Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | QCR HOLDINGS INC | |
Entity Central Index Key | 906,465 | |
Trading Symbol | qcrh | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 13,075,670 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 61,213,134 | $ 41,742,321 |
Federal funds sold | 21,022,000 | 19,850,000 |
Interest-bearing deposits at financial institutions | 75,025,417 | 36,313,965 |
Securities held to maturity, at amortized cost | 306,740,174 | 253,674,159 |
Securities available for sale, at fair value | 258,190,081 | 323,434,982 |
Total securities | 564,930,255 | 577,109,141 |
Loans receivable held for sale | 1,377,875 | 565,850 |
Loans/leases receivable held for investment | 2,359,222,637 | 1,797,456,825 |
Gross loans/leases receivable | 2,360,600,512 | 1,798,022,675 |
Less allowance for estimated losses on loans/leases | (28,826,835) | (26,140,906) |
Net loans/leases receivable | 2,331,773,677 | 1,771,881,769 |
Bank-owned life insurance | 56,810,035 | 55,485,655 |
Premises and equipment, net | 59,484,141 | 37,350,352 |
Restricted investment securities | 14,999,425 | 14,835,925 |
Other real estate owned, net | 5,807,603 | 7,150,658 |
Goodwill | 13,631,626 | 3,222,688 |
Net book value | 7,613,593 | 1,471,409 |
Other assets | 68,675,203 | 26,784,392 |
Total assets | 3,280,986,109 | 2,593,198,275 |
LIABILITIES | ||
Noninterest-bearing | 764,614,548 | 615,292,211 |
Interest-bearing | 1,830,298,205 | 1,265,373,973 |
Total deposits | 2,594,912,753 | 1,880,666,184 |
Short-term borrowings | 60,015,417 | 144,662,716 |
Federal Home Loan Bank advances | 138,642,529 | 151,000,000 |
Other borrowings | 80,000,000 | 110,000,000 |
Junior subordinated debentures | 33,446,578 | 38,499,052 |
Other liabilities | 93,111,672 | 42,484,573 |
Total liabilities | 3,000,128,949 | 2,367,312,525 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $1 par value; shares authorized 250,000; June 2016 and December 2015 - No shares issued or outstanding | ||
Common stock, $1 par value; shares authorized 20,000,000; June 2016 - 13,057,368 shares issued and outstanding; December 2015 - 11,761,083 shares issued and outstanding | 13,075,307 | 11,761,083 |
Additional paid-in capital | 155,950,678 | 123,282,851 |
Retained earnings | 110,610,144 | 92,965,645 |
Securities available for sale | 2,379,584 | (1,324,408) |
Interest rate cap derivatives | (1,158,553) | (799,421) |
Total stockholders' equity | 280,857,160 | 225,885,750 |
Total liabilities and stockholders' equity | $ 3,280,986,109 | $ 2,593,198,275 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 250,000 | 250,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 13,057,368 | 11,761,083 |
Common stock, shares outstanding (in shares) | 13,057,368 | 11,761,083 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Loans/leases, including fees | $ 23,001,107 | $ 19,278,335 | $ 62,939,656 | $ 55,528,578 | |
Securities: | |||||
Taxable | 1,057,204 | 1,639,534 | 3,605,948 | 5,317,794 | |
Nontaxable | 2,510,169 | 2,021,804 | 7,028,387 | 5,642,692 | |
Interest-bearing deposits at financial institutions | 103,216 | 66,604 | 225,775 | 208,323 | |
Restricted investment securities | 132,047 | 127,172 | 396,157 | 377,651 | |
Federal funds sold | 12,992 | 7,663 | 36,155 | 18,416 | |
Total interest and dividend income | 26,816,735 | 23,141,112 | 74,232,078 | 67,093,454 | |
Interest expense: | |||||
Deposits | 1,472,031 | 1,140,419 | 4,106,227 | 3,296,351 | |
Short-term borrowings | 12,541 | 63,815 | 73,672 | 181,084 | |
Federal Home Loan Bank advances | 420,570 | 537,473 | 1,278,207 | 2,982,834 | |
Other borrowings | 974,634 | 944,903 | 2,624,154 | 3,285,231 | |
Junior subordinated debentures | 306,182 | 316,976 | 912,706 | 937,375 | |
Total interest expense | 3,185,958 | 3,003,586 | 8,994,966 | 10,682,875 | |
Net interest income | 23,630,777 | 20,137,526 | 65,237,112 | 56,410,579 | |
Provision for loan/lease losses | 1,607,986 | 1,635,263 | 4,878,821 | 5,694,384 | |
Net interest income after provision for loan/lease losses | 22,022,791 | 18,502,263 | 60,358,291 | 50,716,195 | |
Noninterest income: | |||||
Trust department fees | 1,518,600 | 1,531,964 | 4,606,590 | 4,676,535 | |
Investment advisory and management fees | 765,977 | 782,442 | 2,117,100 | 2,250,918 | |
Deposit service fees | 1,150,869 | 984,631 | 3,028,758 | 2,790,456 | |
Gains on sales of residential real estate loans, net | 144,105 | 84,609 | 288,904 | 266,284 | |
Gains on sales of government guaranteed portions of loans, net | 218,785 | 759,668 | 2,701,203 | 899,987 | |
Swap fee income | 333,772 | 62,700 | 1,358,312 | 1,182,630 | |
Securities gains, net | 4,251,773 | 56,580 | 4,628,283 | 473,513 | |
Earnings on bank-owned life insurance | 450,251 | 407,018 | 1,324,380 | 1,318,909 | |
Debit card fees | 475,182 | 333,144 | 1,126,581 | 912,030 | |
Correspondent banking fees | 253,823 | 310,759 | 800,892 | 915,759 | |
Participation service fees on commercial loan participations | 237,456 | 201,822 | 694,175 | 647,598 | |
Fee income from early termination of leases | 95,129 | 89,332 | 172,922 | 250,892 | |
Credit card issuing fees | 137,620 | 133,904 | 413,348 | 403,713 | |
Lawsuit award | 387,045 | 387,045 | |||
Other | 390,059 | 277,068 | 746,827 | 775,142 | |
Total noninterest income | 10,423,401 | 6,402,686 | 24,008,275 | 18,151,411 | |
Noninterest expense: | |||||
Salaries and employee benefits | 11,202,460 | 10,583,361 | 32,920,840 | 32,709,765 | |
Occupancy and equipment expense | 2,086,331 | 1,863,648 | 5,797,875 | 5,507,533 | |
Professional and data processing fees | 1,931,329 | 1,742,268 | 4,921,064 | 4,683,480 | |
Acquisition costs | 2,046,036 | 2,401,005 | |||
FDIC insurance, other insurance and regulatory fees | 582,835 | 702,136 | 1,866,804 | 2,151,756 | |
Loan/lease expense | 102,678 | 90,415 | 419,846 | 601,888 | |
Net cost of operations of other real estate | 133,055 | (1,117,671) | 513,149 | (1,088,696) | |
Advertising and marketing | 547,768 | 460,411 | 1,367,478 | 1,368,152 | |
Postage and communications | 237,569 | 220,895 | 711,226 | 683,993 | |
Stationery and supplies | 167,887 | 144,967 | 490,682 | 424,330 | |
Bank service charges | 415,401 | 392,352 | 1,246,682 | 1,088,806 | |
Losses on debt extinguishment, net | 4,137,310 | 4,220,507 | 6,894,185 | ||
Correspondent banking expense | 205,998 | 176,977 | 564,763 | 517,770 | |
Other | 683,826 | 687,332 | 1,736,813 | 1,775,637 | |
Total noninterest expense | 24,480,483 | 15,947,091 | 59,178,734 | 57,318,599 | |
Net income before income taxes | 7,965,709 | 8,957,858 | 25,187,832 | 11,549,007 | |
Federal and state income tax expense | 1,858,208 | 2,468,871 | 6,030,375 | 1,405,949 | |
Net income | $ 6,107,501 | $ 6,488,987 | $ 19,157,457 | $ 10,143,058 | |
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.47 | $ 0.55 | $ 1.55 | $ 1.03 | |
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.46 | $ 0.55 | $ 1.52 | $ 1.01 | |
Weighted average common shares outstanding (in shares) | [1] | 13,066,777 | 11,713,993 | 12,398,491 | 9,878,882 |
Weighted average common and common equivalent shares outstanding (in shares) | 13,269,703 | 11,875,930 | 12,580,042 | 10,024,441 | |
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.04 | $ 0.12 | $ 0.04 | ||
Loans/leases, including fees | $ 23,001,107 | $ 19,278,335 | $ 62,939,656 | $ 55,528,578 | |
[1] | The increase in the weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 9 to the Consolidated Financial Statements. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 6,107,501 | $ 6,488,987 | $ 19,157,457 | $ 10,143,058 |
Unrealized holding gains arising during the period before tax | 3,682,514 | 4,155,252 | 10,628,032 | 4,598,599 |
Less reclassification adjustment for gains included in net income before tax | 4,251,773 | 56,580 | 4,628,283 | 473,513 |
(569,259) | 4,098,672 | 5,999,749 | 4,125,086 | |
Unrealized holding losses arising during the period before tax | (16,327) | (419,219) | (552,510) | (672,169) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | 33,246 | 20,099 | 82,281 | 30,562 |
(49,573) | (439,318) | (634,791) | (702,731) | |
Other comprehensive income (loss), before tax | (618,832) | 3,659,354 | 5,364,958 | 3,422,355 |
Tax expense (benefit) | (257,648) | 1,402,871 | 2,020,098 | 1,323,928 |
Other comprehensive income (loss), net of tax | (361,184) | 2,256,483 | 3,344,860 | 2,098,427 |
Comprehensive income | 5,746,317 | 8,745,470 | 22,502,317 | 12,241,485 |
Other comprehensive income: | ||||
Unrealized holding gains arising during the period before tax | 3,682,514 | 4,155,252 | 10,628,032 | 4,598,599 |
Less reclassification adjustment for gains included in net income before tax | 4,251,773 | 56,580 | 4,628,283 | 473,513 |
(569,259) | 4,098,672 | 5,999,749 | 4,125,086 | |
Unrealized holding losses arising during the period before tax | (16,327) | (419,219) | (552,510) | (672,169) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | 33,246 | 20,099 | 82,281 | 30,562 |
(49,573) | (439,318) | (634,791) | (702,731) | |
Other comprehensive income (loss), before tax | (618,832) | 3,659,354 | 5,364,958 | 3,422,355 |
Tax expense (benefit) | (257,648) | 1,402,871 | 2,020,098 | 1,323,928 |
Other comprehensive income (loss), net of tax | (361,184) | 2,256,483 | 3,344,860 | 2,098,427 |
Comprehensive income | $ 5,746,317 | $ 8,745,470 | $ 22,502,317 | $ 12,241,485 |
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 at Dec. 31, 2014 | $ 8,074,443 | $ 61,668,968 | $ 77,876,824 | $ (1,935,216) | $ (1,606,510) | $ 144,078,509 |
Net income | 4,177,889 | 4,177,889 | ||||
Other comprehensive income, net of tax | 2,220,865 | 2,220,865 | ||||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 5,679 | 82,641 | 88,320 | |||
Proceeds from issuance of shares of common stock as a result of stock options exercised | 9,688 | 94,728 | 104,416 | |||
Stock 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 shares of common stock in connection with restricted stock vested, net | (3,272) | (54,188) | (57,460) | |||
Balance at Mar. 31, 2015 | 8,113,040 | 62,149,073 | 82,054,713 | 285,649 | (1,606,510) | 150,995,965 |
Balance at Dec. 31, 2014 | 8,074,443 | 61,668,968 | 77,876,824 | (1,935,216) | (1,606,510) | 144,078,509 |
Net income | 10,143,058 | |||||
Other comprehensive income, net of tax | 2,098,427 | |||||
Balance at Sep. 30, 2015 | 11,728,911 | 122,573,712 | 86,649,405 | 163,211 | 221,115,239 | |
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | ||||||
Balance at Mar. 31, 2015 | 8,113,040 | 62,149,073 | 82,054,713 | 285,649 | (1,606,510) | 150,995,965 |
Net income | (523,818) | (523,818) | ||||
Other comprehensive income, net of tax | (2,378,921) | (2,378,921) | ||||
Common cash dividends declared | (464,706) | (464,706) | ||||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 8,558 | 128,927 | 137,485 | |||
Proceeds from issuance of shares of common stock as a result of stock options exercised | 17,240 | 238,717 | 255,957 | |||
Stock compensation expense | 186,751 | 186,751 | ||||
Tax benefit of nonqualified stock options exercised | 15,827 | 15,827 | ||||
Restricted stock awards | 1,616 | (1,616) | ||||
Exchange of shares of common stock in connection with stock options exercised | (630) | (10,616) | (11,246) | |||
Balance at Jun. 30, 2015 | 11,819,824 | 122,511,186 | 81,066,189 | (2,093,272) | (1,606,510) | 211,697,417 |
Proceeds from issuance of shares of common stock, net of issuance costs | 3,680,000 | 59,804,123 | 63,484,123 | |||
Net income | 6,488,987 | 6,488,987 | ||||
Other comprehensive income, net of tax | 2,256,483 | 2,256,483 | ||||
Common cash dividends declared | (1,393) | (1,393) | ||||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 5,394 | 81,309 | 86,703 | |||
Proceeds from issuance of shares of common stock as a result of stock options exercised | 24,711 | 318,732 | 343,443 | |||
Stock compensation expense | 203,967 | 203,967 | ||||
Tax benefit of nonqualified stock options exercised | 39,632 | 39,632 | ||||
Restricted stock awards | 228 | (228) | ||||
Balance at Sep. 30, 2015 | 11,728,911 | 122,573,712 | 86,649,405 | 163,211 | 221,115,239 | |
Retirement of treasury stock, shares of common stock | (121,246) | (580,886) | (904,378) | $ 1,606,510 | ||
Balance at Dec. 31, 2015 | 11,761,083 | 123,282,851 | 92,965,645 | (2,123,829) | 225,885,750 | |
Net income | 6,373,489 | 6,373,489 | ||||
Other comprehensive income, net of tax | 2,525,411 | 2,525,411 | ||||
Common cash dividends declared | (470,873) | (470,873) | ||||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 5,054 | 94,560 | 99,614 | |||
Proceeds from issuance of shares of common stock as a result of stock options exercised | 46,020 | 729,473 | 775,493 | |||
Stock 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 shares of common stock in connection with stock options exercised | (15,689) | (346,834) | (362,523) | |||
Exchange of shares of common stock in connection with restricted stock vested, net | (3,939) | (84,972) | (88,911) | |||
Balance at Mar. 31, 2016 | 11,814,911 | 124,057,965 | 98,868,261 | 401,582 | 235,142,719 | |
Balance at Dec. 31, 2015 | 11,761,083 | 123,282,851 | 92,965,645 | (2,123,829) | 225,885,750 | |
Net income | 19,157,457 | |||||
Other comprehensive income, net of tax | 3,344,860 | |||||
Balance at Sep. 30, 2016 | 13,075,307 | 155,950,678 | 110,610,144 | 1,221,031 | 280,857,160 | |
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | 2,132,415 | |||||
Balance at Mar. 31, 2016 | 11,814,911 | 124,057,965 | 98,868,261 | 401,582 | 235,142,719 | |
Net income | 6,676,467 | 6,676,467 | ||||
Other comprehensive income, net of tax | 1,180,633 | 1,180,633 | ||||
Common cash dividends declared | (520,701) | (520,701) | ||||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 6,982 | 142,887 | 149,869 | |||
Proceeds from issuance of shares of common stock as a result of stock options exercised | 20,975 | 230,671 | 251,646 | |||
Stock compensation expense | 187,569 | 187,569 | ||||
Tax benefit of nonqualified stock options exercised | 87,858 | 87,858 | ||||
Restricted stock awards | (500) | 500 | ||||
Balance at Jun. 30, 2016 | 13,057,368 | 155,453,781 | 105,024,027 | 1,582,215 | 275,117,391 | |
Proceeds from issuance of shares of common stock, net of issuance costs | 1,215,000 | 28,613,916 | 29,828,916 | |||
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | 2,132,415 | 2,132,415 | ||||
Net income | 6,107,501 | 6,107,501 | ||||
Other comprehensive income, net of tax | (361,184) | (361,184) | ||||
Common cash dividends declared | (521,384) | (521,384) | ||||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 4,085 | 85,217 | 89,302 | |||
Proceeds from issuance of shares of common stock as a result of stock options exercised | 14,692 | 173,890 | 188,582 | |||
Stock compensation expense | 190,211 | 190,211 | ||||
Tax benefit of nonqualified stock options exercised | 72,694 | 72,694 | ||||
Exchange of shares of common stock in connection with stock options exercised | (838) | (25,115) | (25,953) | |||
Balance at Sep. 30, 2016 | $ 13,075,307 | $ 155,950,678 | $ 110,610,144 | $ 1,221,031 | $ 280,857,160 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Common Stock [Member] | ||||||
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||
Proceeds from issuance of common stock, Employee Stock Purchase Plan, shares (in shares) | 4,085 | 6,982 | 5,054 | 5,394 | 8,558 | 5,679 |
Proceeds from issuance of common stock, stock options exercised, shares (in shares) | 14,692 | 20,975 | 46,020 | 24,711 | 17,240 | 9,688 |
Exchange of common stock, stock options exercised, shares (in shares) | 838 | 15,689 | 630 | |||
Exchange of common stock, restricted stock vested, shares (in shares) | 3,939 | 3,272 | ||||
Stock Issued During Period, Shares, New Issues | 1,215,000 | 3,680,000 | ||||
Retirement of treasury stock, shares (in shares) | 121,246 | |||||
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.04 | |||||
Stock Issued During Period, Shares, New Issues | 1,215,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Community State Bank Acquisition [Member] | ||||||
Fair value of assets acquired: | ||||||
Cash and due from banks * | $ 10,094,645 | [1] | $ 10,094,645 | [1] | ||
Federal funds sold | 698,000 | 698,000 | ||||
Interest-bearing deposits at financial institutions | 14,730,157 | 14,730,157 | ||||
Securities | 102,640,029 | 102,640,029 | ||||
Loans/leases receivable held for investment, net | 419,029,277 | 419,029,277 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20,684,880 | 20,684,880 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,352,653 | 6,352,653 | ||||
Restricted investment securities | 1,512,900 | 1,512,900 | ||||
Other real estate owned | 650,000 | 650,000 | ||||
Other assets | 4,763,224 | 4,763,224 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 581,155,765 | 581,155,765 | ||||
Fair value of liabilities assumed: | ||||||
Deposits | 486,298,262 | 486,298,262 | ||||
FHLB advances | 20,368,877 | 20,368,877 | ||||
Other liabilities | 4,897,564 | 4,897,564 | ||||
Total liabilities assumed | 511,564,703 | 511,564,703 | ||||
Net assets acquired | 69,591,062 | 69,591,062 | ||||
Consideration paid: | ||||||
Cash paid * | 80,000,000 | [1] | ||||
Business Combination, Consideration Transferred | 80,000,000 | |||||
Goodwill | 10,408,938 | 10,408,938 | ||||
Common Stock Offering 1 [Member] | ||||||
Activity in other borrowings: | ||||||
Net proceeds from the common stock offering | 63,484,123 | |||||
Common Stock Offering 2 [Member] | ||||||
Activity in other borrowings: | ||||||
Net proceeds from the common stock offering | 29,828,916 | |||||
Net income | 6,107,501 | 6,488,987 | 19,157,457 | 10,143,058 | ||
Depreciation | 2,422,257 | 2,283,558 | ||||
Provision for loan/lease losses | 1,607,986 | 1,635,263 | 4,878,821 | 5,694,384 | ||
Stock-based compensation expense | 760,541 | 758,493 | ||||
Deferred compensation expense accrued | 910,439 | 767,292 | ||||
Losses (gains) on other real estate owned, net | 130,280 | (1,204,016) | ||||
Amortization of premiums on securities, net | 968,553 | 756,876 | ||||
Securities gains, net | (4,628,283) | (473,513) | ||||
Loans originated for sale | (57,160,485) | (29,968,289) | ||||
Proceeds on sales of loans | 59,838,717 | 31,154,335 | ||||
Gains on sales of residential real estate loans | (144,105) | (84,609) | (288,904) | (266,284) | ||
Gains on sales of government guaranteed portions of loans | (218,785) | (759,668) | (2,701,203) | (899,987) | ||
Losses on debt extinguishment, net | 4,137,310 | 4,220,507 | 6,894,185 | |||
Amortization of core deposit intangible | 210,469 | 149,634 | ||||
Accretion of acquisition fair value adjustments, net | (690,379) | (334,990) | ||||
Increase in cash value of bank-owned life insurance | (1,324,380) | (1,318,909) | ||||
Increase in other assets | (2,480,461) | (5,211,555) | ||||
Decrease in other liabilities | 1,614,477 | 4,269,482 | ||||
Net cash provided by operating activities | 25,838,423 | 23,193,754 | ||||
Net decrease (increase) in federal funds sold | (474,000) | 12,450,000 | ||||
Net decrease (increase) in interest-bearing deposits at financial institutions | (23,981,295) | 3,059,051 | ||||
Proceeds from sales of other real estate owned | 1,913,775 | 6,774,151 | ||||
Purchases | (111,622,489) | (200,249,686) | ||||
Calls, maturities and redemptions | 109,421,584 | 187,029,003 | ||||
Paydowns | 21,939,878 | 11,859,406 | ||||
Sales | 87,772,898 | 65,889,838 | ||||
Purchases | (25,700) | (2,806,650) | ||||
Redemptions | 1,375,100 | 3,435,200 | ||||
Net increase in loans/leases originated and held for investment | (144,605,204) | (129,356,790) | ||||
Purchase of premises and equipment | (3,871,166) | (4,327,671) | ||||
Net cash paid for Community State Bank acquisition | (69,905,355) | |||||
Net cash used in investing activities | (132,061,974) | (46,244,148) | ||||
Net increase in deposit accounts | 227,918,002 | 175,656,866 | ||||
Net decrease in short-term borrowings | (84,647,299) | (100,787,458) | ||||
Term advances | 5,000,000 | |||||
Calls and maturities | (19,000,000) | (24,000,000) | ||||
Net change in short-term and overnight advances | 1,300,000 | 24,000,000 | ||||
Prepayments | (5,000,000) | (10,524,197) | (81,192,185) | |||
Proceeds from other borrowings | 35,000,000 | |||||
Calls, maturities and scheduled principal payments | (7,350,000) | |||||
Prepayments | (50,320,407) | (29,177,000) | ||||
Retirement of junior subordinated debentures | (3,955,000) | |||||
Payment of cash dividends on common stock | (1,460,157) | (782,054) | ||||
Net proceeds from the common stock offering | 1,554,506 | 1,016,324 | ||||
Net cash provided by financing activities | 125,694,364 | 25,868,616 | ||||
Net increase in cash and due from banks | 19,470,813 | 2,818,222 | ||||
Cash and due from banks, beginning | 41,742,321 | 38,235,019 | ||||
Cash and due from banks, ending | 61,213,134 | 41,053,241 | 61,213,134 | 41,053,241 | ||
Supplemental disclosure of cash flow information, cash payments for: | ||||||
Interest | 9,081,850 | 10,880,589 | ||||
Income/franchise taxes | 9,487,002 | 1,985,275 | ||||
Supplemental schedule of noncash investing activities: | ||||||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net | 3,344,860 | 2,098,427 | ||||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (477,387) | (68,706) | ||||
Tax benefit of nonqualified stock options exercised | 183,060 | 71,110 | ||||
Transfers of loans to other real estate owned | 51,000 | 942,782 | ||||
Due from broker for sales of securities | 32,078,011 | |||||
Due to broker for purchases of securities | 15,190,000 | |||||
Due to counterparties for prepayment of FHLB advances and other borrowings | (24,575,903) | |||||
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | 2,132,415 | |||||
Consideration paid: | ||||||
Goodwill | $ 13,631,626 | $ 3,222,688 | $ 13,631,626 | $ 3,222,688 | ||
[1] | Net cash paid at closing totaled $69,905,355 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Common Stock Offering 1 [Member] | ||
Net proceeds from the common stock offering, shares issued (in shares) | 3,680,000 | |
Common Stock Offering 2 [Member] | ||
Net proceeds from the common stock offering, shares issued (in shares) | 1,215,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 of the interim period ended September 30, 2016, are not necessarily indicative of the results expected for the year ending December 31, 2016, or for any other period. 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 FRB: Federal Reserve Bank of Chicago AOCI: Accumulated other comprehensive income (loss) GAAP: Generally Accepted Accounting Principles AFS: Available for sale HTM: Held to maturity ASC: Accounting Standards Codification m2: m2 Lease Funds, LLC ASC 805: Business Combinations Standard 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 PCI: Purchased credit impaired CRE: Commercial real estate Provision: Provision for loan/lease losses CSB: Community State Bank 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. USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include four commercial banks: QCBT, CRBT, CSB 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. The acquisition of CSB closed on August 31, 2016. CSB is headquartered in Ankeny, Iowa. The financial results of CSB for the period since acquisition are included in this report. See Note 9 to the Consolidated Financial Statements for additional information. Recent accounting developments Revenue from Contracts with Customers 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 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Reclassifications |
Note 2 - Investment Securities
Note 2 - Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | NOTE 2 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of September 30, 2016 and December 31, 2015 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value September 30, 2016: Securities HTM: Municipal securities $ 305,690,174 $ 5,533,151 $ (778,982 ) $ 310,444,343 Other securities 1,050,000 - - 1,050,000 $ 306,740,174 $ 5,533,151 $ (778,982 ) $ 311,494,343 Securities AFS: U.S. govt. sponsored agency securities $ 66,966,328 $ 992,084 $ (73,463 ) $ 67,884,949 Residential mortgage-backed and related securities 131,496,011 1,824,345 (147,552 ) 133,172,804 Municipal securities 53,887,898 816,063 (63,499 ) 54,640,462 Other securities 2,002,113 492,980 (3,227 ) 2,491,866 $ 254,352,350 $ 4,125,472 $ (287,741 ) $ 258,190,081 December 31, 2015: Securities HTM: 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 AFS: 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 September 30, 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 September 30, 2016: Securities HTM: Municipal securities $ 23,632,888 $ (251,558 ) $ 14,150,396 $ (527,424 ) $ 37,783,284 $ (778,982 ) Securities AFS: U.S. govt. sponsored agency securities $ 9,547,746 $ (73,463 ) $ - $ - $ 9,547,746 $ (73,463 ) Residential mortgage-backed and related securities 9,326,000 (78,305 ) 8,464,738 (69,247 ) 17,790,738 (147,552 ) Municipal securities 25,921,780 (49,087 ) 846,894 (14,412 ) 26,768,674 (63,499 ) Other securities 641,430 (3,227 ) - - 641,430 (3,227 ) $ 45,436,956 $ (204,082 ) $ 9,311,632 $ (83,659 ) $ 54,748,588 $ (287,741 ) December 31, 2015: Securities HTM: Municipal securities $ 14,803,408 $ (294,438 ) $ 19,927,581 $ (878,994 ) $ 34,730,989 $ (1,173,432 ) Securities AFS: 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 September 30, 2016, the investment portfolio included 526 securities. Of this number, 92 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 92 securities, 17 securities had an unrealized loss for twelve months or more. All of the debt securities in unrealized loss positions are considered acceptable credit risks. Based upon an evaluation of the available evidence, including the recent changes in market rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. In addition, the Company does not intend to sell these securities and it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. At September 30, 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 or nine months ended September 30, 2016 and 2015. All sales of securities for the three and nine months ended September 30, 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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Proceeds from sales of securities* $ 58,775,764 $ 11,922,915 $ 119,850,909 $ 65,889,838 Pre-tax gross gains from sales of securities 4,281,828 102,766 4,815,373 672,317 Pre-tax gross losses from sales of securities (30,055 ) (46,186 ) (187,090 ) (198,804 ) * Proceeds from sales of securities for the nine months ended September 30, 2016 includes $32.1 million receivable from broker for the sale of securities In September 2016, the Company sold an equity security and recognized a pre-tax gross gain on the sale of $4,010,877. The equity security was acquired by the Company at no cost as part of a membership in the invested company in 2002. The amortized cost and fair value of securities as of September 30, 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 HTM: Due in one year or less $ 9,333,827 $ 9,382,178 Due after one year through five years 30,899,427 31,047,261 Due after five years 266,506,920 271,064,904 $ 306,740,174 $ 311,494,343 Securities AFS: Due in one year or less $ 2,345,063 $ 2,347,195 Due after one year through five years 55,691,033 56,456,647 Due after five years 62,818,130 63,721,569 $ 120,854,226 $ 122,525,411 Residential mortgage-backed and related securities 131,496,011 133,172,804 Other securities 2,002,113 2,491,866 $ 254,352,350 $ 258,190,081 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. These callable securities are summarized as follows: Amortized Cost Fair Value Securities HTM: Municipal securities $ 178,052,716 $ 180,307,064 Securities AFS: U.S. govt. sponsored agency securities 11,042,867 11,073,088 Municipal securities 41,062,791 37,443,219 $ 52,105,658 $ 48,516,307 As of September 30, 2016, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 114 issuers with fair values totaling $115.8 million and revenue bonds issued by 112 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $249.3 million. The Company held investments in general obligation bonds in 24 states, including four states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 13 states, including five 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: September 30, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 27 $ 32,289,974 $ 32,746,465 $ 1,212,832 Illinois 19 30,063,690 30,437,115 1,601,953 North Dakota 6 19,403,728 19,906,421 3,317,737 Missouri 13 8,304,022 8,448,994 649,923 Other 49 23,934,196 24,247,257 494,842 Total general obligation bonds 114 $ 113,995,610 $ 115,786,252 $ 1,015,669 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: September 30, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 44 $ 90,171,820 $ 91,084,628 $ 2,070,105 Iowa 30 75,440,709 77,216,784 2,573,893 Indiana 20 43,994,737 44,605,536 2,230,277 Kansas 6 13,480,269 13,587,744 2,264,624 North Dakota 4 8,114,931 8,175,230 2,043,808 Other 8 14,379,998 14,628,631 1,828,579 Total revenue bonds 112 $ 245,582,464 $ 249,298,553 $ 2,225,880 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 September 30, 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 four charters, whose investment policies set forth limits for various subcategories within the municipal securities portfolio. Each charter is monitored individually, and as of September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of September 30, 2016 and December 31, 2015 is presented as follows: As of September 30, As of December 31, 2016 2015 C&I loans $ 804,307,562 $ 648,159,892 CRE loans Owner-occupied CRE 317,899,011 252,523,164 Commercial construction, land development, and other land 160,527,094 49,083,844 Other non owner-occupied CRE 591,878,656 422,761,757 1,070,304,761 724,368,765 Direct financing leases * 166,924,077 173,655,605 Residential real estate loans ** 229,080,600 170,432,530 Installment and other consumer loans 81,917,732 73,669,493 2,352,534,732 1,790,286,285 Plus deferred loan/lease origination costs, net of fees 8,065,780 7,736,390 2,360,600,512 1,798,022,675 Less allowance (28,826,835 ) (26,140,906 ) $ 2,331,773,677 $ 1,771,881,769 * Direct financing leases: Net minimum lease payments to be received $ 186,183,516 $ 195,476,230 Estimated unguaranteed residual values of leased assets 1,085,154 1,165,706 Unearned lease/residual income (20,344,593 ) (22,986,331 ) 166,924,077 173,655,605 Plus deferred lease origination costs, net of fees 6,018,484 6,594,582 172,942,561 180,250,187 Less allowance (3,041,962 ) (3,395,088 ) $ 169,900,599 $ 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 and nine months ended September 30, 2016 and 2015. **Includes residential real estate loans held for sale totaling $1,377,875 and $565,850 as of September 30, 2016, and December 31, 2015, respectively. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued The aging of the loan/lease portfolio by classes of loans/leases as of September 30, 2016 and December 31, 2015 is presented as follows: As of September 30, 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 $ 796,943,072 $ 358,503 $ 232,297 $ 266,485 $ 6,507,205 $ 804,307,562 CRE Owner-Occupied CRE 316,299,798 - - - 1,599,213 317,899,011 Commercial Construction, Land Development, and Other Land 160,034,828 - - - 492,266 160,527,094 Other Non Owner-Occupied CRE 585,545,037 4,617,055 - - 1,716,564 591,878,656 Direct Financing Leases 162,556,659 1,180,356 998,896 - 2,188,166 166,924,077 Residential Real Estate 227,061,212 122,744 114,638 104,789 1,677,217 229,080,600 Installment and Other Consumer 81,576,782 89,104 41,332 20,492 190,022 81,917,732 $ 2,330,017,388 $ 6,367,762 $ 1,387,163 $ 391,766 $ 14,370,653 $ 2,352,534,732 As a percentage of total loan/lease portfolio 99.05 % 0.27 % 0.06 % 0.02 % 0.61 % 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 % Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued NPLs by classes of loans/leases as of September 30, 2016 and December 31, 2015 are presented as follows: As of September 30, 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 $ 266,485 $ 6,507,205 $ 170,113 $ 6,943,803 41.86 % CRE Owner-Occupied CRE - 1,599,213 - 1,599,213 9.64 % Commercial Construction, Land Development, and Other Land - 492,266 - 492,266 2.97 % Other Non Owner-Occupied CRE - 1,716,564 - 1,716,564 10.35 % Direct Financing Leases - 2,188,166 1,138,335 3,326,501 20.05 % Residential Real Estate 104,789 1,677,217 390,039 2,172,045 13.09 % Installment and Other Consumer 20,492 190,022 126,998 337,512 2.03 % $ 391,766 $ 14,370,653 $ 1,825,485 $ 16,587,904 100.00 % *Nonaccrual loans/leases included $4,859,420 of TDRs, including $2,241,205 in C&I loans, $1,937,655 in CRE loans, $463,859 in direct financing leases, $110,702 in residential real estate loans, and $105,999 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. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued Changes in the allowance by portfolio segment for the three and nine months ended September 30, 2016 and 2015, respectively, are presented as follows: Three Months Ended September 30, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,724,506 $ 10,987,062 $ 3,226,194 $ 2,014,987 $ 1,144,741 $ 28,097,490 Provisions charged to expense 859,031 8,962 641,435 79,221 19,337 1,607,986 Loans/leases charged off (96,330 ) - (847,668 ) (38,554 ) (4,530 ) (987,082 ) Recoveries on loans/leases previously charged off 70,759 6,500 22,001 - 9,181 108,441 Balance, ending $ 11,557,966 $ 11,002,524 $ 3,041,962 $ 2,055,654 $ 1,168,729 $ 28,826,835 Three Months Ended September 30, 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,020,866 $ 9,929,656 $ 3,352,303 $ 1,720,135 $ 1,123,040 $ 26,146,000 Provisions charged to expense 520,058 573,119 361,071 130,742 50,273 1,635,263 Loans/leases charged off (145,665 ) (1,813,973 ) (483,420 ) (25,928 ) (6,837 ) (2,475,823 ) Recoveries on loans/leases previously charged off 136,909 19,913 18,679 4,107 49,296 228,904 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Nine Months Ended September 30, 2016 Commercial and Industrial Commercial Real Estate 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 (credits) charged to expense 1,357,262 1,644,008 1,580,677 336,865 (39,991 ) 4,878,821 Loans/leases charged off (388,879 ) (23,101 ) (1,983,322 ) (72,261 ) (22,018 ) (2,489,581 ) Recoveries on loans/leases previously charged off 105,503 6,500 49,519 900 134,267 296,689 Balance, ending $ 11,557,966 $ 11,002,524 $ 3,041,962 $ 2,055,654 $ 1,168,729 $ 28,826,835 Nine Months Ended September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,750,317 $ 8,353,386 $ 3,442,915 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,513,430 2,490,766 1,238,505 324,925 126,758 5,694,384 Loans/leases charged off (391,303 ) (2,165,049 ) (1,496,010 ) (25,928 ) (40,886 ) (4,119,176 ) Recoveries on loans/leases previously charged off 659,724 29,612 63,223 4,107 128,105 884,771 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued The allowance by impairment evaluation and by portfolio segment as of September 30, 2016 and December 31, 2015 is presented as follows: As of September 30, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 1,114,680 $ 175,743 $ 739,207 $ 169,147 $ 148,320 $ 2,347,097 Allowance for nonimpaired loans/leases 10,443,286 10,826,781 2,302,755 1,886,507 1,020,409 26,479,738 $ 11,557,966 $ 11,002,524 $ 3,041,962 $ 2,055,654 $ 1,168,729 $ 28,826,835 Impaired loans/leases $ 5,874,093 $ 3,495,386 $ 2,925,205 $ 2,230,829 $ 368,924 $ 14,894,437 Nonimpaired loans/leases 798,433,469 1,066,809,375 163,998,872 226,849,771 81,548,808 2,337,640,295 $ 804,307,562 $ 1,070,304,761 $ 166,924,077 $ 229,080,600 $ 81,917,732 $ 2,352,534,732 Allowance as a percentage of impaired loans/leases 18.98 % 5.03 % 25.27 % 7.58 % 40.20 % 15.76 % Allowance as a percentage of nonimpaired loans/leases 1.31 % 1.01 % 1.40 % 0.83 % 1.25 % 1.13 % Total allowance as a percentage of total loans/leases 1.44 % 1.03 % 1.82 % 0.90 % 1.43 % 1.22 % 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 % Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the nine months ended September 30, 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 $ 1,846,140 $ 1,987,082 $ - $ 3,864,852 $ 8,644 $ 8,644 CRE Owner-Occupied CRE 767,032 860,806 - 621,553 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 2,042,391 2,042,391 - 1,789,571 - - Direct Financing Leases 1,860,773 1,860,773 - 1,755,969 52,595 52,595 Residential Real Estate 1,418,957 1,458,158 - 1,455,159 2,992 2,992 Installment and Other Consumer 208,916 208,916 - 430,322 - - $ 8,144,209 $ 8,418,126 $ - $ 9,917,426 $ 64,231 $ 64,231 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,027,953 $ 4,031,792 $ 1,114,680 $ 2,195,524 $ - $ - CRE Owner-Occupied CRE 322,148 322,148 57,398 401,050 - - Commercial Construction, Land Development, and Other Land 186,681 186,681 77,611 190,208 - - Other Non Owner-Occupied CRE 177,134 177,134 40,734 67,571 - - Direct Financing Leases 1,064,432 1,064,432 739,207 653,884 - - Residential Real Estate 811,872 886,004 169,147 799,427 5,409 5,409 Installment and Other Consumer 160,008 160,008 148,320 145,962 4,426 4,426 $ 6,750,228 $ 6,828,199 $ 2,347,097 $ 4,453,626 $ 9,835 $ 9,835 Total Impaired Loans/Leases: C&I $ 5,874,093 $ 6,018,874 $ 1,114,680 $ 6,060,376 $ 8,644 $ 8,644 CRE Owner-Occupied CRE 1,089,180 1,182,954 57,398 1,022,603 - - Commercial Construction, Land Development, and Other Land 186,681 186,681 77,611 190,208 - - Other Non Owner-Occupied CRE 2,219,525 2,219,525 40,734 1,857,142 - - Direct Financing Leases 2,925,205 2,925,205 739,207 2,409,853 52,595 52,595 Residential Real Estate 2,230,829 2,344,162 169,147 2,254,586 8,401 8,401 Installment and Other Consumer 368,924 368,924 148,320 576,284 4,426 4,426 $ 14,894,437 $ 15,246,325 $ 2,347,097 $ 14,371,052 $ 74,066 $ 74,066 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended September 30, 2016 and 2015, respectively, are presented as follows: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Classes of Loans/Leases Averag e Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,677,527 $ 3,301 $ 3,301 $ 365,798 $ 1,870 $ 1,870 CRE Owner-Occupied CRE 767,032 - - 451,851 - - Commercial Construction, Land Development, and Other Land - - - 9,968 - - Other Non Owner-Occupied CRE 1,969,034 - - 2,868,950 - - Direct Financing Leases 2,008,095 21,095 21,095 634,378 325 325 Residential Real Estate 1,481,340 941 941 900,938 1,362 1,362 Installment and Other Consumer 322,738 - - 328,669 3,912 3,912 $ 8,225,766 $ 25,337 $ 25,337 $ 5,560,552 $ 7,469 $ 7,469 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,188,621 $ - $ - $ 4,735,149 $ - $ - CRE Owner-Occupied CRE 363,911 - - - - - Commercial Construction, Land Development, and Other Land 187,831 - - 335,707 - - Other Non Owner-Occupied CRE 135,141 - - - - - Direct Financing Leases 793,769 - - 488,860 - - Residential Real Estate 807,827 1,503 1,503 984,558 1,981 1,981 Installment and Other Consumer 160,301 1,458 1,458 723,674 1,391 1,391 $ 6,637,401 $ 2,961 $ 2,961 $ 7,267,948 $ 3,372 $ 3,372 Total Impaired Loans/Leases: C&I $ 5,866,148 $ 3,301 $ 3,301 $ 5,100,947 $ 1,870 $ 1,870 CRE Owner-Occupied CRE 1,130,943 - - 451,851 - - Commercial Construction, Land Development, and Other Land 187,831 - - 345,675 - - Other Non Owner-Occupied CRE 2,104,175 - - 2,868,950 - - Direct Financing Leases 2,801,864 21,095 21,095 1,123,238 325 325 Residential Real Estate 2,289,167 2,444 2,444 1,885,496 3,343 3,343 Installment and Other Consumer 483,039 1,458 1,458 1,052,343 5,303 5,303 $ 14,863,167 $ 28,298 $ 28,298 $ 12,828,500 $ 10,841 $ 10,841 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued 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. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued 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 September 30, 2016 and December 31, 2015: As of September 30, 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) $ 770,822,390 $ 307,017,431 $ 153,401,738 $ 572,769,744 $ 1,804,011,303 96.24 % Special Mention (Rating 6) 10,160,760 1,737,127 1,780,000 5,894,259 19,572,146 1.04 % Substandard (Rating 7) 23,324,412 9,144,453 5,345,356 13,214,653 51,028,874 2.72 % Doubtful (Rating 8) - - - - - - $ 804,307,562 $ 317,899,011 $ 160,527,094 $ 591,878,656 $ 1,874,612,323 100.00 % As of September 30, 2016 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 163,597,576 $ 226,908,556 $ 81,580,220 $ 472,086,352 98.78 % Nonperforming 3,326,501 2,172,044 337,512 5,836,057 1.22 % $ 166,924,077 $ 229,080,600 $ 81,917,732 $ 477,922,409 100.00 % 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. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued As of September 30, 2016 and December 31, 2015, TDRs totaled $6,684,905 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 and nine months ended September 30, 2016 and 2015. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring. For the three months ended September 30, 2016 For the three months ended September 30, 2015 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Significant Payment Delay Direct Financing Leases 2 $ 461,643 $ 461,643 $ - $ - $ - 2 $ 461,643 $ 461,643 $ - - $ - $ - $ - CONCESSION - Interest Rate Adjusted Below Market Installment and Other Consumer - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - TOTAL 2 $ 461,643 $ 461,643 $ - 1 $ 14,203 $ 14,203 $ - For the nine months ended September 30, 2016 For the nine months ended September 30, 2015 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity C&I 1 $ 52,286 $ 52,286 $ - - $ - $ - $ - Direct Financing Leases 4 410,653 410,653 - - - - - 5 $ 462,939 $ 462,939 $ - - $ - $ - $ - CONCESSION - Significant Payment Delay C&I 1 $ 62,140 $ 62,140 $ - - $ - $ - $ - Direct Financing Leases 6 771,672 771,672 - - - - - 7 $ 833,812 $ 833,812 $ - - $ - $ - $ - CONCESSION - Interest Rate Adjusted Below Market CRE - Other 1 $ 1,233,740 $ 1,233,740 $ - - $ - $ - $ - Installment and Other Consumer - - - - 1 14,203 14,203 - 1 $ 1,233,740 $ 1,233,740 $ - 1 $ 14,203 $ 14,203 $ - TOTAL 13 $ 2,530,491 $ 2,530,491 $ - 1 $ 14,203 $ 14,203 $ - Of the TDRs reported above, two with a post-modification recorded balance of $1,384,680 were on nonaccrual as of September 30, 2016. Not included in the table above, the Company had one TDR that was restructured and charged off in 2016, totaling $236,545. For the three and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4 – BORROWINGS Maturity and interest rate information on advances from FHLB as of September 30, 2016 and December 31, 2015 is as follows: September 30, 2016 Weighted Weighted Average Amount Due Average Interest Rate with Interest Rate Amount Due at Quarter-End Putable Option * at Quarter-End Maturity: Year ending December 31: 2016 $ 90,300,000 0.55 % $ - - % 2017 23,342,549 2.59 - - 2018 25,000,000 2.70 - - Total FHLB advances $ 138,642,549 1.68 % $ - - % December 31, 2015 Weighted Weighted Average Amount Due Average Interest Rate with Interest Rate Amount Due at Year-End Putable Option * at Year-End Maturity: Year ending December 31: 2016 $ 103,000,000 0.56 % $ 2,000,000 4.00 % 2017 18,000,000 2.89 - - 2018 30,000,000 3.27 5,000,000 2.84 Total FHLB advances $ 151,000,000 1.37 % $ 7,000,000 3.17 % Other borrowings as of September 30, 2016 and December 31, 2015 are summarized as follows: As of September 30, 2016 As of December 31, 2015 Wholesale structured repurchase agreements $ 45,000,000 $ 110,000,000 Term note 30,000,000 - Revolving line of credit 5,000,000 - $ 80,000,000 $ 110,000,000 Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued Maturity and interest rate information concerning wholesale structured repurchase agreements is summarized as follows: September 30, 2016 December 31, 2015 Weighted Weighted Average Average Interest Rate Interest Rate Amount Due at Quarter-End Amount Due at Year-End Maturity: Year ending December 31: 2016 $ - 0.00 % $ - 0.00 % 2017 10,000,000 3.07 10,000,000 3.00 2018 - - 10,000,000 3.97 2019 10,000,000 3.44 45,000,000 3.40 2020 25,000,000 2.48 45,000,000 2.66 Total Wholesale Structured Repurchase Agreements $ 45,000,000 2.83 % $ 110,000,000 3.11 % 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%. During the third quarter of 2016, the Company executed further balance sheet restructuring at QCBT which included the repayment of $55.0 million of wholesale structured repurchase agreements and $5.0 million of FHLB advances with a combined weighted average interest rate of 3.24%. As a result of this restructuring, the Company incurred $4.1 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 2.95 years, with $5.0 million maturing in 2018, $35.0 million maturing in 2019, and $20.0 million maturing in 2020. This funding was replaced partially with proceeds from the sale of bonds previously pledged as collateral for the wholesale structured repurchase agreements ($27.8 million) and the rest with short-term borrowings at an average interest rate of 0.50%. As of December 31, 2015, the Company maintained a $40.0 million revolving line of credit note, with interest calculated at the effective LIBOR rate plus 2.50% per annum (3.10% at December 31, 2015). At December 31, 2015, the Company had not borrowed on this revolving credit note and had the full amount available. At the renewal date in June 2016, the note was amended to provide a $10.0 million revolving line of credit note and a $30.0 million term note commitment with a five-year term. Interest on the revolving line of credit is calculated at the effective LIBOR rate plus 2.50% per annum (3.34% at September 30, 2016). Interest on the term note is calculated at the effective LIBOR rate plus 3.00% per annum (3.84% at September 30, 2016). Upon closing of the acquisition of CSB, the Company utilized the full $30.0 million term note commitment and borrowed $5.0 million on the revolving line of credit note. At September 30, 2016, the Company had $35.0 million in borrowings outstanding. For the term note, the Company is required to make quarterly principal payments of $1.5 million with maturity information as of September 30, 2016, summarized as follows: As of September 30, 2016 2017 6,000,000 2018 6,000,000 2019 6,000,000 2020 6,000,000 2021 6,000,000 $ 30,000,000 Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued Similar to the previous revolving note agreement, the amended agreement contains covenants that place restrictions on additional debt and stipulate minimum capital and various operating ratios. In October 2016, the Company executed new agreements with the creditor on both the term note and the revolving line of credit, adjusting the rate index from 3-month LIBOR to 1-month LIBOR. 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. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Net income $ 6,107,501 $ 6,488,987 $ 19,157,457 $ 10,143,058 Basic EPS $ 0.47 $ 0.55 $ 1.55 $ 1.03 Diluted EPS $ 0.46 $ 0.55 $ 1.52 $ 1.01 Weighted average common shares outstanding* 13,066,777 11,713,993 12,398,491 9,878,882 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 202,926 161,937 181,551 145,559 Weighted average common and common equivalent shares outstanding 13,269,703 11,875,930 12,580,042 10,024,441 *The increase in the weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 9 to the Consolidated Financial Statements. |
Note 6 - Fair Value
Note 6 - Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 and liabilities measured at fair value on a recurring basis comprise the following at September 30, 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) September 30, 2016: Securities AFS: U.S. govt. sponsored agency securities $ 67,884,949 $ - $ 67,884,949 $ - Residential mortgage-backed and related securities 133,172,804 - 133,172,804 - Municipal securities 54,640,462 - 54,640,462 - Other securities 2,491,866 1,107 2,490,759 - Interest rate caps 221,233 - 221,233 - Interest rate swaps - assets 9,386,262 - 9,386,262 - Total assets measured at fair value $ 267,797,576 $ 1,107 $ 267,796,469 $ - Interest rate swaps - liabilities $ 9,386,262 $ - $ 9,386,262 $ - Total liabilities measured at fair value $ 9,386,262 $ - $ 9,386,262 $ - December 31, 2015: Securities AFS: 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 - Interest rate caps 856,024 - 856,024 - Interest rate swaps - assets 3,044,525 - 3,044,525 - Total assets measured at fair value $ 327,335,531 $ 411 $ 327,335,120 $ - Interest rate swaps - liabilities $ 3,044,525 $ - $ 3,044,525 $ - Total liabilities measured at fair value $ 3,044,525 $ - $ 3,044,525 $ - There were no transfers of assets or liabilities between Levels 1, 2, and 3 of the fair value hierarchy for the three and nine months ended September 30, 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). Interest rate caps are used for the purpose of hedging interest rate risk. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 inputs). Interest rate swaps are executed for select commercial customers. The interest rate swaps are further described in Note 1 of the Company’s annual report filed on form 10-K as of December 31, 2015. The fair values are determined by comparing the contract rate on the swap with the then-current market rate for the remaining term of the transaction (Level 2 inputs). Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets measured at fair value on a non-recurring basis comprise the following at September 30, 2016 and December 31, 2015: Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 September 30, 2016: Impaired loans/leases $ 7,870,032 $ - $ - $ 7,870,032 OREO 6,272,211 - - 6,272,211 $ 14,142,243 $ - $ - $ 14,142,243 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: Quantitative Information about Level Fair Value Measurements Fair Value September 30, 2016 Fair Value December 31, 2015 Valuation Technique Unobservable Input Range Impaired loans/leases $ 7,870,032 $ 4,545,966 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 6,272,211 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 and nine months ended September 30, 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 September 30, 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 $ 61,213,134 $ 61,213,134 $ 41,742,321 $ 41,742,321 Federal funds sold Level 2 21,022,000 21,022,000 19,850,000 19,850,000 Interest-bearing deposits at financial institutions Level 2 75,025,417 75,025,417 36,313,965 36,313,965 Investment securities: HTM Level 2 306,740,174 311,494,343 253,674,159 255,691,285 AFS See Previous Table 258,190,081 258,190,081 323,434,982 323,434,982 Loans/leases receivable, net Level 3 7,287,067 7,870,032 4,209,228 4,545,966 Loans/leases receivable, net Level 2 2,324,486,610 2,327,955,000 1,767,672,541 1,764,178,772 Interest rate caps Level 2 221,233 221,233 856,024 856,024 Interest rate swaps - assets Level 2 9,386,262 9,386,262 3,044,525 3,044,525 Deposits: Nonmaturity deposits Level 2 2,103,706,174 2,103,706,174 1,516,599,081 1,516,599,081 Time deposits Level 2 491,206,579 491,849,000 364,067,103 364,192,000 Short-term borrowings Level 2 60,015,417 60,015,417 144,662,716 144,662,716 FHLB advances Level 2 138,642,529 140,153,000 151,000,000 153,143,000 Other borrowings Level 2 80,000,000 82,119,000 110,000,000 116,061,000 Junior subordinated debentures Level 2 33,446,578 24,768,273 38,499,052 27,642,093 Interest rate swaps - liabilities Level 2 9,386,262 9,386,262 3,044,525 3,044,525 |
Note 7 - Business Segment Infor
Note 7 - Business Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 four subsidiary banks wholly owned by the Company: QCBT, CRBT, CSB 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 four subsidiary banks in aggregate. This segment generates income primarily from fees charged based on assets under administration for corporate and personal trusts, custodial services, and investments managed. No assets of the subsidiary banks have been allocated to the Wealth Management segment. The Company’s All Other segment includes the operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. This segment includes the corporate operations of the parent company. Selected financial information on the Company’s business segments is presented as follows as of and for the three and nine months ended September 30, 2016 and 2015. Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T Management All Other Eliminations Total Three Months Ended September 30, 2016 Total revenue $ 18,026,215 $ 10,065,032 $ 2,675,741 $ 4,232,205 $ 2,284,577 $ 8,463,636 $ (8,507,270 ) $ 37,240,136 Net interest income $ 11,225,414 $ 7,594,557 $ 2,191,862 $ 3,056,989 $ - $ (438,045 ) $ - $ 23,630,777 Net income $ 3,596,469 $ 3,286,724 $ 188,608 $ 944,781 $ 398,859 $ 6,107,492 $ (8,415,432 ) $ 6,107,501 Total assets $ 1,407,733,009 $ 887,592,695 $ 580,210,270 $ 393,191,774 $ - $ 368,990,749 $ (356,732,388 ) $ 3,280,986,109 Provision $ 1,137,986 $ - $ 270,000 $ 200,000 $ - $ - $ - $ 1,607,986 Goodwill $ 3,222,688 $ - $ 10,408,938 $ - $ - $ - $ - $ 13,631,626 Core deposit intangible $ - $ 1,321,775 $ 6,291,818 $ - $ - $ - $ - $ 7,613,593 Three Months Ended September 30, 2015 Total revenue $ 14,143,548 $ 10,047,658 $ - $ 3,922,304 $ 2,314,406 $ 7,937,087 $ (8,821,205 ) $ 29,543,798 Net interest income $ 10,728,143 $ 6,956,027 $ - $ 2,771,214 $ - $ (317,858 ) $ - $ 20,137,526 Net income (loss) $ 3,786,289 $ 2,893,397 $ - $ 847,709 $ 373,801 $ 6,488,988 $ (7,901,197 ) $ 6,488,987 Total assets $ 1,328,053,105 $ 867,064,041 $ - $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 910,263 $ 550,000 $ - $ 175,000 $ - $ - $ - $ 1,635,263 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ - $ 1,521,287 Nine Months Ended September 30, 2016 Total revenue $ 45,706,061 $ 31,342,345 $ 2,675,741 $ 11,945,081 $ 6,723,690 $ 23,567,906 $ (23,720,471 ) $ 98,240,353 Net interest income $ 33,394,620 $ 21,755,270 $ 2,191,862 $ 8,914,380 $ - $ (1,019,020 ) $ - $ 65,237,112 Net income $ 10,326,508 $ 9,366,441 $ 188,608 $ 2,334,735 $ 1,232,831 $ 19,157,447 $ (23,449,113 ) $ 19,157,457 Total assets $ 1,407,733,009 $ 887,592,695 $ 580,210,270 $ 393,191,774 $ - $ 368,990,749 $ (356,732,388 ) $ 3,280,986,109 Provision $ 3,108,821 $ 700,000 $ 270,000 $ 800,000 $ - $ - $ - $ 4,878,821 Goodwill $ 3,222,688 $ - $ 10,408,938 $ - $ - $ - $ - $ 13,631,626 Core deposit intangible $ - $ 1,321,775 $ 6,291,818 $ - $ - $ - $ - $ 7,613,593 Nine Months Ended September 30, 2015 Total revenue $ 39,893,713 $ 28,396,380 $ - $ 11,095,899 $ 6,927,453 $ 14,487,857 $ (15,556,437 ) $ 85,244,865 Net interest income $ 29,745,080 $ 19,836,835 $ - $ 8,089,626 $ - $ (1,260,962 ) $ - $ 56,410,579 Net income $ 6,578,479 $ 4,645,136 $ - $ 1,895,933 $ 1,271,661 $ 10,143,059 $ (14,391,210 ) $ 10,143,058 Total assets $ 1,328,053,105 $ 867,064,041 $ - $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 3,466,384 $ 1,650,000 $ - $ 578,000 $ - $ - $ - $ 5,694,384 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ - $ 1,521,287 |
Note 8 - Regulatory Capital Req
Note 8 - Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 September 30, 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 September 30, 2016 and December 31, 2015 are also presented in the following table (dollars in thousands). As of September 30, 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 September 30, 2016: Company: Total risk-based capital $ 316,063 11.33 % $ 240,629 > 8.625 % $ 278,991 > 10.0 % Tier 1 risk-based capital 287,015 10.29 % 184,831 > 6.625 223,192 > 8.0 Tier 1 leverage 287,015 10.09 % 113,737 > 4.000 142,172 > 5.0 Common equity Tier 1 257,119 9.22 % 142,983 > 5.125 181,344 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 138,333 11.71 % $ 101,861 > 8.625 % $ 118,100 > 10.0 % Tier 1 risk-based capital 125,410 10.62 % 78,241 > 6.625 94,480 > 8.0 Tier 1 leverage 125,410 8.86 % 56,628 > 4.000 70,785 > 5.0 Common equity Tier 1 125,410 10.62 % 60,526 > 5.125 76,765 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 104,206 13.13 % $ 68,474 > 8.625 % $ 79,390 > 10.0 % Tier 1 risk-based capital 94,266 11.87 % 52,596 > 6.625 63,512 > 8.0 Tier 1 leverage 94,266 10.36 % 36,407 > 4.000 45,509 > 5.0 Common equity Tier 1 94,266 11.87 % 40,687 > 5.125 51,604 > 6.5 Community State Bank: Total risk-based capital $ 67,008 14.09 % $ 41,031 > 8.625 % $ 47,572 > 10.0 % Tier 1 risk-based capital 66,735 14.03 % 31,516 > 6.625 38,058 > 8.0 Tier 1 leverage 66,735 11.74 % 22,745 > 4.000 28,431 > 5.0 Common equity Tier 1 66,735 14.03 % 24,381 > 5.125 30,922 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 41,130 11.95 % $ 29,680 > 8.625 % $ 34,412 > 10.0 % Tier 1 risk-based capital 36,821 10.70 % 22,798 > 6.625 27,529 > 8.0 Tier 1 leverage 36,821 9.45 % 15,587 > 4.000 19,484 > 5.0 Common equity Tier 1 36,821 10.70 % 17,636 > 5.125 22,367 > 6.5 Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes* 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 occurred in 2016. On October 27, 2016, the Company filed a universal shelf registration statement on Form S-3 with the SEC. When declared effective by the SEC, the registration statement will allow the Company to offer and sell various types of securities, including common stock, preferred stock, debt securities and/or warrants, from time to time up to an aggregate amount of $100 million. The Company utilized $30.1 million of its previous $100 million shelf registration filing through the offer and sale of its common stock in the second quarter of 2016 to help fund the acquisition of CSB. This Form S-3 filing will replenish the amount available to the previous level of $100 million. The specific terms and prices of any securities offered pursuant to the registration statement will be determined at the time of any future offering and described in a separate prospectus supplement, which would be filed with the SEC at the time of the particular offering, if any. |
Note 9 - Acquisition of Communi
Note 9 - Acquisition of Community State Bank and Common Stock Offering | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 9 – ACQUISITION OF COMMUNITY STATE BANK AND COMMON STOCK OFFERING On August 31, 2016, the Company acquired Community State Bank from Van Diest Investment Company. CSB is headquartered in Ankeny, Iowa and is an Iowa-chartered bank that operates ten banking locations throughout the Des Moines metropolitan area. The Company purchased 100% of the outstanding common stock of CSB for cash consideration of $80.0 million. The acquisition of CSB allowed the Company to expand its footprint into the Des Moines market. CSB has an experienced and capable leadership team that is committed to leading the Company’s efforts in the Des Moines MSA. CSB has demonstrated significant improvement in earnings and asset quality during the last three years. Additionally, CSB has a strong core deposit base and retail franchise. Although CSB already has strong earnings with an expected ROAA of 1.00% in 2016, the Company has identified several opportunities for enhanced future earnings performance. With $581 million of assets acquired, the Company believes this acquisition is large enough to provide meaningful impact on the financial results, but is not too large to overstrain existing infrastructure. Lastly, financial metrics related to the transaction were favorable, as measured by EPS accretion and earn-back of tangible book value dilution. In connection with the acquisition, during the second quarter of 2016, the Company sold 1,215,000 shares of its common stock at a price of $24.75 per share, for net proceeds of $29.8 million, after deducting expenses. The shares were offered to institutional investors in a registered direct offering conducted without an underwriter or placement agent. The offering was a partial take-down of a previously filed shelf registration and closed on May 23, 2016. Cash received from the common stock offering was used to help finance the purchase price of the acquisition. Additionally, the Company drew $5.0 million on its $10.0 million revolving line of credit and fully funded its $30.0 million term facility. Both of these facilities are described further in Note 4 to the Consolidated Financial Statements. Cash dividends of $15.2 million from QCBT and CRBT were used to fund the remainder of the purchase price. The Company accounted for the business combination under the acquisition method of accounting in accordance with ASC 805. The Company recognized the full fair value of the assets acquired and liabilities assumed at the acquisition date, net of applicable income tax effects. The Company considers all purchase accounting adjustments as provisional and fair values are subject to refinement for up to one year after the closing date. The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. This goodwill is not deductible for tax purposes. The Company has several areas of specialization, including government guaranteed lending, C&I lending, interest rate swaps, leasing, wealth management, private banking and municipal bond offerings that will be offered in this new market, increasing future earnings potential. There is also value added to the Company through having a footprint in a market that has strong growth potential. Additionally, there are qualitative benefits gained through the addition of a new charter including better leverage of centralized operations and increased lending limits. The experience and value of the personnel at CSB and their knowledge of the Des Moines MSA is also beneficial. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued The fair values of the assets acquired and liabilities assumed including the consideration paid and resulting goodwill is as follows: As of August 31, 2016 ASSETS Cash and due from banks $ 10,094,645 Federal funds sold 698,000 Interest-bearing deposits at financial institutions 14,730,157 Securities 102,640,029 Loans/leases receivable, net 419,029,277 Premises and equipment 20,684,880 Core deposit intangible 6,352,653 Restricted investment securities 1,512,900 Other real estate owned 650,000 Other assets 4,763,224 Total assets acquired $ 581,155,765 LIABILITIES Deposits $ 486,298,262 FHLB advances 20,368,877 Other liabilities 4,897,564 Total liabilities assumed $ 511,564,703 Net assets acquired $ 69,591,062 CONSIDERATION PAID: Cash $ 80,000,000 Total consideration paid $ 80,000,000 Goodwill $ 10,408,938 Loans acquired in a business combination are recorded and initially measured at their estimated fair value as of the acquisition date. Credit discounts are included in the determination of fair value. A third party valuation consultant assisted with the determination of fair value. Purchased loans are segregated into two categories: PCI loans and non-PCI (performing) loans. PCI loans are accounted for in accordance with ASC 310-30, as they display significant credit deterioration since origination and it is probable, as of the acquisition date, that the Company will be unable to collect all contractually required payments from the borrower. Performing loans are accounted for in accordance with ASC 310-20, as these loans do not have evidence of significant credit deterioration since origination and it is probable that the contractually required payments will be received from the borrower. For PCI loans, the difference between the contractually required payments at acquisition and the cash flows expected to be collected is referred to as the non-accretable discount. Further, any excess cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the expected remaining life of the loan. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows after the purchase date is recognized by recording an allowance for loan and lease losses and provision for loan losses. For performing loans, the difference between the estimated fair value of the loans and the principal balance outstanding is accreted over the remaining life of the loans. Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued The following table presents the purchased loans as of the acquisition date: PCI Performing Loans Loans Total Contractually required principal payments $ 3,662,431 $ 428,552,119 $ 432,214,550 Nonaccretable discount (991,685 ) - (991,685 ) Principal cash flows expected to be collected $ 2,670,746 $ 428,552,119 $ 431,222,865 Accretable discount (277,579 ) (11,916,009 ) (12,193,588 ) Fair Value of acquired loans $ 2,393,167 $ 416,636,110 $ 419,029,277 Changes in accretable yield for the loans acquired were as follows for the three and nine months ended September 30, 2016: PCI Performing Loans Loans Total Balance at the beginning of the period (277,579 ) (11,916,009 ) (12,193,588 ) Accretion recognized 29,317 366,293 395,610 Balance at the end of the period $ (248,262 ) $ (11,549,716 ) $ (11,797,978 ) During the current quarter, there was also $89 thousand of nonaccretable discount that was accelerated due to the early repayment of PCI loans. Premises and equipment acquired with a fair value of $20,684,880 includes ten branch locations with a fair value of $19,735,000, including a write-up of $8,334,437. The fair value was determined with the assistance of a third party appraiser. The write-up of these properties will be recognized as an increase in depreciation expense over 39 years. The Company recorded a core deposit intangible totaling $6,352,653 which is the portion of the acquisition purchase price which represents the value assigned to the existing deposit base. The core deposit intangible has a finite life and is amortized using an accelerated method over the estimated useful life of the deposits (estimated to be ten years). The following table presents the changes in the carrying amount of core deposit intangibles, gross carrying amount, accumulated amortization, and net book value: September 30, 2016 Balance at the beginning of the period $ 6,352,653 Amortization expense (60,834 ) Balance at the end of the period $ 6,291,819 Gross carrying amount $ 6,352,653 Accumulated amortization (60,834 ) Net book value $ 6,291,819 Part I Item 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)-continued The following presents the estimated amortization expense of the core deposit intangible: Years ending December 31, Amount 2016 $ 182,503 2017 723,955 2018 710,751 2019 694,374 2020 674,819 Thereafter 3,305,417 $ 6,291,819 *There is another core deposit intangible on the balance sheet totaling $1,321,774 that is related to a previous acquisition. During the first nine months of 2016, the Company incurred $2.4 million of expenses related to the acquisition, comprised primarily of legal, accounting, investment banking costs and personnel costs. These acquisition costs are presented on their own line within the consolidated statements of income. CSB results are included in the consolidated statements of income effective on the acquisition date. For the period 8/31/16 to 9/30/16, CSB reported revenues of $2.7 million and net income of $189 thousand, which included $473 thousand of after tax acquisition costs. Unaudited pro forma combined operating results for the three and nine months ended September 30, 2016 and 2015, giving effect to the CSB acquisition as if it had occurred as of January 1, 2015, are as follows: Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 (in thousands, except for per share data) Interest income $ 27,615 $ 25,685 $ 80,755 $ 73,051 Noninterest income $ 11,415 $ 8,074 $ 27,744 $ 23,167 Net income $ 7,301 $ 8,216 $ 23,813 $ 15,324 Earnings per common share: Basic $ 0.56 $ 0.64 $ 1.85 $ 1.38 Diluted $ 0.55 $ 0.63 $ 1.82 $ 1.36 The pro forma results do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on January 1, 2015 or of future results of operations of the consolidated entities. |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 – RELATED PARTY TRANSACTIONS Management reviews transactions with related parties on a quarterly basis, as part of Disclosure Committee procedures. During 2016, the Company entered into a material related party transaction with a company that is owned and controlled by a CRBT director. That company was chosen as the general contractor for the remodel of the Waterloo branch. The company was the original contractor for the branch and is recognized as a leader in Iowa and the Midwest market for the design and construction of financial services and professional office buildings. Based on the company’s expertise, their experience as the original designer/builder of the branch location and a decline to bid from two other contractors, management chose the company as the general contractor. Management determined that the bids received from the company were at market rates. The project total is estimated at $3.5 million. This is the full contract price, as subcontractors will be utilized to complete the work. It is estimated that the company will receive $2.1 million for their work as the general contractor, including payments for a portion of the actual construction costs as the company is completing a portion of the subcontracting work in addition to being the general contractor. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 of the interim period ended September 30, 2016, are not necessarily indicative of the results expected for the year ending December 31, 2016, or for any other period. 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 FRB: Federal Reserve Bank of Chicago AOCI: Accumulated other comprehensive income (loss) GAAP: Generally Accepted Accounting Principles AFS: Available for sale HTM: Held to maturity ASC: Accounting Standards Codification m2: m2 Lease Funds, LLC ASC 805: Business Combinations Standard 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 PCI: Purchased credit impaired CRE: Commercial real estate Provision: Provision for loan/lease losses CSB: Community State Bank 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. USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include four commercial banks: QCBT, CRBT, CSB 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. The acquisition of CSB closed on August 31, 2016. CSB is headquartered in Ankeny, Iowa. The financial results of CSB for the period since acquisition are included in this report. See Note 9 to the Consolidated Financial Statements for additional information. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting developments Revenue from Contracts with Customers 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 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value September 30, 2016: Securities HTM: Municipal securities $ 305,690,174 $ 5,533,151 $ (778,982 ) $ 310,444,343 Other securities 1,050,000 - - 1,050,000 $ 306,740,174 $ 5,533,151 $ (778,982 ) $ 311,494,343 Securities AFS: U.S. govt. sponsored agency securities $ 66,966,328 $ 992,084 $ (73,463 ) $ 67,884,949 Residential mortgage-backed and related securities 131,496,011 1,824,345 (147,552 ) 133,172,804 Municipal securities 53,887,898 816,063 (63,499 ) 54,640,462 Other securities 2,002,113 492,980 (3,227 ) 2,491,866 $ 254,352,350 $ 4,125,472 $ (287,741 ) $ 258,190,081 December 31, 2015: Securities HTM: 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 AFS: 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 September 30, 2016: Securities HTM: Municipal securities $ 23,632,888 $ (251,558 ) $ 14,150,396 $ (527,424 ) $ 37,783,284 $ (778,982 ) Securities AFS: U.S. govt. sponsored agency securities $ 9,547,746 $ (73,463 ) $ - $ - $ 9,547,746 $ (73,463 ) Residential mortgage-backed and related securities 9,326,000 (78,305 ) 8,464,738 (69,247 ) 17,790,738 (147,552 ) Municipal securities 25,921,780 (49,087 ) 846,894 (14,412 ) 26,768,674 (63,499 ) Other securities 641,430 (3,227 ) - - 641,430 (3,227 ) $ 45,436,956 $ (204,082 ) $ 9,311,632 $ (83,659 ) $ 54,748,588 $ (287,741 ) December 31, 2015: Securities HTM: Municipal securities $ 14,803,408 $ (294,438 ) $ 19,927,581 $ (878,994 ) $ 34,730,989 $ (1,173,432 ) Securities AFS: 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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Proceeds from sales of securities* $ 58,775,764 $ 11,922,915 $ 119,850,909 $ 65,889,838 Pre-tax gross gains from sales of securities 4,281,828 102,766 4,815,373 672,317 Pre-tax gross losses from sales of securities (30,055 ) (46,186 ) (187,090 ) (198,804 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Securities HTM: Due in one year or less $ 9,333,827 $ 9,382,178 Due after one year through five years 30,899,427 31,047,261 Due after five years 266,506,920 271,064,904 $ 306,740,174 $ 311,494,343 Securities AFS: Due in one year or less $ 2,345,063 $ 2,347,195 Due after one year through five years 55,691,033 56,456,647 Due after five years 62,818,130 63,721,569 $ 120,854,226 $ 122,525,411 Residential mortgage-backed and related securities 131,496,011 133,172,804 Other securities 2,002,113 2,491,866 $ 254,352,350 $ 258,190,081 Amortized Cost Fair Value Securities HTM: Municipal securities $ 178,052,716 $ 180,307,064 Securities AFS: U.S. govt. sponsored agency securities 11,042,867 11,073,088 Municipal securities 41,062,791 37,443,219 $ 52,105,658 $ 48,516,307 |
Schedule of Investment in Bond Securities [Table Text Block] | September 30, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 27 $ 32,289,974 $ 32,746,465 $ 1,212,832 Illinois 19 30,063,690 30,437,115 1,601,953 North Dakota 6 19,403,728 19,906,421 3,317,737 Missouri 13 8,304,022 8,448,994 649,923 Other 49 23,934,196 24,247,257 494,842 Total general obligation bonds 114 $ 113,995,610 $ 115,786,252 $ 1,015,669 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 September 30, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 44 $ 90,171,820 $ 91,084,628 $ 2,070,105 Iowa 30 75,440,709 77,216,784 2,573,893 Indiana 20 43,994,737 44,605,536 2,230,277 Kansas 6 13,480,269 13,587,744 2,264,624 North Dakota 4 8,114,931 8,175,230 2,043,808 Other 8 14,379,998 14,628,631 1,828,579 Total revenue bonds 112 $ 245,582,464 $ 249,298,553 $ 2,225,880 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 Receiva22
Note 3 - Loans Leases Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of September 30, As of December 31, 2016 2015 C&I loans $ 804,307,562 $ 648,159,892 CRE loans Owner-occupied CRE 317,899,011 252,523,164 Commercial construction, land development, and other land 160,527,094 49,083,844 Other non owner-occupied CRE 591,878,656 422,761,757 1,070,304,761 724,368,765 Direct financing leases * 166,924,077 173,655,605 Residential real estate loans ** 229,080,600 170,432,530 Installment and other consumer loans 81,917,732 73,669,493 2,352,534,732 1,790,286,285 Plus deferred loan/lease origination costs, net of fees 8,065,780 7,736,390 2,360,600,512 1,798,022,675 Less allowance (28,826,835 ) (26,140,906 ) $ 2,331,773,677 $ 1,771,881,769 * Direct financing leases: Net minimum lease payments to be received $ 186,183,516 $ 195,476,230 Estimated unguaranteed residual values of leased assets 1,085,154 1,165,706 Unearned lease/residual income (20,344,593 ) (22,986,331 ) 166,924,077 173,655,605 Plus deferred lease origination costs, net of fees 6,018,484 6,594,582 172,942,561 180,250,187 Less allowance (3,041,962 ) (3,395,088 ) $ 169,900,599 $ 176,855,099 |
Past Due Financing Receivables [Table Text Block] | As of September 30, 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 $ 796,943,072 $ 358,503 $ 232,297 $ 266,485 $ 6,507,205 $ 804,307,562 CRE Owner-Occupied CRE 316,299,798 - - - 1,599,213 317,899,011 Commercial Construction, Land Development, and Other Land 160,034,828 - - - 492,266 160,527,094 Other Non Owner-Occupied CRE 585,545,037 4,617,055 - - 1,716,564 591,878,656 Direct Financing Leases 162,556,659 1,180,356 998,896 - 2,188,166 166,924,077 Residential Real Estate 227,061,212 122,744 114,638 104,789 1,677,217 229,080,600 Installment and Other Consumer 81,576,782 89,104 41,332 20,492 190,022 81,917,732 $ 2,330,017,388 $ 6,367,762 $ 1,387,163 $ 391,766 $ 14,370,653 $ 2,352,534,732 As a percentage of total loan/lease portfolio 99.05 % 0.27 % 0.06 % 0.02 % 0.61 % 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 September 30, 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 $ 266,485 $ 6,507,205 $ 170,113 $ 6,943,803 41.86 % CRE Owner-Occupied CRE - 1,599,213 - 1,599,213 9.64 % Commercial Construction, Land Development, and Other Land - 492,266 - 492,266 2.97 % Other Non Owner-Occupied CRE - 1,716,564 - 1,716,564 10.35 % Direct Financing Leases - 2,188,166 1,138,335 3,326,501 20.05 % Residential Real Estate 104,789 1,677,217 390,039 2,172,045 13.09 % Installment and Other Consumer 20,492 190,022 126,998 337,512 2.03 % $ 391,766 $ 14,370,653 $ 1,825,485 $ 16,587,904 100.00 % 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 September 30, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,724,506 $ 10,987,062 $ 3,226,194 $ 2,014,987 $ 1,144,741 $ 28,097,490 Provisions charged to expense 859,031 8,962 641,435 79,221 19,337 1,607,986 Loans/leases charged off (96,330 ) - (847,668 ) (38,554 ) (4,530 ) (987,082 ) Recoveries on loans/leases previously charged off 70,759 6,500 22,001 - 9,181 108,441 Balance, ending $ 11,557,966 $ 11,002,524 $ 3,041,962 $ 2,055,654 $ 1,168,729 $ 28,826,835 Three Months Ended September 30, 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,020,866 $ 9,929,656 $ 3,352,303 $ 1,720,135 $ 1,123,040 $ 26,146,000 Provisions charged to expense 520,058 573,119 361,071 130,742 50,273 1,635,263 Loans/leases charged off (145,665 ) (1,813,973 ) (483,420 ) (25,928 ) (6,837 ) (2,475,823 ) Recoveries on loans/leases previously charged off 136,909 19,913 18,679 4,107 49,296 228,904 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 Nine Months Ended September 30, 2016 Commercial and Industrial Commercial Real Estate 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 (credits) charged to expense 1,357,262 1,644,008 1,580,677 336,865 (39,991 ) 4,878,821 Loans/leases charged off (388,879 ) (23,101 ) (1,983,322 ) (72,261 ) (22,018 ) (2,489,581 ) Recoveries on loans/leases previously charged off 105,503 6,500 49,519 900 134,267 296,689 Balance, ending $ 11,557,966 $ 11,002,524 $ 3,041,962 $ 2,055,654 $ 1,168,729 $ 28,826,835 Nine Months Ended September 30, 2015 Commercial and Industrial Commercial Real Estate Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,750,317 $ 8,353,386 $ 3,442,915 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,513,430 2,490,766 1,238,505 324,925 126,758 5,694,384 Loans/leases charged off (391,303 ) (2,165,049 ) (1,496,010 ) (25,928 ) (40,886 ) (4,119,176 ) Recoveries on loans/leases previously charged off 659,724 29,612 63,223 4,107 128,105 884,771 Balance, ending $ 10,532,168 $ 8,708,715 $ 3,248,633 $ 1,829,056 $ 1,215,772 $ 25,534,344 As of September 30, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 1,114,680 $ 175,743 $ 739,207 $ 169,147 $ 148,320 $ 2,347,097 Allowance for nonimpaired loans/leases 10,443,286 10,826,781 2,302,755 1,886,507 1,020,409 26,479,738 $ 11,557,966 $ 11,002,524 $ 3,041,962 $ 2,055,654 $ 1,168,729 $ 28,826,835 Impaired loans/leases $ 5,874,093 $ 3,495,386 $ 2,925,205 $ 2,230,829 $ 368,924 $ 14,894,437 Nonimpaired loans/leases 798,433,469 1,066,809,375 163,998,872 226,849,771 81,548,808 2,337,640,295 $ 804,307,562 $ 1,070,304,761 $ 166,924,077 $ 229,080,600 $ 81,917,732 $ 2,352,534,732 Allowance as a percentage of impaired loans/leases 18.98 % 5.03 % 25.27 % 7.58 % 40.20 % 15.76 % Allowance as a percentage of nonimpaired loans/leases 1.31 % 1.01 % 1.40 % 0.83 % 1.25 % 1.13 % Total allowance as a percentage of total loans/leases 1.44 % 1.03 % 1.82 % 0.90 % 1.43 % 1.22 % 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 $ 1,846,140 $ 1,987,082 $ - $ 3,864,852 $ 8,644 $ 8,644 CRE Owner-Occupied CRE 767,032 860,806 - 621,553 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 2,042,391 2,042,391 - 1,789,571 - - Direct Financing Leases 1,860,773 1,860,773 - 1,755,969 52,595 52,595 Residential Real Estate 1,418,957 1,458,158 - 1,455,159 2,992 2,992 Installment and Other Consumer 208,916 208,916 - 430,322 - - $ 8,144,209 $ 8,418,126 $ - $ 9,917,426 $ 64,231 $ 64,231 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,027,953 $ 4,031,792 $ 1,114,680 $ 2,195,524 $ - $ - CRE Owner-Occupied CRE 322,148 322,148 57,398 401,050 - - Commercial Construction, Land Development, and Other Land 186,681 186,681 77,611 190,208 - - Other Non Owner-Occupied CRE 177,134 177,134 40,734 67,571 - - Direct Financing Leases 1,064,432 1,064,432 739,207 653,884 - - Residential Real Estate 811,872 886,004 169,147 799,427 5,409 5,409 Installment and Other Consumer 160,008 160,008 148,320 145,962 4,426 4,426 $ 6,750,228 $ 6,828,199 $ 2,347,097 $ 4,453,626 $ 9,835 $ 9,835 Total Impaired Loans/Leases: C&I $ 5,874,093 $ 6,018,874 $ 1,114,680 $ 6,060,376 $ 8,644 $ 8,644 CRE Owner-Occupied CRE 1,089,180 1,182,954 57,398 1,022,603 - - Commercial Construction, Land Development, and Other Land 186,681 186,681 77,611 190,208 - - Other Non Owner-Occupied CRE 2,219,525 2,219,525 40,734 1,857,142 - - Direct Financing Leases 2,925,205 2,925,205 739,207 2,409,853 52,595 52,595 Residential Real Estate 2,230,829 2,344,162 169,147 2,254,586 8,401 8,401 Installment and Other Consumer 368,924 368,924 148,320 576,284 4,426 4,426 $ 14,894,437 $ 15,246,325 $ 2,347,097 $ 14,371,052 $ 74,066 $ 74,066 Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Classes of Loans/Leases Averag e Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,677,527 $ 3,301 $ 3,301 $ 365,798 $ 1,870 $ 1,870 CRE Owner-Occupied CRE 767,032 - - 451,851 - - Commercial Construction, Land Development, and Other Land - - - 9,968 - - Other Non Owner-Occupied CRE 1,969,034 - - 2,868,950 - - Direct Financing Leases 2,008,095 21,095 21,095 634,378 325 325 Residential Real Estate 1,481,340 941 941 900,938 1,362 1,362 Installment and Other Consumer 322,738 - - 328,669 3,912 3,912 $ 8,225,766 $ 25,337 $ 25,337 $ 5,560,552 $ 7,469 $ 7,469 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,188,621 $ - $ - $ 4,735,149 $ - $ - CRE Owner-Occupied CRE 363,911 - - - - - Commercial Construction, Land Development, and Other Land 187,831 - - 335,707 - - Other Non Owner-Occupied CRE 135,141 - - - - - Direct Financing Leases 793,769 - - 488,860 - - Residential Real Estate 807,827 1,503 1,503 984,558 1,981 1,981 Installment and Other Consumer 160,301 1,458 1,458 723,674 1,391 1,391 $ 6,637,401 $ 2,961 $ 2,961 $ 7,267,948 $ 3,372 $ 3,372 Total Impaired Loans/Leases: C&I $ 5,866,148 $ 3,301 $ 3,301 $ 5,100,947 $ 1,870 $ 1,870 CRE Owner-Occupied CRE 1,130,943 - - 451,851 - - Commercial Construction, Land Development, and Other Land 187,831 - - 345,675 - - Other Non Owner-Occupied CRE 2,104,175 - - 2,868,950 - - Direct Financing Leases 2,801,864 21,095 21,095 1,123,238 325 325 Residential Real Estate 2,289,167 2,444 2,444 1,885,496 3,343 3,343 Installment and Other Consumer 483,039 1,458 1,458 1,052,343 5,303 5,303 $ 14,863,167 $ 28,298 $ 28,298 $ 12,828,500 $ 10,841 $ 10,841 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 September 30, 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) $ 770,822,390 $ 307,017,431 $ 153,401,738 $ 572,769,744 $ 1,804,011,303 96.24 % Special Mention (Rating 6) 10,160,760 1,737,127 1,780,000 5,894,259 19,572,146 1.04 % Substandard (Rating 7) 23,324,412 9,144,453 5,345,356 13,214,653 51,028,874 2.72 % Doubtful (Rating 8) - - - - - - $ 804,307,562 $ 317,899,011 $ 160,527,094 $ 591,878,656 $ 1,874,612,323 100.00 % 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 % |
Financing Receivable Credit Quality Indicators Performance Status [Table Text Block] | As of September 30, 2016 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 163,597,576 $ 226,908,556 $ 81,580,220 $ 472,086,352 98.78 % Nonperforming 3,326,501 2,172,044 337,512 5,836,057 1.22 % $ 166,924,077 $ 229,080,600 $ 81,917,732 $ 477,922,409 100.00 % 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 September 30, 2016 For the three months ended September 30, 2015 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Significant Payment Delay Direct Financing Leases 2 $ 461,643 $ 461,643 $ - $ - $ - 2 $ 461,643 $ 461,643 $ - - $ - $ - $ - CONCESSION - Interest Rate Adjusted Below Market Installment and Other Consumer - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - - $ - $ - $ - 1 $ 14,203 $ 14,203 $ - TOTAL 2 $ 461,643 $ 461,643 $ - 1 $ 14,203 $ 14,203 $ - For the nine months ended September 30, 2016 For the nine months ended September 30, 2015 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity C&I 1 $ 52,286 $ 52,286 $ - - $ - $ - $ - Direct Financing Leases 4 410,653 410,653 - - - - - 5 $ 462,939 $ 462,939 $ - - $ - $ - $ - CONCESSION - Significant Payment Delay C&I 1 $ 62,140 $ 62,140 $ - - $ - $ - $ - Direct Financing Leases 6 771,672 771,672 - - - - - 7 $ 833,812 $ 833,812 $ - - $ - $ - $ - CONCESSION - Interest Rate Adjusted Below Market CRE - Other 1 $ 1,233,740 $ 1,233,740 $ - - $ - $ - $ - Installment and Other Consumer - - - - 1 14,203 14,203 - 1 $ 1,233,740 $ 1,233,740 $ - 1 $ 14,203 $ 14,203 $ - TOTAL 13 $ 2,530,491 $ 2,530,491 $ - 1 $ 14,203 $ 14,203 $ - |
Note 4 - Borrowings (Tables)
Note 4 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2016 Weighted Weighted Average Amount Due Average Interest Rate with Interest Rate Amount Due at Quarter-End Putable Option * at Quarter-End Maturity: Year ending December 31: 2016 $ 90,300,000 0.55 % $ - - % 2017 23,342,549 2.59 - - 2018 25,000,000 2.70 - - Total FHLB advances $ 138,642,549 1.68 % $ - - % December 31, 2015 Weighted Weighted Average Amount Due Average Interest Rate with Interest Rate Amount Due at Year-End Putable Option * at Year-End Maturity: Year ending December 31: 2016 $ 103,000,000 0.56 % $ 2,000,000 4.00 % 2017 18,000,000 2.89 - - 2018 30,000,000 3.27 5,000,000 2.84 Total FHLB advances $ 151,000,000 1.37 % $ 7,000,000 3.17 % |
Schedule of Debt [Table Text Block] | As of September 30, 2016 As of December 31, 2015 Wholesale structured repurchase agreements $ 45,000,000 $ 110,000,000 Term note 30,000,000 - Revolving line of credit 5,000,000 - $ 80,000,000 $ 110,000,000 |
Schedule of Wholesale Repurchase Agreements [Table Text Block] | September 30, 2016 December 31, 2015 Weighted Weighted Average Average Interest Rate Interest Rate Amount Due at Quarter-End Amount Due at Year-End Maturity: Year ending December 31: 2016 $ - 0.00 % $ - 0.00 % 2017 10,000,000 3.07 10,000,000 3.00 2018 - - 10,000,000 3.97 2019 10,000,000 3.44 45,000,000 3.40 2020 25,000,000 2.48 45,000,000 2.66 Total Wholesale Structured Repurchase Agreements $ 45,000,000 2.83 % $ 110,000,000 3.11 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2016 2017 6,000,000 2018 6,000,000 2019 6,000,000 2020 6,000,000 2021 6,000,000 $ 30,000,000 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Net income $ 6,107,501 $ 6,488,987 $ 19,157,457 $ 10,143,058 Basic EPS $ 0.47 $ 0.55 $ 1.55 $ 1.03 Diluted EPS $ 0.46 $ 0.55 $ 1.52 $ 1.01 Weighted average common shares outstanding* 13,066,777 11,713,993 12,398,491 9,878,882 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 202,926 161,937 181,551 145,559 Weighted average common and common equivalent shares outstanding 13,269,703 11,875,930 12,580,042 10,024,441 |
Note 6 - Fair Value (Tables)
Note 6 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2016: Securities AFS: U.S. govt. sponsored agency securities $ 67,884,949 $ - $ 67,884,949 $ - Residential mortgage-backed and related securities 133,172,804 - 133,172,804 - Municipal securities 54,640,462 - 54,640,462 - Other securities 2,491,866 1,107 2,490,759 - Interest rate caps 221,233 - 221,233 - Interest rate swaps - assets 9,386,262 - 9,386,262 - Total assets measured at fair value $ 267,797,576 $ 1,107 $ 267,796,469 $ - Interest rate swaps - liabilities $ 9,386,262 $ - $ 9,386,262 $ - Total liabilities measured at fair value $ 9,386,262 $ - $ 9,386,262 $ - December 31, 2015: Securities AFS: 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 - Interest rate caps 856,024 - 856,024 - Interest rate swaps - assets 3,044,525 - 3,044,525 - Total assets measured at fair value $ 327,335,531 $ 411 $ 327,335,120 $ - Interest rate swaps - liabilities $ 3,044,525 $ - $ 3,044,525 $ - Total liabilities measured at fair value $ 3,044,525 $ - $ 3,044,525 $ - Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 September 30, 2016: Impaired loans/leases $ 7,870,032 $ - $ - $ 7,870,032 OREO 6,272,211 - - 6,272,211 $ 14,142,243 $ - $ - $ 14,142,243 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] | Quantitative Information about Level Fair Value Measurements Fair Value September 30, 2016 Fair Value December 31, 2015 Valuation Technique Unobservable Input Range Impaired loans/leases $ 7,870,032 $ 4,545,966 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 6,272,211 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 September 30, 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 $ 61,213,134 $ 61,213,134 $ 41,742,321 $ 41,742,321 Federal funds sold Level 2 21,022,000 21,022,000 19,850,000 19,850,000 Interest-bearing deposits at financial institutions Level 2 75,025,417 75,025,417 36,313,965 36,313,965 Investment securities: HTM Level 2 306,740,174 311,494,343 253,674,159 255,691,285 AFS See Previous Table 258,190,081 258,190,081 323,434,982 323,434,982 Loans/leases receivable, net Level 3 7,287,067 7,870,032 4,209,228 4,545,966 Loans/leases receivable, net Level 2 2,324,486,610 2,327,955,000 1,767,672,541 1,764,178,772 Interest rate caps Level 2 221,233 221,233 856,024 856,024 Interest rate swaps - assets Level 2 9,386,262 9,386,262 3,044,525 3,044,525 Deposits: Nonmaturity deposits Level 2 2,103,706,174 2,103,706,174 1,516,599,081 1,516,599,081 Time deposits Level 2 491,206,579 491,849,000 364,067,103 364,192,000 Short-term borrowings Level 2 60,015,417 60,015,417 144,662,716 144,662,716 FHLB advances Level 2 138,642,529 140,153,000 151,000,000 153,143,000 Other borrowings Level 2 80,000,000 82,119,000 110,000,000 116,061,000 Junior subordinated debentures Level 2 33,446,578 24,768,273 38,499,052 27,642,093 Interest rate swaps - liabilities Level 2 9,386,262 9,386,262 3,044,525 3,044,525 |
Note 7 - Business Segment Inf26
Note 7 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T Management All Other Eliminations Total Three Months Ended September 30, 2016 Total revenue $ 18,026,215 $ 10,065,032 $ 2,675,741 $ 4,232,205 $ 2,284,577 $ 8,463,636 $ (8,507,270 ) $ 37,240,136 Net interest income $ 11,225,414 $ 7,594,557 $ 2,191,862 $ 3,056,989 $ - $ (438,045 ) $ - $ 23,630,777 Net income $ 3,596,469 $ 3,286,724 $ 188,608 $ 944,781 $ 398,859 $ 6,107,492 $ (8,415,432 ) $ 6,107,501 Total assets $ 1,407,733,009 $ 887,592,695 $ 580,210,270 $ 393,191,774 $ - $ 368,990,749 $ (356,732,388 ) $ 3,280,986,109 Provision $ 1,137,986 $ - $ 270,000 $ 200,000 $ - $ - $ - $ 1,607,986 Goodwill $ 3,222,688 $ - $ 10,408,938 $ - $ - $ - $ - $ 13,631,626 Core deposit intangible $ - $ 1,321,775 $ 6,291,818 $ - $ - $ - $ - $ 7,613,593 Three Months Ended September 30, 2015 Total revenue $ 14,143,548 $ 10,047,658 $ - $ 3,922,304 $ 2,314,406 $ 7,937,087 $ (8,821,205 ) $ 29,543,798 Net interest income $ 10,728,143 $ 6,956,027 $ - $ 2,771,214 $ - $ (317,858 ) $ - $ 20,137,526 Net income (loss) $ 3,786,289 $ 2,893,397 $ - $ 847,709 $ 373,801 $ 6,488,988 $ (7,901,197 ) $ 6,488,987 Total assets $ 1,328,053,105 $ 867,064,041 $ - $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 910,263 $ 550,000 $ - $ 175,000 $ - $ - $ - $ 1,635,263 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ - $ 1,521,287 Nine Months Ended September 30, 2016 Total revenue $ 45,706,061 $ 31,342,345 $ 2,675,741 $ 11,945,081 $ 6,723,690 $ 23,567,906 $ (23,720,471 ) $ 98,240,353 Net interest income $ 33,394,620 $ 21,755,270 $ 2,191,862 $ 8,914,380 $ - $ (1,019,020 ) $ - $ 65,237,112 Net income $ 10,326,508 $ 9,366,441 $ 188,608 $ 2,334,735 $ 1,232,831 $ 19,157,447 $ (23,449,113 ) $ 19,157,457 Total assets $ 1,407,733,009 $ 887,592,695 $ 580,210,270 $ 393,191,774 $ - $ 368,990,749 $ (356,732,388 ) $ 3,280,986,109 Provision $ 3,108,821 $ 700,000 $ 270,000 $ 800,000 $ - $ - $ - $ 4,878,821 Goodwill $ 3,222,688 $ - $ 10,408,938 $ - $ - $ - $ - $ 13,631,626 Core deposit intangible $ - $ 1,321,775 $ 6,291,818 $ - $ - $ - $ - $ 7,613,593 Nine Months Ended September 30, 2015 Total revenue $ 39,893,713 $ 28,396,380 $ - $ 11,095,899 $ 6,927,453 $ 14,487,857 $ (15,556,437 ) $ 85,244,865 Net interest income $ 29,745,080 $ 19,836,835 $ - $ 8,089,626 $ - $ (1,260,962 ) $ - $ 56,410,579 Net income $ 6,578,479 $ 4,645,136 $ - $ 1,895,933 $ 1,271,661 $ 10,143,059 $ (14,391,210 ) $ 10,143,058 Total assets $ 1,328,053,105 $ 867,064,041 $ - $ 360,348,002 $ - $ 277,001,408 $ (256,611,839 ) $ 2,575,854,717 Provision $ 3,466,384 $ 1,650,000 $ - $ 578,000 $ - $ - $ - $ 5,694,384 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,521,287 $ - $ - $ - $ - $ - $ 1,521,287 |
Note 8 - Regulatory Capital R27
Note 8 - Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
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 September 30, 2016: Company: Total risk-based capital $ 316,063 11.33 % $ 240,629 > 8.625 % $ 278,991 > 10.0 % Tier 1 risk-based capital 287,015 10.29 % 184,831 > 6.625 223,192 > 8.0 Tier 1 leverage 287,015 10.09 % 113,737 > 4.000 142,172 > 5.0 Common equity Tier 1 257,119 9.22 % 142,983 > 5.125 181,344 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 138,333 11.71 % $ 101,861 > 8.625 % $ 118,100 > 10.0 % Tier 1 risk-based capital 125,410 10.62 % 78,241 > 6.625 94,480 > 8.0 Tier 1 leverage 125,410 8.86 % 56,628 > 4.000 70,785 > 5.0 Common equity Tier 1 125,410 10.62 % 60,526 > 5.125 76,765 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 104,206 13.13 % $ 68,474 > 8.625 % $ 79,390 > 10.0 % Tier 1 risk-based capital 94,266 11.87 % 52,596 > 6.625 63,512 > 8.0 Tier 1 leverage 94,266 10.36 % 36,407 > 4.000 45,509 > 5.0 Common equity Tier 1 94,266 11.87 % 40,687 > 5.125 51,604 > 6.5 Community State Bank: Total risk-based capital $ 67,008 14.09 % $ 41,031 > 8.625 % $ 47,572 > 10.0 % Tier 1 risk-based capital 66,735 14.03 % 31,516 > 6.625 38,058 > 8.0 Tier 1 leverage 66,735 11.74 % 22,745 > 4.000 28,431 > 5.0 Common equity Tier 1 66,735 14.03 % 24,381 > 5.125 30,922 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 41,130 11.95 % $ 29,680 > 8.625 % $ 34,412 > 10.0 % Tier 1 risk-based capital 36,821 10.70 % 22,798 > 6.625 27,529 > 8.0 Tier 1 leverage 36,821 9.45 % 15,587 > 4.000 19,484 > 5.0 Common equity Tier 1 36,821 10.70 % 17,636 > 5.125 22,367 > 6.5 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 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 9 - Acquisition of Commu28
Note 9 - Acquisition of Community State Bank and Common Stock Offering (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of August 31, 2016 ASSETS Cash and due from banks $ 10,094,645 Federal funds sold 698,000 Interest-bearing deposits at financial institutions 14,730,157 Securities 102,640,029 Loans/leases receivable, net 419,029,277 Premises and equipment 20,684,880 Core deposit intangible 6,352,653 Restricted investment securities 1,512,900 Other real estate owned 650,000 Other assets 4,763,224 Total assets acquired $ 581,155,765 LIABILITIES Deposits $ 486,298,262 FHLB advances 20,368,877 Other liabilities 4,897,564 Total liabilities assumed $ 511,564,703 Net assets acquired $ 69,591,062 CONSIDERATION PAID: Cash $ 80,000,000 Total consideration paid $ 80,000,000 Goodwill $ 10,408,938 |
Business Combination, Purchased Loans as of The Acquisition Date [Table Text Block] | PCI Performing Loans Loans Total Contractually required principal payments $ 3,662,431 $ 428,552,119 $ 432,214,550 Nonaccretable discount (991,685 ) - (991,685 ) Principal cash flows expected to be collected $ 2,670,746 $ 428,552,119 $ 431,222,865 Accretable discount (277,579 ) (11,916,009 ) (12,193,588 ) Fair Value of acquired loans $ 2,393,167 $ 416,636,110 $ 419,029,277 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Table Text Block] | PCI Performing Loans Loans Total Balance at the beginning of the period (277,579 ) (11,916,009 ) (12,193,588 ) Accretion recognized 29,317 366,293 395,610 Balance at the end of the period $ (248,262 ) $ (11,549,716 ) $ (11,797,978 ) |
Core Deposit [Table Text Block] | September 30, 2016 Balance at the beginning of the period $ 6,352,653 Amortization expense (60,834 ) Balance at the end of the period $ 6,291,819 Gross carrying amount $ 6,352,653 Accumulated amortization (60,834 ) Net book value $ 6,291,819 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, Amount 2016 $ 182,503 2017 723,955 2018 710,751 2019 694,374 2020 674,819 Thereafter 3,305,417 $ 6,291,819 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 (in thousands, except for per share data) Interest income $ 27,615 $ 25,685 $ 80,755 $ 73,051 Noninterest income $ 11,415 $ 8,074 $ 27,744 $ 23,167 Net income $ 7,301 $ 8,216 $ 23,813 $ 15,324 Earnings per common share: Basic $ 0.56 $ 0.64 $ 1.85 $ 1.38 Diluted $ 0.55 $ 0.63 $ 1.82 $ 1.36 |
Note 2 - Investment Securitie29
Note 2 - Investment Securities (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Equity Securities [Member] | ||||||
Percentage of Investment Portfolio | 1.00% | 1.00% | 1.00% | 1.00% | ||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | ||||
Debt Securities [Member] | ||||||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | ||||
General Obligation Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding 5 Million [Member] | ||||||
Number of States Investments Held in | 4 | 4 | 4 | 4 | ||
General Obligation Bonds [Member] | Municipal Bonds [Member] | Minimum [Member] | ||||||
Other Investments | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
General Obligation Bonds [Member] | Municipal Bonds [Member] | ||||||
Number of Issuers | 114 | 114 | 114 | 82 | ||
Other Investments | $ 115,800,000 | $ 115,800,000 | $ 115,800,000 | $ 67,800,000 | ||
Number of States Investments Held in | 24 | 24 | 24 | 19 | ||
General Obligation Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||||
Revenue Bonds [Member] | Municipal Bonds [Member] | Aggregate Fair Value Exceeding 5 Million [Member] | ||||||
Number of States Investments Held in | 5 | 5 | 5 | 4 | ||
Revenue Bonds [Member] | Municipal Bonds [Member] | Minimum [Member] | ||||||
Other Investments | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
Revenue Bonds [Member] | Municipal Bonds [Member] | ||||||
Number of Issuers | 112 | 112 | 112 | 92 | ||
Other Investments | $ 249,300,000 | $ 249,300,000 | $ 249,300,000 | $ 214,400,000 | ||
Number of States Investments Held in | 13 | 13 | 13 | 9 | ||
Revenue Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||||
Number of Securities | 526 | 526 | 526 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 92 | 92 | 92 | |||
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 | 17 | 17 | 17 | |||
Accounts Receivable, Sale of Securities, from Broker | $ 32,100,000 | $ 32,100,000 | $ 32,100,000 | |||
Gain on Sale of Investments | $ 4,010,877 | $ 4,281,828 | $ 102,766 | $ 4,815,373 | $ 672,317 |
Note 2 - Investment Securitie30
Note 2 - Investment Securities - Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity, at amortized cost | $ 305,690,174 | $ 252,624,159 |
Securities held to maturity, gross unrealized gains | 5,533,151 | 3,190,558 |
Securities held to maturity, gross unrealized (losses) | (778,982) | (1,173,432) |
HTM | 310,444,343 | 254,641,285 |
Securities available for sale, amortized cost | 53,887,898 | 26,764,981 |
Securities available for sale, gross unrealized gains | 816,063 | 872,985 |
Securities available for sale, gross unrealized (losses) | (63,499) | (59,378) |
AFS | 54,640,462 | 27,578,588 |
Other Securities [Member] | ||
Securities held to maturity, at amortized cost | 1,050,000 | 1,050,000 |
Securities held to maturity, gross unrealized gains | ||
Securities held to maturity, gross unrealized (losses) | ||
HTM | 1,050,000 | 1,050,000 |
Securities available for sale, amortized cost | 2,002,113 | 1,108,124 |
Securities available for sale, gross unrealized gains | 492,980 | 540,919 |
Securities available for sale, gross unrealized (losses) | (3,227) | (163) |
AFS | 2,491,866 | 1,648,880 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 66,966,328 | 216,281,416 |
Securities available for sale, gross unrealized gains | 992,084 | 104,524 |
Securities available for sale, gross unrealized (losses) | (73,463) | (2,848,561) |
AFS | 67,884,949 | 213,537,379 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, amortized cost | 131,496,011 | 81,442,479 |
Securities available for sale, gross unrealized gains | 1,824,345 | 511,095 |
Securities available for sale, gross unrealized (losses) | (147,552) | (1,283,439) |
AFS | 133,172,804 | 80,670,135 |
Securities held to maturity, at amortized cost | 306,740,174 | 253,674,159 |
Securities held to maturity, gross unrealized gains | 5,533,151 | 3,190,558 |
Securities held to maturity, gross unrealized (losses) | (778,982) | (1,173,432) |
HTM | 311,494,343 | 255,691,285 |
Securities available for sale, amortized cost | 254,352,350 | 325,597,000 |
Securities available for sale, gross unrealized gains | 4,125,472 | 2,029,523 |
Securities available for sale, gross unrealized (losses) | (287,741) | (4,191,541) |
AFS | $ 258,190,081 | $ 323,434,982 |
Note 2 - Investment Securitie31
Note 2 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity, less than 12 months, fair value | $ 23,632,888 | $ 14,803,408 |
Securities held to maturity, less than 12 months, gross unrealized losses | (251,558) | (294,438) |
Securities held to maturity, 12 months or more, fair value | 14,150,396 | 19,927,581 |
Securities held to maturity, 12 months or more, gross unrealized losses | (527,424) | (878,994) |
Securities held to maturity, fair value | 37,783,284 | 34,730,989 |
Securities held to maturity, gross unrealized losses | (778,982) | (1,173,432) |
Securities available for sale, less than 12 months, fair value | 25,921,780 | 2,220,800 |
Securities available for sale, less than 12 months, gross unrealized losses | (49,087) | (31,807) |
Securities available for sale, 12 months or more, fair value | 846,894 | 848,329 |
Securities available for sale, 12 months or more, gross unrealized losses | (14,412) | (27,571) |
Securities available for sale, fair value | 26,768,674 | 3,069,129 |
Securities available for sale, gross unrealized losses | (63,499) | (59,378) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 9,547,746 | 112,900,327 |
Securities available for sale, less than 12 months, gross unrealized losses | (73,463) | (1,397,591) |
Securities available for sale, 12 months or more, fair value | 64,476,661 | |
Securities available for sale, 12 months or more, gross unrealized losses | (1,450,970) | |
Securities available for sale, fair value | 9,547,746 | 177,376,988 |
Securities available for sale, gross unrealized losses | (73,463) | (2,848,561) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 9,326,000 | 40,356,921 |
Securities available for sale, less than 12 months, gross unrealized losses | (78,305) | (730,466) |
Securities available for sale, 12 months or more, fair value | 8,464,738 | 19,836,637 |
Securities available for sale, 12 months or more, gross unrealized losses | (69,247) | (552,973) |
Securities available for sale, fair value | 17,790,738 | 60,193,558 |
Securities available for sale, gross unrealized losses | (147,552) | (1,283,439) |
Other Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 641,430 | 411 |
Securities available for sale, less than 12 months, gross unrealized losses | (3,227) | (163) |
Securities available for sale, fair value | 641,430 | 411 |
Securities available for sale, gross unrealized losses | (3,227) | (163) |
Securities available for sale, less than 12 months, fair value | 45,436,956 | 155,478,459 |
Securities available for sale, less than 12 months, gross unrealized losses | (204,082) | (2,160,027) |
Securities available for sale, 12 months or more, fair value | 9,311,632 | 85,161,627 |
Securities available for sale, 12 months or more, gross unrealized losses | (83,659) | (2,031,514) |
Securities available for sale, fair value | 54,748,588 | 240,640,086 |
Securities available for sale, gross unrealized losses | $ (287,741) | $ (4,191,541) |
Note 2 - Investment Securitie32
Note 2 - Investment Securities - Sales of Securities (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Proceeds from sales of securities* | [1] | $ 58,775,764 | $ 11,922,915 | $ 119,850,909 | $ 65,889,838 | |
Gain on Sale of Investments | $ 4,010,877 | 4,281,828 | 102,766 | 4,815,373 | 672,317 | |
Pre-tax gross losses from sales of securities | $ (30,055) | $ (46,186) | $ (187,090) | $ (198,804) | ||
[1] | Proceeds from sales of securities for the nine months ended September 30, 2016 includes $32.1 million receivable from broker for the sale of securities |
Note 2 - Investment Securitie33
Note 2 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | $ 178,052,716 | |
Fair Value | 180,307,064 | |
US States and Political Subdivisions Debt Securities [Member] | Callable Securities [Member] | ||
Amortized Cost | 41,062,791 | |
Fair Value | 37,443,219 | |
US States and Political Subdivisions Debt Securities [Member] | ||
310,444,343 | $ 254,641,285 | |
US Government-sponsored Enterprises Debt Securities [Member] | Callable Securities [Member] | ||
Amortized Cost | 11,042,867 | |
Fair Value | 11,073,088 | |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 131,496,011 | |
Fair Value | 133,172,804 | |
Other Securities [Member] | ||
1,050,000 | 1,050,000 | |
Amortized Cost | 2,002,113 | |
Fair Value | 2,491,866 | |
Callable Securities [Member] | ||
52,105,658 | ||
48,516,307 | ||
Due in one year or less | 9,333,827 | |
Due in one year or less | 9,382,178 | |
Due after one year through five years | 30,899,427 | |
Due after one year through five years | 31,047,261 | |
Due after five years | 266,506,920 | |
Due after five years | 271,064,904 | |
306,740,174 | ||
311,494,343 | $ 255,691,285 | |
Due in one year or less | 2,345,063 | |
Due in one year or less | 2,347,195 | |
Due after one year through five years | 55,691,033 | |
Due after one year through five years | 56,456,647 | |
Due after five years | 62,818,130 | |
Due after five years | 63,721,569 | |
120,854,226 | ||
122,525,411 | ||
254,352,350 | ||
$ 258,190,081 |
Note 2 - Investment Securitie34
Note 2 - Investment Securities - Amortized Cost and Fair Values of General Obligation Bonds by Issuer's State (Details) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
General Obligation Bonds [Member] | Iowa [Member] | ||
Number of issuers | 27 | 15 |
Amortized cost | $ 32,289,974 | $ 19,974,939 |
Other Investments | 32,746,465 | 20,247,108 |
Average exposure per issuer (fair value) | $ 1,212,832 | $ 1,349,807 |
General Obligation Bonds [Member] | Missouri [Member] | ||
Number of issuers | 13 | 12 |
Amortized cost | $ 8,304,022 | $ 7,924,800 |
Other Investments | 8,448,994 | 7,986,856 |
Average exposure per issuer (fair value) | $ 649,923 | $ 665,571 |
General Obligation Bonds [Member] | Illinois [Member] | ||
Number of issuers | 19 | 9 |
Amortized cost | $ 30,063,690 | $ 10,928,700 |
Other Investments | 30,437,115 | 11,264,348 |
Average exposure per issuer (fair value) | $ 1,601,953 | $ 1,251,594 |
General Obligation Bonds [Member] | North Dakota [Member] | ||
Number of issuers | 6 | 5 |
Amortized cost | $ 19,403,728 | $ 10,890,000 |
Other Investments | 19,906,421 | 11,050,235 |
Average exposure per issuer (fair value) | $ 3,317,737 | $ 2,210,047 |
General Obligation Bonds [Member] | Other States [Member] | ||
Number of issuers | 49 | 41 |
Amortized cost | $ 23,934,196 | $ 16,965,393 |
Other Investments | 24,247,257 | 17,229,485 |
Average exposure per issuer (fair value) | $ 494,842 | $ 420,231 |
General Obligation Bonds [Member] | ||
Number of issuers | 114 | 82 |
Amortized cost | $ 113,995,610 | $ 66,683,832 |
Other Investments | 115,786,252 | 67,778,032 |
Average exposure per issuer (fair value) | $ 1,015,669 | $ 826,561 |
Revenue Bonds [Member] | Iowa [Member] | ||
Number of issuers | 30 | 26 |
Amortized cost | $ 75,440,709 | $ 70,773,660 |
Other Investments | 77,216,784 | 71,659,410 |
Average exposure per issuer (fair value) | $ 2,573,893 | $ 2,756,131 |
Revenue Bonds [Member] | Missouri [Member] | ||
Number of issuers | 44 | 41 |
Amortized cost | $ 90,171,820 | $ 78,593,590 |
Other Investments | 91,084,628 | 79,015,378 |
Average exposure per issuer (fair value) | $ 2,070,105 | $ 1,927,204 |
Revenue Bonds [Member] | North Dakota [Member] | ||
Number of issuers | 4 | |
Amortized cost | $ 8,114,931 | |
Other Investments | 8,175,230 | |
Average exposure per issuer (fair value) | $ 2,043,808 | |
Revenue Bonds [Member] | Indiana [Member] | ||
Number of issuers | 20 | 17 |
Amortized cost | $ 43,994,737 | $ 40,018,381 |
Other Investments | 44,605,536 | 40,210,320 |
Average exposure per issuer (fair value) | $ 2,230,277 | $ 2,365,313 |
Revenue Bonds [Member] | Kansas [Member] | ||
Number of issuers | 6 | 3 |
Amortized cost | $ 13,480,269 | $ 11,748,679 |
Other Investments | 13,587,744 | 11,821,055 |
Average exposure per issuer (fair value) | $ 2,264,624 | $ 3,940,352 |
Revenue Bonds [Member] | Other States [Member] | ||
Number of issuers | 8 | 5 |
Amortized cost | $ 14,379,998 | $ 11,570,998 |
Other Investments | 14,628,631 | 11,735,678 |
Average exposure per issuer (fair value) | $ 1,828,579 | $ 2,347,136 |
Revenue Bonds [Member] | ||
Number of issuers | 112 | 92 |
Amortized cost | $ 245,582,464 | $ 212,705,308 |
Other Investments | 249,298,553 | 214,441,841 |
Average exposure per issuer (fair value) | $ 2,225,880 | $ 2,330,890 |
Note 3 - Loans Leases Receiva35
Note 3 - Loans Leases Receivable (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 110,702 | $ 110,702 | $ 119,305 | ||
Residential Portfolio Segment [Member] | |||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 1,377,875 | 1,377,875 | 565,850 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,677,217 | 1,677,217 | 1,016,743 | ||
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,241,205 | 2,241,205 | 1,164,423 | ||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,507,205 | 6,507,205 | 5,791,975 | ||
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,937,655 | 1,937,655 | 193,804 | ||
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 463,859 | 463,859 | 42,098 | ||
Finance Leases Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,188,166 | 2,188,166 | 1,701,341 | ||
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 105,999 | 105,999 | 14,027 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 190,022 | 190,022 | 109,117 | ||
Troubled Debt Restructurings [Member] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,859,420 | $ 4,859,420 | 1,533,657 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||||
Nonaccrual [Member] | |||||
Financing Receivable, Modifications, Number of Contracts | 2 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,384,680 | ||||
Losses on Residual Value | $ 0 | $ 0 | $ 0 | $ 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 14,370,653 | $ 14,370,653 | 10,648,211 | ||
Financing Receivable, Modifications, Recorded Investment | $ 6,684,905 | $ 6,684,905 | $ 2,587,413 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | 13 | 1 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 461,643 | $ 14,203 | $ 2,530,491 | $ 14,203 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 236,545 |
Note 3 - Loans Leases Receiva36
Note 3 - Loans Leases Receivable - Composition of the Loan Lease Portfolio (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |||
Commercial Portfolio Segment [Member] | |||||||||
Loans | $ 804,307,562 | $ 648,159,892 | |||||||
Less allowance | (11,557,966) | $ (10,724,506) | (10,484,080) | $ (10,532,168) | $ (10,020,866) | $ (8,750,317) | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||||||||
Loans | 317,899,011 | 252,523,164 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||||
Loans | 160,527,094 | 49,083,844 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||||||||
Loans | 591,878,656 | 422,761,757 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Loans | 1,070,304,761 | 724,368,765 | |||||||
Less allowance | (11,002,524) | (10,987,062) | (9,375,117) | (8,708,715) | (9,929,656) | (8,353,386) | |||
Finance Leases Portfolio Segment [Member] | |||||||||
Loans | [1],[2] | 166,924,077 | 173,655,605 | ||||||
Plus deferred loan/lease origination costs, net of fees | [1] | 6,018,484 | 6,594,582 | ||||||
Gross loans/leases receivable | [1] | 172,942,561 | 180,250,187 | ||||||
Less allowance | (3,041,962) | [1] | (3,226,194) | (3,395,088) | [1] | (3,248,633) | (3,352,303) | (3,442,915) | |
[1] | 169,900,599 | 176,855,099 | |||||||
Net minimum lease payments to be received | [1] | 186,183,516 | 195,476,230 | ||||||
Estimated unguaranteed residual values of leased assets | [1] | 1,085,154 | 1,165,706 | ||||||
Unearned lease/residual income | [1] | (20,344,593) | (22,986,331) | ||||||
Residential Portfolio Segment [Member] | |||||||||
Loans | [2],[3] | 229,080,600 | 170,432,530 | ||||||
Less allowance | (2,055,654) | (2,014,987) | (1,790,150) | (1,829,056) | (1,720,135) | (1,525,952) | |||
Consumer Portfolio Segment [Member] | |||||||||
Loans | [2] | 81,917,732 | 73,669,493 | ||||||
Less allowance | (1,168,729) | (1,144,741) | (1,096,471) | (1,215,772) | (1,123,040) | (1,001,795) | |||
Loans | 2,352,534,732 | 1,790,286,285 | |||||||
Plus deferred loan/lease origination costs, net of fees | 8,065,780 | 7,736,390 | |||||||
Gross loans/leases receivable | 2,360,600,512 | 1,798,022,675 | |||||||
Less allowance | (28,826,835) | $ (28,097,490) | (26,140,906) | $ (25,534,344) | $ (26,146,000) | $ (23,074,365) | |||
$ 2,331,773,677 | $ 1,771,881,769 | ||||||||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three and nine months ended September 30, 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 $1,377,875 and $565,850 as of September 30, 2016, and December 31, 2015, respectively. |
Note 3 - Loans Leases Receiva37
Note 3 - Loans Leases Receivable - Aging of the Loan Lease Portfolio (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | $ 358,503 | $ 1,636,860 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 232,297 | 5,816 | |
Commercial Portfolio Segment [Member] | |||
Current | 796,943,072 | 640,725,241 | |
Nonaccrual Loans/Leases | 6,507,205 | 5,791,975 | |
Loans | 804,307,562 | 648,159,892 | |
Accruing Past Due 90 Days or More | 266,485 | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||
Past Due | 182,949 | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||
Past Due | 4,617,055 | 614,732 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||
Past Due | 219,383 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||
Current | 316,299,798 | 251,612,752 | |
Nonaccrual Loans/Leases | 1,599,213 | 727,463 | |
Loans | 317,899,011 | 252,523,164 | |
Accruing Past Due 90 Days or More | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Current | 160,034,828 | 48,890,040 | |
Nonaccrual Loans/Leases | 492,266 | 193,804 | |
Loans | 160,527,094 | 49,083,844 | |
Accruing Past Due 90 Days or More | |||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||
Current | 585,545,037 | 420,819,874 | |
Nonaccrual Loans/Leases | 1,716,564 | 1,107,768 | |
Loans | 591,878,656 | 422,761,757 | |
Accruing Past Due 90 Days or More | |||
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 1,070,304,761 | 724,368,765 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 1,180,356 | 1,490,818 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 998,896 | 439,314 | |
Finance Leases Portfolio Segment [Member] | |||
Current | 162,556,659 | 170,021,289 | |
Nonaccrual Loans/Leases | 2,188,166 | 1,701,341 | |
Loans | [1],[2] | 166,924,077 | 173,655,605 |
Accruing Past Due 90 Days or More | 2,843 | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 122,744 | 2,800,589 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 200,080 | ||
Residential Portfolio Segment [Member] | |||
Current | 227,061,212 | 166,415,118 | |
Nonaccrual Loans/Leases | 1,677,217 | 1,016,743 | |
Loans | [2],[3] | 229,080,600 | 170,432,530 |
Accruing Past Due 90 Days or More | 104,789 | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 89,104 | 412,052 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 41,332 | 14,127 | |
Consumer Portfolio Segment [Member] | |||
Current | 81,576,782 | 73,134,197 | |
Nonaccrual Loans/Leases | 190,022 | 109,117 | |
Loans | [2] | 81,917,732 | 73,669,493 |
Accruing Past Due 90 Days or More | 20,492 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | $ 6,367,762 | $ 7,138,000 | |
Past due as a percentage of total loan/lease portfolio | 0.27% | 0.40% | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | $ 1,387,163 | $ 878,720 | |
Past due as a percentage of total loan/lease portfolio | 0.06% | 0.05% | |
Current | $ 2,330,017,388 | $ 1,771,618,511 | |
Nonaccrual Loans/Leases | 14,370,653 | 10,648,211 | |
Loans | 2,352,534,732 | 1,790,286,285 | |
Accruing Past Due 90 Days or More | $ 391,766 | $ 2,843 | |
Current as a percentage of total loan/lease portfolio | 99.05% | 98.96% | |
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.02% | 0.00% | |
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.61% | 0.59% | |
Loans and leases as a percentage of total loan/lease portfolio | 100.00% | 100.00% | |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three and nine months ended September 30, 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 $1,377,875 and $565,850 as of September 30, 2016, and December 31, 2015, respectively. |
Note 3 - Loans Leases Receiva38
Note 3 - Loans Leases Receivable - Loans Leases Nonperforming Loans Leases (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | ||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | [1] | 5,791,975 | ||
Accruing TDRs | $ 170,113 | 173,087 | ||
Loans | $ 6,943,803 | $ 5,965,062 | ||
Loans and leases as a percentage of total loan/lease portfolio | 41.86% | 50.96% | ||
Commercial Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 266,485 | |||
Nonaccrual Loans/Leases | 6,507,205 | $ 5,791,975 | ||
Loans | 804,307,562 | 648,159,892 | ||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | [1] | 727,463 | ||
Accruing TDRs | ||||
Loans | $ 1,599,213 | $ 727,463 | ||
Loans and leases as a percentage of total loan/lease portfolio | 9.64% | 6.22% | ||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | [1] | 193,804 | ||
Accruing TDRs | ||||
Loans | $ 492,266 | $ 193,804 | ||
Loans and leases as a percentage of total loan/lease portfolio | 2.97% | 1.66% | ||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | [1] | 1,107,768 | ||
Accruing TDRs | ||||
Loans | $ 1,716,564 | $ 1,107,768 | ||
Loans and leases as a percentage of total loan/lease portfolio | 10.35% | 9.46% | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | 1,599,213 | $ 727,463 | ||
Loans | 317,899,011 | 252,523,164 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | 492,266 | 193,804 | ||
Loans | 160,527,094 | 49,083,844 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | 1,716,564 | 1,107,768 | ||
Loans | 591,878,656 | 422,761,757 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 1,070,304,761 | 724,368,765 | ||
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | 2,843 | |||
Nonaccrual Loans/Leases | [1] | 1,701,341 | ||
Accruing TDRs | 1,138,335 | |||
Loans | [2] | $ 3,326,501 | $ 1,704,184 | |
Loans and leases as a percentage of total loan/lease portfolio | 20.05% | 14.56% | ||
Finance Leases Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 2,843 | |||
Nonaccrual Loans/Leases | 2,188,166 | 1,701,341 | ||
Loans | [2],[3] | 166,924,077 | 173,655,605 | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | [1] | 1,016,743 | ||
Accruing TDRs | 390,039 | 402,044 | ||
Loans | $ 2,172,045 | $ 1,418,787 | [2] | |
Loans and leases as a percentage of total loan/lease portfolio | 13.09% | 12.12% | ||
Residential Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 104,789 | |||
Nonaccrual Loans/Leases | 1,677,217 | $ 1,016,743 | ||
Loans | [2],[4] | 229,080,600 | 170,432,530 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | [1] | 109,117 | ||
Accruing TDRs | 126,998 | 478,625 | ||
Loans | [2] | $ 337,512 | $ 587,742 | |
Loans and leases as a percentage of total loan/lease portfolio | 2.03% | 5.02% | ||
Consumer Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 20,492 | |||
Nonaccrual Loans/Leases | 190,022 | $ 109,117 | ||
Loans | [2] | 81,917,732 | 73,669,493 | |
Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | 2,843 | |||
Nonaccrual Loans/Leases | [1] | 10,648,211 | ||
Accruing TDRs | 1,825,485 | 1,053,756 | ||
Loans | $ 16,587,904 | $ 11,704,810 | ||
Loans and leases as a percentage of total loan/lease portfolio | 100.00% | 100.00% | ||
Accruing Past Due 90 Days or More | $ 391,766 | $ 2,843 | ||
Nonaccrual Loans/Leases | 14,370,653 | 10,648,211 | ||
Accruing TDRs | 6,684,905 | 2,587,413 | ||
Loans | $ 2,352,534,732 | $ 1,790,286,285 | ||
Loans and leases as a percentage of total loan/lease portfolio | 100.00% | 100.00% | ||
[1] | 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. | |||
[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] | 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 and nine months ended September 30, 2016 and 2015. | |||
[4] | Includes residential real estate loans held for sale totaling $1,377,875 and $565,850 as of September 30, 2016, and December 31, 2015, respectively. |
Note 3 - Loans Leases Receiva39
Note 3 - Loans Leases Receivable - Allowance for Estimated Losses on Loans Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance | $ 10,724,506 | $ 10,020,866 | $ 10,484,080 | $ 8,750,317 | |||||||
Provision for loan/lease losses | 859,031 | 520,058 | 1,357,262 | 1,513,430 | |||||||
Loans/leases charged off | (96,330) | (145,665) | (388,879) | (391,303) | |||||||
Recoveries on loans/leases previously charged off | 70,759 | 136,909 | 105,503 | 659,724 | |||||||
Balance | 11,557,966 | 10,532,168 | 11,557,966 | 10,532,168 | |||||||
Allowance for impaired loans/leases | $ 1,114,680 | $ 2,592,270 | |||||||||
Allowance for nonimpaired loans/leases | 10,443,286 | 7,891,810 | |||||||||
Less allowance for estimated losses on loans/leases | 10,724,506 | 10,020,866 | 11,557,966 | 10,532,168 | 11,557,966 | 10,484,080 | |||||
Impaired loans/leases | 5,874,093 | 5,286,482 | |||||||||
Nonimpaired loans/leases | 798,433,469 | 642,873,410 | |||||||||
Loans | $ 804,307,562 | $ 648,159,892 | |||||||||
Allowance as a percentage of impaired loans/leases | 18.98% | 49.04% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.31% | 1.23% | |||||||||
Total allowance as a percentage of total loans/leases | 1.44% | 1.62% | |||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Balance | 10,987,062 | 9,929,656 | 9,375,117 | 8,353,386 | |||||||
Provision for loan/lease losses | 8,962 | 573,119 | 1,644,008 | 2,490,766 | |||||||
Loans/leases charged off | (1,813,973) | (23,101) | (2,165,049) | ||||||||
Recoveries on loans/leases previously charged off | 6,500 | 19,913 | 6,500 | 29,612 | |||||||
Balance | 11,002,524 | 8,708,715 | 11,002,524 | 8,708,715 | |||||||
Allowance for impaired loans/leases | $ 175,743 | $ 76,934 | |||||||||
Allowance for nonimpaired loans/leases | 10,826,781 | 9,298,183 | |||||||||
Less allowance for estimated losses on loans/leases | 10,987,062 | 9,929,656 | 11,002,524 | 8,708,715 | 11,002,524 | 9,375,117 | |||||
Impaired loans/leases | 3,495,386 | 2,029,035 | |||||||||
Nonimpaired loans/leases | 1,066,809,375 | 722,339,730 | |||||||||
Loans | $ 1,070,304,761 | $ 724,368,765 | |||||||||
Allowance as a percentage of impaired loans/leases | 5.03% | 3.79% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.01% | 1.29% | |||||||||
Total allowance as a percentage of total loans/leases | 1.03% | 1.29% | |||||||||
Finance Leases Portfolio Segment [Member] | |||||||||||
Balance | 3,226,194 | 3,352,303 | 3,395,088 | [1] | 3,442,915 | ||||||
Provision for loan/lease losses | 641,435 | 361,071 | 1,580,677 | 1,238,505 | |||||||
Loans/leases charged off | (847,668) | (483,420) | (1,983,322) | (1,496,010) | |||||||
Recoveries on loans/leases previously charged off | 22,001 | 18,679 | 49,519 | 63,223 | |||||||
Balance | 3,041,962 | [1] | 3,248,633 | 3,041,962 | [1] | 3,248,633 | |||||
Allowance for impaired loans/leases | $ 739,207 | $ 306,193 | |||||||||
Allowance for nonimpaired loans/leases | 2,302,755 | 3,088,895 | |||||||||
Less allowance for estimated losses on loans/leases | 3,041,962 | [1] | 3,352,303 | 3,041,962 | [1] | 3,248,633 | 3,041,962 | [1] | 3,395,088 | [1] | |
Impaired loans/leases | 2,925,205 | 1,701,341 | |||||||||
Nonimpaired loans/leases | 163,998,872 | 171,954,264 | |||||||||
Loans | [1],[2] | $ 166,924,077 | $ 173,655,605 | ||||||||
Allowance as a percentage of impaired loans/leases | 25.27% | 18.00% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.40% | 1.80% | |||||||||
Total allowance as a percentage of total loans/leases | 1.82% | 1.96% | |||||||||
Residential Portfolio Segment [Member] | |||||||||||
Balance | 2,014,987 | 1,720,135 | 1,790,150 | 1,525,952 | |||||||
Provision for loan/lease losses | 79,221 | 130,742 | 336,865 | 324,925 | |||||||
Loans/leases charged off | (38,554) | (25,928) | (72,261) | (25,928) | |||||||
Recoveries on loans/leases previously charged off | 4,107 | 900 | 4,107 | ||||||||
Balance | 2,055,654 | 1,829,056 | 2,055,654 | 1,829,056 | |||||||
Allowance for impaired loans/leases | $ 169,147 | $ 185,801 | |||||||||
Allowance for nonimpaired loans/leases | 1,886,507 | 1,604,349 | |||||||||
Less allowance for estimated losses on loans/leases | 2,014,987 | 1,720,135 | 2,055,654 | 1,829,056 | 2,055,654 | 1,790,150 | |||||
Impaired loans/leases | 2,230,829 | 1,418,787 | |||||||||
Nonimpaired loans/leases | 226,849,771 | 169,013,743 | |||||||||
Loans | [2],[3] | $ 229,080,600 | $ 170,432,530 | ||||||||
Allowance as a percentage of impaired loans/leases | 7.58% | 13.10% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 0.83% | 0.95% | |||||||||
Total allowance as a percentage of total loans/leases | 0.90% | 1.05% | |||||||||
Consumer Portfolio Segment [Member] | |||||||||||
Balance | 1,144,741 | 1,123,040 | 1,096,471 | 1,001,795 | |||||||
Provision for loan/lease losses | 19,337 | 50,273 | (39,991) | 126,758 | |||||||
Loans/leases charged off | (4,530) | (6,837) | (22,018) | (40,886) | |||||||
Recoveries on loans/leases previously charged off | 9,181 | 49,296 | 134,267 | 128,105 | |||||||
Balance | 1,168,729 | 1,215,772 | 1,168,729 | 1,215,772 | |||||||
Allowance for impaired loans/leases | $ 148,320 | $ 143,089 | |||||||||
Allowance for nonimpaired loans/leases | 1,020,409 | 953,382 | |||||||||
Less allowance for estimated losses on loans/leases | 1,144,741 | 1,123,040 | 1,168,729 | 1,215,772 | 1,168,729 | 1,096,471 | |||||
Impaired loans/leases | 368,924 | 587,742 | |||||||||
Nonimpaired loans/leases | 81,548,808 | 73,081,751 | |||||||||
Loans | [2] | $ 81,917,732 | $ 73,669,493 | ||||||||
Allowance as a percentage of impaired loans/leases | 40.20% | 24.35% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.25% | 1.30% | |||||||||
Total allowance as a percentage of total loans/leases | 1.43% | 1.49% | |||||||||
Balance | 28,097,490 | 26,146,000 | 26,140,906 | 23,074,365 | |||||||
Provision for loan/lease losses | 1,607,986 | 1,635,263 | 4,878,821 | 5,694,384 | |||||||
Loans/leases charged off | (987,082) | (2,475,823) | (2,489,581) | (4,119,176) | |||||||
Recoveries on loans/leases previously charged off | 108,441 | 228,904 | 296,689 | 884,771 | |||||||
Balance | 28,826,835 | 25,534,344 | 28,826,835 | 25,534,344 | |||||||
Allowance for impaired loans/leases | $ 2,347,097 | $ 3,304,287 | |||||||||
Allowance for nonimpaired loans/leases | 26,479,738 | 22,836,619 | |||||||||
Less allowance for estimated losses on loans/leases | $ 28,826,835 | $ 26,146,000 | $ 28,826,835 | $ 25,534,344 | 28,826,835 | 26,140,906 | |||||
Impaired loans/leases | 14,894,437 | 11,023,387 | |||||||||
Nonimpaired loans/leases | 2,337,640,295 | 1,779,262,898 | |||||||||
Loans | $ 2,352,534,732 | $ 1,790,286,285 | |||||||||
Allowance as a percentage of impaired loans/leases | 15.76% | 29.98% | |||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.13% | 1.28% | |||||||||
Total allowance as a percentage of total loans/leases | 1.22% | 1.45% | |||||||||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three and nine months ended September 30, 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 $1,377,875 and $565,850 as of September 30, 2016, and December 31, 2015, respectively. |
Note 3 - Loans Leases Receiva40
Note 3 - Loans Leases Receivable - Impaired Loans Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Commercial Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | $ 1,846,140 | $ 1,846,140 | $ 234,636 | |
Unpaid principal balance with no specific allowance recorded | 1,987,082 | 1,987,082 | 346,072 | |
Average recorded investment with no specific allowance recorded | 1,677,527 | $ 365,798 | 3,864,852 | |
Interest income recognized with no specific allowance recorded | 3,301 | 1,870 | 8,644 | |
Interest income recognized for cash payments received with no specific allowance recorded | 3,301 | 1,870 | 8,644 | |
Recorded investment with specific allowance recorded | 4,027,953 | 4,027,953 | 5,051,846 | |
Unpaid principal balance with specific allowance recorded | 4,031,792 | 4,031,792 | 5,055,685 | |
Related allowance | 1,114,680 | 1,114,680 | 2,592,270 | |
Average recorded investment with specific allowance recorded | 4,188,621 | 4,735,149 | 2,195,524 | |
Interest income recognized with specific allowance recorded | ||||
Interest income recognized for cash payments received with specific allowance recorded | ||||
Recorded investment | 5,874,093 | 5,874,093 | 5,286,482 | |
Unpaid principal balance | 6,018,874 | 6,018,874 | 5,401,757 | |
Average recorded investment | 5,866,148 | 5,100,947 | 6,060,376 | |
Interest income recognized | 3,301 | 1,870 | 8,644 | |
Interest income recognized for cash payments received | 3,301 | 1,870 | 8,644 | |
Interest income recognized with no specific allowance recorded | 3,301 | 1,870 | 8,644 | |
Interest income recognized for cash payments received with no specific allowance recorded | 3,301 | 1,870 | 8,644 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 767,032 | 767,032 | 256,761 | |
Unpaid principal balance with no specific allowance recorded | 860,806 | 860,806 | 350,535 | |
Average recorded investment with no specific allowance recorded | 767,032 | 451,851 | 621,553 | |
Interest income recognized with no specific allowance recorded | ||||
Interest income recognized for cash payments received with no specific allowance recorded | ||||
Recorded investment with specific allowance recorded | 322,148 | 322,148 | ||
Unpaid principal balance with specific allowance recorded | 322,148 | 322,148 | ||
Related allowance | 57,398 | 57,398 | ||
Average recorded investment with specific allowance recorded | 363,911 | 401,050 | ||
Interest income recognized with specific allowance recorded | ||||
Interest income recognized for cash payments received with specific allowance recorded | ||||
Recorded investment | 1,089,180 | 1,089,180 | 256,761 | |
Unpaid principal balance | 1,182,954 | 1,182,954 | 350,535 | |
Average recorded investment | 1,130,943 | 451,851 | 1,022,603 | |
Interest income recognized | ||||
Interest income recognized for cash payments received | ||||
Interest income recognized with no specific allowance recorded | ||||
Interest income recognized for cash payments received with no specific allowance recorded | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Recorded investment with no specific allowance recorded | ||||
Unpaid principal balance with no specific allowance recorded | 228,818 | |||
Average recorded investment with no specific allowance recorded | 9,968 | |||
Interest income recognized with no specific allowance recorded | ||||
Interest income recognized for cash payments received with no specific allowance recorded | ||||
Recorded investment with specific allowance recorded | 186,681 | 186,681 | 193,804 | |
Unpaid principal balance with specific allowance recorded | 186,681 | 186,681 | 205,804 | |
Related allowance | 77,611 | 77,611 | 76,934 | |
Average recorded investment with specific allowance recorded | 187,831 | 335,707 | 190,208 | |
Interest income recognized with specific allowance recorded | ||||
Interest income recognized for cash payments received with specific allowance recorded | ||||
Recorded investment | 186,681 | 186,681 | 193,804 | |
Unpaid principal balance | 186,681 | 186,681 | 434,622 | |
Average recorded investment | 187,831 | 345,675 | 190,208 | |
Interest income recognized | ||||
Interest income recognized for cash payments received | ||||
Interest income recognized with no specific allowance recorded | ||||
Interest income recognized for cash payments received with no specific allowance recorded | ||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 2,042,391 | 2,042,391 | 1,578,470 | |
Unpaid principal balance with no specific allowance recorded | 2,042,391 | 2,042,391 | 1,578,470 | |
Average recorded investment with no specific allowance recorded | 1,969,034 | 2,868,950 | 1,789,571 | |
Interest income recognized with no specific allowance recorded | ||||
Interest income recognized for cash payments received with no specific allowance recorded | ||||
Recorded investment with specific allowance recorded | 177,134 | 177,134 | ||
Unpaid principal balance with specific allowance recorded | 177,134 | 177,134 | ||
Related allowance | 40,734 | 40,734 | ||
Average recorded investment with specific allowance recorded | 135,141 | 67,571 | ||
Interest income recognized with specific allowance recorded | ||||
Interest income recognized for cash payments received with specific allowance recorded | ||||
Recorded investment | 2,219,525 | 2,219,525 | 1,578,470 | |
Unpaid principal balance | 2,219,525 | 2,219,525 | 1,578,470 | |
Average recorded investment | 2,104,175 | 2,868,950 | 1,857,142 | |
Interest income recognized | ||||
Interest income recognized for cash payments received | ||||
Interest income recognized with no specific allowance recorded | ||||
Interest income recognized for cash payments received with no specific allowance recorded | ||||
Finance Leases Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 1,860,773 | 1,860,773 | 871,884 | |
Unpaid principal balance with no specific allowance recorded | 1,860,773 | 1,860,773 | 871,884 | |
Average recorded investment with no specific allowance recorded | 2,008,095 | 634,378 | 1,755,969 | |
Interest income recognized with no specific allowance recorded | 21,095 | 325 | 52,595 | |
Interest income recognized for cash payments received with no specific allowance recorded | 21,095 | 325 | 52,595 | |
Recorded investment with specific allowance recorded | 1,064,432 | 1,064,432 | 829,457 | |
Unpaid principal balance with specific allowance recorded | 1,064,432 | 1,064,432 | 829,457 | |
Related allowance | 739,207 | 739,207 | 306,193 | |
Average recorded investment with specific allowance recorded | 793,769 | 488,860 | 653,884 | |
Interest income recognized with specific allowance recorded | ||||
Interest income recognized for cash payments received with specific allowance recorded | ||||
Recorded investment | 2,925,205 | 2,925,205 | 1,701,341 | |
Unpaid principal balance | 2,925,205 | 2,925,205 | 1,701,341 | |
Average recorded investment | 2,801,864 | 1,123,238 | 2,409,853 | |
Interest income recognized | 21,095 | 325 | 52,595 | |
Interest income recognized for cash payments received | 21,095 | 325 | 52,595 | |
Interest income recognized with no specific allowance recorded | 21,095 | 325 | 52,595 | |
Interest income recognized for cash payments received with no specific allowance recorded | 21,095 | 325 | 52,595 | |
Residential Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 1,418,957 | 1,418,957 | 613,486 | |
Unpaid principal balance with no specific allowance recorded | 1,458,158 | 1,458,158 | 649,064 | |
Average recorded investment with no specific allowance recorded | 1,481,340 | 900,938 | 1,455,159 | |
Interest income recognized with no specific allowance recorded | 941 | 1,362 | 2,992 | |
Interest income recognized for cash payments received with no specific allowance recorded | 941 | 1,362 | 2,992 | |
Recorded investment with specific allowance recorded | 811,872 | 811,872 | 805,301 | |
Unpaid principal balance with specific allowance recorded | 886,004 | 886,004 | 805,301 | |
Related allowance | 169,147 | 169,147 | 185,801 | |
Average recorded investment with specific allowance recorded | 807,827 | 984,558 | 799,427 | |
Interest income recognized with specific allowance recorded | 1,503 | 1,981 | 5,409 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,503 | 1,981 | 5,409 | |
Recorded investment | 2,230,829 | 2,230,829 | 1,418,787 | |
Unpaid principal balance | 2,344,162 | 2,344,162 | 1,454,365 | |
Average recorded investment | 2,289,167 | 1,885,496 | 2,254,586 | |
Interest income recognized | 2,444 | 3,343 | 8,401 | |
Interest income recognized for cash payments received | 2,444 | 3,343 | 8,401 | |
Interest income recognized with no specific allowance recorded | 941 | 1,362 | 2,992 | |
Interest income recognized for cash payments received with no specific allowance recorded | 941 | 1,362 | 2,992 | |
Consumer Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 208,916 | 208,916 | 377,304 | |
Unpaid principal balance with no specific allowance recorded | 208,916 | 208,916 | 377,304 | |
Average recorded investment with no specific allowance recorded | 322,738 | 328,669 | 430,322 | |
Interest income recognized with no specific allowance recorded | 3,912 | |||
Interest income recognized for cash payments received with no specific allowance recorded | 3,912 | |||
Recorded investment with specific allowance recorded | 160,008 | 160,008 | 210,438 | |
Unpaid principal balance with specific allowance recorded | 160,008 | 160,008 | 210,438 | |
Related allowance | 148,320 | 148,320 | 143,089 | |
Average recorded investment with specific allowance recorded | 160,301 | 723,674 | 145,962 | |
Interest income recognized with specific allowance recorded | 1,458 | 1,391 | 4,426 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,458 | 1,391 | 4,426 | |
Recorded investment | 368,924 | 368,924 | 587,742 | |
Unpaid principal balance | 368,924 | 368,924 | 587,742 | |
Average recorded investment | 483,039 | 1,052,343 | 576,284 | |
Interest income recognized | 1,458 | 5,303 | 4,426 | |
Interest income recognized for cash payments received | 1,458 | 5,303 | 4,426 | |
Interest income recognized with no specific allowance recorded | 3,912 | |||
Interest income recognized for cash payments received with no specific allowance recorded | 3,912 | |||
Recorded investment with no specific allowance recorded | 8,144,209 | 8,144,209 | 3,932,541 | |
Unpaid principal balance with no specific allowance recorded | 8,418,126 | 8,418,126 | 4,402,147 | |
Average recorded investment with no specific allowance recorded | 8,225,766 | 5,560,552 | 9,917,426 | |
Interest income recognized with no specific allowance recorded | 25,337 | 7,469 | 64,231 | |
Interest income recognized for cash payments received with no specific allowance recorded | 25,337 | 7,469 | 64,231 | |
Recorded investment with specific allowance recorded | 6,750,228 | 6,750,228 | 7,090,846 | |
Unpaid principal balance with specific allowance recorded | 6,828,199 | 6,828,199 | 7,106,685 | |
Related allowance | 2,347,097 | 2,347,097 | 3,304,287 | |
Average recorded investment with specific allowance recorded | 6,637,401 | 7,267,948 | 4,453,626 | |
Interest income recognized with specific allowance recorded | 2,961 | 3,372 | 9,835 | |
Interest income recognized for cash payments received with specific allowance recorded | 2,961 | 3,372 | 9,835 | |
Recorded investment | 14,894,437 | 14,894,437 | 11,023,387 | |
Unpaid principal balance | 15,246,325 | 15,246,325 | $ 11,508,832 | |
Average recorded investment | 14,863,167 | 12,828,500 | 14,371,052 | |
Interest income recognized | 28,298 | 10,841 | 74,066 | |
Interest income recognized for cash payments received | 28,298 | 10,841 | 74,066 | |
Interest income recognized with no specific allowance recorded | 25,337 | 7,469 | 64,231 | |
Interest income recognized for cash payments received with no specific allowance recorded | $ 25,337 | $ 7,469 | $ 64,231 |
Note 3 - Loans Leases Receiva41
Note 3 - Loans Leases Receivable - Loans By Internally Assigned Risk Rating (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | $ 770,822,390 | $ 616,200,797 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 10,160,760 | 18,031,845 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 23,324,412 | 13,927,250 |
Commercial Portfolio Segment [Member] | ||
Loans | 804,307,562 | 648,159,892 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 307,017,431 | 238,119,608 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Loans | 153,401,738 | 46,929,876 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 572,769,744 | 406,027,442 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 1,737,127 | 8,630,658 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Loans | 1,780,000 | 1,780,000 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 5,894,259 | 8,846,286 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 9,144,453 | 5,772,898 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Loans | 5,345,356 | 373,968 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 13,214,653 | 7,888,029 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 317,899,011 | 252,523,164 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 160,527,094 | 49,083,844 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 591,878,656 | 422,761,757 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 1,070,304,761 | 724,368,765 |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | ||
Loans | $ 1,804,011,303 | $ 1,307,277,723 |
As a % of Total | 96.24% | 95.24% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | ||
Loans | $ 19,572,146 | $ 37,288,789 |
As a % of Total | 1.04% | 2.72% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | ||
Loans | $ 51,028,874 | $ 27,962,145 |
As a % of Total | 2.72% | 2.04% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | ||
Loans | $ 1,874,612,323 | $ 1,372,528,657 |
As a % of Total | 100.00% | 100.00% |
Loans | $ 2,352,534,732 | $ 1,790,286,285 |
Note 3 - Loans Leases Receiva42
Note 3 - Loans Leases Receivable - Leases By Delinquency Status (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | ||
Performing Financial Instruments [Member] | Finance Leases Portfolio Segment [Member] | ||||
Loans | [1] | $ 163,597,576 | $ 171,951,421 | |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||||
Loans | [1] | 226,908,556 | 169,013,743 | |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | ||||
Loans | [1] | 81,580,220 | 73,081,751 | |
Performing Financial Instruments [Member] | Lease Residential and Consumer Portfolio Segments [Member] | ||||
Loans | [1] | $ 472,086,352 | $ 414,046,915 | |
As a % of Total | [1] | 98.78% | 99.11% | |
Nonperforming Financial Instruments [Member] | Finance Leases Portfolio Segment [Member] | ||||
Loans | [1] | $ 3,326,501 | $ 1,704,184 | |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||||
Loans | 2,172,045 | 1,418,787 | [1] | |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | ||||
Loans | [1] | 337,512 | 587,742 | |
Nonperforming Financial Instruments [Member] | Lease Residential and Consumer Portfolio Segments [Member] | ||||
Loans | [1] | $ 5,836,057 | $ 3,710,713 | |
As a % of Total | [1] | 1.22% | 0.89% | |
Nonperforming Financial Instruments [Member] | ||||
Loans | $ 16,587,904 | $ 11,704,810 | ||
Finance Leases Portfolio Segment [Member] | ||||
Loans | [1],[2] | 166,924,077 | 173,655,605 | |
Residential Portfolio Segment [Member] | ||||
Loans | [1],[3] | 229,080,600 | 170,432,530 | |
Consumer Portfolio Segment [Member] | ||||
Loans | [1] | 81,917,732 | 73,669,493 | |
Lease Residential and Consumer Portfolio Segments [Member] | ||||
Loans | [1] | $ 477,922,409 | $ 417,757,628 | |
As a % of Total | [1] | 100.00% | 100.00% | |
Loans | $ 2,352,534,732 | $ 1,790,286,285 | ||
[1] | 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. | |||
[2] | 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 and nine months ended September 30, 2016 and 2015. | |||
[3] | Includes residential real estate loans held for sale totaling $1,377,875 and $565,850 as of September 30, 2016, and December 31, 2015, respectively. |
Note 3 - Loans Leases Receiva43
Note 3 - Loans Leases Receivable - Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Number of Loans / Leases | 2 | 6 | ||
Pre-Modification Recorded Investment | $ 461,643 | $ 771,672 | ||
Post-Modification Recorded Investment | $ 461,643 | $ 771,672 | ||
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Number of Loans / Leases | 4 | |||
Pre-Modification Recorded Investment | $ 410,653 | |||
Post-Modification Recorded Investment | $ 410,653 | |||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Number of Loans / Leases | 1 | |||
Pre-Modification Recorded Investment | $ 62,140 | |||
Post-Modification Recorded Investment | $ 62,140 | |||
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Number of Loans / Leases | 1 | |||
Pre-Modification Recorded Investment | $ 52,286 | |||
Post-Modification Recorded Investment | $ 52,286 | |||
Consumer Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Number of Loans / Leases | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 14,203 | $ 14,203 | ||
Post-Modification Recorded Investment | $ 14,203 | $ 14,203 | ||
Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||||
Number of Loans / Leases | 1 | |||
Pre-Modification Recorded Investment | $ 1,233,740 | |||
Post-Modification Recorded Investment | $ 1,233,740 | |||
Payment Deferral [Member] | ||||
Number of Loans / Leases | 2 | 7 | ||
Pre-Modification Recorded Investment | $ 461,643 | $ 833,812 | ||
Post-Modification Recorded Investment | $ 461,643 | $ 833,812 | ||
Extended Maturity [Member] | ||||
Number of Loans / Leases | 5 | |||
Pre-Modification Recorded Investment | $ 462,939 | |||
Post-Modification Recorded Investment | $ 462,939 | |||
Interest Rate Below Market Reduction [Member] | ||||
Number of Loans / Leases | 1 | 1 | 1 | |
Pre-Modification Recorded Investment | $ 14,203 | $ 1,233,740 | $ 14,203 | |
Post-Modification Recorded Investment | $ 14,203 | $ 1,233,740 | $ 14,203 | |
Number of Loans / Leases | 2 | 1 | 13 | 1 |
Pre-Modification Recorded Investment | $ 461,643 | $ 14,203 | $ 2,530,491 | $ 14,203 |
Post-Modification Recorded Investment | $ 461,643 | $ 14,203 | $ 2,530,491 | $ 14,203 |
Note 4 - Borrowings (Details Te
Note 4 - Borrowings (Details Textual) - USD ($) | Aug. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
Revolving Credit Facility [Member] | |||||||
Long-term Line of Credit | $ 0 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 40,000,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.34% | 3.34% | 3.10% | ||||
Proceeds from Lines of Credit | $ 5,000,000 | $ 5,000,000 | |||||
Whole sale Repurchase Agreements [Member] | |||||||
Repayments of Other Debt | $ 55,000,000 | $ 10,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 10,000,000 | 10,000,000 | $ 10,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 10,000,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10,000,000 | 10,000,000 | 45,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 25,000,000 | 25,000,000 | 45,000,000 | ||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 27,800,000 | 27,800,000 | |||||
Long-term Debt | $ 45,000,000 | $ 45,000,000 | $ 110,000,000 | ||||
Wholesale Repurchase Agreement and FHLB Advances [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.24% | 3.92% | 3.24% | ||||
Gain (Loss) on Extinguishment of Debt | $ 4,100,000 | $ (1,300,000) | |||||
Extinguished Debt Weighted Average Term | 2 years 346 days | 2 years 62 days | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 10,000,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 5,000,000 | $ 10,000,000 | $ 5,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 35,000,000 | 35,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 20,000,000 | 20,000,000 | |||||
Revolving Line of Credit Note [Member] | |||||||
Long-term Debt | 35,000,000 | 35,000,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||||||
Term Note [Member] | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 6,000,000 | 6,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 6,000,000 | 6,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 6,000,000 | 6,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 6,000,000 | $ 6,000,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.84% | 3.84% | |||||
Notes Payable | $ 30,000,000 | ||||||
Debt Instrument, Term | 5 years | ||||||
Proceeds from Notes Payable | $ 30,000,000 | ||||||
Long-term Debt | $ 30,000,000 | $ 30,000,000 | |||||
Debt Instrument, Periodic Payment, Principal | 1,500,000 | ||||||
Junior Subordinated Debt [Member] | Note Payable to QCR Holdings Capital Trust IV [Member] | |||||||
Gain (Loss) on Extinguishment of Debt | $ 1,200,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.42% | ||||||
Extinguishment of Debt, Amount | $ 5,100,000 | ||||||
Repayments of Other Debt | 50,320,407 | $ 29,177,000 | |||||
Repayments of Federal Home Loan Bank Borrowings | $ 5,000,000 | $ 10,000,000 | $ 10,524,197 | $ 81,192,185 | |||
Short-term Debt, Weighted Average Interest Rate | 0.50% | 0.50% | 0.50% | ||||
Notes Payable | $ 30,000,000 | $ 30,000,000 |
Note 4 - Borrowings - Maturity
Note 4 - Borrowings - Maturity and Interest Rate Information On Advances From FHLB (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Putable Option [Member] | Weighted Average [Member] | ||
Total FHLB advances | 3.17% | |
Federal Home Loan Bank, Advances, Putable Option [Member] | ||
2,016 | $ 2,000,000 | |
2,016 | 4.00% | |
2,017 | ||
2,017 | ||
2,018 | $ 5,000,000 | |
2,018 | 2.84% | |
Total FHLB advances | $ 7,000,000 | |
Total FHLB advances | ||
Weighted Average [Member] | ||
Total FHLB advances | 1.37% | |
2,016 | $ 90,300,000 | $ 103,000,000 |
2,016 | 0.55% | 0.56% |
2,017 | $ 23,342,549 | $ 18,000,000 |
2,017 | 2.59% | 2.89% |
2,018 | $ 25,000,000 | $ 30,000,000 |
2,018 | 2.70% | 3.27% |
Total FHLB advances | $ 138,642,549 | $ 151,000,000 |
Total FHLB advances | 1.68% |
Note 4 – Borrowings - Oth
Note 4 – Borrowings - Other Borrowings (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Whole sale Repurchase Agreements [Member] | ||
Other borrowings | $ 45,000,000 | $ 110,000,000 |
Term Note [Member] | ||
Other borrowings | 30,000,000 | |
Revolving Credit Facility [Member] | ||
Other borrowings | 5,000,000 | |
Other borrowings | $ 80,000,000 | $ 110,000,000 |
Note 4 - Borrowings - Wholesale
Note 4 - Borrowings - Wholesale Repurchase Agreements (Details) - Whole sale Repurchase Agreements [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
2,016 | ||
2,016 | 0.00% | 0.00% |
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 10,000,000 | $ 10,000,000 |
2,017 | 3.07% | 3.00% |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 10,000,000 | |
2,018 | 3.97% | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 10,000,000 | $ 45,000,000 |
2,019 | 3.44% | 3.40% |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 25,000,000 | $ 45,000,000 |
2,020 | 2.48% | 2.66% |
Long-term Debt | $ 45,000,000 | $ 110,000,000 |
Total Wholesale Structures Repurchase Agreements | 2.83% | 3.11% |
Note 4 - Borrowings - Maturit48
Note 4 - Borrowings - Maturity Schedule of Term Note (Details) - Term Note [Member] | Sep. 30, 2016USD ($) |
2,017 | $ 6,000,000 |
2,018 | 6,000,000 |
2,019 | 6,000,000 |
2,020 | 6,000,000 |
2,021 | 6,000,000 |
$ 30,000,000 |
Note 5 - Earnings Per Share - B
Note 5 - Earnings Per Share - Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Net income | $ 6,107,501 | $ 6,676,467 | $ 6,373,489 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 19,157,457 | $ 10,143,058 | |
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.47 | $ 0.55 | $ 1.55 | $ 1.03 | |||||
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.46 | $ 0.55 | $ 1.52 | $ 1.01 | |||||
Weighted average common shares outstanding (in shares) | [1] | 13,066,777 | 11,713,993 | 12,398,491 | 9,878,882 | ||||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan (in shares) | 202,926 | 161,937 | 181,551 | 145,559 | |||||
Weighted average common and common equivalent shares outstanding (in shares) | 13,269,703 | 11,875,930 | 12,580,042 | 10,024,441 | |||||
[1] | The increase in the weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 9 to the Consolidated Financial Statements. |
Note 6 - Fair Value - Assets Me
Note 6 - Fair Value - Assets Measured At Fair Value On a Recurring and Nonrecurring Basis (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans/leases | ||
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans/leases | ||
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans/leases | 7,870,032 | 4,545,966 |
Impaired Loans Leases [Member] | ||
Impaired loans/leases | 7,870,032 | 4,545,966 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans/leases | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans/leases | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans/leases | 6,272,211 | 7,722,711 |
Other Real Estate Owned [Member] | ||
Impaired loans/leases | 6,272,211 | 7,722,711 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AFS | ||
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AFS | 67,884,949 | 213,537,379 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AFS | ||
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
AFS | 67,884,949 | 213,537,379 |
US Government Agencies Debt Securities [Member] | ||
AFS | 67,884,949 | 213,537,379 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AFS | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AFS | 133,172,804 | 80,670,135 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AFS | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
AFS | 133,172,804 | 80,670,135 |
Residential Mortgage Backed Securities [Member] | ||
AFS | 133,172,804 | 80,670,135 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AFS | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AFS | 54,640,462 | 27,578,588 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AFS | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
AFS | 54,640,462 | 27,578,588 |
US States and Political Subdivisions Debt Securities [Member] | ||
AFS | 54,640,462 | 27,578,588 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AFS | 1,107 | 411 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AFS | 2,490,759 | 1,648,469 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AFS | ||
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
AFS | 2,491,866 | 1,648,880 |
Other Securities [Member] | ||
AFS | 2,491,866 | 1,648,880 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | ||
Derivative Liabilites | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Fair Value | 1,107 | 411 |
Liabilities Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 221,233 | 856,024 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 9,386,262 | 3,044,525 |
Derivative Liabilites | 9,386,262 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Fair Value | 267,796,469 | 327,335,120 |
Liabilities Fair Value | 9,386,262 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | ||
Derivative Liabilites | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | ||
Liabilities Fair Value | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 221,233 | 856,024 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 9,386,262 | 3,044,525 |
Derivative Liabilites | 9,386,262 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | ||
Assets Fair Value | 267,797,576 | 327,335,531 |
Liabilities Fair Value | 9,386,262 | 3,044,525 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans/leases | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans/leases | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans/leases | 14,142,243 | 12,268,677 |
AFS | 258,190,081 | 323,434,982 |
Impaired loans/leases | $ 14,142,243 | $ 12,268,677 |
Note 6 - Fair Value - Quantitat
Note 6 - Fair Value - Quantitative Information About Level Fair Value Measurements (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Impaired Loans Leases [Member] | Minimum [Member] | ||
Appraisal adjustments | (10.00%) | |
Impaired Loans Leases [Member] | Maximum [Member] | ||
Appraisal adjustments | (50.00%) | |
Impaired Loans Leases [Member] | ||
Fair value | $ 7,870,032 | $ 4,545,966 |
Valuation technique | Appraisal of collateral | |
Other Securities [Member] | Minimum [Member] | ||
Appraisal adjustments | 0.00% | |
Other Securities [Member] | Maximum [Member] | ||
Appraisal adjustments | (35.00%) | |
Other Securities [Member] | ||
Fair value | $ 6,272,211 | 7,722,711 |
Valuation technique | Appraisal of collateral | |
Fair value | $ 14,142,243 | $ 12,268,677 |
Note 6 - Fair Value - Carrying
Note 6 - Fair Value - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and due from banks | $ 61,213,134 | $ 41,742,321 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 61,213,134 | 41,742,321 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 75,025,417 | 36,313,965 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 221,233 | 856,024 |
Interest rate swaps - assets | 221,233 | 856,024 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 9,386,262 | 3,044,525 |
Interest rate swaps - assets | 9,386,262 | 3,044,525 |
Interest rate swaps - liabilities | 9,386,262 | 3,044,525 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Nonmaturity deposits | 2,103,706,174 | 1,516,599,081 |
Deposits | 2,103,706,174 | 1,516,599,081 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||
Nonmaturity deposits | 491,206,579 | 364,067,103 |
Deposits | 491,206,579 | 364,067,103 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Federal funds sold | 21,022,000 | 19,850,000 |
HTM | 306,740,174 | 253,674,159 |
AFS | 258,190,081 | 323,434,982 |
Loans/leases receivable, net | 2,324,486,610 | 1,767,672,541 |
Short-term borrowings | 60,015,417 | 144,662,716 |
FHLB advances | 138,642,529 | 151,000,000 |
Other borrowings | 80,000,000 | 110,000,000 |
Junior subordinated debentures | 33,446,578 | 38,499,052 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 75,025,417 | 36,313,965 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 221,233 | 856,024 |
Interest rate swaps - assets | 221,233 | 856,024 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 9,386,262 | 3,044,525 |
Interest rate swaps - assets | 9,386,262 | 3,044,525 |
Interest rate swaps - liabilities | 9,386,262 | 3,044,525 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Nonmaturity deposits | 2,103,706,174 | 1,516,599,081 |
Deposits | 2,103,706,174 | 1,516,599,081 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Nonmaturity deposits | 491,849,000 | 364,192,000 |
Deposits | 491,849,000 | 364,192,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Federal funds sold | 21,022,000 | 19,850,000 |
HTM | 311,494,343 | 255,691,285 |
AFS | 258,190,081 | 323,434,982 |
Loans/leases receivable, net | 2,327,955,000 | 1,764,178,772 |
Short-term borrowings | 60,015,417 | 144,662,716 |
FHLB advances | 140,153,000 | 153,143,000 |
Other borrowings | 82,119,000 | 116,061,000 |
Junior subordinated debentures | 24,768,273 | 27,642,093 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans/leases receivable, net | 7,287,067 | 4,209,228 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans/leases receivable, net | 7,870,032 | 4,545,966 |
HTM | 311,494,343 | 255,691,285 |
AFS | $ 258,190,081 | $ 323,434,982 |
Note 7 - Business Segment Inf53
Note 7 - Business Segment Information - Selected Financial Information on the Company's Business Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Operating Segments [Member] | Commercial Banking Segment [Member] | Quad City Bank and Trust Company [Member] | |||||
Total revenue | $ 18,026,215 | $ 14,143,548 | $ 45,706,061 | $ 39,893,713 | |
Net interest income | 11,225,414 | 10,728,143 | 33,394,620 | 29,745,080 | |
Net income (loss) | 3,596,469 | 3,786,289 | 10,326,508 | 6,578,479 | |
Total assets | 1,407,733,009 | 1,328,053,105 | 1,407,733,009 | 1,328,053,105 | |
Provision for loan/lease losses | 1,137,986 | 910,263 | 3,108,821 | 3,466,384 | |
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | |
Finite-Lived Intangible Assets, Net | |||||
Operating Segments [Member] | Commercial Banking Segment [Member] | Cedar Rapids Bank and Trust [Member] | |||||
Total revenue | 10,065,032 | 10,047,658 | 31,342,345 | 28,396,380 | |
Net interest income | 7,594,557 | 6,956,027 | 21,755,270 | 19,836,835 | |
Net income (loss) | 3,286,724 | 2,893,397 | 9,366,441 | 4,645,136 | |
Total assets | 887,592,695 | 867,064,041 | 887,592,695 | 867,064,041 | |
Provision for loan/lease losses | 550,000 | 700,000 | 1,650,000 | ||
Goodwill | |||||
Finite-Lived Intangible Assets, Net | 1,321,775 | 1,521,287 | 1,321,775 | 1,521,287 | |
Operating Segments [Member] | Commercial Banking Segment [Member] | Community State Bank [Member] | |||||
Total revenue | 2,675,741 | 2,675,741 | |||
Net interest income | 2,191,862 | 2,191,862 | |||
Net income (loss) | 188,608 | 188,608 | |||
Total assets | 580,210,270 | 580,210,270 | |||
Provision for loan/lease losses | 270,000 | 270,000 | |||
Goodwill | 10,408,938 | 10,408,938 | |||
Finite-Lived Intangible Assets, Net | 6,291,818 | 6,291,818 | |||
Operating Segments [Member] | Commercial Banking Segment [Member] | Rockford Bank and Trust [Member] | |||||
Total revenue | 4,232,205 | 3,922,304 | 11,945,081 | 11,095,899 | |
Net interest income | 3,056,989 | 2,771,214 | 8,914,380 | 8,089,626 | |
Net income (loss) | 944,781 | 847,709 | 2,334,735 | 1,895,933 | |
Total assets | 393,191,774 | 360,348,002 | 393,191,774 | 360,348,002 | |
Provision for loan/lease losses | 200,000 | 175,000 | 800,000 | 578,000 | |
Goodwill | |||||
Finite-Lived Intangible Assets, Net | |||||
Operating Segments [Member] | Wealth Management Segment [Member] | |||||
Total revenue | 2,284,577 | 2,314,406 | 6,723,690 | 6,927,453 | |
Net interest income | |||||
Net income (loss) | 398,859 | 373,801 | 1,232,831 | 1,271,661 | |
Total assets | |||||
Provision for loan/lease losses | |||||
Goodwill | |||||
Finite-Lived Intangible Assets, Net | |||||
Operating Segments [Member] | Other Segments [Member] | |||||
Total revenue | 8,463,636 | 7,937,087 | 23,567,906 | 14,487,857 | |
Net interest income | (438,045) | (317,858) | (1,019,020) | (1,260,962) | |
Net income (loss) | 6,107,492 | 6,488,988 | 19,157,447 | 10,143,059 | |
Total assets | 368,990,749 | 277,001,408 | 368,990,749 | 277,001,408 | |
Provision for loan/lease losses | |||||
Goodwill | |||||
Finite-Lived Intangible Assets, Net | |||||
Intersegment Eliminations [Member] | |||||
Total revenue | (8,507,270) | (8,821,205) | (23,720,471) | (15,556,437) | |
Net interest income | |||||
Net income (loss) | (8,415,432) | (7,901,197) | (23,449,113) | (14,391,210) | |
Total assets | (356,732,388) | (256,611,839) | (356,732,388) | (256,611,839) | |
Provision for loan/lease losses | |||||
Goodwill | |||||
Finite-Lived Intangible Assets, Net | |||||
Total revenue | 37,240,136 | 29,543,798 | 98,240,353 | 85,244,865 | |
Net interest income | 23,630,777 | 20,137,526 | 65,237,112 | 56,410,579 | |
Net income (loss) | 6,107,501 | 6,488,987 | 19,157,457 | 10,143,058 | |
Total assets | 3,280,986,109 | 2,575,854,717 | 3,280,986,109 | 2,575,854,717 | $ 2,593,198,275 |
Provision for loan/lease losses | 1,607,986 | 1,635,263 | 4,878,821 | 5,694,384 | |
Goodwill | 13,631,626 | 3,222,688 | 13,631,626 | 3,222,688 | 3,222,688 |
Finite-Lived Intangible Assets, Net | $ 7,613,593 | $ 1,521,287 | $ 7,613,593 | $ 1,521,287 | $ 1,471,409 |
Note 8 - Regulatory Capital R54
Note 8 - Regulatory Capital Requirements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | Oct. 27, 2016 | |
Subsequent Event [Member] | |||
Shelf Registration Maximum Value of Equity Authorized For Issuance | $ 100 | ||
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% | ||
Proceeds From Issuance of Common Stock Gross | $ 30.1 |
Note 8 - Regulatory Capital R55
Note 8 - Regulatory Capital Requirements - Capital Requirements (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | ||
Parent Company [Member] | ||||
Total risk-based capital, actual, amount | $ 316,063 | $ 280,273 | ||
Total risk-based capital, actual, ratio | 11.33% | 13.11% | ||
Total risk-based capital for capital adequacy purposes, amount | [1] | $ 240,629 | $ 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 | $ 278,991 | $ 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 | $ 287,015 | $ 253,891 | ||
Tier 1 risk-based capital, actual, ratio | 10.29% | 11.88% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 184,831 | $ 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 | $ 223,192 | $ 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 | $ 287,015 | $ 253,891 | ||
Tier 1 leverage, actual, ratio | 10.09% | 9.75% | ||
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 113,737 | $ 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 | $ 142,172 | $ 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 | $ 257,119 | $ 220,800 | ||
Common equity Tier 1, actual ratio | 9.22% | 10.33% | ||
Common equity Tier 1 capital adequacy purposes, amount | [1] | $ 142,983 | $ 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 | $ 181,344 | $ 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] | ||||
Total risk-based capital, actual, amount | $ 138,333 | $ 135,477 | ||
Total risk-based capital, actual, ratio | 11.71% | 12.50% | ||
Total risk-based capital for capital adequacy purposes, amount | [1] | $ 101,861 | $ 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 | $ 118,100 | $ 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 | $ 125,410 | $ 123,498 | ||
Tier 1 risk-based capital, actual, ratio | 10.62% | 11.39% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 78,241 | $ 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 | $ 94,480 | $ 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 | $ 125,410 | $ 123,498 | ||
Tier 1 leverage, actual, ratio | 8.86% | 8.87% | ||
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 56,628 | $ 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 | $ 70,785 | $ 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 | $ 125,410 | $ 123,498 | ||
Common equity Tier 1, actual ratio | 10.62% | 11.39% | ||
Common equity Tier 1 capital adequacy purposes, amount | [1] | $ 60,526 | $ 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 | $ 76,765 | $ 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] | ||||
Total risk-based capital, actual, amount | $ 104,206 | $ 105,285 | ||
Total risk-based capital, actual, ratio | 13.13% | 14.39% | ||
Total risk-based capital for capital adequacy purposes, amount | [1] | $ 68,474 | $ 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 | $ 79,390 | $ 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 | $ 94,266 | $ 96,118 | ||
Tier 1 risk-based capital, actual, ratio | 11.87% | 13.14% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 52,596 | $ 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 | $ 63,512 | $ 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 | $ 94,266 | $ 96,118 | ||
Tier 1 leverage, actual, ratio | 10.36% | 10.96% | ||
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 36,407 | $ 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 | $ 45,509 | $ 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 | $ 94,266 | $ 96,118 | ||
Common equity Tier 1, actual ratio | 11.87% | 13.14% | ||
Common equity Tier 1 capital adequacy purposes, amount | [1] | $ 40,687 | $ 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 | $ 51,604 | $ 47,562 | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% | ||
Community State Bank [Member] | ||||
Total risk-based capital, actual, amount | $ 67,008 | |||
Total risk-based capital, actual, ratio | 14.09% | |||
Total risk-based capital for capital adequacy purposes, amount | [1] | $ 41,031 | ||
Total risk-based capital for capital adequacy purposes, ratio | [1] | 8.625% | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 47,572 | |||
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | |||
Tier 1 risk-based capital, actual, amount | $ 66,735 | |||
Tier 1 risk-based capital, actual, ratio | 14.03% | |||
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 31,516 | ||
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 6.625% | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 38,058 | |||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | |||
Tier 1 leverage, actual, amount | $ 66,735 | |||
Tier 1 leverage, actual, ratio | 11.74% | |||
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 22,745 | ||
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 28,431 | |||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | |||
Common equity Tier 1, actual, amount | $ 66,735 | |||
Common equity Tier 1, actual ratio | 14.03% | |||
Common equity Tier 1 capital adequacy purposes, amount | [1] | $ 24,381 | ||
Common equity Tier 1 capital adequacy purposes, ratio | [1] | 5.125% | ||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 30,922 | |||
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | |||
Rockford Bank and Trust [Member] | ||||
Total risk-based capital, actual, amount | $ 41,130 | $ 38,544 | ||
Total risk-based capital, actual, ratio | 11.95% | 11.96% | ||
Total risk-based capital for capital adequacy purposes, amount | $ 29,680 | $ 25,772 | [1] | |
Total risk-based capital for capital adequacy purposes, ratio | 8.625% | 8.00% | [1] | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 34,412 | $ 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 | $ 36,821 | $ 34,514 | ||
Tier 1 risk-based capital, actual, ratio | 10.70% | 10.71% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 22,798 | $ 19,329 | [1] | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 6.625% | 6.00% | [1] | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 27,529 | $ 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 | $ 36,821 | $ 34,514 | ||
Tier 1 leverage, actual, ratio | 9.45% | 9.59% | ||
Tier 1 leverage for capital adequacy purposes, amount | $ 15,587 | $ 14,401 | [1] | |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | 4.00% | [1] | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 19,484 | $ 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 | $ 36,821 | $ 34,514 | ||
Common equity Tier 1, actual ratio | 10.70% | 10.71% | ||
Common equity Tier 1 capital adequacy purposes, amount | $ 17,636 | $ 14,497 | [1] | |
Common equity Tier 1 capital adequacy purposes, ratio | 5.125% | 4.50% | [1] | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 22,367 | $ 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. |
Note 9 - Acquisition of Commu56
Note 9 - Acquisition of Community State Bank and Common Stock Offering (Details Textual) | Aug. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016 | Dec. 31, 2015USD ($) |
Community State Bank [Member] | Scenario, Forecast [Member] | |||||||||
Return on Average Assets | 1.00% | ||||||||
Community State Bank [Member] | |||||||||
Number of Branches | 10 | ||||||||
Community State Bank [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||
Nonaccretable Discount, Accelerated | $ 89,000 | ||||||||
Community State Bank [Member] | Ten Branch Locations [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 19,735,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Write-up | $ 8,334,437 | ||||||||
Property, Plant and Equipment, Useful Life | 39 years | ||||||||
Community State Bank [Member] | Core Deposits [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,352,653 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Finite-Lived Intangible Assets, Net | $ 6,291,819 | 6,291,819 | $ 6,291,819 | ||||||
Community State Bank [Member] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Business Combination, Consideration Transferred | $ 80,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 581,155,765 | ||||||||
Dividends, Cash | 15,200,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20,684,880 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,352,653 | ||||||||
Business Combination, Acquisition Related Costs | 473,000 | 2,400,000 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 2,700,000 | ||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 189,000 | ||||||||
Community National Bancorporation and Community National Bank [Member] | Core Deposits [Member] | |||||||||
Finite-Lived Intangible Assets, Net | 1,321,774 | 1,321,774 | 1,321,774 | ||||||
Revolving Credit Facility [Member] | |||||||||
Proceeds from Lines of Credit | $ 5,000,000 | 5,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | 10,000,000 | $ 10,000,000 | 10,000,000 | $ 40,000,000 | ||||
Core Deposits [Member] | |||||||||
Finite-Lived Intangible Assets, Net | 6,291,819 | 6,291,819 | 6,291,819 | 6,352,653 | |||||
Stock Issued During Period, Shares, New Issues | shares | 1,215,000 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 24.75 | ||||||||
Proceeds from Issuance of Common Stock | $ 29,800,000 | 1,554,506 | $ 1,016,324 | ||||||
Notes Payable | 30,000,000 | 30,000,000 | 30,000,000 | ||||||
Finite-Lived Intangible Assets, Net | $ 7,613,593 | 7,613,593 | $ 1,521,287 | 7,613,593 | 1,521,287 | $ 1,471,409 | |||
Business Combination, Acquisition Related Costs | $ 2,046,036 | $ 2,401,005 |
Note 9 - Acquisition of Commu57
Note 9 - Acquisition of Community State Bank and Common Stock Offering - Consideration Paid and Goodwill (Details) - USD ($) | Aug. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Community State Bank [Member] | ||||
Cash and due from banks * | $ 10,094,645 | |||
Federal funds sold | 698,000 | |||
Interest-bearing deposits at financial institutions | 14,730,157 | |||
Securities | 102,640,029 | |||
Loans/leases receivable held for investment, net | 419,029,277 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20,684,880 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,352,653 | |||
Restricted investment securities | 1,512,900 | |||
Other real estate owned | 650,000 | |||
Other assets | 4,763,224 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 581,155,765 | |||
Deposits | 486,298,262 | |||
FHLB advances | 20,368,877 | |||
Other liabilities | 4,897,564 | |||
Total liabilities assumed | 511,564,703 | |||
Net assets acquired | 69,591,062 | |||
Consideration paid: | ||||
Cash paid * | 80,000,000 | |||
Business Combination, Consideration Transferred | 80,000,000 | |||
Goodwill | $ 10,408,938 | |||
Goodwill | $ 13,631,626 | $ 3,222,688 | $ 3,222,688 |
Note 9 - Acquisition of Commu58
Note 9 - Acquisition of Community State Bank and Common Stock Offering - Purchased Loans As of the Acquisition Date (Details) - Community State Bank [Member] | Aug. 31, 2016USD ($) |
Receivables Acquired with Deteriorated Credit Quality [Member] | |
Contractually required principal payments | $ 3,662,431 |
Nonaccretable discount | (991,685) |
Principal cash flows expected to be collected | 2,670,746 |
Accretable discount | (277,579) |
Fair Value of acquired loans | 2,393,167 |
Performing Financial Instruments [Member] | |
Contractually required principal payments | 428,552,119 |
Nonaccretable discount | |
Principal cash flows expected to be collected | 428,552,119 |
Accretable discount | (11,916,009) |
Fair Value of acquired loans | 416,636,110 |
Contractually required principal payments | 432,214,550 |
Nonaccretable discount | (991,685) |
Principal cash flows expected to be collected | 431,222,865 |
Accretable discount | (12,193,588) |
Fair Value of acquired loans | $ 419,029,277 |
Note 9 - Acquisition of Commu59
Note 9 - Acquisition of Community State Bank and Common Stock Offering - Changes in Accretable Yield (Details) - Community State Bank [Member] | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |
Balance at the beginning of the period | $ (277,579) |
Accretion recognized | 29,317 |
Balance at the end of the period | (248,262) |
Performing Financial Instruments [Member] | |
Balance at the beginning of the period | (11,916,009) |
Accretion recognized | 366,293 |
Balance at the end of the period | (11,549,716) |
Balance at the beginning of the period | (12,193,588) |
Accretion recognized | 395,610 |
Balance at the end of the period | $ (11,797,978) |
Note 9 - Acquisition of Commu60
Note 9 - Acquisition of Community State Bank and Common Stock Offering - Core Deposit (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | |
Core Deposits [Member] | |||
Balance at the beginning of the period | $ 6,352,653 | ||
Amortization expense | (60,834) | ||
Balance at the end of the period | 6,291,819 | ||
Gross carrying amount | $ 6,352,653 | ||
Accumulated amortization | (60,834) | ||
Net book value | 6,352,653 | 6,291,819 | |
Balance at the beginning of the period | 1,471,409 | ||
Amortization expense | (210,469) | $ (149,634) | |
Balance at the end of the period | 7,613,593 | 1,521,287 | |
Net book value | $ 7,613,593 | $ 1,521,287 | $ 7,613,593 |
Note 9 - Acquisition of Commu61
Note 9 - Acquisition of Community State Bank and Common Stock Offering - Estimated Amortization Expense (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Core Deposits [Member] | Community State Bank [Member] | |||
2,016 | $ 182,503 | ||
2,017 | 723,955 | ||
2,018 | 710,751 | ||
2,019 | 694,374 | ||
2,020 | 674,819 | ||
Thereafter | 3,305,417 | ||
Finite-Lived Intangible Assets, Net | 6,291,819 | ||
Core Deposits [Member] | |||
Finite-Lived Intangible Assets, Net | 6,291,819 | $ 6,352,653 | |
Finite-Lived Intangible Assets, Net | $ 7,613,593 | $ 1,471,409 | $ 1,521,287 |
Note 9 - Acquisition of Commu62
Note 9 - Acquisition of Community State Bank and Common Stock Offering - Pro Forma Combined Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income | $ 27,615 | $ 25,685 | $ 80,755 | $ 73,051 |
Noninterest income | 11,415 | 8,074 | 27,744 | 23,167 |
Net income | $ 7,301 | $ 8,216 | $ 23,813 | $ 15,324 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.56 | $ 0.64 | $ 1.85 | $ 1.38 |
Diluted (in dollars per share) | $ 0.55 | $ 0.63 | $ 1.82 | $ 1.36 |
Note 10 - Related Party Trans63
Note 10 - Related Party Transactions (Details Textual) - General Contractor [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Estimated Full Contract Price to Complete Remodel [Member] | |
Related Party Transaction, Amounts of Transaction | $ 3.5 |
Estimated Amount That Contractor Will Receive For Completion of Project [Member] | |
Due to Related Parties | $ 2.1 |