Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 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) | 13,140,013 | ||
Entity Public Float | $ 328,508,413 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 70,569,993 | $ 41,742,321 |
Federal funds sold | 22,257,000 | 19,850,000 |
Interest-bearing deposits at financial institutions | 63,948,925 | 36,313,965 |
Securities held to maturity, at amortized cost | 322,909,056 | 253,674,159 |
Securities available for sale, at fair value | 251,113,139 | 323,434,982 |
Total securities | 574,022,195 | 577,109,141 |
Loans receivable, held for sale | 1,135,500 | 565,850 |
Loans/leases receivable, held for investment | 2,404,351,485 | 1,797,456,825 |
Gross loans/leases receivable | 2,405,486,985 | 1,798,022,675 |
Less allowance for estimated losses on loans/leases | (30,757,448) | (26,140,906) |
Net loans/leases receivable | 2,374,729,537 | 1,771,881,769 |
Bank-owned life insurance | 57,257,051 | 55,485,655 |
Premises and equipment, net | 60,643,508 | 37,350,352 |
Restricted investment securities | 14,997,025 | 14,835,925 |
Other real estate owned, net | 5,523,104 | 7,150,658 |
Goodwill | 13,110,913 | 3,222,688 |
Core deposit intangible | 7,381,213 | 1,471,409 |
Other assets | 37,503,284 | 26,784,392 |
Total assets | 3,301,943,748 | 2,593,198,275 |
Deposits: | ||
Noninterest-bearing | 797,415,090 | 615,292,211 |
Interest-bearing | 1,871,846,183 | 1,265,373,973 |
Total deposits | 2,669,261,273 | 1,880,666,184 |
Short-term borrowings | 39,971,387 | 144,662,716 |
Federal Home Loan Bank advances | 137,500,000 | 151,000,000 |
Other borrowings | 80,000,000 | 110,000,000 |
Junior subordinated debentures | 33,480,202 | 38,499,052 |
Other liabilities | 55,690,087 | 42,484,573 |
Total liabilities | 3,015,902,949 | 2,367,312,525 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $1 par value; shares authorized 250,000; December 2016 and 2015 - No shares issued or outstanding | 0 | 0 |
Common stock, $1 par value; shares authorized 20,000,000; December 2016 - 13,106,845 shares issued and outstanding; December 2015 - 11,761,083 shares issued and outstanding | 13,106,845 | 11,761,083 |
Additional paid-in capital | 156,776,642 | 123,282,851 |
Retained earnings | 118,616,901 | 92,965,645 |
Securities available for sale | (1,527,433) | (1,324,408) |
Interest rate cap derivatives | (932,156) | (799,421) |
Total stockholders' equity | 286,040,799 | 225,885,750 |
Total liabilities and stockholders' equity | $ 3,301,943,748 | $ 2,593,198,275 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 13,106,845 | 11,761,083 |
Common stock, shares outstanding (in shares) | 13,106,845 | 11,761,083 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest and dividend income: | ||||
Loans/leases, including fees | $ 91,235,049 | $ 74,615,499 | $ 69,423,001 | |
Securities: | ||||
Taxable | 4,585,300 | 6,772,244 | 9,618,436 | |
Nontaxable | 9,686,844 | 7,782,370 | 6,074,896 | |
Interest-bearing deposits at financial institutions | 393,048 | 304,602 | 299,227 | |
Restricted investment securities | 522,047 | 503,764 | 528,660 | |
Federal funds sold | 45,447 | 24,774 | 21,036 | |
Total interest and dividend income | 106,467,735 | 90,003,253 | 85,965,256 | |
Interest expense: | ||||
Deposits | 6,018,366 | 4,495,538 | 4,508,921 | |
Short-term borrowings | 93,934 | 210,306 | 233,930 | |
Federal Home Loan Bank advances | 1,284,212 | 3,511,541 | 6,025,749 | |
Other borrowings | 3,317,513 | 4,233,193 | 4,890,909 | |
Junior subordinated debentures | 1,236,933 | 1,255,951 | 1,234,619 | |
Total interest expense | 11,950,958 | 13,706,529 | 16,894,128 | |
Net interest income | 94,516,777 | 76,296,724 | 69,071,128 | |
Provision for loan/lease losses | (7,478,166) | (6,870,900) | (6,807,000) | |
Net interest income after provision for loan/lease losses | 87,038,611 | 69,425,824 | 62,264,128 | |
Noninterest income: | ||||
Trust department fees | 6,164,137 | 6,131,209 | 5,715,151 | |
Investment advisory and management fees | 2,992,811 | 2,971,964 | 2,798,170 | |
Deposit service fees | 4,439,455 | 3,784,935 | 3,809,539 | |
Gains on sales of residential real estate loans, net | 431,313 | 322,872 | 460,721 | |
Gains on sales of government guaranteed portions of loans, net | 3,159,073 | 1,304,575 | 2,040,638 | |
Swap fee income | 1,708,204 | 1,717,552 | 154,800 | |
Securities gains, net | 4,592,398 | 798,983 | 92,363 | |
Earnings on bank-owned life insurance | 1,771,396 | 1,762,107 | 1,721,507 | |
Debit card fees | 1,814,488 | 1,244,912 | 1,143,738 | |
Correspondent banking fees | 1,050,142 | 1,190,411 | 1,064,030 | |
Other | 2,913,458 | 3,133,801 | 2,280,622 | |
Total noninterest income | 31,036,875 | 24,363,321 | 21,281,279 | |
Noninterest expenses: | ||||
Salaries and employee benefits | 46,317,060 | 42,967,915 | 40,337,055 | |
Occupancy and equipment expense | 8,404,605 | 7,042,706 | 7,385,526 | |
Professional and data processing fees | 7,113,443 | 5,523,447 | 6,191,574 | |
Acquisition costs | 2,441,173 | |||
FDIC insurance, other insurance and regulatory fees | 2,549,314 | 2,724,968 | 2,895,494 | |
Loan/lease expense | 662,299 | 882,591 | 665,602 | |
Net cost of operations of other real estate | 591,303 | (1,092,401) | 603,092 | |
Advertising and marketing | 2,127,566 | 1,900,539 | 1,985,121 | |
Bank service charges | 1,692,957 | 1,486,265 | 1,291,017 | |
Losses on debt extinguishment, net | 4,577,668 | 7,185,601 | ||
Correspondent banking expense | 750,646 | 703,495 | 635,630 | |
Other | 4,257,878 | 3,866,896 | 3,563,789 | |
Total noninterest expenses | 81,485,912 | 73,192,022 | 65,553,900 | |
Income before income taxes | 36,589,574 | 20,597,123 | 17,991,507 | |
Federal and state income tax expense | 8,902,787 | 3,669,242 | 3,038,970 | |
Net income | 27,686,787 | 16,927,881 | 14,952,537 | |
Less: preferred stock dividends | 1,081,877 | |||
Net income attributable to QCR Holdings, Inc. common stockholders | $ 27,686,787 | $ 16,927,881 | $ 13,870,660 | |
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 2.20 | $ 1.64 | $ 1.75 | |
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 2.17 | $ 1.61 | $ 1.72 | |
Weighted average common shares outstanding (in shares) | [1] | 12,570,767 | 10,345,286 | 7,925,220 |
Weighted average common and common equivalent shares outstanding (in shares) | 12,766,003 | 10,499,841 | 8,048,661 | |
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.16 | $ 0.08 | $ 0.08 | |
[1] | The increase in weighted average common shares outstanding from 2014 to 2015 was primarily due to the common stock issuance discussed in Note 16 to the Consolidated Financial Statements. The increase in weighted average common shares outstanding from 2015 to 2016 was primarily due to the common stock issuance discussed in Note 2 to the Consolidated Financial Statements. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 27,686,787 | $ 16,927,881 | $ 14,952,537 |
Unrealized gains on securities available for sale: | |||
Unrealized holding gains arising during the period before tax | 4,258,154 | 1,144,314 | 19,697,118 |
Less reclassification adjustment for gains included in net income before tax | 4,592,398 | 798,983 | 92,363 |
(334,244) | 345,331 | 19,604,755 | |
Unrealized losses on interest rate cap derivatives: | |||
Unrealized holding losses arising during the period before tax | (279,497) | (631,363) | (584,264) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | (75,290) | (15,895) | 30,147 |
(204,207) | (615,468) | (614,411) | |
Other comprehensive income (loss), before tax | (538,451) | (270,137) | 18,990,344 |
Tax expense (benefit) | (202,691) | (81,524) | 7,281,574 |
Other comprehensive income (loss), net of tax | (335,760) | (188,613) | 11,708,770 |
Comprehensive income | $ 27,351,027 | $ 16,739,268 | $ 26,661,307 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2013 | $ 29,867 | $ 8,005,708 | $ 90,154,528 | $ 64,637,173 | $ (13,643,986) | $ (1,606,510) | $ 147,576,780 |
Net income | 14,952,537 | 14,952,537 | |||||
Amount of loss recognized in other comprehensive income, net of tax | 11,708,770 | 11,708,770 | |||||
Common cash dividends declared | (631,009) | (631,009) | |||||
Preferred cash dividends declared and accrued | (1,081,877) | (1,081,877) | |||||
Redemption of Series F Non-cumulative Perpetual Preferred Stock | $ (29,867) | (29,794,055) | (29,823,922) | ||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 25,321 | 353,566 | 378,887 | ||||
Proceeds from issuance of common stock, stock options exercised | 23,659 | 218,095 | 241,754 | ||||
Stock-based compensation expense | 891,619 | 891,619 | |||||
Tax benefit of nonqualified stock options exercised | 42,954 | 42,954 | |||||
Restricted stock awards - common stock | 30,055 | (30,055) | |||||
Exchange of common stock, restricted stock vested | (10,300) | (167,684) | (177,984) | ||||
Balance at Dec. 31, 2014 | 8,074,443 | 61,668,968 | 77,876,824 | (1,935,216) | (1,606,510) | 144,078,509 | |
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | |||||||
Net income | 16,927,881 | 16,927,881 | |||||
Amount of loss recognized in other comprehensive income, net of tax | (188,613) | (188,613) | |||||
Common cash dividends declared | (934,682) | (934,682) | |||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 24,033 | 375,120 | 399,153 | ||||
Proceeds from issuance of common stock, stock options exercised | 79,638 | 1,091,402 | 1,171,040 | ||||
Stock-based compensation expense | 941,469 | 941,469 | |||||
Tax benefit of nonqualified stock options exercised | 93,096 | 93,096 | |||||
Restricted stock awards - common stock | 28,846 | (28,846) | |||||
Balance at Dec. 31, 2015 | 11,761,083 | 123,282,851 | 92,965,645 | (2,123,829) | 225,885,750 | ||
Proceeds from issuance of common stock, net of issuance costs | 3,680,000 | 59,804,123 | 63,484,123 | ||||
Retirement of treasury stock, common stock | (121,246) | (580,886) | (904,378) | $ 1,606,510 | |||
Exchange of common stock in connection with stock options exercised and restricted stock vested | (4,631) | (81,595) | (86,226) | ||||
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | |||||||
Net income | 27,686,787 | 27,686,787 | |||||
Amount of loss recognized in other comprehensive income, net of tax | (335,760) | (335,760) | |||||
Common cash dividends declared | (2,035,531) | (2,035,531) | |||||
Proceeds from issuance of common stock, Employee Stock Purchase Plan | 20,192 | 417,336 | 437,528 | ||||
Proceeds from issuance of common stock, stock options exercised | 111,423 | 1,556,823 | 1,668,246 | ||||
Stock-based compensation expense | 947,174 | 947,174 | |||||
Tax benefit of nonqualified stock options exercised | 394,149 | 394,149 | |||||
Restricted stock awards - common stock | 21,882 | (21,882) | |||||
Balance at Dec. 31, 2016 | 13,106,845 | 156,776,642 | $ 118,616,901 | $ (2,459,589) | 286,040,799 | ||
Proceeds from issuance of common stock, net of issuance costs | 1,215,000 | 28,613,916 | 29,828,916 | ||||
Exchange of common stock in connection with stock options exercised and restricted stock vested | $ (22,735) | (546,140) | (568,875) | ||||
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | $ 2,132,415 | $ 2,132,415 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Retained Earnings [Member] | |||
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.16 | $ 0.08 | $ 0.08 |
Preferred Stock [Member] | |||
Redemption of Series F Non-cumulative Perpetual Preferred Stock, shares (in shares) | 29,867 | ||
Common Stock [Member] | |||
Proceeds from issuance of common stock, Employee Stock Purchase Plan, Shares (in shares) | 20,192 | 24,033 | 25,321 |
Proceeds from issuance of common stock, stock options exercised, shares (in shares) | 111,423 | 79,638 | 23,659 |
Restricted stock awards, shares (in shares) | 21,882 | 28,846 | 30,055 |
Exchange of common stock, restricted stock vested (in shares) | 10,300 | ||
Proceeds from issuance of common stock, net of issuance costs, shares (in shares) | 1,215,000 | 3,680,000 | |
Retirement of treasury stock, shares (in shares) | 121,246 | ||
Exchange of common stock in connection with stock options exercised and restricted stock vested, shares (in shares) | 22,735 | 4,631 | |
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.16 | $ 0.08 | $ 0.08 |
Proceeds from issuance of common stock, stock options exercised, shares (in shares) | 111,423 | 79,638 | 23,659 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash Flows from Operating Activities: | |||
Net income | $ 27,686,787 | $ 16,927,881 | $ 14,952,537 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 3,424,140 | 3,065,031 | 2,812,645 |
Provision for loan/lease losses | 7,478,166 | 6,870,900 | 6,807,000 |
Deferred income taxes | (3,066,407) | (2,004,532) | (1,165,009) |
Stock-based compensation expense | 947,174 | 941,469 | 891,619 |
Deferred compensation expense accrued | 1,155,549 | 1,023,827 | 1,311,627 |
Losses (gains) on sale of other real estate owned, net | 243,858 | (1,021,242) | 447,272 |
Amortization of premiums on securities, net | 1,302,962 | 1,040,275 | 1,809,804 |
Securities gains, net | (4,592,398) | (798,983) | (92,363) |
Loans originated for sale | (74,329,667) | (38,748,100) | (58,128,415) |
Proceeds on sales of loans | 77,850,553 | 40,362,697 | 61,435,064 |
Gains on sales of residential real estate loans, net | (431,313) | (322,872) | (460,721) |
Gains on sales of government guaranteed portions of loans, net | (3,159,073) | (1,304,575) | (2,040,638) |
Losses on debt extinguishment, net | 4,577,668 | 7,185,601 | |
Amortization of core deposit intangible | 442,849 | 199,512 | 199,512 |
Accretion of acquisition fair value adjustments, net | (3,718,160) | (367,009) | (674,539) |
Increase in cash value of bank-owned life insurance | (1,771,396) | (1,762,107) | (1,721,507) |
Increase in other assets | (943,891) | (3,910,486) | (1,198,107) |
Increase in other liabilities | 10,285,420 | 2,721,335 | 414,134 |
Net cash provided by operating activities | 43,382,821 | 30,098,622 | 25,599,915 |
Cash Flows from Investing Activities: | |||
Net (increase) decrease in federal funds sold | (1,709,000) | 26,930,000 | (7,345,000) |
Net increase in interest-bearing deposits at financial institutions | (12,904,803) | (979,283) | (2,289,765) |
Proceeds from sales of other real estate owned | 2,084,696 | 7,696,026 | 1,593,714 |
Purchase of derivative instruments | (2,071,650) | ||
Activity in securities portfolio: | |||
Purchases | (179,598,630) | (232,092,732) | (76,256,503) |
Calls, maturities and redemptions | 117,876,284 | 211,942,737 | 35,247,090 |
Paydowns | 33,169,638 | 15,476,369 | 23,611,559 |
Sales | 134,188,737 | 81,410,368 | 78,476,422 |
Activity in restricted investment securities: | |||
Purchases | (1,098,200) | (3,752,450) | (1,912,050) |
Redemptions | 2,450,000 | 4,476,100 | 3,380,100 |
Net increase in loans/leases originated and held for investment | (187,496,180) | (172,786,032) | (180,325,359) |
Purchase of premises and equipment | (6,032,416) | (4,394,255) | (2,035,855) |
Net cash paid for Community State Bank acquisition | (69,905,355) | ||
Net cash used in investing activities | (168,975,229) | (66,073,152) | (129,927,297) |
Term advances | 5,000,000 | 6,000,000 | |
Calls and maturities | (24,000,000) | (26,000,000) | (27,850,000) |
Net change in short-term and overnight advances | 20,500,000 | 47,000,000 | (6,000,000) |
Prepayments | (31,008,668) | (84,401,601) | |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 302,390,928 | 200,988,645 | 32,695,797 |
Net (decrease) increase in short-term borrowings | (104,691,329) | (123,688,954) | 119,058,703 |
Activity in other borrowings: | |||
Proceeds from other borrowings | 35,000,000 | 10,000,000 | |
Calls, maturities and scheduled principal payments | (7,350,000) | (2,125,000) | |
Prepayments | (69,769,000) | (34,559,000) | |
Retirement of junior subordinated debentures | (3,955,000) | (1,762,000) | |
Payment of cash dividends on common and preferred stock | (1,981,541) | (782,054) | (1,964,608) |
Proceeds from issuance of common stock, net | 2,105,774 | 1,552,673 | 620,641 |
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | 29,823,922 | ||
Net cash provided by financing activities | 154,420,080 | 39,481,832 | 100,611,611 |
Net (decrease) increase in cash and due from banks | 28,827,672 | 3,507,302 | (3,715,771) |
Cash and due from banks, beginning | 41,742,321 | 38,235,019 | 41,950,790 |
Cash and due from banks, ending | 70,569,993 | 41,742,321 | 38,235,019 |
Supplemental Disclosures of Cash Flow Information, cash payments for: | |||
Interest | 11,926,012 | 14,027,512 | 16,826,619 |
Income and franchise taxes | 10,758,611 | 2,619,288 | 4,541,000 |
Supplemental Schedule of Noncash Investing and Financing Activities: | |||
Change in accumulated other comprehensive income, unrealized gains (losses) on securities available for sale and derivative instruments, net | (335,760) | (188,613) | 11,708,770 |
Exchange of shares of common stock in connection with payroll taxes for restricted stock and options exercised | (568,875) | (68,706) | (177,984) |
Tax benefit of nonqualified stock options exercised | 394,149 | 93,096 | 42,954 |
Transfers of loans to other real estate owned | 51,000 | 1,577,060 | 5,594,256 |
Due from broker for sales of securities | 2,290,930 | ||
Due to broker for purchases of securities | 2,655,492 | ||
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds | 2,132,415 | ||
Decrease (increase) in the fair market value of interest rate swap assets and liabilities | 706,244 | (1,568,548) | (59,588) |
Dividends payable | 522,573 | 468,583 | 315,955 |
Consideration paid: | |||
Goodwill | 13,110,913 | 3,222,688 | 3,222,688 |
Series F Noncumulative Perpetual Preferred Stock Two [Member] | |||
Activity in other borrowings: | |||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | $ (29,823,922) | ||
Common Stock Offering 1 [Member] | |||
Activity in other borrowings: | |||
Proceeds from issuance of common stock, net | $ 63,484,123 | ||
Common Stock Offering 2 [Member] | |||
Activity in other borrowings: | |||
Proceeds from issuance of common stock, net | 29,828,916 | ||
Community State Bank Acquisition [Member] | |||
Fair value of assets acquired: | |||
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, net | 20,684,880 | ||
Core deposit intangible | 6,352,653 | ||
Restricted investment securities | 1,512,900 | ||
Other real estate owned | 650,000 | ||
Other assets | 5,283,937 | ||
Total assets acquired | 581,676,478 | ||
Fair value of liabilities assumed: | |||
Deposits | 486,298,262 | ||
FHLB advances | 20,368,877 | ||
Other liabilities | 4,897,564 | ||
Total liabilities assumed | 511,564,703 | ||
Net assets acquired | 70,111,775 | ||
Consideration paid: | |||
Cash paid * | 80,000,000 | ||
Total consideration paid | 80,000,000 | ||
Goodwill | $ 9,888,225 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) | 12 Months Ended |
Dec. 31, 2014shares | |
Series F Noncumulative Perpetual Preferred Stock Two [Member] | |
Redemption of Series F Non-cumulative Perpetual Preferred Stock, shares (in shares) | 29,867 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Basis of presentation The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements, as well as in the other sections of this Form 10 may Allowance: Allowance for estimated losses on loans/leases HTM: Held to maturity AOCI: Accumulated other comprehensive income (loss) Iowa Superintendent: Iowa Superintendent of Banking AFS: Available for sale LCR: Liquidity Coverage Ratio ASC: Accounting Standards Codification m2: m2 ASC 805: MD&A: Management's Discussion & Analysis ASU: Accounting Standards Update NIM: Net interest margin BHCA: Bank Holding Company Act of 1956 NPA: Nonperforming asset BOLI: Bank-owned life insurance NPL: Nonperforming loan Caps: Interest rate cap derivatives NSFR: Net Stable Funding Ratio CFPB: Bureau of Consumer Financial Protection OREO: Other real estate owned Community National: Community National Bancorporation OTTI: Other-than-temporary impairment CNB: Community National Bank PCAOB: Public Company Accounting Oversight Board CRA: Community Reinvestment Act PCI: Purchased credit impaired CRBT: Cedar Rapids Bank & Trust Company Provision: Provision for loan/lease losses CRE: Commercial real estate PUD LOC: Public Unit Deposit Letter of Credit CRE Guidance: Interagency Concentrations in Commercial Real Estate QCBT: Quad City Bank & Trust Company Lending, Sound Risk Management Practices guidance RB&T: Rockford Bank & Trust Company CSB: Community State Bank ROAA: Return on Average Assets C&I: Commercial and industrial ROACE: Return on Average Common Equity Dodd-Frank Act: Dodd-Frank Wall Street Reform and ROAE: Return on Average Equity Consumer Protection Act SBA: U.S. Small Business Administration IDFPR: Illinois Department of Financial & Professional Regulation SBLF: Small Business Lending Fund DGCL: Delaware General Corporation Law SEC: Securities and Exchange Commission DIF: Deposit Insurance Fund SERPs: Supplemental Executive Retirement Plans EPS: Earnings per share TA: Tangible assets Exchange Act: Securities Exchange Act of 1934, TCE: Tangible common equity FASB: Financial Accounting Standards Board TDRs: Troubled debt restructurings FDIC: Federal Deposit Insurance Corporation TEY: Tax equivalent yield Federal Reserve: Board of Governors of the Federal Reserve System The Company: QCR Holdings, Inc. FHLB: Federal Home Loan Bank Treasury: U.S. Department of the Treasury FICO: Financing Corporation USA Patriot Act: Uniting and Strengthening America by FRB: Federal Reserve Bank of Chicago Providing Appropriate Tools Required to Intercept and FTEs: Full-time equivalents Obstruct Terrorism Act of 2001 GAAP: Generally Accepted Accounting Principles USDA: U.S. Department of Agriculture Goldman Sachs: Goldman Sachs and Company Nature of business QCR Holdings, Inc. is a bank holding company providing bank and bank-related services through its banking subsidiaries, QCBT, CRBT, CSB and RB&T. The Company also engages in direct financing lease contracts through its wholly-owned equity investment by QCBT in m2, Note 1. Nature of Business and Significant Accounting Policies (continued) On August 31, 2016, 2 QCBT is a commercial bank that serves the Iowa and Illinois Quad Cities and adjacent communities. CRBT is a commercial bank that serves Cedar Rapids, Iowa, and adjacent communities including Cedar Falls and Waterloo, Iowa. CSB is a commercial bank that serves Des Moines, Iowa, and adjacent communities. RB&T is a commercial bank that serves Rockford, Illinois, and adjacent communities. QCBT, CRBT, and CSB are chartered and regulated by the state of Iowa, and RB&T is chartered and regulated by the state of Illinois. All four 2017. The remaining subsidiaries of the Company consist of five 11 Significant accounting policies: Accounting estimates Principles of consolidation six 11 Note 1. Presentation of cash flows Cash and due from banks $42,233,000 $30,532,000 December 31, 2016 2015, Investment securities All securities are evaluated to determine whether declines in fair value below their amortized cost are other-than-temporary. In estimating OTTI losses on AFS debt securities, management considers a number of factors including, but not limited to, (1) (2) (3) (4) If the Company lacks the intent to sell the security, and it is not more-likely-than-not the entity will be required to sell the security before recovery of its amortized cost basis, the Company will recognize the credit component of an OTTI of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an OTTI recorded in other comprehensive income for the noncredit portion would be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. In estimating OTTI losses on AFS equity securities management considers factors (1), (2) (3) Loans receivable, held for sale secondary Loans receivable, held for investment The Company discloses allowance for credit losses (also known allowance) and fair value by portfolio segment, and credit quality information, impaired financing receivables, nonaccrual status, and TDRs by class of financing receivable. A portfolio segment is the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. A class of financing receivable is a further disaggregation of a portfolio segment based on risk characteristics and the Company’s method for monitoring and assessing credit risk. See the following information and Note 4. The Company’s portfolio segments are as follows: ● C&I ● CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a segment within the overall loan/lease portfolio. The Company’s classes of loans receivable are as follows: ● C&I ● Owner-occupied CRE ● Commercial construction, land development, and other land loans that are not owner-occupied CRE ● Other non-owner-occupied CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a class of financing receivable within the overall loan/lease portfolio. The accounting policies for direct financing leases are disclosed below. Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 For all classes of loans receivable, loans will generally be placed on nonaccrual status when the loan has become 90 ● It becomes evident that the borrower will not make payments, or will not or cannot meet the terms for renewal of a matured loan; ● When full repayment of principal and interest is not expected; ● When the loan is graded “doubtful”; ● When the borrower files bankruptcy and an approved plan of reorganization or liquidation is not anticipated in the near future; or ● When foreclosure action is initiated. When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. Generally, cash collected on nonaccrual loans is applied to principal. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. For all classes of loans receivable, nonaccrual loans may ● The loan is current, and all principal and interest amounts contractually due have been made; ● All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period; and ● There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: o Six months of repayment performance for contractual monthly payments, or o One year of repayment performance for contractual quarterly or semi-annual payments. Direct finance leases receivable, held for investment 3% 25% Lease income is recognized on the interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends. The Company’s estimates are reviewed continuously to ensure reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review results in a lower estimate than had been previously established, a determination is made as to whether the decline in estimated residual value is other-than-temporary. If the decline in estimated unguaranteed residual value is judged to be other-than-temporary, the accounting for the transaction is revised using the changed estimate. The resulting reduction in the investment is recognized as a loss in the period in which the estimate is changed. An upward adjustment of the estimated residual value is not recorded. The policies for delinquency and nonaccrual for direct financing leases are materially consistent with those described above for all classes of loan receivables. The Company defers and amortizes fees and certain incremental direct costs over the contractual term of the lease as an adjustment to the yield. These initial direct leasing costs generally approximate 5.5% TDRs The following criteria, related to granting a concession, together or separately, create a TDR: ● A modification of terms of a debt such as one o The reduction of the stated interest rate. o The extension of the maturity date or dates at a stated interest rate lower than the current market rate for the new debt with similar risk. o The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. o The reduction of accrued interest. ● A transfer from the borrower/lessee to the Company of receivables from third ● The issuance or other granting of an equity position to the Company to fully or partially satisfy a debt unless the equity position is granted pursuant to existing terms for converting the debt into an equity position. Allowance For all portfolio segments, the allowance is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans/leases in light of historical experience, the nature and volume of the loan/lease portfolio, adverse situations that may A discussion of the risk characteristics and the allowance by each portfolio segment follows: For C&I loans ● Ability and stability of current management of the borrower; ● Stable earnings with positive financial trends; ● Sufficient cash flow to support debt repayment; ● Earnings projections based on reasonable assumptions; ● Financial strength of the industry and business; and ● Value and marketability of collateral. Collateral for C&I loans generally includes accounts receivable, inventory, equipment and real estate. The Company’s lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The Company’s lending policy specifies maximum term limits for C&I loans. For term loans, the maximum term is generally 7 3 5 365 In addition, the Company often takes personal guarantees or cosigners to help assure repayment. Loans may CRE loans may The Company’s lending policy also includes guidelines for real estate appraisals, including minimum appraisal standards based on certain transactions. In addition, the Company often takes personal guarantees to help assure repayment. In addition, management tracks the level of owner-occupied CRE loans versus non-owner occupied loans. Owner-occupied loans are generally considered to have less risk. As of December 31, 2016 2015, 30% 35%, The Company’s lending policy limits non-owner occupied CRE lending to 300% 100% December 31, 2016 2015, December 31, 2016, December 31, 2015. In some instances for all loans/leases, it may For C&I and CRE loans The specific component relates to loans that are classified as impaired, as defined below. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. For C&I loans and all classes of CRE loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. See below for a detailed description of the Company’s internal risk rating scale. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. For C&I and CRE loans, the Company utilizes the following internal risk rating scale: 1. 2. 3. – loans with satisfactory credit quality. Established borrowers with satisfactory financial condition, including credit quality, earnings, liquidity, capital and cash flow coverage. Management is capable and experienced. Collateral coverage and guarantor support, if applicable, are more than adequate. Includes loans secured by personal assets and business assets, including equipment, accounts receivable, inventory, and real estate. 4. – loans with moderate but still acceptable credit quality. The primary repayment source remains adequate; however, management’s ability to maintain consistent profitability is unproven or uncertain. Borrowers exhibit acceptable leverage and liquidity. May 5. – loans where the borrowers have generally performed as agreed, however unfavorable financial trends exist or are anticipated. Earnings may may may secondary may 6. may one 7. – loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if applicable. These loans have a well-defined weakness or weaknesses which jeopardize repayment according to the contractual terms. There is distinct loss potential if the weaknesses are not corrected. Includes loans with insufficient cash flow coverage which are collateral dependent, other real estate owned, and repossessed assets. 8. – loans which have all the weaknesses inherent in a Substandard loan, with the added characteristic that existing weaknesses make full principal collection, on the basis of current facts, conditions and values, highly doubtful. The possibility of loss is extremely high, but because of pending factors, recognition of a loss is deferred until a more exact status can be determined. All doubtful loans will be placed on non-accrual, with all payments, including principal and interest, applied to principal reduction. The Company has certain loans risk-rated 7 7 450 20. 7 For term C&I and CRE loans or credit relationships with aggregate exposure greater than $1,000,000, 15 The Company’s Loan Quality area performs a documentation review of a sampling of C&I and CRE loans, the primary purpose of which is to ensure the credit is properly documented and closed in accordance with approval authorities and conditions. A review is also performed by the Company’s Internal Audit Department of a sampling of C&I and CRE loans for proper documentation, according to an approved schedule. Validation of the risk rating is also part of Internal Audit’s review (performed by Internal Loan Review). Additionally, over the past several years, the Company has contracted an independent outside third The Company leases machinery and equipment to C&I customers under direct financing leases For direct financing leases, the allowance consists of specific and general components. The specific component relates to leases that are classified as impaired, as defined for commercial loans above. For those leases that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired lease is lower than the carrying value of that lease. The general component consists of quantitative and qualitative factors and covers nonimpaired leases. The quantitative factors are based on historical charge-off experience for the entire lease portfolio. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss data. Generally, the Company’s residential real estate loans secondary one five 15 secondary The Company provides many types of installment and other consumer loans For residential real estate loans, and installment and other consumer loans TDRs are considered impaired loans/leases and are subject to the same allowance methodology as described above for impaired loans/leases by portfolio segment. Once a loan is classified as a TDR, it will remain a TDR until the loan is paid off, charged off, moved to OREO or restructured into a new note without a concession. TDR status may Credit related financial instruments Transfers of financial assets (1) (2) (3) ● Pro-rata ownership in an entire financial asset. ● From the date of the transfer, all cash flows received from entire financial assets are divided proportionately among the participating interest holders in an amount equal to their share of ownership. ● The rights of each participating interest holder have the same priority, and no participating interest holder’s interest is subordinated to the interest of another participating interest holder. That is, no participating interest holder is entitled to receive cash before any other participating interest holder under its contractual rights as a participating interest holder. ● No party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. BOLI Premises and equipment Restricted investment securities OREO Repossessed assets Goodwill $3,222,688 80% m2 August 2005. September 30, 2016, $9,888,225 2016. 2 Core deposit intangible 2 ten Swap transactions $1.7 $1.7 $155 December 31, 2016, 2015 2014, Derivatives and hedging activities Derivative instruments represent contracts between parties that result in one one The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) secondary (2) Interest rate caps are valued by the transaction counterparty on a monthly basis and corroborated by a third 815, Preferred stock 250,000 none December 31, 2016 2015. Treasury stock 2015. Stock-based compensation plans: As discussed in Note 15, December 31, 2016, 2015, 2014, $947,174, $941,469, $891,619, The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following assumptions for the indicated periods: 2016 2015 2014 Dividend yield .35% to .51% .37% to .46% .47% Expected volatility 29.32% to 29.37% 28.92% to 29.32% 29.07% to 29.18% Risk-free interest rate 1.73% to 2.18% 1.89% to 2.37% 2.69% to 2.82% Expected life of option grants (years) 6 6 6 Weighted-average grant date fair value $7.31 $5.11 $5.68 The Company also uses the Black-Scholes option pricing model to estimate the fair value of stock purchase grants with the following assumptions for the indicated periods: 2016 2015 2014 Dividend yield .33% to .59% .37% to .45% .46% to .47% Expected volatility 12.70% to 15.60% 8.81% to 13.10% 16.96% to 19.35% Risk-free interest rate .39% to .57% .09% to .16% .04% to .12% Expected life of purchase grants (months) 3 to 6 3 to 6 3 to 6 Weighted-average grant date fair value $3.28 $2.39 $2.37 The fair value is amortized on a straight-line basis over the vesting periods of the grants and will be adjusted for subsequent changes in estimated forfeitures. The expected dividend yield assumption is based on the Company's current expectations about its anticipated dividend policy. Expected volatility is based on historical volatility of the Company's common stock price. The risk-free interest rate for periods within the contractual life of the option or purchase is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the option and purchase grants is derived using the “simplified” method and represents the period of time that options and purchases are expected to be outstanding. Historical data is used to estimate forfeitures used in the model. Two separate groups of employees (employees subject to broad based grants, and executive employees and directors) are used. As of December 31, 2016, $828,178 2.07 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company's common stock for the 587,961 December 31, 2016. December 31, 2016 $16.7 $11.8 December 31, 2016, 2015 2014, $1,525,902, $480,354, $173,105, Income taxes Deferred income taxes are provided under the liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. Trust assets Earnings per share 17 Reclassifications New accounting pronouncements: In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 2014 09 2014 09 January 1, 2017, 2015 14 2014 09 January 1, 2018. 2014 09 In January 2016, 2016 01, Financial Instruments – Overall 2016 01 2016 01 December 15, 2017, In February 2016, 2016 02, Leases 2016 02, 2016 02. 2016 02 December 15, 2018, In March 2016, 2016 09, Compensation – Stock Compensation 2016 09 2016 09 December 15, 2016, In June 2016, 2016 13, Financial Instruments – Credit Losses 2016 13 December 15, 2019, may December 15, 2018, |
Note 2 - Acquisition of Communi
Note 2 - Acquisition of Community State Bank and Common Stock Offering | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2. On August 31, 2016, ten 100% $80.0 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 area. CSB has demonstrated significant improvement in earnings and asset quality during the last three $581 In connection with the acquisition, during the second 2016, 1,215,000 $24.75 $29.8 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 $10.0 $30.0 11 $15.2 The Company accounted for the business combination under the acquisition method of accounting in accordance with ASC 805. one 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. 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 5,283,937 Total assets acquired $ 581,676,478 LIABILITIES Deposits $ 486,298,262 FHLB advances 20,368,877 Other liabilities 4,897,564 Total liabilities assumed $ 511,564,703 Net assets acquired $ 70,111,775 CONSIDERATION PAID: Cash $ 80,000,000 Total consideration paid $ 80,000,000 Goodwill $ 9,888,225 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 Purchased loans are segregated into two 310 30, 310 20, 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. The following table presents the purchased loans as of the acquisition date: PCI Performing Loans Loans Total Contractually required principal payments $ 8,349,688 $ 427,398,400 $ 435,748,088 Nonaccretable discount (4,525,223 ) - (4,525,223 ) Principal cash flows expected to be collected $ 3,824,465 $ 427,398,400 $ 431,222,865 Accretable discount (277,579 ) (11,916,009 ) (12,193,588 ) Fair Value of acquired loans $ 3,546,886 $ 415,482,391 $ 419,029,277 Changes in accretable yield for the loans acquired were as follows: For the year ended December 31, 2016 PCI Performing Loans Loans Total Balance at the beginning of the period $ - $ - $ - Discount added at acquisition (277,579 ) (11,916,009 ) (12,193,588 ) Accretion recognized 83,273 2,800,395 2,883,668 Balance at the end of the period $ (194,306 ) $ (9,115,614 ) $ (9,309,920 ) During the year, there was also $186 Premises and equipment acquired with a fair value of $20,684,880 ten $19,735,000, $8,334,437. $2,648,208 $5,686,229 third 39 The Company recorded a core deposit intangible totaling $6,352,653 ten 6 During the current year, the Company incurred $2.4 August 31, 2016 December 31, 2016, $11.4 $2.1 $473 Unaudited pro forma combined operating results for the years ended December 31, 2016 2015, January 1, 2015, Year Ended December 31, 2016 2015 Net interest income $ 110,035 $ 98,483 Noninterest income $ 34,773 $ 31,051 Net income $ 34,137 $ 22,118 Earnings per common share: Basic $ 2.62 $ 1.91 Diluted $ 2.58 $ 1.89 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 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | Note 3. The amortized cost and fair value of investment securities as of December 31, 2016 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value December 31, 2016: Securities held to maturity: Municipal securities $ 321,859,056 $ 2,200,577 $ (4,694,734 ) $ 319,364,899 Other securities 1,050,000 - - 1,050,000 $ 322,909,056 $ 2,200,577 $ (4,694,734 ) $ 320,414,899 Securities available for sale: U.S. govt. sponsored agency securities $ 46,281,306 $ 132,886 $ (330,585 ) $ 46,083,607 Residential mortgage-backed and related securities 150,465,222 174,993 (2,938,088 ) 147,702,127 Municipal securities 52,816,541 425,801 (637,916 ) 52,604,426 Other securities 4,046,332 703,978 (27,331 ) 4,722,979 $ 253,609,401 $ 1,437,658 $ (3,933,920 ) $ 251,113,139 December 31, 2015: Securities held to maturity: Municipal securities $ 252,624,159 $ 3,190,558 $ (1,173,432 ) $ 254,641,285 Other securities 1,050,000 - - 1,050,000 $ 253,674,159 $ 3,190,558 $ (1,173,432 ) $ 255,691,285 Securities available for sale: U.S. govt. sponsored agency securities $ 216,281,416 $ 104,524 $ (2,848,561 ) $ 213,537,379 Residential mortgage-backed and related securities 81,442,479 511,095 (1,283,439 ) 80,670,135 Municipal securities 26,764,981 872,985 (59,378 ) 27,578,588 Other securities 1,108,124 540,919 (163 ) 1,648,880 $ 325,597,000 $ 2,029,523 $ (4,191,541 ) $ 323,434,982 The Company’s HTM municipal securities consist largely of private issues of municipal debt. The municipalities are located primarily 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 December 31, 2016 2015, Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2016: Securities held to maturity: Municipal securities $ 122,271,533 $ (4,076,647 ) $ 13,010,803 $ (618,087 ) $ 135,282,336 $ (4,694,734 ) Securities available for sale: U.S. govt. sponsored agency securities $ 21,788,139 $ (257,640 ) $ 5,499,012 $ (72,945 ) $ 27,287,151 $ (330,585 ) Residential mortgage-backed and related securities 121,506,582 (2,641,664 ) 7,437,615 (296,424 ) 128,944,197 (2,938,088 ) Municipal securities 34,152,822 (618,462 ) 338,099 (19,454 ) 34,490,921 (637,916 ) Other securities 3,177,414 (27,331 ) - - 3,177,414 (27,331 ) $ 180,624,957 $ (3,545,097 ) $ 13,274,726 $ (388,823 ) $ 193,899,683 $ (3,933,920 ) December 31, 2015: Securities held to maturity: Municipal securities $ 14,803,408 $ (294,438 ) $ 19,927,581 $ (878,994 ) $ 34,730,989 $ (1,173,432 ) Securities available for sale: U.S. govt. sponsored agency securities $ 112,900,327 $ (1,397,591 ) $ 64,476,661 $ (1,450,970 ) $ 177,376,988 $ (2,848,561 ) Residential mortgage-backed and related securities 40,356,921 (730,466 ) 19,836,637 (552,973 ) 60,193,558 (1,283,439 ) Municipal securities 2,220,800 (31,807 ) 848,329 (27,571 ) 3,069,129 (59,378 ) Other securities 411 (163 ) - - 411 (163 ) $ 155,478,459 $ (2,160,027 ) $ 85,161,627 $ (2,031,514 ) $ 240,640,086 $ (4,191,541 ) At December 31, 2016, 556 267 1.5% 267 18 12 December 31, 2016 2015, 1% The Company did not December 31, 2016, 2015 2014. All sales of securities, as applicable, for the years ended December 31, 2016, 2015 2014, 2016 2015 2014 Proceeds from sales of securities $ 134,188,737 $ 81,410,368 $ 78,476,422 Gross gains from sales of securities 4,845,009 1,045,444 517,116 Gross losses from sales of securities (252,611 ) (246,461 ) (424,753 ) In September 2016, $4,010,877. 2002. The amortized cost and fair value of securities as of December 31, 2016, may may Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 23,795,317 $ 23,816,249 Due after one year through five years 16,362,018 16,406,132 Due after five years 282,751,721 280,192,518 $ 322,909,056 $ 320,414,899 Securities available for sale: Due in one year or less $ 3,103,329 $ 3,102,013 Due after one year through five years 44,550,460 44,614,611 Due after five years 51,444,058 50,971,409 $ 99,097,847 $ 98,688,033 Residential mortgage-backed and related securities 150,465,222 147,702,127 Other securities 4,046,332 4,722,979 $ 253,609,401 $ 251,113,139 Portions of the U.S. government sponsored agencies and municipal securities contain call options, at the discretion of the issuer, to terminate the security at predetermined dates prior to the stated maturity, summarized as follows: Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 179,399,031 $ 176,447,494 Securities available for sale: U.S. govt. sponsored agency securities 5,058,440 5,083,493 Municipal securities 40,032,698 39,633,259 $ 45,091,138 $ 44,716,752 As of December 31, 2016 2015, $118,811,905 $248,277,471, As of December 31, 2016, 116 $116.5 120 $255.5 21 5 $5.0 12 6 $5.0 As of December 31, 2015, 82 $67.8 92 $214.4 19 four $5.0 nine four $5.0 The amortized cost and fair values of the Company’s portfolio of general obligation bonds are summarized in the following tables by the issuer’s state: December 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 27 $ 32,258,612 $ 32,231,936 $ 1,193,775 Illinois 19 29,214,559 29,308,438 1,542,549 North Dakota 7 22,169,050 21,499,075 3,071,296 Missouri 14 8,291,192 8,323,245 594,518 Ohio 8 6,790,398 6,651,897 831,487 Other 41 18,481,496 18,458,044 450,196 Total general obligation bonds 116 $ 117,205,307 $ 116,472,635 $ 1,004,074 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: December 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 47 $ 90,784,441 $ 89,664,013 $ 1,907,745 Iowa 31 70,788,393 71,142,393 2,294,916 Indiana 22 47,994,737 47,582,138 2,162,824 Kansas 6 13,476,366 13,427,491 2,237,915 North Dakota 4 8,089,067 7,796,381 1,949,095 Ohio 3 13,650,000 13,405,222 4,468,407 Other 7 12,687,286 12,479,052 1,782,722 Total revenue bonds 120 $ 257,470,290 $ 255,496,690 $ 2,129,139 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 December 31, 2016 2015, not 6% 2, The Company’s municipal securities are owned by each of the four December 31, 2016, As of December 31, 2016, |
Note 4 - Loans Leases Receivabl
Note 4 - Loans Leases Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 4. The composition of the loan/lease portfolio as of December 31, 2016 2015 2016 2015 C&I loans $ 827,637,263 $ 648,159,892 CRE loans Owner-occupied CRE 332,387,621 252,523,164 Commercial construction, land development, and other land 165,149,491 49,083,844 Other non owner-occupied CRE 595,921,748 422,761,757 1,093,458,860 724,368,765 Direct financing leases * 165,419,360 173,655,605 Residential real estate loans ** 229,233,104 170,432,530 Installment and other consumer loans 81,665,695 73,669,493 2,397,414,282 1,790,286,285 Plus deferred loan/lease origination costs, net of fees 8,072,703 7,736,390 2,405,486,985 1,798,022,675 Less allowance (30,757,448 ) (26,140,906 ) $ 2,374,729,537 $ 1,771,881,769 * Direct financing leases: Net minimum lease payments to be received $ 184,274,802 $ 195,476,230 Estimated unguaranteed residual values of leased assets 1,085,154 1,165,706 Unearned lease/residual income (19,940,596 ) (22,986,331 ) 165,419,360 173,655,605 Plus deferred lease origination costs, net of fees 5,881,778 6,594,582 171,301,138 180,250,187 Less allowance (3,111,898 ) (3,395,088 ) $ 168,189,240 $ 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 and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values during the years ended December 31, 2016, 2015, 2014. December 31, 2016, 13 $1,085,164 December 31, 2015, 16 $1,165,706 **Includes residential real estate loans held for sale totaling $1,135,500 $565,850 December 31, 2016 2015, The aging of the loan/lease portfolio by classes of loans/leases as of December 31, 2016 2015 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 $ 821,637,507 $ 1,455,185 $ 10,551 $ 346,234 $ 4,187,786 $ 827,637,263 CRE Owner-Occupied CRE 331,812,571 - 242,902 - 332,148 332,387,621 Commercial Construction, Land Development, and Other Land 160,760,034 35,638 - - 4,353,819 165,149,491 Other Non Owner-Occupied CRE 594,384,926 100,673 - - 1,436,149 595,921,748 Direct Financing Leases 161,452,627 730,627 574,700 215,225 2,446,181 165,419,360 Residential Real Estate 227,023,552 473,478 365,581 294,854 1,075,639 229,233,104 Installment and Other Consumer 81,199,766 204,973 63,111 110,501 87,344 81,665,695 $ 2,378,270,983 $ 3,000,574 $ 1,256,845 $ 966,814 $ 13,919,066 $ 2,397,414,282 As a percentage of total loan/lease portfolio 99.20 % 0.13 % 0.05 % 0.04 % 0.58 % 100.00 % 2015 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total C&I $ 640,725,241 $ 1,636,860 $ 5,816 $ - $ 5,791,975 $ 648,159,892 CRE Owner-Occupied CRE 251,612,752 182,949 - - 727,463 252,523,164 Commercial Construction, Land Development, and Other Land 48,890,040 - - - 193,804 49,083,844 Other Non Owner-Occupied CRE 420,819,874 614,732 219,383 - 1,107,768 422,761,757 Direct Financing Leases 170,021,289 1,490,818 439,314 2,843 1,701,341 173,655,605 Residential Real Estate 166,415,118 2,800,589 200,080 - 1,016,743 170,432,530 Installment and Other Consumer 73,134,197 412,052 14,127 - 109,117 73,669,493 $ 1,771,618,511 $ 7,138,000 $ 878,720 $ 2,843 $ 10,648,211 $ 1,790,286,285 As a percentage of total loan/lease portfolio 98.96 % 0.40 % 0.05 % 0.00 % 0.59 % 100.00 % NPLs by classes of loans/leases as of December 31, 2016 2015 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 $ 346,234 $ 4,187,786 $ 4,733,997 $ 9,268,017 43.65 % CRE Owner-Occupied CRE - 332,148 - 332,148 1.56 % Commercial Construction, Land Development, and Other Land - 4,353,819 - 4,353,819 20.51 % Other Non Owner-Occupied CRE - 1,436,149 - 1,436,149 6.77 % Direct Financing Leases 215,225 2,446,181 1,008,244 3,669,650 17.28 % Residential Real Estate 294,854 1,075,639 585,541 1,956,034 9.21 % Installment and Other Consumer 110,501 87,344 18,746 216,591 1.02 % $ 966,814 $ 13,919,066 $ 6,346,528 $ 21,232,408 100.00 % *At December 31, 2016, $2,300,479 $48,501 $1,380,047 $816,149 $43,579 $12,203 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 % ** At December 31, 2015, $1,533,657 $1,164,423 $193,804 $42,098 $119,305 $14,027 Changes in the allowance by portfolio segment for the years ended December 31, 2016, 2015, 2014 Year Ended December 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Provisions (credits) charged to expense 2,478,912 2,286,953 2,127,463 628,114 (43,276 ) 7,478,166 Loans/leases charged off (527,152 ) (24,304 ) (2,503,417 ) (76,820 ) (112,490 ) (3,244,183 ) Recoveries on loans/leases previously charged off 109,270 32,843 92,764 900 146,782 382,559 Balance, ending $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Year Ended December 31, 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,470,526 3,080,611 1,688,031 430,087 201,645 6,870,900 Loans/leases charged off (453,782 ) (2,560,749 ) (1,788,772 ) (169,996 ) (251,838 ) (5,225,137 ) Recoveries on loans/leases previously charged off 633,504 501,869 136,429 4,107 144,869 1,420,778 Balance, ending $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Year Ended December 31, 2014 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 5,648,774 $ 10,705,434 $ 2,517,217 $ 1,395,849 $ 1,180,774 $ 21,448,048 Provisions (credits) charged to expense 4,297,253 (13,326 ) 2,278,132 251,030 (6,089 ) 6,807,000 Loans/leases charged off (1,475,885 ) (2,756,083 ) (1,504,181 ) (130,900 ) (268,656 ) (6,135,705 ) Recoveries on loans/leases previously charged off 363,690 417,361 68,232 9,973 95,766 955,022 Balance, ending $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 The allowance by impairment evaluation and by portfolio segment as of December 31, 2016 2015 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 1,771,537 $ 693,919 $ 848,919 $ 289,112 $ 39,481 $ 3,642,968 Allowance for nonimpaired loans/leases 10,773,573 10,976,690 2,262,979 2,053,232 1,048,006 27,114,480 $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Impaired loans/leases $ 8,936,451 $ 6,112,114 $ 3,256,264 $ 1,661,180 $ 106,090 $ 20,072,099 Nonimpaired loans/leases 818,700,812 1,087,346,746 162,163,096 227,571,924 81,559,605 2,377,342,183 $ 827,637,263 $ 1,093,458,860 $ 165,419,360 $ 229,233,104 $ 81,665,695 $ 2,397,414,282 Allowance as a percentage of impaired loans/leases 19.82 % 11.35 % 26.07 % 17.40 % 37.21 % 18.15 % Allowance as a percentage of nonimpaired loans/leases 1.32 % 1.01 % 1.40 % 0.90 % 1.28 % 1.14 % Total allowance as a percentage of total loans/leases 1.52 % 1.07 % 1.88 % 1.02 % 1.33 % 1.28 % 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 2,592,270 $ 76,934 $ 306,193 $ 185,801 $ 143,089 $ 3,304,287 Allowance for nonimpaired loans/leases 7,891,810 9,298,183 3,088,895 1,604,349 953,382 22,836,619 $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Impaired loans/leases $ 5,286,482 $ 2,029,035 $ 1,701,341 $ 1,418,787 $ 587,742 $ 11,023,387 Nonimpaired loans/leases 642,873,410 722,339,730 171,954,264 169,013,743 73,081,751 1,779,262,898 $ 648,159,892 $ 724,368,765 $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 1,790,286,285 Allowance as a percentage of impaired loans/leases 49.04 % 3.79 % 18.00 % 13.10 % 24.35 % 29.98 % Allowance as a percentage of nonimpaired loans/leases 1.23 % 1.29 % 1.80 % 0.95 % 1.30 % 1.28 % Total allowance as a percentage of total loans/leases 1.62 % 1.29 % 1.96 % 1.05 % 1.49 % 1.45 % Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the years ended December 31, 2016, 2015, 2014 2016 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 $ 841,895 $ 951,600 $ - $ 2,858,343 $ 16,748 $ 16,748 CRE Owner-Occupied CRE - 93,774 - 312,242 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,196,549 1,196,549 - 1,322,654 - - Direct Financing Leases 1,690,121 1,690,121 - 1,731,982 43,461 43,461 Residential Real Estate 853,294 892,495 - 964,590 9,903 9,903 Installment and Other Consumer 55,734 55,734 - 321,175 4,475 4,475 $ 4,637,593 $ 4,880,273 $ - $ 7,510,986 $ 74,587 $ 74,587 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 8,094,556 $ 8,098,395 $ 1,771,537 $ 2,959,495 $ 17,742 $ 17,742 CRE Owner-Occupied CRE 322,148 322,148 57,398 385,269 - - Commercial Construction, Land Development, and Other Land 4,353,817 4,353,817 577,611 1,022,930 - - Other Non Owner-Occupied CRE 239,600 239,600 58,910 47,920 - - Direct Financing Leases 1,566,143 1,566,143 848,919 841,733 36,303 36,303 Residential Real Estate 807,886 882,018 289,112 573,211 11,675 11,675 Installment and Other Consumer 50,356 50,356 39,481 40,384 527 527 $ 15,434,506 $ 15,512,477 $ 3,642,968 $ 5,870,942 $ 66,247 $ 66,247 Total Impaired Loans/Leases: C&I $ 8,936,451 $ 9,049,995 $ 1,771,537 $ 5,817,838 $ 34,490 $ 34,490 CRE Owner-Occupied CRE 322,148 415,922 57,398 697,511 - - Commercial Construction, Land Development, and Other Land 4,353,817 4,353,817 577,611 1,022,930 - - Other Non Owner-Occupied CRE 1,436,149 1,436,149 58,910 1,370,574 - - Direct Financing Leases 3,256,264 3,256,264 848,919 2,573,715 79,764 79,764 Residential Real Estate 1,661,180 1,774,513 289,112 1,537,801 21,578 21,578 Installment and Other Consumer 106,090 106,090 39,481 361,559 5,002 5,002 $ 20,072,099 $ 20,392,750 $ 3,642,968 $ 13,381,928 $ 140,834 $ 140,834 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. 2015 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 $ 234,636 $ 346,072 $ - $ 380,495 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land - 228,818 - 117,406 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 871,884 871,884 - 892,281 4,142 4,142 Residential Real Estate 613,486 649,064 - 1,047,001 3,929 3,929 Installment and Other Consumer 377,304 377,304 - 817,854 9,563 9,563 $ 3,932,541 $ 4,402,147 $ - $ 6,656,069 $ 25,070 $ 25,070 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 5,051,846 $ 5,055,685 $ 2,592,270 $ 4,811,046 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 193,804 205,804 76,934 195,986 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 829,457 829,457 306,193 474,458 - - Residential Real Estate 805,301 805,301 185,801 712,085 7,913 7,913 Installment and Other Consumer 210,438 210,438 143,089 189,539 5,693 5,693 $ 7,090,846 $ 7,106,685 $ 3,304,287 $ 6,383,114 $ 13,606 $ 13,606 Total Impaired Loans/Leases: C&I $ 5,286,482 $ 5,401,757 $ 2,592,270 $ 5,191,541 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land 193,804 434,622 76,934 313,392 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 1,701,341 1,701,341 306,193 1,366,739 4,142 4,142 Residential Real Estate 1,418,787 1,454,365 185,801 1,759,086 11,842 11,842 Installment and Other Consumer 587,742 587,742 143,089 1,007,393 15,256 15,256 $ 11,023,387 $ 11,508,832 $ 3,304,287 $ 13,039,183 $ 38,676 $ 38,676 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. 2014 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 246,308 $ 342,391 $ - $ 525,543 $ 7,599 $ 7,599 CRE Owner-Occupied CRE 67,415 163,638 - 548,464 - - Commercial Construction, Land Development, and Other Land 31,936 143,136 - 1,656,401 - - Other Non Owner-Occupied CRE 491,717 491,717 - 4,925,681 13,283 13,283 Direct Financing Leases 561,414 561,414 - 867,657 31,911 31,911 Residential Real Estate 1,060,770 1,060,770 - 1,269,213 3,032 3,032 Installment and Other Consumer 613,804 813,804 - 893,971 - - $ 3,073,364 $ 3,576,870 $ - $ 10,686,930 $ 55,825 $ 55,825 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 7,033,401 $ 8,190,495 $ 3,300,199 $ 3,159,985 $ 14,837 $ 14,837 CRE Owner-Occupied CRE 620,896 620,896 4,462 316,743 - - Commercial Construction, Land Development, and Other Land 337,076 577,894 12,087 528,564 - - Other Non Owner-Occupied CRE 5,884,343 6,583,934 1,153,471 4,240,000 - - Direct Financing Leases 777,858 777,858 356,996 514,144 - - Residential Real Estate 727,958 763,537 151,663 538,678 2,967 2,967 Installment and Other Consumer 494,229 494,229 265,795 386,009 3,564 3,564 $ 15,875,761 $ 18,008,843 $ 5,244,673 $ 9,684,123 $ 21,368 $ 21,368 Total Impaired Loans/Leases: C&I $ 7,279,709 $ 8,532,886 $ 3,300,199 $ 3,685,528 $ 22,436 $ 22,436 CRE Owner-Occupied CRE 688,311 784,534 4,462 865,207 - - Commercial Construction, Land Development, and Other Land 369,012 721,030 12,087 2,184,965 - - Other Non Owner-Occupied CRE 6,376,060 7,075,651 1,153,471 9,165,681 13,283 13,283 Direct Financing Leases 1,339,272 1,339,272 356,996 1,381,801 31,911 31,911 Residential Real Estate 1,788,728 1,824,307 151,663 1,807,891 5,999 5,999 Installment and Other Consumer 1,108,033 1,308,033 265,795 1,279,980 3,564 3,564 $ 18,949,125 $ 21,585,713 $ 5,244,673 $ 20,371,053 $ 77,193 $ 77,193 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management’s current estimates. For C&I and CRE loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 1 For direct financing leases, residential real estate loans, and installment and other consumer loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of December 31, 2016 2015: 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) $ 796,568,451 $ 314,447,662 $ 158,108,465 $ 582,854,048 $ 1,851,978,626 96.40 % Special Mention (Rating 6) 6,305,772 7,559,380 1,780,000 4,437,122 20,082,274 1.05 % Substandard (Rating 7) 24,763,040 10,380,369 5,261,026 8,630,578 49,035,013 2.55 % Doubtful (Rating 8) - 210 - - 210 0.00 % $ 827,637,263 $ 332,387,621 $ 165,149,491 $ 595,921,748 $ 1,921,096,123 100.00 % 2016 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 161,749,710 $ 227,277,070 $ 81,449,104 $ 470,475,884 98.77 % Nonperforming 3,669,650 1,956,034 216,591 5,842,275 1.23 % $ 165,419,360 $ 229,233,104 $ 81,665,695 $ 476,318,159 100.00 % 2015 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE Total As a % of Total Pass (Ratings 1 through 5) $ 616,200,797 $ 238,119,608 $ 46,929,876 $ 406,027,442 $ 1,307,277,723 95.24 % Special Mention (Rating 6) 18,031,845 8,630,658 1,780,000 8,846,286 37,288,789 2.72 % Substandard (Rating 7) 13,927,250 5,772,898 373,968 7,888,029 27,962,145 2.04 % Doubtful (Rating 8) - - - - - 0.00 % $ 648,159,892 $ 252,523,164 $ 49,083,844 $ 422,761,757 $ 1,372,528,657 100.00 % 2015 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 171,951,421 $ 169,013,743 $ 73,081,751 $ 414,046,913 99.11 % Nonperforming 1,704,184 1,418,787 587,742 3,710,715 0.89 % $ 173,655,605 $ 170,432,530 $ 73,669,493 $ 417,757,628 100.00 % *Performing = loans/leases accruing and less than 90 90 As of December 31, 2016 2015, $8,647,007 $2,587,413, 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 years ended December 31, 2016 2015. December 31, 2016 2015, 2016 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity C&I 3 $ 247,476 $ 247,476 $ 60,767 Direct Financing Leases 4 410,653 410,653 38,476 Residential Real Estate 1 277,092 277,092 187,492 8 $ 935,221 $ 935,221 $ 286,735 CONCESSION - Significant Payment Delay C&I 7 $ 4,562,427 $ 4,562,427 $ 813,041 Direct Financing Leases 13 1,149,493 1,149,493 125,940 20 $ 5,711,920 $ 5,711,920 $ 938,981 CONCESSION - Interest Rate Adjusted Below Market CRE - Other 1 $ 1,233,740 $ 1,233,740 $ - 1 $ 1,233,740 $ 1,233,740 $ - TOTAL 29 $ 7,880,881 $ 7,880,881 $ 1,225,716 2015 Classes of Loans/Leases Number of Loans/Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Interest rate adjusted below market Installment and Other Consumer 2 $ 37,979 $ 37,979 $ 12,013 2 $ 37,979 $ 37,979 $ 12,013 TOTAL 2 $ 37,979 $ 37,979 $ 12,013 Of the TDRs reported above, eight $2,008,424 December 31, 2016 one $14,027 December 31, 2015. For the years ended December 31, 2016 2015, no 12 90 Not included in the table above, the Company had three 2016, $341,952. 2015. Loans are made in the normal course of business to directors, executive officers, and their related interests. The terms of these loans, including interest rates and collateral, are similar to those prevailing for comparable transactions with other persons. An analysis of the changes in the aggregate committed amount of loans greater than or equal to $60,000 December 31, 2016, 2015, 2014, 2016 2015 2014 Balance, beginning $ 42,012,313 $ 42,469,111 $ 39,192,966 Net increase (decrease) due to change in related parties 19,945,960 (3,606,418 ) 1,040,278 Advances 4,806,616 19,040,675 13,284,475 Repayments (5,155,913 ) (15,891,055 ) (11,048,608 ) Balance, ending $ 61,608,976 $ 42,012,313 $ 42,469,111 The Company’s loan portfolio includes a geographic concentration in the Midwest. Additionally, the loan portfolio included a concentration of loans in certain industries as of December 31, 2016 2015 2016 2015 Industry Name Balance Percentage of Total Loans/Leases Balance Percentage of Total Loans/Leases Lessors of Non-Residential Buildings $ 359,040,649 15 % $ 311,138,005 17 % Lessors of Residential Buildings 166,036,201 7 % 91,811,101 5 % Nonresidential Property Managers 76,504,076 3 % 10,500,305 1 % Bank Holding Companies 66,069,612 3 % 55,840,984 3 % Concentrations within the leasing portfolio are monitored by equipment type – none of which represent a concentration within the total loans/leases portfolio. Within the leasing portfolio, diversification is spread among construction, manufacturing and the service industries. Geographically, the lease portfolio is diversified across all 50 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. The following summarizes the components of premises and equipment as of December 31, 2016 2015: 2016 2015 Land $ 12,936,223 $ 6,655,796 Buildings (useful lives 15 to 50 years) 51,546,499 34,615,006 Furniture and equipment (useful lives 3 to 10 years) 28,458,946 24,953,570 Premises and equipment 92,941,668 66,224,372 Less accumulated depreciation 32,298,160 28,874,020 Premises and equipment, net $ 60,643,508 $ 37,350,352 As a result of the acquisition of CSB in 2016, $20.7 2016. Certain facilities are leased under operating leases. Rental expense was $334,977, $339,839, $484,868 December 31, 2016, 2015, 2014, Future minimum rental commitments under noncancelable leases are as follows as of December 31, 2016: Year ending December 31: 2017 226,283 2018 226,643 2019 162,833 $ 615,759 During 2016, two The project total is estimated at $3.7 $2.2 As of December 31, 2016, $1.8 $3.7 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. The following table presents the changes in the carrying amount of goodwill as of December 31, 2016 2015: 2016 2015 Balance at the beginning of period $ 3,222,688 $ 3,222,688 Goodwill from acquisition of CSB 9,888,225 - Balance at the end of period $ 13,110,913 $ 3,222,688 See Note 2 The Company has other intangible assets consisting of core deposit intangibles. The Company recognized a core deposit intangible that related to the acquisition of CNB in 2013. 2016, $6.4 2 The following table presents the changes in the carrying amount of core deposit intangibles, gross carrying amount, accumulated amortization, and net book value as of December 31, 2016 2015: 2016 2015 Balance at the beginning of the period $ 1,471,409 $ 1,670,921 Core deposit intangibles from acquisition of CSB 6,352,653 - Amortization expense (442,849 ) (199,512 ) Balance at the end of the period $ 7,381,213 $ 1,471,409 Gross carrying amount $ 8,347,780 $ 1,995,127 Accumulated amortization (966,567 ) (523,718 ) Net book value $ 7,381,213 $ 1,471,409 The following presents the estimated amortization expense of the core deposit intangible: Years ending December 31, Amount 2017 $ 923,467 2018 910,263 2019 893,886 2020 874,331 2021 851,600 Thereafter 2,927,666 $ 7,381,213 |
Note 7 - Derivatives and Hedgin
Note 7 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 7. Below is a summary of the interest rate cap derivatives held by the Company as of December 31, 2016 2015. $2.1 two Effective Date Maturity Date Balance Sheet Location Notional Amount Accounting Treatment December 31, 2016 Fair Value December 31, 2015 Fair Value June 5, 2014 June 5, 2019 Other Assets $ 15,000,000 Cash Flow Hedging $ 179,939 $ 321,112 June 5, 2014 June 5, 2021 Other Assets 15,000,000 Cash Flow Hedging 396,588 534,912 $ 30,000,000 $ 576,527 $ 856,024 Changes in the fair values of derivative financial instruments accounted for as cash flow hedges to the extent they are effective hedges, are recorded as a component of accumulated other comprehensive income. The following is a summary of how AOCI was impacted during the reporting periods: Year Ended December 31, 2016 December 31, 2015 Unrealized loss at beginning of period, net of tax $ (799,421 ) $ (399,367 ) Amount reclassified from accumulated other comprehensive income to noninterest income related to hedge ineffectiveness (76,797 ) (156 ) Amount reclassified from accumulated other comprehensive income to interest expense related to caplet amortization 152,087 16,051 Amount of loss recognized in other comprehensive income, net of tax (208,025 ) (415,949 ) Unrealized loss at end of period, net of tax $ (932,156 ) $ (799,421 ) Changes in the fair value related to the ineffective portion of cash flow hedges, are reported in noninterest income during the period of the change. As shown in the table above, $76,797 $156 December 31, 2016 2015, |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8. The aggregate amount of certificates of deposit, each with a minimum denomination of $250,000, $300,852,485 $235,565,570 December 31, 2016 2015, As of December 31, 2016, Year ending December 31: 2017 $ 367,576,999 2018 61,637,914 2019 33,529,173 2020 11,294,524 2021 6,539,314 $ 480,577,924 The Company had a $40.0 $7.0 December 31, 2016. December 31, 2015, $45.0 $8.0 December 31, 2016 2015 . |
Note 9 - Short-term Borrowings
Note 9 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 9. Short-term borrowings as of December 31, 2016 2015 2016 2015 Overnight repurchase agreements with customers $ 8,131,387 $ 73,872,716 Federal funds purchased 31,840,000 70,790,000 $ 39,971,387 $ 144,662,716 The Company’s overnight repurchase agreements with customers are collateralized by investment securities with carrying values as follows: 2016 2015 U.S. govt. sponsored agency securities $ 630,077 $ 29,499,803 Residential mortgage-backed and related securities 19,090,261 65,888,911 Total securities pledged to overnight customer repurchase agreements $ 19,720,338 $ 95,388,714 Less: overcollateralized position 11,588,951 21,515,998 $ 8,131,387 $ 73,872,716 Inherent in the overnight purchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under our customer repurchase agreements. The Company considers this risk minimal. The Company monitors balances daily to ensure that collateral is sufficient to meet obligations. Additionally, the Company maintains an overcollateralized position that is sufficient to cover any minor interest rate movements. The securities underlying the agreements as of December 31, 2016 2015 third Information concerning overnight repurchase agreements with customers is summarized as follows as of December 31, 2016 2015: 2016 2015 Average daily balance during the period $ 30,082,866 $ 121,186,231 Average daily interest rate during the period 0.07 % 0.11 % Maximum month-end balance during the period $ 59,833,229 $ 159,407,193 Weighted average rate as of end of period 0.02 % 0.11 % Information concerning federal funds purchased is summarized as follows as of December 31, 2016 2015: 2016 2015 Average daily balance during the period $ 19,105,595 $ 32,826,489 Average daily interest rate during the period 0.56 % 0.41 % Maximum month-end balance during the period $ 51,750,000 $ 126,220,000 Weighted average rate as of end of period 0.70 % 0.57 % |
Note 10 - FHLB Advances
Note 10 - FHLB Advances | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 10 . FHLB Advances The subsidiary banks are members of the FHLB of Des Moines or Chicago. Maturity and interest rate information on advances from FHLB as of December 31, 2016 2015 December 31, 2016 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: 2017 $ 112,500,000 0.78 % $ - - 2018 25,000,000 3.35 - - Total FHLB advances $ 137,500,000 1.25 % $ - - 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 % *Of the advances outstanding, a portion have putable options which allow the FHLB, at its discretion, to terminate the advances and require the subsidiary banks to repay at predetermined dates prior to the stated maturity date of the advances. Advances are collateralized by loans of $669,513,037 $480,466,274 December 31, 2016 2015, 125% 333% 2015 2016, As of December 31, 2016 2016 $104.5 1 1 $84.0 December 31, 2015 1 1 Throughout 2015 2016, December 31, 2016 2015, 2016 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees First Quarter of 2016 $ 10,000,000 3.86 % December 2017 $ 524,197 Third Quarter of 2016 5,000,000 2.84 % February 2018 127,310 Fourth Quarter of 2016 15,000,000 3.14 % September 2017 to November 2017 357,161 Total for 2016 $ 30,000,000 3.33 % $ 1,008,668 2015 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees Second Quarter of 2015 $ 75,500,000 4.36 % May 2016 to June 2019 $ 5,692,185 Fourth Quarter of 2015 3,000,000 3.98 % May 2018 209,416 Total for 2015 $ 78,500,000 4.35 % $ 5,901,601 All prepayment fees shown in the table above are included in losses on debt extinguishment in the statements of income. As of December 31, 2016 2015, $9,271,300 $9,135,900, |
Note 11 - Other Borrowings and
Note 11 - Other Borrowings and Unused Lines of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 11. Other borrowings as of December 31, 2016 2015 2016 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 The Company’s wholesale structured repurchase agreements are collateralized by investment securities with carrying values as follows: 2016 2015 U.S. govt. sponsored agency securities $ 20,798,703 $ 129,824,128 Residential mortgage-backed and related securities 31,321,028 - Total securities pledged to wholesale customer repurchase agreements $ 52,119,731 $ 129,824,128 Less: overcollateralized position 7,119,731 19,824,128 $ 45,000,000 $ 110,000,000 Inherent in the wholesale structured repurchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under the agreements. The Company considers this risk minimal. The Company maintains an overcollateralized position that is sufficient to cover any minor interest rate movements. Throughout 2015 2016, December 31, 2016 2015, 2016 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees First Quarter of 2016 $ 10,000,000 3.97 % July 2018 $ 759,000 Third Quarter 2016 55,000,000 3.27 % February 2019 to September 2020 4,010,000 Total for 2016 $ 65,000,000 3.38 % $ 4,769,000 2015 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees Second Quarter of 2015 $ 10,000,000 4.40 % May 2019 $ 1,202,000 Fourth Quarter of 2015 5,000,000 3.46 % May 2019 382,000 Total for 2015 $ 15,000,000 4.09 % $ 1,584,000 All prepayment fees shown in the table above are included in losses on debt extinguishment in the statements of income. There were no material modifications of borrowings during 2016, 2015 2014. Maturity and interest rate information concerning wholesale structured repurchase agreements is summarized as follows: December 31, 2016 December 31, 2015 Weighted Weighted Average Average Interest Rate Interest Rate Amount Due at Year-End Amount Due at Year-End Maturity: Year ending December 31: 2017 $ 10,000,000 3.00 % $ 10,000,000 3.00 % 2018 - 0.00 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 2.81 % $ 110,000,000 3.11 % Each wholesale structured repurchase agreement has a one $45.0 December 31, 2016, $25.0 $20.0 2017. At December 31, 2014, 4 3.00% (3.23% December 31, 2014) $17,625,000 December 31, 2014. two $2,350,000 January April 2015, $15,275,000. May 2015, 16 As of December 31, 2015, $40.0 2.50% (3.10% December 31, 2015). December 31, 2015, June 2016, $10.0 $30.0 five 2.50% (3.27% December 31, 2016). 3.00% (3.77% December 31, 2016). $30.0 $5.0 $1.5 December 31, 2016, As of December 31, 2016 2017 6,000,000 2018 6,000,000 2019 6,000,000 2020 6,000,000 2021 6,000,000 $ 30,000,000 As of December 31, 2014, $2.7 September 1, 2018 June 30 December 30 6.00% June 2015, December 31, 2015 . Unused lines of credit of the subsidiary banks as of December 31, 2016 2015 2016 2015 Secured $ 34,409,192 $ 14,601,432 Unsecured 347,000,000 332,000,000 $ 381,409,192 $ 346,601,432 The Company pledges the eligible portion of its municipal securities portfolio and select C&I and CRE loans to the Federal Reserve Bank of Chicago for borrowing at the Discount Window . |
Note 12 - Junior Subordinated D
Note 12 - Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 1 2 . Junior Subordinated Debentures Junior subordinated debentures are summarized as of December 31, 2016 2015 2016 2015 Note Payable to QCR Holdings Capital Trust II $ 10,310,000 $ 10,310,000 Note Payable to QCR Holdings Capital Trust III 8,248,000 8,248,000 Note Payable to QCR Holdings Capital Trust IV - 5,155,000 Note Payable to QCR Holdings Capital Trust V 10,310,000 10,310,000 Note Payable to Community National Trust II 3,093,000 3,093,000 Note Payable to Community National Trust III 3,609,000 3,609,000 Market Value Discount per ASC 805* (2,089,798 ) (2,225,948 ) $ 33,480,202 $ 38,499,052 *Discount on junior subordinated debt acquired in 2013 A schedule of the Company’s non-consolidated subsidiaries formed for the issuance of trust preferred securities including the amounts outstanding as of December 31, 2016 2015, Name Date Issued Amount Outstanding December 31, 2016 Amount Outstanding December 31, 2015 Interest Rate Interest Rate as of December 31, 2016 Interest Rate as of December 31, 2015 QCR Holdings Statutory Trust II* February 2004 $ 10,310,000 $ 10,310,000 2.85% over 3-month LIBOR 3.85% 3.18% QCR Holdings Statutory Trust III February 2004 8,248,000 8,248,000 2.85% over 3-month LIBOR 3.85% 3.18% QCR Holdings Statutory Trust IV May 2005 - 5,155,000 1.80% over 3-month LIBOR N/A 2.12% QCR Holdings Statutory Trust V February 2006 10,310,000 10,310,000 1.55% over 3-month LIBOR 2.43% 1.87% Community National Statutory Trust II September 2004 3,093,000 3,093,000 2.17% over 3-month LIBOR 3.17% 2.74% Community National Statutory Trust III March 2007 3,609,000 3,609,000 1.75% over 3-month LIBOR 2.71% 2.26% $ 35,570,000 $ 40,725,000 Weighted Average Rate 3.26% 2.60% *Original amount issued for QCR Holdings Statutory Trust II was $12,372,000. Securities issued by all of the trusts listed above mature 30 During 2015, $2.1 $300,000 2.85% 3.18% In 2016, $5.1 $1.2 2016. 3 1.80% 2.42% |
Note 13 - Federal and State Inc
Note 13 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13. Federal and state income tax expense was comprised of the following components for the years ended December 31, 2016, 2015, 2014: 2016 2015 2014 Current $ 11,969,194 $ 5,673,774 $ 4,203,979 Deferred (3,066,407 ) (2,004,532 ) (1,165,009 ) $ 8,902,787 $ 3,669,242 $ 3,038,970 A reconciliation of the expected federal income tax expense to the income tax expense included in the consolidated statements of income was as follows for the years ended December 31, 2016, 2015, 2014: Years Ended December 31, 2016 2015 2014 % of % of % of Pretax Pretax Pretax Amount Income Amount Income Amount Income Computed "expected" tax expense $ 12,806,351 35.0 % $ 7,208,993 35.0 % $ 6,297,027 35.0 % Effect of graduated tax rates (250,013 ) (0.7 ) (76,973 ) (0.4 ) (79,529 ) (0.4 ) Tax exempt income, net (4,343,270 ) (11.9 ) (3,461,438 ) (16.8 ) (2,646,275 ) (14.7 ) Bank-owned life insurance (619,988 ) (1.7 ) (616,737 ) (3.0 ) (585,312 ) (3.3 ) State income taxes, net of federal benefit, current year 1,245,524 3.4 767,557 3.7 497,068 2.8 Change in unrecognized tax benefits 121,008 0.3 223,668 1.1 (55,728 ) (0.3 ) Acquisition costs 176,050 0.5 - - - - Other (232,875 ) (0.6 ) (375,828 ) (1.8 ) (388,281 ) (2.1 ) $ 8,902,787 24.3 % $ 3,669,242 17.8 % $ 3,038,970 17.0 % Changes in the unrecognized tax benefits included in other liabilities are as follows for the years ended December 31, 2016 2015: 2016 2015 Balance, beginning $ 1,225,959 $ 1,002,291 Impact of tax positions taken during current year 319,047 468,055 Gross increase related to tax positions of prior years 17,789 16,965 Reduction as a result of a lapse of the applicable statute of limitations (215,828 ) (261,352 ) Balance, ending $ 1,346,967 $ 1,225,959 Included in the unrecognized tax benefits liability at December 31, 2016 $1,124,000 The liability for unrecognized tax benefits includes accrued interest for tax positions, which either do not meet the more-likely-than-not recognition threshold or where the tax benefit is measured at an amount less than the tax benefit claimed or expected to be claimed on an income tax return. At December 31, 2016 2015, $223,000 $221,000, The Company’s federal income tax returns are open and subject to examination from the 2013 2012 The net deferred tax assets consisted of the following as of December 31, 2016 2015: 2016 2015 Deferred tax assets: Alternative minimum tax credits $ 6,513,502 $ 5,475,062 New markets tax credits 1,797,587 2,700,000 Net unrealized losses on securities available for sale and derivative instruments 1,470,759 1,268,068 Compensation 8,737,976 8,687,856 Loan/lease losses 10,479,227 8,802,271 Net operating loss carryforwards, federal and state 1,879,746 2,069,093 Other 247,594 452,854 31,126,391 29,455,204 Deferred tax liabilities: Premises and equipment 4,899,107 1,173,966 Equipment financing leases 22,050,540 25,059,159 Acquisition fair value adjustments 1,336,338 1,755,874 Investment accretion 46,581 44,462 Deferred loan origination fees, net 261,915 137,461 Other 456,219 678,227 29,050,700 28,849,149 Net deferred tax asset $ 2,075,691 $ 606,055 At December 31, 2016, $5.1 2029 2033. December 31, 2016, $3.7 2023 2028. The change in deferred income taxes was reflected in the consolidated financial statements as follows for the years ended December 31, 2016, 2015, 2014: 2016 2015 2014 Provision for income taxes $ (3,066,407 ) $ (2,004,532 ) $ (1,165,009 ) Net deferred tax asset acquired from CSB (3,310,553 ) - - Net deferred tax asset resulting from market value adjustments of acquisition of CSB 5,110,015 - - Statement of stockholders' equity- Accumulated other comprehensive income (loss) (202,691 ) (81,524 ) 7,281,574 $ (1,469,636 ) $ (2,086,056 ) $ 6,116,565 |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 14. The Company has a profit sharing plan which includes a provision designed to qualify under Section 401(k) 1986, 100% first 3% 50% 3% 4.5% may December 31, 2016, 2015, 2014 2016 2015 2014 Matching contribution $ 1,365,111 $ 1,314,276 $ 1,179,979 Discretionary contribution - - 198,800 $ 1,365,111 $ 1,314,276 $ 1,378,779 The Company has entered into nonqualified SERPs with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified plans. During the years ended December 31, 2016, 2015, 2014, $322,575, $297,826, $650,016, December 31, 2016 2015, $4,093,355 $3,934,605, $163,825, $163,824 $117,000 2016, 2015 2014, The Company has entered into deferred compensation agreements with certain executive officers. Under the provisions of the agreements, the officers may $8,000 $25,000 The Wall Street Journal 4% 12% may 4% 10% The Wall Street Journal one 4% 8%. 180 December 31, 2016 2015, $10,389,326 $8,875,025, Changes in the deferred compensation agreements, included in other liabilities, are as follows for the years ended December 31, 2016, 2015, 2014: 2016 2015 2014 Balance, beginning $ 8,875,025 $ 7,503,692 $ 6,224,368 Company expense 832,974 726,001 661,611 Employee deferrals 744,168 693,656 628,589 Cash payments made (62,841 ) (48,324 ) (10,876 ) Balance, ending $ 10,389,326 $ 8,875,025 $ 7,503,692 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 15. Stock-based compensation expense was reflected in the consolidated financial statements as follows for the years ended December 31, 2016, 2015, 2014. 2016 2015 2014 Stock option and incentive plans $ 885,757 $ 885,524 $ 832,845 Stock purchase plan 61,417 55,945 58,774 $ 947,174 $ 941,469 $ 891,619 Stock option and incentive plans: The Company’s Board of Directors adopted in January 2008, May 2008, 2008 (“2008 February 2010, May 2010, 2010 (“2010 February 2013, May 2013, 2013 (“2013 February 2016, May 2016, 2016 (“2016 250,000, 350,000, 350,000, 400,000 may The 2008 2010 2013 2016 December 31, 2016, 412,658 may 2016 The number and exercise price of options granted under the stock option plans are determined by the Committee at the time the option is granted. In no event can the exercise price be less than the value of the common stock at the date of the grant for incentive stock options. All options have a 10 3 7 A summary of the stock option plans as of December 31, 2016, 2015, 2014 December 31, 2016 2015 2014 Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding, beginning 623,176 $ 13.88 661,771 $ 13.89 662,506 $ 13.82 Granted 76,749 22.92 73,403 17.63 82,609 17.11 Exercised (111,423 ) 14.97 (79,638 ) 14.70 (23,659 ) 10.22 Forfeited (541 ) 18.36 (32,360 ) 20.69 (59,685 ) 19.02 Outstanding, ending 587,961 14.83 623,176 13.88 661,771 13.89 Exercisable, ending 385,372 405,832 420,429 Weighted average fair value per option of options granted during the period $ 7.31 $ 5.11 $ 5.68 A further summary of options outstanding as of December 31, 2016 Options Outstanding Weighted Options Exercisable Average Weighted Weighted Remaining Average Average Range of Number Contractual Exercise Number Exercise Exercise Prices Outstanding Life Price Exercisable Price $7.99 to $8.93 35,040 3.84 $ 8.18 35,040 $ 8.18 $9.00 to $9.30 160,707 3.82 9.22 147,200 9.22 $15.00 to $16.85 168,164 3.64 15.69 147,291 15.69 $17.10 to $18.00 145,551 7.56 17.25 55,341 17.25 $21.71 to $31.53 78,499 9.09 21.71 500 21.71 587,961 385,372 Stock purchase plan: The Company’s Board of Directors and its stockholders adopted in October 2002 May 2, 2012, January 1, 2016, 206,632 six 90% one $7,500. one 8% December 31, 2016, 2015, 2014. December 31, 2016, 2015, 2014 2016 2015 2014 Shares granted 18,711 23,408 24,811 Shares purchased 20,192 24,033 25,321 Weighted average fair value per share granted $ 3.28 $ 2.39 $ 2.37 |
Note 16 - Regulatory Capital Re
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16. 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 1 1 December 31, 2016 2015, Under the regulatory framework for prompt corrective action, to be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 1 1 December 31, 2016 2015 December 31, 2016 2015, Actual For Capital Adequacy Purposes With Capital Conservation Buffer* To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Company: Total risk-based capital $ 327,440 11.56 % $ 244,289 > 8.625 % $ 283,233 > 10.0 % Tier 1 risk-based capital 296,366 10.46 % 187,642 > 6.625 226,587 > 8.0 Tier 1 leverage 296,366 9.10 % 130,229 > 4.000 162,787 > 5.0 Common equity Tier 1 266,419 9.41 % 145,157 > 5.125 184,102 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 142,990 12.27 % $ 100,494 > 8.625 % $ 116,515 > 10.0 % Tier 1 risk-based capital 129,524 11.12 % 77,191 > 6.625 93,212 > 8.0 Tier 1 leverage 129,524 9.18 % 56,445 > 4.000 70,556 > 5.0 Common equity Tier 1 129,524 11.12 % 59,714 > 5.125 75,735 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 106,791 12.82 % $ 71,828 > 8.625 % $ 83,279 > 10.0 % Tier 1 risk-based capital 96,369 11.57 % 55,173 > 6.625 66,623 > 8.0 Tier 1 leverage 96,369 10.69 % 36,061 > 4.000 45,076 > 5.0 Common equity Tier 1 96,369 11.57 % 42,681 > 5.125 54,132 > 6.5 Community State Bank: Total risk-based capital $ 68,216 13.81 % $ 42,609 > 8.625 % $ 49,402 > 10.0 % Tier 1 risk-based capital 66,746 13.51 % 32,729 > 6.625 39,522 > 8.0 Tier 1 leverage 66,746 11.75 % 22,726 > 4.000 28,408 > 5.0 Common equity Tier 1 66,746 13.51 % 25,319 > 5.125 32,111 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 42,007 12.26 % $ 29,551 > 8.625 % $ 34,262 > 10.0 % Tier 1 risk-based capital 37,716 11.01 % 22,699 > 6.625 27,410 > 8.0 Tier 1 leverage 37,716 9.57 % 15,772 > 4.000 19,716 > 5.0 Common equity Tier 1 37,716 11.01 % 17,559 > 5.125 22,270 > 6.5 Actual For Capital Adequacy Purposes* To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015: Company: Total risk-based capital $ 280,273 13.11 % $ 170,969 > 8.0 % $ 213,711 > 10.0 % Tier 1 risk-based capital 253,891 11.88 % 128,227 > 6.0 170,969 > 8.0 Tier 1 leverage 253,891 9.75 % 104,163 > 4.0 130,203 > 5.0 Common equity Tier 1 220,800 10.33 % 96,170 > 4.5 138,912 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 135,477 12.50 % $ 86,726 > 8.0 % $ 108,407 > 10.0 % Tier 1 risk-based capital 123,498 11.39 % 65,044 > 6.0 86,726 > 8.0 Tier 1 leverage 123,498 8.87 % 55,718 > 4.0 69,648 > 5.0 Common equity Tier 1 123,498 11.39 % 48,783 > 4.5 70,465 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 105,285 14.39 % $ 58,537 > 8.0 % $ 73,172 > 10.0 % Tier 1 risk-based capital 96,118 13.14 % 43,903 > 6.0 58,537 > 8.0 Tier 1 leverage 96,118 10.96 % 35,079 > 4.0 43,848 > 5.0 Common equity Tier 1 96,118 13.14 % 32,927 > 4.5 47,562 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 38,544 11.96 % $ 25,772 > 8.0 % $ 32,216 > 10.0 % Tier 1 risk-based capital 34,514 10.71 % 19,329 > 6.0 25,772 > 8.0 Tier 1 leverage 34,514 9.59 % 14,401 > 4.0 18,001 > 5.0 Common equity Tier 1 34,514 10.71 % 14,497 > 4.5 20,940 > 6.5 *The minimums under Basel III phase in higher by .625% 1 2019. The fully phased-in minimums are 10.5% 8.5% 1 7.0% 1). December 31, 2015, first capital conservation buffer occurred in 2016. The Company’s ability to pay dividends to its stockholders may The payment of dividends by any financial institution or its holding company is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. Notwithstanding the availability of funds for dividends, however, the Federal Reserve may The Company also has certain contractual restrictions on its ability to pay dividends. The Company has issued junior subordinated debentures in four two may December 31, 2016 2015. On May 13, 2015, 3,680,000 $18.25 $63.5 The Company filed a universal shelf registration statement on Form S- 3 October 27, 2016, January 11, 2017. January 31, 2017, $100 $30.1 $100 second 2016 2 3 $100 |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 17. The following information was used in the computation of basic and diluted EPS for the years ended December 31, 2016, 2015, 2014: 2016 2015 2014 Net income $ 27,686,787 $ 16,927,881 $ 14,952,537 Less: Preferred stock dividends - - 1,081,877 Net income attributable to QCR Holdings, Inc. common stockholders $ 27,686,787 $ 16,927,881 $ 13,870,660 EPS attributable to QCR Holdings, Inc. common stockholders Basic $ 2.20 $ 1.64 $ 1.75 Diluted $ 2.17 $ 1.61 $ 1.72 Weighted average common shares outstanding* 12,570,767 10,345,286 7,925,220 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** 195,236 154,555 123,441 Weighted average common and common equivalent shares outstanding 12,766,003 10,499,841 8,048,661 *The increase in weighted average common shares outstanding from 2014 2015 16 2015 2016 2 **Excludes anti-dilutive shares of 17,739, 36,572, 124,983 December 31, 2016, 2015 2014, |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 18. In the normal course of business, the subsidiary banks make various commitments and incur certain contingent liabilities that are not presented in the accompanying consolidated financial statements. The commitments and contingent liabilities include various guarantees, commitments to extend credit, and standby letters of credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may may Standby letters of credit are conditional commitments issued by the subsidiary banks to guarantee the performance of a customer to a third one third December 31, 2016 2015, As of December 31, 2016 2015, $666,778,085 $480,475,033, December 31, 2016 2015, $15,697,469 $13,067,100, The Company has also executed contracts for the sale of mortgage loans in the secondary $1,135,500 $565,850 December 31, 2016 2015, Residential mortgage loans sold to investors in the secondary $916,900 $524,400 December 31, 2016 2015, secondary December 31, 2016, 2015, 2014. Aside from cash on-hand and in-vault, the majority of the Company's cash is maintained at upstream correspondent banks. The total amount of cash on deposit, certificates of deposit, and federal funds sold exceeded federal insured limits by approximately $135.6 $101.0 December 31, 2016 2015, In an arrangement with Goldman Sachs, CRBT offers a cash management program for select customers. Based on a predetermined minimum balance, which must be maintained in the account, excess funds are automatically swept daily to an institutional money market fund administered by Goldman Sachs. At December 31, 2016 2015, $117,985,224 $105,290,874, |
Note 19 - Quarterly Results of
Note 19 - Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 19. Year Ended December 31, 2016 March June September December 2016 2016 2016 2016 Total interest income $ 23,502,059 $ 23,913,284 $ 26,816,735 $ 32,235,657 Total interest expense 2,904,537 2,904,471 3,185,958 2,955,992 Net interest income 20,597,522 21,008,813 23,630,777 29,279,665 Provision for loan/lease losses 2,072,985 1,197,850 1,607,986 2,599,345 Noninterest income 6,822,473 6,762,401 10,423,401 7,028,600 Noninterest expense 16,954,498 17,743,753 24,480,483 22,307,178 Income before taxes 8,392,512 8,829,611 7,965,709 11,401,742 Federal and state income tax expense 2,019,023 2,153,144 1,858,208 2,872,412 Net income $ 6,373,489 $ 6,676,467 $ 6,107,501 $ 8,529,330 EPS: Basic $ 0.54 $ 0.54 $ 0.47 $ 0.65 Diluted $ 0.53 $ 0.53 $ 0.46 $ 0.64 Year Ended December 31, 2015 March June September December 2015 2015 2015 2015 Total interest income $ 21,901,730 $ 22,050,612 $ 23,141,112 $ 22,909,799 Total interest expense 4,119,513 3,559,776 3,003,586 3,023,654 Net interest income 17,782,217 18,490,836 20,137,526 19,886,145 Provision for loan/lease losses 1,710,456 2,348,665 1,635,263 1,176,516 Noninterest income 6,252,896 5,495,829 6,402,686 6,211,910 Noninterest expense 17,235,279 24,136,229 15,947,091 15,873,423 Income (loss) before taxes 5,089,378 (2,498,229 ) 8,957,858 9,048,116 Federal and state income tax expense (benefit) 911,489 (1,974,411 ) 2,468,871 2,263,293 Net income (loss) $ 4,177,889 $ (523,818 ) $ 6,488,987 $ 6,784,823 EPS: Basic $ 0.52 $ (0.05 ) $ 0.55 $ 0.58 Diluted $ 0.52 $ (0.05 ) $ 0.55 $ 0.57 |
Note 20 - Parent Company Only F
Note 20 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 20. The following is condensed financial information of QCR Holdings, Inc. (parent company only): Condensed Balance Sheets December 31, 2016 2015 2016 2015 Assets Cash and due from banks $ 6,929,755 $ 3,650,133 Interest-bearing deposits at financial institutions 651 701 Securities available for sale, at fair value 1,545,565 1,398,255 Investment in bank subsidiaries 345,866,288 256,709,890 Investment in nonbank subsidiaries 1,154,642 1,318,227 Premises and equipment, net 5,104,677 4,502,435 Other assets 15,245,521 12,797,292 Total assets $ 375,847,099 $ 280,376,933 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 35,000,000 $ - Junior subordinated debentures 33,480,202 38,499,052 Other liabilities 21,326,098 15,992,131 Total liabilities 89,806,300 54,491,183 Stockholders' Equity: Common stock 13,106,845 11,761,083 Additional paid-in capital 156,776,642 123,282,851 Retained earnings 118,616,901 92,965,645 Accumulated other comprehensive loss (2,459,589 ) (2,123,829 ) Total stockholders' equity 286,040,799 225,885,750 Total liabilities and stockholders' equity $ 375,847,099 $ 280,376,933 Condensed Statements of Income Years Ended December 31, 2016, 2015, 2014 2016 2015 2014 Total interest income $ 74,489 $ 69,774 $ 40,815 Equity in net income of bank subsidiaries 33,467,712 22,059,086 20,333,194 Equity in net income of nonbank subsidiaries 32,674 32,823 32,675 Securities gains 37,596 262,800 - Other (2,933 ) (4,436 ) 7,486 Total income 33,609,538 22,420,047 20,414,170 Interest expense 1,735,769 1,679,909 1,986,752 Salaries and employee benefits 4,607,887 4,847,507 4,671,719 Professional fees 949,442 1,121,094 1,100,714 Acquisition costs 1,713,602 - - Gains on debt extinguishment (1,200,000 ) (300,000 ) - Other 988,057 949,041 635,081 Total expenses 8,794,757 8,297,551 8,394,266 Income before income tax benefit 24,814,781 14,122,496 12,019,904 Income tax benefit 2,872,006 2,805,385 2,932,633 Net income $ 27,686,787 $ 16,927,881 $ 14,952,537 Condensed Statements of Cash Flows Years Ended December 31, 2016, 2015, 2014 2016 2015 2014 Cash Flows from Operating Activities: Net income $ 27,686,787 $ 16,927,881 $ 14,952,537 Adjustments to reconcile net income to net cash provided by operating activities: Earnings of bank subsidiaries (33,467,712 ) (22,059,086 ) (20,333,194 ) Earnings of nonbank subsidiaries (32,674 ) (32,823 ) (32,675 ) Distributions from bank subsidiaries 26,000,000 9,700,000 20,500,000 Distributions from nonbank subsidiaries 32,860 32,695 32,684 Accretion of acquisition fair value adjustments 136,150 137,317 133,905 Depreciation 222,256 174,757 100,158 Stock-based compensation expense 947,174 941,469 891,619 Securities gains, net (37,596 ) (262,801 ) - Gains on debt extinguishment (1,200,000 ) (300,000 ) - Decrease (increase) in other assets (2,346,253 ) (5,929,110 ) 1,912,597 (Decrease) increase in other liabilities 5,105,251 5,502,390 2,644,458 Net cash provided by operating activities 23,046,243 4,832,689 20,802,089 Cash Flows from Investing Activities: Net increase in interest-bearing deposits at financial institutions 50 189,426 (2,726 ) Activity in securities portfolio: Purchases (3,873,060 ) (1,764,137 ) (40,523 ) Calls, maturities and redemptions 3,800,000 1,772,719 71,429 Sales 132,738 489,828 - Capital infusion, bank subsidiaries - (45,600,000 ) - Net cash paid for Community State Bank acquisition (80,000,000 ) - - Purchase of premises and equipment (824,498 ) (1,517,157 ) (16,618 ) Net cash (used in) provided by investing activities (80,764,770 ) (46,429,321 ) 11,562 Cash Flows from Financing Activities: Activity in other borrowings: Proceeds from other borrowings 35,000,000 - 10,000,000 Calls, maturities and scheduled principal payments - (2,350,000 ) (2,359,207 ) Prepayments - (19,395,116 ) - Retirement of junior subordinated debentures (3,955,000 ) (1,762,000 ) - Payment of cash dividends on common and preferred stock (1,981,541 ) (782,054 ) (1,964,608 ) Net proceeds from common stock offering, 3,680,000 shares issued - 63,484,123 - Net proceeds from common stock offering, 1,215,000 shares issued 29,828,916 - - Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net - - (29,823,922 ) Proceeds from issuance of common stock, net 2,105,774 1,552,673 620,641 Net cash provided by (used in) financing activities 60,998,149 40,747,626 (23,527,096 ) Net increase (decrease) in cash and due from banks 3,279,622 (849,006 ) (2,713,445 ) Cash and due from banks: Beginning 3,650,133 4,499,139 7,212,584 Ending $ 6,929,755 $ 3,650,133 $ 4,499,139 |
Note 21 - Fair Value
Note 21 - Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 21. Accounting guidance on fair value measurements uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three three ● Level 1 ● Level 2 ● Level 3 Assets measured at fair value on a recurring basis comprised the following at December 31, 2016 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) December 31, 2016: Securities available for sale: U.S. govt. sponsored agency securities $ 46,083,607 $ - $ 46,083,607 $ - Residential mortgage-backed securities 147,702,127 - 147,702,127 - Municipal securities 52,604,426 - 52,604,426 - Other securities 4,722,979 1,361 4,721,618 - Interest rate caps 576,527 - 576,527 - Interest rate swaps - assets 2,338,281 - 2,338,281 Total assets measured at fair value $ 254,027,947 $ 1,361 $ 254,026,586 $ - Interest rate swaps - liabilities $ 2,338,281 $ - $ 2,338,281 $ - Total liabilities measured at fair value $ 2,338,281 $ - $ 2,338,281 $ - December 31, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 213,537,379 $ - $ 213,537,379 $ - Residential mortgage-backed securities 80,670,135 - 80,670,135 - Municipal securities 27,578,588 - 27,578,588 - Other securities 1,648,880 411 1,648,469 - 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, 3 December 31, 2016 2015. A small portion of the securities available for sale portfolio consists of common stock issued by various unrelated bank holding companies and mutual funds. The fair values used by the Company are obtained from an independent pricing service, which represent quoted market prices for the identical securities (Level 1 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 Interest rate caps are used for the purpose of hedging interest rate risk. See Note 7 2 Interest rate swaps are executed for select commercial customers. The interest rate swaps are further described in Note 1 2 Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets measured at fair value on a non-recurring basis comprised the following at December 31, 2016 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) December 31, 2016: Impaired loans/leases $ 12,823,121 $ - $ - $ 12,823,121 Other real estate owned 5,964,952 - - 5,964,952 $ 18,788,073 $ - $ - $ 18,788,073 December 31, 2015: Impaired loans/leases $ 4,545,966 $ - $ - $ 4,545,966 Other real estate owned 7,722,711 - - 7,722,711 $ 12,268,677 $ - $ - $ 12,268,677 Impaired loans/leases are evaluated and valued at the time the loan/lease is identified as impaired, at the lower of cost or fair value and are classified as a Level 3 may may Other real estate owned in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as a Level 3 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 Quantitative Information about Level Fair Value Measurements December 31, 2016 Fair Value December 31, 2015 Fair Value Valuation Technique Unobservable Input Range Impaired loans/leases $ 12,823,121 $ 4,545,966 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% Other real estate owned 5,964,952 7,722,711 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% For impaired loans/leases and other real estate owned, the Company records carrying value at fair value less disposal or selling costs. The amounts reported in the tables above are fair values before the adjustment for disposal or selling costs. There have been no changes in valuation techniques used for any assets measured at fair value during the years ended December 31, 2016 2015. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company’s consolidated balance sheet, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: Fair Value As of December 31, 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 $ 70,569,993 $ 70,569,993 $ 41,742,321 $ 41,742,321 Federal funds sold Level 2 22,257,000 22,257,000 19,850,000 19,850,000 Interest-bearing deposits at financial institutions Level 2 63,948,925 63,948,925 36,313,965 36,313,965 Investment securities: HTM Level 2 322,909,056 320,414,899 253,674,159 255,691,285 AFS See Previous Table 251,113,139 251,113,139 323,434,982 323,434,982 Loans/leases receivable, net Level 3 11,873,260 12,823,121 4,209,228 4,545,966 Loans/leases receivable, net Level 2 2,362,856,277 2,344,462,740 1,767,672,541 1,764,178,772 Interest rate caps Level 2 576,527 576,527 856,024 856,024 Interest rate swaps - assets Level 2 2,338,281 2,338,281 3,044,525 3,044,525 Deposits: Nonmaturity deposits Level 2 2,188,683,349 2,188,683,349 1,516,599,081 1,516,599,081 Time deposits Level 2 480,577,924 479,605,000 364,067,103 364,192,000 Short-term borrowings Level 2 39,971,387 39,971,387 144,662,716 144,662,716 FHLB advances Level 2 137,500,000 138,338,000 151,000,000 153,143,000 Other borrowings Level 2 80,000,000 81,282,000 110,000,000 116,061,000 Junior subordinated debentures Level 2 33,480,202 24,881,494 38,499,052 27,642,093 Interest rate swaps - liabilities Level 2 2,338,281 2,338,281 3,044,525 3,044,525 The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. For certain financial assets and liabilities, carrying value approximates fair value due to the nature of the financial instrument. These instruments include: cash and due from banks, federal funds sold, interest-bearing deposits at financial institutions, non-maturity deposits, and short-term borrowings. The Company used the following methods and assumptions in estimating the fair value of the following instruments: Securities held to maturity The fair values are estimated using pricing models that consider certain observable market data and some observable inputs, such as rate and term. Loans/leases receivable secondary Deposits FHLB advances and junior subordinated debentures Other borrowings Commitments to extend credit |
Note 22 - Business Segment Info
Note 22 - Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 22. 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 four secondary The Company’s Wealth Management segment represents trust and asset management and investment management and advisory services offered at the Company’s three The Company’s All Other segment includes the corporate operations of the parent and operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. Selected financial information on the Company's business segments, with all intercompany accounts and transactions eliminated, is presented as follows as of and for the years ended December 31, 2016, 2015, 2014: Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T Management All other Eliminations Total Twelve Months Ended December 31, 2016 Total revenue $ 59,442,052 $ 37,242,901 $ 11,408,277 $ 16,043,894 $ 9,156,948 $ 109,563 $ 4,100,975 $ 137,504,610 Net interest income 45,081,080 29,205,047 10,004,729 11,887,201 - (1,661,280 ) - 94,516,777 Provision for loan/lease losses 4,168,166 950,000 1,460,000 900,000 - - - 7,478,166 Net income 14,116,751 12,317,545 2,132,252 3,235,711 1,665,453 (5,780,925 ) - 27,686,787 Goodwill 3,222,688 - 9,888,225 - - - - 13,110,913 Core deposit intangible - 1,271,897 6,109,316 - - - - 7,381,213 Total assets 1,395,785,241 913,055,738 600,075,798 391,154,780 - 34,998,902 (33,126,711 ) 3,301,943,748 Twelve Months Ended December 31, 2015 Total revenue $ 52,914,705 $ 37,593,652 $ - $ 14,816,300 $ 9,103,173 $ 363,432 $ (424,688 ) $ 114,366,574 Net interest income 40,416,563 26,635,659 - 10,854,637 - (1,610,135 ) - 76,296,724 Provision for loan/lease losses 4,367,234 1,750,000 - 753,666 - - - 6,870,900 Net income 10,333,111 7,695,867 - 2,402,522 1,627,586 (5,131,205 ) - 16,927,881 Goodwill 3,222,688 - - - - - - 3,222,688 Core deposit intangible - 1,471,409 - - - - - 1,471,409 Total assets 1,336,571,694 866,872,406 - 367,471,639 - 27,605,704 (5,323,168 ) 2,593,198,275 Twelve Months Ended December 31, 2014 Total revenue $ 48,878,342 $ 35,972,996 $ - $ 14,286,757 $ 8,513,322 $ 80,978 $ (485,860 ) $ 107,246,535 Net interest income 36,539,635 24,215,815 - 10,261,615 - (1,945,937 ) - 69,071,128 Provision for loan/lease losses 3,800,667 1,855,333 - 1,151,000 - - - 6,807,000 Net income 9,065,183 7,562,252 - 2,149,676 1,556,082 (5,380,656 ) - 14,952,537 Goodwill 3,222,688 - - - - - - 3,222,688 Core deposit intangible - 1,670,921 - - - - - 1,670,921 Total assets 1,320,684,456 840,331,777 - 353,448,134 - 17,727,123 (7,233,390 ) 2,524,958,100 |
Note 23 - Acquisition of Noncon
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 23. m2 On August 27, 2012, m2 20% m2 $4,501,442. $2,133,417. 2015. two $1,653,755 September 11, 2012 $3,307,509 September 2015. 5% $2,847,687. $459,822 three $80,820 $155,716 December 31, 2015 2014, 2015 In conjunction with the purchase agreement, the Company also entered into an agreement with the Chief Executive Officer and former 20% m2, 20% m2 September 2012 August 2015 September 2015. $593,611 $701,634 December 31, 2015 2014, 2015 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Accounting estimates |
Consolidation, Policy [Policy Text Block] | Principles of consolidation six 11 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Presentation of cash flows Cash and due from banks $42,233,000 $30,532,000 December 31, 2016 2015, |
Marketable Securities, Policy [Policy Text Block] | Investment securities All securities are evaluated to determine whether declines in fair value below their amortized cost are other-than-temporary. In estimating OTTI losses on AFS debt securities, management considers a number of factors including, but not limited to, (1) (2) (3) (4) If the Company lacks the intent to sell the security, and it is not more-likely-than-not the entity will be required to sell the security before recovery of its amortized cost basis, the Company will recognize the credit component of an OTTI of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an OTTI recorded in other comprehensive income for the noncredit portion would be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. In estimating OTTI losses on AFS equity securities management considers factors (1), (2) (3) |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans receivable, held for sale secondary |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans receivable, held for investment The Company discloses allowance for credit losses (also known allowance) and fair value by portfolio segment, and credit quality information, impaired financing receivables, nonaccrual status, and TDRs by class of financing receivable. A portfolio segment is the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. A class of financing receivable is a further disaggregation of a portfolio segment based on risk characteristics and the Company’s method for monitoring and assessing credit risk. See the following information and Note 4. The Company’s portfolio segments are as follows: ● C&I ● CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a segment within the overall loan/lease portfolio. The Company’s classes of loans receivable are as follows: ● C&I ● Owner-occupied CRE ● Commercial construction, land development, and other land loans that are not owner-occupied CRE ● Other non-owner-occupied CRE ● Residential real estate ● Installment and other consumer Direct financing leases are considered a class of financing receivable within the overall loan/lease portfolio. The accounting policies for direct financing leases are disclosed below. Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 31 For all classes of loans receivable, loans will generally be placed on nonaccrual status when the loan has become 90 ● It becomes evident that the borrower will not make payments, or will not or cannot meet the terms for renewal of a matured loan; ● When full repayment of principal and interest is not expected; ● When the loan is graded “doubtful”; ● When the borrower files bankruptcy and an approved plan of reorganization or liquidation is not anticipated in the near future; or ● When foreclosure action is initiated. When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. Generally, cash collected on nonaccrual loans is applied to principal. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income. For all classes of loans receivable, nonaccrual loans may ● The loan is current, and all principal and interest amounts contractually due have been made; ● All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period; and ● There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms: o Six months of repayment performance for contractual monthly payments, or o One year of repayment performance for contractual quarterly or semi-annual payments. Direct finance leases receivable, held for investment 3% 25% Lease income is recognized on the interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends. The Company’s estimates are reviewed continuously to ensure reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review results in a lower estimate than had been previously established, a determination is made as to whether the decline in estimated residual value is other-than-temporary. If the decline in estimated unguaranteed residual value is judged to be other-than-temporary, the accounting for the transaction is revised using the changed estimate. The resulting reduction in the investment is recognized as a loss in the period in which the estimate is changed. An upward adjustment of the estimated residual value is not recorded. The policies for delinquency and nonaccrual for direct financing leases are materially consistent with those described above for all classes of loan receivables. The Company defers and amortizes fees and certain incremental direct costs over the contractual term of the lease as an adjustment to the yield. These initial direct leasing costs generally approximate 5.5% |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | TDRs The following criteria, related to granting a concession, together or separately, create a TDR: ● A modification of terms of a debt such as one o The reduction of the stated interest rate. o The extension of the maturity date or dates at a stated interest rate lower than the current market rate for the new debt with similar risk. o The reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. o The reduction of accrued interest. ● A transfer from the borrower/lessee to the Company of receivables from third ● The issuance or other granting of an equity position to the Company to fully or partially satisfy a debt unless the equity position is granted pursuant to existing terms for converting the debt into an equity position. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance For all portfolio segments, the allowance is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans/leases in light of historical experience, the nature and volume of the loan/lease portfolio, adverse situations that may A discussion of the risk characteristics and the allowance by each portfolio segment follows: For C&I loans ● Ability and stability of current management of the borrower; ● Stable earnings with positive financial trends; ● Sufficient cash flow to support debt repayment; ● Earnings projections based on reasonable assumptions; ● Financial strength of the industry and business; and ● Value and marketability of collateral. Collateral for C&I loans generally includes accounts receivable, inventory, equipment and real estate. The Company’s lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash. The Company’s lending policy specifies maximum term limits for C&I loans. For term loans, the maximum term is generally 7 3 5 365 In addition, the Company often takes personal guarantees or cosigners to help assure repayment. Loans may CRE loans may The Company’s lending policy also includes guidelines for real estate appraisals, including minimum appraisal standards based on certain transactions. In addition, the Company often takes personal guarantees to help assure repayment. In addition, management tracks the level of owner-occupied CRE loans versus non-owner occupied loans. Owner-occupied loans are generally considered to have less risk. As of December 31, 2016 2015, 30% 35%, The Company’s lending policy limits non-owner occupied CRE lending to 300% 100% December 31, 2016 2015, December 31, 2016, December 31, 2015. In some instances for all loans/leases, it may For C&I and CRE loans The specific component relates to loans that are classified as impaired, as defined below. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. For C&I loans and all classes of CRE loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. The general component consists of quantitative and qualitative factors and covers non-impaired loans. The quantitative factors are based on historical charge-off experience and expected loss given default derived from the Company’s internal risk rating process. See below for a detailed description of the Company’s internal risk rating scale. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. For C&I and CRE loans, the Company utilizes the following internal risk rating scale: 1. 2. 3. – loans with satisfactory credit quality. Established borrowers with satisfactory financial condition, including credit quality, earnings, liquidity, capital and cash flow coverage. Management is capable and experienced. Collateral coverage and guarantor support, if applicable, are more than adequate. Includes loans secured by personal assets and business assets, including equipment, accounts receivable, inventory, and real estate. 4. – loans with moderate but still acceptable credit quality. The primary repayment source remains adequate; however, management’s ability to maintain consistent profitability is unproven or uncertain. Borrowers exhibit acceptable leverage and liquidity. May 5. – loans where the borrowers have generally performed as agreed, however unfavorable financial trends exist or are anticipated. Earnings may may may secondary may 6. may one 7. – loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if applicable. These loans have a well-defined weakness or weaknesses which jeopardize repayment according to the contractual terms. There is distinct loss potential if the weaknesses are not corrected. Includes loans with insufficient cash flow coverage which are collateral dependent, other real estate owned, and repossessed assets. 8. – loans which have all the weaknesses inherent in a Substandard loan, with the added characteristic that existing weaknesses make full principal collection, on the basis of current facts, conditions and values, highly doubtful. The possibility of loss is extremely high, but because of pending factors, recognition of a loss is deferred until a more exact status can be determined. All doubtful loans will be placed on non-accrual, with all payments, including principal and interest, applied to principal reduction. The Company has certain loans risk-rated 7 7 450 20. 7 For term C&I and CRE loans or credit relationships with aggregate exposure greater than $1,000,000, 15 The Company’s Loan Quality area performs a documentation review of a sampling of C&I and CRE loans, the primary purpose of which is to ensure the credit is properly documented and closed in accordance with approval authorities and conditions. A review is also performed by the Company’s Internal Audit Department of a sampling of C&I and CRE loans for proper documentation, according to an approved schedule. Validation of the risk rating is also part of Internal Audit’s review (performed by Internal Loan Review). Additionally, over the past several years, the Company has contracted an independent outside third The Company leases machinery and equipment to C&I customers under direct financing leases For direct financing leases, the allowance consists of specific and general components. The specific component relates to leases that are classified as impaired, as defined for commercial loans above. For those leases that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired lease is lower than the carrying value of that lease. The general component consists of quantitative and qualitative factors and covers nonimpaired leases. The quantitative factors are based on historical charge-off experience for the entire lease portfolio. The qualitative factors are determined based on an assessment of internal and/or external influences on credit quality that are not fully reflected in the historical loss data. Generally, the Company’s residential real estate loans secondary one five 15 secondary The Company provides many types of installment and other consumer loans For residential real estate loans, and installment and other consumer loans TDRs are considered impaired loans/leases and are subject to the same allowance methodology as described above for impaired loans/leases by portfolio segment. Once a loan is classified as a TDR, it will remain a TDR until the loan is paid off, charged off, moved to OREO or restructured into a new note without a concession. TDR status may |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Credit related financial instruments |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets (1) (2) (3) ● Pro-rata ownership in an entire financial asset. ● From the date of the transfer, all cash flows received from entire financial assets are divided proportionately among the participating interest holders in an amount equal to their share of ownership. ● The rights of each participating interest holder have the same priority, and no participating interest holder’s interest is subordinated to the interest of another participating interest holder. That is, no participating interest holder is entitled to receive cash before any other participating interest holder under its contractual rights as a participating interest holder. ● No party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. |
Bankowned Life Insurance [Policy Text Block] | BOLI |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment |
Restricted Investment Securities [Policy Text Block] | Restricted investment securities |
Real Estate, Policy [Policy Text Block] | OREO |
Repossessed Assets [Policy Text Block] | Repossessed assets |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill $3,222,688 80% m2 August 2005. September 30, 2016, $9,888,225 2016. 2 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core deposit intangible 2 ten |
Swap Transactions Policy [Policy Text Block] | Swap transactions $1.7 $1.7 $155 December 31, 2016, 2015 2014, |
Derivatives, Policy [Policy Text Block] | Derivatives and hedging activities Derivative instruments represent contracts between parties that result in one one The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) secondary (2) Interest rate caps are valued by the transaction counterparty on a monthly basis and corroborated by a third 815, |
Stockholders' Equity, Policy [Policy Text Block] | Preferred stock 250,000 none December 31, 2016 2015. Treasury stock 2015. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation plans: As discussed in Note 15, December 31, 2016, 2015, 2014, $947,174, $941,469, $891,619, The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following assumptions for the indicated periods: 2016 2015 2014 Dividend yield .35% to .51% .37% to .46% .47% Expected volatility 29.32% to 29.37% 28.92% to 29.32% 29.07% to 29.18% Risk-free interest rate 1.73% to 2.18% 1.89% to 2.37% 2.69% to 2.82% Expected life of option grants (years) 6 6 6 Weighted-average grant date fair value $7.31 $5.11 $5.68 The Company also uses the Black-Scholes option pricing model to estimate the fair value of stock purchase grants with the following assumptions for the indicated periods: 2016 2015 2014 Dividend yield .33% to .59% .37% to .45% .46% to .47% Expected volatility 12.70% to 15.60% 8.81% to 13.10% 16.96% to 19.35% Risk-free interest rate .39% to .57% .09% to .16% .04% to .12% Expected life of purchase grants (months) 3 to 6 3 to 6 3 to 6 Weighted-average grant date fair value $3.28 $2.39 $2.37 The fair value is amortized on a straight-line basis over the vesting periods of the grants and will be adjusted for subsequent changes in estimated forfeitures. The expected dividend yield assumption is based on the Company's current expectations about its anticipated dividend policy. Expected volatility is based on historical volatility of the Company's common stock price. The risk-free interest rate for periods within the contractual life of the option or purchase is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the option and purchase grants is derived using the “simplified” method and represents the period of time that options and purchases are expected to be outstanding. Historical data is used to estimate forfeitures used in the model. Two separate groups of employees (employees subject to broad based grants, and executive employees and directors) are used. As of December 31, 2016, $828,178 2.07 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company's common stock for the 587,961 December 31, 2016. December 31, 2016 $16.7 $11.8 December 31, 2016, 2015 2014, $1,525,902, $480,354, $173,105, |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income taxes are provided under the liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income. |
Trust Assets [Policy Text Block] | Trust assets |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share 17 |
Reclassification, Policy [Policy Text Block] | Reclassifications |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements: In May 2014, 2014 09, Revenue from Contracts with Customers 2014 09 2014 09 2014 09 January 1, 2017, 2015 14 2014 09 January 1, 2018. 2014 09 In January 2016, 2016 01, Financial Instruments – Overall 2016 01 2016 01 December 15, 2017, In February 2016, 2016 02, Leases 2016 02, 2016 02. 2016 02 December 15, 2018, In March 2016, 2016 09, Compensation – Stock Compensation 2016 09 2016 09 December 15, 2016, In June 2016, 2016 13, Financial Instruments – Credit Losses 2016 13 December 15, 2019, may December 15, 2018, |
Note 1 - Nature of Business a34
Note 1 - Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Dividend yield .35% to .51% .37% to .46% .47% Expected volatility 29.32% to 29.37% 28.92% to 29.32% 29.07% to 29.18% Risk-free interest rate 1.73% to 2.18% 1.89% to 2.37% 2.69% to 2.82% Expected life of option grants (years) 6 6 6 Weighted-average grant date fair value $7.31 $5.11 $5.68 2016 2015 2014 Dividend yield .33% to .59% .37% to .45% .46% to .47% Expected volatility 12.70% to 15.60% 8.81% to 13.10% 16.96% to 19.35% Risk-free interest rate .39% to .57% .09% to .16% .04% to .12% Expected life of purchase grants (months) 3 to 6 3 to 6 3 to 6 Weighted-average grant date fair value $3.28 $2.39 $2.37 |
Note 2 - Acquisition of Commu35
Note 2 - Acquisition of Community State Bank and Common Stock Offering (Tables) | 12 Months Ended |
Dec. 31, 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 5,283,937 Total assets acquired $ 581,676,478 LIABILITIES Deposits $ 486,298,262 FHLB advances 20,368,877 Other liabilities 4,897,564 Total liabilities assumed $ 511,564,703 Net assets acquired $ 70,111,775 CONSIDERATION PAID: Cash $ 80,000,000 Total consideration paid $ 80,000,000 Goodwill $ 9,888,225 |
Business Combination, Purchased Loans as of The Acquisition Date [Table Text Block] | PCI Performing Loans Loans Total Contractually required principal payments $ 8,349,688 $ 427,398,400 $ 435,748,088 Nonaccretable discount (4,525,223 ) - (4,525,223 ) Principal cash flows expected to be collected $ 3,824,465 $ 427,398,400 $ 431,222,865 Accretable discount (277,579 ) (11,916,009 ) (12,193,588 ) Fair Value of acquired loans $ 3,546,886 $ 415,482,391 $ 419,029,277 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Table Text Block] | For the year ended December 31, 2016 PCI Performing Loans Loans Total Balance at the beginning of the period $ - $ - $ - Discount added at acquisition (277,579 ) (11,916,009 ) (12,193,588 ) Accretion recognized 83,273 2,800,395 2,883,668 Balance at the end of the period $ (194,306 ) $ (9,115,614 ) $ (9,309,920 ) |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2016 2015 Net interest income $ 110,035 $ 98,483 Noninterest income $ 34,773 $ 31,051 Net income $ 34,137 $ 22,118 Earnings per common share: Basic $ 2.62 $ 1.91 Diluted $ 2.58 $ 1.89 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value December 31, 2016: Securities held to maturity: Municipal securities $ 321,859,056 $ 2,200,577 $ (4,694,734 ) $ 319,364,899 Other securities 1,050,000 - - 1,050,000 $ 322,909,056 $ 2,200,577 $ (4,694,734 ) $ 320,414,899 Securities available for sale: U.S. govt. sponsored agency securities $ 46,281,306 $ 132,886 $ (330,585 ) $ 46,083,607 Residential mortgage-backed and related securities 150,465,222 174,993 (2,938,088 ) 147,702,127 Municipal securities 52,816,541 425,801 (637,916 ) 52,604,426 Other securities 4,046,332 703,978 (27,331 ) 4,722,979 $ 253,609,401 $ 1,437,658 $ (3,933,920 ) $ 251,113,139 December 31, 2015: Securities held to maturity: Municipal securities $ 252,624,159 $ 3,190,558 $ (1,173,432 ) $ 254,641,285 Other securities 1,050,000 - - 1,050,000 $ 253,674,159 $ 3,190,558 $ (1,173,432 ) $ 255,691,285 Securities available for sale: U.S. govt. sponsored agency securities $ 216,281,416 $ 104,524 $ (2,848,561 ) $ 213,537,379 Residential mortgage-backed and related securities 81,442,479 511,095 (1,283,439 ) 80,670,135 Municipal securities 26,764,981 872,985 (59,378 ) 27,578,588 Other securities 1,108,124 540,919 (163 ) 1,648,880 $ 325,597,000 $ 2,029,523 $ (4,191,541 ) $ 323,434,982 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2016: Securities held to maturity: Municipal securities $ 122,271,533 $ (4,076,647 ) $ 13,010,803 $ (618,087 ) $ 135,282,336 $ (4,694,734 ) Securities available for sale: U.S. govt. sponsored agency securities $ 21,788,139 $ (257,640 ) $ 5,499,012 $ (72,945 ) $ 27,287,151 $ (330,585 ) Residential mortgage-backed and related securities 121,506,582 (2,641,664 ) 7,437,615 (296,424 ) 128,944,197 (2,938,088 ) Municipal securities 34,152,822 (618,462 ) 338,099 (19,454 ) 34,490,921 (637,916 ) Other securities 3,177,414 (27,331 ) - - 3,177,414 (27,331 ) $ 180,624,957 $ (3,545,097 ) $ 13,274,726 $ (388,823 ) $ 193,899,683 $ (3,933,920 ) December 31, 2015: Securities held to maturity: Municipal securities $ 14,803,408 $ (294,438 ) $ 19,927,581 $ (878,994 ) $ 34,730,989 $ (1,173,432 ) Securities available for sale: U.S. govt. sponsored agency securities $ 112,900,327 $ (1,397,591 ) $ 64,476,661 $ (1,450,970 ) $ 177,376,988 $ (2,848,561 ) Residential mortgage-backed and related securities 40,356,921 (730,466 ) 19,836,637 (552,973 ) 60,193,558 (1,283,439 ) Municipal securities 2,220,800 (31,807 ) 848,329 (27,571 ) 3,069,129 (59,378 ) Other securities 411 (163 ) - - 411 (163 ) $ 155,478,459 $ (2,160,027 ) $ 85,161,627 $ (2,031,514 ) $ 240,640,086 $ (4,191,541 ) |
Realized Gain (Loss) on Investments [Table Text Block] | 2016 2015 2014 Proceeds from sales of securities $ 134,188,737 $ 81,410,368 $ 78,476,422 Gross gains from sales of securities 4,845,009 1,045,444 517,116 Gross losses from sales of securities (252,611 ) (246,461 ) (424,753 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Securities held to maturity: Due in one year or less $ 23,795,317 $ 23,816,249 Due after one year through five years 16,362,018 16,406,132 Due after five years 282,751,721 280,192,518 $ 322,909,056 $ 320,414,899 Securities available for sale: Due in one year or less $ 3,103,329 $ 3,102,013 Due after one year through five years 44,550,460 44,614,611 Due after five years 51,444,058 50,971,409 $ 99,097,847 $ 98,688,033 Residential mortgage-backed and related securities 150,465,222 147,702,127 Other securities 4,046,332 4,722,979 $ 253,609,401 $ 251,113,139 Amortized Cost Fair Value Securities held to maturity: Municipal securities $ 179,399,031 $ 176,447,494 Securities available for sale: U.S. govt. sponsored agency securities 5,058,440 5,083,493 Municipal securities 40,032,698 39,633,259 $ 45,091,138 $ 44,716,752 |
Schedule of Investment in Bond Securities [Table Text Block] | December 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 27 $ 32,258,612 $ 32,231,936 $ 1,193,775 Illinois 19 29,214,559 29,308,438 1,542,549 North Dakota 7 22,169,050 21,499,075 3,071,296 Missouri 14 8,291,192 8,323,245 594,518 Ohio 8 6,790,398 6,651,897 831,487 Other 41 18,481,496 18,458,044 450,196 Total general obligation bonds 116 $ 117,205,307 $ 116,472,635 $ 1,004,074 December 31, 2015: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 15 $ 19,974,939 $ 20,247,108 $ 1,349,807 Illinois 9 10,928,700 11,264,348 1,251,594 North Dakota 5 10,890,000 11,050,235 2,210,047 Missouri 12 7,924,800 7,986,856 665,571 Other 41 16,965,393 17,229,485 420,231 Total general obligation bonds 82 $ 66,683,832 $ 67,778,032 $ 826,561 December 31, 2016: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 47 $ 90,784,441 $ 89,664,013 $ 1,907,745 Iowa 31 70,788,393 71,142,393 2,294,916 Indiana 22 47,994,737 47,582,138 2,162,824 Kansas 6 13,476,366 13,427,491 2,237,915 North Dakota 4 8,089,067 7,796,381 1,949,095 Ohio 3 13,650,000 13,405,222 4,468,407 Other 7 12,687,286 12,479,052 1,782,722 Total revenue bonds 120 $ 257,470,290 $ 255,496,690 $ 2,129,139 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 4 - Loans Leases Receiva37
Note 4 - Loans Leases Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2016 2015 C&I loans $ 827,637,263 $ 648,159,892 CRE loans Owner-occupied CRE 332,387,621 252,523,164 Commercial construction, land development, and other land 165,149,491 49,083,844 Other non owner-occupied CRE 595,921,748 422,761,757 1,093,458,860 724,368,765 Direct financing leases * 165,419,360 173,655,605 Residential real estate loans ** 229,233,104 170,432,530 Installment and other consumer loans 81,665,695 73,669,493 2,397,414,282 1,790,286,285 Plus deferred loan/lease origination costs, net of fees 8,072,703 7,736,390 2,405,486,985 1,798,022,675 Less allowance (30,757,448 ) (26,140,906 ) $ 2,374,729,537 $ 1,771,881,769 * Direct financing leases: Net minimum lease payments to be received $ 184,274,802 $ 195,476,230 Estimated unguaranteed residual values of leased assets 1,085,154 1,165,706 Unearned lease/residual income (19,940,596 ) (22,986,331 ) 165,419,360 173,655,605 Plus deferred lease origination costs, net of fees 5,881,778 6,594,582 171,301,138 180,250,187 Less allowance (3,111,898 ) (3,395,088 ) $ 168,189,240 $ 176,855,099 |
Past Due Financing Receivables [Table Text Block] | 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 $ 821,637,507 $ 1,455,185 $ 10,551 $ 346,234 $ 4,187,786 $ 827,637,263 CRE Owner-Occupied CRE 331,812,571 - 242,902 - 332,148 332,387,621 Commercial Construction, Land Development, and Other Land 160,760,034 35,638 - - 4,353,819 165,149,491 Other Non Owner-Occupied CRE 594,384,926 100,673 - - 1,436,149 595,921,748 Direct Financing Leases 161,452,627 730,627 574,700 215,225 2,446,181 165,419,360 Residential Real Estate 227,023,552 473,478 365,581 294,854 1,075,639 229,233,104 Installment and Other Consumer 81,199,766 204,973 63,111 110,501 87,344 81,665,695 $ 2,378,270,983 $ 3,000,574 $ 1,256,845 $ 966,814 $ 13,919,066 $ 2,397,414,282 As a percentage of total loan/lease portfolio 99.20 % 0.13 % 0.05 % 0.04 % 0.58 % 100.00 % 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] | 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 $ 346,234 $ 4,187,786 $ 4,733,997 $ 9,268,017 43.65 % CRE Owner-Occupied CRE - 332,148 - 332,148 1.56 % Commercial Construction, Land Development, and Other Land - 4,353,819 - 4,353,819 20.51 % Other Non Owner-Occupied CRE - 1,436,149 - 1,436,149 6.77 % Direct Financing Leases 215,225 2,446,181 1,008,244 3,669,650 17.28 % Residential Real Estate 294,854 1,075,639 585,541 1,956,034 9.21 % Installment and Other Consumer 110,501 87,344 18,746 216,591 1.02 % $ 966,814 $ 13,919,066 $ 6,346,528 $ 21,232,408 100.00 % 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] | Year Ended December 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Provisions (credits) charged to expense 2,478,912 2,286,953 2,127,463 628,114 (43,276 ) 7,478,166 Loans/leases charged off (527,152 ) (24,304 ) (2,503,417 ) (76,820 ) (112,490 ) (3,244,183 ) Recoveries on loans/leases previously charged off 109,270 32,843 92,764 900 146,782 382,559 Balance, ending $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Year Ended December 31, 2015 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 Provisions charged to expense 1,470,526 3,080,611 1,688,031 430,087 201,645 6,870,900 Loans/leases charged off (453,782 ) (2,560,749 ) (1,788,772 ) (169,996 ) (251,838 ) (5,225,137 ) Recoveries on loans/leases previously charged off 633,504 501,869 136,429 4,107 144,869 1,420,778 Balance, ending $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Year Ended December 31, 2014 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 5,648,774 $ 10,705,434 $ 2,517,217 $ 1,395,849 $ 1,180,774 $ 21,448,048 Provisions (credits) charged to expense 4,297,253 (13,326 ) 2,278,132 251,030 (6,089 ) 6,807,000 Loans/leases charged off (1,475,885 ) (2,756,083 ) (1,504,181 ) (130,900 ) (268,656 ) (6,135,705 ) Recoveries on loans/leases previously charged off 363,690 417,361 68,232 9,973 95,766 955,022 Balance, ending $ 8,833,832 $ 8,353,386 $ 3,359,400 $ 1,525,952 $ 1,001,795 $ 23,074,365 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 1,771,537 $ 693,919 $ 848,919 $ 289,112 $ 39,481 $ 3,642,968 Allowance for nonimpaired loans/leases 10,773,573 10,976,690 2,262,979 2,053,232 1,048,006 27,114,480 $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Impaired loans/leases $ 8,936,451 $ 6,112,114 $ 3,256,264 $ 1,661,180 $ 106,090 $ 20,072,099 Nonimpaired loans/leases 818,700,812 1,087,346,746 162,163,096 227,571,924 81,559,605 2,377,342,183 $ 827,637,263 $ 1,093,458,860 $ 165,419,360 $ 229,233,104 $ 81,665,695 $ 2,397,414,282 Allowance as a percentage of impaired loans/leases 19.82 % 11.35 % 26.07 % 17.40 % 37.21 % 18.15 % Allowance as a percentage of nonimpaired loans/leases 1.32 % 1.01 % 1.40 % 0.90 % 1.28 % 1.14 % Total allowance as a percentage of total loans/leases 1.52 % 1.07 % 1.88 % 1.02 % 1.33 % 1.28 % 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] | 2016 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 $ 841,895 $ 951,600 $ - $ 2,858,343 $ 16,748 $ 16,748 CRE Owner-Occupied CRE - 93,774 - 312,242 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,196,549 1,196,549 - 1,322,654 - - Direct Financing Leases 1,690,121 1,690,121 - 1,731,982 43,461 43,461 Residential Real Estate 853,294 892,495 - 964,590 9,903 9,903 Installment and Other Consumer 55,734 55,734 - 321,175 4,475 4,475 $ 4,637,593 $ 4,880,273 $ - $ 7,510,986 $ 74,587 $ 74,587 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 8,094,556 $ 8,098,395 $ 1,771,537 $ 2,959,495 $ 17,742 $ 17,742 CRE Owner-Occupied CRE 322,148 322,148 57,398 385,269 - - Commercial Construction, Land Development, and Other Land 4,353,817 4,353,817 577,611 1,022,930 - - Other Non Owner-Occupied CRE 239,600 239,600 58,910 47,920 - - Direct Financing Leases 1,566,143 1,566,143 848,919 841,733 36,303 36,303 Residential Real Estate 807,886 882,018 289,112 573,211 11,675 11,675 Installment and Other Consumer 50,356 50,356 39,481 40,384 527 527 $ 15,434,506 $ 15,512,477 $ 3,642,968 $ 5,870,942 $ 66,247 $ 66,247 Total Impaired Loans/Leases: C&I $ 8,936,451 $ 9,049,995 $ 1,771,537 $ 5,817,838 $ 34,490 $ 34,490 CRE Owner-Occupied CRE 322,148 415,922 57,398 697,511 - - Commercial Construction, Land Development, and Other Land 4,353,817 4,353,817 577,611 1,022,930 - - Other Non Owner-Occupied CRE 1,436,149 1,436,149 58,910 1,370,574 - - Direct Financing Leases 3,256,264 3,256,264 848,919 2,573,715 79,764 79,764 Residential Real Estate 1,661,180 1,774,513 289,112 1,537,801 21,578 21,578 Installment and Other Consumer 106,090 106,090 39,481 361,559 5,002 5,002 $ 20,072,099 $ 20,392,750 $ 3,642,968 $ 13,381,928 $ 140,834 $ 140,834 2015 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 $ 234,636 $ 346,072 $ - $ 380,495 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land - 228,818 - 117,406 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 871,884 871,884 - 892,281 4,142 4,142 Residential Real Estate 613,486 649,064 - 1,047,001 3,929 3,929 Installment and Other Consumer 377,304 377,304 - 817,854 9,563 9,563 $ 3,932,541 $ 4,402,147 $ - $ 6,656,069 $ 25,070 $ 25,070 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 5,051,846 $ 5,055,685 $ 2,592,270 $ 4,811,046 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 193,804 205,804 76,934 195,986 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 829,457 829,457 306,193 474,458 - - Residential Real Estate 805,301 805,301 185,801 712,085 7,913 7,913 Installment and Other Consumer 210,438 210,438 143,089 189,539 5,693 5,693 $ 7,090,846 $ 7,106,685 $ 3,304,287 $ 6,383,114 $ 13,606 $ 13,606 Total Impaired Loans/Leases: C&I $ 5,286,482 $ 5,401,757 $ 2,592,270 $ 5,191,541 $ 7,436 $ 7,436 CRE Owner-Occupied CRE 256,761 350,535 - 447,144 - - Commercial Construction, Land Development, and Other Land 193,804 434,622 76,934 313,392 - - Other Non Owner-Occupied CRE 1,578,470 1,578,470 - 2,953,888 - - Direct Financing Leases 1,701,341 1,701,341 306,193 1,366,739 4,142 4,142 Residential Real Estate 1,418,787 1,454,365 185,801 1,759,086 11,842 11,842 Installment and Other Consumer 587,742 587,742 143,089 1,007,393 15,256 15,256 $ 11,023,387 $ 11,508,832 $ 3,304,287 $ 13,039,183 $ 38,676 $ 38,676 2014 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 246,308 $ 342,391 $ - $ 525,543 $ 7,599 $ 7,599 CRE Owner-Occupied CRE 67,415 163,638 - 548,464 - - Commercial Construction, Land Development, and Other Land 31,936 143,136 - 1,656,401 - - Other Non Owner-Occupied CRE 491,717 491,717 - 4,925,681 13,283 13,283 Direct Financing Leases 561,414 561,414 - 867,657 31,911 31,911 Residential Real Estate 1,060,770 1,060,770 - 1,269,213 3,032 3,032 Installment and Other Consumer 613,804 813,804 - 893,971 - - $ 3,073,364 $ 3,576,870 $ - $ 10,686,930 $ 55,825 $ 55,825 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 7,033,401 $ 8,190,495 $ 3,300,199 $ 3,159,985 $ 14,837 $ 14,837 CRE Owner-Occupied CRE 620,896 620,896 4,462 316,743 - - Commercial Construction, Land Development, and Other Land 337,076 577,894 12,087 528,564 - - Other Non Owner-Occupied CRE 5,884,343 6,583,934 1,153,471 4,240,000 - - Direct Financing Leases 777,858 777,858 356,996 514,144 - - Residential Real Estate 727,958 763,537 151,663 538,678 2,967 2,967 Installment and Other Consumer 494,229 494,229 265,795 386,009 3,564 3,564 $ 15,875,761 $ 18,008,843 $ 5,244,673 $ 9,684,123 $ 21,368 $ 21,368 Total Impaired Loans/Leases: C&I $ 7,279,709 $ 8,532,886 $ 3,300,199 $ 3,685,528 $ 22,436 $ 22,436 CRE Owner-Occupied CRE 688,311 784,534 4,462 865,207 - - Commercial Construction, Land Development, and Other Land 369,012 721,030 12,087 2,184,965 - - Other Non Owner-Occupied CRE 6,376,060 7,075,651 1,153,471 9,165,681 13,283 13,283 Direct Financing Leases 1,339,272 1,339,272 356,996 1,381,801 31,911 31,911 Residential Real Estate 1,788,728 1,824,307 151,663 1,807,891 5,999 5,999 Installment and Other Consumer 1,108,033 1,308,033 265,795 1,279,980 3,564 3,564 $ 18,949,125 $ 21,585,713 $ 5,244,673 $ 20,371,053 $ 77,193 $ 77,193 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 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) $ 796,568,451 $ 314,447,662 $ 158,108,465 $ 582,854,048 $ 1,851,978,626 96.40 % Special Mention (Rating 6) 6,305,772 7,559,380 1,780,000 4,437,122 20,082,274 1.05 % Substandard (Rating 7) 24,763,040 10,380,369 5,261,026 8,630,578 49,035,013 2.55 % Doubtful (Rating 8) - 210 - - 210 0.00 % $ 827,637,263 $ 332,387,621 $ 165,149,491 $ 595,921,748 $ 1,921,096,123 100.00 % 2015 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE Total As a % of Total Pass (Ratings 1 through 5) $ 616,200,797 $ 238,119,608 $ 46,929,876 $ 406,027,442 $ 1,307,277,723 95.24 % Special Mention (Rating 6) 18,031,845 8,630,658 1,780,000 8,846,286 37,288,789 2.72 % Substandard (Rating 7) 13,927,250 5,772,898 373,968 7,888,029 27,962,145 2.04 % Doubtful (Rating 8) - - - - - 0.00 % $ 648,159,892 $ 252,523,164 $ 49,083,844 $ 422,761,757 $ 1,372,528,657 100.00 % |
Financing Receivable Credit Quality Indicators Performance Status [Table Text Block] | 2016 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 161,749,710 $ 227,277,070 $ 81,449,104 $ 470,475,884 98.77 % Nonperforming 3,669,650 1,956,034 216,591 5,842,275 1.23 % $ 165,419,360 $ 229,233,104 $ 81,665,695 $ 476,318,159 100.00 % 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 $ 414,046,913 99.11 % Nonperforming 1,704,184 1,418,787 587,742 3,710,715 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] | 2016 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity C&I 3 $ 247,476 $ 247,476 $ 60,767 Direct Financing Leases 4 410,653 410,653 38,476 Residential Real Estate 1 277,092 277,092 187,492 8 $ 935,221 $ 935,221 $ 286,735 CONCESSION - Significant Payment Delay C&I 7 $ 4,562,427 $ 4,562,427 $ 813,041 Direct Financing Leases 13 1,149,493 1,149,493 125,940 20 $ 5,711,920 $ 5,711,920 $ 938,981 CONCESSION - Interest Rate Adjusted Below Market CRE - Other 1 $ 1,233,740 $ 1,233,740 $ - 1 $ 1,233,740 $ 1,233,740 $ - TOTAL 29 $ 7,880,881 $ 7,880,881 $ 1,225,716 2015 Classes of Loans/Leases Number of Loans/Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Interest rate adjusted below market Installment and Other Consumer 2 $ 37,979 $ 37,979 $ 12,013 2 $ 37,979 $ 37,979 $ 12,013 TOTAL 2 $ 37,979 $ 37,979 $ 12,013 |
Schedule of Related Party Transactions [Table Text Block] | 2016 2015 2014 Balance, beginning $ 42,012,313 $ 42,469,111 $ 39,192,966 Net increase (decrease) due to change in related parties 19,945,960 (3,606,418 ) 1,040,278 Advances 4,806,616 19,040,675 13,284,475 Repayments (5,155,913 ) (15,891,055 ) (11,048,608 ) Balance, ending $ 61,608,976 $ 42,012,313 $ 42,469,111 |
Schedule of Loan Concentration by Industry Segment [Table Text Block] | 2016 2015 Industry Name Balance Percentage of Total Loans/Leases Balance Percentage of Total Loans/Leases Lessors of Non-Residential Buildings $ 359,040,649 15 % $ 311,138,005 17 % Lessors of Residential Buildings 166,036,201 7 % 91,811,101 5 % Nonresidential Property Managers 76,504,076 3 % 10,500,305 1 % Bank Holding Companies 66,069,612 3 % 55,840,984 3 % |
Note 5 - Premises and Equipme38
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Land $ 12,936,223 $ 6,655,796 Buildings (useful lives 15 to 50 years) 51,546,499 34,615,006 Furniture and equipment (useful lives 3 to 10 years) 28,458,946 24,953,570 Premises and equipment 92,941,668 66,224,372 Less accumulated depreciation 32,298,160 28,874,020 Premises and equipment, net $ 60,643,508 $ 37,350,352 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31: 2017 226,283 2018 226,643 2019 162,833 $ 615,759 |
Note 6 - Goodwill and Intangi39
Note 6 - Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2016 2015 Balance at the beginning of period $ 3,222,688 $ 3,222,688 Goodwill from acquisition of CSB 9,888,225 - Balance at the end of period $ 13,110,913 $ 3,222,688 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2016 2015 Balance at the beginning of the period $ 1,471,409 $ 1,670,921 Core deposit intangibles from acquisition of CSB 6,352,653 - Amortization expense (442,849 ) (199,512 ) Balance at the end of the period $ 7,381,213 $ 1,471,409 Gross carrying amount $ 8,347,780 $ 1,995,127 Accumulated amortization (966,567 ) (523,718 ) Net book value $ 7,381,213 $ 1,471,409 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, Amount 2017 $ 923,467 2018 910,263 2019 893,886 2020 874,331 2021 851,600 Thereafter 2,927,666 $ 7,381,213 |
Note 7 - Derivatives and Hedg40
Note 7 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Effective Date Maturity Date Balance Sheet Location Notional Amount Accounting Treatment December 31, 2016 Fair Value December 31, 2015 Fair Value June 5, 2014 June 5, 2019 Other Assets $ 15,000,000 Cash Flow Hedging $ 179,939 $ 321,112 June 5, 2014 June 5, 2021 Other Assets 15,000,000 Cash Flow Hedging 396,588 534,912 $ 30,000,000 $ 576,527 $ 856,024 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2016 December 31, 2015 Unrealized loss at beginning of period, net of tax $ (799,421 ) $ (399,367 ) Amount reclassified from accumulated other comprehensive income to noninterest income related to hedge ineffectiveness (76,797 ) (156 ) Amount reclassified from accumulated other comprehensive income to interest expense related to caplet amortization 152,087 16,051 Amount of loss recognized in other comprehensive income, net of tax (208,025 ) (415,949 ) Unrealized loss at end of period, net of tax $ (932,156 ) $ (799,421 ) |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Maturities of Certificates of Deposit [Table Text Block] | Year ending December 31: 2017 $ 367,576,999 2018 61,637,914 2019 33,529,173 2020 11,294,524 2021 6,539,314 $ 480,577,924 |
Note 9 - Short-term Borrowings
Note 9 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | 2016 2015 Overnight repurchase agreements with customers $ 8,131,387 $ 73,872,716 Federal funds purchased 31,840,000 70,790,000 $ 39,971,387 $ 144,662,716 |
Schedule of Repurchase Agreements [Table Text Block] | 2016 2015 Average daily balance during the period $ 30,082,866 $ 121,186,231 Average daily interest rate during the period 0.07 % 0.11 % Maximum month-end balance during the period $ 59,833,229 $ 159,407,193 Weighted average rate as of end of period 0.02 % 0.11 % 2016 2015 Average daily balance during the period $ 19,105,595 $ 32,826,489 Average daily interest rate during the period 0.56 % 0.41 % Maximum month-end balance during the period $ 51,750,000 $ 126,220,000 Weighted average rate as of end of period 0.70 % 0.57 % |
Securities Sold under Agreements to Repurchase [Member] | |
Notes Tables | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | 2016 2015 U.S. govt. sponsored agency securities $ 630,077 $ 29,499,803 Residential mortgage-backed and related securities 19,090,261 65,888,911 Total securities pledged to overnight customer repurchase agreements $ 19,720,338 $ 95,388,714 Less: overcollateralized position 11,588,951 21,515,998 $ 8,131,387 $ 73,872,716 |
Note 10 - FHLB Advances (Tables
Note 10 - FHLB Advances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2016 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: 2017 $ 112,500,000 0.78 % $ - - 2018 25,000,000 3.35 - - Total FHLB advances $ 137,500,000 1.25 % $ - - 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 Prepayments of Federal Home Loan Bank Advances [Table Text Block] | 2016 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees First Quarter of 2016 $ 10,000,000 3.86 % December 2017 $ 524,197 Third Quarter of 2016 5,000,000 2.84 % February 2018 127,310 Fourth Quarter of 2016 15,000,000 3.14 % September 2017 to November 2017 357,161 Total for 2016 $ 30,000,000 3.33 % $ 1,008,668 2015 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees Second Quarter of 2015 $ 75,500,000 4.36 % May 2016 to June 2019 $ 5,692,185 Fourth Quarter of 2015 3,000,000 3.98 % May 2018 209,416 Total for 2015 $ 78,500,000 4.35 % $ 5,901,601 |
Note 11 - Other Borrowings an44
Note 11 - Other Borrowings and Unused Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 2016 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] | 2016 2015 U.S. govt. sponsored agency securities $ 20,798,703 $ 129,824,128 Residential mortgage-backed and related securities 31,321,028 - Total securities pledged to wholesale customer repurchase agreements $ 52,119,731 $ 129,824,128 Less: overcollateralized position 7,119,731 19,824,128 $ 45,000,000 $ 110,000,000 |
Schedule of Prepayments of Debt [Table Text Block] | 2016 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees First Quarter of 2016 $ 10,000,000 3.97 % July 2018 $ 759,000 Third Quarter 2016 55,000,000 3.27 % February 2019 to September 2020 4,010,000 Total for 2016 $ 65,000,000 3.38 % $ 4,769,000 2015 Date of Restructuring Amount Weighted Average Interest Rate Range of Maturity Dates Prepayment Fees Second Quarter of 2015 $ 10,000,000 4.40 % May 2019 $ 1,202,000 Fourth Quarter of 2015 5,000,000 3.46 % May 2019 382,000 Total for 2015 $ 15,000,000 4.09 % $ 1,584,000 |
Schedule of Line of Credit Facilities [Table Text Block] | December 31, 2016 December 31, 2015 Weighted Weighted Average Average Interest Rate Interest Rate Amount Due at Year-End Amount Due at Year-End Maturity: Year ending December 31: 2017 $ 10,000,000 3.00 % $ 10,000,000 3.00 % 2018 - 0.00 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 2.81 % $ 110,000,000 3.11 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2016 2017 6,000,000 2018 6,000,000 2019 6,000,000 2020 6,000,000 2021 6,000,000 $ 30,000,000 |
Whole sale Repurchase Agreements [Member] | |
Notes Tables | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | 2016 2015 Secured $ 34,409,192 $ 14,601,432 Unsecured 347,000,000 332,000,000 $ 381,409,192 $ 346,601,432 |
Note 12 - Junior Subordinated45
Note 12 - Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | 2016 2015 Note Payable to QCR Holdings Capital Trust II $ 10,310,000 $ 10,310,000 Note Payable to QCR Holdings Capital Trust III 8,248,000 8,248,000 Note Payable to QCR Holdings Capital Trust IV - 5,155,000 Note Payable to QCR Holdings Capital Trust V 10,310,000 10,310,000 Note Payable to Community National Trust II 3,093,000 3,093,000 Note Payable to Community National Trust III 3,609,000 3,609,000 Market Value Discount per ASC 805* (2,089,798 ) (2,225,948 ) $ 33,480,202 $ 38,499,052 |
Investments in and Advances to Affiliates [Table Text Block] | Name Date Issued Amount Outstanding December 31, 2016 Amount Outstanding December 31, 2015 Interest Rate Interest Rate as of December 31, 2016 Interest Rate as of December 31, 2015 QCR Holdings Statutory Trust II* February 2004 $ 10,310,000 $ 10,310,000 2.85% over 3-month LIBOR 3.85% 3.18% QCR Holdings Statutory Trust III February 2004 8,248,000 8,248,000 2.85% over 3-month LIBOR 3.85% 3.18% QCR Holdings Statutory Trust IV May 2005 - 5,155,000 1.80% over 3-month LIBOR N/A 2.12% QCR Holdings Statutory Trust V February 2006 10,310,000 10,310,000 1.55% over 3-month LIBOR 2.43% 1.87% Community National Statutory Trust II September 2004 3,093,000 3,093,000 2.17% over 3-month LIBOR 3.17% 2.74% Community National Statutory Trust III March 2007 3,609,000 3,609,000 1.75% over 3-month LIBOR 2.71% 2.26% $ 35,570,000 $ 40,725,000 Weighted Average Rate 3.26% 2.60% |
Note 13 - Federal and State I46
Note 13 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Current $ 11,969,194 $ 5,673,774 $ 4,203,979 Deferred (3,066,407 ) (2,004,532 ) (1,165,009 ) $ 8,902,787 $ 3,669,242 $ 3,038,970 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2016 2015 2014 % of % of % of Pretax Pretax Pretax Amount Income Amount Income Amount Income Computed "expected" tax expense $ 12,806,351 35.0 % $ 7,208,993 35.0 % $ 6,297,027 35.0 % Effect of graduated tax rates (250,013 ) (0.7 ) (76,973 ) (0.4 ) (79,529 ) (0.4 ) Tax exempt income, net (4,343,270 ) (11.9 ) (3,461,438 ) (16.8 ) (2,646,275 ) (14.7 ) Bank-owned life insurance (619,988 ) (1.7 ) (616,737 ) (3.0 ) (585,312 ) (3.3 ) State income taxes, net of federal benefit, current year 1,245,524 3.4 767,557 3.7 497,068 2.8 Change in unrecognized tax benefits 121,008 0.3 223,668 1.1 (55,728 ) (0.3 ) Acquisition costs 176,050 0.5 - - - - Other (232,875 ) (0.6 ) (375,828 ) (1.8 ) (388,281 ) (2.1 ) $ 8,902,787 24.3 % $ 3,669,242 17.8 % $ 3,038,970 17.0 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 Balance, beginning $ 1,225,959 $ 1,002,291 Impact of tax positions taken during current year 319,047 468,055 Gross increase related to tax positions of prior years 17,789 16,965 Reduction as a result of a lapse of the applicable statute of limitations (215,828 ) (261,352 ) Balance, ending $ 1,346,967 $ 1,225,959 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets: Alternative minimum tax credits $ 6,513,502 $ 5,475,062 New markets tax credits 1,797,587 2,700,000 Net unrealized losses on securities available for sale and derivative instruments 1,470,759 1,268,068 Compensation 8,737,976 8,687,856 Loan/lease losses 10,479,227 8,802,271 Net operating loss carryforwards, federal and state 1,879,746 2,069,093 Other 247,594 452,854 31,126,391 29,455,204 Deferred tax liabilities: Premises and equipment 4,899,107 1,173,966 Equipment financing leases 22,050,540 25,059,159 Acquisition fair value adjustments 1,336,338 1,755,874 Investment accretion 46,581 44,462 Deferred loan origination fees, net 261,915 137,461 Other 456,219 678,227 29,050,700 28,849,149 Net deferred tax asset $ 2,075,691 $ 606,055 |
Deferred Taxes in Financial Statements [Table Text Block] | 2016 2015 2014 Provision for income taxes $ (3,066,407 ) $ (2,004,532 ) $ (1,165,009 ) Net deferred tax asset acquired from CSB (3,310,553 ) - - Net deferred tax asset resulting from market value adjustments of acquisition of CSB 5,110,015 - - Statement of stockholders' equity- Accumulated other comprehensive income (loss) (202,691 ) (81,524 ) 7,281,574 $ (1,469,636 ) $ (2,086,056 ) $ 6,116,565 |
Note 14 - Employee Benefit Pl47
Note 14 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | 2016 2015 2014 Matching contribution $ 1,365,111 $ 1,314,276 $ 1,179,979 Discretionary contribution - - 198,800 $ 1,365,111 $ 1,314,276 $ 1,378,779 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 2016 2015 2014 Balance, beginning $ 8,875,025 $ 7,503,692 $ 6,224,368 Company expense 832,974 726,001 661,611 Employee deferrals 744,168 693,656 628,589 Cash payments made (62,841 ) (48,324 ) (10,876 ) Balance, ending $ 10,389,326 $ 8,875,025 $ 7,503,692 |
Note 15 - Stock-based Compens48
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 2016 2015 2014 Stock option and incentive plans $ 885,757 $ 885,524 $ 832,845 Stock purchase plan 61,417 55,945 58,774 $ 947,174 $ 941,469 $ 891,619 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | December 31, 2016 2015 2014 Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding, beginning 623,176 $ 13.88 661,771 $ 13.89 662,506 $ 13.82 Granted 76,749 22.92 73,403 17.63 82,609 17.11 Exercised (111,423 ) 14.97 (79,638 ) 14.70 (23,659 ) 10.22 Forfeited (541 ) 18.36 (32,360 ) 20.69 (59,685 ) 19.02 Outstanding, ending 587,961 14.83 623,176 13.88 661,771 13.89 Exercisable, ending 385,372 405,832 420,429 Weighted average fair value per option of options granted during the period $ 7.31 $ 5.11 $ 5.68 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Weighted Options Exercisable Average Weighted Weighted Remaining Average Average Range of Number Contractual Exercise Number Exercise Exercise Prices Outstanding Life Price Exercisable Price $7.99 to $8.93 35,040 3.84 $ 8.18 35,040 $ 8.18 $9.00 to $9.30 160,707 3.82 9.22 147,200 9.22 $15.00 to $16.85 168,164 3.64 15.69 147,291 15.69 $17.10 to $18.00 145,551 7.56 17.25 55,341 17.25 $21.71 to $31.53 78,499 9.09 21.71 500 21.71 587,961 385,372 |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | 2016 2015 2014 Shares granted 18,711 23,408 24,811 Shares purchased 20,192 24,033 25,321 Weighted average fair value per share granted $ 3.28 $ 2.39 $ 2.37 |
Note 16 - Regulatory Capital 49
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes With Capital Conservation Buffer* To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Company: Total risk-based capital $ 327,440 11.56 % $ 244,289 > 8.625 % $ 283,233 > 10.0 % Tier 1 risk-based capital 296,366 10.46 % 187,642 > 6.625 226,587 > 8.0 Tier 1 leverage 296,366 9.10 % 130,229 > 4.000 162,787 > 5.0 Common equity Tier 1 266,419 9.41 % 145,157 > 5.125 184,102 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 142,990 12.27 % $ 100,494 > 8.625 % $ 116,515 > 10.0 % Tier 1 risk-based capital 129,524 11.12 % 77,191 > 6.625 93,212 > 8.0 Tier 1 leverage 129,524 9.18 % 56,445 > 4.000 70,556 > 5.0 Common equity Tier 1 129,524 11.12 % 59,714 > 5.125 75,735 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 106,791 12.82 % $ 71,828 > 8.625 % $ 83,279 > 10.0 % Tier 1 risk-based capital 96,369 11.57 % 55,173 > 6.625 66,623 > 8.0 Tier 1 leverage 96,369 10.69 % 36,061 > 4.000 45,076 > 5.0 Common equity Tier 1 96,369 11.57 % 42,681 > 5.125 54,132 > 6.5 Community State Bank: Total risk-based capital $ 68,216 13.81 % $ 42,609 > 8.625 % $ 49,402 > 10.0 % Tier 1 risk-based capital 66,746 13.51 % 32,729 > 6.625 39,522 > 8.0 Tier 1 leverage 66,746 11.75 % 22,726 > 4.000 28,408 > 5.0 Common equity Tier 1 66,746 13.51 % 25,319 > 5.125 32,111 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 42,007 12.26 % $ 29,551 > 8.625 % $ 34,262 > 10.0 % Tier 1 risk-based capital 37,716 11.01 % 22,699 > 6.625 27,410 > 8.0 Tier 1 leverage 37,716 9.57 % 15,772 > 4.000 19,716 > 5.0 Common equity Tier 1 37,716 11.01 % 17,559 > 5.125 22,270 > 6.5 Actual For Capital Adequacy Purposes* To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015: Company: Total risk-based capital $ 280,273 13.11 % $ 170,969 > 8.0 % $ 213,711 > 10.0 % Tier 1 risk-based capital 253,891 11.88 % 128,227 > 6.0 170,969 > 8.0 Tier 1 leverage 253,891 9.75 % 104,163 > 4.0 130,203 > 5.0 Common equity Tier 1 220,800 10.33 % 96,170 > 4.5 138,912 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 135,477 12.50 % $ 86,726 > 8.0 % $ 108,407 > 10.0 % Tier 1 risk-based capital 123,498 11.39 % 65,044 > 6.0 86,726 > 8.0 Tier 1 leverage 123,498 8.87 % 55,718 > 4.0 69,648 > 5.0 Common equity Tier 1 123,498 11.39 % 48,783 > 4.5 70,465 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 105,285 14.39 % $ 58,537 > 8.0 % $ 73,172 > 10.0 % Tier 1 risk-based capital 96,118 13.14 % 43,903 > 6.0 58,537 > 8.0 Tier 1 leverage 96,118 10.96 % 35,079 > 4.0 43,848 > 5.0 Common equity Tier 1 96,118 13.14 % 32,927 > 4.5 47,562 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 38,544 11.96 % $ 25,772 > 8.0 % $ 32,216 > 10.0 % Tier 1 risk-based capital 34,514 10.71 % 19,329 > 6.0 25,772 > 8.0 Tier 1 leverage 34,514 9.59 % 14,401 > 4.0 18,001 > 5.0 Common equity Tier 1 34,514 10.71 % 14,497 > 4.5 20,940 > 6.5 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Net income $ 27,686,787 $ 16,927,881 $ 14,952,537 Less: Preferred stock dividends - - 1,081,877 Net income attributable to QCR Holdings, Inc. common stockholders $ 27,686,787 $ 16,927,881 $ 13,870,660 EPS attributable to QCR Holdings, Inc. common stockholders Basic $ 2.20 $ 1.64 $ 1.75 Diluted $ 2.17 $ 1.61 $ 1.72 Weighted average common shares outstanding* 12,570,767 10,345,286 7,925,220 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** 195,236 154,555 123,441 Weighted average common and common equivalent shares outstanding 12,766,003 10,499,841 8,048,661 |
Note 19 - Quarterly Results o51
Note 19 - Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2016 March June September December 2016 2016 2016 2016 Total interest income $ 23,502,059 $ 23,913,284 $ 26,816,735 $ 32,235,657 Total interest expense 2,904,537 2,904,471 3,185,958 2,955,992 Net interest income 20,597,522 21,008,813 23,630,777 29,279,665 Provision for loan/lease losses 2,072,985 1,197,850 1,607,986 2,599,345 Noninterest income 6,822,473 6,762,401 10,423,401 7,028,600 Noninterest expense 16,954,498 17,743,753 24,480,483 22,307,178 Income before taxes 8,392,512 8,829,611 7,965,709 11,401,742 Federal and state income tax expense 2,019,023 2,153,144 1,858,208 2,872,412 Net income $ 6,373,489 $ 6,676,467 $ 6,107,501 $ 8,529,330 EPS: Basic $ 0.54 $ 0.54 $ 0.47 $ 0.65 Diluted $ 0.53 $ 0.53 $ 0.46 $ 0.64 Year Ended December 31, 2015 March June September December 2015 2015 2015 2015 Total interest income $ 21,901,730 $ 22,050,612 $ 23,141,112 $ 22,909,799 Total interest expense 4,119,513 3,559,776 3,003,586 3,023,654 Net interest income 17,782,217 18,490,836 20,137,526 19,886,145 Provision for loan/lease losses 1,710,456 2,348,665 1,635,263 1,176,516 Noninterest income 6,252,896 5,495,829 6,402,686 6,211,910 Noninterest expense 17,235,279 24,136,229 15,947,091 15,873,423 Income (loss) before taxes 5,089,378 (2,498,229 ) 8,957,858 9,048,116 Federal and state income tax expense (benefit) 911,489 (1,974,411 ) 2,468,871 2,263,293 Net income (loss) $ 4,177,889 $ (523,818 ) $ 6,488,987 $ 6,784,823 EPS: Basic $ 0.52 $ (0.05 ) $ 0.55 $ 0.58 Diluted $ 0.52 $ (0.05 ) $ 0.55 $ 0.57 |
Note 20 - Parent Company Only52
Note 20 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2016 2015 Assets Cash and due from banks $ 6,929,755 $ 3,650,133 Interest-bearing deposits at financial institutions 651 701 Securities available for sale, at fair value 1,545,565 1,398,255 Investment in bank subsidiaries 345,866,288 256,709,890 Investment in nonbank subsidiaries 1,154,642 1,318,227 Premises and equipment, net 5,104,677 4,502,435 Other assets 15,245,521 12,797,292 Total assets $ 375,847,099 $ 280,376,933 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 35,000,000 $ - Junior subordinated debentures 33,480,202 38,499,052 Other liabilities 21,326,098 15,992,131 Total liabilities 89,806,300 54,491,183 Stockholders' Equity: Common stock 13,106,845 11,761,083 Additional paid-in capital 156,776,642 123,282,851 Retained earnings 118,616,901 92,965,645 Accumulated other comprehensive loss (2,459,589 ) (2,123,829 ) Total stockholders' equity 286,040,799 225,885,750 Total liabilities and stockholders' equity $ 375,847,099 $ 280,376,933 |
Condensed Income Statement [Table Text Block] | 2016 2015 2014 Total interest income $ 74,489 $ 69,774 $ 40,815 Equity in net income of bank subsidiaries 33,467,712 22,059,086 20,333,194 Equity in net income of nonbank subsidiaries 32,674 32,823 32,675 Securities gains 37,596 262,800 - Other (2,933 ) (4,436 ) 7,486 Total income 33,609,538 22,420,047 20,414,170 Interest expense 1,735,769 1,679,909 1,986,752 Salaries and employee benefits 4,607,887 4,847,507 4,671,719 Professional fees 949,442 1,121,094 1,100,714 Acquisition costs 1,713,602 - - Gains on debt extinguishment (1,200,000 ) (300,000 ) - Other 988,057 949,041 635,081 Total expenses 8,794,757 8,297,551 8,394,266 Income before income tax benefit 24,814,781 14,122,496 12,019,904 Income tax benefit 2,872,006 2,805,385 2,932,633 Net income $ 27,686,787 $ 16,927,881 $ 14,952,537 |
Condensed Cash Flow Statement [Table Text Block] | 2016 2015 2014 Cash Flows from Operating Activities: Net income $ 27,686,787 $ 16,927,881 $ 14,952,537 Adjustments to reconcile net income to net cash provided by operating activities: Earnings of bank subsidiaries (33,467,712 ) (22,059,086 ) (20,333,194 ) Earnings of nonbank subsidiaries (32,674 ) (32,823 ) (32,675 ) Distributions from bank subsidiaries 26,000,000 9,700,000 20,500,000 Distributions from nonbank subsidiaries 32,860 32,695 32,684 Accretion of acquisition fair value adjustments 136,150 137,317 133,905 Depreciation 222,256 174,757 100,158 Stock-based compensation expense 947,174 941,469 891,619 Securities gains, net (37,596 ) (262,801 ) - Gains on debt extinguishment (1,200,000 ) (300,000 ) - Decrease (increase) in other assets (2,346,253 ) (5,929,110 ) 1,912,597 (Decrease) increase in other liabilities 5,105,251 5,502,390 2,644,458 Net cash provided by operating activities 23,046,243 4,832,689 20,802,089 Cash Flows from Investing Activities: Net increase in interest-bearing deposits at financial institutions 50 189,426 (2,726 ) Activity in securities portfolio: Purchases (3,873,060 ) (1,764,137 ) (40,523 ) Calls, maturities and redemptions 3,800,000 1,772,719 71,429 Sales 132,738 489,828 - Capital infusion, bank subsidiaries - (45,600,000 ) - Net cash paid for Community State Bank acquisition (80,000,000 ) - - Purchase of premises and equipment (824,498 ) (1,517,157 ) (16,618 ) Net cash (used in) provided by investing activities (80,764,770 ) (46,429,321 ) 11,562 Cash Flows from Financing Activities: Activity in other borrowings: Proceeds from other borrowings 35,000,000 - 10,000,000 Calls, maturities and scheduled principal payments - (2,350,000 ) (2,359,207 ) Prepayments - (19,395,116 ) - Retirement of junior subordinated debentures (3,955,000 ) (1,762,000 ) - Payment of cash dividends on common and preferred stock (1,981,541 ) (782,054 ) (1,964,608 ) Net proceeds from common stock offering, 3,680,000 shares issued - 63,484,123 - Net proceeds from common stock offering, 1,215,000 shares issued 29,828,916 - - Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net - - (29,823,922 ) Proceeds from issuance of common stock, net 2,105,774 1,552,673 620,641 Net cash provided by (used in) financing activities 60,998,149 40,747,626 (23,527,096 ) Net increase (decrease) in cash and due from banks 3,279,622 (849,006 ) (2,713,445 ) Cash and due from banks: Beginning 3,650,133 4,499,139 7,212,584 Ending $ 6,929,755 $ 3,650,133 $ 4,499,139 |
Note 21 - Fair Value (Tables)
Note 21 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 2016: Securities available for sale: U.S. govt. sponsored agency securities $ 46,083,607 $ - $ 46,083,607 $ - Residential mortgage-backed securities 147,702,127 - 147,702,127 - Municipal securities 52,604,426 - 52,604,426 - Other securities 4,722,979 1,361 4,721,618 - Interest rate caps 576,527 - 576,527 - Interest rate swaps - assets 2,338,281 - 2,338,281 Total assets measured at fair value $ 254,027,947 $ 1,361 $ 254,026,586 $ - Interest rate swaps - liabilities $ 2,338,281 $ - $ 2,338,281 $ - Total liabilities measured at fair value $ 2,338,281 $ - $ 2,338,281 $ - December 31, 2015: Securities available for sale: U.S. govt. sponsored agency securities $ 213,537,379 $ - $ 213,537,379 $ - Residential mortgage-backed securities 80,670,135 - 80,670,135 - Municipal securities 27,578,588 - 27,578,588 - Other securities 1,648,880 411 1,648,469 - 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 Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2016: Impaired loans/leases $ 12,823,121 $ - $ - $ 12,823,121 Other real estate owned 5,964,952 - - 5,964,952 $ 18,788,073 $ - $ - $ 18,788,073 December 31, 2015: Impaired loans/leases $ 4,545,966 $ - $ - $ 4,545,966 Other real estate owned 7,722,711 - - 7,722,711 $ 12,268,677 $ - $ - $ 12,268,677 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Information about Level Fair Value Measurements December 31, 2016 Fair Value December 31, 2015 Fair Value Valuation Technique Unobservable Input Range Impaired loans/leases $ 12,823,121 $ 4,545,966 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% Other real estate owned 5,964,952 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 December 31, 2016 As of December 31, 2015 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 70,569,993 $ 70,569,993 $ 41,742,321 $ 41,742,321 Federal funds sold Level 2 22,257,000 22,257,000 19,850,000 19,850,000 Interest-bearing deposits at financial institutions Level 2 63,948,925 63,948,925 36,313,965 36,313,965 Investment securities: HTM Level 2 322,909,056 320,414,899 253,674,159 255,691,285 AFS See Previous Table 251,113,139 251,113,139 323,434,982 323,434,982 Loans/leases receivable, net Level 3 11,873,260 12,823,121 4,209,228 4,545,966 Loans/leases receivable, net Level 2 2,362,856,277 2,344,462,740 1,767,672,541 1,764,178,772 Interest rate caps Level 2 576,527 576,527 856,024 856,024 Interest rate swaps - assets Level 2 2,338,281 2,338,281 3,044,525 3,044,525 Deposits: Nonmaturity deposits Level 2 2,188,683,349 2,188,683,349 1,516,599,081 1,516,599,081 Time deposits Level 2 480,577,924 479,605,000 364,067,103 364,192,000 Short-term borrowings Level 2 39,971,387 39,971,387 144,662,716 144,662,716 FHLB advances Level 2 137,500,000 138,338,000 151,000,000 153,143,000 Other borrowings Level 2 80,000,000 81,282,000 110,000,000 116,061,000 Junior subordinated debentures Level 2 33,480,202 24,881,494 38,499,052 27,642,093 Interest rate swaps - liabilities Level 2 2,338,281 2,338,281 3,044,525 3,044,525 |
Note 22 - Business Segment In54
Note 22 - Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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 Twelve Months Ended December 31, 2016 Total revenue $ 59,442,052 $ 37,242,901 $ 11,408,277 $ 16,043,894 $ 9,156,948 $ 109,563 $ 4,100,975 $ 137,504,610 Net interest income 45,081,080 29,205,047 10,004,729 11,887,201 - (1,661,280 ) - 94,516,777 Provision for loan/lease losses 4,168,166 950,000 1,460,000 900,000 - - - 7,478,166 Net income 14,116,751 12,317,545 2,132,252 3,235,711 1,665,453 (5,780,925 ) - 27,686,787 Goodwill 3,222,688 - 9,888,225 - - - - 13,110,913 Core deposit intangible - 1,271,897 6,109,316 - - - - 7,381,213 Total assets 1,395,785,241 913,055,738 600,075,798 391,154,780 - 34,998,902 (33,126,711 ) 3,301,943,748 Twelve Months Ended December 31, 2015 Total revenue $ 52,914,705 $ 37,593,652 $ - $ 14,816,300 $ 9,103,173 $ 363,432 $ (424,688 ) $ 114,366,574 Net interest income 40,416,563 26,635,659 - 10,854,637 - (1,610,135 ) - 76,296,724 Provision for loan/lease losses 4,367,234 1,750,000 - 753,666 - - - 6,870,900 Net income 10,333,111 7,695,867 - 2,402,522 1,627,586 (5,131,205 ) - 16,927,881 Goodwill 3,222,688 - - - - - - 3,222,688 Core deposit intangible - 1,471,409 - - - - - 1,471,409 Total assets 1,336,571,694 866,872,406 - 367,471,639 - 27,605,704 (5,323,168 ) 2,593,198,275 Twelve Months Ended December 31, 2014 Total revenue $ 48,878,342 $ 35,972,996 $ - $ 14,286,757 $ 8,513,322 $ 80,978 $ (485,860 ) $ 107,246,535 Net interest income 36,539,635 24,215,815 - 10,261,615 - (1,945,937 ) - 69,071,128 Provision for loan/lease losses 3,800,667 1,855,333 - 1,151,000 - - - 6,807,000 Net income 9,065,183 7,562,252 - 2,149,676 1,556,082 (5,380,656 ) - 14,952,537 Goodwill 3,222,688 - - - - - - 3,222,688 Core deposit intangible - 1,670,921 - - - - - 1,670,921 Total assets 1,320,684,456 840,331,777 - 353,448,134 - 17,727,123 (7,233,390 ) 2,524,958,100 |
Note 1 - Nature of Business a55
Note 1 - Nature of Business and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Aug. 27, 2012 | Aug. 31, 2005USD ($) | |
Number of Non-Consolidated Subsidiaries Issuing Trust Preferred Securities | 6 | ||||
Cash Reserve Deposit Required and Made | $ 42,233,000 | $ 30,532,000 | |||
Initial Direct Leasing Costs As a Percentage of Cost | 5.50% | ||||
Financing Receivable, Lines of Credit Maximum Term | 1 year | ||||
Commercial Real Estate Owner Occupied, Percentage | 30.00% | 35.00% | |||
Lending Threshold Requiring Additional Loan Review | $ 1,000,000 | ||||
Goodwill | 13,110,913 | $ 3,222,688 | $ 3,222,688 | ||
Swap Fee Income | $ 1,708,204 | $ 1,717,552 | 154,800 | ||
Preferred Stock, Shares Authorized | shares | 250,000 | 250,000 | |||
Allocated Share-based Compensation Expense | $ 947,174 | $ 941,469 | $ 891,619 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 828,178 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 25 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 385,372 | 405,832 | 420,429 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 16,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 11,800,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,525,902 | $ 480,354 | $ 173,105 | ||
Preferred Stock, Shares Outstanding | shares | 0 | 0 | |||
In The Money Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 587,961 | ||||
Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
M2 Lease Funds LLC [Member] | |||||
Goodwill | $ 3,222,688 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 80.00% | |||
Community State Bank Acquisition [Member] | |||||
Goodwill | $ 9,888,225 | ||||
Subsidiaries [Member] | Fixed Rate Residential Mortgage [Member] | |||||
Financing Receivable, Term | 15 years | ||||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Term Loans, Generally Maximum Term | 7 years | ||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||||
Loan and Leases Receivable, Lending Limits Percent | 300.00% | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loan and Leases Receivable, Lending Limits Percent | 100.00% | ||||
Minimum [Member] | |||||
Residual Value Percent of Cost | 3.00% | ||||
Minimum [Member] | Subsidiaries [Member] | Adjustable Rate Residential Mortgage [Member] | |||||
Financing Receivable, Term | 1 year | ||||
Minimum [Member] | Commercial Portfolio Segment [Member] | Term Loan [Member] | |||||
Financing Receivable, Term | 3 years | ||||
Maximum [Member] | |||||
Residual Value Percent of Cost | 25.00% | ||||
Maximum [Member] | Subsidiaries [Member] | Adjustable Rate Residential Mortgage [Member] | |||||
Financing Receivable, Term | 5 years | ||||
Maximum [Member] | Special Mention [Member] | |||||
Financing Receivable, Credit Weaknesses Borrowers, Term | 1 year | ||||
Maximum [Member] | Commercial Portfolio Segment [Member] | Term Loan [Member] | |||||
Financing Receivable, Term | 5 years |
Note 1 - Nature of Business a56
Note 1 - Nature of Business and Significant Accounting Policies - Option Pricing Model Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected life of option grants (years) (Year) | 10 years | ||
Weighted-average grant date fair value (in dollars per share) | $ 7.31 | $ 5.11 | $ 5.68 |
Employee Stock Option [Member] | |||
Dividend yield | 0.47% | ||
Expected life of option grants (years) (Year) | 6 years | 6 years | 6 years |
Weighted-average grant date fair value (in dollars per share) | $ 7.31 | $ 5.11 | $ 5.68 |
Employee Stock Option [Member] | Minimum [Member] | |||
Dividend yield | 0.35% | 0.37% | |
Expected volatility | 29.32% | 28.92% | 29.07% |
Risk-free interest rate | 1.73% | 1.89% | 2.69% |
Employee Stock Option [Member] | Maximum [Member] | |||
Dividend yield | 0.51% | 0.46% | |
Expected volatility | 29.37% | 29.32% | 29.18% |
Risk-free interest rate | 2.18% | 2.37% | 2.82% |
Stock Purchase Grants [Member] | |||
Weighted-average grant date fair value (in dollars per share) | $ 3.28 | $ 2.39 | $ 2.37 |
Stock Purchase Grants [Member] | Minimum [Member] | |||
Dividend yield | 0.33% | 0.37% | 0.46% |
Expected volatility | 12.70% | 8.81% | 16.96% |
Risk-free interest rate | 0.39% | 0.09% | 0.04% |
Expected life of option grants (years) (Year) | 3 years | 3 years | 3 years |
Stock Purchase Grants [Member] | Maximum [Member] | |||
Dividend yield | 0.59% | 0.45% | 0.47% |
Expected volatility | 15.60% | 13.10% | 19.35% |
Risk-free interest rate | 0.57% | 0.16% | 0.12% |
Expected life of option grants (years) (Year) | 6 years | 6 years | 6 years |
Note 2 - Acquisition of Commu57
Note 2 - Acquisition of Community State Bank and Common Stock Offering (Details Textual) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
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 | $ 2,105,774 | $ 1,552,673 | $ 620,641 | ||
Notes Payable | $ 30,000,000 | 30,000,000 | ||||
Business Combination, Acquisition Related Costs | 2,441,173 | |||||
Revolving Credit Facility [Member] | ||||||
Proceeds from Lines of Credit | 5,000,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | 10,000,000 | 10,000,000 | $ 40,000,000 | ||
Community National Bancorporation and Community National 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 | 581,000,000 | |||||
Community State Bank [Member] | ||||||
Business Combination, Consideration Transferred | 80,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 581,676,478 | |||||
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 | 11,400,000 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 2,100,000 | |||||
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 | |||||
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] | Land [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Write-up | $ 2,648,208 | |||||
Community State Bank [Member] | Building [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Write-up | $ 5,686,229 | |||||
Community State Bank [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Nonaccretable Discount, Accelerated | $ 186,000 | |||||
Community State Bank [Member] | ||||||
Number of Branches | 10 |
Note 2 - Acquisition of Commu58
Note 2 - Acquisition of Community State Bank and Common Stock Offering - Consideration Paid and Goodwill (Details) - USD ($) | Aug. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Consideration paid: | ||||
Goodwill | $ 13,110,913 | $ 3,222,688 | $ 3,222,688 | |
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, 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 | 5,283,937 | |||
Total assets acquired | 581,676,478 | |||
Deposits | 486,298,262 | |||
FHLB advances | 20,368,877 | |||
Other liabilities | 4,897,564 | |||
Total liabilities assumed | 511,564,703 | |||
Net assets acquired | 70,111,775 | |||
Consideration paid: | ||||
Payments to Acquire Businesses, Gross | 80,000,000 | |||
Total consideration paid | 80,000,000 | |||
Goodwill | $ 9,888,225 |
Note 2 - Acquisition of Commu59
Note 2 - Acquisition of Community State Bank and Common Stock Offering - Purchased Loans As of the Acquisition Date (Details) - Community State Bank [Member] | Aug. 31, 2016USD ($) |
Contractually required principal payments | $ 435,748,088 |
Nonaccretable discount | (4,525,223) |
Principal cash flows expected to be collected | 431,222,865 |
Accretable discount | (12,193,588) |
Fair Value of acquired loans | 419,029,277 |
Performing Financial Instruments [Member] | |
Contractually required principal payments | 427,398,400 |
Nonaccretable discount | |
Principal cash flows expected to be collected | 427,398,400 |
Accretable discount | (11,916,009) |
Fair Value of acquired loans | 415,482,391 |
Receivables Acquired with Deteriorated Credit Quality [Member] | |
Contractually required principal payments | 8,349,688 |
Nonaccretable discount | (4,525,223) |
Principal cash flows expected to be collected | 3,824,465 |
Accretable discount | (277,579) |
Fair Value of acquired loans | $ 3,546,886 |
Note 2 - Acquisition of Commu60
Note 2 - Acquisition of Community State Bank and Common Stock Offering - Changes in Accretable Yield (Details) - Community State Bank [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance at the beginning of the period | |
Discount added at acquisition | (12,193,588) |
Accretion recognized | 2,883,668 |
Balance at the end of the period | (9,309,920) |
Performing Financial Instruments [Member] | |
Balance at the beginning of the period | |
Discount added at acquisition | (11,916,009) |
Accretion recognized | 2,800,395 |
Balance at the end of the period | (9,115,614) |
Receivables Acquired with Deteriorated Credit Quality [Member] | |
Balance at the beginning of the period | |
Discount added at acquisition | (277,579) |
Accretion recognized | 83,273 |
Balance at the end of the period | $ (194,306) |
Note 2 - Acquisition of Commu61
Note 2 - Acquisition of Community State Bank and Common Stock Offering - Pro Forma Combined Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net interest income | $ 110,035 | $ 98,483 |
Noninterest income | 34,773 | 31,051 |
Net income | $ 34,137 | $ 22,118 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 2.62 | $ 1.91 |
Diluted (in dollars per share) | $ 2.58 | $ 1.89 |
Note 3 - Investment Securitie62
Note 3 - Investment Securities (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Securities | 556 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 267 | |||
Aggregate Depreciation from Amortized Cost Basis, Percent | 1.50% | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 18 | |||
Gain on Sale of Investments | $ 4,010,877 | $ 4,845,009 | $ 1,045,444 | $ 517,116 |
Security Owned and Pledged as Collateral, Fair Value | $ 118,811,905 | $ 248,277,471 | ||
General Obligation Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||
Revenue Bonds [Member] | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||
Municipal Bonds [Member] | General Obligation Bonds [Member] | ||||
Number of Issuers | 116 | 82 | ||
Other Investments | $ 116,500,000 | $ 67,800,000 | ||
Number of States Investments Held in | 21 | 19 | ||
Municipal Bonds [Member] | General Obligation Bonds [Member] | Minimum [Member] | ||||
Other Investments | $ 5,000,000 | $ 5,000,000 | ||
Municipal Bonds [Member] | General Obligation Bonds [Member] | Aggregate Fair Value Exceeding 5 Million [Member] | ||||
Number of States Investments Held in | 5 | 4 | ||
Municipal Bonds [Member] | Revenue Bonds [Member] | ||||
Number of Issuers | 120 | 92 | ||
Other Investments | $ 255,500,000 | $ 214,400,000 | ||
Number of States Investments Held in | 12 | 9 | ||
Municipal Bonds [Member] | Revenue Bonds [Member] | Minimum [Member] | ||||
Other Investments | $ 5,000,000 | $ 5,000,000 | ||
Municipal Bonds [Member] | Revenue Bonds [Member] | Aggregate Fair Value Exceeding 5 Million [Member] | ||||
Number of States Investments Held in | 6 | 4 | ||
Equity Securities [Member] | ||||
Percentage of Investment Portfolio | 1.00% | 1.00% | ||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | 0 | |
Debt Securities [Member] | ||||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | $ 0 |
Note 3 - Investment Securitie63
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | $ 322,909,056 | $ 253,674,159 |
Securities held to maturity, gross unrealized gains | 2,200,577 | 3,190,558 |
Securities held to maturity, gross unrealized (losses) | (4,694,734) | (1,173,432) |
320,414,899 | 255,691,285 | |
Securities available for sale: | ||
Securities available for sale, amortized cost | 253,609,401 | 325,597,000 |
Securities available for sale, gross unrealized gains | 1,437,658 | 2,029,523 |
Securities available for sale, gross unrealized (losses) | (3,933,920) | (4,191,541) |
Securities available for sale, fair value | 251,113,139 | 323,434,982 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | 321,859,056 | 252,624,159 |
Securities held to maturity, gross unrealized gains | 2,200,577 | 3,190,558 |
Securities held to maturity, gross unrealized (losses) | (4,694,734) | (1,173,432) |
319,364,899 | 254,641,285 | |
Securities available for sale: | ||
Securities available for sale, amortized cost | 52,816,541 | 26,764,981 |
Securities available for sale, gross unrealized gains | 425,801 | 872,985 |
Securities available for sale, gross unrealized (losses) | (637,916) | (59,378) |
Securities available for sale, fair value | 52,604,426 | 27,578,588 |
Other Securities [Member] | ||
Securities held to maturity: | ||
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) | ||
1,050,000 | 1,050,000 | |
Securities available for sale: | ||
Securities available for sale, amortized cost | 4,046,332 | 1,108,124 |
Securities available for sale, gross unrealized gains | 703,978 | 540,919 |
Securities available for sale, gross unrealized (losses) | (27,331) | (163) |
Securities available for sale, fair value | 4,722,979 | 1,648,880 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 46,281,306 | 216,281,416 |
Securities available for sale, gross unrealized gains | 132,886 | 104,524 |
Securities available for sale, gross unrealized (losses) | (330,585) | (2,848,561) |
Securities available for sale, fair value | 46,083,607 | 213,537,379 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized cost | 150,465,222 | 81,442,479 |
Securities available for sale, gross unrealized gains | 174,993 | 511,095 |
Securities available for sale, gross unrealized (losses) | (2,938,088) | (1,283,439) |
Securities available for sale, fair value | $ 147,702,127 | $ 80,670,135 |
Note 3 - Investment Securitie64
Note 3 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Securities available for sale, less than 12 months, fair value | $ 180,624,957 | $ 155,478,459 |
Securities available for sale, less than 12 months, gross unrealized losses | (3,545,097) | (2,160,027) |
Securities available for sale, 12 months or more, fair value | 13,274,726 | 85,161,627 |
Securities available for sale, 12 months or more, gross unrealized losses | (388,823) | (2,031,514) |
Securities available for sale, fair value | 193,899,683 | 240,640,086 |
Securities available for sale, gross unrealized losses | (3,933,920) | (4,191,541) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity, less than 12 months, fair value | 122,271,533 | 14,803,408 |
Securities held to maturity, less than 12 months, gross unrealized losses | (4,076,647) | (294,438) |
Securities held to maturity, 12 months or more, fair value | 13,010,803 | 19,927,581 |
Securities held to maturity, 12 months or more, gross unrealized losses | (618,087) | (878,994) |
Securities held to maturity, fair value | 135,282,336 | 34,730,989 |
Securities held to maturity, gross unrealized losses | (4,694,734) | (1,173,432) |
Securities available for sale, less than 12 months, fair value | 34,152,822 | 2,220,800 |
Securities available for sale, less than 12 months, gross unrealized losses | (618,462) | (31,807) |
Securities available for sale, 12 months or more, fair value | 338,099 | 848,329 |
Securities available for sale, 12 months or more, gross unrealized losses | (19,454) | (27,571) |
Securities available for sale, fair value | 34,490,921 | 3,069,129 |
Securities available for sale, gross unrealized losses | (637,916) | (59,378) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 21,788,139 | 112,900,327 |
Securities available for sale, less than 12 months, gross unrealized losses | (257,640) | (1,397,591) |
Securities available for sale, 12 months or more, fair value | 5,499,012 | 64,476,661 |
Securities available for sale, 12 months or more, gross unrealized losses | (72,945) | (1,450,970) |
Securities available for sale, fair value | 27,287,151 | 177,376,988 |
Securities available for sale, gross unrealized losses | (330,585) | (2,848,561) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 121,506,582 | 40,356,921 |
Securities available for sale, less than 12 months, gross unrealized losses | (2,641,664) | (730,466) |
Securities available for sale, 12 months or more, fair value | 7,437,615 | 19,836,637 |
Securities available for sale, 12 months or more, gross unrealized losses | (296,424) | (552,973) |
Securities available for sale, fair value | 128,944,197 | 60,193,558 |
Securities available for sale, gross unrealized losses | (2,938,088) | (1,283,439) |
Other Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 3,177,414 | 411 |
Securities available for sale, less than 12 months, gross unrealized losses | (27,331) | (163) |
Securities available for sale, fair value | 3,177,414 | 411 |
Securities available for sale, gross unrealized losses | $ (27,331) | $ (163) |
Note 3 - Investment Securitie65
Note 3 - Investment Securities - Sales of Securities (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Proceeds from sales of securities | $ 134,188,737 | $ 81,410,368 | $ 78,476,422 | |
Gain on Sale of Investments | $ 4,010,877 | 4,845,009 | 1,045,444 | 517,116 |
Gross losses from sales of securities | $ (252,611) | $ (246,461) | $ (424,753) |
Note 3 - Investment Securitie66
Note 3 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Due in one year or less | $ 23,795,317 | |
Due in one year or less | 23,816,249 | |
Due after one year through five years | 16,362,018 | |
Due after one year through five years | 16,406,132 | |
Due after five years | 282,751,721 | |
Due after five years | 280,192,518 | |
322,909,056 | ||
320,414,899 | $ 255,691,285 | |
Due in one year or less | 3,103,329 | |
Due in one year or less | 3,102,013 | |
Due after one year through five years | 44,550,460 | |
Due after one year through five years | 44,614,611 | |
Due after five years | 51,444,058 | |
Due after five years | 50,971,409 | |
99,097,847 | ||
98,688,033 | ||
253,609,401 | ||
251,113,139 | ||
Callable Securities [Member] | ||
45,091,138 | ||
44,716,752 | ||
US States and Political Subdivisions Debt Securities [Member] | ||
319,364,899 | 254,641,285 | |
US States and Political Subdivisions Debt Securities [Member] | Callable Securities [Member] | ||
Amortized Cost | 40,032,698 | |
Fair Value | 39,633,259 | |
US Government-sponsored Enterprises Debt Securities [Member] | Callable Securities [Member] | ||
Amortized Cost | 5,058,440 | |
Fair Value | 5,083,493 | |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 150,465,222 | |
Fair Value | 147,702,127 | |
Other Securities [Member] | ||
1,050,000 | $ 1,050,000 | |
Amortized Cost | 4,046,332 | |
Fair Value | 4,722,979 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 179,399,031 | |
Fair Value | $ 176,447,494 |
Note 3 - Investment Securitie67
Note 3 - Investment Securities - Amortized Cost and Fair Values of General Obligation Bonds and Revenue Bonds by Issuer's State (Details) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
General Obligation Bonds [Member] | ||
Number of issuers | 116 | 82 |
Amortized cost | $ 117,205,307 | $ 66,683,832 |
Other Investments | 116,472,635 | 67,778,032 |
Average exposure per issuer (fair value) | $ 1,004,074 | $ 826,561 |
General Obligation Bonds [Member] | Iowa [Member] | ||
Number of issuers | 27 | 15 |
Amortized cost | $ 32,258,612 | $ 19,974,939 |
Other Investments | 32,231,936 | 20,247,108 |
Average exposure per issuer (fair value) | $ 1,193,775 | $ 1,349,807 |
General Obligation Bonds [Member] | Missouri [Member] | ||
Number of issuers | 14 | 12 |
Amortized cost | $ 8,291,192 | $ 7,924,800 |
Other Investments | 8,323,245 | 7,986,856 |
Average exposure per issuer (fair value) | $ 594,518 | $ 665,571 |
General Obligation Bonds [Member] | Illinois [Member] | ||
Number of issuers | 19 | 9 |
Amortized cost | $ 29,214,559 | $ 10,928,700 |
Other Investments | 29,308,438 | 11,264,348 |
Average exposure per issuer (fair value) | $ 1,542,549 | $ 1,251,594 |
General Obligation Bonds [Member] | North Dakota [Member] | ||
Number of issuers | 7 | 5 |
Amortized cost | $ 22,169,050 | $ 10,890,000 |
Other Investments | 21,499,075 | 11,050,235 |
Average exposure per issuer (fair value) | $ 3,071,296 | $ 2,210,047 |
General Obligation Bonds [Member] | Ohio [Member] | ||
Number of issuers | 8 | |
Amortized cost | $ 6,790,398 | |
Other Investments | 6,651,897 | |
Average exposure per issuer (fair value) | $ 831,487 | |
General Obligation Bonds [Member] | Other States [Member] | ||
Number of issuers | 41 | 41 |
Amortized cost | $ 18,481,496 | $ 16,965,393 |
Other Investments | 18,458,044 | 17,229,485 |
Average exposure per issuer (fair value) | $ 450,196 | $ 420,231 |
Revenue Bonds [Member] | ||
Number of issuers | 120 | 92 |
Amortized cost | $ 257,470,290 | $ 212,705,308 |
Other Investments | 255,496,690 | 214,441,841 |
Average exposure per issuer (fair value) | $ 2,129,139 | $ 2,330,890 |
Revenue Bonds [Member] | Iowa [Member] | ||
Number of issuers | 31 | 26 |
Amortized cost | $ 70,788,393 | $ 70,773,660 |
Other Investments | 71,142,393 | 71,659,410 |
Average exposure per issuer (fair value) | $ 2,294,916 | $ 2,756,131 |
Revenue Bonds [Member] | Missouri [Member] | ||
Number of issuers | 47 | 41 |
Amortized cost | $ 90,784,441 | $ 78,593,590 |
Other Investments | 89,664,013 | 79,015,378 |
Average exposure per issuer (fair value) | $ 1,907,745 | $ 1,927,204 |
Revenue Bonds [Member] | North Dakota [Member] | ||
Number of issuers | 4 | |
Amortized cost | $ 8,089,067 | |
Other Investments | 7,796,381 | |
Average exposure per issuer (fair value) | $ 1,949,095 | |
Revenue Bonds [Member] | Indiana [Member] | ||
Number of issuers | 22 | 17 |
Amortized cost | $ 47,994,737 | $ 40,018,381 |
Other Investments | 47,582,138 | 40,210,320 |
Average exposure per issuer (fair value) | $ 2,162,824 | $ 2,365,313 |
Revenue Bonds [Member] | Kansas [Member] | ||
Number of issuers | 6 | 3 |
Amortized cost | $ 13,476,366 | $ 11,748,679 |
Other Investments | 13,427,491 | 11,821,055 |
Average exposure per issuer (fair value) | $ 2,237,915 | $ 3,940,352 |
Revenue Bonds [Member] | Ohio [Member] | ||
Number of issuers | 3 | |
Amortized cost | $ 13,650,000 | |
Other Investments | 13,405,222 | |
Average exposure per issuer (fair value) | $ 4,468,407 | |
Revenue Bonds [Member] | Other States [Member] | ||
Number of issuers | 7 | 5 |
Amortized cost | $ 12,687,286 | $ 11,570,998 |
Other Investments | 12,479,052 | 11,735,678 |
Average exposure per issuer (fair value) | $ 1,782,722 | $ 2,347,136 |
Note 4 - Loans Leases Receiva68
Note 4 - Loans Leases Receivable (Details Textual) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Losses on Residual Value | $ 0 | $ 0 | $ 0 | |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 1,135,500 | 565,850 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,919,066 | 10,648,211 | [1] | |
Financing Receivable, Modifications, Recorded Investment | $ 8,647,007 | $ 2,587,413 | ||
Financing Receivable, Modifications, Number of Contracts | 29 | 2 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 7,880,881 | $ 37,979 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 341,952 | |||
Threshold for Related Party Loans Evaluated | $ 60,000 | $ 60,000 | $ 60,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | ||
Nonaccrual [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 8 | 1 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,008,424 | $ 14,027 | ||
Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,300,479 | 1,533,657 | ||
Residential Portfolio Segment [Member] | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 1,135,500 | 565,850 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,075,639 | 1,016,743 | [1] | |
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 43,579 | 119,305 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,187,786 | 5,791,975 | [1] | |
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 48,501 | 1,164,423 | ||
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,380,047 | 193,804 | ||
Finance Leases Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,446,181 | 1,701,341 | [1] | |
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 816,149 | 42,098 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 87,344 | 109,117 | [1] | |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 12,203 | $ 14,027 | ||
No Lease End Option Rider [Member] | ||||
Number of Leases | 13 | 16 | ||
Leveraged Lease Investment | $ 1,085,164 | $ 1,165,706 | ||
[1] | At December 31, 2015, 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 $14,027 in installment loans. |
Note 4 - Loans Leases Receiva69
Note 4 - Loans Leases Receivable - Composition of the Loan Lease Portfolio (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Loans | $ 2,397,414,282 | $ 1,790,286,285 | |||||
Plus deferred loan/lease origination costs, net of fees | 8,072,703 | 7,736,390 | |||||
Gross loans/leases receivable | 2,405,486,985 | 1,798,022,675 | |||||
Less allowance | (30,757,448) | (26,140,906) | $ (23,074,365) | $ (21,448,048) | |||
2,374,729,537 | 1,771,881,769 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Loans | 827,637,263 | 648,159,892 | |||||
Less allowance | (12,545,110) | (10,484,080) | (8,833,832) | (5,648,774) | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans | 1,093,458,860 | 724,368,765 | |||||
Less allowance | (11,670,609) | (9,375,117) | (8,353,386) | (10,705,434) | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||||||
Loans | 332,387,621 | 252,523,164 | |||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Loans | 165,149,491 | 49,083,844 | |||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||||||
Loans | 595,921,748 | 422,761,757 | |||||
Finance Leases Portfolio Segment [Member] | |||||||
Loans | [1],[2] | 165,419,360 | 173,655,605 | ||||
Plus deferred loan/lease origination costs, net of fees | [1] | 5,881,778 | 6,594,582 | ||||
Gross loans/leases receivable | [1] | 171,301,138 | 180,250,187 | ||||
Less allowance | (3,111,898) | [1] | (3,395,088) | [1] | (3,359,400) | (2,517,217) | |
[1] | 168,189,240 | 176,855,099 | |||||
Net minimum lease payments to be received | [1] | 184,274,802 | 195,476,230 | ||||
Estimated unguaranteed residual values of leased assets | [1] | 1,085,154 | 1,165,706 | ||||
Unearned lease/residual income | [1] | (19,940,596) | (22,986,331) | ||||
Residential Portfolio Segment [Member] | |||||||
Loans | [2],[3] | 229,233,104 | 170,432,530 | ||||
Less allowance | (2,342,344) | (1,790,150) | (1,525,952) | (1,395,849) | |||
Consumer Portfolio Segment [Member] | |||||||
Loans | [2] | 81,665,695 | 73,669,493 | ||||
Less allowance | $ (1,087,487) | $ (1,096,471) | $ (1,001,795) | $ (1,180,774) | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. | ||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing troubled debt restructurings. | ||||||
[3] | Includes residential real estate loans held for sale totaling $1,135,500 and $565,850 as of December 31, 2016 and 2015, respectively. |
Note 4 - Loans Leases Receiva70
Note 4 - Loans Leases Receivable - Aging of the Loan Lease Portfolio (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Current | $ 2,378,270,983 | $ 1,771,618,511 | ||
Accruing Past Due 90 Days or More | 966,814 | 2,843 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,919,066 | 10,648,211 | [1] | |
Loans | $ 2,397,414,282 | $ 1,790,286,285 | ||
Current as a percentage of total loan/lease portfolio | 99.20% | 98.96% | ||
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.04% | 0.00% | ||
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.58% | 0.59% | ||
Loans and leases as a percentage of total loan/lease portfolio | 100.00% | 100.00% | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | $ 3,000,574 | $ 7,138,000 | ||
Past due as a percentage of total loan/lease portfolio | 0.13% | 0.40% | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | $ 1,256,845 | $ 878,720 | ||
Past due as a percentage of total loan/lease portfolio | 0.05% | 0.05% | ||
Commercial Portfolio Segment [Member] | ||||
Current | $ 821,637,507 | $ 640,725,241 | ||
Accruing Past Due 90 Days or More | 346,234 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,187,786 | 5,791,975 | [1] | |
Loans | 827,637,263 | 648,159,892 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 1,455,185 | 1,636,860 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | 10,551 | 5,816 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 1,093,458,860 | 724,368,765 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Current | 331,812,571 | 251,612,752 | ||
Accruing Past Due 90 Days or More | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 332,148 | 727,463 | [1] | |
Loans | 332,387,621 | 252,523,164 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Current | 160,760,034 | 48,890,040 | ||
Accruing Past Due 90 Days or More | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,353,819 | 193,804 | [1] | |
Loans | 165,149,491 | 49,083,844 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Current | 594,384,926 | 420,819,874 | ||
Accruing Past Due 90 Days or More | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,436,149 | 1,107,768 | [1] | |
Loans | 595,921,748 | 422,761,757 | ||
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] | Construction Loans [Member] | ||||
Past Due | 35,638 | |||
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 | 100,673 | 614,732 | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Past Due | 242,902 | |||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | ||||
Past Due | ||||
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 | |||
Finance Leases Portfolio Segment [Member] | ||||
Current | 161,452,627 | 170,021,289 | ||
Accruing Past Due 90 Days or More | 215,225 | 2,843 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,446,181 | 1,701,341 | [1] | |
Loans | [2],[3] | 165,419,360 | 173,655,605 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 730,627 | 1,490,818 | ||
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | 574,700 | 439,314 | ||
Residential Portfolio Segment [Member] | ||||
Current | 227,023,552 | 166,415,118 | ||
Accruing Past Due 90 Days or More | 294,854 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,075,639 | 1,016,743 | [1] | |
Loans | [3],[4] | 229,233,104 | 170,432,530 | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 473,478 | 2,800,589 | ||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | 365,581 | 200,080 | ||
Consumer Portfolio Segment [Member] | ||||
Current | 81,199,766 | 73,134,197 | ||
Accruing Past Due 90 Days or More | 110,501 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 87,344 | 109,117 | [1] | |
Loans | [3] | 81,665,695 | 73,669,493 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 204,973 | 412,052 | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | $ 63,111 | $ 14,127 | ||
[1] | At December 31, 2015, 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] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. | |||
[3] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing troubled debt restructurings. | |||
[4] | Includes residential real estate loans held for sale totaling $1,135,500 and $565,850 as of December 31, 2016 and 2015, respectively. |
Note 4 - Loans Leases Receiva71
Note 4 - Loans Leases Receivable - Loans Leases Nonperforming Loans Leases (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accruing Past Due 90 Days or More | $ 966,814 | $ 2,843 | ||
Nonaccrual Loans/Leases | 13,919,066 | 10,648,211 | [1] | |
Accruing TDRs | 8,647,007 | 2,587,413 | ||
Loans | $ 2,397,414,282 | $ 1,790,286,285 | ||
Percentage of Total NPLs | 100.00% | 100.00% | ||
Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | $ 966,814 | |||
Nonaccrual Loans/Leases | [2] | 13,919,066 | ||
Accruing TDRs | 6,346,528 | $ 1,053,756 | ||
Loans | $ 21,232,408 | $ 11,704,810 | ||
Percentage of Total NPLs | 100.00% | 100.00% | ||
Commercial Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 346,234 | |||
Nonaccrual Loans/Leases | 4,187,786 | 5,791,975 | [1] | |
Loans | 827,637,263 | 648,159,892 | ||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | 346,234 | |||
Nonaccrual Loans/Leases | [2] | 4,187,786 | ||
Accruing TDRs | 4,733,997 | 173,087 | ||
Loans | $ 9,268,017 | $ 5,965,062 | ||
Percentage of Total NPLs | 43.65% | 50.96% | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | $ 1,093,458,860 | $ 724,368,765 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | 332,148 | 727,463 | [1] | |
Loans | 332,387,621 | 252,523,164 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Accruing Past Due 90 Days or More | ||||
Nonaccrual Loans/Leases | 4,353,819 | 193,804 | [1] | |
Loans | 165,149,491 | 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 | 1,436,149 | 1,107,768 | [1] | |
Loans | 595,921,748 | 422,761,757 | ||
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 | [2] | 332,148 | ||
Accruing TDRs | ||||
Loans | $ 332,148 | $ 727,463 | ||
Percentage of Total NPLs | 1.56% | 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 | [2] | 4,353,819 | ||
Accruing TDRs | ||||
Loans | $ 4,353,819 | $ 193,804 | ||
Percentage of Total NPLs | 20.51% | 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 | [2] | 1,436,149 | ||
Accruing TDRs | ||||
Loans | $ 1,436,149 | $ 1,107,768 | ||
Percentage of Total NPLs | 6.77% | 9.46% | ||
Finance Leases Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 215,225 | $ 2,843 | ||
Nonaccrual Loans/Leases | 2,446,181 | 1,701,341 | [1] | |
Loans | [3],[4] | 165,419,360 | 173,655,605 | |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | 215,225 | |||
Nonaccrual Loans/Leases | [2] | 2,446,181 | ||
Accruing TDRs | 1,008,244 | |||
Loans | [4] | $ 3,669,650 | $ 1,704,184 | |
Percentage of Total NPLs | 17.28% | 14.56% | ||
Residential Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 294,854 | |||
Nonaccrual Loans/Leases | 1,075,639 | 1,016,743 | [1] | |
Loans | [4],[5] | 229,233,104 | 170,432,530 | |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | 294,854 | |||
Nonaccrual Loans/Leases | [2] | 1,075,639 | ||
Accruing TDRs | 585,541 | 402,044 | ||
Loans | [4] | $ 1,956,034 | $ 1,418,787 | |
Percentage of Total NPLs | 9.21% | 12.12% | ||
Consumer Portfolio Segment [Member] | ||||
Accruing Past Due 90 Days or More | $ 110,501 | |||
Nonaccrual Loans/Leases | 87,344 | 109,117 | [1] | |
Loans | [4] | 81,665,695 | 73,669,493 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Accruing Past Due 90 Days or More | 110,501 | |||
Nonaccrual Loans/Leases | [2] | 87,344 | ||
Accruing TDRs | 18,746 | 478,625 | ||
Loans | [4] | $ 216,591 | $ 587,742 | |
Percentage of Total NPLs | 1.02% | 5.02% | ||
[1] | At December 31, 2015, 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] | At December 31, 2016, nonaccrual loans/leases included $2,300,479 of TDRs, including $48,501 in C&I loans, $1,380,047 in CRE loans, $816,149 in direct financing leases, $43,579 in residential real estate loans, and $12,203 in installment loans. | |||
[3] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. | |||
[4] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing troubled debt restructurings. | |||
[5] | Includes residential real estate loans held for sale totaling $1,135,500 and $565,850 as of December 31, 2016 and 2015, respectively. |
Note 4 - Loans Leases Receiva72
Note 4 - Loans Leases Receivable - Allowance for Estimated Losses on Loans Leases (Details) - USD ($) | 12 Months Ended | |||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||
Balance | $ 26,140,906 | $ 23,074,365 | $ 21,448,048 | |||||||
Provisions (credits) charged to expense | 7,478,166 | 6,870,900 | 6,807,000 | |||||||
Loans/leases charged off | (3,244,183) | (5,225,137) | (6,135,705) | |||||||
Recoveries on loans/leases previously charged off | 382,559 | 1,420,778 | 955,022 | |||||||
Balance | 30,757,448 | 26,140,906 | 23,074,365 | |||||||
Allowance for impaired loans/leases | $ 3,642,968 | $ 3,304,287 | ||||||||
Allowance for nonimpaired loans/leases | 27,114,480 | 22,836,619 | ||||||||
Less allowance for estimated losses on loans/leases | 30,757,448 | 26,140,906 | 23,074,365 | 30,757,448 | 26,140,906 | |||||
Impaired loans/leases | 20,072,099 | 11,023,387 | ||||||||
Nonimpaired loans/leases | 2,377,342,183 | 1,779,262,898 | ||||||||
Loans | $ 2,397,414,282 | $ 1,790,286,285 | ||||||||
Allowance as a percentage of impaired loans/leases | 18.15% | 29.98% | ||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.14% | 1.28% | ||||||||
Total allowance as a percentage of total loans/leases | 1.28% | 1.45% | ||||||||
Commercial Portfolio Segment [Member] | ||||||||||
Balance | 10,484,080 | 8,833,832 | 5,648,774 | |||||||
Provisions (credits) charged to expense | 2,478,912 | 1,470,526 | 4,297,253 | |||||||
Loans/leases charged off | (527,152) | (453,782) | (1,475,885) | |||||||
Recoveries on loans/leases previously charged off | 109,270 | 633,504 | 363,690 | |||||||
Balance | 12,545,110 | 10,484,080 | 8,833,832 | |||||||
Allowance for impaired loans/leases | $ 1,771,537 | $ 2,592,270 | ||||||||
Allowance for nonimpaired loans/leases | 10,773,573 | 7,891,810 | ||||||||
Less allowance for estimated losses on loans/leases | 10,484,080 | 10,484,080 | 8,833,832 | 12,545,110 | 10,484,080 | |||||
Impaired loans/leases | 8,936,451 | 5,286,482 | ||||||||
Nonimpaired loans/leases | 818,700,812 | 642,873,410 | ||||||||
Loans | $ 827,637,263 | $ 648,159,892 | ||||||||
Allowance as a percentage of impaired loans/leases | 19.82% | 49.04% | ||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.32% | 1.23% | ||||||||
Total allowance as a percentage of total loans/leases | 1.52% | 1.62% | ||||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||||
Balance | 9,375,117 | 8,353,386 | 10,705,434 | |||||||
Provisions (credits) charged to expense | 2,286,953 | 3,080,611 | (13,326) | |||||||
Loans/leases charged off | (24,304) | (2,560,749) | (2,756,083) | |||||||
Recoveries on loans/leases previously charged off | 32,843 | 501,869 | 417,361 | |||||||
Balance | 11,670,609 | 9,375,117 | 8,353,386 | |||||||
Allowance for impaired loans/leases | $ 693,919 | $ 76,934 | ||||||||
Allowance for nonimpaired loans/leases | 10,976,690 | 9,298,183 | ||||||||
Less allowance for estimated losses on loans/leases | 9,375,117 | 9,375,117 | 8,353,386 | 11,670,609 | 9,375,117 | |||||
Impaired loans/leases | 6,112,114 | 2,029,035 | ||||||||
Nonimpaired loans/leases | 1,087,346,746 | 722,339,730 | ||||||||
Loans | $ 1,093,458,860 | $ 724,368,765 | ||||||||
Allowance as a percentage of impaired loans/leases | 11.35% | 3.79% | ||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.01% | 1.29% | ||||||||
Total allowance as a percentage of total loans/leases | 1.07% | 1.29% | ||||||||
Finance Leases Portfolio Segment [Member] | ||||||||||
Balance | 3,395,088 | [1] | 3,359,400 | 2,517,217 | ||||||
Provisions (credits) charged to expense | 2,127,463 | 1,688,031 | 2,278,132 | |||||||
Loans/leases charged off | (2,503,417) | (1,788,772) | (1,504,181) | |||||||
Recoveries on loans/leases previously charged off | 92,764 | 136,429 | 68,232 | |||||||
Balance | 3,111,898 | [1] | 3,395,088 | [1] | 3,359,400 | |||||
Allowance for impaired loans/leases | $ 848,919 | $ 306,193 | ||||||||
Allowance for nonimpaired loans/leases | 2,262,979 | 3,088,895 | ||||||||
Less allowance for estimated losses on loans/leases | 3,111,898 | [1] | 3,395,088 | [1] | 3,359,400 | 3,111,898 | [1] | 3,395,088 | [1] | |
Impaired loans/leases | 3,256,264 | 1,701,341 | ||||||||
Nonimpaired loans/leases | 162,163,096 | 171,954,264 | ||||||||
Loans | [1],[2] | $ 165,419,360 | $ 173,655,605 | |||||||
Allowance as a percentage of impaired loans/leases | 26.07% | 18.00% | ||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.40% | 1.80% | ||||||||
Total allowance as a percentage of total loans/leases | 1.88% | 1.96% | ||||||||
Residential Portfolio Segment [Member] | ||||||||||
Balance | 1,790,150 | 1,525,952 | 1,395,849 | |||||||
Provisions (credits) charged to expense | 628,114 | 430,087 | 251,030 | |||||||
Loans/leases charged off | (76,820) | (169,996) | (130,900) | |||||||
Recoveries on loans/leases previously charged off | 900 | 4,107 | 9,973 | |||||||
Balance | 2,342,344 | 1,790,150 | 1,525,952 | |||||||
Allowance for impaired loans/leases | $ 289,112 | $ 185,801 | ||||||||
Allowance for nonimpaired loans/leases | 2,053,232 | 1,604,349 | ||||||||
Less allowance for estimated losses on loans/leases | 1,790,150 | 1,790,150 | 1,525,952 | 2,342,344 | 1,790,150 | |||||
Impaired loans/leases | 1,661,180 | 1,418,787 | ||||||||
Nonimpaired loans/leases | 227,571,924 | 169,013,743 | ||||||||
Loans | [2],[3] | $ 229,233,104 | $ 170,432,530 | |||||||
Allowance as a percentage of impaired loans/leases | 17.40% | 13.10% | ||||||||
Allowance as a percentage of nonimpaired loans/leases | 0.90% | 0.95% | ||||||||
Total allowance as a percentage of total loans/leases | 1.02% | 1.05% | ||||||||
Consumer Portfolio Segment [Member] | ||||||||||
Balance | 1,096,471 | 1,001,795 | 1,180,774 | |||||||
Provisions (credits) charged to expense | (43,276) | 201,645 | (6,089) | |||||||
Loans/leases charged off | (112,490) | (251,838) | (268,656) | |||||||
Recoveries on loans/leases previously charged off | 146,782 | 144,869 | 95,766 | |||||||
Balance | 1,087,487 | 1,096,471 | 1,001,795 | |||||||
Allowance for impaired loans/leases | $ 39,481 | $ 143,089 | ||||||||
Allowance for nonimpaired loans/leases | 1,048,006 | 953,382 | ||||||||
Less allowance for estimated losses on loans/leases | $ 1,096,471 | $ 1,096,471 | $ 1,001,795 | 1,087,487 | 1,096,471 | |||||
Impaired loans/leases | 106,090 | 587,742 | ||||||||
Nonimpaired loans/leases | 81,559,605 | 73,081,751 | ||||||||
Loans | [2] | $ 81,665,695 | $ 73,669,493 | |||||||
Allowance as a percentage of impaired loans/leases | 37.21% | 24.35% | ||||||||
Allowance as a percentage of nonimpaired loans/leases | 1.28% | 1.30% | ||||||||
Total allowance as a percentage of total loans/leases | 1.33% | 1.49% | ||||||||
[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 and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. | |||||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing troubled debt restructurings. | |||||||||
[3] | Includes residential real estate loans held for sale totaling $1,135,500 and $565,850 as of December 31, 2016 and 2015, respectively. |
Note 4 - Loans Leases Receiva73
Note 4 - Loans Leases Receivable - Impaired Loans Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Recorded investment with no specific allowance recorded | $ 4,637,593 | $ 3,932,541 | $ 3,073,364 |
Unpaid principal balance with no specific allowance recorded | 4,880,273 | 4,402,147 | 3,576,870 |
Average recorded investment with no specific allowance recorded | 7,510,986 | 6,656,069 | 10,686,930 |
Interest income recognized with no specific allowance recorded | 74,587 | 25,070 | 55,825 |
Interest income recognized for cash payments received with no specific allowance recorded | 74,587 | 25,070 | 55,825 |
Recorded investment with specific allowance recorded | 15,434,506 | 7,090,846 | 15,875,761 |
Unpaid principal balance with specific allowance recorded | 15,512,477 | 7,106,685 | 18,008,843 |
Related allowance | 3,642,968 | 3,304,287 | 5,244,673 |
Average recorded investment with specific allowance recorded | 5,870,942 | 6,383,114 | 9,684,123 |
Interest income recognized with specific allowance recorded | 66,247 | 13,606 | 21,368 |
Interest income recognized for cash payments received with specific allowance recorded | 66,247 | 13,606 | 21,368 |
Recorded investment | 20,072,099 | 11,023,387 | 18,949,125 |
Unpaid principal balance | 20,392,750 | 11,508,832 | 21,585,713 |
Average recorded investment | 13,381,928 | 13,039,183 | 20,371,053 |
Interest income recognized | 140,834 | 38,676 | 77,193 |
Interest income recognized for cash payments received | 140,834 | 38,676 | 77,193 |
Commercial Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 841,895 | 234,636 | 246,308 |
Unpaid principal balance with no specific allowance recorded | 951,600 | 346,072 | 342,391 |
Average recorded investment with no specific allowance recorded | 2,858,343 | 380,495 | 525,543 |
Interest income recognized with no specific allowance recorded | 16,748 | 7,436 | 7,599 |
Interest income recognized for cash payments received with no specific allowance recorded | 16,748 | 7,436 | 7,599 |
Recorded investment with specific allowance recorded | 8,094,556 | 5,051,846 | 7,033,401 |
Unpaid principal balance with specific allowance recorded | 8,098,395 | 5,055,685 | 8,190,495 |
Related allowance | 1,771,537 | 2,592,270 | 3,300,199 |
Average recorded investment with specific allowance recorded | 2,959,495 | 4,811,046 | 3,159,985 |
Interest income recognized with specific allowance recorded | 17,742 | 14,837 | |
Interest income recognized for cash payments received with specific allowance recorded | 17,742 | 14,837 | |
Recorded investment | 8,936,451 | 5,286,482 | 7,279,709 |
Unpaid principal balance | 9,049,995 | 5,401,757 | 8,532,886 |
Average recorded investment | 5,817,838 | 5,191,541 | 3,685,528 |
Interest income recognized | 34,490 | 7,436 | 22,436 |
Interest income recognized for cash payments received | 34,490 | 7,436 | 22,436 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||
Recorded investment with no specific allowance recorded | 256,761 | 67,415 | |
Unpaid principal balance with no specific allowance recorded | 93,774 | 350,535 | 163,638 |
Average recorded investment with no specific allowance recorded | 312,242 | 447,144 | 548,464 |
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 | 620,896 | |
Unpaid principal balance with specific allowance recorded | 322,148 | 620,896 | |
Related allowance | 57,398 | 4,462 | |
Average recorded investment with specific allowance recorded | 385,269 | 316,743 | |
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 322,148 | 256,761 | 688,311 |
Unpaid principal balance | 415,922 | 350,535 | 784,534 |
Average recorded investment | 697,511 | 447,144 | 865,207 |
Interest income recognized | |||
Interest income recognized for cash payments received | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment with no specific allowance recorded | 31,936 | ||
Unpaid principal balance with no specific allowance recorded | 228,818 | 143,136 | |
Average recorded investment with no specific allowance recorded | 117,406 | 1,656,401 | |
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 | 4,353,817 | 193,804 | 337,076 |
Unpaid principal balance with specific allowance recorded | 4,353,817 | 205,804 | 577,894 |
Related allowance | 577,611 | 76,934 | 12,087 |
Average recorded investment with specific allowance recorded | 1,022,930 | 195,986 | 528,564 |
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 4,353,817 | 193,804 | 369,012 |
Unpaid principal balance | 4,353,817 | 434,622 | 721,030 |
Average recorded investment | 1,022,930 | 313,392 | 2,184,965 |
Interest income recognized | |||
Interest income recognized for cash payments received | |||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||
Recorded investment with no specific allowance recorded | 1,196,549 | 1,578,470 | 491,717 |
Unpaid principal balance with no specific allowance recorded | 1,196,549 | 1,578,470 | 491,717 |
Average recorded investment with no specific allowance recorded | 1,322,654 | 2,953,888 | 4,925,681 |
Interest income recognized with no specific allowance recorded | 13,283 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 13,283 | ||
Recorded investment with specific allowance recorded | 239,600 | 5,884,343 | |
Unpaid principal balance with specific allowance recorded | 239,600 | 6,583,934 | |
Related allowance | 58,910 | 1,153,471 | |
Average recorded investment with specific allowance recorded | 47,920 | 4,240,000 | |
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 1,436,149 | 1,578,470 | 6,376,060 |
Unpaid principal balance | 1,436,149 | 1,578,470 | 7,075,651 |
Average recorded investment | 1,370,574 | 2,953,888 | 9,165,681 |
Interest income recognized | 13,283 | ||
Interest income recognized for cash payments received | 13,283 | ||
Finance Leases Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 1,690,121 | 871,884 | 561,414 |
Unpaid principal balance with no specific allowance recorded | 1,690,121 | 871,884 | 561,414 |
Average recorded investment with no specific allowance recorded | 1,731,982 | 892,281 | 867,657 |
Interest income recognized with no specific allowance recorded | 43,461 | 4,142 | 31,911 |
Interest income recognized for cash payments received with no specific allowance recorded | 43,461 | 4,142 | 31,911 |
Recorded investment with specific allowance recorded | 1,566,143 | 829,457 | 777,858 |
Unpaid principal balance with specific allowance recorded | 1,566,143 | 829,457 | 777,858 |
Related allowance | 848,919 | 306,193 | 356,996 |
Average recorded investment with specific allowance recorded | 841,733 | 474,458 | 514,144 |
Interest income recognized with specific allowance recorded | 36,303 | ||
Interest income recognized for cash payments received with specific allowance recorded | 36,303 | ||
Recorded investment | 3,256,264 | 1,701,341 | 1,339,272 |
Unpaid principal balance | 3,256,264 | 1,701,341 | 1,339,272 |
Average recorded investment | 2,573,715 | 1,366,739 | 1,381,801 |
Interest income recognized | 79,764 | 4,142 | 31,911 |
Interest income recognized for cash payments received | 79,764 | 4,142 | 31,911 |
Residential Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 853,294 | 613,486 | 1,060,770 |
Unpaid principal balance with no specific allowance recorded | 892,495 | 649,064 | 1,060,770 |
Average recorded investment with no specific allowance recorded | 964,590 | 1,047,001 | 1,269,213 |
Interest income recognized with no specific allowance recorded | 9,903 | 3,929 | 3,032 |
Interest income recognized for cash payments received with no specific allowance recorded | 9,903 | 3,929 | 3,032 |
Recorded investment with specific allowance recorded | 807,886 | 805,301 | 727,958 |
Unpaid principal balance with specific allowance recorded | 882,018 | 805,301 | 763,537 |
Related allowance | 289,112 | 185,801 | 151,663 |
Average recorded investment with specific allowance recorded | 573,211 | 712,085 | 538,678 |
Interest income recognized with specific allowance recorded | 11,675 | 7,913 | 2,967 |
Interest income recognized for cash payments received with specific allowance recorded | 11,675 | 7,913 | 2,967 |
Recorded investment | 1,661,180 | 1,418,787 | 1,788,728 |
Unpaid principal balance | 1,774,513 | 1,454,365 | 1,824,307 |
Average recorded investment | 1,537,801 | 1,759,086 | 1,807,891 |
Interest income recognized | 21,578 | 11,842 | 5,999 |
Interest income recognized for cash payments received | 21,578 | 11,842 | 5,999 |
Consumer Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 55,734 | 377,304 | 613,804 |
Unpaid principal balance with no specific allowance recorded | 55,734 | 377,304 | 813,804 |
Average recorded investment with no specific allowance recorded | 321,175 | 817,854 | 893,971 |
Interest income recognized with no specific allowance recorded | 4,475 | 9,563 | |
Interest income recognized for cash payments received with no specific allowance recorded | 4,475 | 9,563 | |
Recorded investment with specific allowance recorded | 50,356 | 210,438 | 494,229 |
Unpaid principal balance with specific allowance recorded | 50,356 | 210,438 | 494,229 |
Related allowance | 39,481 | 143,089 | 265,795 |
Average recorded investment with specific allowance recorded | 40,384 | 189,539 | 386,009 |
Interest income recognized with specific allowance recorded | 527 | 5,693 | 3,564 |
Interest income recognized for cash payments received with specific allowance recorded | 527 | 5,693 | 3,564 |
Recorded investment | 106,090 | 587,742 | 1,108,033 |
Unpaid principal balance | 106,090 | 587,742 | 1,308,033 |
Average recorded investment | 361,559 | 1,007,393 | 1,279,980 |
Interest income recognized | 5,002 | 15,256 | 3,564 |
Interest income recognized for cash payments received | $ 5,002 | $ 15,256 | $ 3,564 |
Note 4 - Loans Leases Receiva74
Note 4 - Loans Leases Receivable - Loans by Internally Assigned Risk Rating (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | $ 2,397,414,282 | $ 1,790,286,285 |
Commercial Portfolio Segment [Member] | ||
Loans | 827,637,263 | 648,159,892 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 796,568,451 | 616,200,797 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 6,305,772 | 18,031,845 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 24,763,040 | 13,927,250 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 1,093,458,860 | 724,368,765 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 332,387,621 | 252,523,164 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 165,149,491 | 49,083,844 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 595,921,748 | 422,761,757 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 314,447,662 | 238,119,608 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Loans | 158,108,465 | 46,929,876 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 582,854,048 | 406,027,442 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 7,559,380 | 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 | 4,437,122 | 8,846,286 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 10,380,369 | 5,772,898 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Loans | 5,261,026 | 373,968 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 8,630,578 | 7,888,029 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 210 | |
Commercial and Commercial Real Estate Portfolio Segments [Member] | ||
Loans | $ 1,921,096,123 | $ 1,372,528,657 |
As a % of Total | 100.00% | 100.00% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | ||
Loans | $ 1,851,978,626 | $ 1,307,277,723 |
As a % of Total | 96.40% | 95.24% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | ||
Loans | $ 20,082,274 | $ 37,288,789 |
As a % of Total | 1.05% | 2.72% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | ||
Loans | $ 49,035,013 | $ 27,962,145 |
As a % of Total | 2.55% | 2.04% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Doubtful [Member] | ||
Loans | $ 210 | |
As a % of Total | 0.00% |
Note 4 - Loans Leases Receiva75
Note 4 - Loans Leases Receivable - Leases By Delinquency Status (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans | $ 2,397,414,282 | $ 1,790,286,285 | |
Nonperforming Financial Instruments [Member] | |||
Loans | 21,232,408 | 11,704,810 | |
Finance Leases Portfolio Segment [Member] | |||
Loans | [1],[2] | 165,419,360 | 173,655,605 |
Finance Leases Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | 161,749,710 | 171,951,421 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | 3,669,650 | 1,704,184 |
Residential Portfolio Segment [Member] | |||
Loans | [2],[3] | 229,233,104 | 170,432,530 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | 227,277,070 | 169,013,743 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | 1,956,034 | 1,418,787 |
Consumer Portfolio Segment [Member] | |||
Loans | [2] | 81,665,695 | 73,669,493 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | 81,449,104 | 73,081,751 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | 216,591 | 587,742 |
Lease Residential and Consumer Portfolio Segments [Member] | |||
Loans | [2] | $ 476,318,159 | $ 417,757,628 |
As a % of Total | [2] | 100.00% | 100.00% |
Lease Residential and Consumer Portfolio Segments [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | $ 470,475,884 | $ 414,046,913 |
As a % of Total | [2] | 98.77% | 99.11% |
Lease Residential and Consumer Portfolio Segments [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | $ 5,842,275 | $ 3,710,715 |
As a % of Total | [2] | 1.23% | 0.89% |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. | ||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing troubled debt restructurings. | ||
[3] | Includes residential real estate loans held for sale totaling $1,135,500 and $565,850 as of December 31, 2016 and 2015, respectively. |
Note 4 - Loans Leases Receiva76
Note 4 - Loans Leases Receivable - Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Loans / Leases | 29 | 2 |
Pre-Modification Recorded Investment | $ 7,880,881 | $ 37,979 |
Post-Modification Recorded Investment | 7,880,881 | 37,979 |
Specific Allowance | $ 1,225,716 | $ 12,013 |
Extended Maturity [Member] | ||
Number of Loans / Leases | 8 | |
Pre-Modification Recorded Investment | $ 935,221 | |
Post-Modification Recorded Investment | 935,221 | |
Specific Allowance | $ 286,735 | |
Interest Rate Below Market Reduction [Member] | ||
Number of Loans / Leases | 1 | 2 |
Pre-Modification Recorded Investment | $ 1,233,740 | $ 37,979 |
Post-Modification Recorded Investment | $ 1,233,740 | 37,979 |
Specific Allowance | $ 12,013 | |
Payment Deferral [Member] | ||
Number of Loans / Leases | 20 | |
Pre-Modification Recorded Investment | $ 5,711,920 | |
Post-Modification Recorded Investment | 5,711,920 | |
Specific Allowance | $ 938,981 | |
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||
Number of Loans / Leases | 3 | |
Pre-Modification Recorded Investment | $ 247,476 | |
Post-Modification Recorded Investment | 247,476 | |
Specific Allowance | $ 60,767 | |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||
Number of Loans / Leases | 7 | |
Pre-Modification Recorded Investment | $ 4,562,427 | |
Post-Modification Recorded Investment | 4,562,427 | |
Specific Allowance | $ 813,041 | |
Consumer Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Number of Loans / Leases | 2 | |
Pre-Modification Recorded Investment | $ 37,979 | |
Post-Modification Recorded Investment | 37,979 | |
Specific Allowance | $ 12,013 | |
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 | |
Specific Allowance | $ 38,476 | |
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | ||
Number of Loans / Leases | 13 | |
Pre-Modification Recorded Investment | $ 1,149,493 | |
Post-Modification Recorded Investment | 1,149,493 | |
Specific Allowance | $ 125,940 | |
Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||
Number of Loans / Leases | 1 | |
Pre-Modification Recorded Investment | $ 277,092 | |
Post-Modification Recorded Investment | 277,092 | |
Specific Allowance | $ 187,492 | |
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 |
Note 4 - Loans Leases Receiva77
Note 4 - Loans Leases Receivable - Related Party Loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, beginning | $ 42,012,313 | $ 42,469,111 | $ 39,192,966 |
Net increase (decrease) due to change in related parties | 19,945,960 | (3,606,418) | 1,040,278 |
Advances | 4,806,616 | 19,040,675 | 13,284,475 |
Repayments | (5,155,913) | (15,891,055) | (11,048,608) |
Balance, ending | $ 61,608,976 | $ 42,012,313 | $ 42,469,111 |
Note 4 - Loans Leases Receiva78
Note 4 - Loans Leases Receivable - Concentration by Industries (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Gross loans/leases receivable | $ 2,405,486,985 | $ 1,798,022,675 |
Lessors of Non-residential Buildings [Member] | ||
Gross loans/leases receivable | $ 359,040,649 | $ 311,138,005 |
Percentage of total loans/leases | 15.00% | 17.00% |
Lessors of Residential Buildings [Member] | ||
Gross loans/leases receivable | $ 166,036,201 | $ 91,811,101 |
Percentage of total loans/leases | 7.00% | 5.00% |
Nonresidential Property Managers [Member] | ||
Gross loans/leases receivable | $ 76,504,076 | $ 10,500,305 |
Percentage of total loans/leases | 3.00% | 1.00% |
Bank Holding Companies [Member] | ||
Gross loans/leases receivable | $ 66,069,612 | $ 55,840,984 |
Percentage of total loans/leases | 3.00% | 3.00% |
Note 5 - Premises and Equipme79
Note 5 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2016 | |
Operating Leases, Rent Expense | $ 334,977 | $ 339,839 | $ 484,868 | |
General Contractor [Member] | ||||
Construction in Progress, Outstanding Commitment | 1,800,000 | |||
General Contractor [Member] | Estimated Full Contract Price to Complete Remodel [Member] | ||||
Related Party Transaction, Amounts of Transaction | 3,700,000 | |||
Due to Related Parties | $ 2,200,000 | |||
Community State Bank [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 20,684,880 |
Note 5 - Premises and Equipme80
Note 5 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Land | $ 12,936,223 | $ 6,655,796 |
Buildings (useful lives 15 to 50 years) | 51,546,499 | 34,615,006 |
Furniture and equipment (useful lives 3 to 10 years) | 28,458,946 | 24,953,570 |
Premises and equipment | 92,941,668 | 66,224,372 |
Less accumulated depreciation | 32,298,160 | 28,874,020 |
Premises and equipment, net | $ 60,643,508 | $ 37,350,352 |
Note 5 - Premises and Equipme81
Note 5 - Premises and Equipment - Components of Premises and Equipment (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Building [Member] | Minimum [Member] | ||
Useful lives (Year) | 15 years | 15 years |
Building [Member] | Maximum [Member] | ||
Useful lives (Year) | 50 years | 50 years |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Useful lives (Year) | 3 years | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Useful lives (Year) | 10 years | 10 years |
Note 5 - Premises and Equipme82
Note 5 - Premises and Equipment - Future Minimum Rental Commitments (Details) | Dec. 31, 2016USD ($) |
2,017 | $ 226,283 |
2,018 | 226,643 |
2,019 | 162,833 |
$ 615,759 |
Note 6 - Goodwill and Intangi83
Note 6 - Goodwill and Intangibles (Details Textual) - Community State Bank [Member] | Aug. 31, 2016USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,352,653 |
Core Deposits [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,352,653 |
Note 6 - Goodwill and Intangi84
Note 6 - Goodwill and Intangibles - Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at the beginning of period | $ 3,222,688 | $ 3,222,688 |
Goodwill from acquisition of CSB | 9,888,225 | |
Balance at the end of period | $ 13,110,913 | $ 3,222,688 |
Note 6 - Goodwill and Intangi85
Note 6 - Goodwill and Intangibles - Core Deposit Intangibles (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at the beginning of the period | $ 1,471,409 | $ 1,670,921 | |||
Amortization expense | (442,849) | (199,512) | $ (199,512) | ||
Balance at the end of the period | 7,381,213 | 1,471,409 | 1,670,921 | ||
Net book value | 7,381,213 | 1,471,409 | 1,670,921 | $ 7,381,213 | $ 1,471,409 |
Core Deposits [Member] | |||||
Balance at the beginning of the period | 1,471,409 | 1,670,921 | |||
Core deposit intangibles from acquisition of CSB | 6,352,653 | ||||
Amortization expense | (442,849) | (199,512) | |||
Balance at the end of the period | 7,381,213 | 1,471,409 | 1,670,921 | ||
Gross carrying amount | 8,347,780 | 1,995,127 | |||
Accumulated amortization | (966,567) | (523,718) | |||
Net book value | $ 1,471,409 | $ 1,471,409 | $ 1,670,921 | $ 7,381,213 | $ 1,471,409 |
Note 6 - Goodwill and Intangi86
Note 6 - Goodwill and Intangibles - Estimated Amortization Expense of Core Deposit Intangible (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net book value | $ 7,381,213 | $ 1,471,409 | $ 1,670,921 |
Core Deposits [Member] | |||
2,017 | 923,467 | ||
2,018 | 910,263 | ||
2,019 | 893,886 | ||
2,020 | 874,331 | ||
2,021 | 851,600 | ||
Thereafter | 2,927,666 | ||
Net book value | $ 7,381,213 | $ 1,471,409 | $ 1,670,921 |
Note 7 - Derivatives and Hedg87
Note 7 - Derivatives and Hedging Activities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Payments for Hedge, Investing Activities | $ 2,071,650 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 76,797 | 156 | |
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |||
Payments for Hedge, Investing Activities | $ 2,100,000 | $ 2.10 | |
Number of Interest Rate Derivatives Held | 2 |
Note 7 - Derivatives and Hedg88
Note 7 - Derivatives and Hedging Activities - Summary of Interest Rate Cap Derivatives (Details) - Cash Flow Hedging [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Rate Cap [Member] | ||
National Amount | $ 30,000,000 | |
Fair value | 576,527 | $ 856,024 |
Other Assets [Member] | Interest Rate Cap 1 [Member] | ||
National Amount | 15,000,000 | |
Fair value | 179,939 | 321,112 |
Other Assets [Member] | Interest Rate Cap 2 [Member] | ||
National Amount | 15,000,000 | |
Fair value | $ 396,588 | $ 534,912 |
Note 7 - Derivatives and Hedg89
Note 7 - Derivatives and Hedging Activities - Changes in Fair Values of Derivative Financial Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount of loss recognized in other comprehensive income, net of tax | $ (335,760) | $ (188,613) | $ 11,708,770 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Unrealized loss at beginning of period, net of tax | (799,421) | (399,367) | |
Amount of loss recognized in other comprehensive income, net of tax | (208,025) | (415,949) | |
Unrealized loss at end of period, net of tax | (932,156) | (799,421) | $ (399,367) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Hedge Ineffectiveness [Member] | |||
Amount reclassified from accumulated other comprehensive income to noninterest income related to hedge ineffectiveness | (76,797) | (156) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Caplet Amortization [Member] | |||
Amount reclassified from accumulated other comprehensive income to noninterest income related to hedge ineffectiveness | $ 152,087 | $ 16,051 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits, at or Above FDIC Insurance Limit | $ 300,852,485 | $ 235,565,570 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 669,513,037 | 480,466,274 |
Federal Home Loan Bank of Des Moines [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 40,000,000 | 45,000,000 |
Letters of Credit Outstanding, Amount | 0 | 0 |
Federal Home Loan Bank of Chicago [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 7,000,000 | 8,000,000 |
Letters of Credit Outstanding, Amount | $ 0 | $ 0 |
Note 8 - Deposits - Maturities
Note 8 - Deposits - Maturities of Certificates of Deposit (Details) | Dec. 31, 2016USD ($) |
2,017 | $ 367,576,999 |
2,018 | 61,637,914 |
2,019 | 33,529,173 |
2,020 | 11,294,524 |
2,021 | 6,539,314 |
$ 480,577,924 |
Note 9 - Short-term Borrowing92
Note 9 - Short-term Borrowings - Short-term Borrowings (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Overnight repurchase agreements with customers | $ 8,131,387 | $ 73,872,716 |
Federal funds purchased | 31,840,000 | 70,790,000 |
$ 39,971,387 | $ 144,662,716 |
Note 9 - Short-term Borrowing93
Note 9 - Short-term Borrowings - Overnight Repurchase Agreement Collateralized Investment Securities (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Securities sold under repurchase agreements | $ 19,720,338 | $ 95,388,714 |
Less: overcollateralized position | 11,588,951 | 21,515,998 |
8,131,387 | 73,872,716 | |
US Government Agencies Debt Securities [Member] | ||
Securities sold under repurchase agreements | 630,077 | 29,499,803 |
Residential Mortgage Backed Securities [Member] | ||
Securities sold under repurchase agreements | $ 19,090,261 | $ 65,888,911 |
Note 9 - Short-term Borrowing94
Note 9 - Short-term Borrowings - Overnight Repurchase Agreements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Repurchase Agreements with Customers [Member] | ||
Average daily balance during the period | $ 30,082,866 | $ 121,186,231 |
Average daily interest rate during the period | 0.07% | 0.11% |
Maximum month-end balance during the period | $ 59,833,229 | $ 159,407,193 |
Weighted average rate as of end of period | 0.02% | 0.11% |
Federal Funds Purchased [Member] | ||
Average daily balance during the period | $ 19,105,595 | $ 32,826,489 |
Average daily interest rate during the period | 0.56% | 0.41% |
Maximum month-end balance during the period | $ 51,750,000 | $ 126,220,000 |
Weighted average rate as of end of period | 0.70% | 0.57% |
Note 10 - FHLB Advances (Detail
Note 10 - FHLB Advances (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 669,513,037 | $ 480,466,274 |
Advances from Federal Home Loan Banks Shortterm | 104,500,000 | 84,000,000 |
Federal Home Loan Bank Stock | $ 9,271,300 | $ 9,135,900 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 1 day | 1 day |
Minimum [Member] | Loans Receivable [Member] | ||
FHLB Collateral Maintenance Levels | 125.00% | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 30 days | 30 days |
Maximum [Member] | Loans Receivable [Member] | ||
FHLB Collateral Maintenance Levels | 333.00% |
Note 10 - FHLB Advances - Matur
Note 10 - FHLB Advances - Maturity and Interest Rate Information on Advances from FHLB (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
2017, Amount due | $ 112,500,000 | $ 103,000,000 | |
2017, Weighted average interest rate at year-end | 0.78% | 0.56% | |
2018, Amount due | $ 25,000,000 | $ 18,000,000 | |
2018, Weighted average interest rate at year-end | 3.35% | 2.89% | |
Total FHLB advances, Amount due | $ 137,500,000 | $ 151,000,000 | |
Total FHLB advances, Weighted average interest rate at year-end | 1.25% | 1.37% | |
2018, Amount due | $ 30,000,000 | ||
2018, weighted average interest rate at year-end | 3.27% | ||
Federal Home Loan Bank, Advances, Putable Option [Member] | |||
2017, Amount due | [1] | $ 2,000,000 | |
2017, Weighted average interest rate at year-end | 4.00% | ||
2018, Amount due | [1] | ||
2018, Weighted average interest rate at year-end | |||
Total FHLB advances, Amount due | [1] | $ 7,000,000 | |
Total FHLB advances, Weighted average interest rate at year-end | 3.17% | ||
2018, Amount due | [1] | $ 5,000,000 | |
2018, weighted average interest rate at year-end | 2.84% | ||
[1] | Of the advances outstanding, a portion have putable options which allow the FHLB, at its discretion, to terminate the advances and require the subsidiary banks to repay at predetermined dates prior to the stated maturity date of the advances. |
Note 10 - FHLB Advances - Summa
Note 10 - FHLB Advances - Summary of Prepayments of FHLB Advances (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | $ 15,000,000 | $ 5,000,000 | $ 10,000,000 | $ 3,000,000 | $ 75,500,000 | $ 30,000,000 | $ 78,500,000 |
Weighted Average Interest Rate | 3.14% | 2.84% | 3.86% | 3.98% | 4.36% | 3.33% | 4.35% |
Prepayment Fees | $ 357,161 | $ 127,310 | $ 524,197 | $ 209,416 | $ 5,692,185 | $ 1,008,668 | $ 5,901,601 |
Note 11 - Other Borrowings an98
Note 11 - Other Borrowings and Unused Lines of Credit (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Apr. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Borrowings | $ 80,000,000 | $ 80,000,000 | $ 110,000,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.26% | 3.26% | 2.60% | ||||
Repayments of Long-term Debt | $ 7,350,000 | $ 2,125,000 | |||||
Revolving Credit Facility [Member] | |||||||
Other Borrowings | $ 5,000,000 | $ 5,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.27% | 3.27% | 3.10% | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 40,000,000 | |||
Long-term Line of Credit | 5,000,000 | 5,000,000 | $ 0 | ||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | |||||
Whole sale Repurchase Agreements [Member] | |||||||
Other Borrowings | 45,000,000 | 45,000,000 | $ 110,000,000 | ||||
Wholesale Repurchase Agreements with No Put Options [Member] | |||||||
Other Borrowings | 25,000,000 | 25,000,000 | |||||
Wholesale Repurchase Agreements Putable in 2017 [Member] | |||||||
Other Borrowings | 20,000,000 | 20,000,000 | |||||
Term Note [Member] | |||||||
Other Borrowings | $ 15,275,000 | $ 30,000,000 | $ 30,000,000 | $ 17,625,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.77% | 3.77% | 3.23% | ||||
Repayments of Long-term Debt | $ 2,350,000 | ||||||
Debt Instrument, Borrowing Capacity, Amount | $ 30,000,000 | ||||||
Debt Instrument, Term | 5 years | ||||||
Debt Instrument, Periodic Payment, Principal | $ 1,500,000 | ||||||
Term Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | |||||
Series A Subordinated Notes [Member] | |||||||
Repayments of Long-term Debt | $ 2,700,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Note 11 - Other Borrowings an99
Note 11 - Other Borrowings and Unused Lines of Credit - Other Borrowings (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other borrowings | $ 80,000,000 | $ 110,000,000 |
Revolving Credit Facility [Member] | ||
Other borrowings | 5,000,000 | |
Term Note [Member] | ||
Other borrowings | 30,000,000 | |
Whole sale Repurchase Agreements [Member] | ||
Other borrowings | $ 45,000,000 | $ 110,000,000 |
Note 11 - Other Borrowings a100
Note 11 - Other Borrowings and Unused Lines of Credit - Wholesale Structured Repurchase Agreement Collateralized Investment Securities (Details) - Whole sale Repurchase Agreements [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Securities sold under repurchase agreements | $ 52,119,731 | $ 129,824,128 |
Less: overcollateralized position | 7,119,731 | 19,824,128 |
45,000,000 | 110,000,000 | |
US Government Agencies Debt Securities [Member] | ||
Securities sold under repurchase agreements | 20,798,703 | 129,824,128 |
Residential Mortgage Backed Securities [Member] | ||
Securities sold under repurchase agreements | $ 31,321,028 |
Note 11 - Other Borrowings a101
Note 11 - Other Borrowings and Unused Lines of Credit - Summary of Prepayments of Wholesale Structured Repurchase Agreements (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount | $ 69,769,000 | $ 34,559,000 | |||||
Whole sale Repurchase Agreements [Member] | |||||||
Amount | $ 55,000,000 | $ 10,000,000 | $ 5,000,000 | $ 10,000,000 | $ 65,000,000 | $ 15,000,000 | |
Weighted Average Interest Rate | 3.27% | 3.97% | 3.46% | 4.40% | 3.38% | 4.09% | |
Prepayment Fees | $ 4,010,000 | $ 759,000 | $ 382,000 | $ 1,202,000 | $ 4,769,000 | $ 1,584,000 |
Note 11 - Other Borrowings a102
Note 11 - Other Borrowings and Unused Lines of Credit - Wholesale Repurchase Agreements (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other borrowings | $ 80,000,000 | $ 110,000,000 |
Whole sale Repurchase Agreements [Member] | ||
Other borrowings | $ 45,000,000 | $ 110,000,000 |
Weighted average interest rate at year end | 2.81% | 3.11% |
Whole sale Repurchase Agreements [Member] | Maturing in 2017 [Member] | ||
Other borrowings | $ 10,000,000 | $ 10,000,000 |
Weighted average interest rate at year end | 3.00% | 3.00% |
Whole sale Repurchase Agreements [Member] | Maturing in 2018 [Member] | ||
Other borrowings | $ 10,000,000 | |
Weighted average interest rate at year end | 0.00% | 3.97% |
Whole sale Repurchase Agreements [Member] | Maturing in 2019 [Member] | ||
Other borrowings | $ 10,000,000 | $ 45,000,000 |
Weighted average interest rate at year end | 3.44% | 3.40% |
Whole sale Repurchase Agreements [Member] | Maturing in 2020 [Member] | ||
Other borrowings | $ 25,000,000 | $ 45,000,000 |
Weighted average interest rate at year end | 2.48% | 2.66% |
Note 11 - Other Borrowings a103
Note 11 - Other Borrowings and Unused Lines of Credit - Maturity Schedule of Term Note (Details) - Term Note [Member] | Dec. 31, 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 11 - Other Borrowings a104
Note 11 - Other Borrowings and Unused Lines of Credit - Unused Lines of Credit (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Unused lines of credit | $ 381,409,192 | $ 346,601,432 |
Secured Debt [Member] | ||
Unused lines of credit | 34,409,192 | 14,601,432 |
Unsecured Debt [Member] | ||
Unused lines of credit | $ 347,000,000 | $ 332,000,000 |
Note 12 - Junior Subordinate105
Note 12 - Junior Subordinated Debentures (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Feb. 29, 2004 | |
Debt Instrument, Face Amount | $ 35,570,000 | $ 40,725,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.26% | 2.60% | |
Junior Subordinated Debt [Member] | |||
Debt Instrument, Term | 30 years | ||
Note Payable to QCR Holdings Capital Trust II [Member] | |||
Debt Instrument, Face Amount | $ 12,372,000 | ||
Note Payable to QCR Holdings Capital Trust II [Member] | Junior Subordinated Debt [Member] | |||
Extinguishment of Debt, Amount | $ 2,100,000 | ||
Gain (Loss) on Extinguishment of Debt | $ 300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.18% | ||
Note Payable to QCR Holdings Capital Trust IV [Member] | Junior Subordinated Debt [Member] | |||
Extinguishment of Debt, Amount | $ 5,100,000 | ||
Gain (Loss) on Extinguishment of Debt | $ 1,200,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.42% | ||
Note Payable to QCR Holdings Capital Trust IV [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | 2.85% |
Note 12 - Junior Subordinate106
Note 12 - Junior Subordinated Debentures - Junior Subordinated Debentures (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Junior subordinated debentures | $ 33,480,202 | $ 38,499,052 | |
Junior subordinated debentures | [1] | (2,089,798) | (2,225,948) |
Note Payable to QCR Holdings Capital Trust II [Member] | |||
Junior subordinated debentures | 10,310,000 | 10,310,000 | |
Note Payable to Trust III [Member] | |||
Junior subordinated debentures | 8,248,000 | 8,248,000 | |
Note Payable to Trust IV [Member] | |||
Junior subordinated debentures | 5,155,000 | ||
Note Payable to Trust V [Member] | |||
Junior subordinated debentures | 10,310,000 | 10,310,000 | |
Community National Trust II [Member] | |||
Junior subordinated debentures | 3,093,000 | 3,093,000 | |
Community National Trust III [Member] | |||
Junior subordinated debentures | $ 3,609,000 | $ 3,609,000 | |
[1] | Discount on junior subordinated debt acquired in 2013 as part of the purchase of Community National |
Note 12 - Junior Subordinate107
Note 12 - Junior Subordinated Debentures - Trust Preferred Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Amount Outstanding | $ 35,570,000 | $ 40,725,000 | |
Interest Rate | 3.26% | 2.60% | |
Trust Preferred Securities [Member] | |||
Date issued | [1] | February 2,004 | |
Trust Preferred Securities [Member] | QCR Holdings Statuory Trust II [Member] | |||
Amount Outstanding | [1] | $ 10,310,000 | $ 10,310,000 |
Interest Rate, Basis Spread | [1] | 2.85% | |
Interest Rate | [1] | 3.85% | 3.18% |
Trust Preferred Securities [Member] | QCR Holdings Statutory Trust III [Member] | |||
Date issued | February 2,004 | ||
Amount Outstanding | $ 8,248,000 | $ 8,248,000 | |
Interest Rate, Basis Spread | 2.85% | ||
Interest Rate | 3.85% | 3.18% | |
Trust Preferred Securities [Member] | QCR Holdings Statutory Trust IV [Member] | |||
Date issued | May 2,005 | ||
Amount Outstanding | $ 5,155,000 | ||
Interest Rate, Basis Spread | 1.80% | ||
Interest Rate | 2.12% | ||
Trust Preferred Securities [Member] | QCR Holdings Statutory Trust V [Member] | |||
Date issued | February 2,006 | ||
Amount Outstanding | $ 10,310,000 | $ 10,310,000 | |
Interest Rate, Basis Spread | 1.55% | ||
Interest Rate | 2.43% | 1.87% | |
Trust Preferred Securities [Member] | Community National Statutory Trust II [Member] | |||
Date issued | September 2,004 | ||
Amount Outstanding | $ 3,093,000 | $ 3,093,000 | |
Interest Rate, Basis Spread | 2.17% | ||
Interest Rate | 3.17% | 2.74% | |
Trust Preferred Securities [Member] | Community National Statutory Trust III [Member] | |||
Date issued | March 2,007 | ||
Amount Outstanding | $ 3,609,000 | $ 3,609,000 | |
Interest Rate, Basis Spread | 1.75% | ||
Interest Rate | 2.71% | 2.26% | |
[1] | Original amount issued for QCR Holdings Statutory Trust II was $12,372,000. |
Note 13 - Federal and State 108
Note 13 - Federal and State Income Taxes (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,124,000 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 223,000 | $ 221,000 |
Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 5,100,000 | |
State and Local Jurisdiction [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 3,700,000 |
Note 13 - Federal and State 109
Note 13 - Federal and State Income Taxes - Federal and State Income Tax Expense (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | $ 11,969,194 | $ 5,673,774 | $ 4,203,979 | ||||||||
Deferred | (3,066,407) | (2,004,532) | (1,165,009) | ||||||||
$ 2,872,412 | $ 1,858,208 | $ 2,153,144 | $ 2,019,023 | $ 2,263,293 | $ 2,468,871 | $ (1,974,411) | $ 911,489 | $ 8,902,787 | $ 3,669,242 | $ 3,038,970 |
Note 13 - Federal and State 110
Note 13 - Federal and State Income Taxes - Reconciliation of the Expected Federal Income Tax Expense (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Computed "expected" tax expense | $ 12,806,351 | $ 7,208,993 | $ 6,297,027 | ||||||||
Computed "expected" tax expense, percentage | 35.00% | 35.00% | 35.00% | ||||||||
Effect of graduated tax rates | $ (250,013) | $ (76,973) | $ (79,529) | ||||||||
Effect of graduated tax rates, percentage | (0.70%) | (0.40%) | (0.40%) | ||||||||
Tax exempt income, net | $ (4,343,270) | $ (3,461,438) | $ (2,646,275) | ||||||||
Tax exempt income, net, percentage | (11.90%) | (16.80%) | (14.70%) | ||||||||
Bank-owned life insurance | $ 619,988 | $ 616,737 | $ 585,312 | ||||||||
Bank-owned life insurance, percentage | (1.70%) | (3.00%) | (3.30%) | ||||||||
State income taxes, net of federal benefit, current year | $ 1,245,524 | $ 767,557 | $ 497,068 | ||||||||
State income taxes, net of federal benefit, current year, percentage | 3.40% | 3.70% | 2.80% | ||||||||
Change in unrecognized tax benefits | $ 121,008 | $ 223,668 | $ (55,728) | ||||||||
Change in unrecognized tax benefits, percentage | 0.30% | 1.10% | (0.30%) | ||||||||
Acquisition costs | $ 176,050 | ||||||||||
Acquisition costs, percentage | 0.50% | ||||||||||
Other | $ (232,875) | $ (375,828) | $ (388,281) | ||||||||
Other, percentage | (0.60%) | (1.80%) | (2.10%) | ||||||||
$ 2,872,412 | $ 1,858,208 | $ 2,153,144 | $ 2,019,023 | $ 2,263,293 | $ 2,468,871 | $ (1,974,411) | $ 911,489 | $ 8,902,787 | $ 3,669,242 | $ 3,038,970 | |
Income Tax Expense (Benefit), Pprcentage | 24.30% | 17.80% | 17.00% |
Note 13 - Federal and State 111
Note 13 - Federal and State Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning | $ 1,225,959 | $ 1,002,291 |
Impact of tax positions taken during current year | 319,047 | 468,055 |
Gross increase related to tax positions of prior years | 17,789 | 16,965 |
Reduction as a result of a lapse of the applicable statute of limitations | (215,828) | (261,352) |
Balance, ending | $ 1,346,967 | $ 1,225,959 |
Note 13 - Federal and State 112
Note 13 - Federal and State Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Alternative minimum tax credits | $ 6,513,502 | $ 5,475,062 |
New markets tax credits | 1,797,587 | 2,700,000 |
Net unrealized losses on securities available for sale and derivative instruments | 1,470,759 | 1,268,068 |
Compensation | 8,737,976 | 8,687,856 |
Loan/lease losses | 10,479,227 | 8,802,271 |
Net operating loss carryforwards, federal and state | 1,879,746 | 2,069,093 |
Other | 247,594 | 452,854 |
31,126,391 | 29,455,204 | |
Premises and equipment | 4,899,107 | 1,173,966 |
Equipment financing leases | 22,050,540 | 25,059,159 |
Acquisition fair value adjustments | 1,336,338 | 1,755,874 |
Investment accretion | 46,581 | 44,462 |
Deferred loan origination fees, net | 261,915 | 137,461 |
Other | 456,219 | 678,227 |
29,050,700 | 28,849,149 | |
Net deferred tax asset | $ 2,075,691 | $ 606,055 |
Note 13 - Federal and State 113
Note 13 - Federal and State Income Taxes - The Change in Deferred Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Provision for income taxes | $ (3,066,407) | $ (2,004,532) | $ (1,165,009) |
Net deferred tax asset acquired from CSB | (3,310,553) | ||
Net deferred tax asset resulting from market value adjustments of acquisition of CSB | 5,110,015 | ||
Statement of stockholders' equity- Accumulated other comprehensive income (loss) | (202,691) | (81,524) | 7,281,574 |
$ (1,469,636) | $ (2,086,056) | $ 6,116,565 |
Note 14 - Employee Benefit P114
Note 14 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.50% | |||
Defined Contribution Plan, Cost Recognized | $ 322,575 | $ 297,826 | $ 650,016 | |
Deferred Compensation Liability, Current and Noncurrent | 10,389,326 | 8,875,025 | 7,503,692 | $ 6,224,368 |
Deferred Compensation Arrangement with Individual, Employer Contribution | 744,168 | 693,656 | 628,589 | |
Minimum [Member] | Certain Executive Officers [Member] | ||||
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 8,000 | |||
Interest on Deferred Compensation Amounts | 4.00% | |||
Maximum [Member] | Certain Executive Officers [Member] | ||||
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 25,000 | |||
Interest on Deferred Compensation Amounts | 12.00% | |||
Supplemental Executive Retirement Plans [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 4,093,355 | 3,934,605 | ||
Defined Benefit Plan, Contributions by Employer | $ 163,825 | 163,824 | $ 117,000 | |
Certain Management Officers [Member]s [Member] | Minimum [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Interest on Deferred Compensation Amounts | 4.00% | |||
Certain Management Officers [Member]s [Member] | Maximum [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 10.00% | |||
Interest on Deferred Compensation Amounts | 8.00% | |||
Agreements with Certain Management and Executive Officers [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 10,389,326 | $ 8,875,025 | ||
First 3% of Employees Wages [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | |||
Match at 100% [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | |||
From 4% to 4.5% of Employees Wages [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | |||
Matched at 50% [Member] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% |
Note 14 - Employee Benefit P115
Note 14 - Employee Benefit Plans - Profit Sharing Contributions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Matching contribution | $ 1,365,111 | $ 1,314,276 | $ 1,179,979 |
Discretionary contribution | 198,800 | ||
$ 1,365,111 | $ 1,314,276 | $ 1,378,779 |
Note 14 - Employee Benefit P116
Note 14 - Employee Benefit Plans - Deferred Compensation Agreements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 8,875,025 | $ 7,503,692 | $ 6,224,368 |
Company expense | 832,974 | 726,001 | 661,611 |
Employee deferrals | 744,168 | 693,656 | 628,589 |
Cash payments made | (62,841) | (48,324) | (10,876) |
Balance | $ 10,389,326 | $ 8,875,025 | $ 7,503,692 |
Note 15 - Stock-based Compen117
Note 15 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 412,658 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||
The 2008 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | ||
2010 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | ||
The 2013 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | ||
The 2016 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 400,000 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 206,632 | ||
Maximum Amount per Employee per Offering Period for Employee Stock Purchase Plan | $ 7,500 | ||
Maximum Amount per Employee per Offering Period for Employee Stock Purchase Plan, Percent | 8.00% | 8.00% | 8.00% |
Note 15 - Stock-based Compen118
Note 15 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allocated Share-based Compensation Expense | $ 947,174 | $ 941,469 | $ 891,619 |
Stock Option and Incentive Plans [Member] | |||
Allocated Share-based Compensation Expense | 885,757 | 885,524 | 832,845 |
Employee Stock Purchase Plan [Member] | |||
Allocated Share-based Compensation Expense | $ 61,417 | $ 55,945 | $ 58,774 |
Note 15 - Stock-based Compen119
Note 15 - Stock-based Compensation - Stock Option Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding, shares (in shares) | 623,176 | 661,771 | 662,506 |
Outstanding, Weighted average exercise price (in dollars per share) | $ 13.88 | $ 13.89 | $ 13.82 |
Granted, shares (in shares) | 76,749 | 73,403 | 82,609 |
Granted, Weighted average exercise price (in dollars per share) | $ 22.92 | $ 17.63 | $ 17.11 |
Exercised, shares (in shares) | (111,423) | (79,638) | (23,659) |
Exercised, Weighted average exercise price (in dollars per share) | $ 14.97 | $ 14.70 | $ 10.22 |
Forfeited, shares (in shares) | (541) | (32,360) | (59,685) |
Forfeited, Weighted average exercise price (in dollars per share) | $ 18.36 | $ 20.69 | $ 19.02 |
Outstanding, shares (in shares) | 587,961 | 623,176 | 661,771 |
Outstanding, Weighted average exercise price (in dollars per share) | $ 14.83 | $ 13.88 | $ 13.89 |
Exercisable, , shares (in shares) | 385,372 | 405,832 | 420,429 |
Weighted-average grant date fair value (in dollars per share) | $ 7.31 | $ 5.11 | $ 5.68 |
Note 15 - Stock-based Compen120
Note 15 - Stock-based Compensation - Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number outstanding (in shares) | shares | 587,961 |
Number exercisable (in shares) | shares | 385,372 |
Range 1 [Member] | |
Exercise price range, lower range (in dollars per share) | $ 7.99 |
Exercise price range, upper range (in dollars per share) | $ 8.93 |
Number outstanding (in shares) | shares | 35,040 |
Weighted average remaining contractual life (Year) | 3 years 306 days |
Weighted average exercise price options outstanding (in dollars per share) | $ 8.18 |
Number exercisable (in shares) | shares | 35,040 |
Weighted average exercise price options exercisable (in dollars per share) | $ 8.18 |
Range 2 [Member] | |
Exercise price range, lower range (in dollars per share) | 9 |
Exercise price range, upper range (in dollars per share) | $ 9.30 |
Number outstanding (in shares) | shares | 160,707 |
Weighted average remaining contractual life (Year) | 3 years 299 days |
Weighted average exercise price options outstanding (in dollars per share) | $ 9.22 |
Number exercisable (in shares) | shares | 147,200 |
Weighted average exercise price options exercisable (in dollars per share) | $ 9.22 |
Range 3 [Member] | |
Exercise price range, lower range (in dollars per share) | 15 |
Exercise price range, upper range (in dollars per share) | $ 16.85 |
Number outstanding (in shares) | shares | 168,164 |
Weighted average remaining contractual life (Year) | 3 years 233 days |
Weighted average exercise price options outstanding (in dollars per share) | $ 15.69 |
Number exercisable (in shares) | shares | 147,291 |
Weighted average exercise price options exercisable (in dollars per share) | $ 15.69 |
Range 4 [Member] | |
Exercise price range, lower range (in dollars per share) | 17.10 |
Exercise price range, upper range (in dollars per share) | $ 18 |
Number outstanding (in shares) | shares | 145,551 |
Weighted average remaining contractual life (Year) | 7 years 204 days |
Weighted average exercise price options outstanding (in dollars per share) | $ 17.25 |
Number exercisable (in shares) | shares | 55,341 |
Weighted average exercise price options exercisable (in dollars per share) | $ 17.25 |
Range 5 [Member] | |
Exercise price range, lower range (in dollars per share) | 21.71 |
Exercise price range, upper range (in dollars per share) | $ 31.53 |
Number outstanding (in shares) | shares | 78,499 |
Weighted average remaining contractual life (Year) | 9 years 32 days |
Weighted average exercise price options outstanding (in dollars per share) | $ 21.71 |
Number exercisable (in shares) | shares | 500 |
Weighted average exercise price options exercisable (in dollars per share) | $ 21.71 |
Note 15 - Stock-based Compen121
Note 15 - Stock-based Compensation - Stock Purchase Plan (Details) - Employee Stock Purchase Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares granted (in shares) | 18,711 | 23,408 | 24,811 |
Proceeds from issuance of common stock, Employee Stock Purchase Plan, Shares (in shares) | 20,192 | 24,033 | 25,321 |
Weighted average fair value per share granted (in dollars per share) | $ 3.28 | $ 2.39 | $ 2.37 |
Note 16 - Regulatory Capital122
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends (Details Textual) - USD ($) | May 13, 2015 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 27, 2016 |
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% | |||||
Stock Issued During Period, Shares, New Issues | 1,215,000 | |||||
Proceeds from Issuance of Common Stock | $ 29,800,000 | $ 2,105,774 | $ 1,552,673 | $ 620,641 | ||
Shelf Registration Maximum Value of Equity Authorized For Issuance | $ 100,000,000 | |||||
Proceeds From Issuance of Common Stock Gross | $ 30,100,000 | |||||
Common Stock Offering 1 [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 3,680,000 | 3,680,000 | ||||
Share Price | $ 18.25 | |||||
Proceeds from Issuance of Common Stock | $ 63,500,000 | $ 63,484,123 |
Note 16 - Regulatory Capital123
Note 16 - Regulatory Capital Requirements and Restrictions on Dividends - Capital Requirements (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Parent Company [Member] | |||
Total risk-based capital, actual, amount | $ 327,440 | $ 280,273 | |
Total risk-based capital, actual, ratio | 11.56% | 13.11% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 244,289 | $ 170,969 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 8.625% | 8.00% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 283,233 | $ 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 | $ 296,366 | $ 253,891 | |
Tier 1 risk-based capital, actual, ratio | 10.46% | 11.88% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 187,642 | $ 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 | $ 226,587 | $ 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 | $ 296,366 | $ 253,891 | |
Tier 1 leverage, actual, ratio | 9.10% | 9.75% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 130,229 | $ 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 | $ 162,787 | $ 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 | $ 266,419 | $ 220,800 | |
Common equity Tier 1, actual ratio | 9.41% | 10.33% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 145,157 | $ 96,170 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.125% | 4.50% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 184,102 | $ 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 | $ 142,990 | $ 135,477 | |
Total risk-based capital, actual, ratio | 12.27% | 12.50% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 100,494 | $ 86,726 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 8.625% | 8.00% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 116,515 | $ 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 | $ 129,524 | $ 123,498 | |
Tier 1 risk-based capital, actual, ratio | 11.12% | 11.39% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 77,191 | $ 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 | $ 93,212 | $ 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 | $ 129,524 | $ 123,498 | |
Tier 1 leverage, actual, ratio | 9.18% | 8.87% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 56,445 | $ 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 | $ 70,556 | $ 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 | $ 129,524 | $ 123,498 | |
Common equity Tier 1, actual ratio | 11.12% | 11.39% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 59,714 | $ 48,783 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.125% | 4.50% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 75,735 | $ 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 | $ 106,791 | $ 105,285 | |
Total risk-based capital, actual, ratio | 12.82% | 14.39% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 71,828 | $ 58,537 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 8.625% | 8.00% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 83,279 | $ 73,172 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% | |
Tier 1 risk-based capital, actual, amount | $ 96,369 | $ 96,118 | |
Tier 1 risk-based capital, actual, ratio | 11.57% | 13.14% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 55,173 | $ 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 | $ 66,623 | $ 58,537 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | |
Tier 1 leverage, actual, amount | $ 96,369 | $ 96,118 | |
Tier 1 leverage, actual, ratio | 10.69% | 10.96% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 36,061 | $ 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 | $ 45,076 | $ 43,848 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | |
Common equity Tier 1, actual, amount | $ 96,369 | $ 96,118 | |
Common equity Tier 1, actual ratio | 11.57% | 13.14% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 42,681 | $ 32,927 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.125% | 4.50% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 54,132 | $ 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 | $ 68,216 | ||
Total risk-based capital, actual, ratio | 13.81% | ||
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 42,609 | |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 8.625% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 49,402 | ||
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | ||
Tier 1 risk-based capital, actual, amount | $ 66,746 | ||
Tier 1 risk-based capital, actual, ratio | 13.51% | ||
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 32,729 | |
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 | $ 39,522 | ||
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | ||
Tier 1 leverage, actual, amount | $ 66,746 | ||
Tier 1 leverage, actual, ratio | 11.75% | ||
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 22,726 | |
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 28,408 | ||
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | ||
Common equity Tier 1, actual, amount | $ 66,746 | ||
Common equity Tier 1, actual ratio | 13.51% | ||
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 25,319 | |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.125% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 32,111 | ||
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 | $ 42,007 | $ 38,544 | |
Total risk-based capital, actual, ratio | 12.26% | 11.96% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 29,551 | $ 25,772 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 8.625% | 8.00% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 34,262 | $ 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 | $ 37,716 | $ 34,514 | |
Tier 1 risk-based capital, actual, ratio | 11.01% | 10.71% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 22,699 | $ 19,329 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 6.625% | 6.00% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 27,410 | $ 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 | $ 37,716 | $ 34,514 | |
Tier 1 leverage, actual, ratio | 9.57% | 9.59% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 15,772 | $ 14,401 |
Tier 1 leverage for capital adequacy purposes, ratio | [1] | 4.00% | 4.00% |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 19,716 | $ 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 | $ 37,716 | $ 34,514 | |
Common equity Tier 1, actual ratio | 11.01% | 10.71% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 17,559 | $ 14,497 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.125% | 4.50% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 22,270 | $ 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) for all ratios other than Tier 1 leverage 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. |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,739 | 36,572 | 124,983 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Basic and Diluted (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income | $ 8,529,330 | $ 6,107,501 | $ 6,676,467 | $ 6,373,489 | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 27,686,787 | $ 16,927,881 | $ 14,952,537 | |
Less: preferred stock dividends | 1,081,877 | |||||||||||
Net income attributable to QCR Holdings, Inc. common stockholders | $ 27,686,787 | $ 16,927,881 | $ 13,870,660 | |||||||||
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.65 | $ 0.47 | $ 0.54 | $ 0.54 | $ 0.58 | $ 0.55 | $ (0.05) | $ 0.52 | $ 2.20 | $ 1.64 | $ 1.75 | |
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.64 | $ 0.46 | $ 0.53 | $ 0.53 | $ 0.57 | $ 0.55 | $ (0.05) | $ 0.52 | $ 2.17 | $ 1.61 | $ 1.72 | |
Weighted average common shares outstanding (in shares) | [1] | 12,570,767 | 10,345,286 | 7,925,220 | ||||||||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** (in shares) | [2] | 195,236 | 154,555 | 123,441 | ||||||||
Weighted average common and common equivalent shares outstanding (in shares) | 12,766,003 | 10,499,841 | 8,048,661 | |||||||||
[1] | The increase in weighted average common shares outstanding from 2014 to 2015 was primarily due to the common stock issuance discussed in Note 16 to the Consolidated Financial Statements. The increase in weighted average common shares outstanding from 2015 to 2016 was primarily due to the common stock issuance discussed in Note 2 to the Consolidated Financial Statements. | |||||||||||
[2] | Excludes anti-dilutive shares of 17,739, 36,572, and 124,983 at December 31, 2016, 2015 and 2014, respectively. |
Note 18 - Commitments and Co126
Note 18 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 1,135,500 | $ 565,850 |
Loans Sold with Recourse Provisions | 916,900 | 524,400 |
Cash, Uninsured Amount | 135,600,000 | 101,000,000 |
Money Market Funds, at Carrying Value | 117,985,224 | 105,290,874 |
Standby Letters of Credit [Member] | ||
Other Commitment | 15,697,469 | 13,067,100 |
Commitments to Extend Credit [Member] | ||
Other Commitment | $ 666,778,085 | $ 480,475,033 |
Note 19 - Quarterly Results 127
Note 19 - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total interest income | $ 32,235,657 | $ 26,816,735 | $ 23,913,284 | $ 23,502,059 | $ 22,909,799 | $ 23,141,112 | $ 22,050,612 | $ 21,901,730 | |||
Interest expense | 2,955,992 | 3,185,958 | 2,904,471 | 2,904,537 | 3,023,654 | 3,003,586 | 3,559,776 | 4,119,513 | $ 11,950,958 | $ 13,706,529 | $ 16,894,128 |
Net interest income | 29,279,665 | 23,630,777 | 21,008,813 | 20,597,522 | 19,886,145 | 20,137,526 | 18,490,836 | 17,782,217 | 94,516,777 | 76,296,724 | 69,071,128 |
Provision for loan/lease losses | 2,599,345 | 1,607,986 | 1,197,850 | 2,072,985 | 1,176,516 | 1,635,263 | 2,348,665 | 1,710,456 | 7,478,166 | 6,870,900 | 6,807,000 |
Noninterest income | 7,028,600 | 10,423,401 | 6,762,401 | 6,822,473 | 6,211,910 | 6,402,686 | 5,495,829 | 6,252,896 | 31,036,875 | 24,363,321 | 21,281,279 |
Noninterest expense | 22,307,178 | 24,480,483 | 17,743,753 | 16,954,498 | 15,873,423 | 15,947,091 | 24,136,229 | 17,235,279 | 81,485,912 | 73,192,022 | 65,553,900 |
Income before taxes | 11,401,742 | 7,965,709 | 8,829,611 | 8,392,512 | 9,048,116 | 8,957,858 | (2,498,229) | 5,089,378 | 36,589,574 | 20,597,123 | 17,991,507 |
Federal and state income tax expense | 2,872,412 | 1,858,208 | 2,153,144 | 2,019,023 | 2,263,293 | 2,468,871 | (1,974,411) | 911,489 | 8,902,787 | 3,669,242 | 3,038,970 |
Net income | $ 8,529,330 | $ 6,107,501 | $ 6,676,467 | $ 6,373,489 | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 27,686,787 | $ 16,927,881 | $ 14,952,537 |
Basic (in dollars per share) | $ 0.65 | $ 0.47 | $ 0.54 | $ 0.54 | $ 0.58 | $ 0.55 | $ (0.05) | $ 0.52 | $ 2.20 | $ 1.64 | $ 1.75 |
Diluted (in dollars per share) | $ 0.64 | $ 0.46 | $ 0.53 | $ 0.53 | $ 0.57 | $ 0.55 | $ (0.05) | $ 0.52 | $ 2.17 | $ 1.61 | $ 1.72 |
Note 20 - Parent Company Onl128
Note 20 - Parent Company Only Financial Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and due from banks | $ 70,569,993 | $ 41,742,321 | |
Interest-bearing deposits at financial institutions | 63,948,925 | 36,313,965 | |
Securities available for sale, at fair value | 251,113,139 | 323,434,982 | |
Premises and equipment, net | 60,643,508 | 37,350,352 | |
Other assets | 37,503,284 | 26,784,392 | |
Total assets | 3,301,943,748 | 2,593,198,275 | $ 2,524,958,100 |
Other borrowings | 80,000,000 | 110,000,000 | |
Other liabilities | 55,690,087 | 42,484,573 | |
Total liabilities | 3,015,902,949 | 2,367,312,525 | |
Common stock | 13,106,845 | 11,761,083 | |
Additional paid-in capital | 156,776,642 | 123,282,851 | |
Retained earnings | 118,616,901 | 92,965,645 | |
Total liabilities and stockholders' equity | 3,301,943,748 | 2,593,198,275 | |
Parent Company [Member] | |||
Cash and due from banks | 6,929,755 | 3,650,133 | |
Interest-bearing deposits at financial institutions | 651 | 701 | |
Securities available for sale, at fair value | 1,545,565 | 1,398,255 | |
Premises and equipment, net | 5,104,677 | 4,502,435 | |
Other assets | 15,245,521 | 12,797,292 | |
Total assets | 375,847,099 | 280,376,933 | |
Other borrowings | 35,000,000 | ||
Junior subordinated debentures | 33,480,202 | 38,499,052 | |
Other liabilities | 21,326,098 | 15,992,131 | |
Total liabilities | 89,806,300 | 54,491,183 | |
Common stock | 13,106,845 | 11,761,083 | |
Additional paid-in capital | 156,776,642 | 123,282,851 | |
Retained earnings | 118,616,901 | 92,965,645 | |
Accumulated other comprehensive loss | (2,459,589) | (2,123,829) | |
Total stockholders' equity | 286,040,799 | 225,885,750 | |
Total liabilities and stockholders' equity | 375,847,099 | 280,376,933 | |
Parent Company [Member] | Bank Subsidiaries [Member] | |||
Investment in bank subsidiaries | 345,866,288 | 256,709,890 | |
Parent Company [Member] | Non-bank Subsidiaries [Member] | |||
Investment in bank subsidiaries | $ 1,154,642 | $ 1,318,227 |
Note 20 - Parent Company Onl129
Note 20 - Parent Company Only Financial Statements - Condensed Statements of Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total interest income | $ 32,235,657 | $ 26,816,735 | $ 23,913,284 | $ 23,502,059 | $ 22,909,799 | $ 23,141,112 | $ 22,050,612 | $ 21,901,730 | |||
Securities gains | $ 4,592,398 | $ 798,983 | $ 92,363 | ||||||||
Total income | 137,504,610 | 114,366,574 | 107,246,535 | ||||||||
Interest expense | 2,955,992 | 3,185,958 | 2,904,471 | 2,904,537 | 3,023,654 | 3,003,586 | 3,559,776 | 4,119,513 | 11,950,958 | 13,706,529 | 16,894,128 |
Salaries and employee benefits | 46,317,060 | 42,967,915 | 40,337,055 | ||||||||
Business Combination, Acquisition Related Costs | 2,441,173 | ||||||||||
Gains on debt extinguishment | (1,200,000) | (300,000) | |||||||||
Income tax benefit | (2,872,412) | (1,858,208) | (2,153,144) | (2,019,023) | (2,263,293) | (2,468,871) | 1,974,411 | (911,489) | (8,902,787) | (3,669,242) | (3,038,970) |
Net income | $ 8,529,330 | $ 6,107,501 | $ 6,676,467 | $ 6,373,489 | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | 27,686,787 | 16,927,881 | 14,952,537 |
Parent Company [Member] | |||||||||||
Total interest income | 74,489 | 69,774 | 40,815 | ||||||||
Securities gains | 37,596 | 262,801 | |||||||||
Other | (2,933) | (4,436) | 7,486 | ||||||||
Total income | 33,609,538 | 22,420,047 | 20,414,170 | ||||||||
Interest expense | 1,735,769 | 1,679,909 | 1,986,752 | ||||||||
Salaries and employee benefits | 4,607,887 | 4,847,507 | 4,671,719 | ||||||||
Professional fees | 949,442 | 1,121,094 | 1,100,714 | ||||||||
Business Combination, Acquisition Related Costs | 1,713,602 | ||||||||||
Gains on debt extinguishment | (1,200,000) | (300,000) | |||||||||
Other | 988,057 | 949,041 | 635,081 | ||||||||
Total expenses | 8,794,757 | 8,297,551 | 8,394,266 | ||||||||
Income before income tax benefit | 24,814,781 | 14,122,496 | 12,019,904 | ||||||||
Income tax benefit | 2,872,006 | 2,805,385 | 2,932,633 | ||||||||
Net income | 27,686,787 | 16,927,881 | 14,952,537 | ||||||||
Parent Company [Member] | Bank Subsidiaries [Member] | |||||||||||
Equity in net income of bank subsidiaries | 33,467,712 | 22,059,086 | 20,333,194 | ||||||||
Parent Company [Member] | Non-bank Subsidiaries [Member] | |||||||||||
Equity in net income of bank subsidiaries | $ 32,674 | $ 32,823 | $ 32,675 |
Note 20 - Parent Company Onl130
Note 20 - Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) | May 13, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net income | $ 8,529,330 | $ 6,107,501 | $ 6,676,467 | $ 6,373,489 | $ 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | $ 27,686,787 | $ 16,927,881 | $ 14,952,537 | |
Stock-based compensation expense | 947,174 | 941,469 | 891,619 | |||||||||
Securities gains, net | (4,592,398) | (798,983) | (92,363) | |||||||||
Gains on debt extinguishment | (1,200,000) | (300,000) | ||||||||||
Net increase in interest-bearing deposits at financial institutions | (12,904,803) | (979,283) | (2,289,765) | |||||||||
Calls, maturities and redemptions | 117,876,284 | 211,942,737 | 35,247,090 | |||||||||
Sales | 134,188,737 | 81,410,368 | 78,476,422 | |||||||||
Purchase of premises and equipment | (6,032,416) | (4,394,255) | (2,035,855) | |||||||||
Net cash (used in) provided by investing activities | (168,975,229) | (66,073,152) | (129,927,297) | |||||||||
Proceeds from other borrowings | 35,000,000 | 10,000,000 | ||||||||||
Calls, maturities and scheduled principal payments | (7,350,000) | (2,125,000) | ||||||||||
Prepayments | (69,769,000) | (34,559,000) | ||||||||||
Retirement of junior subordinated debentures | (3,955,000) | (1,762,000) | ||||||||||
Net proceeds from the common stock offering | $ 29,800,000 | 2,105,774 | 1,552,673 | 620,641 | ||||||||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | 29,823,922 | |||||||||||
Net cash provided by financing activities | 154,420,080 | 39,481,832 | 100,611,611 | |||||||||
Net increase (decrease) in cash and due from banks | 28,827,672 | 3,507,302 | (3,715,771) | |||||||||
Cash and due from banks, beginning | 41,742,321 | 38,235,019 | 41,742,321 | 38,235,019 | 41,950,790 | |||||||
Cash and due from banks, ending | 70,569,993 | 41,742,321 | 70,569,993 | 41,742,321 | 38,235,019 | |||||||
Common Stock Offering 1 [Member] | ||||||||||||
Net proceeds from the common stock offering | $ 63,500,000 | 63,484,123 | ||||||||||
Common Stock Offering 2 [Member] | ||||||||||||
Net proceeds from the common stock offering | 29,828,916 | |||||||||||
Parent Company [Member] | ||||||||||||
Net income | 27,686,787 | 16,927,881 | 14,952,537 | |||||||||
Accretion of acquisition fair value adjustments | 136,150 | 137,317 | 133,905 | |||||||||
Depreciation | 222,256 | 174,757 | 100,158 | |||||||||
Stock-based compensation expense | 947,174 | 941,469 | 891,619 | |||||||||
Securities gains, net | (37,596) | (262,801) | ||||||||||
Gains on debt extinguishment | (1,200,000) | (300,000) | ||||||||||
Decrease (increase) in other assets | (2,346,253) | (5,929,110) | 1,912,597 | |||||||||
(Decrease) increase in other liabilities | 5,105,251 | 5,502,390 | 2,644,458 | |||||||||
Net cash provided by operating activities | 23,046,243 | 4,832,689 | 20,802,089 | |||||||||
Net increase in interest-bearing deposits at financial institutions | 50 | 189,426 | (2,726) | |||||||||
Purchases | (3,873,060) | (1,764,137) | (40,523) | |||||||||
Calls, maturities and redemptions | 3,800,000 | 1,772,719 | 71,429 | |||||||||
Sales | 132,738 | 489,828 | ||||||||||
Capital infusion, bank subsidiaries | (45,600,000) | |||||||||||
Net cash paid for Community State Bank acquisition | (80,000,000) | |||||||||||
Purchase of premises and equipment | (824,498) | (1,517,157) | (16,618) | |||||||||
Net cash (used in) provided by investing activities | (80,764,770) | (46,429,321) | 11,562 | |||||||||
Proceeds from other borrowings | 35,000,000 | 10,000,000 | ||||||||||
Calls, maturities and scheduled principal payments | (2,350,000) | (2,359,207) | ||||||||||
Prepayments | (19,395,116) | |||||||||||
Retirement of junior subordinated debentures | (3,955,000) | (1,762,000) | ||||||||||
Payment of cash dividends on common and preferred stock | (1,981,541) | (782,054) | (1,964,608) | |||||||||
Net proceeds from the common stock offering | 2,105,774 | 1,552,673 | 620,641 | |||||||||
Net cash provided by financing activities | 60,998,149 | 40,747,626 | (23,527,096) | |||||||||
Net increase (decrease) in cash and due from banks | 3,279,622 | (849,006) | (2,713,445) | |||||||||
Cash and due from banks, beginning | $ 3,650,133 | $ 4,499,139 | 3,650,133 | 4,499,139 | 7,212,584 | |||||||
Cash and due from banks, ending | $ 6,929,755 | $ 3,650,133 | 6,929,755 | 3,650,133 | 4,499,139 | |||||||
Parent Company [Member] | Series F Noncumulative Perpetual Preferred Stock [Member] | ||||||||||||
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net | (29,823,922) | |||||||||||
Parent Company [Member] | Common Stock Offering 1 [Member] | ||||||||||||
Net proceeds from the common stock offering | 63,484,123 | |||||||||||
Parent Company [Member] | Common Stock Offering 2 [Member] | ||||||||||||
Net proceeds from the common stock offering | 29,828,916 | |||||||||||
Parent Company [Member] | Bank Subsidiaries [Member] | ||||||||||||
Earnings of bank subsidiaries | (33,467,712) | (22,059,086) | (20,333,194) | |||||||||
Distributions from bank subsidiaries | 26,000,000 | 9,700,000 | 20,500,000 | |||||||||
Parent Company [Member] | Non-bank Subsidiaries [Member] | ||||||||||||
Earnings of bank subsidiaries | (32,674) | (32,823) | (32,675) | |||||||||
Distributions from bank subsidiaries | $ 32,860 | $ 32,695 | $ 32,684 |
Note 20 - Parent Company Onl131
Note 20 - Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Details) (Parentheticals) - shares | May 13, 2015 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Proceeds from issuance of common stock, net of issuance costs, shares (in shares) | 1,215,000 | ||||
Common Stock Offering 1 [Member] | |||||
Proceeds from issuance of common stock, net of issuance costs, shares (in shares) | 3,680,000 | 3,680,000 | |||
Common Stock Offering 2 [Member] | |||||
Proceeds from issuance of common stock, net of issuance costs, shares (in shares) | 1,215,000 | ||||
Parent Company [Member] | Series F Noncumulative Perpetual Preferred Stock [Member] | |||||
Redemption of Series F Non-cumulative Perpetual Preferred Stock, shares (in shares) | 29,867 | ||||
Parent Company [Member] | Common Stock Offering 1 [Member] | |||||
Proceeds from issuance of common stock, net of issuance costs, shares (in shares) | 3,680,000 | ||||
Parent Company [Member] | Common Stock Offering 2 [Member] | |||||
Proceeds from issuance of common stock, net of issuance costs, shares (in shares) | 1,215,000 |
Note 21 - Fair Value - Assets M
Note 21 - Fair Value - Assets Measured At Fair Value On a Recurring and Nonrecurring Basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Securities available for sale, fair value | $ 251,113,139 | $ 323,434,982 |
Fair value | 18,788,073 | 12,268,677 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 18,788,073 | 12,268,677 |
Fair Value, Measurements, Recurring [Member] | ||
Assets Fair Value | 254,027,947 | 327,335,531 |
Liabilities Fair Value | 2,338,281 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 576,527 | 856,024 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,338,281 | 3,044,525 |
Derivative Liabilites | 2,338,281 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Fair Value | 1,361 | 411 |
Liabilities Fair Value | ||
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 2 [Member] | ||
Assets Fair Value | 254,026,586 | 327,335,120 |
Liabilities Fair Value | 2,338,281 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 576,527 | 856,024 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,338,281 | 3,044,525 |
Derivative Liabilites | 2,338,281 | 3,044,525 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | ||
Liabilities Fair Value | ||
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 | ||
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, fair value | 46,083,607 | 213,537,379 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 46,083,607 | 213,537,379 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, fair value | ||
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 46,083,607 | 213,537,379 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, fair value | ||
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 147,702,127 | 80,670,135 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 147,702,127 | 80,670,135 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, fair value | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 147,702,127 | 80,670,135 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, fair value | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, fair value | 52,604,426 | 27,578,588 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 52,604,426 | 27,578,588 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, fair value | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 52,604,426 | 27,578,588 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, fair value | ||
Other Securities [Member] | ||
Securities available for sale, fair value | 4,722,979 | 1,648,880 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 4,722,979 | 1,648,880 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, fair value | 1,361 | 411 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 4,721,618 | 1,648,469 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale, fair value | ||
Impaired Loans Leases [Member] | ||
Fair value | 12,823,121 | 4,545,966 |
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | ||
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | ||
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 12,823,121 | 4,545,966 |
Other Real Estate Owned [Member] | ||
Fair value | 5,964,952 | 7,722,711 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | $ 5,964,952 | $ 7,722,711 |
Note 21 - Fair Value - Quantita
Note 21 - Fair Value - Quantitative Information About Level Fair Value Measurements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair value | $ 18,788,073 | $ 12,268,677 |
Impaired Loans Leases [Member] | ||
Fair value | $ 12,823,121 | 4,545,966 |
Valuation technique | Appraisal of collateral | |
Impaired Loans Leases [Member] | Minimum [Member] | ||
Appraisal adjustments | (10.00%) | |
Impaired Loans Leases [Member] | Maximum [Member] | ||
Appraisal adjustments | (50.00%) | |
Other Securities [Member] | ||
Fair value | $ 5,964,952 | $ 7,722,711 |
Valuation technique | Appraisal of collateral | |
Other Securities [Member] | Minimum [Member] | ||
Appraisal adjustments | 0.00% | |
Other Securities [Member] | Maximum [Member] | ||
Appraisal adjustments | (35.00%) |
Note 21 - Fair Value - Carrying
Note 21 - Fair Value - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
$ 320,414,899 | $ 255,691,285 | |
Securities available for sale, fair value | 251,113,139 | 323,434,982 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and due from banks | 70,569,993 | 41,742,321 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 70,569,993 | 41,742,321 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Federal funds sold | 22,257,000 | 19,850,000 |
322,909,056 | 253,674,159 | |
Securities available for sale, fair value | 251,113,139 | 323,434,982 |
Loans/leases receivable, net | 2,362,856,277 | 1,767,672,541 |
Short-term borrowings | 39,971,387 | 144,662,716 |
FHLB advances | 137,500,000 | 151,000,000 |
Other borrowings | 80,000,000 | 110,000,000 |
Junior subordinated debentures | 33,480,202 | 38,499,052 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Nonmaturity deposits | 2,188,683,349 | 1,516,599,081 |
Deposits | 2,188,683,349 | 1,516,599,081 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||
Nonmaturity deposits | 480,577,924 | 364,067,103 |
Deposits | 480,577,924 | 364,067,103 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 576,527 | 856,024 |
Interest rate swaps - assets | 576,527 | 856,024 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,338,281 | 3,044,525 |
Interest rate swaps - assets | 2,338,281 | 3,044,525 |
Interest rate swaps - liabilities | 2,338,281 | 3,044,525 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 63,948,925 | 36,313,965 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Federal funds sold | 22,257,000 | 19,850,000 |
320,414,899 | 255,691,285 | |
Securities available for sale, fair value | 251,113,139 | 323,434,982 |
Loans/leases receivable, net | 2,344,462,740 | 1,764,178,772 |
Short-term borrowings | 39,971,387 | 144,662,716 |
FHLB advances | 138,338,000 | 153,143,000 |
Other borrowings | 81,282,000 | 116,061,000 |
Junior subordinated debentures | 24,881,494 | 27,642,093 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Nonmaturity deposits | 2,188,683,349 | 1,516,599,081 |
Deposits | 2,188,683,349 | 1,516,599,081 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Nonmaturity deposits | 479,605,000 | 364,192,000 |
Deposits | 479,605,000 | 364,192,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 576,527 | 856,024 |
Interest rate swaps - assets | 576,527 | 856,024 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,338,281 | 3,044,525 |
Interest rate swaps - assets | 2,338,281 | 3,044,525 |
Interest rate swaps - liabilities | 2,338,281 | 3,044,525 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 63,948,925 | 36,313,965 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans/leases receivable, net | 11,873,260 | 4,209,228 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans/leases receivable, net | $ 12,823,121 | $ 4,545,966 |
Note 22 - Business Segment I135
Note 22 - Business Segment Information - Selected Financial Information on the Company's Business Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total income | $ 137,504,610 | $ 114,366,574 | $ 107,246,535 | ||||||||
Net interest income | $ 29,279,665 | $ 23,630,777 | $ 21,008,813 | $ 20,597,522 | $ 19,886,145 | $ 20,137,526 | $ 18,490,836 | $ 17,782,217 | 94,516,777 | 76,296,724 | 69,071,128 |
Provision for loan/lease losses | 2,599,345 | 1,607,986 | 1,197,850 | 2,072,985 | 1,176,516 | 1,635,263 | 2,348,665 | 1,710,456 | 7,478,166 | 6,870,900 | 6,807,000 |
Net income (loss) | 27,686,787 | 16,927,881 | |||||||||
Goodwill | 13,110,913 | 3,222,688 | 13,110,913 | 3,222,688 | 3,222,688 | ||||||
Core deposit intangible | 7,381,213 | 1,471,409 | 7,381,213 | 1,471,409 | 1,670,921 | ||||||
Total assets | 3,301,943,748 | 2,593,198,275 | 3,301,943,748 | 2,593,198,275 | 2,524,958,100 | ||||||
Net income | 8,529,330 | $ 6,107,501 | $ 6,676,467 | $ 6,373,489 | 6,784,823 | $ 6,488,987 | $ (523,818) | $ 4,177,889 | 27,686,787 | 16,927,881 | 14,952,537 |
Operating Segments [Member] | Commercial Banking Segment [Member] | Quad City Bank and Trust Company [Member] | |||||||||||
Total income | 59,442,052 | 52,914,705 | 48,878,342 | ||||||||
Net interest income | 45,081,080 | 40,416,563 | 36,539,635 | ||||||||
Provision for loan/lease losses | 4,168,166 | 4,367,234 | 3,800,667 | ||||||||
Net income (loss) | 14,116,751 | 10,333,111 | |||||||||
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | ||||||
Core deposit intangible | |||||||||||
Total assets | 1,395,785,241 | 1,336,571,694 | 1,395,785,241 | 1,336,571,694 | 1,320,684,456 | ||||||
Net income | 9,065,183 | ||||||||||
Operating Segments [Member] | Commercial Banking Segment [Member] | Cedar Rapids Bank and Trust [Member] | |||||||||||
Total income | 37,242,901 | 37,593,652 | 35,972,996 | ||||||||
Net interest income | 29,205,047 | 26,635,659 | 24,215,815 | ||||||||
Provision for loan/lease losses | 950,000 | 1,750,000 | 1,855,333 | ||||||||
Net income (loss) | 12,317,545 | 7,695,867 | |||||||||
Goodwill | |||||||||||
Core deposit intangible | 1,271,897 | 1,471,409 | 1,271,897 | 1,471,409 | 1,670,921 | ||||||
Total assets | 913,055,738 | 866,872,406 | 913,055,738 | 866,872,406 | 840,331,777 | ||||||
Net income | 7,562,252 | ||||||||||
Operating Segments [Member] | Commercial Banking Segment [Member] | Community State Bank [Member] | |||||||||||
Total income | 11,408,277 | ||||||||||
Net interest income | 10,004,729 | ||||||||||
Provision for loan/lease losses | 1,460,000 | ||||||||||
Net income (loss) | 2,132,252 | ||||||||||
Goodwill | 9,888,225 | 9,888,225 | |||||||||
Core deposit intangible | 6,109,316 | 6,109,316 | |||||||||
Total assets | 600,075,798 | 600,075,798 | |||||||||
Net income | |||||||||||
Operating Segments [Member] | Commercial Banking Segment [Member] | Rockford Bank and Trust [Member] | |||||||||||
Total income | 16,043,894 | 14,816,300 | 14,286,757 | ||||||||
Net interest income | 11,887,201 | 10,854,637 | 10,261,615 | ||||||||
Provision for loan/lease losses | 900,000 | 753,666 | 1,151,000 | ||||||||
Net income (loss) | 3,235,711 | 2,402,522 | |||||||||
Goodwill | |||||||||||
Core deposit intangible | |||||||||||
Total assets | 391,154,780 | 367,471,639 | 391,154,780 | 367,471,639 | 353,448,134 | ||||||
Net income | 2,149,676 | ||||||||||
Operating Segments [Member] | Wealth Management Segment [Member] | |||||||||||
Total income | 9,156,948 | 9,103,173 | 8,513,322 | ||||||||
Net interest income | |||||||||||
Provision for loan/lease losses | |||||||||||
Net income (loss) | 1,665,453 | 1,627,586 | |||||||||
Goodwill | |||||||||||
Core deposit intangible | |||||||||||
Total assets | |||||||||||
Net income | 1,556,082 | ||||||||||
Operating Segments [Member] | Other Segments [Member] | |||||||||||
Total income | 109,563 | 363,432 | 80,978 | ||||||||
Net interest income | (1,661,280) | (1,610,135) | (1,945,937) | ||||||||
Provision for loan/lease losses | |||||||||||
Net income (loss) | (5,780,925) | (5,131,205) | |||||||||
Goodwill | |||||||||||
Core deposit intangible | |||||||||||
Total assets | 34,998,902 | 27,605,704 | 34,998,902 | 27,605,704 | 17,727,123 | ||||||
Net income | (5,380,656) | ||||||||||
Intersegment Eliminations [Member] | |||||||||||
Total income | 4,100,975 | (424,688) | (485,860) | ||||||||
Net interest income | |||||||||||
Provision for loan/lease losses | |||||||||||
Net income (loss) | |||||||||||
Goodwill | |||||||||||
Core deposit intangible | |||||||||||
Total assets | $ (33,126,711) | $ (5,323,168) | $ (33,126,711) | $ (5,323,168) | (7,233,390) | ||||||
Net income |
Note 23 - Acquisition of Non136
Note 23 - Acquisition of Noncontrolling Interest in m2 Lease Funds (Details Textual) - USD ($) | Aug. 27, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Aug. 31, 2005 | |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 2,847,687 | |||||
Debt Instrument, Unamortized Discount | [1] | $ 2,225,948 | $ 2,089,798 | |||
M2 Lease Funds LLC [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 80.00% | ||||
Business Combination, Consideration Transferred | $ 4,501,442 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 2,133,417 | |||||
Payments to Acquire Businesses, Gross | $ 1,653,755 | |||||
Fair Value Inputs, Discount Rate | 5.00% | |||||
Debt Instrument, Unamortized Discount | $ 459,822 | |||||
Accretion Expense | 80,820 | $ 155,716 | ||||
M2 Lease Funds LLC [Member] | M2 Chief Executive Officer [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 593,611 | $ 701,634 | ||||
M2 Lease Funds LLC [Member] | Undiscounted [Member] | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,307,509 | |||||
[1] | Discount on junior subordinated debt acquired in 2013 as part of the purchase of Community National |