Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 03, 2017 | |
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) | 13,170,214 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 56,325,969 | $ 70,569,993 |
Federal funds sold | 15,798,000 | 22,257,000 |
Interest-bearing deposits at financial institutions | 157,420,706 | 63,948,925 |
Securities held to maturity, at amortized cost | 306,694,063 | 322,909,056 |
Securities available for sale, at fair value | 250,952,021 | 251,113,139 |
Total securities | 557,646,084 | 574,022,195 |
Loans receivable held for sale | 1,051,000 | 1,135,500 |
Loans/leases receivable held for investment | 2,434,799,415 | 2,404,351,485 |
Gross loans/leases receivable | 2,435,850,415 | 2,405,486,985 |
Less allowance for estimated losses on loans/leases | (32,059,150) | (30,757,448) |
Net loans/leases receivable | 2,403,791,265 | 2,374,729,537 |
Bank-owned life insurance | 57,726,738 | 57,257,051 |
Premises and equipment, net | 61,143,458 | 60,643,508 |
Restricted investment securities | 13,689,125 | 14,997,025 |
Other real estate owned, net | 5,625,363 | 5,523,104 |
Goodwill | 13,110,913 | 13,110,913 |
Core deposit intangible | 7,150,346 | 7,381,213 |
Other assets | 31,584,651 | 37,503,284 |
Total assets | 3,381,012,618 | 3,301,943,748 |
Deposits: | ||
Noninterest-bearing | 777,150,245 | 797,415,090 |
Interest-bearing | 2,028,781,254 | 1,871,846,183 |
Total deposits | 2,805,931,499 | 2,669,261,273 |
Short-term borrowings | 19,470,096 | 39,971,387 |
Federal Home Loan Bank advances | 106,550,000 | 137,500,000 |
Other borrowings | 72,000,000 | 80,000,000 |
Junior subordinated debentures | 33,513,509 | 33,480,202 |
Other liabilities | 47,707,884 | 55,690,087 |
Total liabilities | 3,085,172,988 | 3,015,902,949 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $1 par value; shares authorized 250,000 March 2017 and December 2016 - No shares issued or outstanding | ||
Common stock, $1 par value; shares authorized 20,000,000 March 2017 - 13,161,219 shares issued and outstanding December 2016 - 13,106,845 shares issued and outstanding | 13,161,219 | 13,106,845 |
Additional paid-in capital | 157,581,969 | 156,776,642 |
Retained earnings | 127,145,292 | 118,616,901 |
Accumulated other comprehensive loss: | ||
Securities available for sale | (1,167,142) | (1,527,433) |
Interest rate cap derivatives | (881,708) | (932,156) |
Total stockholders' equity | 295,839,630 | 286,040,799 |
Total liabilities and stockholders' equity | $ 3,381,012,618 | $ 3,301,943,748 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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) | ||
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) | 13,161,219 | 13,106,845 |
Common stock, shares outstanding (in shares) | 13,161,219 | 13,106,845 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Interest and dividend income: | |||
Loans/leases, including fees | $ 27,211,417 | $ 19,700,370 | |
Securities: | |||
Taxable | 1,142,235 | 1,356,203 | |
Nontaxable | 2,647,722 | 2,242,015 | |
Interest-bearing deposits at financial institutions | 198,652 | 60,317 | |
Restricted investment securities | 130,430 | 130,564 | |
Federal funds sold | 14,643 | 12,590 | |
Total interest and dividend income | 31,345,099 | 23,502,059 | |
Interest expense: | |||
Deposits | 2,232,756 | 1,289,798 | |
Short-term borrowings | 23,960 | 43,066 | |
Federal Home Loan Bank advances | 403,469 | 441,704 | |
Other borrowings | 683,208 | 825,083 | |
Junior subordinated debentures | 332,823 | 304,886 | |
Total interest expense | 3,676,216 | 2,904,537 | |
Net interest income | 27,668,883 | 20,597,522 | |
Provision for loan/lease losses | (2,105,109) | (2,072,985) | |
Net interest income after provision for loan/lease losses | 25,563,774 | 18,524,537 | |
Noninterest income: | |||
Trust department fees | 1,740,207 | 1,575,907 | |
Investment advisory and management fees | 961,599 | 658,385 | |
Deposit service fees | 1,316,390 | 931,079 | |
Gains on sales of residential real estate loans | 96,323 | 60,386 | |
Gains on sales of government guaranteed portions of loans | 950,641 | 878,528 | |
Swap fee income | 113,520 | 856,958 | |
Securities gains, net | 358,480 | ||
Earnings on bank-owned life insurance | 469,687 | 393,609 | |
Debit card fees | 702,801 | 307,651 | |
Correspondent banking fees | 245,189 | 302,130 | |
Other | 687,397 | 499,360 | |
Total noninterest income | 7,283,754 | 6,822,473 | |
Noninterest expense: | |||
Salaries and employee benefits | 13,307,331 | 10,800,907 | |
Occupancy and equipment expense | 2,502,219 | 1,826,988 | |
Professional and data processing fees | 2,083,392 | 1,447,413 | |
FDIC insurance, other insurance and regulatory fees | 621,242 | 634,365 | |
Loan/lease expense | 293,538 | 162,819 | |
Net cost of operations of other real estate | 14,230 | 102,183 | |
Advertising and marketing | 609,431 | 386,259 | |
Bank service charges | 423,901 | 415,931 | |
Losses on debt extinguishment, net | 83,197 | ||
Correspondent banking expense | 198,351 | 176,989 | |
Other | 1,219,482 | 917,447 | |
Total noninterest expense | 21,273,117 | 16,954,498 | |
Net income before income taxes | 11,574,411 | 8,392,512 | |
Federal and state income tax expense | 2,389,446 | 2,019,023 | |
Net income | $ 9,184,965 | $ 6,373,489 | |
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.70 | $ 0.54 | |
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.68 | $ 0.53 | |
Weighted average common shares outstanding (in shares) | [1] | 13,133,382 | 11,793,620 |
Weighted average common and common equivalent shares outstanding (in shares) | 13,488,417 | 11,953,949 | |
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.05 | $ 0.04 | |
[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 (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 9,184,965 | $ 6,373,489 |
Unrealized gains on securities available for sale: | ||
Unrealized holding gains arising during the period before tax | 598,190 | 4,863,718 |
Less reclassification adjustment for gains included in net income before tax | 358,480 | |
598,190 | 4,505,238 | |
Unrealized losses on interest rate cap derivatives: | ||
Unrealized holding losses arising during the period before tax | (45,202) | (405,373) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | (122,813) | (14,070) |
77,611 | (391,303) | |
Other comprehensive income, before tax | 675,801 | 4,113,935 |
Tax expense | 265,062 | 1,588,524 |
Other comprehensive income, net of tax | 410,739 | 2,525,411 |
Comprehensive income | $ 9,595,704 | $ 8,898,900 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2015 | $ 11,761,083 | $ 123,282,851 | $ 92,965,645 | $ (2,123,829) | $ 225,885,750 |
Net income | 6,373,489 | 6,373,489 | |||
Other comprehensive income, net of tax | 2,525,411 | 2,525,411 | |||
Common cash dividends declared | (470,873) | (470,873) | |||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 5,054 | 94,560 | 99,614 | ||
Proceeds from issuance of common stock, stock options exercised | 46,020 | 729,473 | 775,493 | ||
Stock compensation expense | 382,761 | 382,761 | |||
Restricted stock awards - common stock | 22,382 | (22,382) | |||
Exchange of common stock in connection with stock options exercised and restricted stock vested | (19,628) | (431,806) | (451,434) | ||
Balance at Mar. 31, 2016 | 11,814,911 | 124,057,965 | 98,868,261 | 401,582 | 235,142,719 |
Tax benefit of nonqualified stock options exercised | 22,508 | 22,508 | |||
Balance at Dec. 31, 2016 | 13,106,845 | 156,776,642 | 118,616,901 | (2,459,589) | 286,040,799 |
Net income | 9,184,965 | 9,184,965 | |||
Other comprehensive income, net of tax | 410,739 | 410,739 | |||
Common cash dividends declared | (656,574) | (656,574) | |||
Proceeds from issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 3,573 | 83,091 | 86,664 | ||
Proceeds from issuance of common stock, stock options exercised | 44,284 | 630,290 | 674,574 | ||
Stock compensation expense | 388,753 | 388,753 | |||
Restricted stock awards - common stock | 13,289 | (13,289) | |||
Exchange of common stock in connection with stock options exercised and restricted stock vested | (6,772) | (283,518) | (290,290) | ||
Balance at Mar. 31, 2017 | $ 13,161,219 | $ 157,581,969 | $ 127,145,292 | $ (2,048,850) | $ 295,839,630 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Retained Earnings [Member] | ||
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.05 | $ 0.04 |
Common Stock [Member] | ||
Proceeds from issuance of common stock, Employee Stock Purchase Plan, shares (in shares) | 3,573 | 5,054 |
Proceeds from issuance of common stock, stock options exercised, shares (in shares) | 44,284 | 46,020 |
Restricted stock awards, shares (in shares) | 13,289 | 22,382 |
Exchange of common stock in connection with stock options exercised and restricted stock vested, shares (in shares) | 6,772 | 19,628 |
Common cash dividends declared, dividends per share (in dollars per share) | $ 0.05 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 9,184,965 | $ 6,373,489 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 896,952 | 766,069 |
Provision for loan/lease losses | 2,105,109 | 2,072,985 |
Stock-based compensation expense | 388,753 | 382,761 |
Deferred compensation expense accrued | 404,723 | 318,796 |
Losses (gains) on other real estate owned, net | (7,740) | |
Amortization of premiums on securities, net | 347,178 | 294,286 |
Securities gains, net | (358,480) | |
Loans originated for sale | (21,416,325) | (18,901,618) |
Proceeds on sales of loans | 22,547,789 | 19,640,997 |
Gains on sales of residential real estate loans | (96,323) | (60,386) |
Gains on sales of government guaranteed portions of loans | (950,641) | (878,528) |
Losses on debt extinguishment, net | 83,197 | |
Amortization of core deposit intangible | 230,867 | 49,878 |
Accretion of acquisition fair value adjustments, net | (1,915,001) | (44,169) |
Increase in cash value of bank-owned life insurance | (469,687) | (393,609) |
Decrease (increase) in other assets | 5,427,798 | (9,295,660) |
Increase (decrease) in other liabilities | (5,852,341) | 5,079,831 |
Net cash provided by operating activities | 10,833,816 | 5,122,099 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net decrease in federal funds sold | 6,459,000 | 4,110,000 |
Net increase in interest-bearing deposits at financial institutions | (93,471,781) | (5,175,206) |
Proceeds from sales of other real estate owned | 34,191 | 494,115 |
Activity in securities portfolio: | ||
Purchases | (12,138,040) | (45,070,780) |
Calls, maturities and redemptions | 17,385,968 | 47,573,001 |
Paydowns | 8,486,628 | 6,428,508 |
Sales | 55,526,851 | |
Activity in restricted investment securities: | ||
Purchases | (7,600) | (485,250) |
Redemptions | 1,315,500 | |
Net increase in loans/leases originated and held for investment | (29,236,438) | (76,346,066) |
Purchase of premises and equipment | (1,396,902) | (1,558,171) |
Net cash used in investing activities | (102,569,474) | (14,502,998) |
Calls and maturities | (4,000,000) | (7,000,000) |
Net change in short-term and overnight advances | (26,950,000) | 16,500,000 |
Prepayments | (10,524,197) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposit accounts | 136,704,261 | 108,903,515 |
Net decrease in short-term borrowings | (20,501,291) | (80,639,905) |
Activity in other borrowings: | ||
Calls, maturities and scheduled principal payments | (8,000,000) | |
Prepayments | (10,759,000) | |
Retirement of junior subordinated debentures | (3,955,000) | |
Payment of cash dividends on common stock | (522,574) | (468,583) |
Proceeds from issuance of common stock, net | 761,238 | 512,584 |
Net cash provided by financing activities | 77,491,634 | 12,569,414 |
Net increase (decrease) in cash and due from banks | (14,244,024) | 3,188,515 |
Cash and due from banks, beginning | 70,569,993 | 41,742,321 |
Cash and due from banks, ending | 56,325,969 | 44,930,836 |
Supplemental disclosure of cash flow information, cash payments for: | ||
Interest | 3,747,218 | 2,944,839 |
Income/franchise taxes, net | 4,842 | 2,464,300 |
Supplemental schedule of noncash investing activities: | ||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net | 410,739 | 2,525,411 |
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (290,290) | (451,434) |
Tax benefit of nonqualified stock options exercised | 22,508 | |
Transfers of loans to other real estate owned | 136,450 | 16,000 |
Due to broker for purchases of securities | (20,104,340) | |
Dividends payable | 656,574 | 470,873 |
Decrease (increase) in the fair market value of interest rate swap assets and liabilities | $ 303,383 | $ (4,615,782) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation : The interim unaudited consolidated financial statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended December 31, 2016, 10 March 10, 2017. The financial information of the Company included herein has been prepared in accordance with U.S. GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10 10 01 March 31, 2017, December 31, 2017, The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10 may Allowance: Allowance for estimated losses on loans/leases FRB: Federal Reserve Bank of Chicago AOCI: Accumulated other comprehensive income (loss) GAAP: Generally Accepted Accounting Principles AFS: Available for sale HTM: Held to maturity ASC: Accounting Standards Codification m2: m2 ASC 805: MD&A: Management's Discussion & Analysis ASU: Accounting Standards Update NIM: Net interest margin BOLI: Bank-owned life insurance NPA: Nonperforming asset Caps: Interest rate cap derivatives NPL: Nonperforming loan Community National: Community National Bancorporation OREO: Other real estate owned CNB: Community National Bank OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company PCI: Purchased credit impaired CRE: Commercial real estate Provision: Provision for loan/lease losses CSB: Community State Bank QCBT: Quad City Bank & Trust Company C&I: Commercial and industrial RB&T: Rockford Bank & Trust Company Dodd-Frank Act: Dodd-Frank Wall Street Reform and ROAA: Return on Average Assets Consumer Protection Act SBA: U.S. Small Business Administration EPS: Earnings per share SEC: Securities and Exchange Commission Exchange Act: Securities Exchange Act of 1934, TA: Tangible assets FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank The Company: QCR Holdings, Inc. USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include four m2 T he acquisition of CSB occurred on August 31, 2016; March 31, 2017 December 31, 2016 March 31, 2017, March 31, 2016. Recent accounting developments : 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 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 June 2016, FASB issued ASU 2016 13, Financial Instruments – Credit Losses 2016 13 December 15, 2019, may December 15, 2018, Effective January 1, 2017, 2016 09, Compensation – Stock Compensation $533 first 2017. |
Note 2 - Investment Securities
Note 2 - Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | NOTE 2 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of March 31, 2017 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value March 31, 2017: Securities HTM: Municipal securities $ 305,644,063 $ 2,193,278 $ (4,690,335 ) $ 303,147,006 Other securities 1,050,000 - - 1,050,000 $ 306,694,063 $ 2,193,278 $ (4,690,335 ) $ 304,197,006 Securities AFS: U.S. govt. sponsored agency securities $ 47,720,622 $ 130,306 $ (294,847 ) $ 47,556,081 Residential mortgage-backed and related securities 149,968,905 160,174 (2,625,092 ) 147,503,987 Municipal securities 51,104,318 454,505 (426,949 ) 51,131,874 Other securities 4,056,248 760,936 (57,105 ) 4,760,079 $ 252,850,093 $ 1,505,921 $ (3,403,993 ) $ 250,952,021 December 31, 2016: Securities HTM: 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 AFS: 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 The Company ’s HTM municipal securities consist largely of private issues of municipal debt. The large majority of the municipalities are located within the Midwest. The municipal debt investments are underwritten using specific guidelines with ongoing monitoring. The Company ’s residential mortgage-backed and related securities portfolio consists entirely of government sponsored or government guaranteed securities. The Company has not invested in private 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 unre alized loss position as of March 31, 2017 December 31, 2016, Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2017: Securities HTM: Municipal securities $ 110,858,743 $ (3,751,123 ) $ 15,350,772 $ (939,212 ) $ 126,209,515 $ (4,690,335 ) Securities AFS: U.S. govt. sponsored agency securities $ 18,742,054 $ (230,974 ) $ 5,115,200 $ (63,873 ) $ 23,857,254 $ (294,847 ) Residential mortgage-backed and related securities 124,401,508 (2,266,050 ) 9,181,284 (359,042 ) 133,582,792 (2,625,092 ) Municipal securities 29,386,855 (408,233 ) 337,522 (18,716 ) 29,724,377 (426,949 ) Other securities 2,901,563 (57,105 ) - - 2,901,563 (57,105 ) $ 175,431,980 $ (2,962,362 ) $ 14,634,006 $ (441,631 ) $ 190,065,986 $ (3,403,993 ) December 31, 2016: Securities HTM: Municipal securities $ 122,271,533 $ (4,076,647 ) $ 13,010,803 $ (618,087 ) $ 135,282,336 $ (4,694,734 ) Securities AFS: 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 ) At March 31, 2017, 554 255 1.5% 255 24 twelve March 31, 2017 December 31, 2016, 1% The Company did not OTTI on any debt or equity securities for the three March 31, 2017 2016. There were no three March 31, 2017. All sales of securities for the three March 31, 2016 Three Months Ended March 31, 2016 Proceeds from sales of securities $ 55,526,851 Pre-tax gross gains from sales of securities 515,515 Pre-tax gross losses from sales of securities (157,035 ) The amortized cost and fai r value of securities as of March 31, 2017 may may Amortized Cost Fair Value Securities HTM: Due in one year or less $ 8,580,563 $ 8,580,930 Due after one year through five years 16,946,533 17,027,273 Due after five years 281,166,967 278,588,803 $ 306,694,063 $ 304,197,006 Securities AFS: Due in one year or less $ 3,228,439 $ 3,240,004 Due after one year through five years 43,980,525 44,165,961 Due after five years 51,615,976 51,281,990 $ 98,824,940 $ 98,687,955 Residential mortgage-backed and related securities 149,968,905 147,503,987 Other securities 4,056,248 4,760,079 $ 252,850,093 $ 250,952,021 Portions of the U.S. government sponsored agency securities and municipal securities contain call options, at the discretion of the issuer, to terminate the security at par and at predetermined dates prior to the stated maturity. These callable securities are summarized as follows: Amortized Cost Fair Value Securities HTM: Municipal securities $ 163,299,673 $ 161,458,045 Securities AFS: U.S. govt. sponsored agency securities 5,048,496 5,059,493 Municipal securities 39,611,651 39,404,492 $ 44,660,147 $ 44,463,985 As of March 31, 2017, 112 $99.3 123 $255.0 21 five $5.0 12 six $5.0 As of December 31, 201 6, 116 $116.5 120 $255.5 21 five $5.0 twelve six $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: March 31, 2017: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 27 $ 32,227,250 $ 32,252,723 $ 1,194,545 North Dakota 7 22,169,480 21,572,627 3,081,804 Illinois 17 12,915,605 13,060,349 768,256 Missouri 15 8,060,239 8,097,352 539,823 Ohio 8 6,785,433 6,635,402 829,425 Other 38 17,657,322 17,700,070 465,791 Total general obligation bonds 112 $ 99,815,329 $ 99,318,523 $ 886,773 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 The amortized cost and fair values of the Company ’s portfolio of revenue bonds are summarized in the following tables by the issuer’s state: March 31, 2017: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 50 $ 92,894,184 $ 91,892,614 $ 1,837,852 Iowa 31 70,400,232 70,771,347 2,282,947 Indiana 22 46,469,290 45,838,852 2,083,584 Ohio 3 13,650,000 13,380,921 4,460,307 Kansas 6 13,260,612 13,243,053 2,207,176 North Dakota 4 7,992,074 7,722,774 1,930,694 Other 7 12,266,660 12,110,796 1,730,114 Total revenue bonds 123 $ 256,933,052 $ 254,960,357 $ 2,072,848 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 Both general obligation and revenue bonds are diversified across many issuers. As of March 31, 2017 December 31, 2016, not 6% 2, The Company ’s municipal securities are owned by each of the four March 31, 2017, As of March 31, 2017, |
Note 3 - Loans Leases Receivabl
Note 3 - Loans Leases Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of March 31, 2017 December 31, 2016 As of March 31, As of December 31, 2017 2016 C&I loans $ 851,578,347 $ 827,637,263 CRE loans Owner-occupied CRE 316,902,218 332,387,621 Commercial construction, land development, and other land 171,901,708 165,149,491 Other non owner-occupied CRE 618,037,795 595,921,748 1,106,841,721 1,093,458,860 Direct financing leases * 159,368,425 165,419,360 Residential real estate loans ** 231,325,899 229,233,104 Installment and other consumer loans 78,770,847 81,665,695 2,427,885,239 2,397,414,282 Plus deferred loan/lease origination costs, net of fees 7,965,176 8,072,703 2,435,850,415 2,405,486,985 Less allowance (32,059,150 ) (30,757,448 ) $ 2,403,791,265 $ 2,374,729,537 * Direct financing leases: Net minimum lease payments to be received $ 177,088,295 $ 184,274,802 Estimated unguaranteed residual values of leased assets 1,085,154 1,085,154 Unearned lease/residual income (18,805,024 ) (19,940,596 ) 159,368,425 165,419,360 Plus deferred lease origination costs, net of fees 5,730,479 5,881,778 165,098,904 171,301,138 Less allowance (2,978,260 ) (3,111,898 ) $ 162,120,644 $ 168,189,240 * Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no three March 31, 2017 2016. **Includes residential real estate loans h eld for sale totaling $1,051,000 $1,135,500 March 31, 2017, December 31, 2016, Changes in accretable yield for acquired loans were as follows: For the three months ended March 31, 2017 PCI Performing Loans Loans Total Balance at the beginning of the period $ (194,306 ) $ (9,115,614 ) $ (9,309,920 ) Accretion recognized 66,690 2,171,540 2,238,230 Balance at the end of the period $ (127,616 ) $ (6,944,074 ) $ (7,071,690 ) The aging of the loan/lease portfolio by classe s of loans/leases as of March 31, 2017 December 31, 2016 As of March 31, 2017 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 $ 846,264,365 $ 108,148 $ 165,831 $ 575,066 $ 4,464,937 $ 851,578,347 CRE Owner-Occupied CRE 316,508,674 61,156 - 240 332,148 316,902,218 Commercial Construction, Land Development, and Other Land 167,552,441 - - - 4,349,267 171,901,708 Other Non Owner-Occupied CRE 616,480,649 304,500 - - 1,252,646 618,037,795 Direct Financing Leases 154,874,086 1,428,446 666,661 - 2,399,232 159,368,425 Residential Real Estate 228,282,091 1,587,945 - 255,942 1,199,921 231,325,899 Installment and Other Consumer 77,719,561 662,626 57,833 123,676 207,151 78,770,847 $ 2,407,681,867 $ 4,152,821 $ 890,325 $ 954,924 $ 14,205,302 $ 2,427,885,239 As a percentage of total loan/lease portfolio 99.17 % 0.17 % 0.04 % 0.04 % 0.59 % 100.00 % As of December 31, 2016 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total C&I $ 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 % NPLs by classes of loans/leases as of March 31, 2017 December 31, 2016 As of March 31, 2017 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Accruing TDRs Total NPLs Percentage of Total NPLs C&I $ 575,066 $ 4,464,937 $ 4,766,131 $ 9,806,134 45.85 % CRE Owner-Occupied CRE 240 332,148 - 332,388 1.55 % Commercial Construction, Land Development, and Other Land - 4,349,267 - 4,349,267 20.33 % Other Non Owner-Occupied CRE - 1,252,646 - 1,252,646 5.86 % Direct Financing Leases - 2,399,232 864,169 3,263,401 15.26 % Residential Real Estate 255,942 1,199,921 580,853 2,036,716 9.52 % Installment and Other Consumer 123,676 207,151 17,576 348,403 1.63 % $ 954,924 $ 14,205,302 $ 6,228,729 $ 21,388,955 100.00 % *Nonaccrual loans/leases include d $2,444,944 $278,391 $1,353,634 $759,346 $42,525 $11,048 As of December 31, 2016 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Accruing TDRs Total NPLs Percentage of Total NPLs C&I $ 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 % ** Nonaccrual loans/leases included $2,300,479 $48,501 $1,380,047 $816,149 $43,579 $12,203 Changes in the allowance by portfolio segment for the three March 31, 2017 2016, Three Months Ended March 31, 2017 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Provisions (credits) charged to expense 593,359 966,271 505,015 43,520 (3,056 ) 2,105,109 Loans/leases charged off (218,273 ) - (658,684 ) (13,623 ) (2,046 ) (892,626 ) Recoveries on loans/leases previously charged off 33,894 6,386 20,031 3,623 25,285 89,219 Balance, ending $ 12,954,090 $ 12,643,266 $ 2,978,260 $ 2,375,864 $ 1,107,670 $ 32,059,150 Three Months Ended March 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Provisions charged to expense 739,831 715,450 478,245 62,656 76,803 2,072,985 Loans/leases charged off (243,566 ) - (600,938 ) (16,184 ) (7,596 ) (868,284 ) Recoveries on loans/leases previously charged off 11,634 - 14,836 - 23,365 49,835 Balance, ending $ 10,991,979 $ 10,090,567 $ 3,287,231 $ 1,836,622 $ 1,189,043 $ 27,395,442 The allowance by impairment evaluation and by portfolio segment as of March 31, 2017 December 31, 2016 As of March 31, 2017 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 1,751,774 $ 888,445 $ 795,840 $ 274,566 $ 37,932 $ 3,748,557 Allowance for nonimpaired loans/leases 11,202,316 11,754,821 2,182,420 2,101,298 1,069,738 28,310,593 $ 12,954,090 $ 12,643,266 $ 2,978,260 $ 2,375,864 $ 1,107,670 $ 32,059,150 Impaired loans/leases $ 9,188,454 $ 5,924,061 $ 3,082,068 $ 1,780,774 $ 224,727 $ 20,200,084 Nonimpaired loans/leases 842,389,893 1,100,917,660 156,286,357 229,545,125 78,546,120 2,407,685,155 $ 851,578,347 $ 1,106,841,721 $ 159,368,425 $ 231,325,899 $ 78,770,847 $ 2,427,885,239 Allowance as a percentage of impaired loans/leases 19.06 % 15.00 % 25.82 % 15.42 % 16.88 % 18.56 % Allowance as a percentage of nonimpaired loans/leases 1.33 % 1.07 % 1.40 % 0.92 % 1.36 % 1.18 % Total allowance as a percentage of total loans/leases 1.52 % 1.14 % 1.87 % 1.03 % 1.41 % 1.31 % As of December 31, 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 % Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three March 31, 2017 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 $ 835,955 $ 846,392 $ - $ 927,387 $ 7,352 $ 7,352 CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,174,260 1,174,260 - 1,183,813 - - Direct Financing Leases 1,593,104 1,593,104 - 1,868,355 18,895 18,895 Residential Real Estate 1,147,434 1,222,215 - 1,025,656 1,161 1,161 Installment and Other Consumer 175,957 175,957 - 115,846 - - $ 4,926,710 $ 5,011,928 $ - $ 5,121,057 $ 27,408 $ 27,408 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 8,352,499 $ 8,356,338 $ 1,751,774 $ 8,110,658 $ 62,666 $ 62,666 CRE Owner-Occupied CRE 322,148 322,148 57,398 322,148 - - Commercial Construction, Land Development, and Other Land 4,349,267 4,349,267 823,061 4,351,542 - - Other Non Owner-Occupied CRE 78,386 78,386 7,986 39,193 - - Direct Financing Leases 1,488,964 1,488,964 795,840 1,300,811 - - Residential Real Estate 633,340 633,340 274,566 636,134 4,240 4,240 Installment and Other Consumer 48,770 48,770 37,932 49,563 112 112 $ 15,273,374 $ 15,277,213 $ 3,748,557 $ 14,810,049 $ 67,018 $ 67,018 Total Impaired Loans/Leases: C&I $ 9,188,454 $ 9,202,730 $ 1,751,774 $ 9,038,045 $ 70,018 $ 70,018 CRE Owner-Occupied CRE 322,148 322,148 57,398 322,148 - - Commercial Construction, Land Development, and Other Land 4,349,267 4,349,267 823,061 4,351,542 - - Other Non Owner-Occupied CRE 1,252,646 1,252,646 7,986 1,223,006 - - Direct Financing Leases 3,082,068 3,082,068 795,840 3,169,166 18,895 18,895 Residential Real Estate 1,780,774 1,855,555 274,566 1,661,790 5,401 5,401 Installment and Other Consumer 224,727 224,727 37,932 165,409 112 112 $ 20,200,084 $ 20,289,141 $ 3,748,557 $ 19,931,106 $ 94,426 $ 94,426 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management ’s current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three March 31, 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 $ 286,508 $ 477,450 $ - $ 347,369 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 1,314,779 1,314,779 - 1,176,588 11,603 11,603 Residential Real Estate 585,186 624,387 - 585,981 1,038 1,038 Installment and Other Consumer 47,480 47,480 - 212,392 - - $ 3,989,038 $ 4,312,955 $ - $ 4,112,488 $ 14,465 $ 14,465 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,891,938 $ 4,895,777 $ 2,168,454 $ 4,885,096 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 938,267 938,267 483,193 800,606 - - Residential Real Estate 911,050 946,628 199,498 871,531 1,958 1,958 Installment and Other Consumer 402,120 402,120 246,413 306,279 1,500 1,500 $ 7,334,741 $ 7,386,158 $ 3,179,854 $ 7,056,097 $ 3,458 $ 3,458 Total Impaired Loans/Leases: C&I $ 5,178,446 $ 5,373,227 $ 2,168,454 $ 5,232,465 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 2,253,046 2,253,046 483,193 1,977,194 11,603 11,603 Residential Real Estate 1,496,236 1,571,015 199,498 1,457,512 2,996 2,996 Installment and Other Consumer 449,600 449,600 246,413 518,671 1,500 1,500 $ 11,323,779 $ 11,699,113 $ 3,179,854 $ 11,168,585 $ 17,923 $ 17,923 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management ’s current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2016 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 841,895 $ 951,600 $ - CRE Owner-Occupied CRE - 93,774 - Commercial Construction, Land Development, and Other Land - - - Other Non Owner-Occupied CRE 1,196,549 1,196,549 - Direct Financing Leases 1,690,121 1,690,121 - Residential Real Estate 853,294 892,495 - Installment and Other Consumer 55,734 55,734 - $ 4,637,593 $ 4,880,273 $ - Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 8,094,556 $ 8,098,395 $ 1,771,537 CRE Owner-Occupied CRE 322,148 322,148 57,398 Commercial Construction, Land Development, and Other Land 4,353,819 4,353,817 577,611 Other Non Owner-Occupied CRE 239,600 239,600 58,910 Direct Financing Leases 1,566,141 1,566,143 848,919 Residential Real Estate 807,886 882,018 289,112 Installment and Other Consumer 50,356 50,356 39,481 $ 15,434,506 $ 15,512,477 $ 3,642,968 Total Impaired Loans/Leases: C&I $ 8,936,451 $ 9,049,995 $ 1,771,537 CRE Owner-Occupied CRE 322,148 415,922 57,398 Commercial Construction, Land Development, and Other Land 4,353,819 4,353,817 577,611 Other Non Owner-Occupied CRE 1,436,149 1,436,149 58,910 Direct Financing Leases 3,256,262 3,256,264 848,919 Residential Real Estate 1,661,180 1,774,513 289,112 Installment and Other Consumer 106,090 106,090 39,481 $ 20,072,099 $ 20,392,750 $ 3,642,968 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management ’s current estimates. For C&I and CRE loans, the Company’s credit quality indicator consists of internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 For direct financing leases, residential real estate loans, and installment and other consumer loans, the Company ’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of March 31, 2017 December 31, 2016: As of March 31, 2017 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) $ 816,089,950 $ 298,438,590 $ 164,958,396 $ 605,282,623 $ 1,884,769,559 96.24 % Special Mention (Rating 6) 7,820,608 8,839,425 1,780,000 4,400,764 22,840,797 1.17 % Substandard (Rating 7) 27,667,789 9,624,203 5,163,312 8,354,408 50,809,712 2.59 % Doubtful (Rating 8) - - - - - 0.00 % $ 851,578,347 $ 316,902,218 $ 171,901,708 $ 618,037,795 $ 1,958,420,068 100.00 % As of March 31, 2017 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 156,105,024 $ 229,289,183 $ 78,422,444 $ 463,816,651 98.80 % Nonperforming 3,263,401 2,036,716 348,403 5,648,520 1.20 % $ 159,368,425 $ 231,325,899 $ 78,770,847 $ 469,465,171 100.00 % As of December 31, 2016 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE Total As a % of Total Pass (Ratings 1 through 5) $ 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 % As of December 31, 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 % *Performing = loans/leases accruing and less than 90 = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 As of March 31, 2017 December 31, 2016, $8,673,673 $8,647,007, For each class of financing receivable, the following presents the number and recorded investment of TDRs, by type of concession, that were restructured during the three March 31, 2017 2016. For the three months ended March 31, 2017 For the three months ended March 31, 2016 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity Direct Financing Leases 1 $ 6,263 $ 6,263 $ - 4 $ 410,653 $ 410,653 $ - 1 $ 6,263 $ 6,263 $ - 4 $ 410,653 $ 410,653 $ - CONCESSION - Significant Payment Delay C&I 2 $ 133,689 $ 133,689 $ - - $ - $ - $ - Direct Financing Leases 8 669,861 669,861 - 1 45,939 45,939 - 10 $ 803,550 $ 803,550 $ - 1 $ 45,939 $ 45,939 $ - TOTAL 11 $ 809,813 $ 809,813 $ - 5 $ 456,592 $ 456,592 $ - Of the TDRs reported above, none March 31, 2017. For the three March 31, 2017, two 12 90 two fourth 2016 $195 For the three March 31, 2016 , none 12 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 - EARNINGS PER SHARE The following information was used in the computation of EPS on a basic and diluted basis: Three months ended March 31, 2017 2016 Net income $ 9,184,965 $ 6,373,489 Basic EPS $ 0.70 $ 0.54 Diluted EPS $ 0.68 $ 0.53 Weighted average common shares outstanding 13,133,382 11,793,620 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 355,035 160,329 Weighted average common and common equivalent shares outstanding 13,488,417 11,953,949 The increase in weighted average common shares outstanding from March 31, 2016 March 31, 2017 2 of the Company’s Annual Report on Form 10 December 31, 2016. |
Note 5 - Fair Value
Note 5 - Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5 Accounting guidance on fair value measurement uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three three ● Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets; ● Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and ● Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Assets and liabilities measured at fair value on a recurring basis comprise the following at March 31, 2017 December 31, 2016: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2017: Securities AFS: U.S. govt. sponsored agency securities $ 47,556,081 $ - $ 47,556,081 $ - Residential mortgage-backed and related securities 147,503,987 - 147,503,987 - Municipal securities 51,131,874 - 51,131,874 - Other securities 4,760,079 1,345 4,758,734 - Interest rate caps 531,325 - 531,325 - Interest rate swaps - assets 2,034,898 - 2,034,898 - Total assets measured at fair value $ 253,518,244 $ 1,345 $ 253,516,899 $ - Interest rate swaps - liabilities $ 2,034,898 $ - $ 2,034,898 $ - Total liabilities measured at fair value $ 2,034,898 $ - $ 2,034,898 $ - December 31, 2016 : Securities AFS: U.S. govt. sponsored agency securities $ 46,083,607 $ - $ 46,083,607 $ - Residential mortgage-backed and related 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 $ - There were no transfers of assets or liabilities between Levels 1, 2, 3 three March 31, 2017 2016. A small portion of the securities available for sale portfolio consists of common stock issued by various unrelated bank holding companies. The fair values used by the Company are obtained from an independent pricing service and represent quoted market prices for the identical securities (Level 1 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 I nterest rate caps are used for the purpose of hedging interest rate risk. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 Interest rate swaps are executed for select commercial customers. The interest rate swaps are further described in Note 1 ’s annual report filed on form 10 December 31, 2016. 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 comprise the following at March 31, 2017 December 31, 2016: Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 March 31, 2017: Impaired loans/leases $ 12,581,982 $ - $ - $ 12,581,982 OREO 6,075,392 - - 6,075,392 $ 18,657,374 $ - $ - $ 18,657,374 December 31, 2016: Impaired loans/leases $ 12,823,121 $ - $ - $ 12,823,121 OREO 5,964,952 - - 5,964,952 $ 18,788,073 $ - $ - $ 18,788,073 Impaired loans/leases are evaluated and valued at the time the loan/lease is id entified as impaired, at the lower of cost or fair value, and are classified as Level 3 may OREO in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as Level 3 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 Fair Value March 31, 2017 Fair Value December 31, 2016 Valuation Technique Unobservable Input Range Impaired loans/leases $ 12,581,982 $ 12,823,121 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 6,075,392 5,964,952 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% For the impaired loans/leases and OREO, the Company records carrying value at fair value less disposal or selling costs. The amounts reported in the tables above are fair values before the adjustment for disposal or selling costs. There have been no changes in valuation techniques used for any assets measured at fair value during the three March 31, 2017 2016. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company ’s consolidated balance sheets, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: Fair Value As of March 31, 2017 As of December 31, 2016 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 56,325,969 $ 56,325,969 $ 70,569,993 $ 70,569,993 Federal funds sold Level 2 15,798,000 15,798,000 22,257,000 22,257,000 Interest-bearing deposits at financial institutions Level 2 157,420,706 157,420,706 63,948,925 63,948,925 Investment securities: HTM Level 2 306,694,063 304,197,006 322,909,056 320,414,899 AFS See Previous Table 250,952,021 250,952,021 251,113,139 251,113,139 Loans/leases receivable, net Level 3 11,649,983 12,581,982 11,873,260 12,823,121 Loans/leases receivable, net Level 2 2,392,141,282 2,368,029,017 2,362,856,277 2,344,462,740 Interest rate caps Level 2 531,325 531,325 576,527 576,527 Interest rate swaps - assets Level 2 2,034,898 2,034,898 2,338,281 2,338,281 Deposits: Nonmaturity deposits Level 2 2,288,265,733 2,288,265,733 2,188,683,349 2,188,683,349 Time deposits Level 2 517,665,766 519,873,000 480,577,924 479,605,000 Short-term borrowings Level 2 19,470,096 19,470,096 39,971,387 39,971,387 FHLB advances Level 2 106,550,000 107,283,000 137,500,000 138,338,000 Other borrowings Level 2 72,000,000 73,108,000 80,000,000 81,282,000 Junior subordinated debentures Level 2 33,513,509 25,075,065 33,480,202 24,881,494 Interest rate swaps - liabilities Level 2 2,034,898 2,034,898 2,338,281 2,338,281 |
Note 6 - Business Segment Infor
Note 6 - Business Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 6 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 the trust and asset management and investment management and advisory services offered at the Company’s four The Company ’s All Other segment includes the operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. This segment includes the corporate operations of the parent company. Selected financial information on the Company ’s business segments is presented as follows as of and for the three March 31, 2017 2016. Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T Management All Other Eliminations Total Three Months Ended March 31, 2017 Total revenue $ 13,535,941 $ 10,386,545 $ 8,131,706 $ 3,947,799 $ 2,701,806 $ 9,876,143 $ (9,951,087 ) $ 38,628,853 Net interest income $ 11,301,482 $ 6,974,047 $ 7,026,508 $ 2,968,074 $ - $ (601,228 ) $ - $ 27,668,883 Provision for loan/lease losses $ 931,109 $ 250,000 $ 774,000 $ 150,000 $ - $ - $ - $ 2,105,109 Net income $ 3,655,006 $ 2,892,560 $ 1,895,134 $ 844,569 $ 561,062 $ 9,184,968 $ (9,848,334 ) $ 9,184,965 Goodwill $ 3,222,688 $ - $ 9,888,225 $ - $ - $ - $ - $ 13,110,913 Core deposit intangible $ - $ 1,222,019 $ 5,928,327 $ - $ - $ - $ - $ 7,150,346 Total assets $ 1,442,952,197 $ 929,111,309 $ 608,431,003 $ 398,454,864 $ - $ 377,316,912 $ (375,253,667 ) $ 3,381,012,618 Three Months Ended March 31, 2016 Total revenue $ 13,516,932 $ 10,839,221 $ - $ 3,794,247 $ 2,234,292 $ 6,859,775 $ (6,919,935 ) $ 30,324,532 Net interest income $ 10,961,447 $ 7,024,988 $ - $ 2,911,974 $ - $ (300,887 ) $ - $ 20,597,522 Provision for loan/lease losses $ 1,222,985 $ 550,000 $ - $ 300,000 $ - $ - $ - $ 2,072,985 Net income $ 2,831,696 $ 2,934,731 $ - $ 617,785 $ 447,770 $ 6,373,488 $ (6,831,981 ) $ 6,373,489 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,421,531 $ - $ - $ - $ - $ - $ 1,421,531 Total assets $ 1,361,607,041 $ 885,858,279 $ - $ 367,031,670 $ - $ 288,814,613 $ (262,638,349 ) $ 2,640,673,254 |
Note 7 - Regulatory Capital Req
Note 7 - Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 7 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 March 31, 2017 December 31, 2016, 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 ’ actual capital amounts and ratios as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016, For Capital To Be Well Adequacy Purposes Capitalized Under With Capital Prompt Corrective Actual Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017: Company: Total risk-based capital $ 336,993 11.90 % $ 262,053 > 9.25 % $ 283,300 > 10.0 % Tier 1 risk-based capital 304,594 10.75 % 205,393 > 7.25 226,640 > 8.0 Tier 1 leverage 304,594 9.37 % 129,996 > 4.00 162,495 > 5.0 Common equity Tier 1 273,076 9.64 % 162,898 > 5.75 184,145 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 145,432 12.61 % $ 106,664 > 9.25 % $ 115,312 > 10.0 % Tier 1 risk-based capital 131,860 11.44 % 83,601 > 7.25 92,250 > 8.0 Tier 1 leverage 131,860 9.25 % 57,045 > 4.00 71,306 > 5.0 Common equity Tier 1 131,860 11.44 % 66,304 > 5.75 74,953 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 107,776 12.79 % $ 77,956 > 9.25 % $ 84,277 > 10.0 % Tier 1 risk-based capital 97,230 11.54 % 61,101 > 7.25 67,421 > 8.0 Tier 1 leverage 97,230 10.74 % 36,206 > 4.00 45,257 > 5.0 Common equity Tier 1 97,230 11.54 % 48,459 > 5.75 54,780 > 6.5 Community State Bank: Total risk-based capital $ 66,300 13.50 % $ 45,426 > 9.25 % $ 49,109 > 10.0 % Tier 1 risk-based capital 64,052 13.04 % 35,604 > 7.25 39,287 > 8.0 Tier 1 leverage 64,052 10.99 % 23,317 > 4.00 29,146 > 5.0 Common equity Tier 1 64,052 13.04 % 28,238 > 5.75 31,921 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 42,916 12.31 % $ 32,256 > 9.25 % $ 34,871 > 10.0 % Tier 1 risk-based capital 38,548 11.05 % 25,282 > 7.25 27,897 > 8.0 Tier 1 leverage 38,548 9.82 % 15,707 > 4.00 19,634 > 5.0 Common equity Tier 1 38,548 11.05 % 20,051 > 5.75 22,666 > 6.5 For Capital To Be Well Adequacy Purposes C apitalized Under With Capital Prompt Corrective Actual Conservation Buffer* 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 *The minimums under Basel III increase by .625% 2019. 10.5% 8.5% 1 7.0% 1). |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of presentation : The interim unaudited consolidated financial statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended December 31, 2016, 10 March 10, 2017. The financial information of the Company included herein has been prepared in accordance with U.S. GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10 10 01 March 31, 2017, December 31, 2017, The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10 may Allowance: Allowance for estimated losses on loans/leases FRB: Federal Reserve Bank of Chicago AOCI: Accumulated other comprehensive income (loss) GAAP: Generally Accepted Accounting Principles AFS: Available for sale HTM: Held to maturity ASC: Accounting Standards Codification m2: m2 ASC 805: MD&A: Management's Discussion & Analysis ASU: Accounting Standards Update NIM: Net interest margin BOLI: Bank-owned life insurance NPA: Nonperforming asset Caps: Interest rate cap derivatives NPL: Nonperforming loan Community National: Community National Bancorporation OREO: Other real estate owned CNB: Community National Bank OTTI: Other-than-temporary impairment CRBT: Cedar Rapids Bank & Trust Company PCI: Purchased credit impaired CRE: Commercial real estate Provision: Provision for loan/lease losses CSB: Community State Bank QCBT: Quad City Bank & Trust Company C&I: Commercial and industrial RB&T: Rockford Bank & Trust Company Dodd-Frank Act: Dodd-Frank Wall Street Reform and ROAA: Return on Average Assets Consumer Protection Act SBA: U.S. Small Business Administration EPS: Earnings per share SEC: Securities and Exchange Commission Exchange Act: Securities Exchange Act of 1934, TA: Tangible assets FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank The Company: QCR Holdings, Inc. USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include four m2 T he acquisition of CSB occurred on August 31, 2016; March 31, 2017 December 31, 2016 March 31, 2017, March 31, 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting developments : 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 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 June 2016, FASB issued ASU 2016 13, Financial Instruments – Credit Losses 2016 13 December 15, 2019, may December 15, 2018, Effective January 1, 2017, 2016 09, Compensation – Stock Compensation $533 first 2017. |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value March 31, 2017: Securities HTM: Municipal securities $ 305,644,063 $ 2,193,278 $ (4,690,335 ) $ 303,147,006 Other securities 1,050,000 - - 1,050,000 $ 306,694,063 $ 2,193,278 $ (4,690,335 ) $ 304,197,006 Securities AFS: U.S. govt. sponsored agency securities $ 47,720,622 $ 130,306 $ (294,847 ) $ 47,556,081 Residential mortgage-backed and related securities 149,968,905 160,174 (2,625,092 ) 147,503,987 Municipal securities 51,104,318 454,505 (426,949 ) 51,131,874 Other securities 4,056,248 760,936 (57,105 ) 4,760,079 $ 252,850,093 $ 1,505,921 $ (3,403,993 ) $ 250,952,021 December 31, 2016: Securities HTM: 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 AFS: 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2017: Securities HTM: Municipal securities $ 110,858,743 $ (3,751,123 ) $ 15,350,772 $ (939,212 ) $ 126,209,515 $ (4,690,335 ) Securities AFS: U.S. govt. sponsored agency securities $ 18,742,054 $ (230,974 ) $ 5,115,200 $ (63,873 ) $ 23,857,254 $ (294,847 ) Residential mortgage-backed and related securities 124,401,508 (2,266,050 ) 9,181,284 (359,042 ) 133,582,792 (2,625,092 ) Municipal securities 29,386,855 (408,233 ) 337,522 (18,716 ) 29,724,377 (426,949 ) Other securities 2,901,563 (57,105 ) - - 2,901,563 (57,105 ) $ 175,431,980 $ (2,962,362 ) $ 14,634,006 $ (441,631 ) $ 190,065,986 $ (3,403,993 ) December 31, 2016: Securities HTM: Municipal securities $ 122,271,533 $ (4,076,647 ) $ 13,010,803 $ (618,087 ) $ 135,282,336 $ (4,694,734 ) Securities AFS: 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 ) |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, 2016 Proceeds from sales of securities $ 55,526,851 Pre-tax gross gains from sales of securities 515,515 Pre-tax gross losses from sales of securities (157,035 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Securities HTM: Due in one year or less $ 8,580,563 $ 8,580,930 Due after one year through five years 16,946,533 17,027,273 Due after five years 281,166,967 278,588,803 $ 306,694,063 $ 304,197,006 Securities AFS: Due in one year or less $ 3,228,439 $ 3,240,004 Due after one year through five years 43,980,525 44,165,961 Due after five years 51,615,976 51,281,990 $ 98,824,940 $ 98,687,955 Residential mortgage-backed and related securities 149,968,905 147,503,987 Other securities 4,056,248 4,760,079 $ 252,850,093 $ 250,952,021 Amortized Cost Fair Value Securities HTM: Municipal securities $ 163,299,673 $ 161,458,045 Securities AFS: U.S. govt. sponsored agency securities 5,048,496 5,059,493 Municipal securities 39,611,651 39,404,492 $ 44,660,147 $ 44,463,985 |
Schedule of Investment in Bond Securities [Table Text Block] | March 31, 2017: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Iowa 27 $ 32,227,250 $ 32,252,723 $ 1,194,545 North Dakota 7 22,169,480 21,572,627 3,081,804 Illinois 17 12,915,605 13,060,349 768,256 Missouri 15 8,060,239 8,097,352 539,823 Ohio 8 6,785,433 6,635,402 829,425 Other 38 17,657,322 17,700,070 465,791 Total general obligation bonds 112 $ 99,815,329 $ 99,318,523 $ 886,773 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 March 31, 2017: U.S. State: Number of Issuers Amortized Cost Fair Value Average Exposure Per Issuer (Fair Value) Missouri 50 $ 92,894,184 $ 91,892,614 $ 1,837,852 Iowa 31 70,400,232 70,771,347 2,282,947 Indiana 22 46,469,290 45,838,852 2,083,584 Ohio 3 13,650,000 13,380,921 4,460,307 Kansas 6 13,260,612 13,243,053 2,207,176 North Dakota 4 7,992,074 7,722,774 1,930,694 Other 7 12,266,660 12,110,796 1,730,114 Total revenue bonds 123 $ 256,933,052 $ 254,960,357 $ 2,072,848 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 |
Note 3 - Loans Leases Receiva18
Note 3 - Loans Leases Receivable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, As of December 31, 2017 2016 C&I loans $ 851,578,347 $ 827,637,263 CRE loans Owner-occupied CRE 316,902,218 332,387,621 Commercial construction, land development, and other land 171,901,708 165,149,491 Other non owner-occupied CRE 618,037,795 595,921,748 1,106,841,721 1,093,458,860 Direct financing leases * 159,368,425 165,419,360 Residential real estate loans ** 231,325,899 229,233,104 Installment and other consumer loans 78,770,847 81,665,695 2,427,885,239 2,397,414,282 Plus deferred loan/lease origination costs, net of fees 7,965,176 8,072,703 2,435,850,415 2,405,486,985 Less allowance (32,059,150 ) (30,757,448 ) $ 2,403,791,265 $ 2,374,729,537 * Direct financing leases: Net minimum lease payments to be received $ 177,088,295 $ 184,274,802 Estimated unguaranteed residual values of leased assets 1,085,154 1,085,154 Unearned lease/residual income (18,805,024 ) (19,940,596 ) 159,368,425 165,419,360 Plus deferred lease origination costs, net of fees 5,730,479 5,881,778 165,098,904 171,301,138 Less allowance (2,978,260 ) (3,111,898 ) $ 162,120,644 $ 168,189,240 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Table Text Block] | For the three months ended March 31, 2017 PCI Performing Loans Loans Total Balance at the beginning of the period $ (194,306 ) $ (9,115,614 ) $ (9,309,920 ) Accretion recognized 66,690 2,171,540 2,238,230 Balance at the end of the period $ (127,616 ) $ (6,944,074 ) $ (7,071,690 ) |
Past Due Financing Receivables [Table Text Block] | As of March 31, 2017 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 $ 846,264,365 $ 108,148 $ 165,831 $ 575,066 $ 4,464,937 $ 851,578,347 CRE Owner-Occupied CRE 316,508,674 61,156 - 240 332,148 316,902,218 Commercial Construction, Land Development, and Other Land 167,552,441 - - - 4,349,267 171,901,708 Other Non Owner-Occupied CRE 616,480,649 304,500 - - 1,252,646 618,037,795 Direct Financing Leases 154,874,086 1,428,446 666,661 - 2,399,232 159,368,425 Residential Real Estate 228,282,091 1,587,945 - 255,942 1,199,921 231,325,899 Installment and Other Consumer 77,719,561 662,626 57,833 123,676 207,151 78,770,847 $ 2,407,681,867 $ 4,152,821 $ 890,325 $ 954,924 $ 14,205,302 $ 2,427,885,239 As a percentage of total loan/lease portfolio 99.17 % 0.17 % 0.04 % 0.04 % 0.59 % 100.00 % As of December 31, 2016 Classes of Loans/Leases Current 30-59 Days Past Due 60-89 Days Past Due Accruing Past Due 90 Days or More Nonaccrual Loans/Leases Total C&I $ 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 % |
Schedule of Nonperforming Loans Leases [Table Text Block] | As of March 31, 2017 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases * Accruing TDRs Total NPLs Percentage of Total NPLs C&I $ 575,066 $ 4,464,937 $ 4,766,131 $ 9,806,134 45.85 % CRE Owner-Occupied CRE 240 332,148 - 332,388 1.55 % Commercial Construction, Land Development, and Other Land - 4,349,267 - 4,349,267 20.33 % Other Non Owner-Occupied CRE - 1,252,646 - 1,252,646 5.86 % Direct Financing Leases - 2,399,232 864,169 3,263,401 15.26 % Residential Real Estate 255,942 1,199,921 580,853 2,036,716 9.52 % Installment and Other Consumer 123,676 207,151 17,576 348,403 1.63 % $ 954,924 $ 14,205,302 $ 6,228,729 $ 21,388,955 100.00 % As of December 31, 2016 Classes of Loans/Leases Accruing Past Due 90 Days or More Nonaccrual Loans/Leases ** Accruing TDRs Total NPLs Percentage of Total NPLs C&I $ 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 % |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended March 31, 2017 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Provisions (credits) charged to expense 593,359 966,271 505,015 43,520 (3,056 ) 2,105,109 Loans/leases charged off (218,273 ) - (658,684 ) (13,623 ) (2,046 ) (892,626 ) Recoveries on loans/leases previously charged off 33,894 6,386 20,031 3,623 25,285 89,219 Balance, ending $ 12,954,090 $ 12,643,266 $ 2,978,260 $ 2,375,864 $ 1,107,670 $ 32,059,150 Three Months Ended March 31, 2016 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Balance, beginning $ 10,484,080 $ 9,375,117 $ 3,395,088 $ 1,790,150 $ 1,096,471 $ 26,140,906 Provisions charged to expense 739,831 715,450 478,245 62,656 76,803 2,072,985 Loans/leases charged off (243,566 ) - (600,938 ) (16,184 ) (7,596 ) (868,284 ) Recoveries on loans/leases previously charged off 11,634 - 14,836 - 23,365 49,835 Balance, ending $ 10,991,979 $ 10,090,567 $ 3,287,231 $ 1,836,622 $ 1,189,043 $ 27,395,442 As of March 31, 2017 C&I CRE Direct Financing Leases Residential Real Estate Installment and Other Consumer Total Allowance for impaired loans/leases $ 1,751,774 $ 888,445 $ 795,840 $ 274,566 $ 37,932 $ 3,748,557 Allowance for nonimpaired loans/leases 11,202,316 11,754,821 2,182,420 2,101,298 1,069,738 28,310,593 $ 12,954,090 $ 12,643,266 $ 2,978,260 $ 2,375,864 $ 1,107,670 $ 32,059,150 Impaired loans/leases $ 9,188,454 $ 5,924,061 $ 3,082,068 $ 1,780,774 $ 224,727 $ 20,200,084 Nonimpaired loans/leases 842,389,893 1,100,917,660 156,286,357 229,545,125 78,546,120 2,407,685,155 $ 851,578,347 $ 1,106,841,721 $ 159,368,425 $ 231,325,899 $ 78,770,847 $ 2,427,885,239 Allowance as a percentage of impaired loans/leases 19.06 % 15.00 % 25.82 % 15.42 % 16.88 % 18.56 % Allowance as a percentage of nonimpaired loans/leases 1.33 % 1.07 % 1.40 % 0.92 % 1.36 % 1.18 % Total allowance as a percentage of total loans/leases 1.52 % 1.14 % 1.87 % 1.03 % 1.41 % 1.31 % As of December 31, 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 % |
Impaired Financing Receivables [Table Text Block] | Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 835,955 $ 846,392 $ - $ 927,387 $ 7,352 $ 7,352 CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,174,260 1,174,260 - 1,183,813 - - Direct Financing Leases 1,593,104 1,593,104 - 1,868,355 18,895 18,895 Residential Real Estate 1,147,434 1,222,215 - 1,025,656 1,161 1,161 Installment and Other Consumer 175,957 175,957 - 115,846 - - $ 4,926,710 $ 5,011,928 $ - $ 5,121,057 $ 27,408 $ 27,408 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 8,352,499 $ 8,356,338 $ 1,751,774 $ 8,110,658 $ 62,666 $ 62,666 CRE Owner-Occupied CRE 322,148 322,148 57,398 322,148 - - Commercial Construction, Land Development, and Other Land 4,349,267 4,349,267 823,061 4,351,542 - - Other Non Owner-Occupied CRE 78,386 78,386 7,986 39,193 - - Direct Financing Leases 1,488,964 1,488,964 795,840 1,300,811 - - Residential Real Estate 633,340 633,340 274,566 636,134 4,240 4,240 Installment and Other Consumer 48,770 48,770 37,932 49,563 112 112 $ 15,273,374 $ 15,277,213 $ 3,748,557 $ 14,810,049 $ 67,018 $ 67,018 Total Impaired Loans/Leases: C&I $ 9,188,454 $ 9,202,730 $ 1,751,774 $ 9,038,045 $ 70,018 $ 70,018 CRE Owner-Occupied CRE 322,148 322,148 57,398 322,148 - - Commercial Construction, Land Development, and Other Land 4,349,267 4,349,267 823,061 4,351,542 - - Other Non Owner-Occupied CRE 1,252,646 1,252,646 7,986 1,223,006 - - Direct Financing Leases 3,082,068 3,082,068 795,840 3,169,166 18,895 18,895 Residential Real Estate 1,780,774 1,855,555 274,566 1,661,790 5,401 5,401 Installment and Other Consumer 224,727 224,727 37,932 165,409 112 112 $ 20,200,084 $ 20,289,141 $ 3,748,557 $ 19,931,106 $ 94,426 $ 94,426 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Recognized for Cash Payments Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 286,508 $ 477,450 $ - $ 347,369 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land - - - - - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 1,314,779 1,314,779 - 1,176,588 11,603 11,603 Residential Real Estate 585,186 624,387 - 585,981 1,038 1,038 Installment and Other Consumer 47,480 47,480 - 212,392 - - $ 3,989,038 $ 4,312,955 $ - $ 4,112,488 $ 14,465 $ 14,465 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,891,938 $ 4,895,777 $ 2,168,454 $ 4,885,096 $ - $ - CRE Owner-Occupied CRE - - - - - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE - - - - - - Direct Financing Leases 938,267 938,267 483,193 800,606 - - Residential Real Estate 911,050 946,628 199,498 871,531 1,958 1,958 Installment and Other Consumer 402,120 402,120 246,413 306,279 1,500 1,500 $ 7,334,741 $ 7,386,158 $ 3,179,854 $ 7,056,097 $ 3,458 $ 3,458 Total Impaired Loans/Leases: C&I $ 5,178,446 $ 5,373,227 $ 2,168,454 $ 5,232,465 $ 1,824 $ 1,824 CRE Owner-Occupied CRE 242,887 336,661 - 244,824 - - Commercial Construction, Land Development, and Other Land 191,366 203,366 82,296 192,585 - - Other Non Owner-Occupied CRE 1,512,198 1,512,198 - 1,545,334 - - Direct Financing Leases 2,253,046 2,253,046 483,193 1,977,194 11,603 11,603 Residential Real Estate 1,496,236 1,571,015 199,498 1,457,512 2,996 2,996 Installment and Other Consumer 449,600 449,600 246,413 518,671 1,500 1,500 $ 11,323,779 $ 11,699,113 $ 3,179,854 $ 11,168,585 $ 17,923 $ 17,923 Classes of Loans/Leases Recorded Investment Unpaid Principal Balance Related Allowance Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 841,895 $ 951,600 $ - CRE Owner-Occupied CRE - 93,774 - Commercial Construction, Land Development, and Other Land - - - Other Non Owner-Occupied CRE 1,196,549 1,196,549 - Direct Financing Leases 1,690,121 1,690,121 - Residential Real Estate 853,294 892,495 - Installment and Other Consumer 55,734 55,734 - $ 4,637,593 $ 4,880,273 $ - Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 8,094,556 $ 8,098,395 $ 1,771,537 CRE Owner-Occupied CRE 322,148 322,148 57,398 Commercial Construction, Land Development, and Other Land 4,353,819 4,353,817 577,611 Other Non Owner-Occupied CRE 239,600 239,600 58,910 Direct Financing Leases 1,566,141 1,566,143 848,919 Residential Real Estate 807,886 882,018 289,112 Installment and Other Consumer 50,356 50,356 39,481 $ 15,434,506 $ 15,512,477 $ 3,642,968 Total Impaired Loans/Leases: C&I $ 8,936,451 $ 9,049,995 $ 1,771,537 CRE Owner-Occupied CRE 322,148 415,922 57,398 Commercial Construction, Land Development, and Other Land 4,353,819 4,353,817 577,611 Other Non Owner-Occupied CRE 1,436,149 1,436,149 58,910 Direct Financing Leases 3,256,262 3,256,264 848,919 Residential Real Estate 1,661,180 1,774,513 289,112 Installment and Other Consumer 106,090 106,090 39,481 $ 20,072,099 $ 20,392,750 $ 3,642,968 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of March 31, 2017 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) $ 816,089,950 $ 298,438,590 $ 164,958,396 $ 605,282,623 $ 1,884,769,559 96.24 % Special Mention (Rating 6) 7,820,608 8,839,425 1,780,000 4,400,764 22,840,797 1.17 % Substandard (Rating 7) 27,667,789 9,624,203 5,163,312 8,354,408 50,809,712 2.59 % Doubtful (Rating 8) - - - - - 0.00 % $ 851,578,347 $ 316,902,218 $ 171,901,708 $ 618,037,795 $ 1,958,420,068 100.00 % As of December 31, 2016 CRE Non Owner-Occupied Internally Assigned Risk Rating C&I Owner-Occupied CRE Commercial Construction, Land Development, and Other Land Other CRE Total As a % of Total Pass (Ratings 1 through 5) $ 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 % |
Financing Receivable Credit Quality Indicators Performance Status [Table Text Block] | As of March 31, 2017 Delinquency Status * Direct Financing Leases Residential Real Estate Installment and Other Consumer Total As a % of Total Performing $ 156,105,024 $ 229,289,183 $ 78,422,444 $ 463,816,651 98.80 % Nonperforming 3,263,401 2,036,716 348,403 5,648,520 1.20 % $ 159,368,425 $ 231,325,899 $ 78,770,847 $ 469,465,171 100.00 % As of December 31, 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 % |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the three months ended March 31, 2017 For the three months ended March 31, 2016 Classes of Loans/Leases Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance Number of Loans / Leases Pre- Modification Recorded Investment Post- Modification Recorded Investment Specific Allowance CONCESSION - Extension of Maturity Direct Financing Leases 1 $ 6,263 $ 6,263 $ - 4 $ 410,653 $ 410,653 $ - 1 $ 6,263 $ 6,263 $ - 4 $ 410,653 $ 410,653 $ - CONCESSION - Significant Payment Delay C&I 2 $ 133,689 $ 133,689 $ - - $ - $ - $ - Direct Financing Leases 8 669,861 669,861 - 1 45,939 45,939 - 10 $ 803,550 $ 803,550 $ - 1 $ 45,939 $ 45,939 $ - TOTAL 11 $ 809,813 $ 809,813 $ - 5 $ 456,592 $ 456,592 $ - |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2017 2016 Net income $ 9,184,965 $ 6,373,489 Basic EPS $ 0.70 $ 0.54 Diluted EPS $ 0.68 $ 0.53 Weighted average common shares outstanding 13,133,382 11,793,620 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 355,035 160,329 Weighted average common and common equivalent shares outstanding 13,488,417 11,953,949 |
Note 5 - Fair Value (Tables)
Note 5 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, 2017: Securities AFS: U.S. govt. sponsored agency securities $ 47,556,081 $ - $ 47,556,081 $ - Residential mortgage-backed and related securities 147,503,987 - 147,503,987 - Municipal securities 51,131,874 - 51,131,874 - Other securities 4,760,079 1,345 4,758,734 - Interest rate caps 531,325 - 531,325 - Interest rate swaps - assets 2,034,898 - 2,034,898 - Total assets measured at fair value $ 253,518,244 $ 1,345 $ 253,516,899 $ - Interest rate swaps - liabilities $ 2,034,898 $ - $ 2,034,898 $ - Total liabilities measured at fair value $ 2,034,898 $ - $ 2,034,898 $ - December 31, 2016 : Securities AFS: U.S. govt. sponsored agency securities $ 46,083,607 $ - $ 46,083,607 $ - Residential mortgage-backed and related 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 $ - Fair Value Measurements at Reporting Date Using Fair Value Level 1 Level 2 Level 3 March 31, 2017: Impaired loans/leases $ 12,581,982 $ - $ - $ 12,581,982 OREO 6,075,392 - - 6,075,392 $ 18,657,374 $ - $ - $ 18,657,374 December 31, 2016: Impaired loans/leases $ 12,823,121 $ - $ - $ 12,823,121 OREO 5,964,952 - - 5,964,952 $ 18,788,073 $ - $ - $ 18,788,073 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Quantitative Information about Level Fair Value Measurements Fair Value March 31, 2017 Fair Value December 31, 2016 Valuation Technique Unobservable Input Range Impaired loans/leases $ 12,581,982 $ 12,823,121 Appraisal of collateral Appraisal adjustments -10.00% to -50.00% OREO 6,075,392 5,964,952 Appraisal of collateral Appraisal adjustments 0.00% to -35.00% |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value As of March 31, 2017 As of December 31, 2016 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 56,325,969 $ 56,325,969 $ 70,569,993 $ 70,569,993 Federal funds sold Level 2 15,798,000 15,798,000 22,257,000 22,257,000 Interest-bearing deposits at financial institutions Level 2 157,420,706 157,420,706 63,948,925 63,948,925 Investment securities: HTM Level 2 306,694,063 304,197,006 322,909,056 320,414,899 AFS See Previous Table 250,952,021 250,952,021 251,113,139 251,113,139 Loans/leases receivable, net Level 3 11,649,983 12,581,982 11,873,260 12,823,121 Loans/leases receivable, net Level 2 2,392,141,282 2,368,029,017 2,362,856,277 2,344,462,740 Interest rate caps Level 2 531,325 531,325 576,527 576,527 Interest rate swaps - assets Level 2 2,034,898 2,034,898 2,338,281 2,338,281 Deposits: Nonmaturity deposits Level 2 2,288,265,733 2,288,265,733 2,188,683,349 2,188,683,349 Time deposits Level 2 517,665,766 519,873,000 480,577,924 479,605,000 Short-term borrowings Level 2 19,470,096 19,470,096 39,971,387 39,971,387 FHLB advances Level 2 106,550,000 107,283,000 137,500,000 138,338,000 Other borrowings Level 2 72,000,000 73,108,000 80,000,000 81,282,000 Junior subordinated debentures Level 2 33,513,509 25,075,065 33,480,202 24,881,494 Interest rate swaps - liabilities Level 2 2,034,898 2,034,898 2,338,281 2,338,281 |
Note 6 - Business Segment Inf21
Note 6 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T Management All Other Eliminations Total Three Months Ended March 31, 2017 Total revenue $ 13,535,941 $ 10,386,545 $ 8,131,706 $ 3,947,799 $ 2,701,806 $ 9,876,143 $ (9,951,087 ) $ 38,628,853 Net interest income $ 11,301,482 $ 6,974,047 $ 7,026,508 $ 2,968,074 $ - $ (601,228 ) $ - $ 27,668,883 Provision for loan/lease losses $ 931,109 $ 250,000 $ 774,000 $ 150,000 $ - $ - $ - $ 2,105,109 Net income $ 3,655,006 $ 2,892,560 $ 1,895,134 $ 844,569 $ 561,062 $ 9,184,968 $ (9,848,334 ) $ 9,184,965 Goodwill $ 3,222,688 $ - $ 9,888,225 $ - $ - $ - $ - $ 13,110,913 Core deposit intangible $ - $ 1,222,019 $ 5,928,327 $ - $ - $ - $ - $ 7,150,346 Total assets $ 1,442,952,197 $ 929,111,309 $ 608,431,003 $ 398,454,864 $ - $ 377,316,912 $ (375,253,667 ) $ 3,381,012,618 Three Months Ended March 31, 2016 Total revenue $ 13,516,932 $ 10,839,221 $ - $ 3,794,247 $ 2,234,292 $ 6,859,775 $ (6,919,935 ) $ 30,324,532 Net interest income $ 10,961,447 $ 7,024,988 $ - $ 2,911,974 $ - $ (300,887 ) $ - $ 20,597,522 Provision for loan/lease losses $ 1,222,985 $ 550,000 $ - $ 300,000 $ - $ - $ - $ 2,072,985 Net income $ 2,831,696 $ 2,934,731 $ - $ 617,785 $ 447,770 $ 6,373,488 $ (6,831,981 ) $ 6,373,489 Goodwill $ 3,222,688 $ - $ - $ - $ - $ - $ - $ 3,222,688 Core deposit intangible $ - $ 1,421,531 $ - $ - $ - $ - $ - $ 1,421,531 Total assets $ 1,361,607,041 $ 885,858,279 $ - $ 367,031,670 $ - $ 288,814,613 $ (262,638,349 ) $ 2,640,673,254 |
Note 7 - Regulatory Capital R22
Note 7 - Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For Capital To Be Well Adequacy Purposes Capitalized Under With Capital Prompt Corrective Actual Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017: Company: Total risk-based capital $ 336,993 11.90 % $ 262,053 > 9.25 % $ 283,300 > 10.0 % Tier 1 risk-based capital 304,594 10.75 % 205,393 > 7.25 226,640 > 8.0 Tier 1 leverage 304,594 9.37 % 129,996 > 4.00 162,495 > 5.0 Common equity Tier 1 273,076 9.64 % 162,898 > 5.75 184,145 > 6.5 Quad City Bank & Trust: Total risk-based capital $ 145,432 12.61 % $ 106,664 > 9.25 % $ 115,312 > 10.0 % Tier 1 risk-based capital 131,860 11.44 % 83,601 > 7.25 92,250 > 8.0 Tier 1 leverage 131,860 9.25 % 57,045 > 4.00 71,306 > 5.0 Common equity Tier 1 131,860 11.44 % 66,304 > 5.75 74,953 > 6.5 Cedar Rapids Bank & Trust: Total risk-based capital $ 107,776 12.79 % $ 77,956 > 9.25 % $ 84,277 > 10.0 % Tier 1 risk-based capital 97,230 11.54 % 61,101 > 7.25 67,421 > 8.0 Tier 1 leverage 97,230 10.74 % 36,206 > 4.00 45,257 > 5.0 Common equity Tier 1 97,230 11.54 % 48,459 > 5.75 54,780 > 6.5 Community State Bank: Total risk-based capital $ 66,300 13.50 % $ 45,426 > 9.25 % $ 49,109 > 10.0 % Tier 1 risk-based capital 64,052 13.04 % 35,604 > 7.25 39,287 > 8.0 Tier 1 leverage 64,052 10.99 % 23,317 > 4.00 29,146 > 5.0 Common equity Tier 1 64,052 13.04 % 28,238 > 5.75 31,921 > 6.5 Rockford Bank & Trust: Total risk-based capital $ 42,916 12.31 % $ 32,256 > 9.25 % $ 34,871 > 10.0 % Tier 1 risk-based capital 38,548 11.05 % 25,282 > 7.25 27,897 > 8.0 Tier 1 leverage 38,548 9.82 % 15,707 > 4.00 19,634 > 5.0 Common equity Tier 1 38,548 11.05 % 20,051 > 5.75 22,666 > 6.5 For Capital To Be Well Adequacy Purposes C apitalized Under With Capital Prompt Corrective Actual Conservation Buffer* 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 |
Note 1 - Summary of Significa23
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Number of Subsidiaries | 4 | |
Income Tax Expense (Benefit) | $ 2,389,446 | $ 2,019,023 |
Accounting Standards Update 2016-09 [Member] | ||
Income Tax Expense (Benefit) | $ (533,000) |
Note 2 - Investment Securitie24
Note 2 - Investment Securities (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Number of Securities | 554 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 255 | ||
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 | 24 | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 0 | $ 55,526,851 | |
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 | 112 | 116 | |
Other Investments | $ 99,300,000 | $ 116,500,000 | |
Number of States Investments Held in | 21 | 21 | |
Municipal Bonds [Member] | General Obligation Bonds [Member] | Aggregate Fair Value Exceeding 5 Million [Member] | |||
Number of States Investments Held in | 6 | 5 | |
Municipal Bonds [Member] | General Obligation Bonds [Member] | Minimum [Member] | |||
Other Investments | $ 5,000,000 | $ 5,000,000 | |
Number of States Investments Held in | 5,000,000 | ||
Municipal Bonds [Member] | Revenue Bonds [Member] | |||
Number of Issuers | 123 | 120 | |
Other Investments | $ 255,000,000 | $ 255,500,000 | |
Number of States Investments Held in | 12 | 12 | |
Municipal Bonds [Member] | Revenue Bonds [Member] | Aggregate Fair Value Exceeding 5 Million [Member] | |||
Number of States Investments Held in | 6 | ||
Municipal Bonds [Member] | Revenue Bonds [Member] | Minimum [Member] | |||
Other Investments | $ 5,000,000 | $ 5,000,000 | |
Equity Securities [Member] | |||
Percentage of Investment Portfolio | 1.00% | 1.00% | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |
Debt Securities [Member] | |||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 |
Note 2 - Investment Securitie25
Note 2 - Investment Securities - Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Securities HTM: | ||
Securities held to maturity, at amortized cost | $ 306,694,063 | $ 322,909,056 |
Securities held to maturity, gross unrealized gains | 2,193,278 | 2,200,577 |
Securities held to maturity, gross unrealized (losses) | (4,690,335) | (4,694,734) |
304,197,006 | 320,414,899 | |
Securities AFS: | ||
Securities available for sale, amortized cost | 252,850,093 | 253,609,401 |
Securities available for sale, gross unrealized gains | 1,505,921 | 1,437,658 |
Securities available for sale, gross unrealized (losses) | (3,403,993) | (3,933,920) |
Securities available for sale, fair value | 250,952,021 | 251,113,139 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities HTM: | ||
Securities held to maturity, at amortized cost | 305,644,063 | 321,859,056 |
Securities held to maturity, gross unrealized gains | 2,193,278 | 2,200,577 |
Securities held to maturity, gross unrealized (losses) | (4,690,335) | (4,694,734) |
303,147,006 | 319,364,899 | |
Securities AFS: | ||
Securities available for sale, amortized cost | 51,104,318 | 52,816,541 |
Securities available for sale, gross unrealized gains | 454,505 | 425,801 |
Securities available for sale, gross unrealized (losses) | (426,949) | (637,916) |
Securities available for sale, fair value | 51,131,874 | 52,604,426 |
Other Securities [Member] | ||
Securities HTM: | ||
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 AFS: | ||
Securities available for sale, amortized cost | 4,056,248 | 4,046,332 |
Securities available for sale, gross unrealized gains | 760,936 | 703,978 |
Securities available for sale, gross unrealized (losses) | (57,105) | (27,331) |
Securities available for sale, fair value | 4,760,079 | 4,722,979 |
US Government Agencies Debt Securities [Member] | ||
Securities AFS: | ||
Securities available for sale, amortized cost | 47,720,622 | 46,281,306 |
Securities available for sale, gross unrealized gains | 130,306 | 132,886 |
Securities available for sale, gross unrealized (losses) | (294,847) | (330,585) |
Securities available for sale, fair value | 47,556,081 | 46,083,607 |
Residential Mortgage Backed Securities [Member] | ||
Securities AFS: | ||
Securities available for sale, amortized cost | 149,968,905 | 150,465,222 |
Securities available for sale, gross unrealized gains | 160,174 | 174,993 |
Securities available for sale, gross unrealized (losses) | (2,625,092) | (2,938,088) |
Securities available for sale, fair value | $ 147,503,987 | $ 147,702,127 |
Note 2 - Investment Securitie26
Note 2 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, less than 12 months, fair value | $ 175,431,980 | $ 180,624,957 |
Securities available for sale, less than 12 months, gross unrealized losses | (2,962,362) | (3,545,097) |
Securities available for sale, 12 months or more, fair value | 14,634,006 | 13,274,726 |
Securities available for sale, 12 months or more, gross unrealized losses | (441,631) | (388,823) |
Securities available for sale, fair value | 190,065,986 | 193,899,683 |
Securities available for sale, gross unrealized losses | (3,403,993) | (3,933,920) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity, less than 12 months, fair value | 110,858,743 | 122,271,533 |
Securities held to maturity, less than 12 months, gross unrealized losses | (3,751,123) | (4,076,647) |
Securities held to maturity, 12 months or more, fair value | 15,350,772 | 13,010,803 |
Securities held to maturity, 12 months or more, gross unrealized losses | (939,212) | (618,087) |
Securities held to maturity, fair value | 126,209,515 | 135,282,336 |
Securities held to maturity, gross unrealized losses | (4,690,335) | (4,694,734) |
Securities available for sale, less than 12 months, fair value | 29,386,855 | 34,152,822 |
Securities available for sale, less than 12 months, gross unrealized losses | (408,233) | (618,462) |
Securities available for sale, 12 months or more, fair value | 337,522 | 338,099 |
Securities available for sale, 12 months or more, gross unrealized losses | (18,716) | (19,454) |
Securities available for sale, fair value | 29,724,377 | 34,490,921 |
Securities available for sale, gross unrealized losses | (426,949) | (637,916) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 18,742,054 | 21,788,139 |
Securities available for sale, less than 12 months, gross unrealized losses | (230,974) | (257,640) |
Securities available for sale, 12 months or more, fair value | 5,115,200 | 5,499,012 |
Securities available for sale, 12 months or more, gross unrealized losses | (63,873) | (72,945) |
Securities available for sale, fair value | 23,857,254 | 27,287,151 |
Securities available for sale, gross unrealized losses | (294,847) | (330,585) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 124,401,508 | 121,506,582 |
Securities available for sale, less than 12 months, gross unrealized losses | (2,266,050) | (2,641,664) |
Securities available for sale, 12 months or more, fair value | 9,181,284 | 7,437,615 |
Securities available for sale, 12 months or more, gross unrealized losses | (359,042) | (296,424) |
Securities available for sale, fair value | 133,582,792 | 128,944,197 |
Securities available for sale, gross unrealized losses | (2,625,092) | (2,938,088) |
Other Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 2,901,563 | 3,177,414 |
Securities available for sale, less than 12 months, gross unrealized losses | (57,105) | (27,331) |
Securities available for sale, fair value | 2,901,563 | 3,177,414 |
Securities available for sale, gross unrealized losses | $ (57,105) | $ (27,331) |
Note 2 - Investment Securitie27
Note 2 - Investment Securities - Sales of Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 0 | $ 55,526,851 |
Pre-tax gross gains from sales of securities | 515,515 | |
Pre-tax gross losses from sales of securities | $ (157,035) |
Note 2 - Investment Securitie28
Note 2 - Investment Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Due in one year or less | $ 8,580,563 | |
Due in one year or less | 8,580,930 | |
Due after one year through five years | 16,946,533 | |
Due after one year through five years | 17,027,273 | |
Due after five years | 281,166,967 | |
Due after five years | 278,588,803 | |
306,694,063 | ||
304,197,006 | $ 320,414,899 | |
Due in one year or less | 3,228,439 | |
Due in one year or less | 3,240,004 | |
Due after one year through five years | 43,980,525 | |
Due after one year through five years | 44,165,961 | |
Due after five years | 51,615,976 | |
Due after five years | 51,281,990 | |
98,824,940 | ||
98,687,955 | ||
252,850,093 | ||
250,952,021 | ||
Callable Securities [Member] | ||
44,660,147 | ||
44,463,985 | ||
US States and Political Subdivisions Debt Securities [Member] | ||
303,147,006 | 319,364,899 | |
US States and Political Subdivisions Debt Securities [Member] | Callable Securities [Member] | ||
Amortized Cost | 39,611,651 | |
Fair Value | 39,404,492 | |
US Government-sponsored Enterprises Debt Securities [Member] | Callable Securities [Member] | ||
Amortized Cost | 5,048,496 | |
Fair Value | 5,059,493 | |
Residential Mortgage Backed Securities [Member] | ||
Amortized Cost | 149,968,905 | |
Fair Value | 147,503,987 | |
Other Securities [Member] | ||
1,050,000 | $ 1,050,000 | |
Amortized Cost | 4,056,248 | |
Fair Value | 4,760,079 | |
Callable Securities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 163,299,673 | |
Fair Value | $ 161,458,045 |
Note 2 - Investment Securitie29
Note 2 - Investment Securities - Amortized Cost and Fair Values of General Obligation Bonds and Revenue Bonds by Issuer's State (Details) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
General Obligation Bonds [Member] | ||
Number of issuers | 112 | 116 |
Amortized cost | $ 99,815,329 | $ 117,205,307 |
Other Investments | 99,318,523 | 116,472,635 |
Average exposure per issuer (fair value) | $ 886,773 | $ 1,004,074 |
General Obligation Bonds [Member] | Iowa [Member] | ||
Number of issuers | 27 | 27 |
Amortized cost | $ 32,227,250 | $ 32,258,612 |
Other Investments | 32,252,723 | 32,231,936 |
Average exposure per issuer (fair value) | $ 1,194,545 | $ 1,193,775 |
General Obligation Bonds [Member] | Missouri [Member] | ||
Number of issuers | 15 | 14 |
Amortized cost | $ 8,060,239 | $ 8,291,192 |
Other Investments | 8,097,352 | 8,323,245 |
Average exposure per issuer (fair value) | $ 539,823 | $ 594,518 |
General Obligation Bonds [Member] | North Dakota [Member] | ||
Number of issuers | 7 | 7 |
Amortized cost | $ 22,169,480 | $ 22,169,050 |
Other Investments | 21,572,627 | 21,499,075 |
Average exposure per issuer (fair value) | $ 3,081,804 | $ 3,071,296 |
General Obligation Bonds [Member] | Illinois [Member] | ||
Number of issuers | 17 | 19 |
Amortized cost | $ 12,915,605 | $ 29,214,559 |
Other Investments | 13,060,349 | 29,308,438 |
Average exposure per issuer (fair value) | $ 768,256 | $ 1,542,549 |
General Obligation Bonds [Member] | Ohio [Member] | ||
Number of issuers | 8 | 8 |
Amortized cost | $ 6,785,433 | $ 6,790,398 |
Other Investments | 6,635,402 | 6,651,897 |
Average exposure per issuer (fair value) | $ 829,425 | $ 831,487 |
General Obligation Bonds [Member] | Other States [Member] | ||
Number of issuers | 38 | 41 |
Amortized cost | $ 17,657,322 | $ 18,481,496 |
Other Investments | 17,700,070 | 18,458,044 |
Average exposure per issuer (fair value) | $ 465,791 | $ 450,196 |
Revenue Bonds [Member] | ||
Number of issuers | 123 | 120 |
Amortized cost | $ 256,933,052 | $ 257,470,290 |
Other Investments | 254,960,357 | 255,496,690 |
Average exposure per issuer (fair value) | $ 2,072,848 | $ 2,129,139 |
Revenue Bonds [Member] | Iowa [Member] | ||
Number of issuers | 31 | 31 |
Amortized cost | $ 70,400,232 | $ 70,788,393 |
Other Investments | 70,771,347 | 71,142,393 |
Average exposure per issuer (fair value) | $ 2,282,947 | $ 2,294,916 |
Revenue Bonds [Member] | Missouri [Member] | ||
Number of issuers | 50 | 47 |
Amortized cost | $ 92,894,184 | $ 90,784,441 |
Other Investments | 91,892,614 | 89,664,013 |
Average exposure per issuer (fair value) | $ 1,837,852 | $ 1,907,745 |
Revenue Bonds [Member] | North Dakota [Member] | ||
Number of issuers | 4 | 4 |
Amortized cost | $ 7,992,074 | $ 8,089,067 |
Other Investments | 7,722,774 | 7,796,381 |
Average exposure per issuer (fair value) | $ 1,930,694 | $ 1,949,095 |
Revenue Bonds [Member] | Indiana [Member] | ||
Number of issuers | 22 | 22 |
Amortized cost | $ 46,469,290 | $ 47,994,737 |
Other Investments | 45,838,852 | 47,582,138 |
Average exposure per issuer (fair value) | $ 2,083,584 | $ 2,162,824 |
Revenue Bonds [Member] | Ohio [Member] | ||
Number of issuers | 3 | 3 |
Amortized cost | $ 13,650,000 | $ 13,650,000 |
Other Investments | 13,380,921 | 13,405,222 |
Average exposure per issuer (fair value) | $ 4,460,307 | $ 4,468,407 |
Revenue Bonds [Member] | Kansas [Member] | ||
Number of issuers | 6 | 6 |
Amortized cost | $ 13,260,612 | $ 13,476,366 |
Other Investments | 13,243,053 | 13,427,491 |
Average exposure per issuer (fair value) | $ 2,207,176 | $ 2,237,915 |
Revenue Bonds [Member] | Other States [Member] | ||
Number of issuers | 7 | 7 |
Amortized cost | $ 12,266,660 | $ 12,687,286 |
Other Investments | 12,110,796 | 12,479,052 |
Average exposure per issuer (fair value) | $ 1,730,114 | $ 1,782,722 |
Note 3 - Loans Leases Receiva30
Note 3 - Loans Leases Receivable (Details Textual) | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 14,205,302 | $ 13,919,066 | ||
Financing Receivable, Modifications, Recorded Investment | $ 8,673,673 | 8,647,007 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 0 | ||
Financing Receivable, Modifications, Number of Contracts | 11 | 5 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 195,000 | |||
Losses on Residual Value | $ 0 | $ 0 | ||
Nonaccrual [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | |||
Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 2,444,944 | $ 2,300,479 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | |||
Residential Portfolio Segment [Member] | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 1,051,000 | $ 1,135,500 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,199,921 | 1,075,639 | [1] | |
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 42,525 | 43,579 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,464,937 | 4,187,786 | [1] | |
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 278,391 | 48,501 | ||
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,353,634 | 1,380,047 | ||
Finance Leases Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,399,232 | 2,446,181 | [1] | |
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 759,346 | 816,149 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 207,151 | 87,344 | [1] | |
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 11,048 | $ 12,203 | ||
[1] | 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 $12,203 in installment loans. |
Note 3 - Loans Leases Receiva31
Note 3 - Loans Leases Receivable - Composition of the Loan Lease Portfolio (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||
Loans | $ 2,427,885,239 | $ 2,397,414,282 | |||||
Plus deferred loan/lease origination costs, net of fees | 7,965,176 | 8,072,703 | |||||
Gross loans/leases receivable | 2,435,850,415 | 2,405,486,985 | |||||
Less allowance | (32,059,150) | (30,757,448) | $ (27,395,442) | $ (26,140,906) | |||
2,403,791,265 | 2,374,729,537 | ||||||
Commercial Portfolio Segment [Member] | |||||||
Loans | 851,578,347 | 827,637,263 | |||||
Less allowance | (12,954,090) | (12,545,110) | (10,991,979) | (10,484,080) | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans | 1,106,841,721 | 1,093,458,860 | |||||
Less allowance | (12,643,266) | (11,670,609) | (10,090,567) | (9,375,117) | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||||||
Loans | 316,902,218 | 332,387,621 | |||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Loans | 171,901,708 | 165,149,491 | |||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||||||
Loans | 618,037,795 | 595,921,748 | |||||
Finance Leases Portfolio Segment [Member] | |||||||
Loans | [1],[2] | 159,368,425 | 165,419,360 | ||||
Plus deferred loan/lease origination costs, net of fees | [1] | 5,730,479 | 5,881,778 | ||||
Gross loans/leases receivable | [1] | 165,098,904 | 171,301,138 | ||||
Less allowance | (2,978,260) | [1] | (3,111,898) | [1] | (3,287,231) | (3,395,088) | |
[1] | 162,120,644 | 168,189,240 | |||||
Net minimum lease payments to be received | [1] | 177,088,295 | 184,274,802 | ||||
Estimated unguaranteed residual values of leased assets | [1] | 1,085,154 | 1,085,154 | ||||
Unearned lease/residual income | [1] | (18,805,024) | (19,940,596) | ||||
Residential Portfolio Segment [Member] | |||||||
Loans | [2],[3] | 231,325,899 | 229,233,104 | ||||
Less allowance | (2,375,864) | (2,342,344) | (1,836,622) | (1,790,150) | |||
Consumer Portfolio Segment [Member] | |||||||
Loans | [2] | 78,770,847 | 81,665,695 | ||||
Less allowance | $ (1,107,670) | $ (1,087,487) | $ (1,189,043) | $ (1,096,471) | |||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2017 and 2016. | ||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||||
[3] | Includes residential real estate loans held for sale totaling $1,051,000 and $1,135,500 as of March 31, 2017, and December 31, 2016, respectively. |
Note 3 - Loans Leases Receiva32
Note 3 - Loans Leases Receivable - Changes in Accretable Yield (Details) - Community State Bank [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Balance | $ (7,071,690) | $ (9,309,920) |
Accretion recognized | 2,238,230 | |
Performing Financial Instruments [Member] | ||
Balance | (6,944,074) | (9,115,614) |
Accretion recognized | 2,171,540 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Balance | (127,616) | $ (194,306) |
Accretion recognized | $ 66,690 |
Note 3 - Loans Leases Receiva33
Note 3 - Loans Leases Receivable - Aging of the Loan Lease Portfolio (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | ||
Current | $ 2,407,681,867 | $ 2,378,270,983 | ||
Accruing Past Due 90 Days or More | 954,924 | 966,814 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 14,205,302 | 13,919,066 | ||
Loans | $ 2,427,885,239 | $ 2,397,414,282 | ||
Current as a percentage of total loan/lease portfolio | 99.17% | 99.20% | ||
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.04% | 0.04% | ||
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.59% | 0.58% | ||
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 | $ 4,152,821 | $ 3,000,574 | ||
Past due as a percentage of total loan/lease portfolio | 0.17% | 0.13% | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | $ 890,325 | $ 1,256,845 | ||
Past due as a percentage of total loan/lease portfolio | 0.04% | 0.05% | ||
Commercial Portfolio Segment [Member] | ||||
Current | $ 846,264,365 | $ 821,637,507 | ||
Accruing Past Due 90 Days or More | 575,066 | 346,234 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,464,937 | 4,187,786 | [1] | |
Loans | 851,578,347 | 827,637,263 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 108,148 | 1,455,185 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | 165,831 | 10,551 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans | 1,106,841,721 | 1,093,458,860 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Current | 316,508,674 | 331,812,571 | ||
Accruing Past Due 90 Days or More | 240 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 332,148 | 332,148 | [1] | |
Loans | 316,902,218 | 332,387,621 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Current | 167,552,441 | 160,760,034 | ||
Accruing Past Due 90 Days or More | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,349,267 | 4,353,819 | [1] | |
Loans | 171,901,708 | 165,149,491 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Current | 616,480,649 | 594,384,926 | ||
Accruing Past Due 90 Days or More | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,252,646 | 1,436,149 | [1] | |
Loans | 618,037,795 | 595,921,748 | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Past Due | 61,156 | |||
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 | 304,500 | 100,673 | ||
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 | ||||
Finance Leases Portfolio Segment [Member] | ||||
Current | 154,874,086 | 161,452,627 | ||
Accruing Past Due 90 Days or More | 215,225 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,399,232 | 2,446,181 | [1] | |
Loans | [2],[3] | 159,368,425 | 165,419,360 | |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 1,428,446 | 730,627 | ||
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | 666,661 | 574,700 | ||
Residential Portfolio Segment [Member] | ||||
Current | 228,282,091 | 227,023,552 | ||
Accruing Past Due 90 Days or More | 255,942 | 294,854 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,199,921 | 1,075,639 | [1] | |
Loans | [3],[4] | 231,325,899 | 229,233,104 | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 1,587,945 | 473,478 | ||
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | 365,581 | |||
Consumer Portfolio Segment [Member] | ||||
Current | 77,719,561 | 81,199,766 | ||
Accruing Past Due 90 Days or More | 123,676 | 110,501 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 207,151 | 87,344 | [1] | |
Loans | [3] | 78,770,847 | 81,665,695 | |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Past Due | 662,626 | 204,973 | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Past Due | $ 57,833 | $ 63,111 | ||
[1] | 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. | |||
[2] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2017 and 2016. | |||
[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 TDRs. | |||
[4] | Includes residential real estate loans held for sale totaling $1,051,000 and $1,135,500 as of March 31, 2017, and December 31, 2016, respectively. |
Note 3 - Loans Leases Receiva34
Note 3 - Loans Leases Receivable - Loans Leases Nonperforming Loans Leases (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |||
Accruing Past Due 90 Days or More | $ 954,924 | $ 966,814 | |||
Nonaccrual Loans/Leases | 14,205,302 | 13,919,066 | |||
Accruing TDRs | 8,673,673 | 8,647,007 | |||
Loans | $ 2,427,885,239 | $ 2,397,414,282 | |||
Percentage of Total NPLs | 100.00% | 100.00% | |||
Nonperforming Financial Instruments [Member] | |||||
Accruing Past Due 90 Days or More | $ 954,924 | $ 966,814 | |||
Nonaccrual Loans/Leases | 14,205,302 | [1] | 13,919,066 | [2] | |
Accruing TDRs | 6,228,729 | 6,346,528 | |||
Loans | $ 21,388,955 | 21,232,408 | |||
Percentage of Total NPLs | 100.00% | ||||
Commercial Portfolio Segment [Member] | |||||
Accruing Past Due 90 Days or More | $ 575,066 | 346,234 | |||
Nonaccrual Loans/Leases | 4,464,937 | 4,187,786 | [2] | ||
Loans | 851,578,347 | 827,637,263 | |||
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Accruing Past Due 90 Days or More | 575,066 | ||||
Nonaccrual Loans/Leases | [1] | 4,464,937 | |||
Accruing TDRs | 4,766,131 | 4,733,997 | |||
Loans | $ 9,806,134 | $ 9,268,017 | |||
Percentage of Total NPLs | 45.85% | 43.65% | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | $ 1,106,841,721 | $ 1,093,458,860 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||||
Accruing Past Due 90 Days or More | 240 | ||||
Nonaccrual Loans/Leases | 332,148 | 332,148 | [2] | ||
Loans | 316,902,218 | 332,387,621 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Accruing Past Due 90 Days or More | |||||
Nonaccrual Loans/Leases | 4,349,267 | 4,353,819 | [2] | ||
Loans | 171,901,708 | 165,149,491 | |||
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 | 1,252,646 | 1,436,149 | [2] | ||
Loans | 618,037,795 | 595,921,748 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||||
Accruing Past Due 90 Days or More | 240 | ||||
Nonaccrual Loans/Leases | [1] | 332,148 | |||
Accruing TDRs | |||||
Loans | $ 332,388 | $ 332,148 | |||
Percentage of Total NPLs | 1.55% | 1.56% | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||||
Accruing Past Due 90 Days or More | |||||
Nonaccrual Loans/Leases | [1] | 4,349,267 | |||
Accruing TDRs | |||||
Loans | $ 4,349,267 | $ 4,353,819 | |||
Percentage of Total NPLs | 20.33% | 20.51% | |||
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | |||||
Accruing Past Due 90 Days or More | |||||
Nonaccrual Loans/Leases | [1] | 1,252,646 | |||
Accruing TDRs | |||||
Loans | $ 1,252,646 | $ 1,436,149 | |||
Percentage of Total NPLs | 5.86% | 6.77% | |||
Finance Leases Portfolio Segment [Member] | |||||
Accruing Past Due 90 Days or More | $ 215,225 | ||||
Nonaccrual Loans/Leases | 2,399,232 | 2,446,181 | [2] | ||
Loans | [3],[4] | 159,368,425 | 165,419,360 | ||
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Accruing Past Due 90 Days or More | |||||
Nonaccrual Loans/Leases | [1] | 2,399,232 | |||
Accruing TDRs | 864,169 | 1,008,244 | |||
Loans | [4] | $ 3,263,401 | $ 3,669,650 | ||
Percentage of Total NPLs | 15.26% | 17.28% | |||
Residential Portfolio Segment [Member] | |||||
Accruing Past Due 90 Days or More | $ 255,942 | $ 294,854 | |||
Nonaccrual Loans/Leases | 1,199,921 | 1,075,639 | [2] | ||
Loans | [4],[5] | 231,325,899 | 229,233,104 | ||
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Accruing Past Due 90 Days or More | 255,942 | ||||
Nonaccrual Loans/Leases | [1] | 1,199,921 | |||
Accruing TDRs | 580,853 | 585,541 | |||
Loans | [4] | $ 2,036,716 | $ 1,956,034 | ||
Percentage of Total NPLs | 9.52% | 9.21% | |||
Consumer Portfolio Segment [Member] | |||||
Accruing Past Due 90 Days or More | $ 123,676 | $ 110,501 | |||
Nonaccrual Loans/Leases | 207,151 | 87,344 | [2] | ||
Loans | [4] | 78,770,847 | 81,665,695 | ||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Accruing Past Due 90 Days or More | 123,676 | ||||
Nonaccrual Loans/Leases | [1] | 207,151 | |||
Accruing TDRs | 17,576 | 18,746 | |||
Loans | [4] | $ 348,403 | $ 216,591 | ||
Percentage of Total NPLs | 1.63% | 1.02% | |||
[1] | Nonaccrual loans/leases included $2,444,944 of TDRs, including $278,391 in C&I loans, $1,353,634 in CRE loans, $759,346 in direct financing leases, $42,525 in residential real estate loans, and $11,048 in installment loans. | ||||
[2] | 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, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2017 and 2016. | ||||
[4] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||||
[5] | Includes residential real estate loans held for sale totaling $1,051,000 and $1,135,500 as of March 31, 2017, and December 31, 2016, respectively. |
Note 3 - Loans Leases Receiva35
Note 3 - Loans Leases Receivable - Allowance for Estimated Losses on Loans Leases (Details) - USD ($) | 3 Months Ended | |||||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |||||
Balance | $ 30,757,448 | $ 26,140,906 | ||||||
Provisions (credits) charged to expense | 2,105,109 | 2,072,985 | ||||||
Loans/leases charged off | (892,626) | (868,284) | ||||||
Recoveries on loans/leases previously charged off | 89,219 | 49,835 | ||||||
Balance | 32,059,150 | 27,395,442 | ||||||
Allowance for impaired loans/leases | $ 3,748,557 | $ 3,642,968 | ||||||
Allowance for nonimpaired loans/leases | 28,310,593 | 27,114,480 | ||||||
Less allowance for estimated losses on loans/leases | 32,059,150 | 26,140,906 | 32,059,150 | 30,757,448 | ||||
Impaired loans/leases | 20,200,084 | 20,072,099 | ||||||
Nonimpaired loans/leases | 2,407,685,155 | 2,377,342,183 | ||||||
Loans | $ 2,427,885,239 | $ 2,397,414,282 | ||||||
Allowance as a percentage of impaired loans/leases | 18.56% | 18.15% | ||||||
Allowance as a percentage of nonimpaired loans/leases | 1.18% | 1.14% | ||||||
Total allowance as a percentage of total loans/leases | 1.31% | 1.28% | ||||||
Commercial Portfolio Segment [Member] | ||||||||
Balance | 12,545,110 | 10,484,080 | ||||||
Provisions (credits) charged to expense | 593,359 | 739,831 | ||||||
Loans/leases charged off | (218,273) | (243,566) | ||||||
Recoveries on loans/leases previously charged off | 33,894 | 11,634 | ||||||
Balance | 12,954,090 | 10,991,979 | ||||||
Allowance for impaired loans/leases | $ 1,751,774 | $ 1,771,537 | ||||||
Allowance for nonimpaired loans/leases | 11,202,316 | 10,773,573 | ||||||
Less allowance for estimated losses on loans/leases | 12,545,110 | 10,484,080 | 12,954,090 | 12,545,110 | ||||
Impaired loans/leases | 9,188,454 | 8,936,451 | ||||||
Nonimpaired loans/leases | 842,389,893 | 818,700,812 | ||||||
Loans | $ 851,578,347 | $ 827,637,263 | ||||||
Allowance as a percentage of impaired loans/leases | 19.06% | 19.82% | ||||||
Allowance as a percentage of nonimpaired loans/leases | 1.33% | 1.32% | ||||||
Total allowance as a percentage of total loans/leases | 1.52% | 1.52% | ||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||
Balance | 11,670,609 | 9,375,117 | ||||||
Provisions (credits) charged to expense | 966,271 | 715,450 | ||||||
Loans/leases charged off | ||||||||
Recoveries on loans/leases previously charged off | 6,386 | |||||||
Balance | 12,643,266 | 10,090,567 | ||||||
Allowance for impaired loans/leases | $ 888,445 | $ 693,919 | ||||||
Allowance for nonimpaired loans/leases | 11,754,821 | 10,976,690 | ||||||
Less allowance for estimated losses on loans/leases | 11,670,609 | 9,375,117 | 12,643,266 | 11,670,609 | ||||
Impaired loans/leases | 5,924,061 | 6,112,114 | ||||||
Nonimpaired loans/leases | 1,100,917,660 | 1,087,346,746 | ||||||
Loans | $ 1,106,841,721 | $ 1,093,458,860 | ||||||
Allowance as a percentage of impaired loans/leases | 15.00% | 11.35% | ||||||
Allowance as a percentage of nonimpaired loans/leases | 1.07% | 1.01% | ||||||
Total allowance as a percentage of total loans/leases | 1.14% | 1.07% | ||||||
Finance Leases Portfolio Segment [Member] | ||||||||
Balance | 3,111,898 | [1] | 3,395,088 | |||||
Provisions (credits) charged to expense | 505,015 | 478,245 | ||||||
Loans/leases charged off | (658,684) | (600,938) | ||||||
Recoveries on loans/leases previously charged off | 20,031 | 14,836 | ||||||
Balance | 2,978,260 | [1] | 3,287,231 | |||||
Allowance for impaired loans/leases | $ 795,840 | $ 848,919 | ||||||
Allowance for nonimpaired loans/leases | 2,182,420 | 2,262,979 | ||||||
Less allowance for estimated losses on loans/leases | 2,978,260 | [1] | 3,395,088 | 2,978,260 | [1] | 3,111,898 | [1] | |
Impaired loans/leases | 3,082,068 | 3,256,264 | ||||||
Nonimpaired loans/leases | 156,286,357 | 162,163,096 | ||||||
Loans | [1],[2] | $ 159,368,425 | $ 165,419,360 | |||||
Allowance as a percentage of impaired loans/leases | 25.82% | 26.07% | ||||||
Allowance as a percentage of nonimpaired loans/leases | 1.40% | 1.40% | ||||||
Total allowance as a percentage of total loans/leases | 1.87% | 1.88% | ||||||
Residential Portfolio Segment [Member] | ||||||||
Balance | 2,342,344 | 1,790,150 | ||||||
Provisions (credits) charged to expense | 43,520 | 62,656 | ||||||
Loans/leases charged off | (13,623) | (16,184) | ||||||
Recoveries on loans/leases previously charged off | 3,623 | |||||||
Balance | 2,375,864 | 1,836,622 | ||||||
Allowance for impaired loans/leases | $ 274,566 | $ 289,112 | ||||||
Allowance for nonimpaired loans/leases | 2,101,298 | 2,053,232 | ||||||
Less allowance for estimated losses on loans/leases | 2,342,344 | 1,790,150 | 2,375,864 | 2,342,344 | ||||
Impaired loans/leases | 1,780,774 | 1,661,180 | ||||||
Nonimpaired loans/leases | 229,545,125 | 227,571,924 | ||||||
Loans | [2],[3] | $ 231,325,899 | $ 229,233,104 | |||||
Allowance as a percentage of impaired loans/leases | 15.42% | 17.40% | ||||||
Allowance as a percentage of nonimpaired loans/leases | 0.92% | 0.90% | ||||||
Total allowance as a percentage of total loans/leases | 1.03% | 1.02% | ||||||
Consumer Portfolio Segment [Member] | ||||||||
Balance | 1,087,487 | 1,096,471 | ||||||
Provisions (credits) charged to expense | (3,056) | 76,803 | ||||||
Loans/leases charged off | (2,046) | (7,596) | ||||||
Recoveries on loans/leases previously charged off | 25,285 | 23,365 | ||||||
Balance | 1,107,670 | 1,189,043 | ||||||
Allowance for impaired loans/leases | $ 37,932 | $ 39,481 | ||||||
Allowance for nonimpaired loans/leases | 1,069,738 | 1,048,006 | ||||||
Less allowance for estimated losses on loans/leases | $ 1,087,487 | $ 1,096,471 | 1,107,670 | 1,087,487 | ||||
Impaired loans/leases | 224,727 | 106,090 | ||||||
Nonimpaired loans/leases | 78,546,120 | 81,559,605 | ||||||
Loans | [2] | $ 78,770,847 | $ 81,665,695 | |||||
Allowance as a percentage of impaired loans/leases | 16.88% | 37.21% | ||||||
Allowance as a percentage of nonimpaired loans/leases | 1.36% | 1.28% | ||||||
Total allowance as a percentage of total loans/leases | 1.41% | 1.33% | ||||||
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2017 and 2016. | |||||||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | |||||||
[3] | Includes residential real estate loans held for sale totaling $1,051,000 and $1,135,500 as of March 31, 2017, and December 31, 2016, respectively. |
Note 3 - Loans Leases Receiva36
Note 3 - Loans Leases Receivable - Impaired Loans Leases (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Recorded investment with no specific allowance recorded | $ 4,926,710 | $ 3,989,038 | $ 4,637,593 |
Unpaid principal balance with no specific allowance recorded | 5,011,928 | 4,312,955 | 4,880,273 |
Average recorded investment with no specific allowance recorded | 5,121,057 | 4,112,488 | |
Interest income recognized with no specific allowance recorded | 27,408 | 14,465 | |
Interest income recognized for cash payments received with no specific allowance recorded | 27,408 | 14,465 | |
Recorded investment with specific allowance recorded | 15,273,374 | 7,334,741 | 15,434,506 |
Unpaid principal balance with specific allowance recorded | 15,277,213 | 7,386,158 | 15,512,477 |
Related allowance | 3,748,557 | 3,179,854 | 3,642,968 |
Average recorded investment with specific allowance recorded | 14,810,049 | 7,056,097 | |
Interest income recognized with specific allowance recorded | 67,018 | 3,458 | |
Interest income recognized for cash payments received with specific allowance recorded | 67,018 | 3,458 | |
Recorded investment | 20,200,084 | 11,323,779 | 20,072,099 |
Unpaid principal balance | 20,289,141 | 11,699,113 | 20,392,750 |
Average recorded investment | 19,931,106 | 11,168,585 | |
Interest income recognized | 94,426 | 17,923 | |
Interest income recognized for cash payments received | 94,426 | 17,923 | |
Commercial Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 835,955 | 286,508 | 841,895 |
Unpaid principal balance with no specific allowance recorded | 846,392 | 477,450 | 951,600 |
Average recorded investment with no specific allowance recorded | 927,387 | 347,369 | |
Interest income recognized with no specific allowance recorded | 7,352 | 1,824 | |
Interest income recognized for cash payments received with no specific allowance recorded | 7,352 | 1,824 | |
Recorded investment with specific allowance recorded | 8,352,499 | 4,891,938 | 8,094,556 |
Unpaid principal balance with specific allowance recorded | 8,356,338 | 4,895,777 | 8,098,395 |
Related allowance | 1,751,774 | 2,168,454 | 1,771,537 |
Average recorded investment with specific allowance recorded | 8,110,658 | 4,885,096 | |
Interest income recognized with specific allowance recorded | 62,666 | ||
Interest income recognized for cash payments received with specific allowance recorded | 62,666 | ||
Recorded investment | 9,188,454 | 5,178,446 | 8,936,451 |
Unpaid principal balance | 9,202,730 | 5,373,227 | 9,049,995 |
Average recorded investment | 9,038,045 | 5,232,465 | |
Interest income recognized | 70,018 | 1,824 | |
Interest income recognized for cash payments received | 70,018 | 1,824 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | |||
Recorded investment with no specific allowance recorded | 242,887 | ||
Unpaid principal balance with no specific allowance recorded | 336,661 | 93,774 | |
Average recorded investment with no specific allowance recorded | 244,824 | ||
Interest income recognized with no specific allowance recorded | |||
Interest income recognized for cash payments received with no specific allowance recorded | |||
Recorded investment with specific allowance recorded | 322,148 | 322,148 | |
Unpaid principal balance with specific allowance recorded | 322,148 | 322,148 | |
Related allowance | 57,398 | 57,398 | |
Average recorded investment with specific allowance recorded | 322,148 | ||
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 322,148 | 242,887 | 322,148 |
Unpaid principal balance | 322,148 | 336,661 | 415,922 |
Average recorded investment | 322,148 | 244,824 | |
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 | |||
Unpaid principal balance with no specific allowance recorded | |||
Average recorded investment with no specific allowance recorded | |||
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 | 4,349,267 | 191,366 | 4,353,819 |
Unpaid principal balance with specific allowance recorded | 4,349,267 | 203,366 | 4,353,817 |
Related allowance | 823,061 | 82,296 | 577,611 |
Average recorded investment with specific allowance recorded | 4,351,542 | 192,585 | |
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 4,349,267 | 191,366 | 4,353,819 |
Unpaid principal balance | 4,349,267 | 203,366 | 4,353,817 |
Average recorded investment | 4,351,542 | 192,585 | |
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 | 1,174,260 | 1,512,198 | 1,196,549 |
Unpaid principal balance with no specific allowance recorded | 1,174,260 | 1,512,198 | 1,196,549 |
Average recorded investment with no specific allowance recorded | 1,183,813 | 1,545,334 | |
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 | 78,386 | 239,600 | |
Unpaid principal balance with specific allowance recorded | 78,386 | 239,600 | |
Related allowance | 7,986 | 58,910 | |
Average recorded investment with specific allowance recorded | 39,193 | ||
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 1,252,646 | 1,512,198 | 1,436,149 |
Unpaid principal balance | 1,252,646 | 1,512,198 | 1,436,149 |
Average recorded investment | 1,223,006 | 1,545,334 | |
Interest income recognized | |||
Interest income recognized for cash payments received | |||
Finance Leases Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 1,593,104 | 1,314,779 | 1,690,121 |
Unpaid principal balance with no specific allowance recorded | 1,593,104 | 1,314,779 | 1,690,121 |
Average recorded investment with no specific allowance recorded | 1,868,355 | 1,176,588 | |
Interest income recognized with no specific allowance recorded | 18,895 | 11,603 | |
Interest income recognized for cash payments received with no specific allowance recorded | 18,895 | 11,603 | |
Recorded investment with specific allowance recorded | 1,488,964 | 938,267 | 1,566,141 |
Unpaid principal balance with specific allowance recorded | 1,488,964 | 938,267 | 1,566,143 |
Related allowance | 795,840 | 483,193 | 848,919 |
Average recorded investment with specific allowance recorded | 1,300,811 | 800,606 | |
Interest income recognized with specific allowance recorded | |||
Interest income recognized for cash payments received with specific allowance recorded | |||
Recorded investment | 3,082,068 | 2,253,046 | 3,256,262 |
Unpaid principal balance | 3,082,068 | 2,253,046 | 3,256,264 |
Average recorded investment | 3,169,166 | 1,977,194 | |
Interest income recognized | 18,895 | 11,603 | |
Interest income recognized for cash payments received | 18,895 | 11,603 | |
Residential Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 1,147,434 | 585,186 | 853,294 |
Unpaid principal balance with no specific allowance recorded | 1,222,215 | 624,387 | 892,495 |
Average recorded investment with no specific allowance recorded | 1,025,656 | 585,981 | |
Interest income recognized with no specific allowance recorded | 1,161 | 1,038 | |
Interest income recognized for cash payments received with no specific allowance recorded | 1,161 | 1,038 | |
Recorded investment with specific allowance recorded | 633,340 | 911,050 | 807,886 |
Unpaid principal balance with specific allowance recorded | 633,340 | 946,628 | 882,018 |
Related allowance | 274,566 | 199,498 | 289,112 |
Average recorded investment with specific allowance recorded | 636,134 | 871,531 | |
Interest income recognized with specific allowance recorded | 4,240 | 1,958 | |
Interest income recognized for cash payments received with specific allowance recorded | 4,240 | 1,958 | |
Recorded investment | 1,780,774 | 1,496,236 | 1,661,180 |
Unpaid principal balance | 1,855,555 | 1,571,015 | 1,774,513 |
Average recorded investment | 1,661,790 | 1,457,512 | |
Interest income recognized | 5,401 | 2,996 | |
Interest income recognized for cash payments received | 5,401 | 2,996 | |
Consumer Portfolio Segment [Member] | |||
Recorded investment with no specific allowance recorded | 175,957 | 47,480 | 55,734 |
Unpaid principal balance with no specific allowance recorded | 175,957 | 47,480 | 55,734 |
Average recorded investment with no specific allowance recorded | 115,846 | 212,392 | |
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 | 48,770 | 402,120 | 50,356 |
Unpaid principal balance with specific allowance recorded | 48,770 | 402,120 | 50,356 |
Related allowance | 37,932 | 246,413 | 39,481 |
Average recorded investment with specific allowance recorded | 49,563 | 306,279 | |
Interest income recognized with specific allowance recorded | 112 | 1,500 | |
Interest income recognized for cash payments received with specific allowance recorded | 112 | 1,500 | |
Recorded investment | 224,727 | 449,600 | 106,090 |
Unpaid principal balance | 224,727 | 449,600 | $ 106,090 |
Average recorded investment | 165,409 | 518,671 | |
Interest income recognized | 112 | 1,500 | |
Interest income recognized for cash payments received | $ 112 | $ 1,500 |
Note 3 - Loans Leases Receiva37
Note 3 - Loans Leases Receivable - Loans by Internally Assigned Risk Rating (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Loans | $ 2,427,885,239 | $ 2,397,414,282 |
Commercial Portfolio Segment [Member] | ||
Loans | 851,578,347 | 827,637,263 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 816,089,950 | 796,568,451 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 7,820,608 | 6,305,772 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 27,667,789 | 24,763,040 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 1,106,841,721 | 1,093,458,860 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 316,902,218 | 332,387,621 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 171,901,708 | 165,149,491 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 618,037,795 | 595,921,748 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 298,438,590 | 314,447,662 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Loans | 164,958,396 | 158,108,465 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 605,282,623 | 582,854,048 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 8,839,425 | 7,559,380 |
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 | 4,400,764 | 4,437,122 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 9,624,203 | 10,380,369 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Loans | 5,163,312 | 5,261,026 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 8,354,408 | 8,630,578 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | 210 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction Loans [Member] | ||
Loans | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans | ||
Commercial and Commercial Real Estate Portfolio Segments [Member] | ||
Loans | $ 1,958,420,068 | $ 1,921,096,123 |
As a % of Total | 100.00% | 100.00% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | ||
Loans | $ 1,884,769,559 | $ 1,851,978,626 |
As a % of Total | 96.24% | 96.40% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | ||
Loans | $ 22,840,797 | $ 20,082,274 |
As a % of Total | 1.17% | 1.05% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | ||
Loans | $ 50,809,712 | $ 49,035,013 |
As a % of Total | 2.59% | 2.55% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Doubtful [Member] | ||
Loans | $ 210 | |
As a % of Total | 0.00% | 0.00% |
Note 3 - Loans Leases Receiva38
Note 3 - Loans Leases Receivable - Leases By Delinquency Status (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Loans | $ 2,427,885,239 | $ 2,397,414,282 | |
Nonperforming Financial Instruments [Member] | |||
Loans | 21,388,955 | 21,232,408 | |
Finance Leases Portfolio Segment [Member] | |||
Loans | [1],[2] | 159,368,425 | 165,419,360 |
Finance Leases Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | 156,105,024 | 161,749,710 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | 3,263,401 | 3,669,650 |
Residential Portfolio Segment [Member] | |||
Loans | [2],[3] | 231,325,899 | 229,233,104 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | 229,289,183 | 227,277,070 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | 2,036,716 | 1,956,034 |
Consumer Portfolio Segment [Member] | |||
Loans | [2] | 78,770,847 | 81,665,695 |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | 78,422,444 | 81,449,104 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | 348,403 | 216,591 |
Lease Residential and Consumer Portfolio Segments [Member] | |||
Loans | [2] | $ 469,465,171 | $ 476,318,159 |
As a % of Total | [2] | 100.00% | 100.00% |
Lease Residential and Consumer Portfolio Segments [Member] | Performing Financial Instruments [Member] | |||
Loans | [2] | $ 463,816,651 | $ 470,475,884 |
As a % of Total | [2] | 98.80% | 98.77% |
Lease Residential and Consumer Portfolio Segments [Member] | Nonperforming Financial Instruments [Member] | |||
Loans | [2] | $ 5,648,520 | $ 5,842,275 |
As a % of Total | [2] | 1.20% | 1.23% |
[1] | Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three months ended March 31, 2017 and 2016. | ||
[2] | Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. | ||
[3] | Includes residential real estate loans held for sale totaling $1,051,000 and $1,135,500 as of March 31, 2017, and December 31, 2016, respectively. |
Note 3 - Loans Leases Receiva39
Note 3 - Loans Leases Receivable - Troubled Debt Restructurings (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Number of Loans / Leases | 11 | 5 |
Pre-Modification Recorded Investment | $ 809,813 | $ 456,592 |
Post-Modification Recorded Investment | 809,813 | 456,592 |
Specific Allowance | ||
Extended Maturity [Member] | ||
Number of Loans / Leases | 1 | 4 |
Pre-Modification Recorded Investment | $ 6,263 | $ 410,653 |
Post-Modification Recorded Investment | 6,263 | 410,653 |
Specific Allowance | ||
Payment Deferral [Member] | ||
Number of Loans / Leases | 10 | 1 |
Pre-Modification Recorded Investment | $ 803,550 | $ 45,939 |
Post-Modification Recorded Investment | 803,550 | 45,939 |
Specific Allowance | ||
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | ||
Number of Loans / Leases | 1 | 4 |
Pre-Modification Recorded Investment | $ 6,263 | $ 410,653 |
Post-Modification Recorded Investment | 6,263 | 410,653 |
Specific Allowance | ||
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | ||
Number of Loans / Leases | 8 | 1 |
Pre-Modification Recorded Investment | $ 669,861 | $ 45,939 |
Post-Modification Recorded Investment | 669,861 | 45,939 |
Specific Allowance | ||
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||
Number of Loans / Leases | 2 | |
Pre-Modification Recorded Investment | $ 133,689 | |
Post-Modification Recorded Investment | 133,689 | |
Specific Allowance |
Note 4 - Earnings Per Share - B
Note 4 - Earnings Per Share - Basic and Diluted (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net income | $ 9,184,965 | $ 6,373,489 | |
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.70 | $ 0.54 | |
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) | $ 0.68 | $ 0.53 | |
Weighted average common shares outstanding (in shares) | [1] | 13,133,382 | 11,793,620 |
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan (in shares) | [2] | 355,035 | 160,329 |
Weighted average common and common equivalent shares outstanding (in shares) | 13,488,417 | 11,953,949 | |
[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 5 - Fair Value - Assets Me
Note 5 - Fair Value - Assets Measured At Fair Value On a Recurring and Nonrecurring Basis (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, fair value | $ 250,952,021 | $ 251,113,139 |
Fair value | 18,657,374 | 18,788,073 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 18,657,374 | 18,788,073 |
Fair Value, Measurements, Recurring [Member] | ||
Assets Fair Value | 253,518,244 | 254,027,947 |
Liabilities Fair Value | 2,034,898 | 2,338,281 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 531,325 | 576,527 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,034,898 | 2,338,281 |
Derivative Liabilites | 2,034,898 | 2,338,281 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Fair Value | 1,345 | 1,361 |
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 | 253,516,899 | 254,026,586 |
Liabilities Fair Value | 2,034,898 | 2,338,281 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 531,325 | 576,527 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,034,898 | 2,338,281 |
Derivative Liabilites | 2,034,898 | 2,338,281 |
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 | 47,556,081 | 46,083,607 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 47,556,081 | 46,083,607 |
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 | 47,556,081 | 46,083,607 |
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 | 147,503,987 | 147,702,127 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 147,503,987 | 147,702,127 |
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 | 147,503,987 | 147,702,127 |
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 | 51,131,874 | 52,604,426 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 51,131,874 | 52,604,426 |
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 | 51,131,874 | 52,604,426 |
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 | 4,760,079 | 4,722,979 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 4,760,079 | 4,722,979 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, fair value | 1,345 | 1,361 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 4,758,734 | 4,721,618 |
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 | 12,581,982 | 12,823,121 |
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 | 12,581,982 | 12,823,121 |
Other Real Estate Owned [Member] | ||
Fair value | 6,075,392 | 5,964,952 |
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 | $ 6,075,392 | $ 5,964,952 |
Note 5 - Fair Value - Quantitat
Note 5 - Fair Value - Quantitative Information About Level Fair Value Measurements (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair value | $ 18,657,374 | $ 18,788,073 |
Impaired Loans Leases [Member] | ||
Fair value | $ 12,581,982 | 12,823,121 |
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 | $ 6,075,392 | $ 5,964,952 |
Valuation technique | Appraisal of collateral | |
Other Securities [Member] | Minimum [Member] | ||
Appraisal adjustments | 0.00% | |
Other Securities [Member] | Maximum [Member] | ||
Appraisal adjustments | 35.00% |
Note 5 - Fair Value - Carrying
Note 5 - Fair Value - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
$ 304,197,006 | $ 320,414,899 | |
Securities available for sale, fair value | 250,952,021 | 251,113,139 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and due from banks | 56,325,969 | 70,569,993 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 56,325,969 | 70,569,993 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Federal funds sold | 15,798,000 | 22,257,000 |
306,694,063 | 322,909,056 | |
Securities available for sale, fair value | 250,952,021 | 251,113,139 |
Loans/leases receivable, net | 2,392,141,282 | 2,362,856,277 |
Short-term borrowings | 19,470,096 | 39,971,387 |
FHLB advances | 106,550,000 | 137,500,000 |
Other borrowings | 72,000,000 | 80,000,000 |
Junior subordinated debentures | 33,513,509 | 33,480,202 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Nonmaturity deposits | 2,288,265,733 | 2,188,683,349 |
Deposits | 2,288,265,733 | 2,188,683,349 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||
Nonmaturity deposits | 517,665,766 | 480,577,924 |
Deposits | 517,665,766 | 480,577,924 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 531,325 | 576,527 |
Interest rate swaps - assets | 531,325 | 576,527 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,034,898 | 2,338,281 |
Interest rate swaps - assets | 2,034,898 | 2,338,281 |
Interest rate swaps - liabilities | 2,034,898 | 2,338,281 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 157,420,706 | 63,948,925 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Federal funds sold | 15,798,000 | 22,257,000 |
304,197,006 | 320,414,899 | |
Securities available for sale, fair value | 250,952,021 | 251,113,139 |
Loans/leases receivable, net | 2,368,029,017 | 2,344,462,740 |
Short-term borrowings | 19,470,096 | 39,971,387 |
FHLB advances | 107,283,000 | 138,338,000 |
Other borrowings | 73,108,000 | 81,282,000 |
Junior subordinated debentures | 25,075,065 | 24,881,494 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Nonmaturity deposits | 2,288,265,733 | 2,188,683,349 |
Deposits | 2,288,265,733 | 2,188,683,349 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Nonmaturity deposits | 519,873,000 | 479,605,000 |
Deposits | 519,873,000 | 479,605,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 531,325 | 576,527 |
Interest rate swaps - assets | 531,325 | 576,527 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest rate caps | 2,034,898 | 2,338,281 |
Interest rate swaps - assets | 2,034,898 | 2,338,281 |
Interest rate swaps - liabilities | 2,034,898 | 2,338,281 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 157,420,706 | 63,948,925 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans/leases receivable, net | 11,649,983 | 11,873,260 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans/leases receivable, net | $ 12,581,982 | $ 12,823,121 |
Note 6 - Business Segment Inf44
Note 6 - Business Segment Information (Details Textual) | Mar. 31, 2017 |
Number of Subsidiaries | 4 |
Note 6 - Business Segment Inf45
Note 6 - Business Segment Information - Selected Financial Information on the Company's Business Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Total revenue | $ 38,628,853 | $ 30,324,532 | |
Net interest income | 27,668,883 | 20,597,522 | |
Provision for loan/lease losses | 2,105,109 | 2,072,985 | |
Net income (loss) | 9,184,965 | 6,373,489 | |
Goodwill | 13,110,913 | 3,222,688 | $ 13,110,913 |
Core deposit intangible | 7,150,346 | 1,421,531 | 7,381,213 |
Total assets | 3,381,012,618 | 2,640,673,254 | $ 3,301,943,748 |
Operating Segments [Member] | Commercial Banking Segment [Member] | Quad City Bank and Trust Company [Member] | |||
Total revenue | 13,535,941 | 13,516,932 | |
Net interest income | 11,301,482 | 10,961,447 | |
Provision for loan/lease losses | 931,109 | 1,222,985 | |
Net income (loss) | 3,655,006 | 2,831,696 | |
Goodwill | 3,222,688 | 3,222,688 | |
Core deposit intangible | |||
Total assets | 1,442,952,197 | 1,361,607,041 | |
Operating Segments [Member] | Commercial Banking Segment [Member] | Cedar Rapids Bank and Trust [Member] | |||
Total revenue | 10,386,545 | 10,839,221 | |
Net interest income | 6,974,047 | 7,024,988 | |
Provision for loan/lease losses | 250,000 | 550,000 | |
Net income (loss) | 2,892,560 | 2,934,731 | |
Goodwill | |||
Core deposit intangible | 1,222,019 | 1,421,531 | |
Total assets | 929,111,309 | 885,858,279 | |
Operating Segments [Member] | Commercial Banking Segment [Member] | Community State Bank [Member] | |||
Total revenue | 8,131,706 | ||
Net interest income | 7,026,508 | ||
Provision for loan/lease losses | 774,000 | ||
Net income (loss) | 1,895,134 | ||
Goodwill | 9,888,225 | ||
Core deposit intangible | 5,928,327 | ||
Total assets | 608,431,003 | ||
Operating Segments [Member] | Commercial Banking Segment [Member] | Rockford Bank and Trust [Member] | |||
Total revenue | 3,947,799 | 3,794,247 | |
Net interest income | 2,968,074 | 2,911,974 | |
Provision for loan/lease losses | 150,000 | 300,000 | |
Net income (loss) | 844,569 | 617,785 | |
Goodwill | |||
Core deposit intangible | |||
Total assets | 398,454,864 | 367,031,670 | |
Operating Segments [Member] | Wealth Management Segment [Member] | |||
Total revenue | 2,701,806 | 2,234,292 | |
Net interest income | |||
Provision for loan/lease losses | |||
Net income (loss) | 561,062 | 447,770 | |
Goodwill | |||
Core deposit intangible | |||
Total assets | |||
Operating Segments [Member] | Other Segments [Member] | |||
Total revenue | 9,876,143 | 6,859,775 | |
Net interest income | (601,228) | (300,887) | |
Provision for loan/lease losses | |||
Net income (loss) | 9,184,968 | 6,373,488 | |
Goodwill | |||
Core deposit intangible | |||
Total assets | 377,316,912 | 288,814,613 | |
Intersegment Eliminations [Member] | |||
Total revenue | (9,951,087) | (6,919,935) | |
Net interest income | |||
Provision for loan/lease losses | |||
Net income (loss) | (9,848,334) | (6,831,981) | |
Goodwill | |||
Core deposit intangible | |||
Total assets | $ (375,253,667) | $ (262,638,349) |
Note 7 - Regulatory Capital R46
Note 7 - Regulatory Capital Requirements (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Annual Phase in Percentage Of Capital Conservation Buffer | 0.625% |
Capital Required for Capital Adequacy to Risk Weighted Assets with Capital Conservation Buffer Fully Phased in | 10.50% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets with Capital Conservation Buffer Fully Phased in | 8.50% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets with Capital Conservation Buffer Fully Phased in | 7.00% |
Note 7 - Regulatory Capital R47
Note 7 - Regulatory Capital Requirements and Restrictions on Dividends - Capital Requirements (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Parent Company [Member] | |||
Total risk-based capital, actual, amount | $ 336,993 | $ 327,440 | |
Total risk-based capital, actual, ratio | 11.90% | 11.56% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 262,053 | $ 244,289 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 9.25% | 8.625% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 283,300 | $ 283,233 | |
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 | $ 304,594 | $ 296,366 | |
Tier 1 risk-based capital, actual, ratio | 10.75% | 10.46% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 205,393 | $ 187,642 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 7.25% | 6.625% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 226,640 | $ 226,587 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | |
Tier 1 leverage, actual, amount | $ 304,594 | $ 296,366 | |
Tier 1 leverage, actual, ratio | 9.37% | 9.10% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 129,996 | $ 130,229 |
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 | $ 162,495 | $ 162,787 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | |
Common equity Tier 1, actual, amount | $ 273,076 | $ 266,419 | |
Common equity Tier 1, actual ratio | 9.64% | 9.41% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 162,898 | $ 145,157 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.75% | 5.125% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 184,145 | $ 184,102 | |
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 | $ 145,432 | $ 142,990 | |
Total risk-based capital, actual, ratio | 12.61% | 12.27% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 106,664 | $ 100,494 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 9.25% | 8.625% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 115,312 | $ 116,515 | |
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 | $ 131,860 | $ 129,524 | |
Tier 1 risk-based capital, actual, ratio | 11.44% | 11.12% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 83,601 | $ 77,191 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 7.25% | 6.625% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 92,250 | $ 93,212 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | |
Tier 1 leverage, actual, amount | $ 131,860 | $ 129,524 | |
Tier 1 leverage, actual, ratio | 9.25% | 9.18% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 57,045 | $ 56,445 |
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 | $ 71,306 | $ 70,556 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | |
Common equity Tier 1, actual, amount | $ 131,860 | $ 129,524 | |
Common equity Tier 1, actual ratio | 11.44% | 11.12% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 66,304 | $ 59,714 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.75% | 5.125% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 74,953 | $ 75,735 | |
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 | $ 107,776 | $ 106,791 | |
Total risk-based capital, actual, ratio | 12.79% | 12.82% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 77,956 | $ 71,828 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 9.25% | 8.625% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 84,277 | $ 83,279 | |
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 | $ 97,230 | $ 96,369 | |
Tier 1 risk-based capital, actual, ratio | 11.54% | 11.57% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 61,101 | $ 55,173 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 7.25% | 6.625% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 67,421 | $ 66,623 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | |
Tier 1 leverage, actual, amount | $ 97,230 | $ 96,369 | |
Tier 1 leverage, actual, ratio | 10.74% | 10.69% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 36,206 | $ 36,061 |
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 | $ 45,257 | $ 45,076 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | |
Common equity Tier 1, actual, amount | $ 97,230 | $ 96,369 | |
Common equity Tier 1, actual ratio | 11.54% | 11.57% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 48,459 | $ 42,681 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.75% | 5.125% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 54,780 | $ 54,132 | |
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 | $ 66,300 | $ 68,216 | |
Total risk-based capital, actual, ratio | 13.50% | 13.81% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 45,426 | $ 42,609 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 9.25% | 8.625% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 49,109 | $ 49,402 | |
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 | $ 64,052 | $ 66,746 | |
Tier 1 risk-based capital, actual, ratio | 13.04% | 13.51% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 35,604 | $ 32,729 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 7.25% | 6.625% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 39,287 | $ 39,522 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | |
Tier 1 leverage, actual, amount | $ 64,052 | $ 66,746 | |
Tier 1 leverage, actual, ratio | 10.99% | 11.75% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 23,317 | $ 22,726 |
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 | $ 29,146 | $ 28,408 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | |
Common equity Tier 1, actual, amount | $ 64,052 | $ 66,746 | |
Common equity Tier 1, actual ratio | 13.04% | 13.51% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 28,238 | $ 25,319 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.75% | 5.125% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 31,921 | $ 32,111 | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% | |
Rockford Bank and Trust [Member] | |||
Total risk-based capital, actual, amount | $ 42,916 | $ 42,007 | |
Total risk-based capital, actual, ratio | 12.31% | 12.26% | |
Total risk-based capital for capital adquacy purposes, amount | [1] | $ 32,256 | $ 29,551 |
Total risk-based capital for capital adquacy purposes, ratio | [1] | 9.25% | 8.625% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 34,871 | $ 34,262 | |
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 | $ 38,548 | $ 37,716 | |
Tier 1 risk-based capital, actual, ratio | 11.05% | 11.01% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | [1] | $ 25,282 | $ 22,699 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | [1] | 7.25% | 6.625% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 27,897 | $ 27,410 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% | |
Tier 1 leverage, actual, amount | $ 38,548 | $ 37,716 | |
Tier 1 leverage, actual, ratio | 9.82% | 9.57% | |
Tier 1 leverage for capital adequacy purposes, amount | [1] | $ 15,707 | $ 15,772 |
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 | $ 19,634 | $ 19,716 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% | |
Common equity Tier 1, actual, amount | $ 38,548 | $ 37,716 | |
Common equity Tier 1, actual ratio | 11.05% | 11.01% | |
Common equity Tier 1 for capital adequacy purposes, amount | [1] | $ 20,051 | $ 17,559 |
Common equity Tier 1 for capital adequacy purposes, ratio | [1] | 5.75% | 5.125% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 22,666 | $ 22,270 | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% | |
[1] | The minimums under Basel III increase by .625% (the capital conservation buffer) annually until 2019. The fully phased-in minimums are 10.5% (Total risk-based capital), 8.5% (Tier 1 risk-based capital), and 7.0% (Common equity Tier 1). |