Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | QCR HOLDINGS INC | |
Trading Symbol | qcrh | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,823,268 | |
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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 44,930,836 | $ 41,742,321 |
Federal funds sold | 15,740,000 | 19,850,000 |
Interest-bearing deposits at financial institutions | 41,489,171 | 36,313,965 |
Securities held to maturity, at amortized cost | 261,129,586 | 253,674,159 |
Securities available for sale, at fair value | 276,187,867 | 323,434,982 |
Total securities | 537,317,453 | 577,109,141 |
Loans receivable held for sale | 765,385 | 565,850 |
Loans/leases receivable held for investment | 1,873,058,231 | 1,797,456,825 |
Gross loans/leases receivable | 1,873,823,616 | 1,798,022,675 |
Less allowance for estimated losses on loans/leases | (27,395,442) | (26,140,906) |
Net loans/leases receivable | 1,846,428,174 | 1,771,881,769 |
Bank-owned life insurance | 55,879,264 | 55,485,655 |
Premises and equipment, net | 38,142,454 | 37,350,352 |
Restricted investment securities | 15,321,175 | 14,835,925 |
Other real estate owned, net | 6,680,283 | 7,150,658 |
Goodwill | 3,222,688 | 3,222,688 |
Core deposit intangible | 1,421,531 | 1,471,409 |
Other assets | 34,100,225 | 26,784,392 |
Total assets | 2,640,673,254 | 2,593,198,275 |
Deposits: | ||
Noninterest-bearing | 641,858,800 | 615,292,211 |
Interest-bearing | 1,347,714,289 | 1,265,373,973 |
Total deposits | 1,989,573,089 | 1,880,666,184 |
Short-term borrowings | 64,022,811 | 144,662,716 |
Federal Home Loan Bank advances | 150,500,000 | 151,000,000 |
Other borrowings | 100,000,000 | 110,000,000 |
Junior subordinated debentures | 33,378,402 | 38,499,052 |
Other liabilities | 68,056,233 | 42,484,573 |
Total liabilities | 2,405,530,535 | 2,367,312,525 |
March 2016 and December 2015 - No shares issued or outstanding | ||
Common stock, $1 par value; shares authorized 20,000,000 | 11,814,911 | 11,761,083 |
December 2015 - 11,761,083 shares issued and outstanding | ||
Additional paid-in capital | 124,057,965 | 123,282,851 |
Retained earnings | 98,868,261 | 92,965,645 |
Accumulated other comprehensive income (loss): | ||
Securities available for sale | 1,455,351 | (1,324,408) |
Interest rate cap derivatives | (1,053,769) | (799,421) |
Total stockholders' equity | 235,142,719 | 225,885,750 |
Total liabilities and stockholders' equity | $ 2,640,673,254 | $ 2,593,198,275 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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, par value (in Dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 11,814,911 | 11,761,083 |
Common stock, shares outstanding | 11,814,911 | 11,761,083 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income: | ||
Loans/leases, including fees | $ 19,700,370 | $ 18,004,519 |
Securities: | ||
Taxable | 1,356,203 | 1,942,765 |
Nontaxable | 2,242,015 | 1,730,568 |
Interest-bearing deposits at financial institutions | 60,317 | 77,054 |
Restricted investment securities | 130,564 | 142,318 |
Federal funds sold | 12,590 | 4,506 |
Total interest and dividend income | 23,502,059 | 21,901,730 |
Interest expense: | ||
Deposits | 1,289,798 | 1,072,445 |
Short-term borrowings | 43,066 | 64,025 |
Federal Home Loan Bank advances | 441,704 | 1,443,715 |
Other borrowings | 825,083 | 1,231,886 |
Junior subordinated debentures | 304,886 | 307,442 |
Total interest expense | 2,904,537 | 4,119,513 |
Net interest income | 20,597,522 | 17,782,217 |
Provision for loan/lease losses | 2,072,985 | 1,710,456 |
Net interest income after provision for loan/lease losses | 18,524,537 | 16,071,761 |
Noninterest income: | ||
Trust department fees | 1,575,907 | 1,633,395 |
Investment advisory and management fees | 658,385 | 710,043 |
Deposit service fees | 931,079 | 901,356 |
Gains on sales of residential real estate loans, net | 60,386 | 86,140 |
Gains on sales of government guaranteed portions of loans, net | 878,528 | 70,973 |
Swap fee income | 856,958 | 726,207 |
Securities gains, net | 358,480 | 421,066 |
Earnings on bank-owned life insurance | 393,609 | 478,739 |
Debit card fees | 307,651 | 238,000 |
Correspondent banking fees | 302,130 | 319,621 |
Participation service fees on commercial loan participations | 210,709 | 221,949 |
Fee income from early termination of leases | 11,750 | 84,839 |
Credit card issuing fees | 136,655 | 134,160 |
Other | 140,246 | 195,290 |
Total noninterest income | 6,822,473 | 6,221,778 |
Noninterest expense: | ||
Salaries and employee benefits | 10,800,907 | 11,034,452 |
Occupancy and equipment expense | 1,826,988 | 1,794,171 |
Professional and data processing fees | 1,447,413 | 1,470,517 |
FDIC insurance, other insurance and regulatory fees | 634,365 | 719,057 |
Loan/lease expense | 162,819 | 302,924 |
Net cost of operations of other real estate | 102,183 | 76,851 |
Advertising and marketing | 386,259 | 418,237 |
Postage and communications | 217,090 | 248,956 |
Stationery and supplies | 164,871 | 142,555 |
Bank service charges | 415,931 | 337,458 |
Losses on debt extinguishment, net | 83,197 | |
Correspondent banking expense | 176,989 | 175,703 |
Other | 535,486 | 483,280 |
Total noninterest expense | 16,954,498 | 17,204,161 |
Net income before income taxes | 8,392,512 | 5,089,378 |
Federal and state income tax expense | 2,019,023 | 911,489 |
Net income | $ 6,373,489 | $ 4,177,889 |
Basic earnings per common share (in Dollars per share) | $ 0.54 | $ 0.52 |
Diluted earnings per common share (in Dollars per share) | $ 0.53 | $ 0.52 |
Weighted average common shares outstanding (in Shares) | 11,793,620 | 7,975,910 |
Weighted average common and common equivalent shares outstanding (in Shares) | 11,953,949 | 8,097,444 |
Cash dividends declared per common share (in Dollars per share) | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 6,373,489 | $ 4,177,889 |
Unrealized gains on securities available for sale: | ||
Unrealized holding gains arising during the period before tax | 4,863,718 | 4,402,337 |
Less reclassification adjustment for gains included in net income before tax | 358,480 | 421,066 |
4,505,238 | 3,981,271 | |
Unrealized losses on interest rate cap derivatives: | ||
Unrealized holding losses arising during the period before tax | (405,373) | (372,384) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | 15,438 | 901 |
(420,811) | (373,285) | |
Other comprehensive income, before tax | 4,084,427 | 3,607,986 |
Tax expense | 1,559,016 | 1,387,121 |
Other comprehensive income, net of tax | 2,525,411 | 2,220,865 |
Comprehensive income attributable to QCR Holdings, Inc. | $ 8,898,900 | $ 6,398,754 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance, beginning at Dec. 31, 2014 | $ 8,074,443 | $ 61,668,968 | $ 77,876,824 | $ (1,935,216) | $ (1,606,510) | $ 144,078,509 |
Balance, ending at Mar. 31, 2015 | 8,113,040 | 62,149,073 | 82,054,713 | 285,649 | $ (1,606,510) | 150,995,965 |
Net income | 4,177,889 | 4,177,889 | ||||
Other comprehensive loss, net of tax | 2,220,865 | 2,220,865 | ||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 5,679 | 82,641 | 88,320 | |||
Proceeds from issuance of common stock, stock options exercised | 9,688 | 94,728 | 104,416 | |||
Stock-based compensation expense | 367,775 | 367,775 | ||||
Tax benefit of nonqualified stock options exercised | 15,651 | 15,651 | ||||
Restricted stock awards | 26,502 | (26,502) | ||||
Exchange of common stock, restricted stock vested | (3,272) | (54,188) | (57,460) | |||
Balance, beginning at Dec. 31, 2015 | 11,761,083 | 123,282,851 | 92,965,645 | (2,123,829) | 225,885,750 | |
Balance, ending at Mar. 31, 2016 | 11,814,911 | 124,057,965 | 98,868,261 | 401,582 | 235,142,719 | |
Net income | 6,373,489 | 6,373,489 | ||||
Other comprehensive loss, net of tax | $ 2,525,411 | 2,525,411 | ||||
Common cash dividends declared, $0.04 per share | $ (470,873) | (470,873) | ||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 5,054 | 94,560 | 99,614 | |||
Proceeds from issuance of common stock, stock options exercised | 30,331 | 382,639 | 412,970 | |||
Stock-based compensation expense | 382,761 | 382,761 | ||||
Tax benefit of nonqualified stock options exercised | 22,508 | 22,508 | ||||
Restricted stock awards | 22,382 | (22,382) | ||||
Exchange of common stock, restricted stock vested | $ (3,939) | $ (84,972) | $ (88,911) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Common cash dividends declared, per share (in Dollars per share) | $ 0.04 | |
Common Stock [Member] | ||
Proceeds from issuance of common stock, Employee Stock Purchase Plan, Shares | 5,054 | 5,679 |
Proceeds from issuance of common stock, stock options exercised, shares | 30,331 | 9,688 |
Exchange of common stock, restricted stock vested, shares | 3,939 | 3,272 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 6,373,489 | $ 4,177,889 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 766,069 | 745,268 |
Provision for loan/lease losses | 2,072,985 | 1,710,456 |
Stock-based compensation expense | 382,761 | 367,775 |
Deferred compensation expense accrued | 318,796 | 437,600 |
Losses (gains) on other real estate owned, net | (7,740) | 28,953 |
Amortization of premiums on securities, net | 294,286 | 214,427 |
Securities gains, net | (358,480) | (421,066) |
Loans originated for sale | (18,901,618) | (6,647,937) |
Proceeds on sales of loans | 19,640,997 | 6,569,050 |
Gains on sales of residential real estate loans | (60,386) | (86,140) |
Gains on sales of government guaranteed portions of loans | (878,528) | (70,973) |
Losses on debt extinguishment, net | 83,197 | |
Amortization of core deposit intangible | 49,878 | 49,878 |
Accretion of acquisition fair value adjustments, net | (44,169) | (178,380) |
Increase in cash value of bank-owned life insurance | (393,609) | (478,739) |
Decrease (increase) in other assets | (9,295,660) | 486,879 |
Increase (decrease) in other liabilities | 5,079,831 | (1,840,279) |
Net cash provided by operating activities | 5,122,099 | 5,064,661 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease in federal funds sold | 4,110,000 | 32,745,000 |
Net decrease (increase) in interest-bearing deposits at financial institutions | (5,175,206) | 18,215,699 |
Proceeds from sales of other real estate owned | 494,115 | 331,151 |
Activity in securities portfolio: | ||
Purchases | (45,070,780) | (124,568,138) |
Calls, maturities and redemptions | 47,573,001 | 83,794,967 |
Paydowns | 6,428,508 | 4,073,422 |
Sales | 55,526,851 | 54,971,056 |
Activity in restricted investment securities: | ||
Purchases | (485,250) | (146,300) |
Redemptions | 3,800 | |
Net increase in loans/leases originated and held for investment | (76,346,066) | (25,689,344) |
Purchase of premises and equipment | (1,558,171) | (3,197,547) |
Net cash provided by (used in) investing activities | (14,502,998) | 40,533,766 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposit accounts | 108,903,515 | 54,603,339 |
Net decrease in short-term borrowings | (80,639,905) | (85,015,951) |
Activity in Federal Home Loan Bank advances: | ||
Term advances | 5,000,000 | |
Maturities | (7,000,000) | (5,000,000) |
Net change in short-term and overnight advances | 16,500,000 | (7,000,000) |
Prepayments | (10,524,197) | |
Activity in other borrowings: | ||
Maturities and scheduled principal payments | (1,175,000) | |
Prepayments | (10,759,000) | |
Retirement of junior subordinated debentures | (3,955,000) | |
Payment of cash dividends on common stock | (468,583) | (315,955) |
Cash and due from banks, beginning | 41,742,321 | 38,235,019 |
Cash and due from banks, ending | 44,930,836 | 45,138,266 |
Supplemental disclosure of cash flow information, cash payments for: | ||
Interest | 2,944,839 | 4,103,459 |
Income/franchise taxes | 2,464,300 | 1,618,064 |
Supplemental schedule of noncash investing activities: | ||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net | 2,525,411 | 2,220,865 |
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (88,911) | (57,460) |
Tax benefit of nonqualified stock options exercised | 22,508 | 15,651 |
Transfers of loans to other real estate owned | 16,000 | 837,782 |
Due to broker for purchases of securities | (20,104,340) | |
Common Stock Offering 2 [Member] | ||
Activity in other borrowings: | ||
Proceeds from issuance of common stock, net | 512,584 | 208,387 |
Net cash provided by (used in) financing activities | 12,569,414 | (38,695,180) |
Net increase in cash and due from banks | $ 3,188,515 | $ 6,903,247 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial information of the Company included herein has been prepared in accordance with U.S. GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management’s discussion and analysis are due to rounding. The results as of and for the three months ended March 31, 2016, are not necessarily indicative of the results expected for the year ending December 31, 2016. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10-Q. 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 AOCI: Accumulated other comprehensive income (loss) m2: m2 Lease Funds, LLC AFS: Available for sale MD&A: Management's Discussion & Analysis ASU: Accounting Standards Update NIM: Net interest margin BOLI: Bank-owned life insurance NPA: Nonperforming asset Caps: Interest rate cap derivatives NPL: Nonperforming loan Community National: Community National Bancorporation OREO: Other real estate owned CNB: Community National Bank OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company Provision: Provision for loan/lease losses CRE: Commercial real estate QCBT: Quad City Bank & Trust Company C&I: Commercial and industrial RB&T: Rockford Bank & Trust Company Dodd-Frank Act: Dodd-Frank Wall Street Reform and ROAA: Return on Average Assets Consumer Protection Act SBA: U.S. Small Business Administration EPS: Earnings per share SEC: Securities and Exchange Commission Exchange Act: Securities Exchange Act of 1934, as amended TA: Tangible assets FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank The Company: QCR Holdings, Inc. FRB: Federal Reserve Bank of Chicago USDA: U.S. Department of Agriculture GAAP: Generally Accepted Accounting Principles The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include three commercial banks: QCBT, CRBT, and RB&T. All are state-chartered commercial banks. The Company also engages in direct financing lease contracts through m2 Lease Funds, a wholly-owned subsidiary of QCBT. All material intercompany transactions and balances have been eliminated in consolidation. Recent accounting developments Revenue from Contracts with Customers 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 February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation FASB recently reached an updated 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 2016 and will be effective for the Company for the fiscal year beginning January 1, 2020. Management has not yet analyzed the impact of adoption. Reclassifications |
Note 2 - Investment Securities
Note 2 - Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investment Holdings [Abstract] | |
Investment Holdings [Text Block] | NOTE 2 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of March 31, 2016 and December 31, 2015 are summarized as follows: Amortized Cost Gross Unrealized Gross Unrealized Fair Value March 31, 2016 Securities held to maturity: Municipal securities $ 260,079,586 $ 4,143,965 $ (858,829 ) $ 263,364,722 Other securities 1,050,000 - - 1,050,000 $ 261,129,586 $ 4,143,965 $ (858,829 ) $ 264,414,722 Securities available for sale: U.S. govt. sponsored agency securities $ 132,080,737 $ 786,623 $ (125,538 ) $ 132,741,822 Residential mortgage-backed and related securities 116,012,771 761,091 (321,488 ) 116,452,374 Municipal securities 24,113,773 839,125 (23,243 ) 24,929,655 Other securities 1,637,366 428,027 (1,377 ) 2,064,016 $ 273,844,647 $ 2,814,866 $ (471,646 ) $ 276,187,867 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 The Company’s HTM municipal securities consist largely of private issues of municipal debt. The large majority of the municipalities are located within the Midwest. The municipal debt investments are underwritten using specific guidelines with ongoing monitoring. The Company’s residential mortgage-backed and related securities portfolio consists entirely of government sponsored or government guaranteed securities. The Company has not invested in commercial mortgage-backed securities or pooled trust preferred securities. Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016 and December 31, 2015, are summarized as follows: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2016: Securities held to maturity: Municipal securities $ 16,874,982 $ (669,283 ) $ 7,610,345 $ (189,546 ) $ 24,485,327 $ (858,829 ) Securities available for sale: U.S. govt. sponsored agency securities $ 24,512,886 $ (76,931 ) $ 4,946,100 $ (48,607 ) $ 29,458,986 $ (125,538 ) Residential mortgage-backed and related securities 18,687,105 (81,719 ) 29,708,984 (239,769 ) 48,396,089 (321,488 ) Municipal securities 1,157,233 (2,185 ) 849,972 (21,058 ) 2,007,205 (23,243 ) Other securities 498,623 (1,377 ) - - 498,623 (1,377 ) $ 44,855,847 $ (162,212 ) $ 35,505,056 $ (309,434 ) $ 80,360,903 $ (471,646 ) 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 ) At March 31, 2016, the investment portfolio included 465 securities. Of this number, 58 securities were in an unrealized loss position. The aggregate losses of these securities totaled less than 1% of the total amortized cost of the portfolio. Of these 58 securities, 21 securities had an unrealized loss for twelve months or more. All of the debt securities in unrealized loss positions are considered acceptable credit risks. Based upon an evaluation of the available evidence, including the recent changes in market rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. In addition, the Company does not intend to sell these securities and it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. At March 31, 2016 and December 31, 2015, equity securities represented less than 1% of the total portfolio. The Company did not recognize OTTI on any debt or equity securities for the three months ended March 31, 2016 and 2015. All sales of securities for the three months ended March 31, 2016 and 2015, respectively, were from securities identified as AFS. Information on proceeds received, as well as pre-tax gross gains and losses from sales on those securities are as follows: Three Months Ended March 31, 2016 March 31, 2015 Proceeds from sales of securities $ 55,526,851 $ 54,971,056 Pre-tax gross gains from sales of securities 515,515 573,684 Pre-tax gross losses from sales of securities (157,035 ) (152,618 ) The amortized cost and fair value of securities as of March 31, 2016 by contractual maturity are shown below. Expected maturities of residential mortgage-backed and related securities may differ from contractual maturities because the residential mortgages underlying the residential mortgage-backed and related securities may be prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following table. “Other securities” AFS are excluded from the maturity categories as there is no fixed maturity date for those securities. Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 4,206,670 $ 4,213,609 Due after one year through five years 20,737,843 20,889,363 Due after five years 236,185,073 239,311,750 $ 261,129,586 $ 264,414,722 Securities available for sale: Due in one year or less $ 1,884,460 $ 1,895,137 Due after one year through five years 68,198,829 69,027,450 Due after five years 86,111,221 86,748,890 $ 156,194,510 $ 157,671,477 Residential mortgage-backed and related securities 116,012,771 116,452,374 Other securities 1,637,366 2,064,016 $ 273,844,647 $ 276,187,867 Portions of the U.S. government sponsored agency securities and municipal securities contain call options, at the discretion of the issuer, to terminate the security at par and at predetermined dates prior to the stated maturity, summarized as follows: Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 135,926,431 $ 137,921,557 Securities available for sale: U.S. govt. sponsored agency securities 65,969,684 65,976,489 Municipal securities 15,335,099 15,728,025 $ 81,304,783 $ 81,704,514 As of March 31, 2016, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 82 issuers with fair values totaling $72.7 million and revenue bonds issued by 95 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $215.6 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, 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. 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: March 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 19,974,438 $ 20,309,435 $ 1,353,962 Illinois 10 12,665,888 13,014,865 1,301,487 Missouri 12 7,393,378 7,488,699 624,058 North Dakota 6 16,403,026 16,616,824 2,769,471 Other 39 14,954,651 15,233,176 390,594 Total general obligation bonds 82 $ 71,391,381 $ 72,662,999 $ 886,134 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 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: March 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 42 $ 76,260,706 $ 77,142,220 $ 1,836,720 Iowa 27 74,013,142 75,274,793 2,787,955 Indiana 17 39,342,789 39,675,326 2,333,843 Kansas 4 12,022,852 12,116,209 3,029,052 Other 5 11,162,489 11,422,830 2,284,566 Total revenue bonds 95 $ 212,801,978 $ 215,631,378 $ 2,269,804 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 Both general obligation and revenue bonds are diversified across many issuers. As of March 31, 2016 and December 31, 2015, the Company did not hold general obligation or revenue bonds of any single issuer, the aggregate book or market value of which exceeded 4% of the Company’s stockholders’ equity. Of the general obligation and revenue bonds in the Company’s portfolio, the majority are unrated bonds that represent small, private issuances. All unrated bonds were underwritten according to loan underwriting standards and have an average loan risk rating of 2, indicating very high quality. Additionally, many of these bonds are funding essential municipal services such as water, sewer, education, and medical facilities. The Company’s municipal securities are owned by each of the three charters, whose investment policies set forth limits for various subcategories within the municipal securities portfolio. Each charter is monitored individually, and as of March 31, 2016, 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 March 31, 2016, the Company’s standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credit ratings than those assigned by a nationally recognized statistical rating organization, or in the case of unrated bonds, the rating assigned using the credit underwriting standards. |
Note 3 - Loans_Leases Receivabl
Note 3 - Loans/Leases Receivable | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of March 31, 2016 and December 31, 2015 is presented as follows: As of March 31, 2016 As of December 31, 2015 C&I loans $ 682,056,782 $ 648,159,892 CRE loans Owner-occupied CRE 261,730,899 252,523,164 Commercial construction, land development, and other land 37,970,546 49,083,844 Other non owner-occupied CRE 466,457,920 422,761,757 766,159,365 724,368,765 Direct financing leases * 172,774,048 173,655,605 Residential real estate loans ** 173,096,209 170,432,530 Installment and other consumer loans 71,842,268 73,669,493 1,865,928,672 1,790,286,285 Plus deferred loan/lease origination costs, net of fees 7,894,944 7,736,390 1,873,823,616 1,798,022,675 Less allowance (27,395,442 ) (26,140,906 ) $ 1,846,428,174 $ 1,771,881,769 * Direct financing leases: Net minimum lease payments to be received $ 194,005,721 $ 195,476,230 Estimated unguaranteed residual values of leased assets 1,131,634 1,165,706 Unearned lease/residual income (22,363,307 ) (22,986,331 ) 172,774,048 173,655,605 Plus deferred lease origination costs, net of fees 6,493,124 6,594,582 179,267,172 180,250,187 Less allowance (3,287,230 ) (3,395,088 ) $ 175,979,942 $ 176,855,099 *Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2016 and 2015. **Includes residential real estate loans held for sale totaling $765,385 and $565,850 as of March 31, 2016, and December 31, 2015, respectively. The aging of the loan/lease portfolio by classes of loans/leases as of March 31, 2016 and December 31, 2015 is presented as follows: As of March 31, 2016 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 $ 674,901,078 $ 1,038,410 $ 469,292 $ - $ 5,648,002 $ 682,056,782 CRE Owner-Occupied CRE 260,963,128 109,210 - - 658,561 261,730,899 Commercial Construction, Land Development, and Other Land 37,779,180 - - - 191,366 37,970,546 Other Non Owner-Occupied CRE 464,239,777 898,733 212,884 - 1,106,526 466,457,920 Direct Financing Leases 169,792,466 977,630 207,496 - 1,796,456 172,774,048 Residential Real Estate 168,865,064 3,133,246 - 46,256 1,051,643 173,096,209 Installment and Other Consumer 70,864,000 645,537 12,776 162 319,793 71,842,268 $ 1,847,404,693 $ 6,802,766 $ 902,448 $ 46,418 $ 10,772,347 $ 1,865,928,672 As a percentage of total loan/lease portfolio 99.01 % 0.36 % 0.05 % 0.00 % 0.58 % 100.00 % As of December 31, 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 % NPLs by classes of loans/leases as of March 31, 2016 and December 31, 2015 are presented as follows: As of March 31, 2016 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Accruing TDRs Total NPLs Percentage of Total NPLs C&I $ - $ 5,648,002 $ 172,093 $ 5,820,095 48.60 % CRE Owner-Occupied CRE - 658,561 - 658,561 5.50 % Commercial Construction, Land Development, and Other Land - 191,366 - 191,366 1.60 % Other Non Owner-Occupied CRE - 1,106,526 - 1,106,526 9.24 % Direct Financing Leases - 1,796,456 456,592 2,253,048 18.81 % Residential Real Estate 46,256 1,051,643 398,337 1,496,236 12.49 % Installment and Other Consumer 162 319,793 129,808 449,763 3.76 % $ 46,418 $ 10,772,347 $ 1,156,830 $ 11,975,595 100.00 % *Nonaccrual loans/leases included $1,576,057 of TDRs, including $1,217,243 in C&I loans, $191,366 in CRE loans, $37,750 in direct financing leases, $115,671 in residential real estate loans, and $14,027 in installment loans. As of December 31, 2015 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Accruing TDRs Total NPLs Percentage of Total NPLs 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 % **Nonaccrual loans/leases included $1,533,657 of TDRs, 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. Changes in the allowance by portfolio segment for the three months ended March 31, 2016 and 2015, respectively, are presented as follows: Three Months Ended March 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Provisions charged to expense 739,831 715,450 478,245 62,656 76,803 2,072,985 Loans/leases charged off (243,566 ) - (600,938 ) (16,184 ) (7,596 ) (868,284 ) Recoveries on loans/leases previously charged off 11,634 - 14,836 - 23,365 49,835 Balance, ending $ 10,991,979 $ 10,090,567 $ 3,287,231 $ 1,836,622 $ 1,189,043 $ 27,395,442 Three Months Ended March 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 388,641 835,894 403,452 71,802 10,667 1,710,456 Loans/leases charged off (200,301 ) (351,076 ) (547,492 ) - (8,794 ) (1,107,663 ) Recoveries on loans/leases previously charged off 154,992 - 12,098 - 39,025 206,115 Balance, ending $ 9,177,164 $ 8,838,204 $ 3,227,458 $ 1,597,754 $ 1,042,693 $ 23,883,273 The allowance by impairment evaluation and by portfolio segment as of March 31, 2016 and December 31, 2015 is presented as follows: As of March 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,168,454 $ 82,296 $ 483,193 $ 199,498 $ 246,413 $ 3,179,854 Allowance for nonimpaired loans/leases 8,823,525 10,008,271 2,804,038 1,637,124 942,630 24,215,588 $ 10,991,979 $ 10,090,567 $ 3,287,231 $ 1,836,622 $ 1,189,043 $ 27,395,442 Impaired loans/leases $ 5,178,446 $ 1,946,451 $ 2,253,046 $ 1,496,236 $ 449,600 $ 11,323,779 Nonimpaired loans/leases 676,878,336 764,212,914 170,521,002 171,599,973 71,392,668 1,854,604,893 $ 682,056,782 $ 766,159,365 $ 172,774,048 $ 173,096,209 $ 71,842,268 $ 1,865,928,672 Allowance as a percentage of impaired loans/leases 41.87 % 4.23 % 21.45 % 13.33 % 54.81 % 28.08 % Allowance as a percentage of nonimpaired loans/leases 1.30 % 1.31 % 1.64 % 0.95 % 1.32 % 1.31 % Total allowance as a percentage of total loans/leases 1.61 % 1.32 % 1.90 % 1.06 % 1.66 % 1.46 % As of December 31, 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 % 1.45 % 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 three months ended March 31, 2016 are presented as follows: Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 286,508 $ 477,450 $ - $ 347,369 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 1,314,779 1,314,779 - 1,176,588 11,603 11,603 Residential Real Estate 585,186 624,387 - 585,981 1,038 1,038 Installment and Other Consumer 47,480 47,480 - 212,392 - - $ 3,989,038 $ 4,312,955 $ - $ 4,112,488 $ 14,465 $ 14,465 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,891,938 $ 4,895,777 $ 2,168,454 $ 4,885,096 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 938,267 938,267 483,193 800,606 - - Residential Real Estate 911,050 946,628 199,498 871,531 1,958 1,958 Installment and Other Consumer 402,120 402,120 246,413 306,279 1,500 1,500 $ 7,334,741 $ 7,386,158 $ 3,179,854 $ 7,056,097 $ 3,458 $ 3,458 Total Impaired Loans/Leases: C&I $ 5,178,446 $ 5,373,227 $ 2,168,454 $ 5,232,465 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 2,253,046 2,253,046 483,193 1,977,194 11,603 11,603 Residential Real Estate 1,496,236 1,571,015 199,498 1,457,512 2,996 2,996 Installment and Other Consumer 449,600 449,600 246,413 518,671 1,500 1,500 $ 11,323,779 $ 11,699,113 $ 3,179,854 $ 11,168,585 $ 17,923 $ 17,923 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended March 31, 2015 are presented as follows: Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 331,612 $ 425,636 $ - $ 1,352,320 $ 1,849 $ 1,849 CRE Owner-Occupied CRE 173,131 269,354 - 189,621 - - Commercial Construction, Land Development, and Other Land 171,186 511,204 - 171,186 - - Other Non Owner-Occupied CRE 290,577 1,528,456 - 1,102,174 - - Direct Financing Leases 665,735 665,735 - 1,009,487 4,109 4,109 Residential Real Estate 981,608 1,017,186 - 1,089,298 483 483 Installment and Other Consumer 726,050 726,050 - 698,685 - - $ 3,339,899 $ 5,143,621 $ - $ 5,612,771 $ 6,441 $ 6,441 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,969,554 $ 4,973,392 $ 2,513,023 $ 4,938,115 $ - $ - CRE Owner-Occupied CRE 454,980 454,980 15,154 468,590 - - Commercial Construction, Land Development, and Other Land 197,225 209,225 46,570 197,526 - - Other Non Owner-Occupied CRE 4,208,602 4,655,235 767,113 4,335,446 - - Direct Financing Leases 457,463 457,463 283,485 380,548 - - Residential Real Estate 864,957 864,957 180,160 728,349 2,830 2,830 Installment and Other Consumer 611,096 611,096 267,430 552,663 2,260 2,260 $ 11,763,877 $ 12,226,348 $ 4,072,935 $ 11,601,237 $ 5,090 $ 5,090 Total Impaired Loans/Leases: C&I $ 5,301,166 $ 5,399,028 $ 2,513,023 $ 6,290,435 $ 1,849 $ 1,849 CRE Owner-Occupied CRE 628,111 724,334 15,154 658,211 - - Commercial Construction, Land Development, and Other Land 368,411 720,429 46,570 368,712 - - Other Non Owner-Occupied CRE 4,499,179 6,183,691 767,113 5,437,620 - - Direct Financing Leases 1,123,198 1,123,198 283,485 1,390,035 4,109 4,109 Residential Real Estate 1,846,565 1,882,143 180,160 1,817,647 3,313 3,313 Installment and Other Consumer 1,337,146 1,337,146 267,430 1,251,348 2,260 2,260 $ 15,103,776 $ 17,369,969 $ 4,072,935 $ 17,214,008 $ 11,531 $ 11,531 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2015 are presented as follows: Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 234,636 $ 346,072 $ - CRE Owner-Occupied CRE 256,761 350,535 - Commercial Construction, Land Development, and Other Land - 228,818 - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - Direct Financing Leases 871,884 871,884 - Residential Real Estate 613,486 649,064 - Installment and Other Consumer 377,304 377,304 - $ 3,932,541 $ 4,402,147 $ - Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 5,051,846 $ 5,055,685 $ 2,592,270 CRE Owner-Occupied CRE - - - Commercial Construction, Land Development, and Other Land 193,804 205,804 76,934 Other Non Owner-Occupied CRE - - - Direct Financing Leases 829,457 829,457 306,193 Residential Real Estate 805,301 805,301 185,801 Installment and Other Consumer 210,438 210,438 143,089 $ 7,090,846 $ 7,106,685 $ 3,304,287 Total Impaired Loans/Leases: C&I $ 5,286,482 $ 5,401,757 $ 2,592,270 CRE Owner-Occupied CRE 256,761 350,535 - Commercial Construction, Land Development, and Other Land 193,804 434,622 76,934 Other Non Owner-Occupied CRE 1,578,470 1,578,470 - Direct Financing Leases 1,701,341 1,701,341 306,193 Residential Real Estate 1,418,787 1,454,365 185,801 Installment and Other Consumer 587,742 587,742 143,089 $ 11,023,387 $ 11,508,832 $ 3,304,287 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 consists of internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 months, at a minimum, and on an as-needed basis depending on the specific circumstances of the loan. For direct financing leases, residential real estate loans, and installment and other consumer loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of March 31, 2016 and December 31, 2015: As of March 31, 2016 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) $ 647,678,612 $ 250,031,858 $ 35,892,683 $ 448,275,195 $ 1,381,878,348 95.42 % Special Mention (Rating 6) 12,346,445 3,376,191 1,780,000 10,562,085 28,064,721 1.94 % Substandard (Rating 7) 22,031,725 8,322,850 297,863 7,620,640 38,273,078 2.64 % Doubtful (Rating 8) - - - - - - $ 682,056,782 $ 261,730,899 $ 37,970,546 $ 466,457,920 $ 1,448,216,147 100.00 % As of March 31, 2016 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 170,521,000 $ 171,599,973 $ 71,392,505 $ 413,513,478 98.99 % Nonperforming 2,253,048 1,496,236 449,763 4,199,047 1.01 % $ 172,774,048 $ 173,096,209 $ 71,842,268 $ 417,712,525 100.00 % As of December 31, 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) - - - - - - $ 648,159,892 $ 252,523,164 $ 49,083,844 $ 422,761,757 $ 1,372,528,657 100.00 % As of December 31, 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 171,951,421 $ 169,013,743 $ 73,081,751 $ 414,046,915 99.11 % Nonperforming 1,704,184 1,418,787 587,742 3,710,713 0.89 % $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 417,757,628 100.00 % *Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. As of March 31, 2016 and December 31, 2015, TDRs totaled $2,732,887 and $2,587,413, respectively. For each class of financing receivable, the following presents the number and recorded investment of TDRs, by type of concession, that were restructured during the three months ended March 31, 2016. There were no TDRs that were restructured during the three months ended March 31, 2015. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring. For the three months ended March 31, 2016 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity Direct Financing Leases 4 $ 410,653 $ 410,653 $ - 4 $ 410,653 $ 410,653 $ - CONCESSION - Significant Payment Delay Direct Financing Leases 1 $ 45,939 $ 45,939 $ - 1 $ 45,939 $ 45,939 $ - TOTAL 5 $ 456,592 $ 456,592 $ - Of the TDRs reported above, none were on nonaccrual as of March 31, 2016. For the three months ended March 31, 2016 and 2015, none of the Company’s TDRs had redefaulted within 12 months subsequent to restructure where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. |
Note 4 - Borrowings
Note 4 - Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4 – BORROWINGS During the first quarter of 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 is included in the statements of income within losses on debt extinguishment. 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 during the first quarter of 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 are included in the statements of income. 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%. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 5 - EARNINGS PER SHARE The following information was used in the computation of EPS on a basic and diluted basis: Three months ended March 31, 2016 2015 Net income $ 6,373,489 $ 4,177,889 Basic earnings per common share $ 0.54 $ 0.52 Diluted earnings per common share $ 0.53 $ 0.52 Weighted average common shares outstanding 11,793,620 7,975,910 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 160,329 121,534 Weighted average common and common equivalent shares outstanding 11,953,949 8,097,444 |
Note 6 - Fair Value
Note 6 - Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 6 – FAIR VALUE Accounting guidance on fair value measurement uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three levels and is based upon the valuation techniques used to measure assets and liabilities. The three levels are as follows: ● Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets; ● Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Assets measured at fair value on a recurring basis comprise the following at March 31, 2016 and December 31, 2015: 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) March 31, 2016: Securities available for sale: U.S. govt. sponsored agency securities $ 132,741,822 $ - $ 132,741,822 $ - Residential mortgage-backed and related securities 116,452,374 - 116,452,374 - Municipal securities 24,929,655 - 24,929,655 - Other securities 2,064,016 779 2,063,237 - Derivative instruments 450,651 - 450,651 - $ 276,638,518 $ 779 $ 276,637,739 $ - December 31, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 213,537,379 $ - $ 213,537,379 $ - Residential mortgage-backed and related 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 $ - There were no transfers of assets or liabilities between Levels 1, 2, and 3 of the fair value hierarchy for the three months ended March 31, 2016 or 2015. A small portion of the securities available for sale portfolio consists of common stock issued by various unrelated bank holding companies. The fair values used by the Company are obtained from an independent pricing service and represent quoted market prices for the identical securities (Level 1 inputs). The remainder of the securities available for sale portfolio consists of securities whereby the Company obtains fair values from an independent pricing service. The fair values are determined by pricing models that consider observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2 inputs). Derivative instruments consist of interest rate caps that are used for the purpose of hedging interest rate risk. See Note 4 to the Consolidated Financial Statements for the details of these instruments. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 inputs). Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets measured at fair value on a non-recurring basis comprise the following at March 31, 2016 and December 31, 2015: Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 March 31, 2016: Impaired loans/leases $ 4,969,221 $ - $ - $ 4,969,221 OREO 7,214,706 - - 7,214,706 $ 12,183,927 $ - $ - $ 12,183,927 December 31, 2015: Impaired loans/leases $ 4,545,966 $ - $ - $ 4,545,966 OREO 7,722,711 - - 7,722,711 $ 12,268,677 $ - $ - $ 12,268,677 Impaired loans/leases are evaluated and valued at the time the loan/lease is identified as impaired, at the lower of cost or fair value, and are classified as Level 3 in the fair value hierarchy. Fair value is measured based on the value of the collateral securing these loans/leases. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable, and is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. OREO in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as Level 3 in the fair value hierarchy. The estimated fair value of the property is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the property. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Quantitave Information about Level Fair Value Measurments Fair Value March 31, 2016 Fair Value December 31, 2015 Valuation Technique Unobservable Input Range Impaired loans/leases $ 4,969,221 $ 4,545,966 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 7,214,706 7,722,711 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% For the impaired loans/leases and OREO, the Company records carrying value at fair value less disposal or selling costs. The amounts reported in the tables above are fair values before the adjustment for disposal or selling costs. There have been no changes in valuation techniques used for any assets measured at fair value during the three months ended March 31, 2016 and 2015. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company’s consolidated balance sheets, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: Fair Value As of March 31, 2016 As of December 31, 2015 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 44,930,836 $ 44,930,836 $ 41,742,321 $ 41,742,321 Federal funds sold Level 2 15,740,000 15,740,000 19,850,000 19,850,000 Interest-bearing deposits at financial institutions Level 2 41,489,171 41,489,171 36,313,965 36,313,965 Investment securities: Held to maturity Level 2 261,129,586 264,414,722 253,674,159 255,691,285 Available for sale See Previous Table 276,187,867 276,187,867 323,434,982 323,434,982 Loans/leases receivable, net Level 3 4,601,131 4,969,221 4,209,228 4,545,966 Loans/leases receivable, net Level 2 1,841,827,043 (4,601,131 ) 1,767,672,541 1,764,178,772 Derivative instruments Level 2 450,651 450,651 856,024 856,024 Deposits: Nonmaturity deposits Level 2 1,586,207,114 1,586,207,114 1,516,599,081 1,516,599,081 Time deposits Level 2 403,365,975 404,278,000 364,067,103 364,192,000 Short-term borrowings Level 2 64,022,811 64,022,811 144,662,716 144,662,716 FHLB advances Level 2 150,500,000 152,206,000 151,000,000 153,143,000 Other borrowings Level 2 100,000,000 106,466,000 110,000,000 116,061,000 Junior subordinated debentures Level 2 33,378,402 24,520,003 38,499,052 27,642,093 |
Note 7 - Business Segment Infor
Note 7 - Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 7 – 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 comprised of the three subsidiary banks wholly owned by the Company: QCBT, CRBT, and RB&T. Each of these secondary segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services. The Company’s Wealth Management segment represents the trust and asset management and investment management and advisory services offered at the Company’s three subsidiary banks in aggregate. This segment generates income primarily from fees charged based on assets under administration for corporate and personal trusts, custodial services, and investments managed. No assets of the subsidiary banks have been allocated to the Wealth Management segment. The Company’s All Other segment includes the operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. This segment includes the corporate operations of the parent company. Selected financial information on the Company’s business segments is presented as follows as of and for the three months ended March 31, 2016 and 2015. Commercial Banking Quad City Cedar Rapids Rockford Wealth Intercompany Consolidated Bank & Trust Bank & Trust Bank & Trust Management All Other Eliminations Total Three Months Ended March 31, 2016 Total revenue $ 13,516,932 $ 10,839,221 $ 3,794,247 $ 2,234,292 $ 6,859,775 $ (6,919,935 ) $ 30,324,532 Net interest income $ 10,961,447 $ 7,024,988 $ 2,911,974 $ - $ (300,887 ) $ - $ 20,597,522 Net income $ 2,831,696 $ 2,934,731 $ 617,785 $ 447,770 $ 6,373,488 $ (6,831,981 ) $ 6,373,489 Total assets $ 1,361,607,041 $ 885,858,279 $ 367,031,670 $ - $ 288,814,613 $ (262,638,349 ) $ 2,640,673,254 Provision $ 1,222,985 $ 550,000 $ 300,000 $ - $ - $ - $ 2,072,985 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,421,531 $ - $ - $ - $ - $ 1,421,531 Three Months Ended March 31, 2015 Total revenue $ 12,801,418 $ 9,525,647 $ 3,541,590 $ 2,343,438 $ 5,616,443 $ (5,705,028 ) $ 28,123,508 Net interest income $ 9,275,038 $ 6,358,297 $ 2,634,082 $ - $ (485,200 ) $ - $ 17,782,217 Net income $ 2,562,613 $ 2,068,306 $ 518,657 $ 459,330 $ 4,177,889 $ (5,608,906 ) $ 4,177,889 Total assets $ 1,268,168,825 $ 855,417,474 $ 354,993,941 $ - $ 221,549,665 $ (208,470,899 ) $ 2,491,659,006 Provision $ 882,456 $ 600,000 $ 228,000 $ - $ - $ - $ 1,710,456 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,621,043 $ - $ - $ - $ - $ 1,621,043 |
Note 8 - Regulatory Capital Req
Note 8 - Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 8 – REGULATORY CAPITAL REQUIREMENTS 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 March 31, 2016 and December 31, 2015, 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 March 31, 2016 and December 31, 2015 are also presented in the following table (dollars in thousands). As of March 31, 2016 and December 31, 2015, each of the subsidiary banks met the requirements to be “well capitalized”. For Capital To Be Well Adequacy Purposes Capitalized Under With Capital Prompt Corrective Actual Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2016: Company: Total risk-based capital $ 282,957 12.68 % $ 192,416 > 8.625 % $ 223,091 > 10.0 % Tier 1 risk-based capital 255,372 11.45 % 147,797 > 6.625 178,472 > 8.0 Tier 1 leverage 255,372 9.85 % 103,728 > 4.000 129,660 > 5.0 Common equity Tier 1 225,582 10.11 % 114,334 > 5.125 145,009 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 137,161 12.01 % $ 98,496 > 8.625 % $ 114,198 > 10.0 % Tier 1 risk-based capital 124,668 10.92 % 75,656 > 6.625 91,358 > 8.0 Tier 1 leverage 124,668 9.12 % 54,680 > 4.000 68,351 > 5.0 Common equity Tier 1 124,668 10.92 % 58,526 > 5.125 74,229 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 106,576 13.98 % $ 65,729 > 8.625 % $ 76,208 > 10.0 % Tier 1 risk-based capital 97,032 12.73 % 50,488 > 6.625 60,966 > 8.0 Tier 1 leverage 97,032 11.03 % 35,197 > 4.000 43,996 > 5.0 Common equity Tier 1 97,032 12.73 % 39,056 > 5.125 49,535 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 39,201 12.03 % $ 28,096 > 8.625 % $ 32,575 > 10.0 % Tier 1 risk-based capital 35,125 10.78 % 21,581 > 6.625 26,060 > 8.0 Tier 1 leverage 35,125 9.52 % 14,758 > 4.000 18,447 > 5.0 Common equity Tier 1 35,125 10.78 % 16,695 > 5.125 21,174 > 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, 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). At December 31, 2015, the New Basel III minimums mirrored the minimums required for capital adequacy purposes. The first phase-in of the Basel III capital conservation buffer occured in 2016. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of presentation The financial information of the Company included herein has been prepared in accordance with U.S. GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management’s discussion and analysis are due to rounding. The results as of and for the three months ended March 31, 2016, are not necessarily indicative of the results expected for the year ending December 31, 2016. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10-Q. 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 AOCI: Accumulated other comprehensive income (loss) m2: m2 Lease Funds, LLC AFS: Available for sale MD&A: Management's Discussion & Analysis ASU: Accounting Standards Update NIM: Net interest margin BOLI: Bank-owned life insurance NPA: Nonperforming asset Caps: Interest rate cap derivatives NPL: Nonperforming loan Community National: Community National Bancorporation OREO: Other real estate owned CNB: Community National Bank OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company Provision: Provision for loan/lease losses CRE: Commercial real estate QCBT: Quad City Bank & Trust Company C&I: Commercial and industrial RB&T: Rockford Bank & Trust Company Dodd-Frank Act: Dodd-Frank Wall Street Reform and ROAA: Return on Average Assets Consumer Protection Act SBA: U.S. Small Business Administration EPS: Earnings per share SEC: Securities and Exchange Commission Exchange Act: Securities Exchange Act of 1934, as amended TA: Tangible assets FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank The Company: QCR Holdings, Inc. FRB: Federal Reserve Bank of Chicago USDA: U.S. Department of Agriculture GAAP: Generally Accepted Accounting Principles The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include three commercial banks: QCBT, CRBT, and RB&T. All are state-chartered commercial banks. The Company also engages in direct financing lease contracts through m2 Lease Funds, a wholly-owned subsidiary of QCBT. All material intercompany transactions and balances have been eliminated in consolidation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting developments Revenue from Contracts with Customers 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 February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation FASB recently reached an updated 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 2016 and will be effective for the Company for the fiscal year beginning January 1, 2020. Management has not yet analyzed the impact of adoption. |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Note 2 - Investment Securities (Tables) [Line Items] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Amortized Cost Gross Unrealized Gross Unrealized Fair Value March 31, 2016 Securities held to maturity: Municipal securities $ 260,079,586 $ 4,143,965 $ (858,829 ) $ 263,364,722 Other securities 1,050,000 - - 1,050,000 $ 261,129,586 $ 4,143,965 $ (858,829 ) $ 264,414,722 Securities available for sale: U.S. govt. sponsored agency securities $ 132,080,737 $ 786,623 $ (125,538 ) $ 132,741,822 Residential mortgage-backed and related securities 116,012,771 761,091 (321,488 ) 116,452,374 Municipal securities 24,113,773 839,125 (23,243 ) 24,929,655 Other securities 1,637,366 428,027 (1,377 ) 2,064,016 $ 273,844,647 $ 2,814,866 $ (471,646 ) $ 276,187,867 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2016: Securities held to maturity: Municipal securities $ 16,874,982 $ (669,283 ) $ 7,610,345 $ (189,546 ) $ 24,485,327 $ (858,829 ) Securities available for sale: U.S. govt. sponsored agency securities $ 24,512,886 $ (76,931 ) $ 4,946,100 $ (48,607 ) $ 29,458,986 $ (125,538 ) Residential mortgage-backed and related securities 18,687,105 (81,719 ) 29,708,984 (239,769 ) 48,396,089 (321,488 ) Municipal securities 1,157,233 (2,185 ) 849,972 (21,058 ) 2,007,205 (23,243 ) Other securities 498,623 (1,377 ) - - 498,623 (1,377 ) $ 44,855,847 $ (162,212 ) $ 35,505,056 $ (309,434 ) $ 80,360,903 $ (471,646 ) 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 ) |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, 2016 March 31, 2015 Proceeds from sales of securities $ 55,526,851 $ 54,971,056 Pre-tax gross gains from sales of securities 515,515 573,684 Pre-tax gross losses from sales of securities (157,035 ) (152,618 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 4,206,670 $ 4,213,609 Due after one year through five years 20,737,843 20,889,363 Due after five years 236,185,073 239,311,750 $ 261,129,586 $ 264,414,722 Securities available for sale: Due in one year or less $ 1,884,460 $ 1,895,137 Due after one year through five years 68,198,829 69,027,450 Due after five years 86,111,221 86,748,890 $ 156,194,510 $ 157,671,477 Residential mortgage-backed and related securities 116,012,771 116,452,374 Other securities 1,637,366 2,064,016 $ 273,844,647 $ 276,187,867 Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 135,926,431 $ 137,921,557 Securities available for sale: U.S. govt. sponsored agency securities 65,969,684 65,976,489 Municipal securities 15,335,099 15,728,025 $ 81,304,783 $ 81,704,514 |
Bonds [Member] | |
Note 2 - Investment Securities (Tables) [Line Items] | |
Schedule of Debt [Table Text Block] | March 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 19,974,438 $ 20,309,435 $ 1,353,962 Illinois 10 12,665,888 13,014,865 1,301,487 Missouri 12 7,393,378 7,488,699 624,058 North Dakota 6 16,403,026 16,616,824 2,769,471 Other 39 14,954,651 15,233,176 390,594 Total general obligation bonds 82 $ 71,391,381 $ 72,662,999 $ 886,134 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 March 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 42 $ 76,260,706 $ 77,142,220 $ 1,836,720 Iowa 27 74,013,142 75,274,793 2,787,955 Indiana 17 39,342,789 39,675,326 2,333,843 Kansas 4 12,022,852 12,116,209 3,029,052 Other 5 11,162,489 11,422,830 2,284,566 Total revenue bonds 95 $ 212,801,978 $ 215,631,378 $ 2,269,804 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 |
Note 3 - Loans_Leases Receiva19
Note 3 - Loans/Leases Receivable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, 2016 As of December 31, 2015 C&I loans $ 682,056,782 $ 648,159,892 CRE loans Owner-occupied CRE 261,730,899 252,523,164 Commercial construction, land development, and other land 37,970,546 49,083,844 Other non owner-occupied CRE 466,457,920 422,761,757 766,159,365 724,368,765 Direct financing leases * 172,774,048 173,655,605 Residential real estate loans ** 173,096,209 170,432,530 Installment and other consumer loans 71,842,268 73,669,493 1,865,928,672 1,790,286,285 Plus deferred loan/lease origination costs, net of fees 7,894,944 7,736,390 1,873,823,616 1,798,022,675 Less allowance (27,395,442 ) (26,140,906 ) $ 1,846,428,174 $ 1,771,881,769 * Direct financing leases: Net minimum lease payments to be received $ 194,005,721 $ 195,476,230 Estimated unguaranteed residual values of leased assets 1,131,634 1,165,706 Unearned lease/residual income (22,363,307 ) (22,986,331 ) 172,774,048 173,655,605 Plus deferred lease origination costs, net of fees 6,493,124 6,594,582 179,267,172 180,250,187 Less allowance (3,287,230 ) (3,395,088 ) $ 175,979,942 $ 176,855,099 |
Past Due Financing Receivables [Table Text Block] | As of March 31, 2016 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 $ 674,901,078 $ 1,038,410 $ 469,292 $ - $ 5,648,002 $ 682,056,782 CRE Owner-Occupied CRE 260,963,128 109,210 - - 658,561 261,730,899 Commercial Construction, Land Development, and Other Land 37,779,180 - - - 191,366 37,970,546 Other Non Owner-Occupied CRE 464,239,777 898,733 212,884 - 1,106,526 466,457,920 Direct Financing Leases 169,792,466 977,630 207,496 - 1,796,456 172,774,048 Residential Real Estate 168,865,064 3,133,246 - 46,256 1,051,643 173,096,209 Installment and Other Consumer 70,864,000 645,537 12,776 162 319,793 71,842,268 $ 1,847,404,693 $ 6,802,766 $ 902,448 $ 46,418 $ 10,772,347 $ 1,865,928,672 As a percentage of total loan/lease portfolio 99.01 % 0.36 % 0.05 % 0.00 % 0.58 % 100.00 % As of December 31, 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 % |
Schedule of Nonperforming Loans Leases [Table Text Block] | As of March 31, 2016 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Accruing TDRs Total NPLs Percentage of Total NPLs C&I $ - $ 5,648,002 $ 172,093 $ 5,820,095 48.60 % CRE Owner-Occupied CRE - 658,561 - 658,561 5.50 % Commercial Construction, Land Development, and Other Land - 191,366 - 191,366 1.60 % Other Non Owner-Occupied CRE - 1,106,526 - 1,106,526 9.24 % Direct Financing Leases - 1,796,456 456,592 2,253,048 18.81 % Residential Real Estate 46,256 1,051,643 398,337 1,496,236 12.49 % Installment and Other Consumer 162 319,793 129,808 449,763 3.76 % $ 46,418 $ 10,772,347 $ 1,156,830 $ 11,975,595 100.00 % As of December 31, 2015 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Accruing TDRs Total NPLs Percentage of Total NPLs 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 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended March 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Provisions charged to expense 739,831 715,450 478,245 62,656 76,803 2,072,985 Loans/leases charged off (243,566 ) - (600,938 ) (16,184 ) (7,596 ) (868,284 ) Recoveries on loans/leases previously charged off 11,634 - 14,836 - 23,365 49,835 Balance, ending $ 10,991,979 $ 10,090,567 $ 3,287,231 $ 1,836,622 $ 1,189,043 $ 27,395,442 Three Months Ended March 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 388,641 835,894 403,452 71,802 10,667 1,710,456 Loans/leases charged off (200,301 ) (351,076 ) (547,492 ) - (8,794 ) (1,107,663 ) Recoveries on loans/leases previously charged off 154,992 - 12,098 - 39,025 206,115 Balance, ending $ 9,177,164 $ 8,838,204 $ 3,227,458 $ 1,597,754 $ 1,042,693 $ 23,883,273 As of March 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,168,454 $ 82,296 $ 483,193 $ 199,498 $ 246,413 $ 3,179,854 Allowance for nonimpaired loans/leases 8,823,525 10,008,271 2,804,038 1,637,124 942,630 24,215,588 $ 10,991,979 $ 10,090,567 $ 3,287,231 $ 1,836,622 $ 1,189,043 $ 27,395,442 Impaired loans/leases $ 5,178,446 $ 1,946,451 $ 2,253,046 $ 1,496,236 $ 449,600 $ 11,323,779 Nonimpaired loans/leases 676,878,336 764,212,914 170,521,002 171,599,973 71,392,668 1,854,604,893 $ 682,056,782 $ 766,159,365 $ 172,774,048 $ 173,096,209 $ 71,842,268 $ 1,865,928,672 Allowance as a percentage of impaired loans/leases 41.87 % 4.23 % 21.45 % 13.33 % 54.81 % 28.08 % Allowance as a percentage of nonimpaired loans/leases 1.30 % 1.31 % 1.64 % 0.95 % 1.32 % 1.31 % Total allowance as a percentage of total loans/leases 1.61 % 1.32 % 1.90 % 1.06 % 1.66 % 1.46 % As of December 31, 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 % 1.45 % |
Impaired Financing Receivables [Table Text Block] | Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 286,508 $ 477,450 $ - $ 347,369 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 1,314,779 1,314,779 - 1,176,588 11,603 11,603 Residential Real Estate 585,186 624,387 - 585,981 1,038 1,038 Installment and Other Consumer 47,480 47,480 - 212,392 - - $ 3,989,038 $ 4,312,955 $ - $ 4,112,488 $ 14,465 $ 14,465 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,891,938 $ 4,895,777 $ 2,168,454 $ 4,885,096 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 938,267 938,267 483,193 800,606 - - Residential Real Estate 911,050 946,628 199,498 871,531 1,958 1,958 Installment and Other Consumer 402,120 402,120 246,413 306,279 1,500 1,500 $ 7,334,741 $ 7,386,158 $ 3,179,854 $ 7,056,097 $ 3,458 $ 3,458 Total Impaired Loans/Leases: C&I $ 5,178,446 $ 5,373,227 $ 2,168,454 $ 5,232,465 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 2,253,046 2,253,046 483,193 1,977,194 11,603 11,603 Residential Real Estate 1,496,236 1,571,015 199,498 1,457,512 2,996 2,996 Installment and Other Consumer 449,600 449,600 246,413 518,671 1,500 1,500 $ 11,323,779 $ 11,699,113 $ 3,179,854 $ 11,168,585 $ 17,923 $ 17,923 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 $ 331,612 $ 425,636 $ - $ 1,352,320 $ 1,849 $ 1,849 CRE Owner-Occupied CRE 173,131 269,354 - 189,621 - - Commercial Construction, Land Development, and Other Land 171,186 511,204 - 171,186 - - Other Non Owner-Occupied CRE 290,577 1,528,456 - 1,102,174 - - Direct Financing Leases 665,735 665,735 - 1,009,487 4,109 4,109 Residential Real Estate 981,608 1,017,186 - 1,089,298 483 483 Installment and Other Consumer 726,050 726,050 - 698,685 - - $ 3,339,899 $ 5,143,621 $ - $ 5,612,771 $ 6,441 $ 6,441 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,969,554 $ 4,973,392 $ 2,513,023 $ 4,938,115 $ - $ - CRE Owner-Occupied CRE 454,980 454,980 15,154 468,590 - - Commercial Construction, Land Development, and Other Land 197,225 209,225 46,570 197,526 - - Other Non Owner-Occupied CRE 4,208,602 4,655,235 767,113 4,335,446 - - Direct Financing Leases 457,463 457,463 283,485 380,548 - - Residential Real Estate 864,957 864,957 180,160 728,349 2,830 2,830 Installment and Other Consumer 611,096 611,096 267,430 552,663 2,260 2,260 $ 11,763,877 $ 12,226,348 $ 4,072,935 $ 11,601,237 $ 5,090 $ 5,090 Total Impaired Loans/Leases: C&I $ 5,301,166 $ 5,399,028 $ 2,513,023 $ 6,290,435 $ 1,849 $ 1,849 CRE Owner-Occupied CRE 628,111 724,334 15,154 658,211 - - Commercial Construction, Land Development, and Other Land 368,411 720,429 46,570 368,712 - - Other Non Owner-Occupied CRE 4,499,179 6,183,691 767,113 5,437,620 - - Direct Financing Leases 1,123,198 1,123,198 283,485 1,390,035 4,109 4,109 Residential Real Estate 1,846,565 1,882,143 180,160 1,817,647 3,313 3,313 Installment and Other Consumer 1,337,146 1,337,146 267,430 1,251,348 2,260 2,260 $ 15,103,776 $ 17,369,969 $ 4,072,935 $ 17,214,008 $ 11,531 $ 11,531 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 234,636 $ 346,072 $ - CRE Owner-Occupied CRE 256,761 350,535 - Commercial Construction, Land Development, and Other Land - 228,818 - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - Direct Financing Leases 871,884 871,884 - Residential Real Estate 613,486 649,064 - Installment and Other Consumer 377,304 377,304 - $ 3,932,541 $ 4,402,147 $ - Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 5,051,846 $ 5,055,685 $ 2,592,270 CRE Owner-Occupied CRE - - - Commercial Construction, Land Development, and Other Land 193,804 205,804 76,934 Other Non Owner-Occupied CRE - - - Direct Financing Leases 829,457 829,457 306,193 Residential Real Estate 805,301 805,301 185,801 Installment and Other Consumer 210,438 210,438 143,089 $ 7,090,846 $ 7,106,685 $ 3,304,287 Total Impaired Loans/Leases: C&I $ 5,286,482 $ 5,401,757 $ 2,592,270 CRE Owner-Occupied CRE 256,761 350,535 - Commercial Construction, Land Development, and Other Land 193,804 434,622 76,934 Other Non Owner-Occupied CRE 1,578,470 1,578,470 - Direct Financing Leases 1,701,341 1,701,341 306,193 Residential Real Estate 1,418,787 1,454,365 185,801 Installment and Other Consumer 587,742 587,742 143,089 $ 11,023,387 $ 11,508,832 $ 3,304,287 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of March 31, 2016 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) $ 647,678,612 $ 250,031,858 $ 35,892,683 $ 448,275,195 $ 1,381,878,348 95.42 % Special Mention (Rating 6) 12,346,445 3,376,191 1,780,000 10,562,085 28,064,721 1.94 % Substandard (Rating 7) 22,031,725 8,322,850 297,863 7,620,640 38,273,078 2.64 % Doubtful (Rating 8) - - - - - - $ 682,056,782 $ 261,730,899 $ 37,970,546 $ 466,457,920 $ 1,448,216,147 100.00 % As of March 31, 2016 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 170,521,000 $ 171,599,973 $ 71,392,505 $ 413,513,478 98.99 % Nonperforming 2,253,048 1,496,236 449,763 4,199,047 1.01 % $ 172,774,048 $ 173,096,209 $ 71,842,268 $ 417,712,525 100.00 % As of December 31, 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) - - - - - - $ 648,159,892 $ 252,523,164 $ 49,083,844 $ 422,761,757 $ 1,372,528,657 100.00 % As of December 31, 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 171,951,421 $ 169,013,743 $ 73,081,751 $ 414,046,915 99.11 % Nonperforming 1,704,184 1,418,787 587,742 3,710,713 0.89 % $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 417,757,628 100.00 % |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the three months ended March 31, 2016 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity Direct Financing Leases 4 $ 410,653 $ 410,653 $ - 4 $ 410,653 $ 410,653 $ - CONCESSION - Significant Payment Delay Direct Financing Leases 1 $ 45,939 $ 45,939 $ - 1 $ 45,939 $ 45,939 $ - TOTAL 5 $ 456,592 $ 456,592 $ - |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2016 2015 Net income $ 6,373,489 $ 4,177,889 Basic earnings per common share $ 0.54 $ 0.52 Diluted earnings per common share $ 0.53 $ 0.52 Weighted average common shares outstanding 11,793,620 7,975,910 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 160,329 121,534 Weighted average common and common equivalent shares outstanding 11,953,949 8,097,444 |
Note 6 - Fair Value (Tables)
Note 6 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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) March 31, 2016: Securities available for sale: U.S. govt. sponsored agency securities $ 132,741,822 $ - $ 132,741,822 $ - Residential mortgage-backed and related securities 116,452,374 - 116,452,374 - Municipal securities 24,929,655 - 24,929,655 - Other securities 2,064,016 779 2,063,237 - Derivative instruments 450,651 - 450,651 - $ 276,638,518 $ 779 $ 276,637,739 $ - December 31, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 213,537,379 $ - $ 213,537,379 $ - Residential mortgage-backed and related 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 $ - Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 March 31, 2016: Impaired loans/leases $ 4,969,221 $ - $ - $ 4,969,221 OREO 7,214,706 - - 7,214,706 $ 12,183,927 $ - $ - $ 12,183,927 December 31, 2015: Impaired loans/leases $ 4,545,966 $ - $ - $ 4,545,966 OREO 7,722,711 - - 7,722,711 $ 12,268,677 $ - $ - $ 12,268,677 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitave Information about Level Fair Value Measurments Fair Value March 31, 2016 Fair Value December 31, 2015 Valuation Technique Unobservable Input Range Impaired loans/leases $ 4,969,221 $ 4,545,966 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 7,214,706 7,722,711 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 March 31, 2016 As of December 31, 2015 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 44,930,836 $ 44,930,836 $ 41,742,321 $ 41,742,321 Federal funds sold Level 2 15,740,000 15,740,000 19,850,000 19,850,000 Interest-bearing deposits at financial institutions Level 2 41,489,171 41,489,171 36,313,965 36,313,965 Investment securities: Held to maturity Level 2 261,129,586 264,414,722 253,674,159 255,691,285 Available for sale See Previous Table 276,187,867 276,187,867 323,434,982 323,434,982 Loans/leases receivable, net Level 3 4,601,131 4,969,221 4,209,228 4,545,966 Loans/leases receivable, net Level 2 1,841,827,043 (4,601,131 ) 1,767,672,541 1,764,178,772 Derivative instruments Level 2 450,651 450,651 856,024 856,024 Deposits: Nonmaturity deposits Level 2 1,586,207,114 1,586,207,114 1,516,599,081 1,516,599,081 Time deposits Level 2 403,365,975 404,278,000 364,067,103 364,192,000 Short-term borrowings Level 2 64,022,811 64,022,811 144,662,716 144,662,716 FHLB advances Level 2 150,500,000 152,206,000 151,000,000 153,143,000 Other borrowings Level 2 100,000,000 106,466,000 110,000,000 116,061,000 Junior subordinated debentures Level 2 33,378,402 24,520,003 38,499,052 27,642,093 |
Note 7 - Business Segment Inf22
Note 7 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial Banking Quad City Cedar Rapids Rockford Wealth Intercompany Consolidated Bank & Trust Bank & Trust Bank & Trust Management All Other Eliminations Total Three Months Ended March 31, 2016 Total revenue $ 13,516,932 $ 10,839,221 $ 3,794,247 $ 2,234,292 $ 6,859,775 $ (6,919,935 ) $ 30,324,532 Net interest income $ 10,961,447 $ 7,024,988 $ 2,911,974 $ - $ (300,887 ) $ - $ 20,597,522 Net income $ 2,831,696 $ 2,934,731 $ 617,785 $ 447,770 $ 6,373,488 $ (6,831,981 ) $ 6,373,489 Total assets $ 1,361,607,041 $ 885,858,279 $ 367,031,670 $ - $ 288,814,613 $ (262,638,349 ) $ 2,640,673,254 Provision $ 1,222,985 $ 550,000 $ 300,000 $ - $ - $ - $ 2,072,985 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,421,531 $ - $ - $ - $ - $ 1,421,531 Three Months Ended March 31, 2015 Total revenue $ 12,801,418 $ 9,525,647 $ 3,541,590 $ 2,343,438 $ 5,616,443 $ (5,705,028 ) $ 28,123,508 Net interest income $ 9,275,038 $ 6,358,297 $ 2,634,082 $ - $ (485,200 ) $ - $ 17,782,217 Net income $ 2,562,613 $ 2,068,306 $ 518,657 $ 459,330 $ 4,177,889 $ (5,608,906 ) $ 4,177,889 Total assets $ 1,268,168,825 $ 855,417,474 $ 354,993,941 $ - $ 221,549,665 $ (208,470,899 ) $ 2,491,659,006 Provision $ 882,456 $ 600,000 $ 228,000 $ - $ - $ - $ 1,710,456 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,621,043 $ - $ - $ - $ - $ 1,621,043 |
Note 8 - Regulatory Capital R23
Note 8 - Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For Capital To Be Well Adequacy Purposes Capitalized Under With Capital Prompt Corrective Actual Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2016: Company: Total risk-based capital $ 282,957 12.68 % $ 192,416 > 8.625 % $ 223,091 > 10.0 % Tier 1 risk-based capital 255,372 11.45 % 147,797 > 6.625 178,472 > 8.0 Tier 1 leverage 255,372 9.85 % 103,728 > 4.000 129,660 > 5.0 Common equity Tier 1 225,582 10.11 % 114,334 > 5.125 145,009 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 137,161 12.01 % $ 98,496 > 8.625 % $ 114,198 > 10.0 % Tier 1 risk-based capital 124,668 10.92 % 75,656 > 6.625 91,358 > 8.0 Tier 1 leverage 124,668 9.12 % 54,680 > 4.000 68,351 > 5.0 Common equity Tier 1 124,668 10.92 % 58,526 > 5.125 74,229 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 106,576 13.98 % $ 65,729 > 8.625 % $ 76,208 > 10.0 % Tier 1 risk-based capital 97,032 12.73 % 50,488 > 6.625 60,966 > 8.0 Tier 1 leverage 97,032 11.03 % 35,197 > 4.000 43,996 > 5.0 Common equity Tier 1 97,032 12.73 % 39,056 > 5.125 49,535 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 39,201 12.03 % $ 28,096 > 8.625 % $ 32,575 > 10.0 % Tier 1 risk-based capital 35,125 10.78 % 21,581 > 6.625 26,060 > 8.0 Tier 1 leverage 35,125 9.52 % 14,758 > 4.000 18,447 > 5.0 Common equity Tier 1 35,125 10.78 % 16,695 > 5.125 21,174 > 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, 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 |
Note 2 - Investment Securitie24
Note 2 - Investment Securities (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Note 2 - Investment Securities (Details) [Line Items] | |||
Number of Securities | 465 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 58 | ||
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 | 21 | ||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | ||
Equity Securities [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Percentage of Investment Portfolio | 1.00% | 1.00% | |
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | $ 0 | |
Debt Securities [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments (in Dollars) | $ 0 | ||
Revenue Bonds [Member] | Municipal Bonds [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Number of Issuers | 82 | 92 | |
Other Investments (in Dollars) | $ 215,600,000 | $ 214,400,000 | |
Number of States Investments Held In | 9 | 9 | |
Revenue Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding $5 Million [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Number of States Investments Held In | 4 | 4 | |
Revenue Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
Revenue Bonds [Member] | Minimum [Member] | Municipal Bonds [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Other Investments (in Dollars) | $ 5,000,000 | $ 5,000,000 | |
General Obligation Bonds [Member] | Municipal Bonds [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Number of Issuers | 95 | 82 | |
Other Investments (in Dollars) | $ 72,700,000 | $ 67,800,000 | |
Number of States Investments Held In | 19 | 19 | |
General Obligation Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding $5 Million [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Number of States Investments Held In | 4 | 4 | |
General Obligation Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 0.00% | |
General Obligation Bonds [Member] | Minimum [Member] | Municipal Bonds [Member] | |||
Note 2 - Investment Securities (Details) [Line Items] | |||
Other Investments (in Dollars) | $ 5,000,000 | $ 5,000,000 |
Note 2 - Investment Securitie25
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Value of Investment Securities - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Securities held to maturity: | ||
Securities held to maturity, amortized cost | $ 261,129,586 | $ 253,674,159 |
Securities held to maturity, gross unrealized gains | 4,143,965 | 3,190,558 |
Securities held to maturity, gross unrealized losses | (858,829) | (1,173,432) |
Securities held to maturity, fair value | 264,414,722 | 255,691,285 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 273,844,647 | 325,597,000 |
Securities available for sale, gross unrealized gains | 2,814,866 | 2,029,523 |
Securities available for sale, gross unrealized losses | (471,646) | (4,191,541) |
Securities available for sale, fair value | 276,187,867 | 323,434,982 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, amortized cost | 260,079,586 | 252,624,159 |
Securities held to maturity, gross unrealized gains | 4,143,965 | 3,190,558 |
Securities held to maturity, gross unrealized losses | (858,829) | (1,173,432) |
Securities held to maturity, fair value | 263,364,722 | 254,641,285 |
Securities available for sale: | ||
Securities available for sale, amortized cost | 24,113,773 | 26,764,981 |
Securities available for sale, gross unrealized gains | 839,125 | 872,985 |
Securities available for sale, gross unrealized losses | (23,243) | (59,378) |
Securities available for sale, fair value | 24,929,655 | 27,578,588 |
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 | 1,637,366 | 1,108,124 |
Securities available for sale, gross unrealized gains | 428,027 | 540,919 |
Securities available for sale, gross unrealized losses | (1,377) | (163) |
Securities available for sale, fair value | 2,064,016 | 1,648,880 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 132,080,737 | 216,281,416 |
Securities available for sale, gross unrealized gains | 786,623 | 104,524 |
Securities available for sale, gross unrealized losses | (125,538) | (2,848,561) |
Securities available for sale, fair value | 132,741,822 | 213,537,379 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 116,012,771 | 81,442,479 |
Securities available for sale, gross unrealized gains | 761,091 | 511,095 |
Securities available for sale, gross unrealized losses | (321,488) | (1,283,439) |
Securities available for sale, fair value | $ 116,452,374 | $ 80,670,135 |
Note 2 - Investment Securitie26
Note 2 - Investment Securities (Details) - Securities in a Continuous Unrealized Loss Position - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | $ 44,855,847 | $ 155,478,459 |
Securities available for sale, less than 12 months, gross unrealized losses | (162,212) | (2,160,027) |
Securities available for sale, 12 months or more, fair value | 35,505,056 | 85,161,627 |
Securities available for sale, 12 months or more, gross unrealized losses | (309,434) | (2,031,514) |
Securities available for sale, fair value | 80,360,903 | 240,640,086 |
Securities available for sale, gross unrealized losses | (471,646) | (4,191,541) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | 16,874,982 | 14,803,408 |
Securities held to maturity, less than 12 months, gross unrealized losses | (669,283) | (294,438) |
Securities held to maturity, 12 months or more, fair value | 7,610,345 | 19,927,581 |
Securities held to maturity, 12 months or more, gross unrealized losses | (189,546) | (878,994) |
Securities held to maturity, fair value | 24,485,327 | 34,730,989 |
Securities held to maturity, gross unrealized losses | (858,829) | (1,173,432) |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 1,157,233 | 2,220,800 |
Securities available for sale, less than 12 months, gross unrealized losses | (2,185) | (31,807) |
Securities available for sale, 12 months or more, fair value | 849,972 | 848,329 |
Securities available for sale, 12 months or more, gross unrealized losses | (21,058) | (27,571) |
Securities available for sale, fair value | 2,007,205 | 3,069,129 |
Securities available for sale, gross unrealized losses | (23,243) | (59,378) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 24,512,886 | 112,900,327 |
Securities available for sale, less than 12 months, gross unrealized losses | (76,931) | (1,397,591) |
Securities available for sale, 12 months or more, fair value | 4,946,100 | 64,476,661 |
Securities available for sale, 12 months or more, gross unrealized losses | (48,607) | (1,450,970) |
Securities available for sale, fair value | 29,458,986 | 177,376,988 |
Securities available for sale, gross unrealized losses | (125,538) | (2,848,561) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 18,687,105 | 40,356,921 |
Securities available for sale, less than 12 months, gross unrealized losses | (81,719) | (730,466) |
Securities available for sale, 12 months or more, fair value | 29,708,984 | 19,836,637 |
Securities available for sale, 12 months or more, gross unrealized losses | (239,769) | (552,973) |
Securities available for sale, fair value | 48,396,089 | 60,193,558 |
Securities available for sale, gross unrealized losses | (321,488) | (1,283,439) |
Other Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 498,623 | 411 |
Securities available for sale, less than 12 months, gross unrealized losses | (1,377) | (163) |
Securities available for sale, fair value | 498,623 | 411 |
Securities available for sale, gross unrealized losses | $ (1,377) | $ (163) |
Note 2 - Investment Securitie27
Note 2 - Investment Securities (Details) - Sales of Securities - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Sales of Securities [Abstract] | ||
Proceeds from sales of securities | $ 55,526,851 | $ 54,971,056 |
Pre-tax gross gains from sales of securities | 515,515 | 573,684 |
Pre-tax gross losses from sales of securities | $ (157,035) | $ (152,618) |
Note 2 - Investment Securitie28
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Value of Securities by Contractual Maturity - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Securities held to maturity: | ||
Due in one year or less | $ 4,206,670 | |
Due in one year or less | 4,213,609 | |
Due after one year through five years | 20,737,843 | |
Due after one year through five years | 20,889,363 | |
Due after five years | 236,185,073 | |
Due after five years | 239,311,750 | |
261,129,586 | ||
264,414,722 | $ 255,691,285 | |
Securities available for sale: | ||
Due in one year or less | 1,884,460 | |
Due in one year or less | 1,895,137 | |
Due after one year through five years | 68,198,829 | |
Due after one year through five years | 69,027,450 | |
Due after five years | 86,111,221 | |
Due after five years | 86,748,890 | |
156,194,510 | ||
157,671,477 | ||
Amortized Cost | 273,844,647 | |
Fair Value | 276,187,867 | |
Securities held to maturity: | ||
Amortized Cost | 81,304,783 | |
Fair Value | 81,704,514 | |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Amortized Cost | 116,012,771 | |
Fair Value | 116,452,374 | |
Other Securities [Member] | ||
Securities held to maturity: | ||
1,050,000 | 1,050,000 | |
Securities available for sale: | ||
Amortized Cost | 1,637,366 | |
Fair Value | 2,064,016 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
263,364,722 | $ 254,641,285 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Amortized Cost | 15,335,099 | |
Fair Value | 15,728,025 | |
Callable Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities held to maturity: | ||
Amortized Cost | 65,969,684 | |
Fair Value | 65,976,489 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Amortized Cost | 135,926,431 | |
Fair Value | $ 137,921,557 |
Note 2 - Investment Securitie29
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
General Obligation Bonds [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 82 | 82 |
Amortized cost | $ 71,391,381 | $ 66,683,832 |
Fair value | 72,662,999 | 67,778,032 |
Average exposure per issuer (fair value) | $ 886,134 | $ 826,561 |
General Obligation Bonds [Member] | IOWA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 15 | 15 |
Amortized cost | $ 19,974,438 | $ 19,974,939 |
Fair value | 20,309,435 | 20,247,108 |
Average exposure per issuer (fair value) | $ 1,353,962 | $ 1,349,807 |
General Obligation Bonds [Member] | ILLINOIS | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 10 | 9 |
Amortized cost | $ 12,665,888 | $ 10,928,700 |
Fair value | 13,014,865 | 11,264,348 |
Average exposure per issuer (fair value) | $ 1,301,487 | $ 1,251,594 |
General Obligation Bonds [Member] | MISSOURI | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 12 | 12 |
Amortized cost | $ 7,393,378 | $ 7,924,800 |
Fair value | 7,488,699 | 7,986,856 |
Average exposure per issuer (fair value) | $ 624,058 | $ 665,571 |
General Obligation Bonds [Member] | NORTH DAKOTA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 6 | 5 |
Amortized cost | $ 16,403,026 | $ 10,890,000 |
Fair value | 16,616,824 | 11,050,235 |
Average exposure per issuer (fair value) | $ 2,769,471 | $ 2,210,047 |
General Obligation Bonds [Member] | Other States [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 39 | 41 |
Amortized cost | $ 14,954,651 | $ 16,965,393 |
Fair value | 15,233,176 | 17,229,485 |
Average exposure per issuer (fair value) | $ 390,594 | $ 420,231 |
Revenue Bonds [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 95 | 92 |
Amortized cost | $ 212,801,978 | $ 212,705,308 |
Fair value | 215,631,378 | 214,441,841 |
Average exposure per issuer (fair value) | $ 2,269,804 | $ 2,330,890 |
Revenue Bonds [Member] | IOWA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 27 | 26 |
Amortized cost | $ 74,013,142 | $ 70,773,660 |
Fair value | 75,274,793 | 71,659,410 |
Average exposure per issuer (fair value) | $ 2,787,955 | $ 2,756,131 |
Revenue Bonds [Member] | MISSOURI | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 42 | 41 |
Amortized cost | $ 76,260,706 | $ 78,593,590 |
Fair value | 77,142,220 | 79,015,378 |
Average exposure per issuer (fair value) | $ 1,836,720 | $ 1,927,204 |
Revenue Bonds [Member] | Other States [Member] | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 5 | 5 |
Amortized cost | $ 11,162,489 | $ 11,570,998 |
Fair value | 11,422,830 | 11,735,678 |
Average exposure per issuer (fair value) | $ 2,284,566 | $ 2,347,136 |
Revenue Bonds [Member] | INDIANA | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 17 | 17 |
Amortized cost | $ 39,342,789 | $ 40,018,381 |
Fair value | 39,675,326 | 40,210,320 |
Average exposure per issuer (fair value) | $ 2,333,843 | $ 2,365,313 |
Revenue Bonds [Member] | KANSAS | ||
Note 2 - Investment Securities (Details) - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State [Line Items] | ||
Number of issuers | 4 | 3 |
Amortized cost | $ 12,022,852 | $ 11,748,679 |
Fair value | 12,116,209 | 11,821,055 |
Average exposure per issuer (fair value) | $ 3,029,052 | $ 3,940,352 |
Note 3 - Loans_Leases Receiva30
Note 3 - Loans/Leases Receivable (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Losses On Residual Value | $ 0 | $ 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,772,347 | $ 10,648,211 | |
Financing Receivable, Modifications, Recorded Investment | $ 2,732,887 | 2,587,413 | |
Financing Receivable, Modifications, Number of Contracts | 5 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Troubled Debt Restructurings [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1,576,057 | 1,533,657 | |
Nonaccrual [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Residential Portfolio Segment [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 765,385 | 565,850 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,051,643 | 1,016,743 | |
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 115,671 | 119,305 | |
Commercial Portfolio Segment [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,648,002 | 5,791,975 | |
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,217,243 | 1,164,423 | |
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 191,366 | 193,804 | |
Finance Leases Portfolio Segment [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,796,456 | 1,701,341 | |
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 37,750 | 42,098 | |
Consumer Portfolio Segment [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 319,793 | 109,117 | |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||
Note 3 - Loans/Leases Receivable (Details) [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 14,027 | $ 14,027 |
Note 3 - Loans_Leases Receiva31
Note 3 - Loans/Leases Receivable (Details) - Composition of the Loan/Lease Portfolio - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | $ 1,865,928,672 | $ 1,790,286,285 | |||||
Plus deferred loan/lease orgination costs, net of fees | 7,894,944 | 7,736,390 | |||||
Gross loans/leases receivable | 1,873,823,616 | 1,798,022,675 | |||||
Less allowance for estimated losses on loans/leases | (27,395,442) | (26,140,906) | $ (23,883,273) | $ (23,074,365) | |||
1,846,428,174 | 1,771,881,769 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 682,056,782 | 648,159,892 | |||||
Less allowance for estimated losses on loans/leases | (10,991,979) | (10,484,080) | (9,177,164) | (8,833,832) | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 766,159,365 | 724,368,765 | |||||
Less allowance for estimated losses on loans/leases | (10,090,567) | (9,375,117) | (8,838,204) | (8,353,386) | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 261,730,899 | 252,523,164 | |||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | 37,970,546 | 49,083,844 | |||||
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 | 466,457,920 | 422,761,757 | |||||
Finance Leases Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [1],[2] | 172,774,048 | 173,655,605 | ||||
Plus deferred loan/lease orgination costs, net of fees | [1] | 6,493,124 | 6,594,582 | ||||
Gross loans/leases receivable | [1] | 179,267,172 | 180,250,187 | ||||
Less allowance for estimated losses on loans/leases | (3,287,230) | [1] | (3,395,088) | [1] | (3,227,458) | (3,359,400) | |
[1] | 175,979,942 | 176,855,099 | |||||
Net minimum lease payments to be received | [1] | 194,005,721 | 195,476,230 | ||||
Estimated unguaranteed residual values of leased assets | [1] | 1,131,634 | 1,165,706 | ||||
Unearned lease/residual income | [1] | (22,363,307) | (22,986,331) | ||||
Residential Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [2],[3] | 173,096,209 | 170,432,530 | ||||
Less allowance for estimated losses on loans/leases | (1,836,622) | (1,790,150) | (1,597,754) | (1,525,952) | |||
Consumer Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and leases | [2] | 71,842,268 | 73,669,493 | ||||
Less allowance for estimated losses on loans/leases | $ (1,189,043) | $ (1,096,471) | $ (1,042,693) | $ (1,001,795) | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residualvalues for the three months ended March 31, 2016 and 2015. | ||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||||
[3] | Includes residential real estate loans held for sale totaling $765,385 and $565,850 as of March 31, 2016, and December 31, 2015, respectively. |
Note 3 - Loans_Leases Receiva32
Note 3 - Loans/Leases Receivable (Details) - Aging of the Loan/Lease Portfolio - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 1,847,404,693 | $ 1,771,618,511 | |
Accruing Past Due 90 Days or More | 46,418 | 2,843 | |
Nonaccrual Loans/Leases | 10,772,347 | 10,648,211 | |
Total | $ 1,865,928,672 | $ 1,790,286,285 | |
Current as a percentage of total loan/lease portfolio | 99.01% | 98.96% | |
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.00% | 0.00% | |
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.58% | 0.59% | |
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 | $ 6,802,766 | $ 7,138,000 | |
Past due as a percentage of total loan/lease portfolio | 0.36% | 0.40% | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 902,448 | $ 878,720 | |
Past due as a percentage of total loan/lease portfolio | 0.05% | 0.05% | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 674,901,078 | $ 640,725,241 | |
Nonaccrual Loans/Leases | 5,648,002 | 5,791,975 | |
Total | $ 682,056,782 | $ 648,159,892 | |
Loans and leases as a percentage of total loan/lease portfolio | 48.60% | 50.96% | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 1,038,410 | $ 1,636,860 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 469,292 | 5,816 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 766,159,365 | 724,368,765 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 260,963,128 | 251,612,752 | |
Nonaccrual Loans/Leases | 658,561 | 727,463 | |
Total | $ 261,730,899 | $ 252,523,164 | |
Loans and leases as a percentage of total loan/lease portfolio | 5.50% | 6.22% | |
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 | $ 109,210 | $ 182,949 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 37,779,180 | 48,890,040 | |
Nonaccrual Loans/Leases | 191,366 | 193,804 | |
Total | $ 37,970,546 | $ 49,083,844 | |
Loans and leases as a percentage of total loan/lease portfolio | 1.60% | 1.66% | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 464,239,777 | $ 420,819,874 | |
Nonaccrual Loans/Leases | 1,106,526 | 1,107,768 | |
Total | $ 466,457,920 | $ 422,761,757 | |
Loans and leases as a percentage of total loan/lease portfolio | 9.24% | 9.46% | |
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 | $ 898,733 | $ 614,732 | |
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 | 212,884 | 219,383 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 169,792,466 | 170,021,289 | |
Accruing Past Due 90 Days or More | 2,843 | ||
Nonaccrual Loans/Leases | 1,796,456 | 1,701,341 | |
Total | [1],[2] | $ 172,774,048 | $ 173,655,605 |
Loans and leases as a percentage of total loan/lease portfolio | 18.81% | 14.56% | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 977,630 | $ 1,490,818 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 207,496 | 439,314 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 168,865,064 | 166,415,118 | |
Accruing Past Due 90 Days or More | 46,256 | ||
Nonaccrual Loans/Leases | 1,051,643 | 1,016,743 | |
Total | [2],[3] | $ 173,096,209 | $ 170,432,530 |
Loans and leases as a percentage of total loan/lease portfolio | 12.49% | 12.12% | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 3,133,246 | $ 2,800,589 | |
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 | ||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 70,864,000 | 73,134,197 | |
Accruing Past Due 90 Days or More | 162 | ||
Nonaccrual Loans/Leases | 319,793 | 109,117 | |
Total | [2] | $ 71,842,268 | $ 73,669,493 |
Loans and leases as a percentage of total loan/lease portfolio | 3.76% | 5.02% | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 645,537 | $ 412,052 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 12,776 | $ 14,127 | |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residualvalues for the three months ended March 31, 2016 and 2015. | ||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||
[3] | Includes residential real estate loans held for sale totaling $765,385 and $565,850 as of March 31, 2016, and December 31, 2015, respectively. |
Note 3 - Loans_Leases Receiva33
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 46,418 | $ 2,843 | |||
Nonaccrual Loans/Leases | 10,772,347 | 10,648,211 | |||
Troubled Debt Restructurings - Accruing | 2,732,887 | 2,587,413 | |||
Total Nonperforming Loans/Leases | $ 1,865,928,672 | $ 1,790,286,285 | |||
Percentage of Total Nonperforming Loans/Leases | 100.00% | 100.00% | |||
Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 46,418 | $ 2,843 | |||
Nonaccrual Loans/Leases | 10,772,347 | [1] | 10,648,211 | [2] | |
Troubled Debt Restructurings - Accruing | 1,156,830 | 1,053,756 | |||
Total Nonperforming Loans/Leases | 11,975,595 | 11,704,810 | |||
Commercial Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | 5,648,002 | 5,791,975 | |||
Total Nonperforming Loans/Leases | $ 682,056,782 | $ 648,159,892 | |||
Percentage of Total Nonperforming Loans/Leases | 48.60% | 50.96% | |||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | $ 5,648,002 | [1] | $ 5,791,975 | [2] | |
Troubled Debt Restructurings - Accruing | 172,093 | 173,087 | |||
Total Nonperforming Loans/Leases | 5,820,095 | 5,965,062 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Total Nonperforming Loans/Leases | 766,159,365 | 724,368,765 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | 658,561 | 727,463 | |||
Total Nonperforming Loans/Leases | $ 261,730,899 | $ 252,523,164 | |||
Percentage of Total Nonperforming Loans/Leases | 5.50% | 6.22% | |||
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | $ 658,561 | [1] | $ 727,463 | [2] | |
Total Nonperforming Loans/Leases | 658,561 | 727,463 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | 191,366 | 193,804 | |||
Total Nonperforming Loans/Leases | $ 37,970,546 | $ 49,083,844 | |||
Percentage of Total Nonperforming Loans/Leases | 1.60% | 1.66% | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | $ 191,366 | [1] | $ 193,804 | [2] | |
Total Nonperforming Loans/Leases | 191,366 | 193,804 | |||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | 1,106,526 | 1,107,768 | |||
Total Nonperforming Loans/Leases | $ 466,457,920 | $ 422,761,757 | |||
Percentage of Total Nonperforming Loans/Leases | 9.24% | 9.46% | |||
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Nonaccrual Loans/Leases | $ 1,106,526 | [1] | $ 1,107,768 | [2] | |
Total Nonperforming Loans/Leases | 1,106,526 | 1,107,768 | |||
Finance Leases Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 2,843 | ||||
Nonaccrual Loans/Leases | 1,796,456 | 1,701,341 | |||
Total Nonperforming Loans/Leases | [3],[4] | $ 172,774,048 | $ 173,655,605 | ||
Percentage of Total Nonperforming Loans/Leases | 18.81% | 14.56% | |||
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 2,843 | ||||
Nonaccrual Loans/Leases | $ 1,796,456 | [1] | 1,701,341 | [2] | |
Troubled Debt Restructurings - Accruing | 456,592 | ||||
Total Nonperforming Loans/Leases | [4] | 2,253,048 | 1,704,184 | ||
Residential Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 46,256 | ||||
Nonaccrual Loans/Leases | 1,051,643 | 1,016,743 | |||
Total Nonperforming Loans/Leases | [4],[5] | $ 173,096,209 | $ 170,432,530 | ||
Percentage of Total Nonperforming Loans/Leases | 12.49% | 12.12% | |||
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 46,256 | ||||
Nonaccrual Loans/Leases | 1,051,643 | [1] | $ 1,016,743 | [2] | |
Troubled Debt Restructurings - Accruing | 398,337 | 402,044 | |||
Total Nonperforming Loans/Leases | [4] | 1,496,236 | 1,418,787 | ||
Consumer Portfolio Segment [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | 162 | ||||
Nonaccrual Loans/Leases | 319,793 | 109,117 | |||
Total Nonperforming Loans/Leases | [4] | $ 71,842,268 | $ 73,669,493 | ||
Percentage of Total Nonperforming Loans/Leases | 3.76% | 5.02% | |||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 3 - Loans/Leases Receivable (Details) - Nonperforming Loans/Leases [Line Items] | |||||
Accruing Past Due 90 Days or More | $ 162 | ||||
Nonaccrual Loans/Leases | 319,793 | [1] | $ 109,117 | [2] | |
Troubled Debt Restructurings - Accruing | 129,808 | 478,625 | |||
Total Nonperforming Loans/Leases | [4] | $ 449,763 | $ 587,742 | ||
[1] | Nonaccrual loans/leases included $1,576,057 of TDRs, including $1,217,243 in C&I loans, $191,366 in CRE loans, $37,750 in direct financing leases, $115,671 inresidential real estate loans, and $14,027 in installment loans. | ||||
[2] | Nonaccrual loans/leases included $1,533,657 of TDRs, including $1,164,423 in C&I loans, $193,804 in CRE loans, $42,098 in direct financing leases, $119,305 inresidential real estate loans, and $14,027 in installment loans. | ||||
[3] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residualvalues for the three months ended March 31, 2016 and 2015. | ||||
[4] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||
[5] | Includes residential real estate loans held for sale totaling $765,385 and $565,850 as of March 31, 2016, and December 31, 2015, respectively. |
Note 3 - Loans_Leases Receiva34
Note 3 - Loans/Leases Receivable (Details) - Allowance for Estimated Losses on Loans/Leases - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | $ 26,140,906 | $ 23,074,365 | |||
Balance | 27,395,442 | 23,883,273 | |||
Impaired loans/leases | 11,323,779 | $ 11,023,387 | |||
Nonimpaired loans/leases | 1,854,604,893 | 1,779,262,898 | |||
Loans and leases | $ 1,865,928,672 | $ 1,790,286,285 | |||
Allowance as a percentage of impaired loans/leases | 28.08% | 29.98% | |||
Allowance as a percentage of nonimpaired loans/leases | 1.31% | 1.28% | |||
Total allowance as a percentage of total loans/leases | 1.46% | 1.45% | |||
Allowance for impaired loans/leases | $ 3,179,854 | $ 3,304,287 | |||
Allowance for nonimpaired loans/leases | 24,215,588 | 22,836,619 | |||
Provisions charged to expense | 2,072,985 | 1,710,456 | |||
Loans/leases charged off | (868,284) | (1,107,663) | |||
Recoveries on loans/leases previously charged off | 49,835 | 206,115 | |||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 10,484,080 | 8,833,832 | |||
Balance | 10,991,979 | 9,177,164 | |||
Impaired loans/leases | 5,178,446 | 5,286,482 | |||
Nonimpaired loans/leases | 676,878,336 | 642,873,410 | |||
Loans and leases | $ 682,056,782 | $ 648,159,892 | |||
Allowance as a percentage of impaired loans/leases | 41.87% | 49.04% | |||
Allowance as a percentage of nonimpaired loans/leases | 1.30% | 1.23% | |||
Total allowance as a percentage of total loans/leases | 1.61% | 1.62% | |||
Allowance for impaired loans/leases | $ 2,168,454 | $ 2,592,270 | |||
Allowance for nonimpaired loans/leases | 8,823,525 | 7,891,810 | |||
Provisions charged to expense | 739,831 | 388,641 | |||
Loans/leases charged off | (243,566) | (200,301) | |||
Recoveries on loans/leases previously charged off | 11,634 | 154,992 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 9,375,117 | 8,353,386 | |||
Balance | 10,090,567 | 8,838,204 | |||
Impaired loans/leases | 1,946,451 | 2,029,035 | |||
Nonimpaired loans/leases | 764,212,914 | 722,339,730 | |||
Loans and leases | $ 766,159,365 | $ 724,368,765 | |||
Allowance as a percentage of impaired loans/leases | 4.23% | 3.79% | |||
Allowance as a percentage of nonimpaired loans/leases | 1.31% | 1.29% | |||
Total allowance as a percentage of total loans/leases | 1.32% | 1.29% | |||
Allowance for impaired loans/leases | $ 82,296 | $ 76,934 | |||
Allowance for nonimpaired loans/leases | 10,008,271 | 9,298,183 | |||
Provisions charged to expense | 715,450 | 835,894 | |||
Loans/leases charged off | (351,076) | ||||
Finance Leases Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 3,395,088 | [1] | 3,359,400 | ||
Balance | 3,287,230 | [1] | 3,227,458 | ||
Impaired loans/leases | 2,253,046 | 1,701,341 | |||
Nonimpaired loans/leases | 170,521,002 | 171,954,264 | |||
Loans and leases | [1],[2] | $ 172,774,048 | $ 173,655,605 | ||
Allowance as a percentage of impaired loans/leases | 21.45% | 18.00% | |||
Allowance as a percentage of nonimpaired loans/leases | 1.64% | 1.80% | |||
Total allowance as a percentage of total loans/leases | 1.90% | 1.96% | |||
Allowance for impaired loans/leases | $ 483,193 | $ 306,193 | |||
Allowance for nonimpaired loans/leases | 2,804,038 | 3,088,895 | |||
Provisions charged to expense | 478,245 | 403,452 | |||
Loans/leases charged off | (600,938) | (547,492) | |||
Recoveries on loans/leases previously charged off | 14,836 | 12,098 | |||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 1,790,150 | 1,525,952 | |||
Balance | 1,836,622 | 1,597,754 | |||
Impaired loans/leases | 1,496,236 | 1,418,787 | |||
Nonimpaired loans/leases | 171,599,973 | 169,013,743 | |||
Loans and leases | [2],[3] | $ 173,096,209 | $ 170,432,530 | ||
Allowance as a percentage of impaired loans/leases | 13.33% | 13.10% | |||
Allowance as a percentage of nonimpaired loans/leases | 0.95% | 0.95% | |||
Total allowance as a percentage of total loans/leases | 1.06% | 1.05% | |||
Allowance for impaired loans/leases | $ 199,498 | $ 185,801 | |||
Allowance for nonimpaired loans/leases | 1,637,124 | 1,604,349 | |||
Provisions charged to expense | 62,656 | 71,802 | |||
Loans/leases charged off | (16,184) | ||||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance | 1,096,471 | 1,001,795 | |||
Balance | 1,189,043 | 1,042,693 | |||
Impaired loans/leases | 449,600 | 587,742 | |||
Nonimpaired loans/leases | 71,392,668 | 73,081,751 | |||
Loans and leases | [2] | $ 71,842,268 | $ 73,669,493 | ||
Allowance as a percentage of impaired loans/leases | 54.81% | 24.35% | |||
Allowance as a percentage of nonimpaired loans/leases | 1.32% | 1.30% | |||
Total allowance as a percentage of total loans/leases | 1.66% | 1.49% | |||
Allowance for impaired loans/leases | $ 246,413 | $ 143,089 | |||
Allowance for nonimpaired loans/leases | 942,630 | $ 953,382 | |||
Provisions charged to expense | 76,803 | 10,667 | |||
Loans/leases charged off | (7,596) | (8,794) | |||
Recoveries on loans/leases previously charged off | $ 23,365 | $ 39,025 | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residualvalues for the three months ended March 31, 2016 and 2015. | ||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||
[3] | Includes residential real estate loans held for sale totaling $765,385 and $565,850 as of March 31, 2016, and December 31, 2015, respectively. |
Note 3 - Loans_Leases Receiva35
Note 3 - Loans/Leases Receivable (Details) - Impaired Loans/Leases - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | $ 3,989,038 | $ 3,339,899 | $ 3,932,541 |
Unpaid principal balance with no specific allowance recorded | 4,312,955 | 5,143,621 | 4,402,147 |
Average recorded investment with no specific allowance recorded | 4,112,488 | 5,612,771 | |
Interest income recognized with no specific allowance recorded | 14,465 | 6,441 | |
Interest income recognized for cash payments received with no specific allowance recorded | 14,465 | 6,441 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 7,334,741 | 11,763,877 | 7,090,846 |
Unpaid principal balance with specific allowance recorded | 7,386,158 | 12,226,348 | 7,106,685 |
Related allowance | 3,179,854 | 4,072,935 | 3,304,287 |
Average recorded investment with specific allowance recorded | 7,056,097 | 11,601,237 | |
Interest income recognized with specific allowance recorded | 3,458 | 5,090 | |
Interest income recognized for cash payments received with specific allowance recorded | 3,458 | 5,090 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 11,323,779 | 15,103,776 | 11,023,387 |
Unpaid principal balance | 11,699,113 | 17,369,969 | 11,508,832 |
Related allowance | 3,179,854 | 4,072,935 | 3,304,287 |
Average recorded investment | 11,168,585 | 17,214,008 | |
Interest income recognized | 17,923 | 11,531 | |
Interest income recognized for cash payments received | 17,923 | 11,531 | |
Commercial Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 286,508 | 331,612 | 234,636 |
Unpaid principal balance with no specific allowance recorded | 477,450 | 425,636 | 346,072 |
Average recorded investment with no specific allowance recorded | 347,369 | 1,352,320 | |
Interest income recognized with no specific allowance recorded | 1,824 | 1,849 | |
Interest income recognized for cash payments received with no specific allowance recorded | 1,824 | 1,849 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 4,891,938 | 4,969,554 | 5,051,846 |
Unpaid principal balance with specific allowance recorded | 4,895,777 | 4,973,392 | 5,055,685 |
Related allowance | 2,168,454 | 2,513,023 | 2,592,270 |
Average recorded investment with specific allowance recorded | 4,885,096 | 4,938,115 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 5,178,446 | 5,301,166 | 5,286,482 |
Unpaid principal balance | 5,373,227 | 5,399,028 | 5,401,757 |
Related allowance | 2,168,454 | 2,513,023 | 2,592,270 |
Average recorded investment | 5,232,465 | 6,290,435 | |
Interest income recognized | 1,824 | 1,849 | |
Interest income recognized for cash payments received | 1,824 | 1,849 | |
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 | 242,887 | 173,131 | 256,761 |
Unpaid principal balance with no specific allowance recorded | 336,661 | 269,354 | 350,535 |
Average recorded investment with no specific allowance recorded | 244,824 | 189,621 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 454,980 | ||
Unpaid principal balance with specific allowance recorded | 454,980 | ||
Related allowance | 15,154 | ||
Average recorded investment with specific allowance recorded | 468,590 | ||
Total Impaired Loans/Leases: | |||
Recorded investment | 242,887 | 628,111 | 256,761 |
Unpaid principal balance | 336,661 | 724,334 | 350,535 |
Related allowance | 15,154 | ||
Average recorded investment | 244,824 | 658,211 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 171,186 | ||
Unpaid principal balance with no specific allowance recorded | 511,204 | 228,818 | |
Average recorded investment with no specific allowance recorded | 171,186 | ||
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 191,366 | 197,225 | 193,804 |
Unpaid principal balance with specific allowance recorded | 203,366 | 209,225 | 205,804 |
Related allowance | 82,296 | 46,570 | 76,934 |
Average recorded investment with specific allowance recorded | 192,585 | 197,526 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 191,366 | 368,411 | 193,804 |
Unpaid principal balance | 203,366 | 720,429 | 434,622 |
Related allowance | 82,296 | 46,570 | 76,934 |
Average recorded investment | 192,585 | 368,712 | |
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 | 1,512,198 | 290,577 | 1,578,470 |
Unpaid principal balance with no specific allowance recorded | 1,512,198 | 1,528,456 | 1,578,470 |
Average recorded investment with no specific allowance recorded | 1,545,334 | 1,102,174 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 4,208,602 | ||
Unpaid principal balance with specific allowance recorded | 4,655,235 | ||
Related allowance | 767,113 | ||
Average recorded investment with specific allowance recorded | 4,335,446 | ||
Total Impaired Loans/Leases: | |||
Recorded investment | 1,512,198 | 4,499,179 | 1,578,470 |
Unpaid principal balance | 1,512,198 | 6,183,691 | 1,578,470 |
Related allowance | 767,113 | ||
Average recorded investment | 1,545,334 | 5,437,620 | |
Finance Leases Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 1,314,779 | 665,735 | 871,884 |
Unpaid principal balance with no specific allowance recorded | 1,314,779 | 665,735 | 871,884 |
Average recorded investment with no specific allowance recorded | 1,176,588 | 1,009,487 | |
Interest income recognized with no specific allowance recorded | 11,603 | 4,109 | |
Interest income recognized for cash payments received with no specific allowance recorded | 11,603 | 4,109 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 938,267 | 457,463 | 829,457 |
Unpaid principal balance with specific allowance recorded | 938,267 | 457,463 | 829,457 |
Related allowance | 483,193 | 283,485 | 306,193 |
Average recorded investment with specific allowance recorded | 800,606 | 380,548 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 2,253,046 | 1,123,198 | 1,701,341 |
Unpaid principal balance | 2,253,046 | 1,123,198 | 1,701,341 |
Related allowance | 483,193 | 283,485 | 306,193 |
Average recorded investment | 1,977,194 | 1,390,035 | |
Interest income recognized | 11,603 | 4,109 | |
Interest income recognized for cash payments received | 11,603 | 4,109 | |
Residential Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 585,186 | 981,608 | 613,486 |
Unpaid principal balance with no specific allowance recorded | 624,387 | 1,017,186 | 649,064 |
Average recorded investment with no specific allowance recorded | 585,981 | 1,089,298 | |
Interest income recognized with no specific allowance recorded | 1,038 | 483 | |
Interest income recognized for cash payments received with no specific allowance recorded | 1,038 | 483 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 911,050 | 864,957 | 805,301 |
Unpaid principal balance with specific allowance recorded | 946,628 | 864,957 | 805,301 |
Related allowance | 199,498 | 180,160 | 185,801 |
Average recorded investment with specific allowance recorded | 871,531 | 728,349 | |
Interest income recognized with specific allowance recorded | 1,958 | 2,830 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,958 | 2,830 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 1,496,236 | 1,846,565 | 1,418,787 |
Unpaid principal balance | 1,571,015 | 1,882,143 | 1,454,365 |
Related allowance | 199,498 | 180,160 | 185,801 |
Average recorded investment | 1,457,512 | 1,817,647 | |
Interest income recognized | 2,996 | 3,313 | |
Interest income recognized for cash payments received | 2,996 | 3,313 | |
Consumer Portfolio Segment [Member] | |||
Impaired Loans/Leases with No Specific Allowance Recorded: | |||
Recorded investment with no specific allowance recorded | 47,480 | 726,050 | 377,304 |
Unpaid principal balance with no specific allowance recorded | 47,480 | 726,050 | 377,304 |
Average recorded investment with no specific allowance recorded | 212,392 | 698,685 | |
Impaired Loans/Leases with Specific Allowance Recorded: | |||
Recorded investment with specific allowance recorded | 402,120 | 611,096 | 210,438 |
Unpaid principal balance with specific allowance recorded | 402,120 | 611,096 | 210,438 |
Related allowance | 246,413 | 267,430 | 143,089 |
Average recorded investment with specific allowance recorded | 306,279 | 552,663 | |
Interest income recognized with specific allowance recorded | 1,500 | 2,260 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,500 | 2,260 | |
Total Impaired Loans/Leases: | |||
Recorded investment | 449,600 | 1,337,146 | 587,742 |
Unpaid principal balance | 449,600 | 1,337,146 | 587,742 |
Related allowance | 246,413 | 267,430 | $ 143,089 |
Average recorded investment | 518,671 | 1,251,348 | |
Interest income recognized | 1,500 | 2,260 | |
Interest income recognized for cash payments received | $ 1,500 | $ 2,260 |
Note 3 - Loans_Leases Receiva36
Note 3 - Loans/Leases Receivable (Details) - Loans/Leases By Credit Quality Indicators - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,865,928,672 | $ 1,790,286,285 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 11,975,595 | 11,704,810 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 682,056,782 | 648,159,892 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 647,678,612 | 616,200,797 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,346,445 | 18,031,845 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 22,031,725 | 13,927,250 | |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,820,095 | 5,965,062 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 766,159,365 | 724,368,765 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 261,730,899 | 252,523,164 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 250,031,858 | 238,119,608 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,376,191 | 8,630,658 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,322,850 | 5,772,898 | |
Commercial Real Estate Portfolio Segment [Member] | Owner-occupied Commercial Real Estate Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 658,561 | 727,463 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 37,970,546 | 49,083,844 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 35,892,683 | 46,929,876 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,780,000 | 1,780,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 297,863 | 373,968 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 191,366 | 193,804 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 466,457,920 | 422,761,757 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 448,275,195 | 406,027,442 | |
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 | 10,562,085 | 8,846,286 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,620,640 | 7,888,029 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non Owner-occupied Commercial Real Estate Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,106,526 | 1,107,768 | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,448,216,147 | $ 1,372,528,657 | |
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 | $ 1,381,878,348 | $ 1,307,277,723 | |
As a % of Total | 95.42% | 95.24% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 28,064,721 | $ 37,288,789 | |
As a % of Total | 1.94% | 2.72% | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 38,273,078 | $ 27,962,145 | |
As a % of Total | 2.64% | 2.04% | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1],[2] | $ 172,774,048 | $ 173,655,605 |
Finance Leases Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 170,521,000 | 171,951,421 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 2,253,048 | 1,704,184 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2],[3] | 173,096,209 | 170,432,530 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 171,599,973 | 169,013,743 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 1,496,236 | 1,418,787 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 71,842,268 | 73,669,493 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 71,392,505 | 73,081,751 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 449,763 | 587,742 |
Lease, Residential and Consumer Portfolio Segments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 417,712,525 | $ 417,757,628 |
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] | $ 413,513,478 | $ 414,046,915 |
As a % of Total | [2] | 98.99% | 99.11% |
Lease, Residential and Consumer Portfolio Segments [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | $ 4,199,047 | $ 3,710,713 |
As a % of Total | [2] | 1.01% | 0.89% |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residualvalues for the three months ended March 31, 2016 and 2015. | ||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||
[3] | Includes residential real estate loans held for sale totaling $765,385 and $565,850 as of March 31, 2016, and December 31, 2015, respectively. |
Note 3 - Loans_Leases Receiva37
Note 3 - Loans/Leases Receivable (Details) - Troubled Debt Restructurings | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 5 | 0 |
Pre-Modification Recorded Investment | $ 456,592 | |
Post-Modification Recorded Investment | $ 456,592 | |
Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 4 | |
Pre-Modification Recorded Investment | $ 410,653 | |
Post-Modification Recorded Investment | $ 410,653 | |
Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 45,939 | |
Post-Modification Recorded Investment | $ 45,939 | |
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 4 | |
Pre-Modification Recorded Investment | $ 410,653 | |
Post-Modification Recorded Investment | $ 410,653 | |
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/Leases | 1 | |
Pre-Modification Recorded Investment | $ 45,939 | |
Post-Modification Recorded Investment | $ 45,939 |
Note 4 - Borrowings (Details)
Note 4 - Borrowings (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Note 4 - Borrowings (Details) [Line Items] | |
Repayments of Other Debt | $ 10,759,000 |
Repayments of Federal Home Loan Bank Borrowings | $ 10,524,197 |
Short-term Debt, Weighted Average Interest Rate | 0.50% |
Junior Subordinated Debt [Member] | Note Payable to QCR Holdings Capital Trust IV [Member] | |
Note 4 - Borrowings (Details) [Line Items] | |
Extinguishment of Debt, Amount | $ 5,100,000 |
Gain (Loss) 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 4 - Borrowings (Details) [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Wholesale Repurchase Agreements [Member] | |
Note 4 - Borrowings (Details) [Line Items] | |
Repayments of Other Debt | $ 10,000,000 |
Wholesale Repurchase Agreement and FHLB Advances [Member] | |
Note 4 - Borrowings (Details) [Line Items] | |
Gain (Loss) on Extinguishment of Debt | $ (1,300,000) |
Debt Instrument, Interest Rate, Stated Percentage | 3.92% |
Extinguished Debt, Weighted Average Term | 2 years 62 days |
Note 5 - Earnings Per Share (De
Note 5 - Earnings Per Share (Details) - Earnings Per Share - Basic and Diluted - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net income (in Dollars) | $ 6,373,489 | $ 4,177,889 |
Basic earnings per common share (in Dollars per share) | $ 0.54 | $ 0.52 |
Diluted earnings per common share (in Dollars per share) | $ 0.53 | $ 0.52 |
Weighted average common shares outstanding | 11,793,620 | 7,975,910 |
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan | 160,329 | 121,534 |
Weighted average common and common equivalent shares outstanding | 11,953,949 | 8,097,444 |
Note 6 - Fair Value (Details) -
Note 6 - Fair Value (Details) - Assets Measured at Fair Value on a Recurring Basis - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available for sale: | ||
U.S. govt. sponsored agency securities | $ 276,187,867 | $ 323,434,982 |
Derivative instruments | 450,651 | 856,024 |
276,638,518 | 324,291,006 | |
Impaired loans/leases | 12,183,927 | 12,268,677 |
Impaired Loans/Leases [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 4,969,221 | 4,545,966 |
Other Real Estate Owned [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 7,214,706 | 7,722,711 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 132,741,822 | 213,537,379 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 116,452,374 | 80,670,135 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 24,929,655 | 27,578,588 |
Other Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 2,064,016 | 1,648,880 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale: | ||
779 | 411 | |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 779 | 411 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale: | ||
Derivative instruments | 450,651 | 856,024 |
276,637,739 | 324,290,595 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 132,741,822 | 213,537,379 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 116,452,374 | 80,670,135 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 24,929,655 | 27,578,588 |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale: | ||
U.S. govt. sponsored agency securities | 2,063,237 | 1,648,469 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 12,183,927 | 12,268,677 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans/Leases [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | 4,969,221 | 4,545,966 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Securities available for sale: | ||
Impaired loans/leases | $ 7,214,706 | $ 7,722,711 |
Note 6 - Fair Value (Details)41
Note 6 - Fair Value (Details) - Quantitative Information About Level Fair Value Measurements - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 12,183,927 | $ 12,268,677 |
Impaired Loans/Leases [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 4,969,221 | 4,545,966 |
Valuation technique | Appraisal of collateral | |
Other Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 7,214,706 | $ 7,722,711 |
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 6 - Fair Value (Details)42
Note 6 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Note 6 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Cash and due from banks | $ 44,930,836 | $ 41,742,321 |
Federal funds sold | 15,740,000 | 19,850,000 |
Interest-bearing deposits at financial institutions | 41,489,171 | 36,313,965 |
Investment securities: | ||
Held to maturity | 261,129,586 | |
Held to maturity | 264,414,722 | 255,691,285 |
Available for sale | 276,187,867 | 323,434,982 |
Derivative instruments | 450,651 | 856,024 |
Deposits: | ||
Deposits | 1,989,573,089 | 1,880,666,184 |
Other borrowings | 100,000,000 | 110,000,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 6 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Cash and due from banks | 44,930,836 | 41,742,321 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 6 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Federal funds sold | 15,740,000 | 19,850,000 |
Federal funds sold | 15,740,000 | 19,850,000 |
Investment securities: | ||
Held to maturity | 261,129,586 | 253,674,159 |
Held to maturity | 264,414,722 | 255,691,285 |
Loans/leases receivable, net | 1,841,827,043 | 1,767,672,541 |
Loans/leases receivable, net, fair value | (4,601,131) | 1,764,178,772 |
Derivative instruments | 450,651 | 856,024 |
Deposits: | ||
Short-term borrowings | 64,022,811 | 144,662,716 |
Short-term borrowings | 64,022,811 | 144,662,716 |
FHLB advances | 150,500,000 | 151,000,000 |
FHLB advances | 152,206,000 | 153,143,000 |
Other borrowings | 100,000,000 | 110,000,000 |
Other borrowings | 106,466,000 | 116,061,000 |
Junior subordinated debentures | 33,378,402 | 38,499,052 |
Junior subordinated debentures | 24,520,003 | 27,642,093 |
Fair Value, Inputs, Level 2 [Member] | Nonmaturity Deposits [Member] | ||
Deposits: | ||
Deposits | 1,586,207,114 | 1,516,599,081 |
Deposits, fair value | 1,586,207,114 | 1,516,599,081 |
Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
Deposits: | ||
Deposits | 403,365,975 | 364,067,103 |
Deposits, fair value | 404,278,000 | 364,192,000 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Investment securities: | ||
Derivative instruments | 450,651 | 856,024 |
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | ||
Note 6 - Fair Value (Details) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities [Line Items] | ||
Interest-bearing deposits at financial institutions | 41,489,171 | 36,313,965 |
Interest-bearing deposits at financial institutions | 41,489,171 | 36,313,965 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities: | ||
Loans/leases receivable, net | 4,601,131 | 4,209,228 |
Loans/leases receivable, net, fair value | $ 4,969,221 | $ 4,545,966 |
Note 7 - Business Segment Inf43
Note 7 - Business Segment Information (Details) - Selected Financial Information on the Company’s Business Segments - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 30,324,532 | $ 28,123,508 | |
Net interest income | 20,597,522 | 17,782,217 | |
Net income attributable to QCR Holdings, Inc. | 6,373,489 | 4,177,889 | |
Total assets | 2,640,673,254 | 2,491,659,006 | $ 2,593,198,275 |
Provision for loan/lease losses | 2,072,985 | 1,710,456 | |
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 |
Core deposit intangible | 1,421,531 | 1,621,043 | $ 1,471,409 |
Operating Segments [Member] | Wealth Management Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 2,234,292 | 2,343,438 | |
Net income attributable to QCR Holdings, Inc. | 447,770 | 459,330 | |
Operating Segments [Member] | Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 6,859,775 | 5,616,443 | |
Net interest income | (300,887) | (485,200) | |
Net income attributable to QCR Holdings, Inc. | 6,373,488 | 4,177,889 | |
Total assets | 288,814,613 | 221,549,665 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | (6,919,935) | (5,705,028) | |
Net income attributable to QCR Holdings, Inc. | (6,831,981) | (5,608,906) | |
Total assets | (262,638,349) | (208,470,899) | |
Quad City Bank and Trust Company [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 13,516,932 | 12,801,418 | |
Net interest income | 10,961,447 | 9,275,038 | |
Net income attributable to QCR Holdings, Inc. | 2,831,696 | 2,562,613 | |
Total assets | 1,361,607,041 | 1,268,168,825 | |
Provision for loan/lease losses | 1,222,985 | 882,456 | |
Goodwill | 3,222,688 | 3,222,688 | |
Cedar Rapids Bank and Trust [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 10,839,221 | 9,525,647 | |
Net interest income | 7,024,988 | 6,358,297 | |
Net income attributable to QCR Holdings, Inc. | 2,934,731 | 2,068,306 | |
Total assets | 885,858,279 | 855,417,474 | |
Provision for loan/lease losses | 550,000 | 600,000 | |
Core deposit intangible | 1,421,531 | 1,621,043 | |
Rockford Bank and Trust [Member] | Operating Segments [Member] | Commercial Banking Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 3,794,247 | 3,541,590 | |
Net interest income | 2,911,974 | 2,634,082 | |
Net income attributable to QCR Holdings, Inc. | 617,785 | 518,657 | |
Total assets | 367,031,670 | 354,993,941 | |
Provision for loan/lease losses | $ 300,000 | $ 228,000 |
Note 8 - Regulatory Capital R44
Note 8 - Regulatory Capital Requirements (Details) | 3 Months Ended |
Mar. 31, 2016 | |
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 Fully Phased In | 10.50% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets With Capital Conservation Buffer Fully Phased in | 8.50% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets With Capital Conservation Buffer Fully Phased in | 7.00% |
Note 8 - Regulatory Capital R45
Note 8 - Regulatory Capital Requirements (Details) - Capital Requirements - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
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 | 12.68% | 13.11% | ||
Total risk-based capital for capital adequacy purposes, amount | $ 192,416 | [1] | $ 170,969 | |
Total risk-based capital for capital adequacy purposes, ratio | [1] | 8.625% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 223,091 | $ 213,711 | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% | ||
Tier 1 risk-based capital, actual, amount | $ 253,891 | |||
Tier 1 risk-based capital, actual, ratio | 11.45% | 11.88% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 147,797 | [1] | $ 128,227 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 6.625% | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 178,472 | $ 170,969 | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | ||
Tier 1 leverage, actual, amount | $ 253,891 | |||
Tier 1 leverage, actual, ratio | 9.85% | 9.75% | ||
Tier 1 leverage for capital adequacy purposes, amount | $ 103,728 | [1] | $ 104,163 | |
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 129,660 | $ 130,203 | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | ||
Common equity Tier 1, actual, amount | $ 220,800 | |||
Common equity Tier 1, actual ratio | 10.11% | 10.33% | ||
Common equity Tier 1 capital adequacy purposes, amount | $ 114,334 | [1] | $ 96,170 | |
Common equity Tier 1 capital adequacy purposes, ratio | [1] | 5.125% | 4.50% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 145,009 | $ 138,912 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 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 | 12.01% | 12.50% | ||
Total risk-based capital for capital adequacy purposes, amount | $ 98,496 | [1] | $ 86,726 | |
Total risk-based capital for capital adequacy purposes, ratio | [1] | 8.625% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 114,198 | $ 108,407 | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% | ||
Tier 1 risk-based capital, actual, amount | $ 123,498 | |||
Tier 1 risk-based capital, actual, ratio | 10.92% | 11.39% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 75,656 | [1] | $ 65,044 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 6.625% | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 91,358 | $ 86,726 | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | ||
Tier 1 leverage, actual, amount | $ 123,498 | |||
Tier 1 leverage, actual, ratio | 9.12% | 8.87% | ||
Tier 1 leverage for capital adequacy purposes, amount | $ 54,680 | [1] | $ 55,718 | |
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 68,351 | $ 69,648 | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | ||
Common equity Tier 1, actual, amount | $ 123,498 | |||
Common equity Tier 1, actual ratio | 10.92% | 11.39% | ||
Common equity Tier 1 capital adequacy purposes, amount | $ 58,526 | [1] | $ 48,783 | |
Common equity Tier 1 capital adequacy purposes, ratio | [1] | 5.125% | 4.50% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 74,229 | $ 70,465 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 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 | 13.98% | 14.39% | ||
Total risk-based capital for capital adequacy purposes, amount | $ 65,729 | [1] | $ 58,537 | |
Total risk-based capital for capital adequacy purposes, ratio | [1] | 8.625% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 76,208 | $ 73,172 | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% | ||
Tier 1 risk-based capital, actual, amount | $ 96,118 | |||
Tier 1 risk-based capital, actual, ratio | 12.73% | 13.14% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 50,488 | [1] | $ 43,903 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 6.625% | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 60,966 | $ 58,537 | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | ||
Tier 1 leverage, actual, amount | $ 96,118 | |||
Tier 1 leverage, actual, ratio | 11.03% | 10.96% | ||
Tier 1 leverage for capital adequacy purposes, amount | $ 35,197 | [1] | $ 35,079 | |
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 43,996 | $ 43,848 | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | ||
Common equity Tier 1, actual, amount | $ 96,118 | |||
Common equity Tier 1, actual ratio | 12.73% | 13.14% | ||
Common equity Tier 1 capital adequacy purposes, amount | $ 39,056 | [1] | $ 32,927 | |
Common equity Tier 1 capital adequacy purposes, ratio | [1] | 5.125% | 4.50% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 49,535 | $ 47,562 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 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 | 12.03% | 11.96% | ||
Total risk-based capital for capital adequacy purposes, amount | $ 28,096 | [1] | $ 25,772 | |
Total risk-based capital for capital adequacy purposes, ratio | [1] | 8.625% | 8.00% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 32,575 | $ 32,216 | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% | ||
Tier 1 risk-based capital, actual, amount | $ 34,514 | |||
Tier 1 risk-based capital, actual, ratio | 10.78% | 10.71% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 21,581 | [1] | $ 19,329 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 6.625% | 6.00% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 26,060 | $ 25,772 | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | ||
Tier 1 leverage, actual, amount | $ 34,514 | |||
Tier 1 leverage, actual, ratio | 9.52% | 9.59% | ||
Tier 1 leverage for capital adequacy purposes, amount | $ 14,758 | [1] | $ 14,401 | |
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 18,447 | $ 18,001 | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | ||
Common equity Tier 1, actual, amount | $ 34,514 | |||
Common equity Tier 1, actual ratio | 10.78% | 10.71% | ||
Common equity Tier 1 capital adequacy purposes, amount | $ 16,695 | [1] | $ 14,497 | |
Common equity Tier 1 capital adequacy purposes, ratio | [1] | 5.125% | 4.50% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 21,174 | $ 20,940 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 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). At December 31, 2015, the New Basel III minimums mirrored the minimums required for capital adequacy purposes. The first phase-in of the Basel III capital conservation buffer occured in 2016. |