1,606,646,146 Derivative instruments Level 2 856,024 856,024 1,487,387 1,487,387 Deposits: Nonmaturity deposits Level 2 1,516,599,081 1,516,599,081 1,304,044,099 1,304,044,099 Time deposits Level 2 364,067,103 364,192,000 375,623,914 376,509,000 Short-term borrowings Level 2 144,662,716 144,662,716 268,351,670 268,351,670 Federal Home Loan Bank advances Level 2 151,000,000 153,143,000 203,500,000 208,172,000 Other borrowings Level 2 110,000,000 116,061,000 150,282,492 159,741,000 Junior subordinated debentures Level 2 38,499,052 27,642,093 40,423,735 28,585,294 |
Note 22 - Business Segment In56
Note 22 - Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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 Management All other Intercompany Eliminations Consolidated Total Twelve Months Ended December 31, 2015 Total revenue $ 52,859,118 $ 37,515,641 $ 14,816,300 $ 9,103,173 $ 663,432 $ (424,688 ) $ 114,532,976 Net interest income 40,416,563 26,635,659 10,854,637 - (1,610,135 ) - 76,296,724 Net income 10,333,111 7,695,867 2,402,522 1,627,586 (5,131,205 ) - 16,927,881 Total assets 1,336,571,694 866,872,406 367,471,639 - 27,605,704 (5,323,168 ) 2,593,198,275 Provision for loan/lease losses 4,367,234 1,750,000 753,666 - - - 6,870,900 Goodwill 3,222,688 - - - - - 3,222,688 Core deposit intangible - 1,471,409 - - - - 1,471,409 Twelve Months Ended December 31, 2014 Total revenue $ 48,827,714 $ 35,899,702 $ 14,286,757 $ 8,513,322 $ 80,978 $ (485,860 ) $ 107,122,613 Net interest income 36,539,635 24,215,815 10,261,615 - (1,945,937 ) - 69,071,128 Net income 9,065,183 7,562,252 2,149,676 1,556,082 (5,380,656 ) - 14,952,537 Total assets 1,320,684,456 840,331,777 353,448,134 - 17,727,123 (7,233,390 ) 2,524,958,100 Provision for loan/lease losses 3,800,667 1,855,333 1,151,000 - - - 6,807,000 Goodwill 3,222,688 - - - - - 3,222,688 Core deposit intangible - 1,670,921 - - - - 1,670,921 Twelve Months Ended December 31, 2013 Total revenue $ 49,701,389 $ 35,946,233 $ 13,732,076 $ 7,521,821 $ 1,924,329 $ (108,214 ) $ 108,717,634 Net interest income 33,892,035 22,239,329 9,645,411 - (1,671,338 ) - 64,105,437 Net income 9,310,779 7,953,230 1,855,672 1,379,402 (5,560,838 ) - 14,938,245 Total assets 1,245,128,136 804,223,453 339,375,139 - 22,394,401 (16,168,205 ) 2,394,952,924 Provision for loan/lease losses 3,391,406 1,531,014 1,008,000 - - - 5,930,420 Goodwill 3,222,688 - - - - - 3,222,688 Core deposit intangible - 1,870,433 - - - - 1,870,433 |
Note 1 - Nature of Business a57
Note 1 - Nature of Business and Significant Accounting Policies (Details) | May. 13, 2013 | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Aug. 27, 2012 | Aug. 31, 2005 |
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Number of Non-Consolidated Subsidiaries Issuing Trust Preferred Securities | 6 | |||||
Cash Reserve Deposit Required and Made | $ 30,532,000 | $ 23,251,000 | ||||
Initial Direct Leasing Costs As a Percentage of Cost | 5.50% | |||||
Financing Receivable, Lines of Credit Maximum Term | 365 days | |||||
Commercial Real Estate Owner Occupied, Percentage | 35.00% | 37.00% | ||||
Lending Threshold Requiring Additional Loan Review | $ 1,000,000 | |||||
Mortgage Loans in Process of Foreclosure, Amount | 685,000 | $ 170,000 | ||||
Real Estate Acquired Through Foreclosure | 7,150,658 | 12,767,636 | ||||
Swap Fee Income | $ 1,717,552 | $ 154,800 | $ 104,560 | |||
Preferred Stock, Shares Authorized (in Shares) | shares | 250,000 | 250,000 | ||||
Preferred Stock, Shares Outstanding (in Shares) | shares | 0 | 0 | ||||
Allocated Share-based Compensation Expense | $ 941,469 | $ 891,619 | $ 792,279 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 721,916 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 102 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | shares | 405,832 | 420,429 | 419,735 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 6,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 4,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 480,354 | $ 173,105 | $ 268,920 | |||
Commercial Portfolio Segment [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Term Loans, Generally Maximum Term | 7 years | |||||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Loan and Leases Recievable, Lending Limits | 300.00% | |||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Loan and Leases Recievable, Lending Limits | 100.00% | |||||
Residential Portfolio Segment [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Real Estate Acquired Through Foreclosure | $ 471,000 | 54,000 | ||||
In The Money Options [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | shares | 623,176 | |||||
Community National Bancorporation and Community National Bank [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Number of Subsidiaries Assumed Through Business Acquisition | 2 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
M2 Lease Funds LLC [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 80.00% | ||||
Other Assets [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Other Repossessed Assets | $ 246,612 | $ 154,528 | ||||
Ruhl Mortgage [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Subsidiaries [Member] | Fixed Rate Residential Mortgage [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Term | 15 years | |||||
Core Deposits [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Core Deposits [Member] | Community National Bancorporation and Community National Bank [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Minimum [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Residual Value Percent of Cost | 3.00% | |||||
Minimum [Member] | Commercial Portfolio Segment [Member] | Term Loan [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Term | 3 years | |||||
Minimum [Member] | Subsidiaries [Member] | Adjustable Rate Residential Mortgage [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Term | 1 year | |||||
Maximum [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Residual Value Percent of Cost | 25.00% | |||||
Maximum [Member] | Commercial Portfolio Segment [Member] | Term Loan [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Term | 5 years | |||||
Maximum [Member] | Special Mention [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Credit Weaknesses Borrowers, Term | 1 year | |||||
Maximum [Member] | Subsidiaries [Member] | Adjustable Rate Residential Mortgage [Member] | ||||||
Note 1 - Nature of Business and Significant Accounting Policies (Details) [Line Items] | ||||||
Financing Receivable, Term | 5 years |
Note 1 - Nature of Business a58
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Expected life of option grants | 10 years | ||
Weighted-average grant date fair value (in Dollars per share) | $ 5.11 | $ 5.68 | $ 5.14 |
Employee Stock Option [Member] | |||
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Dividend yield | 0.47% | ||
Expected volatility | |||
Risk-free interest rate | |||
Expected life of option grants | 6 years | 6 years | 6 years |
Weighted-average grant date fair value (in Dollars per share) | $ 5.11 | $ 5.68 | $ 5.14 |
Stock Purchase Grants [Member] | |||
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Dividend yield | |||
Expected volatility | |||
Risk-free interest rate | |||
Expected life of option grants | |||
Weighted-average grant date fair value (in Dollars per share) | $ 2.39 | $ 2.37 | $ 2.10 |
Minimum [Member] | Employee Stock Option [Member] | |||
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Dividend yield | 0.37% | 0.44% | |
Expected volatility | 28.92% | 29.07% | 29.50% |
Risk-free interest rate | 1.89% | 2.69% | 1.71% |
Minimum [Member] | Stock Purchase Grants [Member] | |||
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Dividend yield | 0.37% | 0.46% | 0.53% |
Expected volatility | 8.81% | 16.96% | 23.05% |
Risk-free interest rate | 0.09% | 0.04% | 0.10% |
Expected life of option grants | 3 years | 3 years | 3 years |
Maximum [Member] | Employee Stock Option [Member] | |||
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Dividend yield | 0.46% | 0.53% | |
Expected volatility | 29.32% | 29.18% | 30.56% |
Risk-free interest rate | 2.37% | 2.82% | 2.90% |
Maximum [Member] | Stock Purchase Grants [Member] | |||
Note 1 - Nature of Business and Significant Accounting Policies (Details) - Option Pricing Model Valuation Assumptions [Line Items] | |||
Dividend yield | 0.45% | 0.47% | 0.61% |
Expected volatility | 13.10% | 19.35% | 24.25% |
Risk-free interest rate | 0.16% | 0.12% | 0.18% |
Expected life of option grants | 6 years | 6 years | 6 years |
Note 2 - Community National B59
Note 2 - Community National Bancorporation and Community National Bank (Details) - USD ($) | Jun. 27, 2013 | May. 13, 2013 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 26, 2013 | |||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Debt Instrument, Unamortized Discount | $ 2,225,948 | $ 2,363,265 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 346,601,432 | $ 346,550,159 | ||||||||
Bargain purchase gain | $ 1,841,385 | |||||||||
Business Combination, Acquisition Related Costs | 2,353,162 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | 0 | |||||||||
Long-term Line of Credit | $ 0 | |||||||||
Community National Bancorporation and Community National Bank [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||
Business Combination, Consideration Transferred | $ 19,441,834 | 19,441,834 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 834,715 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 13,180,150 | |||||||||
Payments to Acquire Businesses, Gross | 6,261,684 | [1] | [1] | 6,261,684 | [1] | |||||
Finite-Lived Core Deposits, Gross | 3,440,076 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 195,658,486 | 195,658,486 | ||||||||
Certain Loans Acquired in Transfer, Accretable Yield | 4,128,315 | $ 640,194 | $ 1,215,398 | |||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | 397,894 | 71,677 | $ 98,615 | |||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Outstanding Balance | 6,702,000 | |||||||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 4,125,175 | |||||||||
Debt Instrument, Unamortized Discount | 2,576,825 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 3,950,000 | 3,911,053 | ||||||||
Termination Loans | $ 10,000,000 | |||||||||
Term Loan Period | 3 years | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,000,000 | |||||||||
Bargain purchase gain | 1,841,385 | 1,841,385 | ||||||||
Business Combination, Acquisition Related Costs | $ 2,353,162 | |||||||||
Community National Bancorporation and Community National Bank [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 4,400,000 | |||||||||
Line of Credit Facility Revolving Days | 364 days | |||||||||
Long-term Line of Credit | $ 10,000,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Community National Bancorporation and Community National Bank [Member] | Reported Value Measurement [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 3,033,022 | |||||||||
Community National Bancorporation and Community National Bank [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 2,207,891 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Community National Bancorporation and Community National Bank [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.17% | ||||||||
CNB Branches [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Gains on sales of certain Community National Bank branches | $ 2,334,216 | |||||||||
Core Deposits [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Finite-Lived Core Deposits, Gross | $ 1,995,127 | $ 1,995,127 | ||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||
Core Deposits [Member] | Community National Bancorporation and Community National Bank [Member] | ||||||||||
Note 2 - Community National Bancorporation and Community National Bank (Details) [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 199,512 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 199,512 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 199,512 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 199,512 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 199,512 | |||||||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 473,849 | |||||||||
[1] | Net cash received at closing totaled $3,025,073 |
Note 2 - Community National B60
Note 2 - Community National Bancorporation and Community National Bank (Details) - Core Deposit - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 2 - Community National Bancorporation and Community National Bank (Details) - Core Deposit [Line Items] | |||||
Balance, beginning | $ 1,670,921 | $ 1,870,433 | |||
Balance, ending | 1,471,409 | 1,670,921 | $ 1,870,433 | ||
Net carrying amount | 1,471,409 | 1,670,921 | 1,870,433 | $ 1,471,409 | $ 1,670,921 |
Amortization expense | 199,512 | 199,512 | 178,881 | ||
Core Deposits [Member] | |||||
Note 2 - Community National Bancorporation and Community National Bank (Details) - Core Deposit [Line Items] | |||||
Balance, beginning | 1,670,921 | 1,870,433 | |||
Balance, ending | 1,471,409 | 1,670,921 | 1,870,433 | ||
Gross carrying amount | 1,995,127 | 1,995,127 | |||
Accumulated amortization | (523,718) | (324,206) | |||
Net carrying amount | 1,670,921 | 1,670,921 | $ 1,870,433 | $ 1,471,409 | $ 1,670,921 |
Amortization expense | $ (199,512) | $ (199,512) |
Note 2 - Community National B61
Note 2 - Community National Bancorporation and Community National Bank (Details) - Fair Value of Assets Acquired and Liabilities Assumed - USD ($) | May. 13, 2013 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | Dec. 31, 2013 | |
CONSIDERATION PAID: | |||||||
Bargain purchase gain | $ 1,841,385 | ||||||
Community National Bancorporation and Community National Bank [Member] | |||||||
ASSETS | |||||||
Cash and due from banks | $ 9,286,757 | 9,286,757 | [1] | ||||
Federal funds sold | 12,335,000 | 12,335,000 | |||||
Interest-bearing deposits at financial institutions | 2,024,539 | 2,024,539 | |||||
Securities available for sale | 45,853,826 | 45,853,826 | |||||
Loans/leases receivable, net | 195,658,486 | 195,658,486 | |||||
Premises and equipment | 8,132,021 | 8,132,021 | |||||
Core deposit intangible | 3,440,076 | 3,440,076 | |||||
Bank-owned life insurance | 4,595,529 | 4,595,529 | |||||
Restricted investment securities | 1,259,375 | 1,259,375 | |||||
Other real estate owned | 550,326 | 550,326 | |||||
Other assets | 5,178,583 | 5,178,583 | |||||
Total assets acquired | 288,314,518 | 288,314,518 | |||||
LIABILITIES | |||||||
Deposits | 255,045,071 | 255,045,071 | |||||
Other borrowings | 3,950,000 | 3,950,000 | |||||
Junior subordinated debentures | 4,125,175 | 4,125,175 | |||||
Other liabilities | 3,950,000 | 3,911,053 | |||||
Total liabilities assumed | 267,031,299 | 267,031,299 | |||||
Net assets acquired | 21,283,219 | 21,283,219 | |||||
CONSIDERATION PAID: | |||||||
Cash | 6,261,684 | 6,261,684 | [1] | ||||
Issuance of 834,715 shares of common stock | 13,180,150 | 13,180,150 | |||||
Total consideration paid | 19,441,834 | 19,441,834 | |||||
Bargain purchase gain | $ 1,841,385 | $ 1,841,385 | |||||
[1] | Net cash received at closing totaled $3,025,073 |
Note 2 - Community National B62
Note 2 - Community National Bancorporation and Community National Bank (Details) - Fair Value of Assets Acquired and Liabilities Assumed (Parentheticals) | May. 13, 2013shares |
Community National Bancorporation and Community National Bank [Member] | |
Business Acquisition [Line Items] | |
Issuance of common stock, shares | 834,715 |
Note 2 - Community National B63
Note 2 - Community National Bancorporation and Community National Bank (Details) - Pro Forma Combined Operating Results | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Pro Forma Combined Operating Results [Abstract] | |
Interest income | $ 83,008,255 |
Noninterest income | 22,042,194 |
Net income | 11,320,890 |
Net income attributable to QCR Holdings, Inc. common stockholders | $ 8,152,588 |
Earnings per common share attributable to QCR Holdings, Inc. common stockholders | |
Basic (in Dollars per share) | $ / shares | $ 1.47 |
Diluted (in Dollars per share) | $ / shares | $ 1.44 |
Note 2 - Community National B64
Note 2 - Community National Bancorporation and Community National Bank (Details) - Disposal Group - CNB Branches [Member] - USD ($) | Oct. 11, 2013 | Oct. 04, 2013 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash | $ 30,425,618 | ||
Loans receivable | 54,458,870 | ||
Premises and equipment | 2,373,822 | ||
Core deposit intangible | 1,390,762 | ||
Other assets | 138,899 | ||
Total assets sold | 88,787,971 | ||
LIABILITIES | |||
Deposits | 91,022,098 | ||
Other liabilities | 100,089 | ||
Total liabilities sold | 91,122,187 | ||
Gain on sale, pre-tax | $ 2,334,216 | ||
Mason City Iowa [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash | $ 29,905,991 | ||
Loans receivable | 22,709,735 | ||
Premises and equipment | 776,782 | ||
Core deposit intangible | 910,415 | ||
Other assets | 68,456 | ||
Total assets sold | 54,371,379 | ||
LIABILITIES | |||
Deposits | 55,191,930 | ||
Other liabilities | 53,421 | ||
Total liabilities sold | 55,245,351 | ||
Gain on sale, pre-tax | $ 873,972 | ||
Austin Minnesota [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash | $ 519,627 | ||
Loans receivable | 31,749,135 | ||
Premises and equipment | 1,597,040 | ||
Core deposit intangible | 480,347 | ||
Other assets | 70,443 | ||
Total assets sold | 34,416,592 | ||
LIABILITIES | |||
Deposits | 35,830,168 | ||
Other liabilities | 46,668 | ||
Total liabilities sold | 35,876,836 | ||
Gain on sale, pre-tax | $ 1,460,244 |
Note 3 - Investment Securitie65
Note 3 - Investment Securities (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 3 - Investment Securities (Details) [Line Items] | |||
Number of Securities | 470 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 136 | ||
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 | 49 | ||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | $ 0 | |
Security Owned and Pledged as Collateral, Fair Value (in Dollars) | $ 248,277,471 | $ 402,507,865 | |
Equity Securities [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Percentage of Investment Portfolio | 1.00% | 1.00% | |
Debt Securities [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | ||
Revenue Bonds [Member] | Municipal Bonds [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Number of Issuers | 82 | 64 | |
Other Investments (in Dollars) | $ 214,400,000 | $ 161,700,000 | |
Number of States Investments Held In | 9 | 8 | |
Revenue Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding $5 Million [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Number of States Investments Held In | 4 | 4 | |
General Obligation Bonds [Member] | Municipal Bonds [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Number of Issuers | 92,000,000 | 77 | |
Other Investments (in Dollars) | $ 67,800,000 | $ 68,800,000 | |
Number of States Investments Held In | 19 | 19 | |
General Obligation Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding $5 Million [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Number of States Investments Held In | 4 | 3 | |
General Obligation Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
Minimum [Member] | Revenue Bonds [Member] | Municipal Bonds [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Other Investments (in Dollars) | $ 5,000,000 | $ 5,000,000 | |
Minimum [Member] | General Obligation Bonds [Member] | Municipal Bonds [Member] | |||
Note 3 - Investment Securities (Details) [Line Items] | |||
Other Investments (in Dollars) | $ 5,000,000 | $ 5,000,000 |
Note 3 - Investment Securitie66
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Value of Investment Securities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Securities held to maturity: | ||
Securities held to maturity, amortized cost | $ 253,674,159 | $ 199,879,574 |
Securities held to maturity, gross unrealized gains | 3,190,558 | 2,420,298 |
Securities held to maturity, gross unrealized losses | (1,173,432) | (1,186,076) |
Securities held to maturity, fair value | 255,691,285 | 201,113,796 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 325,597,000 | 454,166,979 |
Securities available for sale, gross unrealized gains | 2,029,523 | 3,360,874 |
Securities available for sale, gross unrealized losses | (4,191,541) | (5,868,223) |
Securities available for sale, fair value | 323,434,982 | 451,659,630 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, amortized cost | 252,624,159 | 198,829,574 |
Securities held to maturity, gross unrealized gains | 3,190,558 | 2,420,298 |
Securities held to maturity, gross unrealized losses | (1,173,432) | (1,186,076) |
Securities held to maturity, fair value | 254,641,285 | 200,063,796 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 26,764,981 | 29,408,740 |
Securities available for sale, gross unrealized gains | 872,985 | 1,053,713 |
Securities available for sale, gross unrealized losses | (59,378) | (62,472) |
Securities available for sale, fair value | 27,578,588 | 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 | 1,108,124 | 1,342,554 |
Securities available for sale, gross unrealized gains | 540,919 | 625,145 |
Securities available for sale, gross unrealized losses | (163) | (846) |
Securities available for sale, fair value | 1,648,880 | 1,966,853 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 216,281,416 | 312,959,760 |
Securities available for sale, gross unrealized gains | 104,524 | 173,685 |
Securities available for sale, gross unrealized losses | (2,848,561) | (5,263,873) |
Securities available for sale, fair value | 213,537,379 | 307,869,572 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 81,442,479 | 110,455,925 |
Securities available for sale, gross unrealized gains | 511,095 | 1,508,331 |
Securities available for sale, gross unrealized losses | (1,283,439) | (541,032) |
Securities available for sale, fair value | $ 80,670,135 | $ 111,423,224 |
Note 3 - Investment Securitie67
Note 3 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | $ 155,478,459 | $ 35,844,695 |
Securities available for sale, less than 12 months, gross unrealized losses | (2,160,027) | (115,453) |
Securities available for sale, 12 months or more, fair value | 85,161,627 | 297,739,167 |
Securities available for sale, 12 months or more, gross unrealized losses | (2,031,514) | (5,752,770) |
Securities available for sale, fair value | 240,640,086 | 333,583,862 |
Securities available for sale, gross unrealized losses | (4,191,541) | (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 | 14,803,408 | 20,419,052 |
Securities held to maturity, less than 12 months, gross unrealized losses | (294,438) | (587,992) |
Securities held to maturity, 12 months or more, fair value | 19,927,581 | 38,779,545 |
Securities held to maturity, 12 months or more, gross unrealized losses | (878,994) | (598,084) |
Securities held to maturity, fair value | 34,730,989 | 59,198,597 |
Securities held to maturity, gross unrealized losses | (1,173,432) | (1,186,076) |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 2,220,800 | 920,935 |
Securities available for sale, less than 12 months, gross unrealized losses | (31,807) | (1,773) |
Securities available for sale, 12 months or more, fair value | 848,329 | 4,425,337 |
Securities available for sale, 12 months or more, gross unrealized losses | (27,571) | (60,699) |
Securities available for sale, fair value | 3,069,129 | 5,346,272 |
Securities available for sale, gross unrealized losses | (59,378) | (62,472) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 112,900,327 | 23,970,085 |
Securities available for sale, less than 12 months, gross unrealized losses | (1,397,591) | (102,695) |
Securities available for sale, 12 months or more, fair value | 64,476,661 | 255,743,056 |
Securities available for sale, 12 months or more, gross unrealized losses | (1,450,970) | (5,161,178) |
Securities available for sale, fair value | 177,376,988 | 279,713,141 |
Securities available for sale, gross unrealized losses | (2,848,561) | (5,263,873) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 40,356,921 | 10,710,671 |
Securities available for sale, less than 12 months, gross unrealized losses | (730,466) | (10,139) |
Securities available for sale, 12 months or more, fair value | 19,836,637 | 37,570,774 |
Securities available for sale, 12 months or more, gross unrealized losses | (552,973) | (530,893) |
Securities available for sale, fair value | 60,193,558 | 48,281,445 |
Securities available for sale, gross unrealized losses | (1,283,439) | (541,032) |
Other Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 411 | 243,004 |
Securities available for sale, less than 12 months, gross unrealized losses | (163) | (846) |
Securities available for sale, fair value | 411 | 243,004 |
Securities available for sale, gross unrealized losses | $ (163) | $ (846) |
Note 3 - Investment Securitie68
Note 3 - Investment Securities (Details) - Sales of Securities - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales of Securities [Abstract] | |||
Proceeds from sales of securities | $ 81,410,368 | $ 78,476,422 | $ 37,393,047 |
Gross gains from sales of securities | 1,045,444 | 517,116 | 523,071 |
Gross losses from sales of securities | $ (246,461) | $ (424,753) | $ (90,579) |
Note 3 - Investment Securitie69
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Value of Securities by Contractual Maturity - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Securities held to maturity: | ||
Due in one year or less | $ 3,801,378 | |
Due in one year or less | 3,803,101 | |
Due after one year through five years | 20,215,332 | |
Due after one year through five years | 20,344,971 | |
Due after five years | 229,657,449 | |
Due after five years | 231,543,213 | |
253,674,159 | ||
255,691,285 | $ 201,113,796 | |
Securities available for sale: | ||
Due in one year or less | 1,858,965 | |
Due in one year or less | 1,858,071 | |
Due after one year through five years | 120,846,468 | |
Due after one year through five years | 119,986,551 | |
Due after five years | 120,340,964 | |
Due after five years | 119,271,345 | |
243,046,397 | ||
241,115,967 | ||
Amortized Cost | 325,597,000 | |
Fair Value | 323,434,982 | |
Securities held to maturity: | ||
Amortized Cost | 144,687,538 | |
Fair Value | 143,064,681 | |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Amortized Cost | 81,442,479 | |
Fair Value | 80,670,135 | |
Other Securities [Member] | ||
Securities held to maturity: | ||
1,050,000 | 1,050,000 | |
Securities available for sale: | ||
Amortized Cost | 1,108,124 | |
Fair Value | 1,648,880 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
254,641,285 | $ 200,063,796 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Amortized Cost | 139,103,302 | |
Fair Value | 140,444,117 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Amortized Cost | 16,751,793 | |
Fair Value | 17,127,904 | |
Callable Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities held to maturity: | ||
Amortized Cost | 127,935,745 | |
Fair Value | $ 125,936,777 |
Note 3 - Investment Securitie70
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
General Obligation Bonds [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 82 | 77 |
Amortized cost | $ 66,683,832 | $ 67,868,415 |
Fair value | 67,778,032 | 68,768,171 |
Average exposure per issuer (fair value) | $ 826,561 | $ 893,093 |
General Obligation Bonds [Member] | IOWA | ||
Note 3 - 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 | $ 19,974,939 | $ 20,156,969 |
Fair value | 20,247,108 | 20,446,655 |
Average exposure per issuer (fair value) | $ 1,349,807 | $ 1,460,475 |
General Obligation Bonds [Member] | ILLINOIS | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 9 | 10 |
Amortized cost | $ 10,928,700 | $ 22,447,799 |
Fair value | 11,264,348 | 22,784,638 |
Average exposure per issuer (fair value) | $ 1,251,594 | $ 2,278,464 |
General Obligation Bonds [Member] | NORTH DAKOTA | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 5 | |
Amortized cost | $ 10,890,000 | |
Fair value | 11,050,235 | |
Average exposure per issuer (fair value) | $ 2,210,047 | |
General Obligation Bonds [Member] | MISSOURI | ||
Note 3 - 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 | $ 7,924,800 | $ 8,424,928 |
Fair value | 7,986,856 | 8,426,047 |
Average exposure per issuer (fair value) | $ 665,571 | $ 766,004 |
General Obligation Bonds [Member] | Other States [Member] | ||
Note 3 - 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 | $ 16,965,393 | $ 16,838,719 |
Fair value | 17,229,485 | 17,110,831 |
Average exposure per issuer (fair value) | $ 420,231 | $ 407,401 |
Revenue Bonds [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 92 | 64 |
Amortized cost | $ 212,705,308 | $ 160,369,899 |
Fair value | 214,441,841 | 161,695,606 |
Average exposure per issuer (fair value) | $ 2,330,890 | $ 2,526,494 |
Revenue Bonds [Member] | IOWA | ||
Note 3 - 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 | $ 70,773,660 | $ 59,417,246 |
Fair value | 71,659,410 | 60,402,941 |
Average exposure per issuer (fair value) | $ 2,756,131 | $ 3,020,147 |
Revenue Bonds [Member] | MISSOURI | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 41 | 30 |
Amortized cost | $ 78,593,590 | $ 62,358,276 |
Fair value | 79,015,378 | 62,584,516 |
Average exposure per issuer (fair value) | $ 1,927,204 | $ 2,086,151 |
Revenue Bonds [Member] | Other States [Member] | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 5 | 4 |
Amortized cost | $ 11,570,998 | $ 8,295,311 |
Fair value | 11,735,678 | 8,449,900 |
Average exposure per issuer (fair value) | $ 2,347,136 | $ 2,112,475 |
Revenue Bonds [Member] | INDIANA | ||
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 17 | 8 |
Amortized cost | $ 40,018,381 | $ 17,991,200 |
Fair value | 40,210,320 | 17,925,721 |
Average exposure per issuer (fair value) | $ 2,365,313 | $ 2,240,715 |
Revenue Bonds [Member] | KANSAS | ||
Note 3 - 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 | $ 11,748,679 | $ 12,307,866 |
Fair value | 11,821,055 | 12,332,528 |
Average exposure per issuer (fair value) | $ 3,940,352 | $ 6,166,264 |
Note 4 - Loans_Leases Receiva71
Note 4 - Loans/Leases Receivable (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Losses On Residual Value | $ 0 | $ 0 | $ 0 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 565,850 | 553,000 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,648,211 | 18,587,778 | |
Financing Receivable, Modifications, Recorded Investment | $ 2,587,413 | $ 6,434,259 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Number of Contracts | 2 | 10 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 37,979 | $ 2,024,784 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 89,443 | ||
Threshold for Related Party Loans Evaluated | 60,000 | 60,000 | $ 60,000 |
Troubled Debt Restructurings [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,533,657 | $ 5,013,041 | |
Restructured and Charged off [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Nonaccrual [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 5 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,387,147 | ||
Residential Portfolio Segment [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 565,850 | 553,000 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,016,743 | 1,299,545 | |
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 119,305 | 506,283 | |
Commercial Portfolio Segment [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,791,975 | 7,986,421 | |
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,164,423 | 1,227,537 | |
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 193,804 | 3,214,468 | |
Finance Leases Portfolio Segment [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,701,341 | 1,105,715 | |
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 42,098 | 61,144 | |
Consumer Portfolio Segment [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 109,117 | 645,481 | |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 14,027 | $ 3,609 | |
No Lease End Option Rider [Member] | |||
Note 4 - Loans/Leases Receivable (Details) [Line Items] | |||
Number of Leases | 16 | 27 | |
Leveraged Lease Investment | $ 1,165,706 | $ 1,488,342 |
Note 4 - Loans_Leases Receiva72
Note 4 - Loans/Leases Receivable (Details) - Composition of the Loan/Lease Portfolio - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | $ 1,790,286,285 | $ 1,623,338,950 | |||||
Plus deferred loan/lease orgination costs, net of fees | 7,736,390 | 6,664,120 | |||||
Gross loans/leases receivable | 1,798,022,675 | 1,630,003,070 | |||||
Less allowance for estimated losses on loans/leases | (26,140,906) | (23,074,365) | $ (21,448,048) | $ (19,925,204) | |||
1,771,881,769 | 1,606,928,705 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 648,159,892 | 523,927,140 | |||||
Less allowance for estimated losses on loans/leases | (10,484,080) | (8,833,832) | (5,648,774) | (4,531,545) | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 724,368,765 | 702,140,422 | |||||
Less allowance for estimated losses on loans/leases | (9,375,117) | (8,353,386) | (10,705,434) | (11,069,502) | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 252,523,164 | 260,069,080 | |||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 49,083,844 | 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 | 422,761,757 | 373,952,353 | |||||
Finance Leases Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [1],[2] | 173,655,605 | 166,032,416 | ||||
Plus deferred loan/lease orgination costs, net of fees | [1] | 6,594,582 | 6,639,244 | ||||
Gross loans/leases receivable | [1] | 180,250,187 | 172,671,660 | ||||
Less allowance for estimated losses on loans/leases | (3,395,088) | [1] | (3,359,400) | [1] | (2,517,217) | (1,990,395) | |
[1] | 176,855,099 | 169,312,260 | |||||
Net minimum lease payments to be received | [1] | 195,476,230 | 188,181,432 | ||||
Estimated unguaranteed residual values of leased assets | [1] | 1,165,706 | 1,488,342 | ||||
Unearned lease/residual income | [1] | (22,986,331) | (23,637,358) | ||||
Residential Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [2],[3] | 170,432,530 | 158,632,492 | ||||
Less allowance for estimated losses on loans/leases | (1,790,150) | (1,525,952) | (1,395,849) | (1,070,328) | |||
Consumer Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [2] | 73,669,493 | 72,606,480 | ||||
Less allowance for estimated losses on loans/leases | $ (1,096,471) | $ (1,001,795) | $ (1,180,774) | $ (1,263,434) | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists ofdiscussions with reputable and current vendors and management's expertise and understanding of the current states of particular industries to determine informalvaluations 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. | ||||||
[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 troubled debt restructurings. | ||||||
[3] | Includes residential real estate loans held for sale totaling $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. |
Note 4 - Loans_Leases Receiva73
Note 4 - Loans/Leases Receivable (Details) - Aging of the Loan/Lease Portfolio - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 1,771,618,511 | $ 1,592,673,090 | |
Accruing Past Due 90 Days or More | 2,843 | 93,411 | |
Nonaccrual Loans/Leases | 10,648,211 | 18,587,778 | |
Total | $ 1,790,286,285 | $ 1,623,338,950 | |
Current as a percentage of total loan/lease portfolio | 98.96% | 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 | 0.59% | 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 | $ 7,138,000 | $ 8,016,535 | |
Past due as a percentage of total loan/lease portfolio | 0.40% | 0.49% | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 878,720 | $ 3,968,136 | |
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 | $ 640,725,241 | $ 515,616,752 | |
Accruing Past Due 90 Days or More | 822 | ||
Nonaccrual Loans/Leases | 5,791,975 | 7,986,421 | |
Total | $ 648,159,892 | $ 523,927,140 | |
Loans and leases as a percentage of total loan/lease portfolio | 50.96% | 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 | $ 1,636,860 | $ 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 | 5,816 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 724,368,765 | 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 | 251,612,752 | 259,166,743 | |
Nonaccrual Loans/Leases | 727,463 | 662,566 | |
Total | $ 252,523,164 | $ 260,069,080 | |
Loans and leases as a percentage of total loan/lease portfolio | 6.22% | 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 | $ 182,949 | $ 239,771 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 48,890,040 | 67,021,157 | |
Nonaccrual Loans/Leases | 193,804 | 256,012 | |
Total | $ 49,083,844 | $ 68,118,989 | |
Loans and leases as a percentage of total loan/lease portfolio | 1.66% | 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 | $ 420,819,874 | 360,970,551 | |
Accruing Past Due 90 Days or More | 60,000 | ||
Nonaccrual Loans/Leases | 1,107,768 | 6,632,038 | |
Total | $ 422,761,757 | $ 373,952,353 | |
Loans and leases as a percentage of total loan/lease portfolio | 9.46% | 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 | $ 614,732 | $ 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 | 219,383 | 2,840,862 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 170,021,289 | 164,059,914 | |
Accruing Past Due 90 Days or More | 2,843 | ||
Nonaccrual Loans/Leases | 1,701,341 | 1,105,715 | |
Total | [1],[2] | $ 173,655,605 | $ 166,032,416 |
Loans and leases as a percentage of total loan/lease portfolio | 14.56% | 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 | $ 1,490,818 | $ 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 | 439,314 | 293,212 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 166,415,118 | 154,303,644 | |
Accruing Past Due 90 Days or More | 25,673 | ||
Nonaccrual Loans/Leases | 1,016,743 | 1,299,545 | |
Total | [2],[3] | $ 170,432,530 | $ 158,632,492 |
Loans and leases as a percentage of total loan/lease portfolio | 12.12% | 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 | $ 2,800,589 | $ 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 | 200,080 | 475,343 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 73,134,197 | 71,534,329 | |
Accruing Past Due 90 Days or More | 6,916 | ||
Nonaccrual Loans/Leases | 109,117 | 645,481 | |
Total | [2] | $ 73,669,493 | $ 72,606,480 |
Loans and leases as a percentage of total loan/lease portfolio | 5.02% | 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 | $ 412,052 | $ 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 | $ 14,127 | $ 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 ofdiscussions with reputable and current vendors and management's expertise and understanding of the current states of particular industries to determine informalvaluations 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. | ||
[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 troubled debt restructurings. | ||
[3] | Includes residential real estate loans held for sale totaling $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. |
Note 4 - Loans_Leases Receiva74
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 2,843 | $ 93,411 | |||
Nonaccrual Loans/Leases | 10,648,211 | 18,587,778 | |||
Troubled Debt Restructurings - Accruing | 2,587,413 | 6,434,259 | |||
Total Nonperforming Loans/Leases | $ 1,790,286,285 | $ 1,623,338,950 | |||
Percentage of Total Nonperforming Loans/Leases | 100.00% | 100.00% | |||
Nonperforming Financial Instruments [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 2,843 | $ 93,411 | |||
Nonaccrual Loans/Leases | 10,648,211 | [1] | 18,587,778 | [2] | |
Troubled Debt Restructurings - Accruing | 1,053,756 | 1,421,218 | |||
Total Nonperforming Loans/Leases | 11,704,810 | 20,102,407 | |||
Commercial Portfolio Segment [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 822 | ||||
Nonaccrual Loans/Leases | 5,791,975 | 7,986,421 | |||
Total Nonperforming Loans/Leases | $ 648,159,892 | $ 523,927,140 | |||
Percentage of Total Nonperforming Loans/Leases | 50.96% | 40.91% | |||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 822 | ||||
Nonaccrual Loans/Leases | $ 5,791,975 | [1] | 7,986,421 | [2] | |
Troubled Debt Restructurings - Accruing | 173,087 | 235,926 | |||
Total Nonperforming Loans/Leases | 5,965,062 | 8,223,169 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Total Nonperforming Loans/Leases | 724,368,765 | 702,140,422 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | 727,463 | 662,566 | |||
Total Nonperforming Loans/Leases | $ 252,523,164 | $ 260,069,080 | |||
Percentage of Total Nonperforming Loans/Leases | 6.22% | 3.30% | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | $ 193,804 | $ 256,012 | |||
Total Nonperforming Loans/Leases | $ 49,083,844 | $ 68,118,989 | |||
Percentage of Total Nonperforming Loans/Leases | 1.66% | 1.27% | |||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 60,000 | ||||
Nonaccrual Loans/Leases | $ 1,107,768 | 6,632,038 | |||
Total Nonperforming Loans/Leases | $ 422,761,757 | $ 373,952,353 | |||
Percentage of Total Nonperforming Loans/Leases | 9.46% | 33.29% | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | $ 727,463 | [1] | $ 662,566 | [2] | |
Total Nonperforming Loans/Leases | 727,463 | 662,566 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | 193,804 | [1] | 256,012 | [2] | |
Total Nonperforming Loans/Leases | 193,804 | 256,012 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 60,000 | ||||
Nonaccrual Loans/Leases | 1,107,768 | [1] | 6,632,038 | [2] | |
Total Nonperforming Loans/Leases | 1,107,768 | 6,692,038 | |||
Finance Leases Portfolio Segment [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 2,843 | ||||
Nonaccrual Loans/Leases | 1,701,341 | 1,105,715 | |||
Total Nonperforming Loans/Leases | [3],[4] | $ 173,655,605 | $ 166,032,416 | ||
Percentage of Total Nonperforming Loans/Leases | 14.56% | 6.66% | |||
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 2,843 | ||||
Nonaccrual Loans/Leases | 1,701,341 | [1] | $ 1,105,715 | [2] | |
Troubled Debt Restructurings - Accruing | 233,557 | ||||
Total Nonperforming Loans/Leases | [4] | 1,704,184 | 1,339,272 | ||
Residential Portfolio Segment [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 25,673 | ||||
Nonaccrual Loans/Leases | 1,016,743 | 1,299,545 | |||
Total Nonperforming Loans/Leases | [4],[5] | $ 170,432,530 | $ 158,632,492 | ||
Percentage of Total Nonperforming Loans/Leases | 12.12% | 9.02% | |||
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 25,673 | ||||
Nonaccrual Loans/Leases | $ 1,016,743 | [1] | 1,299,545 | [2] | |
Troubled Debt Restructurings - Accruing | 402,044 | 489,183 | |||
Total Nonperforming Loans/Leases | [4] | 1,418,787 | 1,814,401 | ||
Consumer Portfolio Segment [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 6,916 | ||||
Nonaccrual Loans/Leases | 109,117 | 645,481 | |||
Total Nonperforming Loans/Leases | [4] | $ 73,669,493 | $ 72,606,480 | ||
Percentage of Total Nonperforming Loans/Leases | 5.02% | 5.55% | |||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 4 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 6,916 | ||||
Nonaccrual Loans/Leases | $ 109,117 | [1] | 645,481 | [2] | |
Troubled Debt Restructurings - Accruing | 478,625 | 462,552 | |||
Total Nonperforming Loans/Leases | [4] | $ 587,742 | $ 1,114,949 | ||
[1] | At December 31, 2015, nonaccrual loans/leases included $1,533,657 of troubled debt restructurings, including $1,164,423 in C&I loans, $193,804 in CRE loans, $42,098in direct financing leases, $119,305 in residential real estate loans, and $14,027 in installment loans. | ||||
[2] | At December 31, 2014, nonaccrual loans/leases included $5,013,041 of troubled debt restructurings, including $1,227,537 in C&I loans, $3,214,468 in CRE 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 ofdiscussions with reputable and current vendors and management's expertise and understanding of the current states of particular industries to determine informalvaluations 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. | ||||
[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 troubled debt restructurings. | ||||
[5] | Includes residential real estate loans held for sale totaling $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. |
Note 4 - Loans_Leases Receiva75
Note 4 - Loans/Leases Receivable (Details) - Allowance for Estimated Losses on Loans/Leases - USD ($) | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance | $ 23,074,365 | $ 21,448,048 | $ 19,925,204 | |||
Balance | 26,140,906 | 23,074,365 | 21,448,048 | |||
Impaired loans/leases | 11,023,387 | 18,949,125 | ||||
Nonimpaired loans/leases | 1,779,262,898 | 1,604,389,825 | ||||
Loans and leases | $ 1,790,286,285 | $ 1,623,338,950 | ||||
Allowance as a percentage of impaired loans/leases | 29.98% | 27.68% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.28% | 1.11% | ||||
Total allowance as a percentage of total loans/leases | 1.46% | 1.42% | ||||
Allowance for impaired loans/leases | $ 3,304,287 | $ 5,244,673 | ||||
Allowance for nonimpaired loans/leases | 22,836,619 | 17,829,692 | ||||
Provisions charged to expense | 6,870,900 | 6,807,000 | 5,930,420 | |||
Loans/leases charged off | (5,225,137) | (6,135,705) | (5,843,906) | |||
Recoveries on loans/leases previously charged off | 1,420,778 | 955,022 | 1,436,330 | |||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance | 8,833,832 | 5,648,774 | 4,531,545 | |||
Balance | 10,484,080 | 8,833,832 | 5,648,774 | |||
Impaired loans/leases | 5,286,482 | 7,279,709 | ||||
Nonimpaired loans/leases | 642,873,410 | 516,647,431 | ||||
Loans and leases | $ 648,159,892 | $ 523,927,140 | ||||
Allowance as a percentage of impaired loans/leases | 49.04% | 45.33% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.23% | 1.07% | ||||
Total allowance as a percentage of total loans/leases | 1.62% | 1.69% | ||||
Allowance for impaired loans/leases | $ 2,592,270 | $ 3,300,199 | ||||
Allowance for nonimpaired loans/leases | 7,891,810 | 5,533,633 | ||||
Provisions charged to expense | 1,470,526 | 4,297,253 | 1,453,455 | |||
Loans/leases charged off | (453,782) | (1,475,885) | (962,607) | |||
Recoveries on loans/leases previously charged off | 633,504 | 363,690 | 626,381 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance | 8,353,386 | 10,705,434 | 11,069,502 | |||
Balance | 9,375,117 | 8,353,386 | 10,705,434 | |||
Impaired loans/leases | 2,029,035 | 7,433,383 | ||||
Nonimpaired loans/leases | 722,339,730 | 694,707,039 | ||||
Loans and leases | $ 724,368,765 | $ 702,140,422 | ||||
Allowance as a percentage of impaired loans/leases | 3.79% | 15.74% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.29% | 1.03% | ||||
Total allowance as a percentage of total loans/leases | 1.29% | 1.19% | ||||
Allowance for impaired loans/leases | $ 76,934 | $ 1,170,020 | ||||
Allowance for nonimpaired loans/leases | 9,298,183 | 7,183,366 | ||||
Provisions charged to expense | 3,080,611 | (13,326) | 2,635,327 | |||
Loans/leases charged off | (2,560,749) | (2,756,083) | (3,573,006) | |||
Recoveries on loans/leases previously charged off | 501,869 | 417,361 | 573,611 | |||
Finance Leases Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance | 3,359,400 | [1] | 2,517,217 | 1,990,395 | ||
Balance | 3,395,088 | [1] | 3,359,400 | [1] | 2,517,217 | |
Impaired loans/leases | 1,701,341 | 1,339,272 | ||||
Nonimpaired loans/leases | 171,954,264 | 164,693,144 | ||||
Loans and leases | [1],[2] | $ 173,655,605 | $ 166,032,416 | |||
Allowance as a percentage of impaired loans/leases | 18.00% | 26.66% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.80% | 1.82% | ||||
Total allowance as a percentage of total loans/leases | 1.96% | 2.02% | ||||
Allowance for impaired loans/leases | $ 306,193 | $ 356,996 | ||||
Allowance for nonimpaired loans/leases | 3,088,895 | 3,002,404 | ||||
Provisions charged to expense | 1,688,031 | 2,278,132 | 1,431,246 | |||
Loans/leases charged off | (1,788,772) | (1,504,181) | (916,836) | |||
Recoveries on loans/leases previously charged off | 136,429 | 68,232 | 12,412 | |||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance | 1,525,952 | 1,395,849 | 1,070,328 | |||
Balance | 1,790,150 | 1,525,952 | 1,395,849 | |||
Impaired loans/leases | 1,418,787 | 1,788,728 | ||||
Nonimpaired loans/leases | 169,013,743 | 156,843,764 | ||||
Loans and leases | [2],[3] | $ 170,432,530 | $ 158,632,492 | |||
Allowance as a percentage of impaired loans/leases | 13.10% | 8.48% | ||||
Allowance as a percentage of nonimpaired loans/leases | 0.95% | 0.88% | ||||
Total allowance as a percentage of total loans/leases | 1.05% | 0.96% | ||||
Allowance for impaired loans/leases | $ 185,801 | $ 151,663 | ||||
Allowance for nonimpaired loans/leases | 1,604,349 | 1,374,289 | ||||
Provisions charged to expense | 430,087 | 251,030 | 471,060 | |||
Loans/leases charged off | (169,996) | (130,900) | (162,010) | |||
Recoveries on loans/leases previously charged off | 4,107 | 9,973 | 16,471 | |||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Balance | 1,001,795 | 1,180,774 | 1,263,434 | |||
Balance | 1,096,471 | 1,001,795 | 1,180,774 | |||
Impaired loans/leases | 587,742 | 1,108,033 | ||||
Nonimpaired loans/leases | 73,081,751 | 71,498,447 | ||||
Loans and leases | [2] | $ 73,669,493 | $ 72,606,480 | |||
Allowance as a percentage of impaired loans/leases | 24.35% | 23.99% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.30% | 1.03% | ||||
Total allowance as a percentage of total loans/leases | 1.49% | 1.38% | ||||
Allowance for impaired loans/leases | $ 143,089 | $ 265,795 | ||||
Allowance for nonimpaired loans/leases | 953,382 | 736,000 | ||||
Provisions charged to expense | 201,645 | (6,089) | (60,668) | |||
Loans/leases charged off | (251,838) | (268,656) | (229,447) | |||
Recoveries on loans/leases previously charged off | $ 144,869 | $ 95,766 | $ 207,455 | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists ofdiscussions with reputable and current vendors and management's expertise and understanding of the current states of particular industries to determine informalvaluations 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. | |||||
[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 troubled debt restructurings. | |||||
[3] | Includes residential real estate loans held for sale totaling $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. |
Note 4 - Loans_Leases Receiva76
Note 4 - Loans/Leases Receivable (Details) - Impaired Loans/Leases - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | $ 3,932,541 | $ 3,073,364 | $ 6,757,674 |
Unpaid principal balance with no specific allowance recorded | 4,402,147 | 3,576,870 | 7,057,203 |
Average recorded investment with no specific allowance recorded | 6,656,069 | 10,686,930 | 11,583,623 |
Interest income recognized with no specific allowance recorded | 25,070 | 55,825 | 74,982 |
Interest income recognized for cash payments received with no specific allowance recorded | 25,070 | 55,825 | 74,982 |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 7,090,846 | 15,875,761 | 12,322,746 |
Unpaid principal balance with specific allowance recorded | 7,106,685 | 18,008,843 | 13,838,755 |
Related allowance | 3,304,287 | 5,244,673 | 5,008,822 |
Average recorded investment with specific allowance recorded | 6,383,114 | 9,684,123 | 11,252,892 |
Interest income recognized with specific allowance recorded | 13,606 | 21,368 | 92,374 |
Interest income recognized for cash payments received with specific allowance recorded | 13,606 | 21,368 | 92,374 |
Total Impaired Loans/Leases: | |||
Recorded investment | 11,023,387 | 18,949,125 | 19,080,420 |
Unpaid principal balance | 11,508,832 | 21,585,713 | 20,895,958 |
Related allowance | 3,304,287 | 5,244,673 | 5,008,822 |
Average recorded investment | 13,039,183 | 20,371,053 | 22,836,515 |
Interest income recognized | 38,676 | 77,193 | 167,356 |
Interest income recognized for cash payments received | 38,676 | 77,193 | 167,356 |
Commercial Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 234,636 | 246,308 | 492,622 |
Unpaid principal balance with no specific allowance recorded | 346,072 | 342,391 | 568,951 |
Average recorded investment with no specific allowance recorded | 380,495 | 525,543 | 747,134 |
Interest income recognized with no specific allowance recorded | 7,436 | 7,599 | 7,749 |
Interest income recognized for cash payments received with no specific allowance recorded | 7,436 | 7,599 | 7,749 |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 5,051,846 | 7,033,401 | 1,269,228 |
Unpaid principal balance with specific allowance recorded | 5,055,685 | 8,190,495 | 1,956,755 |
Related allowance | 2,592,270 | 3,300,199 | 927,453 |
Average recorded investment with specific allowance recorded | 4,811,046 | 3,159,985 | 1,222,449 |
Interest income recognized with specific allowance recorded | 14,837 | 33,703 | |
Interest income recognized for cash payments received with specific allowance recorded | 14,837 | 33,703 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 5,286,482 | 7,279,709 | 1,761,850 |
Unpaid principal balance | 5,401,757 | 8,532,886 | 2,525,706 |
Related allowance | 2,592,270 | 3,300,199 | 927,453 |
Average recorded investment | 5,191,541 | 3,685,528 | 1,969,583 |
Interest income recognized | 7,436 | 22,436 | 41,452 |
Interest income recognized for cash payments received | 7,436 | 22,436 | 41,452 |
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 | 256,761 | 67,415 | 392,542 |
Unpaid principal balance with no specific allowance recorded | 350,535 | 163,638 | 392,542 |
Average recorded investment with no specific allowance recorded | 447,144 | 548,464 | 1,881,823 |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 620,896 | 159,247 | |
Unpaid principal balance with specific allowance recorded | 620,896 | 159,247 | |
Related allowance | 4,462 | 67,498 | |
Average recorded investment with specific allowance recorded | 316,743 | 87,035 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 256,761 | 688,311 | 551,789 |
Unpaid principal balance | 350,535 | 784,534 | 551,789 |
Related allowance | 4,462 | 67,498 | |
Average recorded investment | 447,144 | 865,207 | 1,968,858 |
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 | 1,943,168 | |
Unpaid principal balance with no specific allowance recorded | 228,818 | 143,136 | 2,054,368 |
Average recorded investment with no specific allowance recorded | 117,406 | 1,656,401 | 2,666,039 |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 193,804 | 337,076 | 888,547 |
Unpaid principal balance with specific allowance recorded | 205,804 | 577,894 | 1,011,747 |
Related allowance | 76,934 | 12,087 | 503,825 |
Average recorded investment with specific allowance recorded | 195,986 | 528,564 | 1,137,489 |
Interest income recognized with specific allowance recorded | 10,862 | ||
Interest income recognized for cash payments received with specific allowance recorded | 10,862 | ||
Total Impaired Loans/Leases: | |||
Recorded investment | 193,804 | 369,012 | 2,831,715 |
Unpaid principal balance | 434,622 | 721,030 | 3,066,115 |
Related allowance | 76,934 | 12,087 | 503,825 |
Average recorded investment | 313,392 | 2,184,965 | 3,803,528 |
Interest income recognized | 10,862 | ||
Interest income recognized for cash payments received | 10,862 | ||
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 | 1,578,470 | 491,717 | 1,790,279 |
Unpaid principal balance with no specific allowance recorded | 1,578,470 | 491,717 | 1,902,279 |
Average recorded investment with no specific allowance recorded | 2,953,888 | 4,925,681 | 3,869,493 |
Interest income recognized with no specific allowance recorded | 13,283 | 58,534 | |
Interest income recognized for cash payments received with no specific allowance recorded | 13,283 | 58,534 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 5,884,343 | 7,783,132 | |
Unpaid principal balance with specific allowance recorded | 6,583,934 | 8,488,414 | |
Related allowance | 1,153,471 | 2,603,381 | |
Average recorded investment with specific allowance recorded | 4,240,000 | 7,426,299 | |
Interest income recognized with specific allowance recorded | 45,926 | ||
Interest income recognized for cash payments received with specific allowance recorded | 45,926 | ||
Total Impaired Loans/Leases: | |||
Recorded investment | 1,578,470 | 6,376,060 | 9,573,411 |
Unpaid principal balance | 1,578,470 | 7,075,651 | 10,390,693 |
Related allowance | 1,153,471 | 2,603,381 | |
Average recorded investment | 2,953,888 | 9,165,681 | 11,295,792 |
Interest income recognized | 13,283 | 104,460 | |
Interest income recognized for cash payments received | 13,283 | 104,460 | |
Finance Leases Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 871,884 | 561,414 | 557,469 |
Unpaid principal balance with no specific allowance recorded | 871,884 | 561,414 | 557,469 |
Average recorded investment with no specific allowance recorded | 892,281 | 867,657 | 802,825 |
Interest income recognized with no specific allowance recorded | 4,142 | 31,911 | |
Interest income recognized for cash payments received with no specific allowance recorded | 4,142 | 31,911 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 829,457 | 777,858 | 336,989 |
Unpaid principal balance with specific allowance recorded | 829,457 | 777,858 | 336,989 |
Related allowance | 306,193 | 356,996 | 192,847 |
Average recorded investment with specific allowance recorded | 474,458 | 514,144 | 97,846 |
Total Impaired Loans/Leases: | |||
Recorded investment | 1,701,341 | 1,339,272 | 894,458 |
Unpaid principal balance | 1,701,341 | 1,339,272 | 894,458 |
Related allowance | 306,193 | 356,996 | 192,847 |
Average recorded investment | 1,366,739 | 1,381,801 | 900,671 |
Interest income recognized | 4,142 | 31,911 | |
Interest income recognized for cash payments received | 4,142 | 31,911 | |
Residential Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 613,486 | 1,060,770 | 1,071,927 |
Unpaid principal balance with no specific allowance recorded | 649,064 | 1,060,770 | 1,071,927 |
Average recorded investment with no specific allowance recorded | 1,047,001 | 1,269,213 | 1,010,027 |
Interest income recognized with no specific allowance recorded | 3,929 | 3,032 | 4,235 |
Interest income recognized for cash payments received with no specific allowance recorded | 3,929 | 3,032 | 4,235 |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 805,301 | 727,958 | 1,044,820 |
Unpaid principal balance with specific allowance recorded | 805,301 | 763,537 | 1,044,820 |
Related allowance | 185,801 | 151,663 | 246,266 |
Average recorded investment with specific allowance recorded | 712,085 | 538,678 | 641,217 |
Interest income recognized with specific allowance recorded | 7,913 | 2,967 | 1,883 |
Interest income recognized for cash payments received with specific allowance recorded | 7,913 | 2,967 | 1,883 |
Total Impaired Loans/Leases: | |||
Recorded investment | 1,418,787 | 1,788,728 | 2,116,747 |
Unpaid principal balance | 1,454,365 | 1,824,307 | 2,116,747 |
Related allowance | 185,801 | 151,663 | 246,266 |
Average recorded investment | 1,759,086 | 1,807,891 | 1,651,244 |
Interest income recognized | 11,842 | 5,999 | 6,118 |
Interest income recognized for cash payments received | 11,842 | 5,999 | 6,118 |
Consumer Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 377,304 | 613,804 | 509,667 |
Unpaid principal balance with no specific allowance recorded | 377,304 | 813,804 | 509,667 |
Average recorded investment with no specific allowance recorded | 817,854 | 893,971 | 606,282 |
Interest income recognized with no specific allowance recorded | 9,563 | 4,464 | |
Interest income recognized for cash payments received with no specific allowance recorded | 9,563 | 4,464 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 210,438 | 494,229 | 840,783 |
Unpaid principal balance with specific allowance recorded | 210,438 | 494,229 | 840,783 |
Related allowance | 143,089 | 265,795 | 467,552 |
Average recorded investment with specific allowance recorded | 189,539 | 386,009 | 640,557 |
Interest income recognized with specific allowance recorded | 5,693 | 3,564 | |
Interest income recognized for cash payments received with specific allowance recorded | 5,693 | 3,564 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 587,742 | 1,108,033 | 1,350,450 |
Unpaid principal balance | 587,742 | 1,308,033 | 1,350,450 |
Related allowance | 143,089 | 265,795 | 467,552 |
Average recorded investment | 1,007,393 | 1,279,980 | 1,246,839 |
Interest income recognized | 15,256 | 3,564 | 4,464 |
Interest income recognized for cash payments received | $ 15,256 | $ 3,564 | $ 4,464 |
Note 4 - Loans_Leases Receiva77
Note 4 - Loans/Leases Receivable (Details) - Loans/Leases By Credit Quality Indicators - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,790,286,285 | $ 1,623,338,950 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 11,704,810 | 20,102,407 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 648,159,892 | 523,927,140 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 616,200,797 | 491,883,568 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 18,031,845 | 17,034,909 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,927,250 | 15,008,663 | |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,965,062 | 8,223,169 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 724,368,765 | 702,140,422 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 252,523,164 | 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 | 238,119,608 | 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 | 8,630,658 | 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 | 5,772,898 | 2,193,688 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 49,083,844 | 68,118,989 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 46,929,876 | 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 | 373,968 | 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 | 422,761,757 | 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 | 406,027,442 | 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 | 8,846,286 | 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 | 7,888,029 | 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 | 727,463 | 662,566 | |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 193,804 | 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 | 1,107,768 | 6,692,038 | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,372,528,657 | $ 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 | $ 1,307,277,723 | $ 1,157,394,186 | |
As a % of Total | 95.24% | 94.40% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 37,288,789 | $ 32,958,030 | |
As a % of Total | 2.72% | 2.69% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 27,962,145 | $ 35,715,346 | |
As a % of Total | 2.04% | 2.91% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
As a % of Total | 0.00% | 0.00% | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1],[2] | $ 173,655,605 | $ 166,032,416 |
Finance Leases Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 171,951,419 | 164,693,144 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 1,704,184 | 1,339,272 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2],[3] | 170,432,530 | 158,632,492 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 169,013,743 | 156,818,091 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 1,418,787 | 1,814,401 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 73,669,493 | 72,606,480 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 73,081,751 | 71,491,531 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 587,742 | 1,114,949 |
Lease, Residential and Consumer Portfolio Segments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 417,757,628 | $ 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] | $ 414,046,913 | $ 393,002,766 |
As a % of Total | [2] | 99.11% | 98.93% |
Lease, Residential and Consumer Portfolio Segments [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 3,710,715 | $ 4,268,622 |
As a % of Total | [2] | 0.89% | 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 ofdiscussions with reputable and current vendors and management's expertise and understanding of the current states of particular industries to determine informalvaluations 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. | ||
[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 troubled debt restructurings. | ||
[3] | Includes residential real estate loans held for sale totaling $565,850 and $553,000 as of December 31, 2015 and 2014, respectively. |
Note 4 - Loans_Leases Receiva78
Note 4 - Loans/Leases Receivable (Details) - Troubled Debt Restructurings | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 2 | 10 |
Pre-Modification Recorded Investment | $ 37,979 | $ 2,049,463 |
Post-Modification Recorded Investment | 37,979 | 2,024,784 |
Specific Allowance | $ 12,013 | $ 495,545 |
Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 2 | |
Pre-Modification Recorded Investment | $ 37,979 | |
Post-Modification Recorded Investment | 37,979 | |
Specific Allowance | $ 12,013 | |
Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 5 | |
Pre-Modification Recorded Investment | $ 636,021 | |
Post-Modification Recorded Investment | 636,021 | |
Specific Allowance | $ 210,644 | |
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 | $ 217,524 | |
Foregiveness of Principal [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 | $ 6,948 | |
Other Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 427,849 | |
Post-Modification Recorded Investment | 427,849 | |
Specific Allowance | $ 60,429 | |
Consumer Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 2 | |
Pre-Modification Recorded Investment | $ 37,979 | |
Post-Modification Recorded Investment | 37,979 | |
Specific Allowance | $ 12,013 | |
Consumer Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 113,653 | |
Post-Modification Recorded Investment | 113,653 | |
Specific Allowance | $ 113,653 | |
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 58,987 | |
Post-Modification Recorded Investment | 58,987 | |
Specific Allowance | $ 58,987 | |
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 | $ 217,524 | |
Commercial Portfolio Segment [Member] | Foregiveness of Principal [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 | $ 6,948 | |
Commercial Portfolio Segment [Member] | Other Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 427,849 | |
Post-Modification Recorded Investment | 427,849 | |
Specific Allowance | $ 60,429 | |
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 2 | |
Pre-Modification Recorded Investment | $ 303,701 | |
Post-Modification Recorded Investment | 303,701 | |
Specific Allowance | $ 12,644 | |
Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 159,680 | |
Post-Modification Recorded Investment | 159,680 | |
Specific Allowance | $ 25,360 |
Note 4 - Loans_Leases Receiva79
Note 4 - Loans/Leases Receivable (Details) - Related Party Loans - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Loans [Abstract] | |||
Balance, beginning | $ 42,469,111 | $ 39,192,966 | $ 20,502,058 |
Balance, ending | 42,012,313 | 42,469,111 | 39,192,966 |
Net increase (decrease) due to change in related parties | (3,606,418) | 1,040,278 | 17,124,702 |
Advances | 19,040,675 | 13,284,475 | 6,213,381 |
Repayments | $ (15,891,055) | $ (11,048,608) | $ (4,647,175) |
Note 4 - Loans_Leases Receiva80
Note 4 - Loans/Leases Receivable (Details) - Concentration by Industries - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 4 - Loans/Leases Receivable (Details) - Concentration by Industries [Line Items] | ||
Balance | $ 1,798,022,675 | $ 1,630,003,070 |
Lessors of Non-residential Buildings [Member] | ||
Note 4 - Loans/Leases Receivable (Details) - Concentration by Industries [Line Items] | ||
Balance | $ 311,138,005 | $ 256,436,213 |
Percentage of Total Loans/Leases | 17.00% | 16.00% |
Lessors of Residential Buildings [Member] | ||
Note 4 - Loans/Leases Receivable (Details) - Concentration by Industries [Line Items] | ||
Balance | $ 91,811,101 | $ 74,667,674 |
Percentage of Total Loans/Leases | 5.00% | 5.00% |
Bank Holding Companies [Member] | ||
Note 4 - Loans/Leases Receivable (Details) - Concentration by Industries [Line Items] | ||
Balance | $ 55,840,984 | $ 60,910,570 |
Percentage of Total Loans/Leases | 3.00% | 4.00% |
Note 5 - Premises and Equipme81
Note 5 - Premises and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Operating Leases, Rent Expense | $ 339,839 | $ 484,868 | $ 795,816 |
Note 5 - Premises and Equipme82
Note 5 - Premises and Equipment (Details) - Components of Premises and Equipment - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 6,655,796 | $ 7,100,393 |
Buildings (useful lives 15 to 50 years) | 34,615,006 | 31,602,931 |
Furniture and equipment (useful lives 3 to 10 years) | 24,953,570 | 23,142,643 |
66,224,372 | 61,845,967 | |
Less accumulated depreciation | 28,874,020 | 25,824,839 |
$ 37,350,352 | $ 36,021,128 |
Note 5 - Premises and Equipme83
Note 5 - Premises and Equipment (Details) - Components of Premises and Equipment (Parentheticals) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum [Member] | Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 15 years | 15 years |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 3 years | 3 years |
Maximum [Member] | Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 50 years | 50 years |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 10 years | 10 years |
Note 5 - Premises and Equipme84
Note 5 - Premises and Equipment (Details) - Future Minimum Rental Commitments | Dec. 31, 2015USD ($) |
Future Minimum Rental Commitments [Abstract] | |
2,016 | $ 239,565 |
2,017 | 241,440 |
2,018 | 194,340 |
2,019 | 162,819 |
$ 838,164 |
Note 6 - Derivatives and Hedg85
Note 6 - Derivatives and Hedging Activities (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 6 - Derivatives and Hedging Activities (Details) [Line Items] | ||
Payments for Hedge, Investing Activities | $ 2,071,650 | |
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | ||
Note 6 - Derivatives and Hedging Activities (Details) [Line Items] | ||
Payments for Hedge, Investing Activities | $ 2,100,000 | |
Number of Interest Rate Derivatives Held | 2 | |
Noninterest Income [Member] | Cash Flow Hedging [Member] | ||
Note 6 - Derivatives and Hedging Activities (Details) [Line Items] | ||
Derivative Instruments, Gain Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 156 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 30,212 |
Note 6 - Derivatives and Hedg86
Note 6 - Derivatives and Hedging Activities (Details) - Summary of Interest Rate Cap Derivatives - Cash Flow Hedging [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Rate Cap 1 [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 15,000,000 | |
Fair value | 321,112 | $ 608,189 |
Interest Rate Cap 2 [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 15,000,000 | |
Fair value | 534,912 | 879,198 |
Interest Rate Cap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 30,000,000 | |
Fair value | $ 856,024 | $ 1,487,387 |
Note 6 - Derivatives and Hedg87
Note 6 - Derivatives and Hedging Activities (Details) - Changes in Fair Values of Derivative Financial Instruments - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amount of loss recognized in other comprehensive income, net of tax | $ (188,613) | $ 11,708,770 | $ (18,350,669) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Unrealized loss at beginning of period, net of tax | (399,367) | ||
Amount of loss recognized in other comprehensive income, net of tax | (415,949) | (369,220) | |
Unrealized loss at end of period, net of tax | (799,421) | (399,367) | |
Hedge Ineffectiveness [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
(156) | (30,212) | ||
Caplet Amortization [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
$ 16,051 | $ 65 |
Note 7 - Deposits (Details)
Note 7 - Deposits (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 7 - Deposits (Details) [Line Items] | ||
Time Deposits, $250,000 or More | $ 235,565,570 | $ 230,925,385 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 480,466,274 | 499,084,047 |
Federal Home Loan Bank of Des Moines [Member] | ||
Note 7 - Deposits (Details) [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 45,000,000 | 15,000,000 |
Letters of Credit Outstanding, Amount | 0 | 0 |
Federal Home Loan Bank of Chicago [Member] | ||
Note 7 - Deposits (Details) [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 8,000,000 | |
Letters of Credit Outstanding, Amount | $ 0 | $ 0 |
Note 7 - Deposits (Details) - M
Note 7 - Deposits (Details) - Maturities of Certificates of Deposit | Dec. 31, 2015USD ($) |
Maturities of Certificates of Deposit [Abstract] | |
2,016 | $ 274,389,118 |
2,017 | 39,795,570 |
2,018 | 22,926,023 |
2,019 | 13,872,274 |
2,020 | 9,421,012 |
Thereafter | 3,663,106 |
$ 364,067,103 |
Note 8. Short-Term Borrowin
Note 8. Short-Term Borrowings (Details) - Short-term Borrowings - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Abstract] | ||
Overnight repurchase agreements with customers | $ 73,872,716 | $ 137,251,670 |
Federal funds purchased | 70,790,000 | 131,100,000 |
$ 144,662,716 | $ 268,351,670 |
Note 8. Short-Term Borrow91
Note 8. Short-Term Borrowings (Details) - Overnight Repurchase Agreement Collateralized Investment Securities - Securities Sold under Agreements to Repurchase [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under repurchase agreements | $ 95,388,714 | $ 165,360,427 |
Less: overcollateralized position | 21,515,998 | 28,108,757 |
73,872,716 | 137,251,670 | |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under repurchase agreements | 29,499,803 | 68,430,410 |
Residential Mortgage Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under repurchase agreements | $ 65,888,911 | $ 96,930,017 |
Note 8. Short-Term Borrow92
Note 8. Short-Term Borrowings (Details) - Overnight Repurchase Agreements - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Repurchase Agreements with Customers [Member] | ||
Note 8. Short-Term Borrowings (Details) - Overnight Repurchase Agreements [Line Items] | ||
Average daily balance during the period | $ 121,186,231 | $ 128,818,152 |
Average daily interest rate during the period | 0.11% | 0.12% |
Maximum month-end balance during the period | $ 159,407,193 | $ 147,623,624 |
Weighted average rate as of end of period | 0.11% | 0.11% |
Federal Funds Purchased [Member] | ||
Note 8. Short-Term Borrowings (Details) - Overnight Repurchase Agreements [Line Items] | ||
Average daily balance during the period | $ 32,826,489 | $ 33,876,815 |
Average daily interest rate during the period | 0.41% | 0.40% |
Maximum month-end balance during the period | $ 126,220,000 | $ 131,100,000 |
Weighted average rate as of end of period | 0.57% | 0.51% |
Note 9 - FHLB Advances (Details
Note 9 - FHLB Advances (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 9 - FHLB Advances (Details) [Line Items] | ||||
Federal Home Loan Bank Stock | $ 9,135,900 | $ 9,135,900 | $ 11,279,000 | |
Repayments of Federal Home Loan Bank Borrowings | $ 3,000,000 | $ 75,500,000 | $ 84,401,601 | 0 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 3.98% | 4.36% | 3.98% | |
Gains (Losses) on Extinguishment of Debt | $ 209,416 | $ (6,900,000) | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 480,466,274 | $ 480,466,274 | 499,084,047 | |
Advances from Federal Home Loan Banks, Short-term | $ 84,000,000 | $ 84,000,000 | $ 37,000,000 | |
Federal Home Loan Bank Advances [Member] | ||||
Note 9 - FHLB Advances (Details) [Line Items] | ||||
Gains (Losses) on Extinguishment of Debt | $ (5,692,185) | |||
Minimum [Member] | ||||
Note 9 - FHLB Advances (Details) [Line Items] | ||||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 1 day | |||
Minimum [Member] | Loans Receivable [Member] | ||||
Note 9 - FHLB Advances (Details) [Line Items] | ||||
FHLB Collateral Maintenance Levels | 125.00% | 125.00% | ||
Maximum [Member] | ||||
Note 9 - FHLB Advances (Details) [Line Items] | ||||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 1 month | |||
Maximum [Member] | Loans Receivable [Member] | ||||
Note 9 - FHLB Advances (Details) [Line Items] | ||||
FHLB Collateral Maintenance Levels | 333.00% | 333.00% |
Note 9 - FHLB Advances (Detai94
Note 9 - FHLB Advances (Details) - Maturity and Interest Rate Information on Advances from FHLB - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Maturity: | |||
2,016 | $ 103,000,000 | $ 44,500,000 | |
2,016 | 0.56% | 3.81% | |
2,017 | $ 18,000,000 | $ 33,000,000 | |
2,017 | 2.89% | 3.59% | |
2,018 | $ 30,000,000 | $ 43,000,000 | |
2,018 | 3.27% | 3.49% | |
Total FHLB advances | $ 151,000,000 | $ 203,500,000 | |
Total FHLB advances | 1.37% | 2.83% | |
Maturity: | |||
2,015 | $ 63,000,000 | ||
2,015 | 0.87% | ||
2,019 | $ 20,000,000 | ||
2,019 | 4.12% | ||
Federal Home Loan Bank, Advances, Putable Option [Member] | |||
Maturity: | |||
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% | |
Total FHLB advances | [1] | $ 7,000,000 | $ 52,500,000 |
Total FHLB advances | 3.17% | 4.36% | |
Maturity: | |||
2,015 | [1] | ||
2,019 | [1] | ||
[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. |
Note 10 - Other Borrowings an95
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | $ 110,000,000 | $ 110,000,000 | $ 150,282,492 | |||||
Repayments of Other Debt | $ 34,559,000 | |||||||
Gains (Losses) on Extinguishment of Debt | $ 209,416 | $ (6,900,000) | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.60% | 2.50% | |||||
Repayments of Long-term Debt | $ 7,350,000 | $ 2,125,000 | $ 5,800,000 | |||||
Subordinated Debt [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Revolving Credit Facility [Member] | ||||||||
Note 10 - 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 | 0 | ||||||
Line of Credit Facility, Current Borrowing Capacity | 0 | 0 | ||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | ||||||
Wholesale Repurchase Agreements [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | 110,000,000 | 110,000,000 | $ 130,000,000 | |||||
Repayments of Other Debt | $ 10,000,000 | 5,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | ||||||
Gains (Losses) on Extinguishment of Debt | 382,000 | $ (1,202,000) | ||||||
Wholesale Repurchase Agreements with No Put Options [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | 45,000,000 | 45,000,000 | ||||||
Wholesale Repurchase Agreements Putable in 2016 [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | $ 45,000,000 | $ 45,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.46% | 3.46% | ||||||
Wholesale Repurchase Agreements Putable in 2017 [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | $ 20,000,000 | $ 20,000,000 | ||||||
Wholesale Repurchase Agreements Modified in Current Period [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | $ 50,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.21% | |||||||
Wholesale Repurchase Agreements Modified in Current Year New Rate [Member] | ||||||||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.65% | |||||||
Term Note [Member] | ||||||||
Note 10 - 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 10 - 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 10 - Other Borrowings and Unused Lines of Credit (Details) [Line Items] | ||||||||
Other Borrowings | $ 2,657,492 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||
Repayments of Long-term Debt | $ 2,700,000 |
Note 10 - Other Borrowings an96
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings - USD ($) | Dec. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 |
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 110,000,000 | $ 150,282,492 | |
Wholesale Repurchase Agreements [Member] | |||
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 110,000,000 | 130,000,000 | |
Term Note [Member] | |||
Note 10 - 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 10 - Other Borrowings and Unused Lines of Credit (Details) - Other Borrowings [Line Items] | |||
Other borrowings | $ 2,657,492 |
Note 10 - Other Borrowings an97
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - Wholesale Structured Repurchase Agreement Collateralized Investment Securities - Wholesale Repurchase Agreements [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Less: overcollateralized position | $ 19,824,128 | $ 23,757,514 |
110,000,000 | 130,000,000 | |
US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
U.S. govt. sponsored agency securities | $ 129,824,128 | $ 153,757,514 |
Note 10 - Other Borrowings an98
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - Wholesale Repurchase Agreements - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Maturity: | ||
Amount due (in Dollars) | $ 110,000,000 | $ 150,282,492 |
Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due (in Dollars) | $ 110,000,000 | $ 130,000,000 |
Weighted average interest rate at year end | 3.11% | 3.21% |
Maturing in 2015 [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due (in Dollars) | $ 5,000,000 | |
Weighted average interest rate at year end | 0.00% | 2.77% |
Maturing in 2017 [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due (in Dollars) | $ 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 (in Dollars) | $ 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 (in Dollars) | $ 45,000,000 | $ 60,000,000 |
Weighted average interest rate at year end | 3.40% | 3.57% |
Maturing Thereafter [Member] | Wholesale Repurchase Agreements [Member] | ||
Maturity: | ||
Amount due (in Dollars) | $ 45,000,000 | $ 45,000,000 |
Weighted average interest rate at year end | 2.66% | 2.66% |
Note 10 - Other Borrowings an99
Note 10 - Other Borrowings and Unused Lines of Credit (Details) - Unused Lines of Credit - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Unused lines of credit | $ 346,601,432 | $ 346,550,159 |
Secured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Unused lines of credit | 14,601,432 | 17,050,159 |
Unsecured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Unused lines of credit | $ 332,000,000 | $ 329,500,000 |
Note 11 - Junior Subordinate100
Note 11 - Junior Subordinated Debentures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 29, 2004 | |
Note 11 - Junior Subordinated Debentures (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 40,725,000 | $ 40,725,000 | |||
Extinguishment of Debt, Amount | $ 103,500,000 | ||||
Gains (Losses) on Extinguishment of Debt | $ 209,416 | $ (6,900,000) | |||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.60% | 2.50% | ||
Note Payable to QCR Holdings Capital Trust II [Member] | |||||
Note 11 - Junior Subordinated Debentures (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 12,372,000 | ||||
Junior Subordinated Debt [Member] | |||||
Note 11 - Junior Subordinated Debentures (Details) [Line Items] | |||||
Debt Instrument, Term | 30 years | ||||
Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 11 - Junior Subordinated Debentures (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||||
Junior Subordinated Debt [Member] | Note Payable to QCR Holdings Capital Trust II [Member] | |||||
Note 11 - Junior Subordinated Debentures (Details) [Line Items] | |||||
Extinguishment of Debt, Amount | $ 2,100,000 | ||||
Gains (Losses) on Extinguishment of Debt | $ 300,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.18% | 3.18% |
Note 11 - Junior Subordinate101
Note 11 - Junior Subordinated Debentures (Details) - Junior Subordinated Debentures - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 38,499,052 | $ 40,423,735 |
Market Value Discount per ASC 805 (see Note 2) | (2,225,948) | (2,363,265) |
Note Payable to Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 10,310,000 | 12,372,000 |
Note Payable to Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 8,248,000 | 8,248,000 |
Note Payable to Trust IV [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 5,155,000 | 5,155,000 |
Note Payable to Trust V [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 10,310,000 | 10,310,000 |
Community National Trust II Member | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 3,093,000 | 3,093,000 |
Community National Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 3,609,000 | $ 3,609,000 |
Note 11 - Junior Subordinate102
Note 11 - Junior Subordinated Debentures (Details) - Trust Preferred Securities - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Investments in and Advances to Affiliates [Line Items] | |||
Amount Outstanding (in Dollars) | $ 40,725,000 | ||
Interest Rate, Basis Spread | 3.10% | ||
Interest Rate | 2.60% | 2.50% | |
Trust Preferred Securities [Member] | QCR Holdings Statuory Trust II [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Date issued | [1] | February 2,004 | |
Amount Outstanding (in Dollars) | [1] | $ 10,310,000 | |
Interest Rate | [1] | 3.18% | 3.08% |
Trust Preferred Securities [Member] | QCR Holdings Statutory Trust III [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Date issued | February 2,004 | ||
Amount Outstanding (in Dollars) | $ 8,248,000 | ||
Interest Rate | 3.18% | 3.08% | |
Trust Preferred Securities [Member] | QCR Holdings Statutory Trust IV [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Date issued | May 2,005 | ||
Amount Outstanding (in Dollars) | $ 5,155,000 | ||
Interest Rate | 2.12% | 2.03% | |
Trust Preferred Securities [Member] | QCR Holdings Statutory Trust V [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Date issued | February 2,006 | ||
Amount Outstanding (in Dollars) | $ 10,310,000 | ||
Interest Rate | 1.87% | 1.78% | |
Trust Preferred Securities [Member] | Community National Statutory Trust II [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Date issued | September 2,004 | ||
Amount Outstanding (in Dollars) | $ 3,093,000 | ||
Interest Rate | 2.74% | 2.42% | |
Trust Preferred Securities [Member] | Community National Statutory Trust III [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Date issued | March 2,007 | ||
Amount Outstanding (in Dollars) | $ 3,609,000 | ||
Interest Rate | 2.26% | 1.99% | |
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | QCR Holdings Statuory Trust II [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Interest Rate, Basis Spread | 2.85% | ||
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | QCR Holdings Statutory Trust III [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Interest Rate, Basis Spread | 2.85% | ||
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | QCR Holdings Statutory Trust IV [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Interest Rate, Basis Spread | 1.80% | ||
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | QCR Holdings Statutory Trust V [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Interest Rate, Basis Spread | 1.55% | ||
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Community National Statutory Trust II [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Interest Rate, Basis Spread | 2.17% | ||
Trust Preferred Securities [Member] | London Interbank Offered Rate (LIBOR) [Member] | Community National Statutory Trust III [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Interest Rate, Basis Spread | 1.75% | ||
[1] | Original amount issued for QCR Holdings Statutory Trust II was $12,372,000. |
Note 12 - Common Stock Offer103
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Details) - USD ($) | May. 13, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||||
Repayments of Long-term Debt | $ 7,350,000 | $ 2,125,000 | $ 5,800,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.60% | 2.50% | |||||
Gains (Losses) on Extinguishment of Debt | $ 209,416 | $ (6,900,000) | ||||||
Extinguishment of Debt, Amount | 103,500,000 | |||||||
Common Stock Offering 1 [Member] | ||||||||
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||||
Proceeds from issuance of common stock, net of issuance costs, shares (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 12 - 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% | |||||||
Series A Subordinated Notes [Member] | ||||||||
Note 12 - 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 12 - 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% | |||||||
Brokered CD's and Overnight FHLB Advances [Member] | ||||||||
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 0.90% | |||||||
Funded With the Proceeds from the Common Stock Issuance [Member] | ||||||||
Note 12 - 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 12 - 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 12 - Common Stock Offering and Balance Sheet Restructuring (Details) [Line Items] | ||||||||
Extinguishment of Debt, Amount | $ 12,300,000 |
Note 12 - Common Stock Offer104
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Details) - Restructured Wholesale Borrowings Portfolio - Wholesale Borrowings [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 12 - Common Stock Offering and Balance Sheet Restructuring (Details) - Restructured Wholesale Borrowings Portfolio [Line Items] | ||
2,015 | 0.00% | |
2015 (in Dollars) | $ 125,038 | $ 117,300 |
2,015 | 0.59% | 0.86% |
2016 (in Dollars) | $ 125,038 | $ 117,300 |
2,016 | 0.59% | 0.86% |
2016 (in Dollars) | $ 49,055 | $ 50,642 |
2,016 | 2.07% | 3.51% |
2017 (in Dollars) | $ 49,055 | $ 50,642 |
2,017 | 2.07% | 3.51% |
2017 (in Dollars) | $ 57,283 | $ 53,965 |
2,017 | 2.87% | 2.96% |
2018 (in Dollars) | $ 57,283 | $ 53,965 |
2,018 | 2.87% | 2.96% |
2018 (in Dollars) | $ 50,089 | $ 60,042 |
2,018 | 3.14% | 3.41% |
2019 (in Dollars) | $ 50,089 | $ 60,042 |
2,019 | 3.14% | 3.41% |
2019 (in Dollars) | $ 45,000 | $ 83,152 |
2,019 | 2.66% | 3.59% |
2020 (in Dollars) | $ 45,000 | $ 83,152 |
2,020 | 2.66% | 3.59% |
2020 (in Dollars) | $ 45,000 | |
2,020 | 2.66% | |
Thereafter (in Dollars) | $ 3,641 | |
Thereafter | 2.51% | |
Thereafter (in Dollars) | $ 6,141 | |
Thereafter | 2.54% | |
Total Wholesale Borrowings (in Dollars) | $ 330,106 | $ 416,242 |
Total Wholesale Borrowings | 1.89% | 2.59% |
Total Wholesale Borrowings (in Dollars) | $ 330,106 | $ 416,242 |
Note 13 -Federal and State I105
Note 13 -Federal and State Income Taxes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 13 -Federal and State Income Taxes (Details) [Line Items] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,005,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 221,000 | $ 260,000 |
Domestic Tax Authority [Member] | ||
Note 13 -Federal and State Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,600,000 | |
State and Local Jurisdiction [Member] | ||
Note 13 -Federal and State Income Taxes (Details) [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 3,800,000 |
Note 13 -Federal and State I106
Note 13 -Federal and State Income Taxes (Details) - Federal and State Income Tax Expense - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal and State Income Tax Expense [Abstract] | |||||||||||
Current | $ 5,673,774 | $ 4,203,979 | $ 5,639,933 | ||||||||
Deferred | (2,004,532) | (1,165,009) | (1,021,991) | ||||||||
$ 2,263,293 | $ 2,468,871 | $ (1,974,411) | $ 911,489 | $ 344,497 | $ 1,028,876 | $ 1,193,312 | $ 472,285 | $ 3,669,242 | $ 3,038,970 | $ 4,617,942 |
Note 13 -Federal and State I107
Note 13 -Federal and State Income Taxes (Details) - Reconciliation of the Expected Federal Income Tax Expense - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the Expected Federal Income Tax Expense [Abstract] | |||||||||||
Computed "expected" tax expense | $ 7,208,993 | $ 6,297,027 | $ 6,844,665 | ||||||||
Computed "expected" tax expense | 35.00% | 35.00% | 35.00% | ||||||||
Effect of graduated tax rates | $ (76,973) | $ (79,529) | $ (123,868) | ||||||||
Effect of graduated tax rates | (0.40%) | (0.40%) | (0.60%) | ||||||||
Tax exempt income, net | $ (3,461,438) | $ (2,646,275) | $ (1,790,049) | ||||||||
Tax exempt income, net | (16.80%) | (14.70%) | (9.20%) | ||||||||
Bank-owned life insurance | $ (616,737) | $ (585,312) | $ (624,847) | ||||||||
Bank-owned life insurance | (3.00%) | (3.30%) | (3.20%) | ||||||||
State income taxes, net of federal benefit, current year | $ 767,557 | $ 497,068 | $ 758,695 | ||||||||
State income taxes, net of federal benefit, current year | 3.70% | 2.80% | 3.90% | ||||||||
Change in unrecognized tax benefits | $ 223,668 | $ (55,728) | $ 63,941 | ||||||||
Change in unrecognized tax benefits | 1.10% | (0.30%) | 0.30% | ||||||||
Acquisition costs | $ 248,952 | ||||||||||
Acquisition costs | 1.30% | ||||||||||
Other | $ (375,828) | $ (388,281) | $ (759,547) | ||||||||
Other | (1.80%) | (2.10%) | (3.90%) | ||||||||
$ 2,263,293 | $ 2,468,871 | $ (1,974,411) | $ 911,489 | $ 344,497 | $ 1,028,876 | $ 1,193,312 | $ 472,285 | $ 3,669,242 | $ 3,038,970 | $ 4,617,942 | |
17.80% | 17.00% | 23.60% |
Note 13 -Federal and State I108
Note 13 -Federal and State Income Taxes (Details) - Unrecognized Tax Benefits - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Tax Benefits [Abstract] | ||
Balance, beginning | $ 1,002,291 | $ 1,058,019 |
Balance, ending | 1,225,959 | 1,002,291 |
Impact of tax positions taken during current year | 468,055 | 234,475 |
Gross increase related to tax positions of prior years | 16,965 | 16,915 |
Reduction as a result of a lapse of the applicable statute of limitations | $ (261,352) | $ (307,118) |
Note 13 -Federal and State I109
Note 13 -Federal and State Income Taxes (Details) - Deferred Tax Assets (Liabilities) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Alternative minimum tax credits | $ 5,475,062 | $ 5,018,008 |
New markets tax credits | 2,700,000 | 2,100,000 |
Net unrealized losses on securities available for sale and derivative instruments | 1,268,068 | 1,186,544 |
Compensation | 8,687,856 | 8,266,896 |
Loan/lease losses | 8,802,271 | 7,393,437 |
Net operating loss carryforwards, federal and state | 2,069,093 | 2,415,284 |
Other | 452,854 | 496,444 |
29,455,204 | 26,876,613 | |
Deferred tax liabilities: | ||
Premises and equipment | 1,173,966 | 1,216,080 |
Equipment financing leases | 25,059,159 | 24,701,676 |
Acquisition fair value adjustments | 1,755,874 | 1,774,157 |
Investment accretion | 44,462 | 45,580 |
Deferred loan origination fees, net | 137,461 | |
Other | 678,227 | 619,121 |
28,849,149 | 28,356,614 | |
Net deferred tax asset (liability) | $ 606,055 | $ (1,480,001) |
Note 13 -Federal and State I110
Note 13 -Federal and State Income Taxes (Details) - The Change in Deferred Income Taxes - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
The Change in Deferred Income Taxes [Abstract] | |||
Provision for income taxes | $ (2,004,532) | $ (1,165,009) | $ (1,021,991) |
Statement of stockholders' equity- Accumulated other comprehensive income (loss) | (81,524) | 7,281,574 | (11,373,902) |
$ (2,086,056) | $ 6,116,565 | $ (12,395,893) |
Note 14 - Employee Benefit P111
Note 14 - Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.50% | |||
Defined Contribution Plan, Cost Recognized | $ 297,826 | $ 650,016 | $ 264,672 | |
Deferred Compensation Liability, Current and Noncurrent | 8,875,025 | 7,503,692 | 6,224,368 | $ 5,151,630 |
Deferred Compensation Arrangement with Individual, Employer Contribution | 693,656 | 628,589 | 525,469 | |
Supplemental Executive Retirement Plans [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 317,418 | |||
Deferred Compensation Liability, Current and Noncurrent | 3,934,605 | 3,800,603 | ||
Defined Benefit Plan, Contributions by Employer | 163,824 | 117,000 | $ 117,000 | |
Agreements with Certain Management and Executive Officers [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 8,875,025 | $ 7,503,692 | ||
First 3% of Employees Wages [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | |||
Match at 100% [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |||
From 4% to 4.5% of Employees Wages [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | |||
Matched at 50% [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |||
Minimum [Member] | Certain Executive Officers [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 8,000 | |||
Interest on Deferred Compensation Amounts | 4.00% | |||
Minimum [Member] | Certain Management Officers [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Interest on Deferred Compensation Amounts | 4.00% | |||
Maximum [Member] | Certain Executive Officers [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 25,000 | |||
Interest on Deferred Compensation Amounts | 12.00% | |||
Maximum [Member] | Certain Management Officers [Member] | ||||
Note 14 - Employee Benefit Plans (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | |||
Interest on Deferred Compensation Amounts | 8.00% |
Note 14 - Employee Benefit P112
Note 14 - Employee Benefit Plans (Details) - Profit Sharing Contributions - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Profit Sharing Contributions [Abstract] | |||
Matching contribution | $ 1,314,276 | $ 1,179,979 | $ 1,129,726 |
Discretionary contribution | 198,800 | 186,000 | |
$ 1,314,276 | $ 1,378,779 | $ 1,315,726 |
Note 14 - Employee Benefit P113
Note 14 - Employee Benefit Plans (Details) - Deferred Compensation Agreements - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Agreements [Abstract] | |||
Balance, beginning | $ 7,503,692 | $ 6,224,368 | $ 5,151,630 |
Balance, ending | 8,875,025 | 7,503,692 | 6,224,368 |
Company expense | 726,001 | 661,611 | 557,663 |
Employee deferrals | 693,656 | 628,589 | 525,469 |
Cash payments made | $ (48,324) | $ (10,876) | $ (10,394) |
Note 15 - Stock-Based Compen114
Note 15 - Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 89,073 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
2008 Equity Incentive Plan [Member] | |||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | ||
2010 Equity Incentive Plan [Member] | |||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | ||
2013 Equity Incentive Plan [Member] | |||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | ||
Employee Stock Purchase Plan [Member] | |||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 230,040 | ||
Maximum Amount Per Employee Per Offering Period for Employee Stock Purchase Plan (in Dollars) | $ 7,500 | ||
Maximum Amount Per Employee Per Offering Period for Employee Stock Purchase Plan Percent | 8.00% | 8.00% | 8.00% |
Note 15 - Stock-Based Compen115
Note 15 - Stock-Based Compensation (Details) - Stock-based Compensation Expense - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
$ 941,469 | $ 891,619 | $ 792,279 | |
Stock Option and Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
885,524 | 832,845 | 734,827 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
$ 55,945 | $ 58,774 | $ 57,452 |
Note 15 - Stock-Based Compen116
Note 15 - Stock-Based Compensation (Details) - Stock Option Plans - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Option Plans [Abstract] | |||
Outstanding, beginning | 661,771 | 662,506 | 608,852 |
Outstanding, beginning | $ 13.89 | $ 13.82 | $ 13.27 |
Outstanding, ending | 623,176 | 661,771 | 662,506 |
Outstanding, ending | $ 13.88 | $ 13.89 | $ 13.82 |
Exercisable, ending | 405,832 | 420,429 | 419,735 |
Weighted average fair value per option of options granted during the period | $ 5.11 | $ 5.68 | $ 5.14 |
Granted | 73,403 | 82,609 | 96,232 |
Granted | $ 17.63 | $ 17.11 | $ 15.68 |
Exercised | (79,638) | (23,659) | (41,258) |
Exercised | $ 14.70 | $ 10.22 | $ 10.06 |
Forfeited | (32,360) | (59,685) | (1,320) |
Forfeited | $ 20.69 | $ 19.02 | $ 10.53 |
Note 15 - Stock-Based Compen117
Note 15 - Stock-Based Compensation (Details) - Options Outstanding | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number outstanding (in Shares) | shares | 623,176 |
Number exercisable (in Shares) | shares | 405,832 |
Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range | $ 7.99 |
Exercise price range, upper range | $ 8.93 |
Number outstanding (in Shares) | shares | 45,165 |
Weighted average remaining contractual life | 4 years 328 days |
Weighted average exercise price options outstanding | $ 8.19 |
Number exercisable (in Shares) | shares | 34,290 |
Weighted average exercise price options exercisable | $ 8.19 |
Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range | 9 |
Exercise price range, upper range | $ 9.30 |
Number outstanding (in Shares) | shares | 179,547 |
Weighted average remaining contractual life | 4 years 299 days |
Weighted average exercise price options outstanding | $ 9.21 |
Number exercisable (in Shares) | shares | 149,193 |
Weighted average exercise price options exercisable | $ 9.21 |
Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range | 13.25 |
Exercise price range, upper range | $ 16.85 |
Number outstanding (in Shares) | shares | 214,585 |
Weighted average remaining contractual life | 4 years 36 days |
Weighted average exercise price options outstanding | $ 15.88 |
Number exercisable (in Shares) | shares | 170,335 |
Weighted average exercise price options exercisable | $ 15.88 |
Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range | 17 |
Exercise price range, upper range | $ 18.48 |
Number outstanding (in Shares) | shares | 165,629 |
Weighted average remaining contractual life | 7 years 343 days |
Weighted average exercise price options outstanding | $ 17.42 |
Number exercisable (in Shares) | shares | 35,764 |
Weighted average exercise price options exercisable | $ 17.42 |
Range 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range | 19.05 |
Exercise price range, upper range | $ 21.71 |
Number outstanding (in Shares) | shares | 18,250 |
Weighted average remaining contractual life | 1 year 32 days |
Weighted average exercise price options outstanding | $ 19.05 |
Number exercisable (in Shares) | shares | 16,250 |
Weighted average exercise price options exercisable | $ 19.05 |
Note 15 - Stock-Based Compen118
Note 15 - Stock-Based Compensation (Details) - Stock Purchase Plan - Employee Stock Purchase Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Stock-Based Compensation (Details) - Stock Purchase Plan [Line Items] | |||
Shares granted | 23,408 | 24,811 | 27,415 |
Shares purchased | 24,033 | 25,321 | 27,110 |
Weighted average fair value per share granted (in Dollars per share) | $ 2.39 | $ 2.37 | $ 2.10 |
Note 16 - Regulatory Capital119
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Aug. 27, 2015 | |
Disclosure Text Block [Abstract] | ||
Annual Phase-in Percentage of Capital Conservation Buffer | 0.625% | |
Capital Required for Capital Adequacy to Risk Weighted Assets With Capital Conservation Buffer | 10.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets With Capital Conservation Buffer | 8.50% | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets With Capital Conservation Buffer | 7.00% | |
Shelf Registration, Maximum Value of Equity Authorized for Issuance (in Dollars) | $ 100 |
Note 16 - Regulatory Capital120
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends (Details) - Capital Requirements - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | ||
Parent Company [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total risk-based capital actual amount | $ 280,273 | |||
Total risk-based capital actual ratio | 13.11% | 8.00% | ||
Total risk-based capital for capital adequacy purposes amount | $ 170,969 | [1] | ||
Total risk-based capital for capital adequacy purposes ratio | 8.00% | [1] | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 213,711 | |||
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 | $ 204,376 | |||
Total risk-based capital new Basel III minimums ratio | 149876.00% | |||
Tier 1 risk-based capital actual amount | $ 253,891 | |||
Tier 1 risk-based capital actual ratio | 11.88% | 4.00% | ||
Tier 1 risk-based capital for capital adequacy purposes amount | $ 128,227 | [1] | ||
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | [1] | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 170,969 | |||
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 | $ 178,364 | |||
Tier 1 risk-based capital new Basel III minimums ratio | 74938.00% | |||
Tier 1 leverage actual amount | $ 253,891 | |||
Tier 1 leverage actual ratio | 9.75% | 4.00% | ||
Tier 1 leverage for capital adequacy purposes amount | $ 104,163 | [1] | ||
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | [1] | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 130,203 | |||
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | |||
Tier 1 leverage new Basel III minimums amount | $ 178,364 | |||
Tier 1 leverage new Basel III minimums ratio | 93658.00% | |||
Common equity Tier 1 actual amount | $ 220,800 | |||
Common equity Tier 1 actual ratio | 10.33% | |||
Common equity Tier 1 capital adequacy purposes amount | [1] | $ 96,170 | ||
Common equity Tier 1 capital adequacy purposes ratio | [1] | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 138,912 | |||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | |||
Quad City Bank and Trust Company [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total risk-based capital actual amount | $ 135,477 | |||
Total risk-based capital actual ratio | 12.50% | 8.00% | ||
Total risk-based capital for capital adequacy purposes amount | $ 86,726 | [1] | $ 93,119 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | [1] | 10.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 108,407 | |||
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 | $ 104,869 | |||
Total risk-based capital new Basel III minimums ratio | 74495.00% | |||
Tier 1 risk-based capital actual amount | $ 123,498 | |||
Tier 1 risk-based capital actual ratio | 11.39% | 4.00% | ||
Tier 1 risk-based capital for capital adequacy purposes amount | $ 65,044 | [1] | $ 55,872 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | [1] | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 86,726 | |||
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 | $ 93,785 | |||
Tier 1 risk-based capital new Basel III minimums ratio | 37248.00% | |||
Tier 1 leverage actual amount | $ 123,498 | |||
Tier 1 leverage actual ratio | 8.87% | 4.00% | ||
Tier 1 leverage for capital adequacy purposes amount | $ 55,718 | [1] | $ 66,021 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | [1] | 5.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 69,648 | |||
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | |||
Tier 1 leverage new Basel III minimums amount | $ 93,785 | |||
Tier 1 leverage new Basel III minimums ratio | 52817.00% | |||
Common equity Tier 1 actual amount | $ 123,498 | |||
Common equity Tier 1 actual ratio | 11.39% | |||
Common equity Tier 1 capital adequacy purposes amount | [1] | $ 48,783 | ||
Common equity Tier 1 capital adequacy purposes ratio | [1] | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 70,465 | |||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | |||
Cedar Rapids Bank and Trust [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total risk-based capital actual amount | $ 105,285 | |||
Total risk-based capital actual ratio | 14.39% | 8.00% | ||
Total risk-based capital for capital adequacy purposes amount | $ 58,537 | [1] | $ 66,407 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | [1] | 10.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 73,172 | |||
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 | $ 76,662 | |||
Total risk-based capital new Basel III minimums ratio | 53126.00% | |||
Tier 1 risk-based capital actual amount | $ 96,118 | |||
Tier 1 risk-based capital actual ratio | 13.14% | 4.00% | ||
Tier 1 risk-based capital for capital adequacy purposes amount | $ 43,903 | [1] | $ 39,844 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | [1] | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 58,537 | |||
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 | $ 68,772 | |||
Tier 1 risk-based capital new Basel III minimums ratio | 26563.00% | |||
Tier 1 leverage actual amount | $ 96,118 | |||
Tier 1 leverage actual ratio | 10.96% | 4.00% | ||
Tier 1 leverage for capital adequacy purposes amount | $ 35,079 | [1] | $ 41,906 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | [1] | 5.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 43,848 | |||
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | |||
Tier 1 leverage new Basel III minimums amount | $ 68,772 | |||
Tier 1 leverage new Basel III minimums ratio | 33525.00% | |||
Common equity Tier 1 actual amount | $ 96,118 | |||
Common equity Tier 1 actual ratio | 13.14% | |||
Common equity Tier 1 capital adequacy purposes amount | [1] | $ 32,927 | ||
Common equity Tier 1 capital adequacy purposes ratio | [1] | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 47,562 | |||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | |||
Rockford Bank and Trust [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total risk-based capital actual amount | $ 38,544 | |||
Total risk-based capital actual ratio | 11.96% | 8.00% | ||
Total risk-based capital for capital adequacy purposes amount | $ 25,772 | [1] | $ 28,594 | |
Total risk-based capital for capital adequacy purposes ratio | 8.00% | [1] | 10.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 32,216 | |||
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 | $ 35,906 | |||
Total risk-based capital new Basel III minimums ratio | 22875.00% | |||
Tier 1 risk-based capital actual amount | $ 34,514 | |||
Tier 1 risk-based capital actual ratio | 10.71% | 4.00% | ||
Tier 1 risk-based capital for capital adequacy purposes amount | $ 19,329 | [1] | $ 17,156 | |
Tier 1 risk-based capital for capital adequacy purposes ratio | 6.00% | [1] | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions amount | $ 25,772 | |||
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 | $ 32,325 | |||
Tier 1 risk-based capital new Basel III minimums ratio | 11438.00% | |||
Tier 1 leverage actual amount | $ 34,514 | |||
Tier 1 leverage actual ratio | 9.59% | 4.00% | ||
Tier 1 leverage for capital adequacy purposes amount | $ 14,401 | [1] | $ 17,640 | |
Tier 1 leverage for capital adequacy purposes ratio | 4.00% | [1] | 5.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions amount | $ 18,001 | |||
Tier 1 leverage to be well capitalized under prompt corrective action provisions ratio | 5.00% | |||
Tier 1 leverage new Basel III minimums amount | $ 32,325 | |||
Tier 1 leverage new Basel III minimums ratio | 14112.00% | |||
Common equity Tier 1 actual amount | $ 34,514 | |||
Common equity Tier 1 actual ratio | 10.71% | |||
Common equity Tier 1 capital adequacy purposes amount | [1] | $ 14,497 | ||
Common equity Tier 1 capital adequacy purposes ratio | [1] | 4.50% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions amount | $ 20,940 | |||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions ratio | 6.50% | |||
[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). Currently, the New Basel III minimums mirror the minimums required for capital adequacy purposes. The first phase-in of the Basel III capital conservation buffer will occur in 2016. |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 36,572 | 124,983 | 116,324 |
Note 17 - Earnings Per Share122
Note 17 - Earnings Per Share (Details) - Earnings Per Share - Basic and Diluted - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Net income (in Dollars) | $ 16,927,881 | $ 14,952,537 | $ 14,938,245 | |||||||||
Less: Preferred stock dividends (in Dollars) | 1,081,877 | 3,168,302 | ||||||||||
Net income attributable to QCR Holdings, Inc. common stockholders (in Dollars) | $ 16,927,881 | $ 13,870,660 | $ 11,769,943 | |||||||||
EPS attributable to QCR Holdings, Inc. common stockholders | ||||||||||||
Basic (in Dollars per share) | $ 0.58 | $ 0.55 | $ (0.05) | $ 0.52 | $ 0.38 | $ 0.51 | $ 0.46 | $ 0.40 | $ 1.64 | $ 1.75 | $ 2.13 | |
Diluted (in Dollars per share) | $ 0.57 | $ 0.55 | $ (0.05) | $ 0.52 | $ 0.37 | $ 0.50 | $ 0.45 | $ 0.40 | $ 1.61 | $ 1.72 | $ 2.08 | |
Weighted average common shares outstanding* | [1] | 10,345,286 | 7,925,220 | 5,531,948 | ||||||||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** | [2] | 154,555 | 123,441 | 114,978 | ||||||||
Weighted average common and common equivalent shares outstanding | 10,499,841 | 8,048,661 | 5,646,926 | |||||||||
[1] | The increase in weighted average common shares outstanding from 2014 to 2015 was primarily due to the common stock issuance discussed in Note 12 to theConsolidated Financial Statements | |||||||||||
[2] | Excludes anti-dilutive shares of 36,572, 124,983, and 116,324 at December 31, 2015, 2014 and 2013, respectively. |
Note 18 - Commitments and Co123
Note 18 - Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 18 - Commitments and Contingencies (Details) [Line Items] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 565,850 | $ 553,000 |
Loans Sold with Recourse Provisions | 524,400 | 9,049,519 |
Cash, Uninsured Amount | 101,000,000 | 101,600,000 |
Money Market Funds, at Carrying Value | 105,290,874 | 89,006,285 |
Commitments to Extend Credit [Member] | ||
Note 18 - Commitments and Contingencies (Details) [Line Items] | ||
Other Commitment | 480,475,033 | 499,267,717 |
Financial Standby Letter of Credit [Member] | ||
Note 18 - Commitments and Contingencies (Details) [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 0 | 0 |
Standby Letters of Credit [Member] | ||
Note 18 - Commitments and Contingencies (Details) [Line Items] | ||
Other Commitment | $ 13,067,100 | $ 12,896,428 |
Note 19 - Quarterly Results 124
Note 19 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Results of Operations [Abstract] | |||||||||||
Total interest income | $ 22,909,799 | $ 23,141,112 | $ 22,050,612 | $ 21,901,730 | $ 22,028,027 | $ 21,796,642 | $ 21,105,376 | $ 21,035,211 | |||
Total interest expense | 3,023,654 | 3,003,586 | 3,559,776 | 4,119,513 | 4,246,814 | 4,321,311 | 4,140,033 | 4,185,970 | $ 13,706,529 | $ 16,894,128 | $ 17,766,521 |
Net interest income | 19,886,145 | 20,137,526 | 18,490,836 | 17,782,217 | 17,781,213 | 17,475,331 | 16,965,343 | 16,849,241 | 76,296,724 | 69,071,128 | 64,105,437 |
Provision for loan/lease losses | 1,176,516 | 1,635,263 | 2,348,665 | 1,710,456 | 3,647,636 | 1,063,323 | 1,001,879 | 1,094,162 | 6,870,900 | 6,807,000 | 5,930,420 |
Noninterest income | 6,477,904 | 6,368,807 | 5,461,234 | 6,221,778 | 6,078,181 | 4,985,288 | 5,327,059 | 4,766,827 | 24,529,723 | 21,157,357 | 26,845,676 |
Noninterest expense | 16,139,417 | 15,913,212 | 24,101,634 | 17,204,161 | 16,874,440 | 16,305,756 | 16,089,374 | 16,160,408 | 73,358,424 | 65,429,978 | 65,464,506 |
Income (loss) before taxes | 9,048,116 | 8,957,858 | (2,498,229) | 5,089,378 | 3,337,318 | 5,091,541 | 5,201,148 | 4,361,500 | 20,597,123 | 17,991,507 | 19,556,187 |
Federal and state income tax expense (benefit) | 2,263,293 | 2,468,871 | (1,974,411) | 911,489 | 344,497 | 1,028,876 | 1,193,312 | 472,285 | 3,669,242 | 3,038,970 | 4,617,942 |
Net income (loss) | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 2,992,821 | $ 4,062,665 | $ 4,007,836 | $ 3,889,215 | $ 16,927,881 | $ 14,952,537 | $ 14,938,245 |
EPS: | |||||||||||
Basic (in Dollars per share) | $ 0.58 | $ 0.55 | $ (0.05) | $ 0.52 | $ 0.38 | $ 0.51 | $ 0.46 | $ 0.40 | $ 1.64 | $ 1.75 | $ 2.13 |
Diluted (in Dollars per share) | $ 0.57 | $ 0.55 | $ (0.05) | $ 0.52 | $ 0.37 | $ 0.50 | $ 0.45 | $ 0.40 | $ 1.61 | $ 1.72 | $ 2.08 |
Note 20 - Parent Company Onl125
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and due from banks | $ 41,957,855 | $ 38,235,019 | |
Interest-bearing deposits at financial institutions | 36,098,431 | 35,334,682 | |
Securities available for sale, at fair value | 323,434,982 | 451,659,630 | |
Premises and equipment, net | 37,350,352 | 36,021,128 | |
Other assets | 26,784,392 | 23,174,994 | |
Total assets | 2,593,198,275 | 2,524,958,100 | $ 2,394,952,924 |
Liabilities: | |||
Other borrowings | 110,000,000 | 150,282,492 | |
Other liabilities | 42,484,573 | 38,653,681 | |
Total liabilities | 2,367,312,525 | 2,380,879,591 | |
Stockholders' Equity: | |||
Common stock | 11,761,083 | 8,074,443 | |
Additional paid-in capital | 123,282,851 | 61,668,968 | |
Retained earnings | 92,965,645 | 77,876,824 | |
Treasury stock | (1,606,510) | ||
Total liabilities and stockholders' equity | 2,593,198,275 | 2,524,958,100 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and due from banks | 3,650,133 | 4,499,139 | |
Interest-bearing deposits at financial institutions | 701 | 190,127 | |
Securities available for sale, at fair value | 1,398,255 | 1,724,353 | |
Premises and equipment, net | 4,502,435 | 3,160,035 | |
Other assets | 12,797,292 | 6,765,109 | |
Total assets | 280,376,933 | 216,608,863 | |
Liabilities: | |||
Other borrowings | 21,745,116 | ||
Junior subordinated debentures | 38,499,052 | 40,423,735 | |
Other liabilities | 15,992,131 | 10,361,503 | |
Total liabilities | 54,491,183 | 72,530,354 | |
Stockholders' Equity: | |||
Common stock | 11,761,083 | 8,074,443 | |
Additional paid-in capital | 123,282,851 | 61,668,968 | |
Retained earnings | 92,965,645 | 77,876,824 | |
Accumulated other comprehensive loss | (2,123,829) | (1,935,216) | |
Treasury stock | (1,606,510) | ||
Total stockholders' equity | 225,885,750 | 144,078,509 | |
Total liabilities and stockholders' equity | 280,376,933 | 216,608,863 | |
Bank Subsidiaries [Member] | Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Investment in subsidiaries | 256,709,890 | 198,881,739 | |
Non-bank Subsidiaries [Member] | Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Investment in subsidiaries | $ 1,318,227 | $ 1,388,361 |
Note 20 - Parent Company Onl126
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Statements of Income - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total interest income | $ 22,909,799 | $ 23,141,112 | $ 22,050,612 | $ 21,901,730 | $ 22,028,027 | $ 21,796,642 | $ 21,105,376 | $ 21,035,211 | |||
Securities gains | $ 798,983 | $ 92,363 | $ 432,492 | ||||||||
Gain on debt extinguishment | 300,000 | ||||||||||
Bargain purchase gain on Community National acquisition | 1,841,385 | ||||||||||
Total income | 114,532,976 | 107,122,613 | 108,717,634 | ||||||||
Interest expense | 3,023,654 | 3,003,586 | 3,559,776 | 4,119,513 | 4,246,814 | 4,321,311 | 4,140,033 | 4,185,970 | 13,706,529 | 16,894,128 | 17,766,521 |
Salaries and employee benefits | 42,967,915 | 40,337,055 | 37,510,318 | ||||||||
Acquisition and data conversion costs | 2,353,162 | ||||||||||
Income tax benefit | (2,263,293) | (2,468,871) | 1,974,411 | (911,489) | (344,497) | (1,028,876) | (1,193,312) | (472,285) | (3,669,242) | (3,038,970) | (4,617,942) |
Net income | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 2,992,821 | $ 4,062,665 | $ 4,007,836 | $ 3,889,215 | 16,927,881 | 14,952,537 | 14,938,245 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total interest income | 69,774 | 40,815 | 43,476 | ||||||||
Securities gains | 262,800 | ||||||||||
Gain on debt extinguishment | 300,000 | ||||||||||
Bargain purchase gain on Community National acquisition | 1,841,385 | ||||||||||
Other | (4,436) | 7,486 | 7,942 | ||||||||
Total income | 22,720,047 | 20,414,170 | 22,423,413 | ||||||||
Interest expense | 1,679,909 | 1,986,752 | 1,714,814 | ||||||||
Salaries and employee benefits | 4,847,507 | 4,671,719 | 4,765,762 | ||||||||
Professional fees | 1,121,094 | 1,100,714 | 977,571 | ||||||||
Acquisition and data conversion costs | 2,037,684 | ||||||||||
Other | 949,041 | 635,081 | 642,044 | ||||||||
Total expenses | 8,597,551 | 8,394,266 | 10,137,875 | ||||||||
Income before income tax benefit | 14,122,496 | 12,019,904 | 12,285,538 | ||||||||
Income tax benefit | 2,805,385 | 2,932,633 | 2,652,707 | ||||||||
Net income | 16,927,881 | 14,952,537 | 14,938,245 | ||||||||
Bank Subsidiaries [Member] | Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in net income of subsidiaries | 22,059,086 | 20,333,194 | 20,499,070 | ||||||||
Non-bank Subsidiaries [Member] | Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in net income of subsidiaries | $ 32,823 | $ 32,675 | $ 31,540 |
Note 20 - Parent Company Onl127
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Statements of Cash Flows - USD ($) | May. 13, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||||||||||||
Net income | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 2,992,821 | $ 4,062,665 | $ 4,007,836 | $ 3,889,215 | $ 16,927,881 | $ 14,952,537 | $ 14,938,245 | ||
Distributions in excess of (less than) earnings of: | |||||||||||||
Bargain purchase gain on Community National acquisition | (1,841,385) | ||||||||||||
Accretion of acquisition fair value adjustments | (367,009) | (674,539) | (1,060,708) | ||||||||||
Stock-based compensation expense | 941,469 | 891,619 | 792,279 | ||||||||||
Securities gains, net | (798,983) | (92,363) | (432,492) | ||||||||||
Gain on debt extinguishment | (300,000) | ||||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Net increase in interest-bearing deposits at financial institutions | (763,749) | (2,289,765) | (8,660,888) | ||||||||||
Activity in securities portfolio: | |||||||||||||
Calls, maturities and redemptions | 211,942,737 | 35,247,090 | 147,264,900 | ||||||||||
Sales | 81,410,368 | 78,476,422 | 37,393,047 | ||||||||||
Purchase of premises and equipment | (4,394,255) | (2,035,855) | (2,430,353) | ||||||||||
Net cash (used in) provided by investing activities | (65,857,618) | (129,927,297) | (164,557,224) | ||||||||||
Activity in other borrowings: | |||||||||||||
Proceeds from other borrowings | 10,000,000 | 10,000,000 | |||||||||||
Calls, maturities and scheduled principal payments | (7,350,000) | (2,125,000) | (5,800,000) | ||||||||||
Prepayments | (34,559,000) | ||||||||||||
Retirement of junior subordinated debentures | (1,762,000) | ||||||||||||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | (29,823,922) | ||||||||||||
Cash and due from banks: | |||||||||||||
Beginning | 41,957,855 | 38,235,019 | 41,957,855 | 38,235,019 | 41,950,790 | $ 61,568,446 | |||||||
Ending | 41,957,855 | 38,235,019 | 41,957,855 | 38,235,019 | 41,950,790 | $ 61,568,446 | |||||||
Common Stock Offering 1 [Member] | |||||||||||||
Activity in other borrowings: | |||||||||||||
Proceeds from common stock issuance | $ 63,500,000 | 63,484,123 | |||||||||||
Common Stock Offering 2 [Member] | |||||||||||||
Activity in other borrowings: | |||||||||||||
Proceeds from common stock issuance | 1,552,673 | 620,641 | 582,742 | ||||||||||
Net cash provided by (used in) financing activities | 39,481,832 | 100,611,611 | 112,903,315 | ||||||||||
Net increase (decrease) in cash and due from banks | 3,722,836 | (3,715,771) | (19,617,656) | ||||||||||
Parent Company [Member] | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Net income | 16,927,881 | 14,952,537 | 14,938,245 | ||||||||||
Distributions in excess of (less than) earnings of: | |||||||||||||
Bargain purchase gain on Community National acquisition | (1,841,385) | ||||||||||||
Accretion of acquisition fair value adjustments | 137,317 | 133,905 | 79,655 | ||||||||||
Depreciation | 174,757 | 100,158 | 75,182 | ||||||||||
Stock-based compensation expense | 941,469 | 891,619 | 792,279 | ||||||||||
Securities gains, net | (262,800) | ||||||||||||
Gain on debt extinguishment | (300,000) | ||||||||||||
Decrease (increase) in other assets | (5,929,110) | 1,912,597 | (725,105) | ||||||||||
(Decrease) increase in other liabilities | 5,502,390 | 2,644,458 | (2,978,106) | ||||||||||
Net cash provided by operating activities | 4,832,689 | 20,802,089 | 15,841,592 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||
Net increase in interest-bearing deposits at financial institutions | 189,426 | (2,726) | (2,288) | ||||||||||
Activity in securities portfolio: | |||||||||||||
Purchases | (1,764,137) | (40,523) | (34,040) | ||||||||||
Calls, maturities and redemptions | 1,772,719 | 71,429 | |||||||||||
Sales | 489,828 | ||||||||||||
Capital infusion, bank subsidiaries | (45,600,000) | ||||||||||||
Net cash paid for Community National acquisition | (6,261,684) | ||||||||||||
Purchase of premises and equipment | (1,517,157) | (16,618) | |||||||||||
Net cash (used in) provided by investing activities | (46,429,321) | 11,562 | (6,298,012) | ||||||||||
Activity in other borrowings: | |||||||||||||
Proceeds from other borrowings | 10,000,000 | 10,000,000 | |||||||||||
Calls, maturities and scheduled principal payments | (2,350,000) | (2,359,207) | (373,446) | ||||||||||
Prepayments | (19,395,116) | (9,550,000) | |||||||||||
Retirement of junior subordinated debentures | (1,762,000) | ||||||||||||
Payment of cash dividends on common and preferred stock | (782,054) | (1,964,608) | (4,062,726) | ||||||||||
Net cash provided by (used in) financing activities | 40,747,626 | (23,527,096) | (3,403,430) | ||||||||||
Net increase (decrease) in cash and due from banks | (849,006) | (2,713,445) | 6,140,150 | ||||||||||
Parent Company [Member] | Common Stock Offering 1 [Member] | |||||||||||||
Activity in other borrowings: | |||||||||||||
Proceeds from common stock issuance | 63,484,123 | ||||||||||||
Parent Company [Member] | Common Stock Offering 2 [Member] | |||||||||||||
Activity in other borrowings: | |||||||||||||
Proceeds from common stock issuance | 1,552,673 | 620,641 | 582,742 | ||||||||||
Parent Company [Member] | Series F Noncumulative Perpetual Preferred Stock [Member] | |||||||||||||
Activity in other borrowings: | |||||||||||||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | (29,823,922) | ||||||||||||
Beginning of Period [Member] | Parent Company [Member] | |||||||||||||
Cash and due from banks: | |||||||||||||
Beginning | 4,499,139 | 7,212,584 | 4,499,139 | 7,212,584 | 1,072,434 | ||||||||
Ending | 4,499,139 | 7,212,584 | 4,499,139 | 7,212,584 | 1,072,434 | ||||||||
End of Period [Member] | Parent Company [Member] | |||||||||||||
Cash and due from banks: | |||||||||||||
Beginning | 3,650,133 | 4,499,139 | 3,650,133 | 4,499,139 | 7,212,584 | ||||||||
Ending | $ 3,650,133 | $ 4,499,139 | 3,650,133 | 4,499,139 | 7,212,584 | ||||||||
Bank Subsidiaries [Member] | Parent Company [Member] | |||||||||||||
Distributions in excess of (less than) earnings of: | |||||||||||||
Subsidiaries | (12,359,086) | 166,806 | 5,500,930 | ||||||||||
Non-bank Subsidiaries [Member] | Parent Company [Member] | |||||||||||||
Distributions in excess of (less than) earnings of: | |||||||||||||
Subsidiaries | $ (128) | $ 9 | $ (103) |
Note 20 - Parent Company Onl128
Note 20 - Parent Company Only Financial Statements (Details) - Condensed Statements of Cash Flows (Parentheticals) - shares | May. 13, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock Offering 1 [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from issuance of common stock, net of issuance costs, shares | 3,680,000 | 3,680,000 | |
Parent Company [Member] | Common Stock Offering 1 [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from issuance of common stock, net of issuance costs, shares | 3,680,000 | ||
Parent Company [Member] | Series F Noncumulative Perpetual Preferred Stock [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Redemption of Series F Noncumulative Perpetual Preferred Stock, shares | 29,867 |
Note 21 - Fair Value (Details)
Note 21 - Fair Value (Details) - Assets Measured at Fair Value on a Recurring Basis - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
U.S. govt. sponsored agency securities | $ 323,434,982 | $ 451,659,630 |
Derivative instruments | 856,024 | 1,487,387 |
324,291,006 | 453,147,017 | |
Impaired loans/leases | 12,268,677 | 26,256,409 |
Impaired Loans/Leases [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 4,545,966 | 12,467,362 |
Other Real Estate Owned [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 7,722,711 | 13,789,047 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 213,537,379 | 307,869,572 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 80,670,135 | 111,423,224 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 27,578,588 | 30,399,981 |
Other Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 1,648,880 | 1,966,853 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
411 | 345,952 | |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 411 | 345,952 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Derivative instruments | 856,024 | 1,487,387 |
324,290,595 | 452,801,065 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 213,537,379 | 307,869,572 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 80,670,135 | 111,423,224 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 27,578,588 | 30,399,981 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 1,648,469 | 1,620,901 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 12,268,677 | 26,256,409 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans/Leases [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 4,545,966 | 12,467,362 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | $ 7,722,711 | $ 13,789,047 |
Note 21 - Fair Value (Detail130
Note 21 - Fair Value (Details) - Quantitative Information About Level Fair Value Measurements - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 12,268,677 | $ 26,256,409 |
Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 4,545,966 | 12,467,362 |
Valuation technique | Appraisal of collateral | |
Other Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 7,722,711 | $ 13,789,047 |
Valuation technique | Appraisal of collateral | |
Minimum [Member] | Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 10.00% | |
Minimum [Member] | Other Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 0.00% | |
Maximum [Member] | Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 50.00% | |
Maximum [Member] | Other Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Appraisal adjustments | 35.00% |
Note 21 - Fair Value (Detail131
Note 21 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 21 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Cash and due from banks | $ 41,957,855 | $ 38,235,019 |
Federal funds sold | 19,850,000 | 46,780,000 |
Interest-bearing deposits at financial institutions | 36,098,431 | 35,334,682 |
Investment securities: | ||
Held to maturity | 253,674,159 | |
Held to maturity | 255,691,285 | 201,113,796 |
Available for sale | 323,434,982 | 451,659,630 |
Derivative instruments | 856,024 | 1,487,387 |
Deposits: | ||
Deposits | 1,880,666,184 | 1,679,668,013 |
Federal Home Loan Bank advances | 151,000,000 | 203,500,000 |
Other borrowings | 110,000,000 | 150,282,492 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 21 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Cash and due from banks | 41,957,855 | 38,235,019 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 21 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Federal funds sold | 19,850,000 | 46,780,000 |
Federal funds sold | 19,850,000 | 46,780,000 |
Investment securities: | ||
Loans/leases receivable, net | 1,767,672,541 | 1,595,384,852 |
Loans/leases receivable, net, fair value | 1,764,178,772 | 1,606,646,146 |
Derivative instruments | 856,024 | 1,487,387 |
Deposits: | ||
Short-term borrowings | 144,662,716 | 268,351,670 |
Short-term borrowings | 144,662,716 | 268,351,670 |
Federal Home Loan Bank advances | 151,000,000 | 203,500,000 |
Federal Home Loan Bank advances | 153,143,000 | 208,172,000 |
Other borrowings | 110,000,000 | 150,282,492 |
Other borrowings | 116,061,000 | 159,741,000 |
Junior subordinated debentures | 38,499,052 | 40,423,735 |
Junior subordinated debentures | 27,642,093 | 28,585,294 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Investment securities: | ||
Derivative instruments | 856,024 | 1,487,387 |
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | ||
Note 21 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Interest-bearing deposits at financial institutions | 36,098,431 | 35,334,682 |
Interest-bearing deposits at financial institutions | 36,098,431 | 35,334,682 |
Fair Value, Inputs, Level 2 [Member] | Nonmaturity Deposits [Member] | ||
Deposits: | ||
Deposits | 1,516,599,081 | 1,304,044,099 |
Deposits, fair value | 1,516,599,081 | 1,304,044,099 |
Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
Deposits: | ||
Deposits | 364,067,103 | 375,623,914 |
Deposits, fair value | 364,192,000 | 376,509,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities: | ||
Held to maturity | 253,674,159 | 199,879,574 |
Held to maturity | 255,691,285 | 201,113,796 |
Loans/leases receivable, net | 4,209,228 | 11,543,853 |
Loans/leases receivable, net, fair value | $ 4,545,966 | $ 12,467,362 |
Note 22 - Business Segment I132
Note 22 - Business Segment Information (Details) - Selected Financial Information on the Company’s Business Segments - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 114,532,976 | $ 107,122,613 | $ 108,717,634 | ||||||||
Net interest income | $ 19,886,145 | $ 20,137,526 | $ 18,490,836 | $ 17,782,217 | $ 17,781,213 | $ 17,475,331 | $ 16,965,343 | $ 16,849,241 | 76,296,724 | 69,071,128 | 64,105,437 |
Net income attributable to QCR Holdings, Inc. | 6,784,823 | 6,488,987 | (523,818) | 4,177,889 | 2,992,821 | 4,062,665 | 4,007,836 | 3,889,215 | 16,927,881 | 14,952,537 | 14,938,245 |
Total assets | 2,593,198,275 | 2,524,958,100 | 2,593,198,275 | 2,524,958,100 | 2,394,952,924 | ||||||
Provision for loan/lease losses | 1,176,516 | $ 1,635,263 | $ 2,348,665 | $ 1,710,456 | 3,647,636 | $ 1,063,323 | $ 1,001,879 | $ 1,094,162 | 6,870,900 | 6,807,000 | 5,930,420 |
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | ||||||
Core deposit intangible | 1,471,409 | 1,670,921 | 1,471,409 | 1,670,921 | 1,870,433 | ||||||
Operating Segments [Member] | Wealth Management Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 9,103,173 | 8,513,322 | 7,521,821 | ||||||||
Net income attributable to QCR Holdings, Inc. | 1,627,586 | 1,556,082 | 1,379,402 | ||||||||
Operating Segments [Member] | Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 663,432 | 80,978 | 1,924,329 | ||||||||
Net interest income | (1,610,135) | (1,945,937) | (1,671,338) | ||||||||
Net income attributable to QCR Holdings, Inc. | (5,131,205) | (5,380,656) | (5,560,838) | ||||||||
Total assets | 27,605,704 | 17,727,123 | 27,605,704 | 17,727,123 | 22,394,401 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | (424,688) | (485,860) | (108,214) | ||||||||
Total assets | (5,323,168) | (7,233,390) | (5,323,168) | (7,233,390) | (16,168,205) | ||||||
Quad City Bank and Trust Company [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 52,859,118 | 48,827,714 | 49,701,389 | ||||||||
Net interest income | 40,416,563 | 36,539,635 | 33,892,035 | ||||||||
Net income attributable to QCR Holdings, Inc. | 10,333,111 | 9,065,183 | 9,310,779 | ||||||||
Total assets | 1,336,571,694 | 1,320,684,456 | 1,336,571,694 | 1,320,684,456 | 1,245,128,136 | ||||||
Provision for loan/lease losses | 4,367,234 | 3,800,667 | 3,391,406 | ||||||||
Goodwill | 3,222,688 | 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 | 37,515,641 | 35,899,702 | 35,946,233 | ||||||||
Net interest income | 26,635,659 | 24,215,815 | 22,239,329 | ||||||||
Net income attributable to QCR Holdings, Inc. | 7,695,867 | 7,562,252 | 7,953,230 | ||||||||
Total assets | 866,872,406 | 840,331,777 | 866,872,406 | 840,331,777 | 804,223,453 | ||||||
Provision for loan/lease losses | 1,750,000 | 1,855,333 | 1,531,014 | ||||||||
Core deposit intangible | 1,471,409 | 1,670,921 | 1,471,409 | 1,670,921 | 1,870,433 | ||||||
Rockford Bank and Trust [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 14,816,300 | 14,286,757 | 13,732,076 | ||||||||
Net interest income | 10,854,637 | 10,261,615 | 9,645,411 | ||||||||
Net income attributable to QCR Holdings, Inc. | 2,402,522 | 2,149,676 | 1,855,672 | ||||||||
Total assets | $ 367,471,639 | $ 353,448,134 | 367,471,639 | 353,448,134 | 339,375,139 | ||||||
Provision for loan/lease losses | $ 753,666 | $ 1,151,000 | $ 1,008,000 |
Note 23 - Acquisition of Non133
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds (Details) - USD ($) | Sep. 11, 2012 | Aug. 27, 2012 | Aug. 27, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2005 |
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,847,687 | ||||||
Debt Instrument, Unamortized Discount | $ 2,225,948 | $ 2,363,265 | |||||
Accretion Expense | (367,009) | (674,539) | $ (1,060,708) | ||||
Other Liabilities | 42,484,573 | 38,653,681 | |||||
M2 Lease Funds LLC [Member] | |||||||
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds (Details) [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 20.00% | 80.00% | ||||
Business Combination, Consideration Transferred | $ 4,501,442 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 2,133,417 | $ 2,133,417 | |||||
Payments to Acquire Businesses, Gross | $ 1,653,755 | ||||||
Fair Value Inputs, Discount Rate | 5.00% | ||||||
Debt Instrument, Unamortized Discount | 459,822 | $ 459,822 | |||||
Accretion Expense | 80,820 | 155,716 | 148,137 | ||||
Other Liabilities | 3,199,298 | 3,043,582 | |||||
M2 Lease Funds LLC [Member] | Undiscounted [Member] | |||||||
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds (Details) [Line Items] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,307,509 | ||||||
M2 Lease Funds LLC [Member] | M2 Chief Executive Officer [Member] | |||||||
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds (Details) [Line Items] | |||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 593,611 | 701,634 | 725,483 | ||||
Business Combination, Contingent Consideration, Liability | $ 1,622,832 | $ 921,198 |
Note 24 - Sale of Credit Car134
Note 24 - Sale of Credit Card Loan Receivables and Credit Card Issuing Operations for QCBT (Details) - USD ($) | Feb. 15, 2013 | Dec. 31, 2013 | Jan. 31, 2013 |
Note 24 - Sale of Credit Card Loan Receivables and Credit Card Issuing Operations for QCBT (Details) [Line Items] | |||
Gains (Losses) on Sales of Credit Card Portfolio | $ 495,405 | ||
Credit Card Issuing Operations [Member] | |||
Note 24 - Sale of Credit Card Loan Receivables and Credit Card Issuing Operations for QCBT (Details) [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,179,318 | ||
Gains (Losses) on Sales of Credit Card Portfolio | $ 495,405 | ||
Gains on sales of certain Community National Bank branches | 355,268 | $ 355,268 | |
Disposal Group, Including Discontinued Operation, Other Expense | 257,476 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 593,197 |
Note 25 - Subsequent Event -135
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 103,500,000 | |||||
Gains (Losses) on Extinguishment of Debt | $ 209,416 | (6,900,000) | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.60% | 2.50% | |||
Repayments of Other Debt | $ 34,559,000 | |||||
Repayments of Federal Home Loan Bank Borrowings | $ 3,000,000 | 75,500,000 | 84,401,601 | $ 0 | ||
Subsequent Event [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Repayments of Federal Home Loan Bank Borrowings | $ 10,000,000 | |||||
Wholesale Repurchase Agreements [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | $ 382,000 | (1,202,000) | ||||
Repayments of Other Debt | $ 10,000,000 | $ 5,000,000 | ||||
Wholesale Repurchase Agreements [Member] | Subsequent Event [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Repayments of Other Debt | $ 10,000,000 | |||||
Weighted Average [Member] | Subsequent Event [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.92% | |||||
Junior Subordinated Debt [Member] | Subsequent Event [Member] | Note Payable to QCR Holdings Capital Trust IV [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 5,100,000 | |||||
Gains (Losses) on Extinguishment of Debt | $ 1,200,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.42% | |||||
Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | |||||
Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Note Payable to QCR Holdings Capital Trust IV [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||
FHLB Advances and Wholesale Repurchase Agreements [Member] | Subsequent Event [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | $ (1,300,000) | |||||
FHLB Advances and Wholesale Repurchase Agreements [Member] | Weighted Average [Member] | Subsequent Event [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Debt Instrument, Term | 2 years 62 days | |||||
Wholesale Repurchase Agreements [Member] | Subsequent Event [Member] | ||||||
Note 25 - Subsequent Event - Junior Subordinated Debentures Retirement and Balance Sheet Restructuring (Details) [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 10,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 10 | |||||
Short-term Debt, Weighted Average Interest Rate | 0.50% |