Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | QCR HOLDINGS INC | |
Entity Central Index Key | 906,465 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 15,673,883 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks | $ 73,406,657 | $ 75,721,663 |
Federal funds sold | 33,070,000 | 30,197,000 |
Interest-bearing deposits at financial institutions | 96,590,367 | 55,765,012 |
Securities held to maturity, at amortized cost | 395,421,195 | 379,474,205 |
Securities available for sale, at fair value | 255,323,442 | 272,907,907 |
Total securities | 650,744,637 | 652,382,112 |
Loans receivable held for sale | 2,557,907 | 645,001 |
Loans/leases receivable held for investment | 3,650,828,460 | 2,963,840,399 |
Gross loans/leases receivable | 3,653,386,367 | 2,964,485,400 |
Less allowance for estimated losses on loans/leases | (43,077,457) | (34,355,728) |
Net loans/leases receivable | 3,610,308,910 | 2,930,129,672 |
Bank-owned life insurance | 67,443,063 | 59,059,494 |
Premises and equipment, net | 73,828,512 | 62,838,255 |
Restricted investment securities | 28,679,400 | 19,782,525 |
Other real estate owned, net | 12,203,780 | 13,558,308 |
Goodwill | 73,618,426 | 28,334,092 |
Core deposit intangible | 16,136,914 | 9,078,953 |
Other assets | 56,701,829 | 45,817,687 |
Total assets | 4,792,732,495 | 3,982,664,773 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing | 802,090,334 | 789,547,696 |
Interest-bearing | 2,986,186,588 | 2,477,107,360 |
Total deposits | 3,788,276,922 | 3,266,655,056 |
Short-term borrowings | 12,929,499 | 13,993,122 |
Federal Home Loan Bank advances | 359,128,925 | 192,000,000 |
Other borrowings | 73,950,426 | 66,000,000 |
Junior subordinated debentures | 37,626,070 | 37,486,487 |
Other liabilities | 63,433,264 | 53,242,979 |
Total liabilities | 4,335,345,106 | 3,629,377,644 |
Stockholders' Equity: | ||
Common stock, $1 par value; shares authorized 20,000,000 September 2018 - 15,673,760 shares issued and outstanding December 2017 - 13,918,168 shares issued and outstanding | 15,673,760 | 13,918,168 |
Additional paid-in capital | 269,373,303 | 189,077,550 |
Retained earnings | 179,826,524 | 151,962,661 |
Accumulated other comprehensive loss: | ||
Securities available for sale | (7,347,979) | (866,223) |
Derivatives | (138,219) | (805,027) |
Total stockholders' equity | 457,387,389 | 353,287,129 |
Total liabilities and stockholders' equity | $ 4,792,732,495 | $ 3,982,664,773 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 250,000 | 250,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 15,673,760 | 13,918,168 |
Common stock, outstanding (in shares) | 15,673,760 | 13,918,168 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest and dividend income: | ||||
Loans/leases, including fees | $ 44,033,687 | $ 29,245,320 | $ 113,655,270 | $ 84,571,466 |
Securities: | ||||
Taxable | 1,521,789 | 1,367,212 | 4,671,333 | 3,770,022 |
Nontaxable | 3,516,550 | 2,862,208 | 10,100,598 | 8,198,173 |
Interest-bearing deposits at financial institutions | 323,636 | 141,331 | 748,953 | 559,697 |
Restricted investment securities | 329,767 | 172,776 | 776,013 | 435,096 |
Federal funds sold | 105,042 | 52,018 | 222,814 | 104,778 |
Total interest and dividend income | 49,830,471 | 33,840,865 | 130,174,981 | 97,639,232 |
Interest expense: | ||||
Deposits | 8,722,555 | 3,556,189 | 20,132,044 | 8,779,548 |
Short-term borrowings | 78,053 | 33,248 | 173,469 | 76,365 |
Federal Home Loan Bank advances | 1,272,538 | 607,751 | 3,218,769 | 1,365,433 |
Other borrowings | 924,780 | 724,854 | 2,375,837 | 2,103,731 |
Junior subordinated debentures | 519,062 | 362,475 | 1,473,965 | 1,042,227 |
Total interest expense | 11,516,988 | 5,284,517 | 27,374,084 | 13,367,304 |
Net interest income | 38,313,483 | 28,556,348 | 102,800,897 | 84,271,928 |
Provision for loan/lease losses | 6,205,828 | 2,086,436 | 11,046,402 | 6,214,538 |
Net interest income after provision for loan/lease losses | 32,107,655 | 26,469,912 | 91,754,495 | 78,057,390 |
Noninterest income: | ||||
Revenue | 58,639,296 | 40,542,168 | 156,437,521 | 118,406,807 |
Gains on sales of residential real estate loans, net | 336,679 | 98,409 | 539,266 | 307,360 |
Gains on sales of government guaranteed portions of loans, net | 46,417 | 91,974 | 404,851 | 1,129,668 |
Swap fee income | 1,110,182 | 194,256 | 3,717,761 | 635,353 |
Securities losses, net | (63,588) | (25,124) | ||
Earnings on bank-owned life insurance | 474,426 | 428,002 | 1,291,686 | 1,357,049 |
Other | 889,161 | 746,073 | 2,822,331 | 2,228,133 |
Total noninterest income | 8,808,825 | 6,701,303 | 26,262,540 | 20,767,575 |
Noninterest expenses: | ||||
Salaries and employee benefits | 17,432,632 | 13,423,943 | 49,214,623 | 39,662,218 |
Occupancy and equipment expense | 3,318,470 | 2,516,274 | 9,516,939 | 7,716,829 |
Professional and data processing fees | 2,537,027 | 2,950,839 | 8,015,966 | 7,374,930 |
Acquisition costs | 1,292,043 | 407,997 | 1,798,184 | 407,997 |
Post-acquisition compensation, transition and integration costs | 493,063 | 522,740 | 658,377 | 522,740 |
FDIC insurance, other insurance and regulatory fees | 932,746 | 690,894 | 2,529,415 | 1,957,413 |
Loan/lease expense | 369,379 | 257,540 | 920,215 | 811,362 |
Net income from operations of other real estate | (50,362) | (160,640) | 11,190 | (118,453) |
Advertising and marketing | 983,762 | 669,923 | 2,430,085 | 1,846,942 |
Bank service charges | 461,656 | 460,153 | 1,368,318 | 1,331,499 |
Correspondent banking expense | 205,121 | 204,189 | 614,212 | 604,233 |
CDI amortization | 541,665 | 230,867 | 1,150,767 | 692,600 |
Other | 1,982,408 | 1,221,028 | 4,504,639 | 3,263,183 |
Total noninterest expenses | 30,499,610 | 23,395,747 | 82,732,930 | 66,073,493 |
Income before income taxes | 10,416,870 | 9,775,468 | 35,284,105 | 32,751,472 |
Federal and state income tax expense | 1,608,035 | 1,921,533 | 5,479,924 | 6,946,555 |
Net income | $ 8,808,835 | $ 7,853,935 | $ 29,804,181 | $ 25,804,917 |
Basic earnings per common share (in dollars per share) | $ 0.56 | $ 0.60 | $ 2.06 | $ 1.96 |
Diluted earnings per common share (in dollars per share) | $ 0.55 | $ 0.58 | $ 2.02 | $ 1.91 |
Weighted average common shares outstanding (in shares) | 15,625,123 | 13,151,350 | 14,477,783 | 13,151,672 |
Weighted average common and common equivalent shares outstanding (in shares) | 15,922,324 | 13,507,955 | 14,786,777 | 13,509,566 |
Cash dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.18 | $ 0.15 |
Fiduciary And Trust | ||||
Noninterest income: | ||||
Revenue | $ 2,195,828 | $ 1,721,401 | $ 6,490,896 | $ 5,153,609 |
Investment advisory and management services | ||||
Noninterest income: | ||||
Revenue | 1,059,413 | 968,452 | 3,069,423 | 2,798,886 |
Deposit Account | ||||
Noninterest income: | ||||
Revenue | 1,655,529 | 1,522,461 | 4,797,385 | 4,297,210 |
Debit Card | ||||
Noninterest income: | ||||
Revenue | 845,740 | 754,803 | 2,456,134 | 2,201,125 |
Correspondent Clearing | ||||
Noninterest income: | ||||
Revenue | $ 195,450 | $ 239,060 | $ 672,807 | $ 684,306 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 8,808,835 | $ 7,853,935 | $ 29,804,181 | $ 25,804,917 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) arising during the period before tax | (1,652,382) | 289,086 | (8,530,983) | 2,057,586 |
Less reclassification adjustment for gains (losses) included in net income before tax | (63,588) | (25,124) | ||
Unrealized gains (losses) on securities available for sale | (1,652,382) | 352,674 | (7,675,944) | 2,082,710 |
Unrealized holding gains (losses) arising during the period before tax | 576,559 | (8,446) | 404,100 | (186,000) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | (187,087) | (95,361) | (89,914) | (354,813) |
Unrealized gains (losses) on derivatives | 763,646 | 86,915 | 494,014 | 168,813 |
Other comprehensive income (loss), before tax | (888,736) | 439,589 | (7,181,930) | 2,251,523 |
Tax expense (benefit) | (276,849) | 165,012 | (2,033,882) | 864,468 |
Other comprehensive income (loss), net of tax | (611,887) | 274,577 | (5,148,048) | 1,387,055 |
Comprehensive income | $ 8,196,948 | $ 8,128,512 | 24,656,133 | $ 27,191,972 |
ASU 2016-01 | ||||
Other comprehensive income (loss): | ||||
Less reclassification adjustment for adoption of ASU 2016-01 | $ 855,039 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member]Springfield Bancshares | Common Stock [Member] | Additional Paid-in Capital [Member]Springfield Bancshares | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Springfield Bancshares | Total |
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 (loss), net of tax | 410,739 | 410,739 | ||||||
Common cash dividends declared | (656,574) | (656,574) | ||||||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 3,573 | 83,091 | 86,664 | |||||
Issuance of shares of common stock as a result of stock options exercised | 44,284 | 630,290 | 674,574 | |||||
Stock-based compensation expense | 388,753 | 388,753 | ||||||
Restricted stock awards - shares of common stock | 13,289 | (13,289) | ||||||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (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 | |||
Balance at Dec. 31, 2016 | 13,106,845 | 156,776,642 | 118,616,901 | (2,459,589) | 286,040,799 | |||
Net income | 25,804,917 | |||||||
Other comprehensive income (loss), net of tax | 1,387,055 | |||||||
Balance at Sep. 30, 2017 | 13,201,959 | 158,459,072 | 142,450,131 | (1,072,534) | 313,038,628 | |||
Balance at Mar. 31, 2017 | 13,161,219 | 157,581,969 | 127,145,292 | (2,048,850) | 295,839,630 | |||
Net income | 8,766,017 | 8,766,017 | ||||||
Other comprehensive income (loss), net of tax | 701,739 | 701,739 | ||||||
Common cash dividends declared | (657,003) | (657,003) | ||||||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 4,582 | 170,061 | 174,643 | |||||
Issuance of shares of common stock as a result of stock options exercised | 8,027 | 109,392 | 117,419 | |||||
Stock-based compensation expense | 168,314 | 168,314 | ||||||
Restricted stock awards - shares of common stock | 2,000 | (2,000) | ||||||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (594) | (26,730) | (27,324) | |||||
Balance at Jun. 30, 2017 | 13,175,234 | 158,001,006 | 135,254,306 | (1,347,111) | 305,083,435 | |||
Net income | 7,853,935 | 7,853,935 | ||||||
Other comprehensive income (loss), net of tax | 274,577 | 274,577 | ||||||
Common cash dividends declared | (658,110) | (658,110) | ||||||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 2,319 | 88,052 | 90,371 | |||||
Issuance of shares of common stock as a result of stock options exercised | 19,906 | 73,915 | 93,821 | |||||
Stock-based compensation expense | 300,599 | 300,599 | ||||||
Restricted stock awards - shares of common stock | 4,500 | (4,500) | ||||||
Balance at Sep. 30, 2017 | 13,201,959 | 158,459,072 | 142,450,131 | (1,072,534) | 313,038,628 | |||
Balance at Dec. 31, 2017 | 13,918,168 | 189,077,550 | 151,962,661 | (1,671,250) | 353,287,129 | |||
Net income | 10,549,961 | 10,549,961 | ||||||
Other comprehensive income (loss), net of tax | (3,201,540) | (3,201,540) | ||||||
Impact of adoption of ASU 2016-01 | ASU 2016-01 | 666,900 | (666,900) | ||||||
Common cash dividends declared | (833,730) | (833,730) | ||||||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 2,669 | 100,262 | 102,931 | |||||
Issuance of shares of common stock as a result of stock options exercised | 13,074 | 192,522 | 205,596 | |||||
Stock-based compensation expense | 495,493 | 495,493 | ||||||
Restricted stock awards - shares of common stock | 6,860 | (6,860) | ||||||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (3,814) | (174,109) | (177,923) | |||||
Balance at Mar. 31, 2018 | 13,936,957 | 189,684,858 | 162,345,792 | (5,539,690) | 360,427,917 | |||
Balance at Dec. 31, 2017 | 13,918,168 | 189,077,550 | 151,962,661 | (1,671,250) | 353,287,129 | |||
Net income | 29,804,181 | |||||||
Other comprehensive income (loss), net of tax | (5,148,048) | |||||||
Balance at Sep. 30, 2018 | 15,673,760 | 269,373,303 | 179,826,524 | (7,486,198) | 457,387,389 | |||
Balance at Mar. 31, 2018 | 13,936,957 | 189,684,858 | 162,345,792 | (5,539,690) | 360,427,917 | |||
Net income | 10,445,385 | 10,445,385 | ||||||
Other comprehensive income (loss), net of tax | (1,334,621) | (1,334,621) | ||||||
Common cash dividends declared | (835,881) | (835,881) | ||||||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 5,728 | 215,173 | 220,901 | |||||
Issuance of shares of common stock as a result of stock options exercised | 26,641 | 362,292 | 388,933 | |||||
Stock-based compensation expense | 291,912 | 291,912 | ||||||
Restricted stock awards - shares of common stock | 3,972 | (3,972) | ||||||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | 642 | (17,023) | (16,381) | |||||
Balance at Jun. 30, 2018 | 13,973,940 | 190,533,240 | 171,955,296 | (6,874,311) | 369,588,165 | |||
Net income | 8,808,835 | 8,808,835 | ||||||
Other comprehensive income (loss), net of tax | (611,887) | (611,887) | ||||||
Common cash dividends declared | (937,607) | (937,607) | ||||||
Issuance of shares of common stock, net of issuance costs | $ 1,699,414 | $ 78,831,543 | $ 80,530,957 | |||||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 3,205 | 120,396 | 123,601 | |||||
Issuance of shares of common stock as a result of stock options exercised | 1,754 | 32,300 | 34,054 | |||||
Stock-based compensation expense | 318,906 | 318,906 | ||||||
Restricted stock awards - shares of common stock | 5,300 | (5,300) | ||||||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (9,853) | (457,782) | (467,635) | |||||
Balance at Sep. 30, 2018 | $ 15,673,760 | $ 269,373,303 | $ 179,826,524 | $ (7,486,198) | $ 457,387,389 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Cash dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.05 | ||||
Issuance of shares of common stock as s result of stock options exercised (in shares) | 1,754 | |||||
Common Stock [Member] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.05 | |
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan (in shares) | 3,205 | 5,728 | 2,669 | 2,319 | 4,582 | 3,573 |
Issuance of shares of common stock as a result of the acquisition, net of issuance cost (in shares) | 1,699,414 | |||||
Issuance of shares of common stock as s result of stock options exercised (in shares) | 26,641 | 13,074 | 19,906 | 8,027 | 44,284 | |
Restricted stock awards (in shares) | 5,300 | 3,972 | 6,860 | 4,500 | 2,000 | 13,289 |
Exchange of shares of common stock in connection with stock options exercised and restricted stock vested (in shares) | 9,853 | 642 | 3,814 | 594 | 6,772 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 29,804,181 | $ 25,804,917 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 3,256,799 | 2,810,971 | ||
Provision for loan/lease losses | $ 6,205,828 | 11,046,402 | 6,214,538 | |
Stock-based compensation expense | 1,106,311 | 857,666 | ||
Deferred compensation expense accrued | 1,453,042 | 1,098,741 | ||
Losses (gains) on other real estate owned, net | 48,598 | (154,743) | ||
Amortization of premiums on securities, net | 1,201,320 | 1,330,946 | ||
Securities losses, net | 25,124 | |||
Loans originated for sale | (39,923,078) | (40,423,117) | ||
Proceeds on sales of loans | 38,954,289 | 42,705,325 | ||
Gains on sales of residential real estate loans | (336,679) | (539,266) | (307,360) | |
Gains on sales of government guaranteed portions of loans | (46,417) | (404,851) | (1,129,668) | |
Amortization of core deposit intangible | 541,665 | 1,150,767 | 692,600 | |
Accretion of acquisition fair value adjustments, net | (2,951,021) | (4,063,435) | ||
Increase in cash value of bank-owned life insurance | (1,291,686) | (1,357,049) | ||
Increase (decrease) in other assets | (8,292,864) | 1,666,921 | ||
Decrease (increase) in other liabilities | 2,252,939 | (8,610,333) | ||
Net cash provided by operating activities | 36,871,882 | 27,162,044 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net decrease (increase) in federal funds sold | (2,873,000) | 1,689,000 | ||
Net decrease in interest-bearing deposits at financial institutions | 22,099,041 | 22,727,542 | ||
Proceeds from sales of other real estate owned | 1,288,208 | 829,213 | ||
Activity in securities portfolio: | ||||
Purchases | (66,419,802) | (103,509,208) | ||
Calls, maturities and redemptions | 22,915,126 | 40,435,714 | ||
Paydowns | 36,279,229 | 30,123,674 | ||
Sales | 1,938,043 | 1,938,043 | 21,969,870 | |
Activity in restricted investment securities: | ||||
Purchases | (5,351,875) | (3,788,275) | ||
Redemptions | 109,200 | 199,900 | ||
Net increase in loans/leases originated and held for investment | (208,737,932) | (269,891,345) | ||
Purchase of premises and equipment | (7,112,494) | (4,045,217) | ||
Net cash paid for Bank acquisition | 3,747,209 | |||
Net cash used in investing activities | (209,613,465) | (271,062,552) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net increase in deposit accounts | 82,308,885 | 225,109,315 | ||
Net decrease in short-term borrowings | (2,207,101) | (23,960,582) | ||
Activity in Federal Home Loan Bank advances: | ||||
Term advances | 1,600,000 | |||
Calls and maturities | (27,000,000) | (6,000,000) | ||
Net change in short-term and overnight advances | 120,330,000 | 35,955,000 | ||
Activity in other borrowings: | ||||
Proceeds from other borrowings | 9,000,000 | 7,000,000 | ||
Calls, maturities and scheduled principal payments | (10,612,500) | (9,500,000) | ||
Payment of cash dividends on common stock | (2,362,486) | (1,836,150) | ||
Proceeds from issuance of common stock, net | 969,779 | 1,237,492 | ||
Net cash provided by financing activities | 170,426,577 | 229,605,075 | ||
Net increase in cash and due from banks | (2,315,006) | (14,295,433) | ||
Cash and due from banks, beginning | 75,721,663 | 70,569,993 | ||
Cash and due from banks, ending | 73,406,657 | 73,406,657 | 56,274,560 | |
Supplemental Disclosures of Cash Flow Information, cash payments for: | ||||
Interest | 23,102,221 | 13,140,273 | ||
Income/franchise taxes | (1,099,902) | 10,881,610 | ||
Supplemental schedule of noncash investing activities: | ||||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net | (5,148,048) | 1,387,055 | ||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (661,939) | (314,614) | ||
Transfers of loans to other real estate owned | 46,243 | 286,212 | ||
Due to broker for purchases of securities | 1,300,000 | |||
Dividends payable | 937,606 | 658,110 | ||
Decrease in the fair value of interest rate swap assets and liabilities | 2,440,649 | 264,721 | ||
Transfer of equity securities from securities available for sale to other assets at fair value | 2,614,261 | |||
Fair value of assets acquired: | ||||
Cash and due from banks | 4,586,326 | 4,586,326 | ||
Interest-bearing deposits at financial institutions | 62,924,396 | 62,924,396 | ||
Securities | 4,845,441 | 4,845,441 | ||
Loans receivable, net | 477,336,699 | 477,336,699 | ||
Bank-owned life insurance | 7,091,883 | 7,091,883 | ||
Premises and equipment, net | 6,091,978 | 6,091,978 | ||
Restricted investment securities | 3,654,200 | 3,654,200 | ||
Core deposit intangible | 8,208,728 | 8,208,728 | ||
Other assets | 989,056 | 989,056 | ||
Total assets acquired | 575,728,707 | 575,728,707 | ||
Fair value of liabilities assumed: | ||||
Deposits | 439,579,328 | 439,579,328 | ||
Short-term borrowings | 1,143,478 | 1,143,478 | ||
FHLB advances | 73,610,427 | 73,610,427 | ||
Other borrowings | 9,543,810 | 9,543,810 | ||
Other liabilities | 8,408,464 | 8,408,464 | ||
Total liabilities assumed | 532,285,507 | 532,285,507 | ||
Net assets acquired | $ 43,443,200 | 43,443,200 | ||
Consideration paid: | ||||
Cash paid | 8,333,535 | [1] | ||
Common stock | 80,637,194 | |||
Total consideration paid | 88,970,729 | |||
Goodwill | 45,527,529 | |||
Springfield Bancshares | ||||
Activity in restricted investment securities: | ||||
Net cash paid for Bank acquisition | $ (3,747,209) | |||
Guaranty Bank [Member] | ||||
Activity in restricted investment securities: | ||||
Net cash paid for Bank acquisition | $ (7,803,420) | |||
[1] | Net cash paid at closing totalted $3,747,209 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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, 2017, included in the Company's Annual Report on Form 10‑K filed with the SEC on March 12, 2018. Accordingly, footnote disclosures, which would substantially duplicate the disclosures contained in the audited consolidated financial statements, have been omitted. The financial information of the Company included herein has been prepared in accordance with GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10‑Q and Rule 10‑01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management's discussion and analysis are due to rounding. The results of the interim period ended September 30, 2018 are not necessarily indicative of the results expected for the year ending December 31, 2018, or for any other period. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10‑Q. It may be helpful to refer back to this page as you read this report. Allowance: Allowance for estimated losses on loans/leases Guaranty: Guaranty Bankshares, Ltd. AOCI: Accumulated other comprehensive income (loss) Guaranty Bank: Guaranty Bank and Trust Company AFS: Available for sale HTM: Held to maturity ASC: Accounting Standards Codification m2: m2 Lease Funds, LLC ASU: Accounting Standards Update NIM: Net interest margin Bates Companies: Bates Financial Advisors, Inc., Bates NPA: Nonperforming asset Financial Services, Inc., Bates Securities, Inc. and NPL: Nonperforming loan Bates Financial Group, Inc. OREO: Other real estate owned BOLI: Bank-owned life insurance OTTI: Other-than-temporary impairment Caps: Interest rate cap derivatives PCI: Purchased credit impaired CDI: Core deposit intangible Provision: Provision for loan/lease losses Community National: Community National Bancorporation QCBT: Quad City Bank & Trust Company CRBT: Cedar Rapids Bank & Trust Company RB&T: Rockford Bank & Trust Company CRE: Commercial real estate ROAA: Return on Average Assets CSB: Community State Bank SBA: U.S. Small Business Administration C&I: Commercial and industrial SEC: Securities and Exchange Commission Dodd-Frank Act: Dodd-Frank Wall Street Reform and SFC Bank: Springfield First Community Bank Consumer Protection Act Springfield Bancshares: Springfield Bancshares, Inc. EPS: Earnings per share TA: Tangible assets Exchange Act:Securities Exchange Act of 1934, as amended Tax Act: Tax Cuts and Jobs Act of 2017 FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank TEY: Tax equivalent yield FRB: Federal Reserve Bank of Chicago The Company: QCR Holdings, Inc. GAAP: Generally Accepted Accounting Principles USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include the accounts of five commercial banks: QCBT, CRBT, CSB, RB&T and SFC Bank. All are state-chartered commercial banks and all are members of the Federal Reserve system. The Company also engages in direct financing lease contracts through m2, a wholly-owned subsidiary of QCBT. All material intercompany transactions and balances have been eliminated in consolidation. The acquisition of Guaranty Bank, headquartered in Cedar Rapids, Iowa occurred on October 2, 2017 and Guaranty Bank was merged into CRBT on December 2, 2017. The financial results for the periods since acquisition are included in this report. See Note 2 of the Company's Annual Report on Form 10‑K for the year ended December 31, 2017 for additional information about the acquisition. The merger with Springfield Bancshares occurred on July 1, 2018; therefore, the financial results for the period since acquisition is included in this report. See Note 2 to the Consolidated Financial Statements for additional information about the merger. Recent accounting developments : In May 2014, FASB issued ASU 2014‑09, Revenue from Contracts with Customers . ASU 2014‑09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014‑09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014‑09 was originally effective for the Company on January 1, 2017; however, FASB issued ASU 2015‑14 which defers the effective date in order to provide additional time for both public and private entities to evaluate the impact. ASU 2014‑09 was adopted by the Company on January 1, 2018 and did not have a significant impact on the Company's consolidated financial statements. In January 2016, FASB issued ASU 2016‑01, Financial Instruments–Overall . ASU 2016‑01 makes targeted adjustments to GAAP by eliminating the AFS classification for equity securities and requiring equity investments to be measured at fair value with changes in fair value recognized in net income. The standard also requires public business entities to use the exit price notion when measuring fair value of financial instruments for disclosure purposes. The standard clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. It also requires an entity to present separately (within other comprehensive income) the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the standard eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Upon adoption of ASU 2016‑01 by the Company on January 1, 2018, the fair value of the Company's loan portfolio is now presented using an exit price method. Also, the Company is no longer required to disclose the methodologies used for estimating fair value of financial assets and liabilities that are not measured at fair value on a recurring or nonrecurring basis. The remaining requirements of this update had no significant impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016‑02, Leases . Under ASU 2016‑02, lessees will be required to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases (with the exception of short-term leases). Lessor accounting is largely unchanged under ASU 2016‑02. However, the definition of initial direct costs was updated to include only initial direct costs that are considered incremental. This change in definition will change the manner in which the Company recognizes the costs associated with originating leases. ASU 2016‑02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company has analyzed the impact of adoption and has concluded that it will not have a significant impact on the consolidated financial statements. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses . Under the standard, assets measured at amortized costs (including loans, leases and AFS securities) will be presented at the net amount expected to be collected. Rather than the “incurred” model that is currently being utilized, the standard will require the use of a forward-looking approach to recognizing all expected credit losses at the beginning of an asset's life. For public companies, ASU 2016‑13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Companies may choose to early adopt for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of analyzing the impact of adoption on the Company's consolidated financial statements. In February 2018, the FASB issued ASU 2018‑02, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under the standard, entities are allowed to make a one-time reclassification from AOCI to retained earnings for the effect of remeasuring deferred tax liabilities and assets originally recorded in other comprehensive income as a result of the change in the federal tax rate as defined by the Tax Act. ASU 2018‑02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Companies may choose to early adopt for fiscal years or interim periods that have not been issued or made available for issuance as of February 14, 2018. The Company chose to early adopt ASU 2018‑02 and apply the guidance to the consolidated financial statements for the year ended December 31, 2017. Reclassifications : Certain amounts in the prior year's consolidated financial statements have been reclassified, with no effect on net income or stockholders' equity, to conform with the current period presentation. |
Note 2 - Mergers and Acquisitio
Note 2 - Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
MERGERS AND ACQUISITIONS | NOTE 2 – MERGERS/ACQUISITIONS SPRINGFIELD BANCSHARES, INC. On July 1, 2018, the Company completed its previously announced merger with Springfield Bancshares, the holding company of SFC Bank, headquartered in Springfield, Missouri. The Company acquired 100% of Springfield Bancshares common stock in the merger. SFC Bank is a Missouri-chartered bank that operates one location in the Springfield, Missouri market. As a result of the transaction, SFC Bank became the Company’s fifth independent charter. The merger with Springfield Bancshares allowed the Company to enter the Springfield, Missouri market which is consistent with the Company’s strategic plan to selectively acquire other high-performing financial institutions in vibrant mid-sized metropolitan markets with a concentration of commercial clients. Financial metrics related to the transaction were favorable, as measured by EPS and ROAA accretion. Stockholders of Springfield Bancshares received 0.3060 shares of the Company’s common stock and $1.50 in cash in exchange for each common share of Springfield Bancshares held. On June 29, 2018, the last trading date before the closing, the Company’s common stock closed at $47.45, resulting in stock consideration valued at $80.6 million and total consideration paid by the Company of $89.0 million. To help fund the cash portion of the purchase price, on June 29, 2018, the Company borrowed $4.1 million on its existing $10.0 million revolving line of credit. The Company also borrowed $4.9 million on this same revolving line of credit to fund the repayment of certain debt assumed in the merger shortly after closing. This note is included within other borrowings on the September 30, 2018 Consolidated Balance Sheet. The remaining cash consideration paid to the shareholders of Springfield Bancshares came from operating cash. The Company accounted for the business combination under the acquisition method of accounting in accordance with ASC 805. The Company recognized the full fair value of the assets acquired and liabilities assumed at the acquisition date, net of applicable income tax effects. The Company considers all purchase accounting adjustments as provisional and fair values are subject to refinement for up to one year after the closing date. The excess of the consideration paid over the fair value of the net assets acquired is recorded as goodwill. This goodwill is not deductible for tax purposes. The fair values of the assets acquired and liabilities assumed including the consideration paid and resulting goodwill is as follows: As of July 1, 2018 ASSETS Cash and due from banks $ 4,586,326 Interest-bearing deposits at financial institutions 62,924,396 Securities 4,845,441 Loans/leases receivable, net 477,336,699 Bank-owned life insurance 7,091,883 Premises and equipment 6,091,978 Restricted investment securities 3,654,200 Core deposit intangible 8,208,728 Other assets 989,056 Total assets acquired $ 575,728,707 LIABILITIES Deposits $ 439,579,328 Short-term borrowings 1,143,478 FHLB advances 73,610,427 Other borrowings 9,543,810 Other liabilities 8,408,464 Total liabilities assumed $ 532,285,507 Net assets acquired $ 43,443,200 CONSIDERATION PAID: Cash $ 8,333,535 Common stock 80,637,194 Total consideration paid $ 88,970,729 Goodwill $ 45,527,529 Loans acquired in a business combination are recorded and initially measured at their estimated fair value as of the acquisition date. Credit discounts are included in the determination of fair value. A third party valuation consultant assisted with the determination of fair value. Purchased loans are segregated into two categories: PCI loans and non-PCI (performing) loans. PCI loans are accounted for in accordance with ASC 310-30, as they display significant credit deterioration since origination and it is probable, as of the acquisition date, that the Company will be unable to collect all contractually required payments from the borrower. Performing loans are accounted for in accordance with ASC 310-20, as these loans do not have evidence of significant credit deterioration since origination and it is probable that the contractually required payments will be received from the borrower. For PCI loans, the difference between the contractually required payments at acquisition and the cash flows expected to be collected is referred to as the non-accretable discount. Further, any excess cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the expected remaining life of the loan. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows after the purchase date is recognized by recording and allowance for loan and lease losses and provision for loan losses. For performing loans, the difference between the estimated fair value of the loans and the principal balance outstanding is accreted over the remaining life of the loans. The following table presents the purchased loans as of the acquisition date: PCI Performing Loans Loans Total Contractually required principal payments $ 7,552,912 $ 479,439,547 $ 486,992,459 Nonaccretable discount (1,562,455) — (1,562,455) Principal cash flows expected to be collected $ 5,990,457 $ 479,439,547 $ 485,430,004 Accretable discount (293,445) (7,799,860) (8,093,305) Fair Value of acquired loans $ 5,697,012 $ 471,639,687 $ 477,336,699 Changes in accretable yield for the loans acquired were as follows for the three months ended September 30, 2018: PCI Performing Loans Loans Total Discount added at acquisition $ (293,445) $ (7,799,860) $ (8,093,305) Reclassification of nonaccretable discount to accretable (891,569) — (891,569) Accretion recognized 262,852 951,592 1,214,444 Balance at the end of the period $ (922,162) $ (6,848,268) $ (7,770,430) During the current quarter, there was no nonaccretable discount that was accelerated due to the early repayment of PCI loans. However, $891,569 of nonaccretable discount was reclassified to accretable during the third quarter of 2018 due to significant improvement on one specific credit subsequent to the acquisition date. Of this amount, $262,852 was accreted to income in the third quarter of 2018, while the remainder will be accreted over the next 11 months, which is the remaining contractual life of the loan. Premises and equipment acquired with a fair value of $6,091,978 includes one branch location including a write-up of $617,286. The fair value was determined with the assistance of a third party appraiser. The assets and related fair value adjustments will be recognized as an increase in depreciation expense over 39 years. The Company recorded a core deposit intangible totaling $8,208,728 which is the portion of the acquisition purchase price which represents the value assigned to the existing deposit base. The core deposit intangible has a finite life and is amortized using an accelerated method over the estimated useful life of the deposits (estimated to be ten years). The following table presents the changes in the carrying amount of core deposit intangibles, gross carrying amount, accumulated amortization, and net book value: September 30, 2018 Balance at acquisition $ 8,208,728 Amortization expense (237,114) Balance at the end of the period $ 7,971,614 Gross carrying amount $ 8,208,728 Accumulated amortization (237,114) Net book value $ 7,971,614 The following presents the remaining estimated amortization of the core deposit intangible: Years ending December 31, Amount 2018 $ 237,114 2019 932,810 2020 915,051 2021 893,192 2022 867,227 Thereafter 4,126,220 $ 7,971,614 FHLB advances and other borrowings assumed with a fair value of $83,154,237 included $40,000,000 in overnight FHLB advances, $33,610,427 of FHLB term advances, $4,743,810 in subordinated debentures and a $4,800,000 bank stock loan. The $4.8 million bank stock loan was paid off immediately after the acquisition date on July 2, 2018, at its book value. The following table presents the assumed FHLB advances and other borrowings as of the acquisition date: Amount Rate Terms Maturity Date Collateral FHLB advance $ 40,000,000 2.10% daily interest payments; principal due at maturity 7/2/2018 commercial and residential real estate loans FHLB advance 4,991,962 2.01% monthly interest payments; principal due at maturity 7/30/2018 commercial and residential real estate loans FHLB advance 4,966,060 2.09% monthly interest payments; principal due at maturity 10/1/2018 commercial and residential real estate loans FHLB advance 4,848,879 2.09% monthly interest payments; principal due at maturity 9/30/2019 commercial and residential real estate loans FHLB advance 4,787,502 1.50% monthly interest payments; principal due at maturity 2/10/2020 commercial and residential real estate loans FHLB advance 4,756,169 1.93% monthly interest payments; principal due at maturity 5/27/2020 commercial and residential real estate loans FHLB advance 4,664,663 1.96% monthly interest payments; principal due at maturity 1/27/2021 commercial and residential real estate loans FHLB advance 4,595,192 2.00% monthly interest payments; principal due at maturity 7/29/2021 commercial and residential real estate loans Subordinated debenture 952,566 4.00% monthly interest payments; principal due at maturity 4/30/2021 unsecured Subordinated debenture 952,566 4.00% monthly interest payments; principal due at maturity 4/30/2021 unsecured Subordinated debenture 946,226 4.00% monthly interest payments; principal due at maturity 9/15/2021 unsecured Subordinated debenture 946,226 4.00% monthly interest payments; principal due at maturity 9/15/2021 unsecured Subordinated debenture 946,226 4.00% monthly interest payments; principal due at maturity 9/15/2021 unsecured Bank stock loan 4,800,000 5.25% monthly interest payments; principal due at maturity 3/13/2020 4,000,000 issued and outstanding shares of common stock of SFC Bank Fair value of FHLB and other borrowings assumed $ 83,154,237 During the first nine months of 2018, the Company incurred $1.4 million of expenses related to the acquisition, comprised primarily of legal, accounting, investment banking costs and personnel costs. SFC Bank results are included in the consolidated statements of income effective on the merger date. For the period July 1, 2018 to September 30, 2018, SFC Bank reported revenues of $7.4 million and net income of $2.2 million, which included $279 thousand of after tax post-acquisition, compensation, transition and integration costs. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
INVESTMENT SECURITIES | NOTE 3 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of September 30, 2018 and December 31, 2017 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value September 30, 2018: Securities HTM: Municipal securities $ 394,371,195 $ 3,887,422 $ (10,753,857) $ 387,504,760 Other securities 1,050,000 — (13,480) 1,036,520 $ 395,421,195 $ 3,887,422 $ (10,767,337) $ 388,541,280 Securities AFS: U.S. govt. sponsored agency securities $ 37,715,802 $ 9,963 $ (1,234,016) $ 36,491,749 Residential mortgage-backed and related securities 162,933,727 35,691 (7,236,822) 155,732,596 Municipal securities 60,101,620 150,615 (1,348,028) 58,904,207 Other securities 4,254,364 — (59,474) 4,194,890 $ 265,005,513 $ 196,269 $ (9,878,340) $ 255,323,442 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value December 31, 2017: Securities HTM: Municipal securities $ 378,424,205 $ 2,763,718 $ (2,488,119) $ 378,699,804 Other securities 1,050,000 — — 1,050,000 $ 379,474,205 $ 2,763,718 $ (2,488,119) $ 379,749,804 Securities AFS: U.S. govt. sponsored agency securities $ 38,409,157 $ 37,344 $ (349,967) $ 38,096,534 Residential mortgage-backed and related securities 165,459,470 155,363 (2,313,529) 163,301,304 Municipal securities 66,176,364 660,232 (211,100) 66,625,496 Other securities 4,014,004 896,384 (25,815) 4,884,573 $ 274,058,995 $ 1,749,323 $ (2,900,411) $ 272,907,907 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 unrealized loss position as of September 30, 2018 and December 31, 2017, are summarized as follows: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2018: Securities HTM: Municipal securities $ 170,633,644 $ (5,439,521) $ 64,984,249 $ (5,314,336) $ 235,617,893 $ (10,753,857) Other securities 536,520 (13,480) — — 536,520 (13,480) $ 171,170,164 $ (5,453,001) $ 64,984,249 $ (5,314,336) $ 236,154,413 $ (10,767,337) Securities AFS: U.S. govt. sponsored agency securities $ 18,437,573 $ (521,633) $ 15,829,173 $ (712,383) $ 34,266,746 $ (1,234,016) Residential mortgage-backed and related securities 44,903,593 (1,712,003) 105,007,537 (5,524,819) 149,911,130 (7,236,822) Municipal securities 79,442,346 (976,811) 10,952,533 (371,217) 90,394,879 (1,348,028) Other securities 4,194,890 (59,474) — 4,194,890 (59,474) $ 146,978,402 $ (3,269,921) $ 131,789,243 $ (6,608,419) $ 278,767,645 $ (9,878,340) Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2017: Securities HTM: Municipal securities $ 23,750,826 $ (354,460) $ 72,611,780 $ (2,133,659) $ 96,362,606 $ (2,488,119) Securities AFS: U.S. govt. sponsored agency securities $ 28,576,258 $ (200,022) $ 3,640,477 $ (149,945) $ 32,216,735 $ (349,967) Residential mortgage-backed and related securities 88,927,779 (871,855) 57,931,731 (1,441,674) 146,859,510 (2,313,529) Municipal securities 10,229,337 (41,151) 9,997,433 (169,949) 20,226,770 (211,100) Other securities 923,535 (25,815) — — 923,535 (25,815) $ 128,656,909 $ (1,138,843) $ 71,569,641 $ (1,761,568) $ 200,226,550 $ (2,900,411) At September 30, 2018, the investment portfolio included 613 securities. Of this number, 434 securities were in an unrealized loss position. The aggregate losses of these securities totaled approximately 3.2% of the total amortized cost of the portfolio. Of these 434 securities, 171 securities had an unrealized loss for twelve months or more. All of the debt securities in unrealized loss positions are considered acceptable credit risks. Based upon an evaluation of the available evidence, including the recent changes in market rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. In addition, the Company lacks the intent to sell these securities and it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. The Company did not recognize OTTI on any investment securities for the three or nine months ended September 30, 2018 and 2017. All sales of securities for the three and nine months ended September 30, 2018 and 2017 were from securities identified as AFS. Information on proceeds received, as well as pre-tax gross gains and losses from sales on those securities are as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Proceeds from sales of securities $ 1,938,043 $ 8,415,795 $ 1,938,043 $ 21,969,870 Gross gains from sales of securities — 6,312 — 65,880 Gross losses from sales of securities — (69,900) — (91,004) The amortized cost and fair value of securities as of September 30, 2018 by contractual maturity are shown below. Expected maturities of residential mortgage-backed and related securities may differ from contractual maturities because the residential mortgages underlying the residential mortgage-backed and related securities may be prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following table. Amortized Cost Fair Value Securities HTM: Due in one year or less $ 1,710,335 $ 1,711,153 Due after one year through five years 27,876,391 27,826,476 Due after five years 365,834,469 359,003,651 $ 395,421,195 $ 388,541,280 Securities AFS: Due in one year or less $ 3,153,996 $ 3,156,871 Due after one year through five years 25,663,131 25,220,152 Due after five years 73,254,659 71,213,823 102,071,786 99,590,846 Residential mortgage-backed and related securities 162,933,727 155,732,596 $ 265,005,513 $ 255,323,442 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 $ 229,992,901 $ 226,439,711 Securities AFS: U.S. govt. sponsored agency securities 4,998,969 4,847,750 Municipal securities 50,248,182 49,027,162 Corporate securities 4,006,462 3,948,640 $ 59,253,613 $ 57,823,552 As of September 30, 2018, the Company's municipal securities portfolios were comprised of general obligation bonds issued by 113 issuers with fair values totaling $86.2 million and revenue bonds issued by 163 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $360.2 million. The Company held investments in general obligation bonds in 27 states, including six states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 19 states, including seven states in which the aggregate fair value exceeded $5.0 million. As of December 31, 2017, the Company's municipal securities portfolios were comprised of general obligation bonds issued by 131 issuers with fair values totaling $108.0 million and revenue bonds issued by 145 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $337.3 million. The Company held investments in general obligation bonds in 26 states, including nine states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 16 states, including seven states in which the aggregate fair value exceeded $5.0 million. Both general obligation and revenue bonds are diversified across many issuers. As of September 30, 2018 and December 31, 2017, the Company did not hold general obligation or revenue bonds of any single issuer, the aggregate book or market value of which exceeded 5% of the Company's stockholders' equity. Of the general obligation and revenue bonds in the Company's portfolio, the majority are unrated bonds that represent small, private issuances. All unrated bonds were underwritten according to loan underwriting standards and have an average loan risk rating of 2, indicating very high quality. Additionally, many of these bonds are funding essential municipal services such as water, sewer, education, and medical facilities. The Company's municipal securities are owned by each of the five charters, whose investment policies set forth limits for various subcategories within the municipal securities portfolio. Each charter is monitored individually, and as of September 30, 2018, all were well within policy limitations approved by the board of directors. Policy limits are calculated as a percentage of each charter's total risk-based capital. As of September 30, 2018, the Company's standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credit ratings than those assigned by a nationally recognized statistical rating organization, or in the case of unrated bonds, the rating assigned using the credit underwriting standards. |
Note 4 - Loans Leases Receivabl
Note 4 - Loans Leases Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
LOANS/LEASES RECEIVABLE | NOTE 4 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of September 30, 2018 and December 31, 2017 is presented as follows: As of As of September 30, December 31, 2018 2017 C&I loans* $ 1,380,542,524 $ 1,134,516,315 CRE loans Owner-occupied CRE 449,056,125 332,742,477 Commercial construction, land development, and other land 224,295,259 186,402,404 Other non owner-occupied CRE 1,053,974,806 784,347,000 1,727,326,190 1,303,491,882 Direct financing leases ** 126,751,783 141,448,232 Residential real estate loans *** 309,287,535 258,646,265 Installment and other consumer loans 100,191,471 118,610,799 3,644,099,503 2,956,713,493 Plus deferred loan/lease origination costs, net of fees 9,286,864 7,771,907 3,653,386,367 2,964,485,400 Less allowance (43,077,457) (34,355,728) $ 3,610,308,910 $ 2,930,129,672 ** Direct financing leases: Net minimum lease payments to be received $ 140,055,010 $ 156,583,887 Estimated unguaranteed residual values of leased assets 929,932 929,932 Unearned lease/residual income (14,233,159) (16,065,587) 126,751,783 141,448,232 Plus deferred lease origination costs, net of fees 4,039,635 4,624,027 130,791,418 146,072,259 Less allowance (2,632,247) (2,382,098) $ 128,159,171 $ 143,690,161 * Includes equipment financing agreements outstanding at m2, totaling $98,823,351 and $66,758,397 as of September 30, 2018 and December 31, 2017, respectively. ** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three and nine months ended September 30, 2018 and 2017. *** Includes residential real estate loans held for sale totaling $2,557,907 and $645,001 as of September 30, 2018, and December 31, 2017, respectively. Changes in accretable yield for acquired loans were as follows: Three months ended September 30, 2018 Nine months ended September 30, 2018 PCI Performing PCI Performing Loans Loans Total Loans Loans Total Balance at the beginning of the period $ (142,048) $ (5,051,424) $ (5,193,472) $ (191,132) $ (6,280,075) $ (6,471,207) Discount added at acquisition (293,445) (7,799,860) (8,093,305) (293,445) (7,799,860) (8,093,305) Reclassification of nonaccretable discount to accretable (891,569) — (891,569) (891,569) — (891,569) Accretion recognized 268,694 1,579,568 1,848,262 317,778 2,808,219 3,125,997 Balance at the end of the period $ (1,058,368) $ (11,271,716) $ (12,330,084) $ (1,058,368) $ (11,271,716) $ (12,330,084) Three months ended September 30, 2017 Nine months ended September 30, 2017 PCI Performing PCI Performing Loans Loans Total Loans Loans Total Balance at the beginning of the period $ (83,860) $ (5,325,471) $ (5,409,331) $ (194,306) $ (9,115,614) $ (9,309,920) Accretion recognized 25,158 658,547 683,705 135,604 4,448,690 4,584,294 Balance at the end of the period $ (58,702) $ (4,666,924) $ (4,725,626) $ (58,702) $ (4,666,924) $ (4,725,626) The aging of the loan/lease portfolio by classes of loans/leases as of September 30, 2018 and December 31, 2017 is presented as follows: As of September 30, 2018 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total C&I $ 1,371,826,021 $ 143,866 $ 526,049 $ — $ 8,046,588 $ 1,380,542,524 CRE Owner-Occupied CRE 447,031,462 1,506,334 109,681 — 408,648 449,056,125 Commercial Construction, Land Development, and Other Land 217,512,489 3,994,986 — 1,131,975 1,655,809 224,295,259 Other Non Owner-Occupied CRE 1,043,267,553 413,292 — — 10,293,961 1,053,974,806 Direct Financing Leases 123,407,592 1,153,460 224,015 — 1,966,716 126,751,783 Residential Real Estate 306,900,388 — 1,142,787 270,413 973,947 309,287,535 Installment and Other Consumer 99,501,411 38,912 413,565 6,967 230,616 100,191,471 $ 3,609,446,916 $ 7,250,850 $ 2,416,097 $ 1,409,355 $ 23,576,285 $ 3,644,099,503 As a percentage of total loan/lease portfolio 99.05 % 0.20 % 0.07 % 0.04 % 0.65 % 100.00 % As of December 31, 2017 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total C&I $ 1,124,734,486 $ 8,306,829 $ 243,647 $ — $ 1,231,353 $ 1,134,516,315 CRE Owner-Occupied CRE 331,868,142 540,435 — — 333,900 332,742,477 Commercial Construction, Land Development, and Other Land 181,558,092 — — — 4,844,312 186,402,404 Other Non Owner-Occupied CRE 782,526,249 572,877 4,146 — 1,243,728 784,347,000 Direct Financing Leases 137,708,397 1,305,191 259,600 — 2,175,044 141,448,232 Residential Real Estate 253,261,821 3,552,709 393,410 74,519 1,363,806 258,646,265 Installment and Other Consumer 117,773,259 517,537 56,760 14,152 249,091 118,610,799 $ 2,929,430,446 $ 14,795,578 $ 957,563 $ 88,671 $ 11,441,234 $ 2,956,713,493 As a percentage of total loan/lease portfolio 99.08 % 0.50 % 0.03 % 0.00 % 0.39 % 100.00 % NPLs by classes of loans/leases as of September 30, 2018 and December 31, 2017 are presented as follows: As of September 30, 2018 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More Loans/Leases* Accruing TDRs Total NPLs Total NPLs C&I $ — $ 8,046,588 $ 677,859 $ 8,724,447 29.85 % CRE Owner-Occupied CRE — 408,648 106,470 515,118 1.76 % Commercial Construction, Land Development, and Other Land 1,131,975 1,655,809 — 2,787,784 9.54 % Other Non Owner-Occupied CRE — 10,293,961 2,975,703 13,269,664 45.41 % Direct Financing Leases — 1,966,716 163,681 2,130,397 7.29 % Residential Real Estate 270,413 973,947 305,792 1,550,152 5.30 % Installment and Other Consumer 6,967 230,616 10,410 247,993 0.85 % $ 1,409,355 $ 23,576,285 $ 4,239,915 $ 29,225,555 100.00 % * Nonaccrual loans/leases included $3,036,422 of TDRs, including $336,168 in C&I loans, $2,026,376 in CRE loans, $587,613 in direct financing leases, $82,151 in residential real estate loans, and $4,114 in installment loans. As of December 31, 2017 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More Loans/Leases ** Accruing TDRs Total NPLs Total NPLs C&I $ — $ 1,231,353 $ 5,224,182 $ 6,455,535 34.63 % CRE Owner-Occupied CRE — 333,900 107,322 441,222 2.37 % Commercial Construction, Land Development, and Other Land — 4,844,312 — 4,844,312 25.99 % Other Non Owner-Occupied CRE — 1,243,728 — 1,243,728 6.67 % Direct Financing Leases — 2,175,044 1,494,448 3,669,492 19.68 % Residential Real Estate 74,519 1,363,806 272,493 1,710,818 9.18 % Installment and Other Consumer 14,152 249,091 14,027 277,270 1.49 % $ 88,671 $ 11,441,234 $ 7,112,472 $ 18,642,377 100.00 % ** Nonaccrual loans/leases included $2,282,495 of TDRs, including $122,598 in C&I loans, $1,336,871 in CRE loans, $700,255 in direct financing leases, $115,190 in residential real estate loans, and $7,581 in installment loans. Changes in the allowance by portfolio segment for the three and nine months ended September 30, 2018 and 2017, respectively, are presented as follows: Three Months Ended September 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 15,233,871 $ 15,819,040 $ 2,724,355 $ 2,433,102 $ 1,334,708 $ 37,545,076 Provisions (credits) charged to expense 3,698,588 2,254,313 124,803 131,977 (3,853) 6,205,828 Loans/leases charged off (87,040) (387,499) (427,638) (58,241) (30,230) (990,648) Recoveries on loans/leases previously charged off 71,440 30,344 210,727 — 4,690 317,201 Balance, ending $ 18,916,859 $ 17,716,198 $ 2,632,247 $ 2,506,838 $ 1,305,315 $ 43,077,457 Three Months Ended September 30, 2017 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 14,207,733 $ 12,999,233 $ 2,638,301 $ 2,430,454 $ 1,080,911 $ 33,356,632 Provisions (credits) charged to expense 469,977 1,349,393 179,190 (11,654) 99,530 2,086,436 Loans/leases charged off (338,361) — (268,669) (25,822) (16,872) (649,724) Recoveries on loans/leases previously charged off 63,366 10,748 103,936 6,000 4,947 188,997 Balance, ending $ 14,402,715 $ 14,359,374 $ 2,652,758 $ 2,398,978 $ 1,168,516 $ 34,982,341 Nine Months Ended September 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 14,323,036 $ 13,962,688 $ 2,382,098 $ 2,466,431 $ 1,221,475 $ 34,355,728 Provisions charged to expense 5,283,763 4,091,170 1,417,494 149,923 104,052 11,046,402 Loans/leases charged off (911,429) (387,499) (1,505,824) (110,566) (36,063) (2,951,381) Recoveries on loans/leases previously charged off 221,489 49,839 338,479 1,050 15,851 626,708 Balance, ending $ 18,916,859 $ 17,716,198 $ 2,632,247 $ 2,506,838 $ 1,305,315 $ 43,077,457 Nine Months Ended September 30, 2017 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Provisions charged to expense 2,345,121 2,655,521 981,877 148,017 84,002 6,214,538 Loans/leases charged off (630,704) (10,375) (1,611,432) (101,006) (40,436) (2,393,953) Recoveries on loans/leases previously charged off 143,188 43,619 170,415 9,623 37,463 404,308 Balance, ending $ 14,402,715 $ 14,359,374 $ 2,652,758 $ 2,398,978 $ 1,168,516 $ 34,982,341 The allowance by impairment evaluation and by portfolio segment as of September 30, 2018 and December 31, 2017 is presented as follows: As of September 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Allowance for impaired loans/leases $ 4,787,321 $ 3,555,829 $ 363,439 $ 226,263 $ 102,649 $ 9,035,501 Allowance for nonimpaired loans/leases 14,129,538 14,160,369 2,268,808 2,280,575 1,202,666 34,041,956 $ 18,916,859 $ 17,716,198 $ 2,632,247 $ 2,506,838 $ 1,305,315 $ 43,077,457 Impaired loans/leases $ 11,064,848 $ 15,944,006 $ 2,147,125 $ 1,148,009 $ 241,614 $ 30,545,602 Nonimpaired loans/leases 1,369,477,676 1,711,382,184 124,604,658 308,139,526 99,949,857 3,613,553,901 $ 1,380,542,524 $ 1,727,326,190 $ 126,751,783 $ 309,287,535 $ 100,191,471 $ 3,644,099,503 Allowance as a percentage of impaired loans/leases 43.27 % 22.30 % 16.93 % 19.71 % 42.48 % 29.58 % Allowance as a percentage of nonimpaired loans/leases 1.03 % 0.83 % 1.82 % 0.74 % 1.20 % 0.94 % Total allowance as a percentage of total loans/leases 1.37 % 1.03 % 2.08 % 0.81 % 1.30 % 1.18 % As of December 31, 2017 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Allowance for impaired loans/leases $ 715,627 $ 1,429,460 $ 504,469 $ 355,167 $ 38,596 $ 3,043,319 Allowance for nonimpaired loans/leases 13,607,409 12,533,228 1,877,629 2,111,264 1,182,879 31,312,409 $ 14,323,036 $ 13,962,688 $ 2,382,098 $ 2,466,431 $ 1,221,475 $ 34,355,728 Impaired loans/leases $ 6,248,209 $ 6,529,262 $ 3,669,492 $ 1,704,846 $ 202,354 $ 18,354,163 Nonimpaired loans/leases 1,128,268,106 1,296,962,620 137,778,740 256,941,419 118,408,445 2,938,359,330 $ 1,134,516,315 $ 1,303,491,882 $ 141,448,232 $ 258,646,265 $ 118,610,799 $ 2,956,713,493 Allowance as a percentage of impaired loans/leases 11.45 % 21.89 % 13.75 % 20.83 % 19.07 % 16.58 % Allowance as a percentage of nonimpaired loans/leases 1.21 % 0.97 % 1.36 % 0.82 % 1.00 % 1.07 % Total allowance as a percentage of total loans/leases 1.26 % 1.07 % 1.68 % 0.95 % 1.03 % 1.16 % Information for impaired loans/leases is presented in the tables below. The recorded investment represents customer balances net of any partial charge-offs recognized on the loan/lease. The unpaid principal balance represents the recorded balance outstanding on the loan/lease prior to any partial charge-offs. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the nine months ended September 30, 2018 are presented as follows: Interest Income Average Recognized for Recorded Unpaid Principal Related Recorded Interest Income Cash Payments Classes of Loans/Leases Investment Balance Allowance Investment Recognized Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 4,549,509 $ 4,563,785 $ — $ 2,139,521 $ 145,605 $ 145,605 CRE Owner-Occupied CRE 288,409 288,409 — 288,936 — — Commercial Construction, Land Development, and Other Land — — — — — — Other Non Owner-Occupied CRE 2,018,910 2,018,910 — 504,880 26,649 26,649 Direct Financing Leases 1,569,905 1,569,905 — 2,295,387 10,852 10,852 Residential Real Estate 663,167 737,946 — 649,064 207 207 Installment and Other Consumer 130,814 130,814 — 104,290 — — $ 9,220,714 $ 9,309,769 $ — $ 5,982,078 $ 183,313 $ 183,313 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 6,515,339 $ 6,515,339 $ 4,787,321 $ 1,845,156 $ 5,878 $ 5,878 CRE Owner-Occupied CRE 138,201 138,201 34,701 145,082 — — Commercial Construction, Land Development, and Other Land 5,801,618 5,801,618 2,145,425 5,116,524 — — Other Non Owner-Occupied CRE 7,696,868 7,696,868 1,375,703 1,924,217 8,506 8,506 Direct Financing Leases 577,220 577,220 363,439 532,999 — — Residential Real Estate 484,842 507,918 226,263 447,006 8,877 8,877 Installment and Other Consumer 110,800 110,800 102,649 127,434 229 229 $ 21,324,888 $ 21,347,964 $ 9,035,501 $ 10,138,418 $ 23,490 $ 23,490 Total Impaired Loans/Leases: C&I $ 11,064,848 $ 11,079,124 $ 4,787,321 $ 3,984,677 $ 151,483 $ 151,483 CRE Owner-Occupied CRE 426,610 426,610 34,701 434,018 — — Commercial Construction, Land Development, and Other Land 5,801,618 5,801,618 2,145,425 5,116,524 — — Other Non Owner-Occupied CRE 9,715,778 9,715,778 1,375,703 2,429,097 35,155 35,155 Direct Financing Leases 2,147,125 2,147,125 363,439 2,828,386 10,852 10,852 Residential Real Estate 1,148,009 1,245,864 226,263 1,096,070 9,084 9,084 Installment and Other Consumer 241,614 241,614 102,649 231,724 229 229 $ 30,545,602 $ 30,657,733 $ 9,035,501 $ 16,120,496 $ 206,803 $ 206,803 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management's current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended September 30, 2018 and 2017, respectively, are presented as follows: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Interest Income Interest Income Average Recognized for Average Recognized for Recorded Interest Income Cash Payments Recorded Interest Income Cash Payments Classes of Loans/Leases Investment Recognized Received Investment Recognized Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 2,794,748 $ 16,792 $ 16,792 $ 1,301,977 $ 25,816 $ 25,816 CRE Owner-Occupied CRE 288,611 — — 53,661 6,783 6,783 Commercial Construction, Land Development, and Other Land — — — — — — Other Non Owner-Occupied CRE 1,009,590 9,189 9,189 1,173,629 — — Direct Financing Leases 1,780,494 2,483 2,483 2,820,518 39,759 39,759 Residential Real Estate 665,567 207 207 690,791 — — Installment and Other Consumer 115,314 — — 139,533 — — $ 6,654,324 $ 28,671 $ 28,671 $ 6,180,109 $ 72,358 $ 72,358 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 3,401,073 $ 1,916 $ 1,916 $ 5,157,671 $ 53,127 $ 53,127 CRE Owner-Occupied CRE 140,495 — — 155,020 — — Commercial Construction, Land Development, and Other Land 5,483,757 — — 4,345,880 — — Other Non Owner-Occupied CRE 3,848,434 8,506 8,506 4,929,960 — — Direct Financing Leases 557,572 — — 893,042 — — Residential Real Estate 461,398 2,984 2,984 550,476 5,601 5,601 Installment and Other Consumer 113,122 69 69 48,164 99 99 $ 14,005,851 $ 13,475 $ 13,475 $ 16,080,213 $ 58,827 $ 58,827 Total Impaired Loans/Leases: C&I $ 6,195,821 $ 18,708 $ 18,708 $ 6,459,648 $ 78,943 $ 78,943 CRE Owner-Occupied CRE 429,106 — — 208,681 6,783 6,783 Commercial Construction, Land Development, and Other Land 5,483,757 — — 4,345,880 — — Other Non Owner-Occupied CRE 4,858,024 17,695 17,695 6,103,589 — — Direct Financing Leases 2,338,066 2,483 2,483 3,713,560 39,759 39,759 Residential Real Estate 1,126,965 3,191 3,191 1,241,267 5,601 5,601 Installment and Other Consumer 228,436 69 69 187,697 99 99 $ 20,660,175 $ 42,146 $ 42,146 $ 22,260,322 $ 131,185 $ 131,185 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, 2017 are presented as follows: Unpaid Recorded Principal Related Classes of Loans/Leases Investment Balance Allowance Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,634,269 $ 1,644,706 $ — CRE Owner-Occupied CRE 289,261 289,261 — Commercial Construction, Land Development, and Other Land — — — Other Non Owner-Occupied CRE 1,171,565 1,171,565 — Direct Financing Leases 2,944,540 2,944,540 — Residential Real Estate 943,388 1,018,167 — Installment and Other Consumer 134,245 134,245 — $ 7,117,268 $ 7,202,484 $ — Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,613,940 $ 4,617,879 $ 715,627 CRE Owner-Occupied CRE 151,962 151,962 48,462 Commercial Construction, Land Development, and Other Land 4,844,312 4,844,312 1,379,235 Other Non Owner-Occupied CRE 72,163 72,163 1,763 Direct Financing Leases 724,953 724,953 504,469 Residential Real Estate 761,458 761,458 355,167 Installment and Other Consumer 68,109 68,109 38,596 $ 11,236,897 $ 11,240,836 $ 3,043,319 Total Impaired Loans/Leases: C&I $ 6,248,209 $ 6,262,585 $ 715,627 CRE Owner-Occupied CRE 441,222 441,222 48,462 Commercial Construction, Land Development, and Other Land 4,844,312 4,844,312 1,379,235 Other Non Owner-Occupied CRE 1,243,728 1,243,728 1,763 Direct Financing Leases 3,669,492 3,669,492 504,469 Residential Real Estate 1,704,846 1,779,625 355,167 Installment and Other Consumer 202,354 202,354 38,596 $ 18,354,163 $ 18,443,318 $ 3,043,319 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management's current estimates. For C&I and CRE loans, the Company's credit quality indicator consists of internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 15 months, at a minimum, and on an as-needed basis depending on the specific circumstances of the loan. For certain C&I loans (equipment financing agreements), direct financing leases, residential real estate loans, and installment and other consumer loans, the Company's credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company's loan system. For each class of financing receivable, the following presents the recorded investment by credit quality indicator as of September 30, 2018 and December 31, 2017: As of September 30, 2018 CRE Non Owner-Occupied Commercial Construction, Land Owner-Occupied Development, As a % of Internally Assigned Risk Rating C&I CRE and Other Land Other CRE Total Total Pass (Ratings 1 through 5) $ 1,236,971,045 $ 438,799,404 $ 216,655,705 $ 1,021,710,298 $ 2,914,136,452 96.85 % Special Mention (Rating 6) 28,051,461 6,972,157 3,850,042 10,356,053 49,229,713 1.64 % Substandard (Rating 7) 16,693,746 3,284,564 3,789,512 21,908,455 45,676,277 1.51 % Doubtful (Rating 8) 2,921 — — — 2,921 — % $ 1,281,719,173 $ 449,056,125 $ 224,295,259 $ 1,053,974,806 $ 3,009,045,363 100.00 % As of September 30, 2018 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total Performing $ 98,150,050 $ 124,621,386 $ 307,737,383 $ 99,943,478 $ 630,452,297 99.28 % Nonperforming 673,301 2,130,397 1,550,152 247,993 4,601,843 0.72 % $ 98,823,351 $ 126,751,783 $ 309,287,535 $ 100,191,471 $ 635,054,140 100.00 % As of December 31, 2017 CRE Non Owner-Occupied Commercial Construction, Land Owner-Occupied Development, As a % of Internally Assigned Risk Rating C&I CRE and Other Land Other CRE Total Total Pass (Ratings 1 through 5) $ 1,031,963,703 $ 318,293,608 $ 179,142,839 $ 767,119,909 $ 2,296,520,059 96.85 % Special Mention (Rating 6) 10,944,924 8,230,060 1,780,000 10,068,870 31,023,854 1.31 % Substandard (Rating 7) 24,578,731 6,218,809 5,479,565 7,158,221 43,435,326 1.83 % Doubtful (Rating 8) 270,559 — — — 270,559 0.01 % $ 1,067,757,917 $ 332,742,477 $ 186,402,404 $ 784,347,000 $ 2,371,249,799 100.00 % As of December 31, 2017 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total Performing $ 65,847,177 $ 137,778,740 $ 256,935,447 $ 118,333,529 $ 578,894,893 98.88 % Nonperforming 911,220 3,669,492 1,710,818 277,270 6,568,800 1.12 % $ 66,758,397 $ 141,448,232 $ 258,646,265 $ 118,610,799 $ 585,463,693 100.00 % * Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. As of September 30, 2018 and December 31, 2017, TDRs totaled $7,276,337 and $9,394,967, respectively. For each class of financing receivable, the following presents the number and recorded investment of TDRs, by type of concession, that were restructured during the three and nine months ended September 30, 2018 and 2017. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring. No loans were restructured during the three months ended September 30, 2018. For the three months ended September 30, 2018 For the three months ended September 30, 2017 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Specific Number of Recorded Recorded Specific Classes of Loans/Leases Loans / Leases Investment Investment Allowance Loans / Leases Investment Investment Allowance CONCESSION - Significant Payment Delay C&I 1 $ 273,717 $ 273,717 $ 273,717 4 $ 620,452 $ 620,452 $ — Other Non Owner-Occupied CRE 2 980,899 980,899 60,000 — — — — Direct Financing Leases 2 44,374 44,374 — 4 416,597 416,597 — 5 $ 1,298,990 $ 1,298,990 $ 333,717 8 $ 1,037,049 $ 1,037,049 $ — CONCESSION - Extension of Maturity Other Non Owner-Occupied CRE 2 $ 2,975,703 $ 2,975,703 $ 815,703 — $ — $ — $ — Residential Real Estate 1 35,287 35,287 — — — — — 3 $ 3,010,990 $ 3,010,990 $ 815,703 — $ — $ — $ — TOTAL 8 $ 4,309,980 $ 4,309,980 $ 1,149,420 8 $ 1,037,049 $ 1,037,049 $ — For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Specific Number of Recorded Recorded Specific Classes of Loans/Leases Loans/Leases Investment Investment Allowance Loans/Leases Investment Investment Allowance CONCESSION - Significant Payment Delay C&I 1 $ 273,717 $ 273,717 $ 273,717 7 $ 801,650 $ 801,650 $ — Other Non Owner-Occupied CRE 2 980,899 980,899 60,000 — — — — Real Estate 1 46,320 46,320 — — — — — Direct Financing Leases 4 91,898 91,898 — 27 1,889,000 1,889,000 — 8 $ 1,392,834 $ 1,392,834 $ 333,717 34 $ 2,690,650 $ 2,690,650 $ — CONCESSION - Extension of Maturity Other Non Owner-Occupied CRE 2 $ 2,975,703 $ 2,975,703 $ 815,703 — $ — $ — $ — Residential Real Estate 1 35,287 35,287 — — — — — Direct Financing Leases — — — — 2 104,382 104,382 — 3 $ 3,010,990 $ 3,010,990 $ 815,703 2 $ 104,382 $ 104,382 $ — TOTAL 11 $ 4,403,824 $ 4,403,824 $ 1,149,420 36 $ 2,795,032 $ 2,795,032 $ — Of the loans restructured during the nine months ended September 30, 2018, four with a post-modification recorded balance of $1,300,424 were on nonaccrual. Of the loans restructured during the nine moths ended September 30, 2017, three with a post-modification recorded balance of $1,384,680 were on nonaccrual. For the three and nine months ended September 30, 2018, two of the Company's TDRs redefaulted within 12 months subsequent to restructure where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. These TDRs related to customers whose loans were restructured in the third quarter of 2018 with pre-modification balances totaling $774 thousand. For the three and nine months ended September 30, 2017, four of the Company's TDRs redefaulted within 12 months subsequent to restructure where default is defined as delinquency of 90 days or more and/or placement on nonaccrual status. Two of these TDRs were related to the one customer whose loans were restructured in the second quarter of 2017 with pre-modification balances totaling $112 thousand and the other two TDRs related to another customer whose loans were restructured in the fourth quarter of 2016 with pre-modification balances totaling $195 thousand. Not included in the table above, the Company had 8 TDRs that were restructured and charged off in 2018, totaling $577,377. The Company had 2 TDRs that were restructured and charged off in 2017, totaling $65,623. |
Note 5 - Derivatives
Note 5 - Derivatives | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Derivatives | NOTE 5 – DERIVATIVES The Company uses interest rate swap and cap instruments to manage interest rate risk related to the variability of interest payments due to changes in interest rates. The Company entered into interest rate caps on June 5, 2014 to hedge against the risk of rising interest rates on short-term liabilities. The short-term liabilities consist of $30.0 million of 1-month FHLB advances, and the benchmark rate hedged is 1-month LIBOR. The interest rate caps are designated as a cash flow hedge in accordance with ASC 815. An initial premium of $2.1 million was paid upfront for the two caps. The details of the interest rate caps are as follows: Balance Sheet 1-Month LIBOR Fair Value as of Hedged Instrument Effective Date Maturity Date Location Notional Amount Strike Rate September 30, 2018 December 31, 2017 1-month FHLB Advance 6/3/2014 6/5/2019 Other Assets $ % $ 164,214 $ 190,085 1-month FHLB Advance 6/5/2014 6/5/2021 Other Assets % 539,253 316,615 $ $ 703,467 $ 506,700 On June 21, 2018, the Company entered into interest rate swaps to hedge against the risk of rising rates on its variable rate trust preferred securities. The floating rate trust preferred securities are tied to 3-month LIBOR, and the interest rate swaps utilize 3-month LIBOR, so the hedge is effective. The interest rate swaps are designated as a cash flow hedge in accordance with ASC 815. The details of the interest rate swaps are as follows: Balance Sheet Fair Value as of Hedged Instrument Effective Date Maturity Date Location Notional Amount Receive Rate Pay Rate September 30, 2018 QCR Holdings Statutory Trust II 9/30/2018 9/30/2028 Other Liabilities $ % % $ QCR Holdings Statutory Trust III 9/30/2018 9/30/2028 Other Liabilities % % QCR Holdings Statutory Trust V 7/7/2018 7/7/2028 Other Liabilities % % Community National Statutory Trust II 9/20/2018 9/20/2028 Other Liabilities % % Community National Statutory Trust III 9/15//2018 9/15/2028 Other Liabilities % % Guaranty Bankshares Statutory Trust I 9/15/2018 9/15/2028 Other Liabilities % % $ % % $ Changes in fair values of derivatives designated as cash flow hedges are recorded in OCI to the extent the hedge is effective, and reclassified to earnings as the hedged transaction (interest payments on debt) impact earnings. The caps and swaps are valued by the transaction counterparty on a monthly basis and corroborated by a third party annually. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share | |
EARNINGS PER SHARE | NOTE 6 - EARNINGS PER SHARE The following information was used in the computation of EPS on a basic and diluted basis: Three months ended Nine months ended September 30, September 30, 2018 2017 2018 2017 Net income $ 8,808,835 $ 7,853,935 $ 29,804,181 $ 25,804,917 Basic EPS $ 0.56 $ 0.60 $ 2.06 $ 1.96 Diluted EPS $ 0.55 $ 0.58 $ 2.02 $ 1.91 Weighted average common shares outstanding 15,625,123 13,151,350 14,477,783 13,151,672 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 297,201 356,605 308,994 357,894 Weighted average common and common equivalent shares outstanding 15,922,324 13,507,955 14,786,777 13,509,566 The increase in weighted average common shares outstanding when comparing the three and nine months ended September 30, 2018 to September 30, 2017 was primarily due to the common stock issuance as a result of the merger with Springfield Banshares as discussed in Note 2 of the Consolidated Financial Statements, and in connection with the acquisition of Guaranty Bank. |
Note 7 - Fair Value
Note 7 - Fair Value | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value. | |
FAIR VALUE | NOTE 7 – FAIR VALUE Accounting guidance on fair value measurement uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three levels and is based upon the valuation techniques used to measure assets and liabilities. The three levels are as follows: · Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets; · Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and · Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Assets and liabilities measured at fair value on a recurring basis comprise the following at September 30, 2018 and December 31, 2017: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2018: Securities AFS: U.S. govt. sponsored agency securities $ 36,491,749 $ — $ 36,491,749 $ — Residential mortgage-backed and related securities 155,732,596 — 155,732,596 — Municipal securities 58,904,207 — 58,904,207 — Other securities 4,194,890 — 4,194,890 — Interest rate caps 703,467 — 703,467 — Interest rate swaps - assets 7,045,220 — 7,045,220 — Total assets measured at fair value $ 263,072,129 $ — $ 263,072,129 $ — Interest rate swaps - liabilities $ 6,837,887 $ — $ 6,837,887 $ — Total liabilities measured at fair value $ 6,837,887 $ — $ 6,837,887 $ — December 31, 2017: Securities AFS: U.S. govt. sponsored agency securities $ 38,096,534 $ — $ 38,096,534 $ — Residential mortgage-backed and related securities 163,301,304 — 163,301,304 — Municipal securities 66,625,496 — 66,625,496 — Other securities 4,884,573 1,028 4,883,545 — Interest rate caps 506,700 — 506,700 — Interest rate swaps - assets 4,397,238 — 4,397,238 — Total assets measured at fair value $ 277,811,845 $ 1,028 $ 277,810,817 $ — Interest rate swaps - liabilities $ 4,397,238 $ — $ 4,397,238 $ — Total liabilities measured at fair value $ 4,397,238 $ — $ 4,397,238 $ — There were no transfers of assets or liabilities between Levels 1, 2, and 3 of the fair value hierarchy for the three and nine months ended September 30, 2018 or 2017. The securities AFS portfolio consists of securities whereby the Company obtains fair values from an independent pricing service. The fair values are determined by pricing models that consider observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2 inputs). Interest rate caps are used for the purpose of hedging interest rate risk. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 inputs). Interest rate swaps are executed for select commercial customers. The interest rate swaps are further described in Note 1 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10‑K for the year ended December 31, 2017. The fair values are determined by comparing the contract rate on the swap with the then-current market rate for the remaining term of the transaction (Level 2 inputs). Interest rate swaps are also used for the purpose of hedging interest rate risk on junior subordinated debt. The fair values are determined by comparing the contract rate on the swap with the then-current market rate for the remaining term of the transaction (Level 2 inputs). Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets measured at fair value on a non-recurring basis comprise the following at September 30, 2018 and December 31, 2017: Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value Level 1 Level 2 Level 3 September 30, 2018: Impaired loans/leases $ 13,400,072 $ — $ — $ 13,400,072 OREO 13,180,082 — — 13,180,082 $ 26,580,154 $ — $ — $ 26,580,154 December 31, 2017: Impaired loans/leases $ 8,972,337 $ — $ — $ 8,972,337 OREO 14,642,973 — — 14,642,973 $ 23,615,310 $ — $ — $ 23,615,310 Impaired loans/leases are evaluated and valued at the time the loan/lease is identified as impaired, at the lower of cost or fair value, and are classified as Level 3 in the fair value hierarchy. Fair value is measured based on the value of the collateral securing these loans/leases. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable, and is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management's historical knowledge, changes in market conditions from the time of valuation, and/or management's expertise and knowledge of the client and client's business. OREO in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as Level 3 in the fair value hierarchy. The estimated fair value of the property is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management's historical knowledge, changes in market conditions from the time of valuation, and/or management's expertise and knowledge of the property. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level Fair Value Measurements Fair Value Fair Value September 30, December 31, 2018 2017 Valuation Technique Unobservable Input Range Impaired loans/leases $ 13,400,072 $ 8,972,337 Appraisal of collateral Appraisal adjustments % to % OREO 13,180,082 14,642,973 Appraisal of collateral Appraisal adjustments % to % 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 or liabilities measured at fair value during the three and nine months ended September 30, 2018 and 2017. The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company's consolidated balance sheets, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis: Fair Value As of September 30, 2018 As of December 31, 2017 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 73,406,657 $ 73,406,657 $ 75,721,663 $ 75,721,663 Federal funds sold Level 2 33,070,000 33,070,000 30,197,000 30,197,000 Interest-bearing deposits at financial institutions Level 2 96,590,367 96,590,367 55,765,012 55,765,012 Investment securities: HTM Level 2 395,421,195 392,621,219 379,474,205 379,749,804 AFS See Previous Table 255,323,442 255,323,442 272,907,907 272,907,907 Loans/leases receivable, net Level 3 12,407,474 13,400,072 8,307,719 8,972,337 Loans/leases receivable, net Level 2 3,597,901,436 3,527,043,000 2,921,821,953 2,892,963,000 Interest rate caps Level 2 703,467 703,467 506,700 506,700 Interest rate swaps - assets Level 2 7,045,220 7,045,220 4,397,238 4,397,238 Deposits: Nonmaturity deposits Level 2 2,917,002,466 2,917,002,466 2,670,583,178 2,670,583,178 Time deposits Level 2 871,274,455 863,227,000 596,071,878 591,772,000 Short-term borrowings Level 2 12,929,499 12,929,499 13,993,122 13,993,122 FHLB advances Level 2 359,128,925 358,357,000 192,000,000 192,115,000 Other borrowings Level 2 73,950,426 74,600,000 66,000,000 66,520,000 Junior subordinated debentures Level 2 37,626,070 29,946,263 37,486,487 29,253,624 Interest rate swaps - liabilities Level 2 6,837,887 6,837,887 4,397,238 4,397,238 |
Note 8 - Business Segment Infor
Note 8 - Business Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
BUSINESS SEGMENT INFORMATION | NOTE 8 – BUSINESS SEGMENT INFORMATION Selected financial and descriptive information is required to be disclosed for reportable operating segments, applying a “management perspective” as the basis for identifying reportable segments. The management perspective is determined by the view that management takes of the segments within the Company when making operating decisions, allocating resources, and measuring performance. The segments of the Company have been defined by the structure of the Company's internal organization, focusing on the financial information that the Company's operating decision-makers routinely use to make decisions about operating matters. The Company's primary segment, Commercial Banking, is geographically divided by markets into the secondary segments comprised of the five subsidiary banks wholly owned by the Company: QCBT, CRBT, CSB, RB&T and SFC Bank. Each of these secondary segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services. The Company's Wealth Management segment represents the trust and asset management and investment management and advisory services offered at the Company's five subsidiary banks in aggregate. This segment generates income primarily from fees charged based on assets under administration for corporate and personal trusts, custodial services, and investments managed. No assets of the subsidiary banks have been allocated to the Wealth Management segment. The Company's All Other segment includes the operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. This segment includes the corporate operations of the parent company. Selected financial information on the Company's business segments is presented as follows as of and for the three and nine months ended September 30, 2018 and 2017. Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T SFC Bank Management All other Eliminations Total Three Months Ended September 30, 2018 Total revenue $ 17,321,929 $ 16,799,795 $ 8,888,955 $ 5,244,856 $ 7,360,191 $ 3,255,241 $ 12,475,438 $ (12,707,109) $ 58,639,296 Net interest income 12,218,192 10,832,532 7,101,066 3,414,760 5,700,566 — (958,624) 4,991 38,313,483 Provision 409,086 452,742 20,000 4,849,000 475,000 — — — 6,205,828 Net income (loss) 4,827,397 4,868,765 2,533,392 (2,519,016) 2,197,448 768,095 8,600,144 (12,467,390) 8,808,835 Goodwill 3,222,688 14,979,984 9,888,225 — 45,527,529 — — — 73,618,426 Core deposit intangible — 3,313,000 4,852,300 — 7,971,614 — — — 16,136,914 Total assets 1,579,327,112 1,354,294,043 734,535,978 484,059,163 623,519,770 — 554,345,558 (537,349,129) 4,792,732,495 Three Months Ended September 30, 2017 Total revenue $ 11,771,842 $ 10,892,025 $ 7,678,006 $ 4,534,768 $ — $ 2,689,853 $ 10,028,660 $ (7,052,986) $ 40,542,168 Net interest income 11,664,970 7,903,483 6,379,111 3,245,346 — — (636,562) — 28,556,348 Provision 1,140,436 200,000 574,000 172,000 — — — — 2,086,436 Net income 3,929,158 3,130,319 1,669,209 726,926 — 539,091 7,853,935 (9,994,703) 7,853,935 Goodwill 3,222,688 — 9,888,225 — — — — — 13,110,913 Core deposit intangible — 1,122,263 5,566,350 — — — — — 6,688,613 Total assets 1,456,251,244 1,007,062,151 631,963,143 445,098,530 — — 395,697,820 (385,609,794) 3,550,463,094 Nine Months Ended September 30, 2018 Total revenue $ 49,812,373 $ 49,301,104 $ 25,458,573 $ 15,362,717 $ 7,360,191 $ 9,560,319 $ 38,031,924 $ (38,449,680) $ 156,437,521 Net interest income 36,628,528 32,149,435 20,579,523 10,281,763 5,700,566 — (2,543,909) 4,991 102,800,897 Provision for loan/lease losses 2,783,988 1,682,312 816,602 5,288,500 475,000 — — — 11,046,402 Net income (loss) 13,796,167 14,190,335 6,560,327 (964,098) 2,197,448 2,335,871 29,520,347 (37,832,216) 29,804,181 Goodwill 3,222,688 14,979,984 9,888,225 — 45,527,529 — — — 73,618,426 Core deposit intangible — 3,313,000 4,852,300 — 7,971,614 — — — 16,136,914 Total assets 1,579,327,112 1,354,294,043 734,535,978 484,059,163 623,519,770 — 554,345,558 (537,349,129) 4,792,732,495 Nine Months Ended September 30, 2017 Total revenue $ 39,517,823 $ 31,428,339 $ 23,981,019 $ 12,723,998 $ — $ 7,952,495 $ 30,086,617 $ (27,283,484) $ 118,406,807 Net interest income 34,381,270 22,107,955 20,326,439 9,308,932 — — (1,852,668) — 84,271,928 Provision for loan/lease losses 2,624,538 750,000 2,209,000 631,000 — — — — 6,214,538 Net income 11,657,941 8,893,461 5,484,383 2,406,337 — 1,554,618 25,804,917 (29,996,740) 25,804,917 Goodwill 3,222,688 — 9,888,225 — — — — — 13,110,913 Core deposit intangible — 1,122,263 5,566,350 — — — — — 6,688,613 Total assets 1,456,251,244 1,007,062,151 631,963,143 445,098,530 — — 395,697,820 (385,609,794) 3,550,463,094 |
Note 9 - Regulatory Capital Req
Note 9 - Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
REGULATORY CAPITAL REQUIREMENTS | NOTE 9 – REGULATORY CAPITAL REQUIREMENTS The Company (on a consolidated basis) and the subsidiary banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and subsidiary banks' financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the subsidiary banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the subsidiary banks to maintain minimum amounts and ratios (set forth in the following table) of total common equity Tier 1 and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets, each as defined by regulation. Management believes, as of September 30, 2018 and December 31, 2017, that the Company and the subsidiary banks met all capital adequacy requirements to which they are subject. Under the regulatory framework for prompt corrective action, to be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage and common equity Tier 1 ratios as set forth in the following tables. The Company and the subsidiary banks' actual capital amounts and ratios as of September 30, 2018 and December 31, 2017 are presented in the following table (dollars in thousands). As of September 30, 2018 and December 31, 2017, each of the subsidiary banks met the requirements to be “well capitalized”. For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2018: Company: Total risk-based capital $ 449,655 10.87 % $ 330,798 > 8.00 % $ 408,329 > 9.875 % $ 413,497 > 10.00 % Tier 1 risk-based capital 406,578 9.83 % 248,098 > 6.00 325,629 > 7.875 330,798 > 8.00 Tier 1 leverage 406,578 8.87 % 183,278 > 4.00 183,278 > 4.000 229,098 > 5.00 Common equity Tier 1 368,952 8.92 % 186,074 > 4.50 263,605 > 6.375 268,773 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 160,806 11.72 % $ 109,744 > 8.00 % $ 135,466 > 9.875 % $ 137,180 > 10.00 % Tier 1 risk-based capital 147,532 10.75 % 82,308 > 6.00 108,029 > 7.875 109,744 > 8.00 Tier 1 leverage 147,532 9.32 % 63,297 > 4.00 63,297 > 4.000 79,121 > 5.00 Common equity Tier 1 147,532 10.75 % 61,731 > 4.50 87,452 > 6.375 89,167 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 145,066 11.79 % $ 98,462 > 8.00 % $ 121,540 > 9.875 % $ 123,078 > 10.00 % Tier 1 risk-based capital 131,839 10.71 % 73,847 > 6.00 96,924 > 7.875 98,462 > 8.00 Tier 1 leverage 131,839 9.83 % 53,659 > 4.00 53,659 > 4.000 67,074 > 5.00 Common equity Tier 1 131,839 10.71 % 55,385 > 4.50 78,462 > 6.375 80,001 > 6.50 Community State Bank: Total risk-based capital $ 72,601 11.43 % $ 50,801 > 8.00 % $ 62,708 > 9.875 % $ 63,501 > 10.00 % Tier 1 risk-based capital 67,149 10.57 % 38,101 > 6.00 50,007 > 7.875 50,801 > 8.00 Tier 1 leverage 67,149 9.62 % 27,918 > 4.00 27,918 > 4.000 34,898 > 5.00 Common equity Tier 1 67,149 10.57 % 28,576 > 4.50 40,482 > 6.375 41,276 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 45,314 10.19 % $ 35,583 > 8.00 % $ 43,923 > 9.875 % $ 44,479 > 10.00 % Tier 1 risk-based capital 39,692 8.92 % 26,688 > 6.00 35,027 > 7.875 35,583 > 8.00 Tier 1 leverage 39,692 8.20 % 19,365 > 4.00 19,365 > 4.000 24,207 > 5.00 Common equity Tier 1 39,692 8.92 % 20,016 > 4.50 28,356 > 6.375 28,912 > 6.50 Springfield First Community Bank: Total risk-based capital $ 54,108 11.64 % $ 37,196 > 8.00 % $ 45,914 > 9.875 % $ 46,495 > 10.00 % Tier 1 risk-based capital 48,870 10.51 % 27,897 > 6.00 36,615 > 7.875 37,196 > 8.00 Tier 1 leverage 48,870 9.31 % 20,988 > 4.00 20,988 > 4.000 26,235 > 5.00 Common equity Tier 1 48,870 10.51 % 20,923 > 4.50 29,640 > 6.375 30,222 > 6.50 For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Company: Total risk-based capital $ 383,282 11.15 % $ 275,090 > 8.00 % $ 318,073 > 9.25 % $ 343,862 > 10.00 % Tier 1 risk-based capital 348,530 10.14 % 206,317 > 6.00 249,300 > 7.25 275,090 > 8.00 Tier 1 leverage 348,530 8.98 % 155,256 > 4.00 155,256 > 4.00 194,070 > 5.00 Common equity Tier 1 313,012 9.10 % 154,738 > 4.50 197,721 > 5.75 223,510 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 160,112 12.35 % $ 103,711 > 8.00 % $ 119,916 > 9.25 % $ 129,639 > 10.00 % Tier 1 risk-based capital 147,472 11.38 % 77,783 > 6.00 93,988 > 7.25 103,711 > 8.00 Tier 1 leverage 147,472 9.52 % 61,985 > 4.00 61,985 > 4.00 77,481 > 5.00 Common equity Tier 1 147,472 11.38 % 58,337 > 4.50 74,542 > 5.75 84,265 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 138,492 11.88 % $ 93,272 > 8.00 % $ 107,846 > 9.25 % $ 116,590 > 10.00 % Tier 1 risk-based capital 126,601 10.86 % 69,954 > 6.00 84,528 > 7.25 93,272 > 8.00 Tier 1 leverage 126,601 11.68 % 43,348 > 4.00 43,348 > 4.00 54,185 > 5.00 Common equity Tier 1 126,601 10.86 % 52,465 > 4.50 67,039 > 5.75 75,783 > 6.50 Community State Bank: Total risk-based capital $ 66,271 11.71 % $ 45,293 > 8.00 % $ 52,370 > 9.25 % $ 56,616 > 10.00 % Tier 1 risk-based capital 61,941 10.94 % 33,970 > 6.00 41,047 > 7.25 45,293 > 8.00 Tier 1 leverage 61,941 9.77 % 25,354 > 4.00 25,354 > 4.00 31,693 > 5.00 Common equity Tier 1 61,941 10.94 % 25,477 > 4.50 32,554 > 5.75 36,801 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 45,684 11.28 % $ 32,413 > 8.00 % $ 37,477 > 9.25 % $ 40,516 > 10.00 % Tier 1 risk-based capital 40,615 10.02 % 24,310 > 6.00 29,374 > 7.25 32,413 > 8.00 Tier 1 leverage 40,615 8.94 % 18,177 > 4.00 18,177 > 4.00 22,721 > 5.00 Common equity Tier 1 40,615 10.02 % 18,232 > 4.50 23,297 > 5.75 26,335 > 6.50 * 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). |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
REVENUE RECOGNITION | NOTE 10 – REVENUE RECOGNITION As of January 1, 2018, the Company adopted ASU 2014‑09 using the modified retrospective approach. The adoption of the guidance had no material impact on the measurement or recognition of revenue as approximately 89% of the Company's revenue (based on 2017 audited financial results) is outside the scope of this guidance; however, additional disclosures have been added in accordance with the ASU. See Note 1 for additional information on this new accounting standard. Descriptions of our revenue-generating contracts with customers that are within the scope of ASU 2014‑09, which are presented in our income statements as components of non-interest income are as follows: Trust department and Investment advisory and management fees : This is a contract between the Company and its customers for fiduciary and/or investment administration services on trust and brokerage accounts. Trust services and brokerage fee income is determined as a percentage of assets under management and is recognized over the period the underlying trust account is serviced. Such contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination. Deposit service fees : The deposit contract obligates the Company to serve as a custodian of the customer's deposited funds and is generally terminable at will by either party. The contract permits the customer to access the funds on deposit and request additional services related to the deposit account. Deposit account related fees, including analysis charges, overdraft/nonsufficient fund charges, service charges, debit card usage fees, overdraft fees and wire transfer fees are within the scope of the guidance; however, revenue recognition practices did not change under the guidance, as deposit agreements are considered day-to-day contracts. Income for deposit accounts is recognized over the statement cycle period (typically on a monthly basis) or at the time the service is provided, if additional services are requested. Correspondent banking fees: A contract between the Company and its correspondent banks for corresponding banking services. This line of business provides a strong source of noninterest bearing and interest bearing deposits, fee income, high-quality loan participations and bank stock loans. Correspondent banking fee income is tied to transaction activity and revenue is recognized monthly as earned for services provided. |
Note 11 - Subsequent Events - A
Note 11 - Subsequent Events - Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
SUBSEQUENT EVENTS - ACQUISITIONS | |
SUBSEQUENT EVENTS - ACQUISITIONS | NOTE 11 –SUBSEQUENT EVENTS - ACQUISITIONS BATES COMPANIES On October 1, 2018 the Company announced the successful completion of the previously announced acquisition of the Bates Companies, headquartered in Rockford, Illinois. The acquisition and subsequent merger of the Bates Companies into RB&T will enhance the wealth management services of RB&T by adding approximately $700 million of assets under management. In the acquisition, the Company acquired 100% of the Bates Companies' outstanding common stock for an aggregate consideration of $3.0 million cash and up to $3.0 million of the Company's common stock. Of the total cash consideration, $1.5 million in cash was paid at closing. This was funded through operating cash. The additional $1.5 million was recorded as a promissory note and will be repaid in five equal, annual installments of $300,000 each on the first through fifth anniversaries of the closing date. Interest will be paid at a rate of 2.18% per annum, based on the applicable federal rate as of the closing date. Additionally, in a private placement exempt from registration with the SEC, the Company will issue $1.0 million of Company stock in November 2018. Assuming all future performance based contingent consideration is realized, total stock consideration can reach $3.0 million, which would result in the Company issuing approximately 70,504 common shares based on the 10-day volume weighted average of the closing stock price of the Company ending five days prior to closing. During the first nine months of 2018, the Company incurred $401 thousand of expenses related to the acquisition, comprised primarily of legal and accounting costs. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies | |
Basis of presentation | 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, 2017, included in the Company's Annual Report on Form 10‑K filed with the SEC on March 12, 2018. Accordingly, footnote disclosures, which would substantially duplicate the disclosures contained in the audited consolidated financial statements, have been omitted. The financial information of the Company included herein has been prepared in accordance with GAAP for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10‑Q and Rule 10‑01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Any differences appearing between the numbers presented in financial statements and management's discussion and analysis are due to rounding. The results of the interim period ended September 30, 2018 are not necessarily indicative of the results expected for the year ending December 31, 2018, or for any other period. The acronyms and abbreviations identified below are used throughout this Quarterly Report on Form 10‑Q. It may be helpful to refer back to this page as you read this report. Allowance: Allowance for estimated losses on loans/leases Guaranty: Guaranty Bankshares, Ltd. AOCI: Accumulated other comprehensive income (loss) Guaranty Bank: Guaranty Bank and Trust Company AFS: Available for sale HTM: Held to maturity ASC: Accounting Standards Codification m2: m2 Lease Funds, LLC ASU: Accounting Standards Update NIM: Net interest margin Bates Companies: Bates Financial Advisors, Inc., Bates NPA: Nonperforming asset Financial Services, Inc., Bates Securities, Inc. and NPL: Nonperforming loan Bates Financial Group, Inc. OREO: Other real estate owned BOLI: Bank-owned life insurance OTTI: Other-than-temporary impairment Caps: Interest rate cap derivatives PCI: Purchased credit impaired CDI: Core deposit intangible Provision: Provision for loan/lease losses Community National: Community National Bancorporation QCBT: Quad City Bank & Trust Company CRBT: Cedar Rapids Bank & Trust Company RB&T: Rockford Bank & Trust Company CRE: Commercial real estate ROAA: Return on Average Assets CSB: Community State Bank SBA: U.S. Small Business Administration C&I: Commercial and industrial SEC: Securities and Exchange Commission Dodd-Frank Act: Dodd-Frank Wall Street Reform and SFC Bank: Springfield First Community Bank Consumer Protection Act Springfield Bancshares: Springfield Bancshares, Inc. EPS: Earnings per share TA: Tangible assets Exchange Act:Securities Exchange Act of 1934, as amended Tax Act: Tax Cuts and Jobs Act of 2017 FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank TEY: Tax equivalent yield FRB: Federal Reserve Bank of Chicago The Company: QCR Holdings, Inc. GAAP: Generally Accepted Accounting Principles USDA: U.S. Department of Agriculture The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries which include the accounts of five commercial banks: QCBT, CRBT, CSB, RB&T and SFC Bank. All are state-chartered commercial banks and all are members of the Federal Reserve system. The Company also engages in direct financing lease contracts through m2, a wholly-owned subsidiary of QCBT. All material intercompany transactions and balances have been eliminated in consolidation. The acquisition of Guaranty Bank, headquartered in Cedar Rapids, Iowa occurred on October 2, 2017 and Guaranty Bank was merged into CRBT on December 2, 2017. The financial results for the periods since acquisition are included in this report. See Note 2 of the Company's Annual Report on Form 10‑K for the year ended December 31, 2017 for additional information about the acquisition. The merger with Springfield Bancshares occurred on July 1, 2018; therefore, the financial results for the period since acquisition is included in this report. See Note 2 to the Consolidated Financial Statements for additional information about the merger. |
Recent accounting developments | Recent accounting developments : In May 2014, FASB issued ASU 2014‑09, Revenue from Contracts with Customers . ASU 2014‑09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014‑09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014‑09 was originally effective for the Company on January 1, 2017; however, FASB issued ASU 2015‑14 which defers the effective date in order to provide additional time for both public and private entities to evaluate the impact. ASU 2014‑09 was adopted by the Company on January 1, 2018 and did not have a significant impact on the Company's consolidated financial statements. In January 2016, FASB issued ASU 2016‑01, Financial Instruments–Overall . ASU 2016‑01 makes targeted adjustments to GAAP by eliminating the AFS classification for equity securities and requiring equity investments to be measured at fair value with changes in fair value recognized in net income. The standard also requires public business entities to use the exit price notion when measuring fair value of financial instruments for disclosure purposes. The standard clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. It also requires an entity to present separately (within other comprehensive income) the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the standard eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Upon adoption of ASU 2016‑01 by the Company on January 1, 2018, the fair value of the Company's loan portfolio is now presented using an exit price method. Also, the Company is no longer required to disclose the methodologies used for estimating fair value of financial assets and liabilities that are not measured at fair value on a recurring or nonrecurring basis. The remaining requirements of this update had no significant impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016‑02, Leases . Under ASU 2016‑02, lessees will be required to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases (with the exception of short-term leases). Lessor accounting is largely unchanged under ASU 2016‑02. However, the definition of initial direct costs was updated to include only initial direct costs that are considered incremental. This change in definition will change the manner in which the Company recognizes the costs associated with originating leases. ASU 2016‑02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company has analyzed the impact of adoption and has concluded that it will not have a significant impact on the consolidated financial statements. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses . Under the standard, assets measured at amortized costs (including loans, leases and AFS securities) will be presented at the net amount expected to be collected. Rather than the “incurred” model that is currently being utilized, the standard will require the use of a forward-looking approach to recognizing all expected credit losses at the beginning of an asset's life. For public companies, ASU 2016‑13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Companies may choose to early adopt for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of analyzing the impact of adoption on the Company's consolidated financial statements. In February 2018, the FASB issued ASU 2018‑02, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under the standard, entities are allowed to make a one-time reclassification from AOCI to retained earnings for the effect of remeasuring deferred tax liabilities and assets originally recorded in other comprehensive income as a result of the change in the federal tax rate as defined by the Tax Act. ASU 2018‑02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Companies may choose to early adopt for fiscal years or interim periods that have not been issued or made available for issuance as of February 14, 2018. The Company chose to early adopt ASU 2018‑02 and apply the guidance to the consolidated financial statements for the year ended December 31, 2017. |
Reclassifications | Reclassifications : Certain amounts in the prior year's consolidated financial statements have been reclassified, with no effect on net income or stockholders' equity, to conform with the current period presentation. |
Note 2 - Mergers and Acquisit_2
Note 2 - Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of July 1, 2018 ASSETS Cash and due from banks $ 4,586,326 Interest-bearing deposits at financial institutions 62,924,396 Securities 4,845,441 Loans/leases receivable, net 477,336,699 Bank-owned life insurance 7,091,883 Premises and equipment 6,091,978 Restricted investment securities 3,654,200 Core deposit intangible 8,208,728 Other assets 989,056 Total assets acquired $ 575,728,707 LIABILITIES Deposits $ 439,579,328 Short-term borrowings 1,143,478 FHLB advances 73,610,427 Other borrowings 9,543,810 Other liabilities 8,408,464 Total liabilities assumed $ 532,285,507 Net assets acquired $ 43,443,200 CONSIDERATION PAID: Cash $ 8,333,535 Common stock 80,637,194 Total consideration paid $ 88,970,729 Goodwill $ 45,527,529 |
Business Combination, Purchased Loans as of The Acquisition Date [Table Text Block] | PCI Performing Loans Loans Total Contractually required principal payments $ 7,552,912 $ 479,439,547 $ 486,992,459 Nonaccretable discount (1,562,455) — (1,562,455) Principal cash flows expected to be collected $ 5,990,457 $ 479,439,547 $ 485,430,004 Accretable discount (293,445) (7,799,860) (8,093,305) Fair Value of acquired loans $ 5,697,012 $ 471,639,687 $ 477,336,699 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Table Text Block] | PCI Performing Loans Loans Total Discount added at acquisition $ (293,445) $ (7,799,860) $ (8,093,305) Reclassification of nonaccretable discount to accretable (891,569) — (891,569) Accretion recognized 262,852 951,592 1,214,444 Balance at the end of the period $ (922,162) $ (6,848,268) $ (7,770,430) |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | September 30, 2018 Balance at acquisition $ 8,208,728 Amortization expense (237,114) Balance at the end of the period $ 7,971,614 Gross carrying amount $ 8,208,728 Accumulated amortization (237,114) Net book value $ 7,971,614 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, Amount 2018 $ 237,114 2019 932,810 2020 915,051 2021 893,192 2022 867,227 Thereafter 4,126,220 $ 7,971,614 |
Schedule of assumed FHLB advances and other borrowings | Amount Rate Terms Maturity Date Collateral FHLB advance $ 40,000,000 2.10% daily interest payments; principal due at maturity 7/2/2018 commercial and residential real estate loans FHLB advance 4,991,962 2.01% monthly interest payments; principal due at maturity 7/30/2018 commercial and residential real estate loans FHLB advance 4,966,060 2.09% monthly interest payments; principal due at maturity 10/1/2018 commercial and residential real estate loans FHLB advance 4,848,879 2.09% monthly interest payments; principal due at maturity 9/30/2019 commercial and residential real estate loans FHLB advance 4,787,502 1.50% monthly interest payments; principal due at maturity 2/10/2020 commercial and residential real estate loans FHLB advance 4,756,169 1.93% monthly interest payments; principal due at maturity 5/27/2020 commercial and residential real estate loans FHLB advance 4,664,663 1.96% monthly interest payments; principal due at maturity 1/27/2021 commercial and residential real estate loans FHLB advance 4,595,192 2.00% monthly interest payments; principal due at maturity 7/29/2021 commercial and residential real estate loans Subordinated debenture 952,566 4.00% monthly interest payments; principal due at maturity 4/30/2021 unsecured Subordinated debenture 952,566 4.00% monthly interest payments; principal due at maturity 4/30/2021 unsecured Subordinated debenture 946,226 4.00% monthly interest payments; principal due at maturity 9/15/2021 unsecured Subordinated debenture 946,226 4.00% monthly interest payments; principal due at maturity 9/15/2021 unsecured Subordinated debenture 946,226 4.00% monthly interest payments; principal due at maturity 9/15/2021 unsecured Bank stock loan 4,800,000 5.25% monthly interest payments; principal due at maturity 3/13/2020 4,000,000 issued and outstanding shares of common stock of SFC Bank Fair value of FHLB and other borrowings assumed $ 83,154,237 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Amortized cost and fair value of investment securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value September 30, 2018: Securities HTM: Municipal securities $ 394,371,195 $ 3,887,422 $ (10,753,857) $ 387,504,760 Other securities 1,050,000 — (13,480) 1,036,520 $ 395,421,195 $ 3,887,422 $ (10,767,337) $ 388,541,280 Securities AFS: U.S. govt. sponsored agency securities $ 37,715,802 $ 9,963 $ (1,234,016) $ 36,491,749 Residential mortgage-backed and related securities 162,933,727 35,691 (7,236,822) 155,732,596 Municipal securities 60,101,620 150,615 (1,348,028) 58,904,207 Other securities 4,254,364 — (59,474) 4,194,890 $ 265,005,513 $ 196,269 $ (9,878,340) $ 255,323,442 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value December 31, 2017: Securities HTM: Municipal securities $ 378,424,205 $ 2,763,718 $ (2,488,119) $ 378,699,804 Other securities 1,050,000 — — 1,050,000 $ 379,474,205 $ 2,763,718 $ (2,488,119) $ 379,749,804 Securities AFS: U.S. govt. sponsored agency securities $ 38,409,157 $ 37,344 $ (349,967) $ 38,096,534 Residential mortgage-backed and related securities 165,459,470 155,363 (2,313,529) 163,301,304 Municipal securities 66,176,364 660,232 (211,100) 66,625,496 Other securities 4,014,004 896,384 (25,815) 4,884,573 $ 274,058,995 $ 1,749,323 $ (2,900,411) $ 272,907,907 |
Securities have been in a continuous unrealized loss position | Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2018: Securities HTM: Municipal securities $ 170,633,644 $ (5,439,521) $ 64,984,249 $ (5,314,336) $ 235,617,893 $ (10,753,857) Other securities 536,520 (13,480) — — 536,520 (13,480) $ 171,170,164 $ (5,453,001) $ 64,984,249 $ (5,314,336) $ 236,154,413 $ (10,767,337) Securities AFS: U.S. govt. sponsored agency securities $ 18,437,573 $ (521,633) $ 15,829,173 $ (712,383) $ 34,266,746 $ (1,234,016) Residential mortgage-backed and related securities 44,903,593 (1,712,003) 105,007,537 (5,524,819) 149,911,130 (7,236,822) Municipal securities 79,442,346 (976,811) 10,952,533 (371,217) 90,394,879 (1,348,028) Other securities 4,194,890 (59,474) — 4,194,890 (59,474) $ 146,978,402 $ (3,269,921) $ 131,789,243 $ (6,608,419) $ 278,767,645 $ (9,878,340) Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2017: Securities HTM: Municipal securities $ 23,750,826 $ (354,460) $ 72,611,780 $ (2,133,659) $ 96,362,606 $ (2,488,119) Securities AFS: U.S. govt. sponsored agency securities $ 28,576,258 $ (200,022) $ 3,640,477 $ (149,945) $ 32,216,735 $ (349,967) Residential mortgage-backed and related securities 88,927,779 (871,855) 57,931,731 (1,441,674) 146,859,510 (2,313,529) Municipal securities 10,229,337 (41,151) 9,997,433 (169,949) 20,226,770 (211,100) Other securities 923,535 (25,815) — — 923,535 (25,815) $ 128,656,909 $ (1,138,843) $ 71,569,641 $ (1,761,568) $ 200,226,550 $ (2,900,411) |
Realized gain (loss) on investments | Three Months Ended Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Proceeds from sales of securities $ 1,938,043 $ 8,415,795 $ 1,938,043 $ 21,969,870 Gross gains from sales of securities — 6,312 — 65,880 Gross losses from sales of securities — (69,900) — (91,004) |
Investments classified by maturity date | Amortized Cost Fair Value Securities HTM: Due in one year or less $ 1,710,335 $ 1,711,153 Due after one year through five years 27,876,391 27,826,476 Due after five years 365,834,469 359,003,651 $ 395,421,195 $ 388,541,280 Securities AFS: Due in one year or less $ 3,153,996 $ 3,156,871 Due after one year through five years 25,663,131 25,220,152 Due after five years 73,254,659 71,213,823 102,071,786 99,590,846 Residential mortgage-backed and related securities 162,933,727 155,732,596 $ 265,005,513 $ 255,323,442 |
Schedule of investment in callable securities | Amortized Cost Fair Value Securities HTM: Municipal securities $ 229,992,901 $ 226,439,711 Securities AFS: U.S. govt. sponsored agency securities 4,998,969 4,847,750 Municipal securities 50,248,182 49,027,162 Corporate securities 4,006,462 3,948,640 $ 59,253,613 $ 57,823,552 |
Note 4 - Loans Leases Receiva_2
Note 4 - Loans Leases Receivable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Composition of the loan/lease portfolio | As of As of September 30, December 31, 2018 2017 C&I loans* $ 1,380,542,524 $ 1,134,516,315 CRE loans Owner-occupied CRE 449,056,125 332,742,477 Commercial construction, land development, and other land 224,295,259 186,402,404 Other non owner-occupied CRE 1,053,974,806 784,347,000 1,727,326,190 1,303,491,882 Direct financing leases ** 126,751,783 141,448,232 Residential real estate loans *** 309,287,535 258,646,265 Installment and other consumer loans 100,191,471 118,610,799 3,644,099,503 2,956,713,493 Plus deferred loan/lease origination costs, net of fees 9,286,864 7,771,907 3,653,386,367 2,964,485,400 Less allowance (43,077,457) (34,355,728) $ 3,610,308,910 $ 2,930,129,672 ** Direct financing leases: Net minimum lease payments to be received $ 140,055,010 $ 156,583,887 Estimated unguaranteed residual values of leased assets 929,932 929,932 Unearned lease/residual income (14,233,159) (16,065,587) 126,751,783 141,448,232 Plus deferred lease origination costs, net of fees 4,039,635 4,624,027 130,791,418 146,072,259 Less allowance (2,632,247) (2,382,098) $ 128,159,171 $ 143,690,161 * Includes equipment financing agreements outstanding at m2, totaling $98,823,351 and $66,758,397 as of September 30, 2018 and December 31, 2017, respectively. ** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three and nine months ended September 30, 2018 and 2017. *** Includes residential real estate loans held for sale totaling $2,557,907 and $645,001 as of September 30, 2018, and December 31, 2017, respectively. |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule Non-Aggregated [Table Text Block] | Three months ended September 30, 2018 Nine months ended September 30, 2018 PCI Performing PCI Performing Loans Loans Total Loans Loans Total Balance at the beginning of the period $ (142,048) $ (5,051,424) $ (5,193,472) $ (191,132) $ (6,280,075) $ (6,471,207) Discount added at acquisition (293,445) (7,799,860) (8,093,305) (293,445) (7,799,860) (8,093,305) Reclassification of nonaccretable discount to accretable (891,569) — (891,569) (891,569) — (891,569) Accretion recognized 268,694 1,579,568 1,848,262 317,778 2,808,219 3,125,997 Balance at the end of the period $ (1,058,368) $ (11,271,716) $ (12,330,084) $ (1,058,368) $ (11,271,716) $ (12,330,084) Three months ended September 30, 2017 Nine months ended September 30, 2017 PCI Performing PCI Performing Loans Loans Total Loans Loans Total Balance at the beginning of the period $ (83,860) $ (5,325,471) $ (5,409,331) $ (194,306) $ (9,115,614) $ (9,309,920) Accretion recognized 25,158 658,547 683,705 135,604 4,448,690 4,584,294 Balance at the end of the period $ (58,702) $ (4,666,924) $ (4,725,626) $ (58,702) $ (4,666,924) $ (4,725,626) |
Aging of the loan/lease portfolio by classes of loans/leases | As of September 30, 2018 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total C&I $ 1,371,826,021 $ 143,866 $ 526,049 $ — $ 8,046,588 $ 1,380,542,524 CRE Owner-Occupied CRE 447,031,462 1,506,334 109,681 — 408,648 449,056,125 Commercial Construction, Land Development, and Other Land 217,512,489 3,994,986 — 1,131,975 1,655,809 224,295,259 Other Non Owner-Occupied CRE 1,043,267,553 413,292 — — 10,293,961 1,053,974,806 Direct Financing Leases 123,407,592 1,153,460 224,015 — 1,966,716 126,751,783 Residential Real Estate 306,900,388 — 1,142,787 270,413 973,947 309,287,535 Installment and Other Consumer 99,501,411 38,912 413,565 6,967 230,616 100,191,471 $ 3,609,446,916 $ 7,250,850 $ 2,416,097 $ 1,409,355 $ 23,576,285 $ 3,644,099,503 As a percentage of total loan/lease portfolio 99.05 % 0.20 % 0.07 % 0.04 % 0.65 % 100.00 % As of December 31, 2017 Accruing Past 30-59 Days 60-89 Days Due 90 Days or Nonaccrual Classes of Loans/Leases Current Past Due Past Due More Loans/Leases Total C&I $ 1,124,734,486 $ 8,306,829 $ 243,647 $ — $ 1,231,353 $ 1,134,516,315 CRE Owner-Occupied CRE 331,868,142 540,435 — — 333,900 332,742,477 Commercial Construction, Land Development, and Other Land 181,558,092 — — — 4,844,312 186,402,404 Other Non Owner-Occupied CRE 782,526,249 572,877 4,146 — 1,243,728 784,347,000 Direct Financing Leases 137,708,397 1,305,191 259,600 — 2,175,044 141,448,232 Residential Real Estate 253,261,821 3,552,709 393,410 74,519 1,363,806 258,646,265 Installment and Other Consumer 117,773,259 517,537 56,760 14,152 249,091 118,610,799 $ 2,929,430,446 $ 14,795,578 $ 957,563 $ 88,671 $ 11,441,234 $ 2,956,713,493 As a percentage of total loan/lease portfolio 99.08 % 0.50 % 0.03 % 0.00 % 0.39 % 100.00 % |
NPLs by classes of loans/leases | As of September 30, 2018 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More Loans/Leases* Accruing TDRs Total NPLs Total NPLs C&I $ — $ 8,046,588 $ 677,859 $ 8,724,447 29.85 % CRE Owner-Occupied CRE — 408,648 106,470 515,118 1.76 % Commercial Construction, Land Development, and Other Land 1,131,975 1,655,809 — 2,787,784 9.54 % Other Non Owner-Occupied CRE — 10,293,961 2,975,703 13,269,664 45.41 % Direct Financing Leases — 1,966,716 163,681 2,130,397 7.29 % Residential Real Estate 270,413 973,947 305,792 1,550,152 5.30 % Installment and Other Consumer 6,967 230,616 10,410 247,993 0.85 % $ 1,409,355 $ 23,576,285 $ 4,239,915 $ 29,225,555 100.00 % * Nonaccrual loans/leases included $3,036,422 of TDRs, including $336,168 in C&I loans, $2,026,376 in CRE loans, $587,613 in direct financing leases, $82,151 in residential real estate loans, and $4,114 in installment loans. As of December 31, 2017 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More Loans/Leases ** Accruing TDRs Total NPLs Total NPLs C&I $ — $ 1,231,353 $ 5,224,182 $ 6,455,535 34.63 % CRE Owner-Occupied CRE — 333,900 107,322 441,222 2.37 % Commercial Construction, Land Development, and Other Land — 4,844,312 — 4,844,312 25.99 % Other Non Owner-Occupied CRE — 1,243,728 — 1,243,728 6.67 % Direct Financing Leases — 2,175,044 1,494,448 3,669,492 19.68 % Residential Real Estate 74,519 1,363,806 272,493 1,710,818 9.18 % Installment and Other Consumer 14,152 249,091 14,027 277,270 1.49 % $ 88,671 $ 11,441,234 $ 7,112,472 $ 18,642,377 100.00 % ** Nonaccrual loans/leases included $2,282,495 of TDRs, including $122,598 in C&I loans, $1,336,871 in CRE loans, $700,255 in direct financing leases, $115,190 in residential real estate loans, and $7,581 in installment loans. |
Allowance for credit losses on financing receivables | Changes in the allowance by portfolio segment for the three and nine months ended September 30, 2018 and 2017, respectively, are presented as follows: Three Months Ended September 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 15,233,871 $ 15,819,040 $ 2,724,355 $ 2,433,102 $ 1,334,708 $ 37,545,076 Provisions (credits) charged to expense 3,698,588 2,254,313 124,803 131,977 (3,853) 6,205,828 Loans/leases charged off (87,040) (387,499) (427,638) (58,241) (30,230) (990,648) Recoveries on loans/leases previously charged off 71,440 30,344 210,727 — 4,690 317,201 Balance, ending $ 18,916,859 $ 17,716,198 $ 2,632,247 $ 2,506,838 $ 1,305,315 $ 43,077,457 Three Months Ended September 30, 2017 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 14,207,733 $ 12,999,233 $ 2,638,301 $ 2,430,454 $ 1,080,911 $ 33,356,632 Provisions (credits) charged to expense 469,977 1,349,393 179,190 (11,654) 99,530 2,086,436 Loans/leases charged off (338,361) — (268,669) (25,822) (16,872) (649,724) Recoveries on loans/leases previously charged off 63,366 10,748 103,936 6,000 4,947 188,997 Balance, ending $ 14,402,715 $ 14,359,374 $ 2,652,758 $ 2,398,978 $ 1,168,516 $ 34,982,341 Nine Months Ended September 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 14,323,036 $ 13,962,688 $ 2,382,098 $ 2,466,431 $ 1,221,475 $ 34,355,728 Provisions charged to expense 5,283,763 4,091,170 1,417,494 149,923 104,052 11,046,402 Loans/leases charged off (911,429) (387,499) (1,505,824) (110,566) (36,063) (2,951,381) Recoveries on loans/leases previously charged off 221,489 49,839 338,479 1,050 15,851 626,708 Balance, ending $ 18,916,859 $ 17,716,198 $ 2,632,247 $ 2,506,838 $ 1,305,315 $ 43,077,457 Nine Months Ended September 30, 2017 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Balance, beginning $ 12,545,110 $ 11,670,609 $ 3,111,898 $ 2,342,344 $ 1,087,487 $ 30,757,448 Provisions charged to expense 2,345,121 2,655,521 981,877 148,017 84,002 6,214,538 Loans/leases charged off (630,704) (10,375) (1,611,432) (101,006) (40,436) (2,393,953) Recoveries on loans/leases previously charged off 143,188 43,619 170,415 9,623 37,463 404,308 Balance, ending $ 14,402,715 $ 14,359,374 $ 2,652,758 $ 2,398,978 $ 1,168,516 $ 34,982,341 The allowance by impairment evaluation and by portfolio segment as of September 30, 2018 and December 31, 2017 is presented as follows: As of September 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Allowance for impaired loans/leases $ 4,787,321 $ 3,555,829 $ 363,439 $ 226,263 $ 102,649 $ 9,035,501 Allowance for nonimpaired loans/leases 14,129,538 14,160,369 2,268,808 2,280,575 1,202,666 34,041,956 $ 18,916,859 $ 17,716,198 $ 2,632,247 $ 2,506,838 $ 1,305,315 $ 43,077,457 Impaired loans/leases $ 11,064,848 $ 15,944,006 $ 2,147,125 $ 1,148,009 $ 241,614 $ 30,545,602 Nonimpaired loans/leases 1,369,477,676 1,711,382,184 124,604,658 308,139,526 99,949,857 3,613,553,901 $ 1,380,542,524 $ 1,727,326,190 $ 126,751,783 $ 309,287,535 $ 100,191,471 $ 3,644,099,503 Allowance as a percentage of impaired loans/leases 43.27 % 22.30 % 16.93 % 19.71 % 42.48 % 29.58 % Allowance as a percentage of nonimpaired loans/leases 1.03 % 0.83 % 1.82 % 0.74 % 1.20 % 0.94 % Total allowance as a percentage of total loans/leases 1.37 % 1.03 % 2.08 % 0.81 % 1.30 % 1.18 % As of December 31, 2017 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total Allowance for impaired loans/leases $ 715,627 $ 1,429,460 $ 504,469 $ 355,167 $ 38,596 $ 3,043,319 Allowance for nonimpaired loans/leases 13,607,409 12,533,228 1,877,629 2,111,264 1,182,879 31,312,409 $ 14,323,036 $ 13,962,688 $ 2,382,098 $ 2,466,431 $ 1,221,475 $ 34,355,728 Impaired loans/leases $ 6,248,209 $ 6,529,262 $ 3,669,492 $ 1,704,846 $ 202,354 $ 18,354,163 Nonimpaired loans/leases 1,128,268,106 1,296,962,620 137,778,740 256,941,419 118,408,445 2,938,359,330 $ 1,134,516,315 $ 1,303,491,882 $ 141,448,232 $ 258,646,265 $ 118,610,799 $ 2,956,713,493 Allowance as a percentage of impaired loans/leases 11.45 % 21.89 % 13.75 % 20.83 % 19.07 % 16.58 % Allowance as a percentage of nonimpaired loans/leases 1.21 % 0.97 % 1.36 % 0.82 % 1.00 % 1.07 % Total allowance as a percentage of total loans/leases 1.26 % 1.07 % 1.68 % 0.95 % 1.03 % 1.16 % |
Impaired financing receivables | Loans/leases, by classes of financing receivable, considered to be impaired as of and for the nine months ended September 30, 2018 are presented as follows: Interest Income Average Recognized for Recorded Unpaid Principal Related Recorded Interest Income Cash Payments Classes of Loans/Leases Investment Balance Allowance Investment Recognized Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 4,549,509 $ 4,563,785 $ — $ 2,139,521 $ 145,605 $ 145,605 CRE Owner-Occupied CRE 288,409 288,409 — 288,936 — — Commercial Construction, Land Development, and Other Land — — — — — — Other Non Owner-Occupied CRE 2,018,910 2,018,910 — 504,880 26,649 26,649 Direct Financing Leases 1,569,905 1,569,905 — 2,295,387 10,852 10,852 Residential Real Estate 663,167 737,946 — 649,064 207 207 Installment and Other Consumer 130,814 130,814 — 104,290 — — $ 9,220,714 $ 9,309,769 $ — $ 5,982,078 $ 183,313 $ 183,313 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 6,515,339 $ 6,515,339 $ 4,787,321 $ 1,845,156 $ 5,878 $ 5,878 CRE Owner-Occupied CRE 138,201 138,201 34,701 145,082 — — Commercial Construction, Land Development, and Other Land 5,801,618 5,801,618 2,145,425 5,116,524 — — Other Non Owner-Occupied CRE 7,696,868 7,696,868 1,375,703 1,924,217 8,506 8,506 Direct Financing Leases 577,220 577,220 363,439 532,999 — — Residential Real Estate 484,842 507,918 226,263 447,006 8,877 8,877 Installment and Other Consumer 110,800 110,800 102,649 127,434 229 229 $ 21,324,888 $ 21,347,964 $ 9,035,501 $ 10,138,418 $ 23,490 $ 23,490 Total Impaired Loans/Leases: C&I $ 11,064,848 $ 11,079,124 $ 4,787,321 $ 3,984,677 $ 151,483 $ 151,483 CRE Owner-Occupied CRE 426,610 426,610 34,701 434,018 — — Commercial Construction, Land Development, and Other Land 5,801,618 5,801,618 2,145,425 5,116,524 — — Other Non Owner-Occupied CRE 9,715,778 9,715,778 1,375,703 2,429,097 35,155 35,155 Direct Financing Leases 2,147,125 2,147,125 363,439 2,828,386 10,852 10,852 Residential Real Estate 1,148,009 1,245,864 226,263 1,096,070 9,084 9,084 Installment and Other Consumer 241,614 241,614 102,649 231,724 229 229 $ 30,545,602 $ 30,657,733 $ 9,035,501 $ 16,120,496 $ 206,803 $ 206,803 Impaired loans/leases for which no allowance has been provided have adequate collateral, based on management's current estimates. Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended September 30, 2018 and 2017, respectively, are presented as follows: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Interest Income Interest Income Average Recognized for Average Recognized for Recorded Interest Income Cash Payments Recorded Interest Income Cash Payments Classes of Loans/Leases Investment Recognized Received Investment Recognized Received Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 2,794,748 $ 16,792 $ 16,792 $ 1,301,977 $ 25,816 $ 25,816 CRE Owner-Occupied CRE 288,611 — — 53,661 6,783 6,783 Commercial Construction, Land Development, and Other Land — — — — — — Other Non Owner-Occupied CRE 1,009,590 9,189 9,189 1,173,629 — — Direct Financing Leases 1,780,494 2,483 2,483 2,820,518 39,759 39,759 Residential Real Estate 665,567 207 207 690,791 — — Installment and Other Consumer 115,314 — — 139,533 — — $ 6,654,324 $ 28,671 $ 28,671 $ 6,180,109 $ 72,358 $ 72,358 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 3,401,073 $ 1,916 $ 1,916 $ 5,157,671 $ 53,127 $ 53,127 CRE Owner-Occupied CRE 140,495 — — 155,020 — — Commercial Construction, Land Development, and Other Land 5,483,757 — — 4,345,880 — — Other Non Owner-Occupied CRE 3,848,434 8,506 8,506 4,929,960 — — Direct Financing Leases 557,572 — — 893,042 — — Residential Real Estate 461,398 2,984 2,984 550,476 5,601 5,601 Installment and Other Consumer 113,122 69 69 48,164 99 99 $ 14,005,851 $ 13,475 $ 13,475 $ 16,080,213 $ 58,827 $ 58,827 Total Impaired Loans/Leases: C&I $ 6,195,821 $ 18,708 $ 18,708 $ 6,459,648 $ 78,943 $ 78,943 CRE Owner-Occupied CRE 429,106 — — 208,681 6,783 6,783 Commercial Construction, Land Development, and Other Land 5,483,757 — — 4,345,880 — — Other Non Owner-Occupied CRE 4,858,024 17,695 17,695 6,103,589 — — Direct Financing Leases 2,338,066 2,483 2,483 3,713,560 39,759 39,759 Residential Real Estate 1,126,965 3,191 3,191 1,241,267 5,601 5,601 Installment and Other Consumer 228,436 69 69 187,697 99 99 $ 20,660,175 $ 42,146 $ 42,146 $ 22,260,322 $ 131,185 $ 131,185 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, 2017 are presented as follows: Unpaid Recorded Principal Related Classes of Loans/Leases Investment Balance Allowance Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,634,269 $ 1,644,706 $ — CRE Owner-Occupied CRE 289,261 289,261 — Commercial Construction, Land Development, and Other Land — — — Other Non Owner-Occupied CRE 1,171,565 1,171,565 — Direct Financing Leases 2,944,540 2,944,540 — Residential Real Estate 943,388 1,018,167 — Installment and Other Consumer 134,245 134,245 — $ 7,117,268 $ 7,202,484 $ — Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 4,613,940 $ 4,617,879 $ 715,627 CRE Owner-Occupied CRE 151,962 151,962 48,462 Commercial Construction, Land Development, and Other Land 4,844,312 4,844,312 1,379,235 Other Non Owner-Occupied CRE 72,163 72,163 1,763 Direct Financing Leases 724,953 724,953 504,469 Residential Real Estate 761,458 761,458 355,167 Installment and Other Consumer 68,109 68,109 38,596 $ 11,236,897 $ 11,240,836 $ 3,043,319 Total Impaired Loans/Leases: C&I $ 6,248,209 $ 6,262,585 $ 715,627 CRE Owner-Occupied CRE 441,222 441,222 48,462 Commercial Construction, Land Development, and Other Land 4,844,312 4,844,312 1,379,235 Other Non Owner-Occupied CRE 1,243,728 1,243,728 1,763 Direct Financing Leases 3,669,492 3,669,492 504,469 Residential Real Estate 1,704,846 1,779,625 355,167 Installment and Other Consumer 202,354 202,354 38,596 $ 18,354,163 $ 18,443,318 $ 3,043,319 |
Financing receivable credit quality indicators | As of September 30, 2018 CRE Non Owner-Occupied Commercial Construction, Land Owner-Occupied Development, As a % of Internally Assigned Risk Rating C&I CRE and Other Land Other CRE Total Total Pass (Ratings 1 through 5) $ 1,236,971,045 $ 438,799,404 $ 216,655,705 $ 1,021,710,298 $ 2,914,136,452 96.85 % Special Mention (Rating 6) 28,051,461 6,972,157 3,850,042 10,356,053 49,229,713 1.64 % Substandard (Rating 7) 16,693,746 3,284,564 3,789,512 21,908,455 45,676,277 1.51 % Doubtful (Rating 8) 2,921 — — — 2,921 — % $ 1,281,719,173 $ 449,056,125 $ 224,295,259 $ 1,053,974,806 $ 3,009,045,363 100.00 % As of December 31, 2017 CRE Non Owner-Occupied Commercial Construction, Land Owner-Occupied Development, As a % of Internally Assigned Risk Rating C&I CRE and Other Land Other CRE Total Total Pass (Ratings 1 through 5) $ 1,031,963,703 $ 318,293,608 $ 179,142,839 $ 767,119,909 $ 2,296,520,059 96.85 % Special Mention (Rating 6) 10,944,924 8,230,060 1,780,000 10,068,870 31,023,854 1.31 % Substandard (Rating 7) 24,578,731 6,218,809 5,479,565 7,158,221 43,435,326 1.83 % Doubtful (Rating 8) 270,559 — — — 270,559 0.01 % $ 1,067,757,917 $ 332,742,477 $ 186,402,404 $ 784,347,000 $ 2,371,249,799 100.00 % |
Financing receivable credit quality indicators performance status | As of September 30, 2018 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total Performing $ 98,150,050 $ 124,621,386 $ 307,737,383 $ 99,943,478 $ 630,452,297 99.28 % Nonperforming 673,301 2,130,397 1,550,152 247,993 4,601,843 0.72 % $ 98,823,351 $ 126,751,783 $ 309,287,535 $ 100,191,471 $ 635,054,140 100.00 % As of December 31, 2017 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total Performing $ 65,847,177 $ 137,778,740 $ 256,935,447 $ 118,333,529 $ 578,894,893 98.88 % Nonperforming 911,220 3,669,492 1,710,818 277,270 6,568,800 1.12 % $ 66,758,397 $ 141,448,232 $ 258,646,265 $ 118,610,799 $ 585,463,693 100.00 % * Performing = loans/leases accruing and less than 90 days past due. Nonperforming = loans/leases on nonaccrual, accruing loans/leases that are greater than or equal to 90 days past due, and accruing TDRs. |
Number and recorded investment of TDRs, by type of concession | For the three months ended September 30, 2018 For the three months ended September 30, 2017 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Specific Number of Recorded Recorded Specific Classes of Loans/Leases Loans / Leases Investment Investment Allowance Loans / Leases Investment Investment Allowance CONCESSION - Significant Payment Delay C&I 1 $ 273,717 $ 273,717 $ 273,717 4 $ 620,452 $ 620,452 $ — Other Non Owner-Occupied CRE 2 980,899 980,899 60,000 — — — — Direct Financing Leases 2 44,374 44,374 — 4 416,597 416,597 — 5 $ 1,298,990 $ 1,298,990 $ 333,717 8 $ 1,037,049 $ 1,037,049 $ — CONCESSION - Extension of Maturity Other Non Owner-Occupied CRE 2 $ 2,975,703 $ 2,975,703 $ 815,703 — $ — $ — $ — Residential Real Estate 1 35,287 35,287 — — — — — 3 $ 3,010,990 $ 3,010,990 $ 815,703 — $ — $ — $ — TOTAL 8 $ 4,309,980 $ 4,309,980 $ 1,149,420 8 $ 1,037,049 $ 1,037,049 $ — For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 Pre- Post- Pre- Post- Modification Modification Modification Modification Number of Recorded Recorded Specific Number of Recorded Recorded Specific Classes of Loans/Leases Loans/Leases Investment Investment Allowance Loans/Leases Investment Investment Allowance CONCESSION - Significant Payment Delay C&I 1 $ 273,717 $ 273,717 $ 273,717 7 $ 801,650 $ 801,650 $ — Other Non Owner-Occupied CRE 2 980,899 980,899 60,000 — — — — Real Estate 1 46,320 46,320 — — — — — Direct Financing Leases 4 91,898 91,898 — 27 1,889,000 1,889,000 — 8 $ 1,392,834 $ 1,392,834 $ 333,717 34 $ 2,690,650 $ 2,690,650 $ — CONCESSION - Extension of Maturity Other Non Owner-Occupied CRE 2 $ 2,975,703 $ 2,975,703 $ 815,703 — $ — $ — $ — Residential Real Estate 1 35,287 35,287 — — — — — Direct Financing Leases — — — — 2 104,382 104,382 — 3 $ 3,010,990 $ 3,010,990 $ 815,703 2 $ 104,382 $ 104,382 $ — TOTAL 11 $ 4,403,824 $ 4,403,824 $ 1,149,420 36 $ 2,795,032 $ 2,795,032 $ — |
Note 5 - Derivatives (Tables)
Note 5 - Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Interest rate cap | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet 1-Month LIBOR Fair Value as of Hedged Instrument Effective Date Maturity Date Location Notional Amount Strike Rate September 30, 2018 December 31, 2017 1-month FHLB Advance 6/3/2014 6/5/2019 Other Assets $ % $ 164,214 $ 190,085 1-month FHLB Advance 6/5/2014 6/5/2021 Other Assets % 539,253 316,615 $ $ 703,467 $ 506,700 |
Interest rate swap | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet Fair Value as of Hedged Instrument Effective Date Maturity Date Location Notional Amount Receive Rate Pay Rate September 30, 2018 QCR Holdings Statutory Trust II 9/30/2018 9/30/2028 Other Liabilities $ % % $ QCR Holdings Statutory Trust III 9/30/2018 9/30/2028 Other Liabilities % % QCR Holdings Statutory Trust V 7/7/2018 7/7/2028 Other Liabilities % % Community National Statutory Trust II 9/20/2018 9/20/2028 Other Liabilities % % Community National Statutory Trust III 9/15//2018 9/15/2028 Other Liabilities % % Guaranty Bankshares Statutory Trust I 9/15/2018 9/15/2028 Other Liabilities % % $ % % $ |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share | |
Schedule of computation of earnings per share on a basic and diluted basis | Three months ended Nine months ended September 30, September 30, 2018 2017 2018 2017 Net income $ 8,808,835 $ 7,853,935 $ 29,804,181 $ 25,804,917 Basic EPS $ 0.56 $ 0.60 $ 2.06 $ 1.96 Diluted EPS $ 0.55 $ 0.58 $ 2.02 $ 1.91 Weighted average common shares outstanding 15,625,123 13,151,350 14,477,783 13,151,672 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 297,201 356,605 308,994 357,894 Weighted average common and common equivalent shares outstanding 15,922,324 13,507,955 14,786,777 13,509,566 |
Note 7 - Fair Value (Tables)
Note 7 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2018: Securities AFS: U.S. govt. sponsored agency securities $ 36,491,749 $ — $ 36,491,749 $ — Residential mortgage-backed and related securities 155,732,596 — 155,732,596 — Municipal securities 58,904,207 — 58,904,207 — Other securities 4,194,890 — 4,194,890 — Interest rate caps 703,467 — 703,467 — Interest rate swaps - assets 7,045,220 — 7,045,220 — Total assets measured at fair value $ 263,072,129 $ — $ 263,072,129 $ — Interest rate swaps - liabilities $ 6,837,887 $ — $ 6,837,887 $ — Total liabilities measured at fair value $ 6,837,887 $ — $ 6,837,887 $ — December 31, 2017: Securities AFS: U.S. govt. sponsored agency securities $ 38,096,534 $ — $ 38,096,534 $ — Residential mortgage-backed and related securities 163,301,304 — 163,301,304 — Municipal securities 66,625,496 — 66,625,496 — Other securities 4,884,573 1,028 4,883,545 — Interest rate caps 506,700 — 506,700 — Interest rate swaps - assets 4,397,238 — 4,397,238 — Total assets measured at fair value $ 277,811,845 $ 1,028 $ 277,810,817 $ — Interest rate swaps - liabilities $ 4,397,238 $ — $ 4,397,238 $ — Total liabilities measured at fair value $ 4,397,238 $ — $ 4,397,238 $ — Fair Value Measurements at Reporting Date Using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Fair Value Level 1 Level 2 Level 3 September 30, 2018: Impaired loans/leases $ 13,400,072 $ — $ — $ 13,400,072 OREO 13,180,082 — — 13,180,082 $ 26,580,154 $ — $ — $ 26,580,154 December 31, 2017: Impaired loans/leases $ 8,972,337 $ — $ — $ 8,972,337 OREO 14,642,973 — — 14,642,973 $ 23,615,310 $ — $ — $ 23,615,310 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Quantitative Information about Level Fair Value Measurements Fair Value Fair Value September 30, December 31, 2018 2017 Valuation Technique Unobservable Input Range Impaired loans/leases $ 13,400,072 $ 8,972,337 Appraisal of collateral Appraisal adjustments % to % OREO 13,180,082 14,642,973 Appraisal of collateral Appraisal adjustments % to % |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value As of September 30, 2018 As of December 31, 2017 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Cash and due from banks Level 1 $ 73,406,657 $ 73,406,657 $ 75,721,663 $ 75,721,663 Federal funds sold Level 2 33,070,000 33,070,000 30,197,000 30,197,000 Interest-bearing deposits at financial institutions Level 2 96,590,367 96,590,367 55,765,012 55,765,012 Investment securities: HTM Level 2 395,421,195 392,621,219 379,474,205 379,749,804 AFS See Previous Table 255,323,442 255,323,442 272,907,907 272,907,907 Loans/leases receivable, net Level 3 12,407,474 13,400,072 8,307,719 8,972,337 Loans/leases receivable, net Level 2 3,597,901,436 3,527,043,000 2,921,821,953 2,892,963,000 Interest rate caps Level 2 703,467 703,467 506,700 506,700 Interest rate swaps - assets Level 2 7,045,220 7,045,220 4,397,238 4,397,238 Deposits: Nonmaturity deposits Level 2 2,917,002,466 2,917,002,466 2,670,583,178 2,670,583,178 Time deposits Level 2 871,274,455 863,227,000 596,071,878 591,772,000 Short-term borrowings Level 2 12,929,499 12,929,499 13,993,122 13,993,122 FHLB advances Level 2 359,128,925 358,357,000 192,000,000 192,115,000 Other borrowings Level 2 73,950,426 74,600,000 66,000,000 66,520,000 Junior subordinated debentures Level 2 37,626,070 29,946,263 37,486,487 29,253,624 Interest rate swaps - liabilities Level 2 6,837,887 6,837,887 4,397,238 4,397,238 |
Note 8 - Business Segment Inf_2
Note 8 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB RB&T SFC Bank Management All other Eliminations Total Three Months Ended September 30, 2018 Total revenue $ 17,321,929 $ 16,799,795 $ 8,888,955 $ 5,244,856 $ 7,360,191 $ 3,255,241 $ 12,475,438 $ (12,707,109) $ 58,639,296 Net interest income 12,218,192 10,832,532 7,101,066 3,414,760 5,700,566 — (958,624) 4,991 38,313,483 Provision 409,086 452,742 20,000 4,849,000 475,000 — — — 6,205,828 Net income (loss) 4,827,397 4,868,765 2,533,392 (2,519,016) 2,197,448 768,095 8,600,144 (12,467,390) 8,808,835 Goodwill 3,222,688 14,979,984 9,888,225 — 45,527,529 — — — 73,618,426 Core deposit intangible — 3,313,000 4,852,300 — 7,971,614 — — — 16,136,914 Total assets 1,579,327,112 1,354,294,043 734,535,978 484,059,163 623,519,770 — 554,345,558 (537,349,129) 4,792,732,495 Three Months Ended September 30, 2017 Total revenue $ 11,771,842 $ 10,892,025 $ 7,678,006 $ 4,534,768 $ — $ 2,689,853 $ 10,028,660 $ (7,052,986) $ 40,542,168 Net interest income 11,664,970 7,903,483 6,379,111 3,245,346 — — (636,562) — 28,556,348 Provision 1,140,436 200,000 574,000 172,000 — — — — 2,086,436 Net income 3,929,158 3,130,319 1,669,209 726,926 — 539,091 7,853,935 (9,994,703) 7,853,935 Goodwill 3,222,688 — 9,888,225 — — — — — 13,110,913 Core deposit intangible — 1,122,263 5,566,350 — — — — — 6,688,613 Total assets 1,456,251,244 1,007,062,151 631,963,143 445,098,530 — — 395,697,820 (385,609,794) 3,550,463,094 Nine Months Ended September 30, 2018 Total revenue $ 49,812,373 $ 49,301,104 $ 25,458,573 $ 15,362,717 $ 7,360,191 $ 9,560,319 $ 38,031,924 $ (38,449,680) $ 156,437,521 Net interest income 36,628,528 32,149,435 20,579,523 10,281,763 5,700,566 — (2,543,909) 4,991 102,800,897 Provision for loan/lease losses 2,783,988 1,682,312 816,602 5,288,500 475,000 — — — 11,046,402 Net income (loss) 13,796,167 14,190,335 6,560,327 (964,098) 2,197,448 2,335,871 29,520,347 (37,832,216) 29,804,181 Goodwill 3,222,688 14,979,984 9,888,225 — 45,527,529 — — — 73,618,426 Core deposit intangible — 3,313,000 4,852,300 — 7,971,614 — — — 16,136,914 Total assets 1,579,327,112 1,354,294,043 734,535,978 484,059,163 623,519,770 — 554,345,558 (537,349,129) 4,792,732,495 Nine Months Ended September 30, 2017 Total revenue $ 39,517,823 $ 31,428,339 $ 23,981,019 $ 12,723,998 $ — $ 7,952,495 $ 30,086,617 $ (27,283,484) $ 118,406,807 Net interest income 34,381,270 22,107,955 20,326,439 9,308,932 — — (1,852,668) — 84,271,928 Provision for loan/lease losses 2,624,538 750,000 2,209,000 631,000 — — — — 6,214,538 Net income 11,657,941 8,893,461 5,484,383 2,406,337 — 1,554,618 25,804,917 (29,996,740) 25,804,917 Goodwill 3,222,688 — 9,888,225 — — — — — 13,110,913 Core deposit intangible — 1,122,263 5,566,350 — — — — — 6,688,613 Total assets 1,456,251,244 1,007,062,151 631,963,143 445,098,530 — — 395,697,820 (385,609,794) 3,550,463,094 |
Note 9 - Regulatory Capital R_2
Note 9 - Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2018: Company: Total risk-based capital $ 449,655 10.87 % $ 330,798 > 8.00 % $ 408,329 > 9.875 % $ 413,497 > 10.00 % Tier 1 risk-based capital 406,578 9.83 % 248,098 > 6.00 325,629 > 7.875 330,798 > 8.00 Tier 1 leverage 406,578 8.87 % 183,278 > 4.00 183,278 > 4.000 229,098 > 5.00 Common equity Tier 1 368,952 8.92 % 186,074 > 4.50 263,605 > 6.375 268,773 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 160,806 11.72 % $ 109,744 > 8.00 % $ 135,466 > 9.875 % $ 137,180 > 10.00 % Tier 1 risk-based capital 147,532 10.75 % 82,308 > 6.00 108,029 > 7.875 109,744 > 8.00 Tier 1 leverage 147,532 9.32 % 63,297 > 4.00 63,297 > 4.000 79,121 > 5.00 Common equity Tier 1 147,532 10.75 % 61,731 > 4.50 87,452 > 6.375 89,167 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 145,066 11.79 % $ 98,462 > 8.00 % $ 121,540 > 9.875 % $ 123,078 > 10.00 % Tier 1 risk-based capital 131,839 10.71 % 73,847 > 6.00 96,924 > 7.875 98,462 > 8.00 Tier 1 leverage 131,839 9.83 % 53,659 > 4.00 53,659 > 4.000 67,074 > 5.00 Common equity Tier 1 131,839 10.71 % 55,385 > 4.50 78,462 > 6.375 80,001 > 6.50 Community State Bank: Total risk-based capital $ 72,601 11.43 % $ 50,801 > 8.00 % $ 62,708 > 9.875 % $ 63,501 > 10.00 % Tier 1 risk-based capital 67,149 10.57 % 38,101 > 6.00 50,007 > 7.875 50,801 > 8.00 Tier 1 leverage 67,149 9.62 % 27,918 > 4.00 27,918 > 4.000 34,898 > 5.00 Common equity Tier 1 67,149 10.57 % 28,576 > 4.50 40,482 > 6.375 41,276 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 45,314 10.19 % $ 35,583 > 8.00 % $ 43,923 > 9.875 % $ 44,479 > 10.00 % Tier 1 risk-based capital 39,692 8.92 % 26,688 > 6.00 35,027 > 7.875 35,583 > 8.00 Tier 1 leverage 39,692 8.20 % 19,365 > 4.00 19,365 > 4.000 24,207 > 5.00 Common equity Tier 1 39,692 8.92 % 20,016 > 4.50 28,356 > 6.375 28,912 > 6.50 Springfield First Community Bank: Total risk-based capital $ 54,108 11.64 % $ 37,196 > 8.00 % $ 45,914 > 9.875 % $ 46,495 > 10.00 % Tier 1 risk-based capital 48,870 10.51 % 27,897 > 6.00 36,615 > 7.875 37,196 > 8.00 Tier 1 leverage 48,870 9.31 % 20,988 > 4.00 20,988 > 4.000 26,235 > 5.00 Common equity Tier 1 48,870 10.51 % 20,923 > 4.50 29,640 > 6.375 30,222 > 6.50 For Capital To Be Well Adequacy Purposes Capitalized Under For Capital With Capital Prompt Corrective Actual Adequacy Purposes Conservation Buffer* Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Company: Total risk-based capital $ 383,282 11.15 % $ 275,090 > 8.00 % $ 318,073 > 9.25 % $ 343,862 > 10.00 % Tier 1 risk-based capital 348,530 10.14 % 206,317 > 6.00 249,300 > 7.25 275,090 > 8.00 Tier 1 leverage 348,530 8.98 % 155,256 > 4.00 155,256 > 4.00 194,070 > 5.00 Common equity Tier 1 313,012 9.10 % 154,738 > 4.50 197,721 > 5.75 223,510 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 160,112 12.35 % $ 103,711 > 8.00 % $ 119,916 > 9.25 % $ 129,639 > 10.00 % Tier 1 risk-based capital 147,472 11.38 % 77,783 > 6.00 93,988 > 7.25 103,711 > 8.00 Tier 1 leverage 147,472 9.52 % 61,985 > 4.00 61,985 > 4.00 77,481 > 5.00 Common equity Tier 1 147,472 11.38 % 58,337 > 4.50 74,542 > 5.75 84,265 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 138,492 11.88 % $ 93,272 > 8.00 % $ 107,846 > 9.25 % $ 116,590 > 10.00 % Tier 1 risk-based capital 126,601 10.86 % 69,954 > 6.00 84,528 > 7.25 93,272 > 8.00 Tier 1 leverage 126,601 11.68 % 43,348 > 4.00 43,348 > 4.00 54,185 > 5.00 Common equity Tier 1 126,601 10.86 % 52,465 > 4.50 67,039 > 5.75 75,783 > 6.50 Community State Bank: Total risk-based capital $ 66,271 11.71 % $ 45,293 > 8.00 % $ 52,370 > 9.25 % $ 56,616 > 10.00 % Tier 1 risk-based capital 61,941 10.94 % 33,970 > 6.00 41,047 > 7.25 45,293 > 8.00 Tier 1 leverage 61,941 9.77 % 25,354 > 4.00 25,354 > 4.00 31,693 > 5.00 Common equity Tier 1 61,941 10.94 % 25,477 > 4.50 32,554 > 5.75 36,801 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 45,684 11.28 % $ 32,413 > 8.00 % $ 37,477 > 9.25 % $ 40,516 > 10.00 % Tier 1 risk-based capital 40,615 10.02 % 24,310 > 6.00 29,374 > 7.25 32,413 > 8.00 Tier 1 leverage 40,615 8.94 % 18,177 > 4.00 18,177 > 4.00 22,721 > 5.00 Common equity Tier 1 40,615 10.02 % 18,232 > 4.50 23,297 > 5.75 26,335 > 6.50 * 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). |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Significant Accounting Policies (Details) - subsidiary | Sep. 30, 2018 | Jul. 01, 2018 |
Summary of Significant Accounting Policies | ||
Number of subsidiaries commercial banks | 5 | 5 |
Note 2 - Mergers and Acquisit_3
Note 2 - Mergers and Acquisitions (Details) | Jul. 02, 2018USD ($) | Jul. 01, 2018USD ($)$ / shares | Jun. 30, 2018USD ($) | Jun. 29, 2018USD ($)$ / shares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Common stock consideration | $ 80,637,194 | |||||||
Total consideration paid | 88,970,729 | |||||||
Business Combination, Consideration Transferred | 88,970,729 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,091,978 | 6,091,978 | ||||||
Business Combination, Acquisition Related Costs | 1,292,043 | $ 407,997 | 1,798,184 | $ 407,997 | ||||
Post-acquisition compensation, transition and integration costs | 493,063 | $ 522,740 | 658,377 | $ 522,740 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,208,728 | 8,208,728 | ||||||
Springfield Bancshares | ||||||||
Number of Branches | 1 | |||||||
Business acquisition exchange ratio | 0.3060 | |||||||
Cash per common share | $ / shares | $ 1.50 | |||||||
Voting interests acquired (as a percent) | 100.00% | |||||||
Common stock consideration | $ 80,637,194 | $ 80,600,000 | ||||||
Share Price | $ / shares | $ 47.45 | |||||||
Total consideration paid | 88,970,729 | $ 89,000,000 | ||||||
Business Combination, Consideration Transferred | 88,970,729 | 89,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, FHLB and Other Borrowings | 83,154,237 | |||||||
Overnight FHLB advances assumed | 40,000,000 | |||||||
FHLB term advances assumed | 33,610,427 | |||||||
Subordinated debentures | 4,743,810 | |||||||
Bank stock loan | 4,800,000 | |||||||
Payment of bank stock loan | $ 4,800,000 | |||||||
Nonaccretable Discount, Accelerated | $ 0 | |||||||
Remaining life of loan (in months) | 11 months | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,091,978 | |||||||
Business Combination, Acquisition Related Costs | 1,400,000 | |||||||
Post-acquisition compensation, transition and integration costs | $ 279,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,208,728 | |||||||
Proceeds from lines of credit | $ 4,900,000 | $ 4,100,000 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 7,400,000 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,200,000 | |||||||
Springfield Bancshares | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 10,000,000 | ||||||
Springfield Bancshares | Core Deposits [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,208,728 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||||
Springfield Bancshares | One Branch Location [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,091,978 | |||||||
Write-up of premises and equipment | $ 617,286 | |||||||
Property, Plant and Equipment, Useful Life | 39 years |
Note 2 - Mergers and Acquisit_4
Note 2 - Mergers and Acquisitions - Consideration Paid and Goodwill (Details) - USD ($) | Jul. 01, 2018 | Jun. 29, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
ASSETS | ||||||
Cash and due from banks | $ 4,586,326 | |||||
Interest-bearing deposits at financial institutions | 62,924,396 | |||||
Securities | 4,845,441 | |||||
Loans/leases receivable, net | 477,336,699 | |||||
Bank-owned life insurance | 7,091,883 | |||||
Premises and equipment | 6,091,978 | |||||
Restricted investment securities | 3,654,200 | |||||
Core deposit intangible | 8,208,728 | |||||
Other assets | 989,056 | |||||
Total assets acquired | 575,728,707 | |||||
LIABILITIES | ||||||
Deposits | 439,579,328 | |||||
Short-term borrowings | 1,143,478 | |||||
FHLB advances | 73,610,427 | |||||
Other borrowings | 9,543,810 | |||||
Other liabilities | 8,408,464 | |||||
Total liabilities assumed | 532,285,507 | |||||
Net assets acquired | 43,443,200 | |||||
Consideration paid: | ||||||
Cash | [1] | 8,333,535 | ||||
Common stock | 80,637,194 | |||||
Total consideration paid | 88,970,729 | |||||
Goodwill | $ 73,618,426 | $ 28,334,092 | $ 13,110,913 | |||
Springfield Bancshares | ||||||
ASSETS | ||||||
Cash and due from banks | $ 4,586,326 | |||||
Interest-bearing deposits at financial institutions | 62,924,396 | |||||
Securities | 4,845,441 | |||||
Loans/leases receivable, net | 477,336,699 | |||||
Bank-owned life insurance | 7,091,883 | |||||
Premises and equipment | 6,091,978 | |||||
Restricted investment securities | 3,654,200 | |||||
Core deposit intangible | 8,208,728 | |||||
Other assets | 989,056 | |||||
Total assets acquired | 575,728,707 | |||||
LIABILITIES | ||||||
Deposits | 439,579,328 | |||||
Short-term borrowings | 1,143,478 | |||||
FHLB advances | 73,610,427 | |||||
Other borrowings | 9,543,810 | |||||
Other liabilities | 8,408,464 | |||||
Total liabilities assumed | 532,285,507 | |||||
Net assets acquired | 43,443,200 | |||||
Consideration paid: | ||||||
Cash | 8,333,535 | |||||
Common stock | 80,637,194 | $ 80,600,000 | ||||
Total consideration paid | 88,970,729 | $ 89,000,000 | ||||
Goodwill | $ 45,527,529 | |||||
[1] | Net cash paid at closing totalted $3,747,209 |
Note 2 - Mergers and Acquisit_5
Note 2 - Mergers and Acquisitions - Purchased Loans As of the Acquisition Date (Details) - Springfield Bancshares | Jul. 01, 2018USD ($) |
Contractually required principal payments | $ 486,992,459 |
Nonaccretable discount | (1,562,455) |
Principal cash flows expected to be collected | 485,430,004 |
Accretable discount | (8,093,305) |
Fair Value of acquired loans | 477,336,699 |
Performing Loans | |
Contractually required principal payments | 479,439,547 |
Principal cash flows expected to be collected | 479,439,547 |
Accretable discount | (7,799,860) |
Fair Value of acquired loans | 471,639,687 |
PCI Loans | |
Contractually required principal payments | 7,552,912 |
Nonaccretable discount | (1,562,455) |
Principal cash flows expected to be collected | 5,990,457 |
Accretable discount | (293,445) |
Fair Value of acquired loans | $ 5,697,012 |
Note 2 - Mergers and Acquisit_6
Note 2 - Mergers and Acquisitions - Changes in Accretable Yield (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Balance at the beginning of the period | $ (5,193,472) | $ (5,409,331) | $ (6,471,207) | $ (9,309,920) |
Discount added at acquisition | (8,093,305) | (8,093,305) | ||
Accretion recognized | 1,848,262 | 683,705 | 3,125,997 | 4,584,294 |
Balance at the end of the period | (12,330,084) | (4,725,626) | (12,330,084) | (4,725,626) |
Performing Loans | ||||
Balance at the beginning of the period | (5,051,424) | (5,325,471) | (6,280,075) | (9,115,614) |
Discount added at acquisition | (7,799,860) | (7,799,860) | ||
Accretion recognized | 1,579,568 | 658,547 | 2,808,219 | 4,448,690 |
Balance at the end of the period | (11,271,716) | (4,666,924) | (11,271,716) | (4,666,924) |
Springfield Bancshares | ||||
Discount added at acquisition | (8,093,305) | |||
Reclassification of nonaccretable discount to accretable | (891,569) | |||
Accretion recognized | 1,214,444 | |||
Balance at the end of the period | (7,770,430) | (7,770,430) | ||
Springfield Bancshares | Performing Loans | ||||
Discount added at acquisition | (7,799,860) | |||
Accretion recognized | 951,592 | |||
Balance at the end of the period | (6,848,268) | (6,848,268) | ||
PCI Loans | ||||
Balance at the beginning of the period | (142,048) | (83,860) | (191,132) | (194,306) |
Discount added at acquisition | (293,445) | (293,445) | ||
Accretion recognized | 268,694 | 25,158 | 317,778 | 135,604 |
Balance at the end of the period | (1,058,368) | $ (58,702) | (1,058,368) | $ (58,702) |
PCI Loans | Springfield Bancshares | ||||
Discount added at acquisition | (293,445) | |||
Reclassification of nonaccretable discount to accretable | (891,569) | |||
Accretion recognized | 262,852 | |||
Balance at the end of the period | $ (922,162) | $ (922,162) |
Note 2 - Mergers and Acquisit_7
Note 2 - Mergers and Acquisitions - Changes in carrying amount of intangibles (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Jul. 01, 2018 | |
Business Acquisition [Line Items] | |||||||
Balance at acquisition | $ 9,078,953 | ||||||
Amortization expense | $ (541,665) | $ (230,867) | (1,150,767) | $ (692,600) | |||
Balance at the end of the period | 16,136,914 | $ 16,136,914 | 6,688,613 | 16,136,914 | 6,688,613 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Net book value | 16,136,914 | 16,136,914 | 6,688,613 | 9,078,953 | 6,688,613 | $ 16,136,914 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||||||
Net book value | 16,136,914 | 16,136,914 | $ 6,688,613 | 9,078,953 | $ 6,688,613 | 16,136,914 | |
Springfield Bancshares | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Balance at acquisition | 8,208,728 | ||||||
Amortization expense | (237,114) | ||||||
Balance at the end of the period | 7,971,614 | 7,971,614 | 7,971,614 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Gross carrying amount | $ 8,208,728 | ||||||
Accumulated amortization | (237,114) | ||||||
Net book value | 7,971,614 | 8,208,728 | 7,971,614 | 7,971,614 | 8,208,728 | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||||||
2,018 | 237,114 | ||||||
2,019 | 932,810 | ||||||
2,020 | 915,051 | ||||||
2,021 | 893,192 | ||||||
2,022 | 867,227 | ||||||
Thereafter | 4,126,220 | ||||||
Net book value | $ 7,971,614 | $ 8,208,728 | $ 7,971,614 | $ 7,971,614 | $ 8,208,728 |
Note 2 - Mergers and Acquisit_8
Note 2 - Mergers and Acquisitions - FHLB Advances (Details) - USD ($) | Sep. 30, 2018 | Jul. 01, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Common stock, issued (in shares) | 15,673,760 | 13,918,168 | |
Common stock, outstanding (in shares) | 15,673,760 | 13,918,168 | |
SPRINGFIELD BANCSHARES, INC | |||
Business Acquisition [Line Items] | |||
Common stock, issued (in shares) | 4,000,000 | ||
Common stock, outstanding (in shares) | 4,000,000 | ||
Springfield Bancshares | |||
Business Acquisition [Line Items] | |||
Overnight FHLB advances assumed | $ 40,000,000 | ||
FHLB term advances assumed | 33,610,427 | ||
Subordinated debentures | 4,743,810 | ||
Bank stock loan | 4,800,000 | ||
Fair value of FHLB and other borrowings assumed | $ 83,154,237 | ||
Interest rate (as a percent) | 5.25% | ||
Springfield Bancshares | FHLB Advances 2.10% due July 2018 | |||
Business Acquisition [Line Items] | |||
Overnight FHLB advances assumed | $ 40,000,000 | ||
Interest rate (as a percent) | 2.10% | ||
Springfield Bancshares | FHLB Advances 2.01% due July 2018 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,991,962 | ||
Interest rate (as a percent) | 2.01% | ||
Springfield Bancshares | FHLB Advances 2.09% due October 2018 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,966,060 | ||
Interest rate (as a percent) | 2.09% | ||
Springfield Bancshares | FHLB Advances 2.09% due September 2019 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,848,879 | ||
Interest rate (as a percent) | 2.09% | ||
Springfield Bancshares | FHLB Advances 1.50% due February 2020 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,787,502 | ||
Interest rate (as a percent) | 1.50% | ||
Springfield Bancshares | FHLB Advances 1.93% due May 2020 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,756,169 | ||
Interest rate (as a percent) | 1.93% | ||
Springfield Bancshares | FHLB Advances 1.96% due January 2021 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,664,663 | ||
Interest rate (as a percent) | 1.96% | ||
Springfield Bancshares | FHLB Advances 2.00% due July 2021 | |||
Business Acquisition [Line Items] | |||
FHLB term advances assumed | $ 4,595,192 | ||
Interest rate (as a percent) | 2.00% | ||
Springfield Bancshares | Subordinated debentures 4.00 % Due April 2021 Option 1 | |||
Business Acquisition [Line Items] | |||
Subordinated debentures | $ 952,566 | ||
Interest rate (as a percent) | 4.00% | ||
Springfield Bancshares | Subordinated debentures 4.00 % Due April 2021 Option 2 | |||
Business Acquisition [Line Items] | |||
Subordinated debentures | $ 952,566 | ||
Interest rate (as a percent) | 4.00% | ||
Springfield Bancshares | Subordinated debentures 4.00 % Due September 2021 Option 1 | |||
Business Acquisition [Line Items] | |||
Subordinated debentures | $ 946,226 | ||
Interest rate (as a percent) | 4.00% | ||
Springfield Bancshares | Subordinated debentures 4.00 % Due September 2021 Option 2 | |||
Business Acquisition [Line Items] | |||
Subordinated debentures | $ 946,226 | ||
Interest rate (as a percent) | 4.00% | ||
Springfield Bancshares | Subordinated debentures 4.00 % Due September 2021 Option 3 | |||
Business Acquisition [Line Items] | |||
Subordinated debentures | $ 946,226 | ||
Interest rate (as a percent) | 4.00% |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)stateitem | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)stateitem | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)stateitem | |
Number of securities | item | 613 | 613 | |||
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions | item | 434 | 434 | |||
Aggregate losses of securities (as a percent) | 3.20% | 3.20% | |||
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | item | 171 | 171 | |||
Other than temporary impairment losses, investments | $ 0 | $ 0 | $ 0 | $ 0 | |
Percentage threshhold | 5 | 5 | |||
General Obligation Bonds | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||||
Concentration risk percentage (as a percent) | 0.00% | 0.00% | |||
Revenue Bonds | Stockholders' Equity, Total [Member] | Credit Concentration Risk [Member] | |||||
Concentration risk percentage (as a percent) | 0.00% | 0.00% | |||
Municipal Bonds | General Obligation Bonds | |||||
Number of issuers | item | 113 | 113 | 131 | ||
Other investments | $ 86,200 | $ 86,200 | $ 108,000 | ||
Number of states holding investments | state | 27 | 27 | 26 | ||
Municipal Bonds | General Obligation Bonds | Minimum | |||||
Other investments | $ 5,000 | $ 5,000 | $ 5,000 | ||
Municipal Bonds | General Obligation Bonds | Aggregate Fair Value Exceeding 5 Million [Member] | |||||
Number of states holding investments | state | 6 | 6 | 9 | ||
Municipal Bonds | Revenue Bonds | |||||
Number of issuers | item | 163 | 163 | 145 | ||
Other investments | $ 360,200 | $ 360,200 | $ 337,300 | ||
Number of states holding investments | 19 | 19 | 16 | ||
Municipal Bonds | Revenue Bonds | Minimum | |||||
Other investments | $ 5,000 | ||||
Municipal Bonds | Revenue Bonds | Aggregate Fair Value Exceeding 5 Million [Member] | |||||
Other investments | $ 5,000 | $ 5,000 | |||
Number of states holding investments | 7 | 7 | 7 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | $ 395,421,195 | $ 379,474,205 |
Securities held to maturity, gross unrealized gains | 3,887,422 | 2,763,718 |
Securities held to maturity, gross unrealized (losses) | (10,767,337) | (2,488,119) |
Securities held to maturity, fair value | 388,541,280 | 379,749,804 |
Securities available for sale: | ||
Securities available for sale, amortized Cost | 265,005,513 | 274,058,995 |
Securities available for sale, gross unrealized gains | 196,269 | 1,749,323 |
Securities available for sale, gross unrealized (losses) | (9,878,340) | (2,900,411) |
Securities available for sale, fair value | 255,323,442 | 272,907,907 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | 394,371,195 | 378,424,205 |
Securities held to maturity, gross unrealized gains | 3,887,422 | 2,763,718 |
Securities held to maturity, gross unrealized (losses) | (10,753,857) | (2,488,119) |
Securities held to maturity, fair value | 387,504,760 | 378,699,804 |
Securities available for sale: | ||
Securities available for sale, amortized Cost | 60,101,620 | 66,176,364 |
Securities available for sale, gross unrealized gains | 150,615 | 660,232 |
Securities available for sale, gross unrealized (losses) | (1,348,028) | (211,100) |
Securities available for sale, fair value | 58,904,207 | 66,625,496 |
Other Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | 1,050,000 | 1,050,000 |
Securities held to maturity, gross unrealized (losses) | (13,480) | |
Securities held to maturity, fair value | 1,036,520 | 1,050,000 |
Securities available for sale: | ||
Securities available for sale, amortized Cost | 4,254,364 | 4,014,004 |
Securities available for sale, gross unrealized gains | 896,384 | |
Securities available for sale, gross unrealized (losses) | (59,474) | (25,815) |
Securities available for sale, fair value | 4,194,890 | 4,884,573 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized Cost | 37,715,802 | 38,409,157 |
Securities available for sale, gross unrealized gains | 9,963 | 37,344 |
Securities available for sale, gross unrealized (losses) | (1,234,016) | (349,967) |
Securities available for sale, fair value | 36,491,749 | 38,096,534 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, amortized Cost | 162,933,727 | 165,459,470 |
Securities available for sale, gross unrealized gains | 35,691 | 155,363 |
Securities available for sale, gross unrealized (losses) | (7,236,822) | (2,313,529) |
Securities available for sale, fair value | $ 155,732,596 | $ 163,301,304 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | $ 171,170,164 | |
Securities held to maturity, less than 12 months, gross unrealized losses | (5,453,001) | |
Securities held to maturity, 12 months or more, fair value | 64,984,249 | |
Securities held to maturity, 12 months or more, gross unrealized losses | (5,314,336) | |
Securities held to maturity, fair value | 236,154,413 | |
Securities held to maturity, gross unrealized losses | (10,767,337) | |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 146,978,402 | $ 128,656,909 |
Securities available for sale, less than 12 months, gross unrealized losses | (3,269,921) | (1,138,843) |
Securities available for sale, 12 months or more, fair value | 131,789,243 | 71,569,641 |
Securities available for sale, 12 months or more, gross unrealized losses | (6,608,419) | (1,761,568) |
Securities available for sale, fair value | 278,767,645 | 200,226,550 |
Securities available for sale, gross unrealized losses | (9,878,340) | (2,900,411) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | 170,633,644 | 23,750,826 |
Securities held to maturity, less than 12 months, gross unrealized losses | (5,439,521) | (354,460) |
Securities held to maturity, 12 months or more, fair value | 64,984,249 | 72,611,780 |
Securities held to maturity, 12 months or more, gross unrealized losses | (5,314,336) | (2,133,659) |
Securities held to maturity, fair value | 235,617,893 | 96,362,606 |
Securities held to maturity, gross unrealized losses | (10,753,857) | (2,488,119) |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 79,442,346 | 10,229,337 |
Securities available for sale, less than 12 months, gross unrealized losses | (976,811) | (41,151) |
Securities available for sale, 12 months or more, fair value | 10,952,533 | 9,997,433 |
Securities available for sale, 12 months or more, gross unrealized losses | (371,217) | (169,949) |
Securities available for sale, fair value | 90,394,879 | 20,226,770 |
Securities available for sale, gross unrealized losses | (1,348,028) | (211,100) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 18,437,573 | 28,576,258 |
Securities available for sale, less than 12 months, gross unrealized losses | (521,633) | (200,022) |
Securities available for sale, 12 months or more, fair value | 15,829,173 | 3,640,477 |
Securities available for sale, 12 months or more, gross unrealized losses | (712,383) | (149,945) |
Securities available for sale, fair value | 34,266,746 | 32,216,735 |
Securities available for sale, gross unrealized losses | (1,234,016) | (349,967) |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 44,903,593 | 88,927,779 |
Securities available for sale, less than 12 months, gross unrealized losses | (1,712,003) | (871,855) |
Securities available for sale, 12 months or more, fair value | 105,007,537 | 57,931,731 |
Securities available for sale, 12 months or more, gross unrealized losses | (5,524,819) | (1,441,674) |
Securities available for sale, fair value | 149,911,130 | 146,859,510 |
Securities available for sale, gross unrealized losses | (7,236,822) | (2,313,529) |
Other Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | 536,520 | |
Securities held to maturity, less than 12 months, gross unrealized losses | (13,480) | |
Securities held to maturity, fair value | 536,520 | |
Securities held to maturity, gross unrealized losses | (13,480) | |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 4,194,890 | 923,535 |
Securities available for sale, less than 12 months, gross unrealized losses | (59,474) | (25,815) |
Securities available for sale, fair value | 4,194,890 | 923,535 |
Securities available for sale, gross unrealized losses | $ (59,474) | $ (25,815) |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Sales of Securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investment Securities | ||||
Proceeds from sales of securities | $ 1,938,043 | $ 8,415,795 | $ 1,938,043 | $ 21,969,870 |
Gross gains from sales of securities | 6,312 | 65,880 | ||
Gross losses from sales of securities | $ (69,900) | $ (91,004) |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Securities held to maturity: | ||
Securities held to maturity, due in one year or less, amortized cost | $ 1,710,335 | |
Securities held to maturity, due in one year or less, fair value | 1,711,153 | |
Securities held to maturity, due after one year through five years, amortized cost | 27,876,391 | |
Securities held to maturity, due after one year through five years, fair value | 27,826,476 | |
Securities held to maturity, due after five years, amortized cost | 365,834,469 | |
Securities held to maturity, due after five years, fair value | 359,003,651 | |
Securities held to maturity, amortized cost | 395,421,195 | |
Securities held to maturity, fair value | 388,541,280 | $ 379,749,804 |
Securities available for sale: | ||
Securities available for sale, due in one year or less, amortized cost | 3,153,996 | |
Securities available for sale, Due in one year or less, fair value | 3,156,871 | |
Securities available for sale, due after one year through five years, amortized cost | 25,663,131 | |
Securities available for sale, Due after one year through five years, fair value | 25,220,152 | |
Securities available for sale, due after five years, amortized cost | 73,254,659 | |
Securities available for sale, Due after five years, fair value | 71,213,823 | |
Securities available for sale, single maturity, amortized cost | 102,071,786 | |
Securities available for sale, single maturity, fair value | 99,590,846 | |
Securities available for sale, amortized cost | 265,005,513 | |
Securities available for sale, fair value | 255,323,442 | |
Callable Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, no single maturity, amortized cost | 59,253,613 | |
Securities available for sale, no single maturity, fair value | 57,823,552 | |
Securities available for sale, callable, amortized cost | 59,253,613 | |
Securities available for sale, callable, fair value | 57,823,552 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, fair value | 387,504,760 | 378,699,804 |
US States and Political Subdivisions Debt Securities [Member] | Callable Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, callable, amortized cost | 229,992,901 | |
Securities held to maturity, callable, fair value | 226,439,711 | |
Securities available for sale: | ||
Securities available for sale, no single maturity, amortized cost | 50,248,182 | |
Securities available for sale, no single maturity, fair value | 49,027,162 | |
Securities available for sale, callable, amortized cost | 50,248,182 | |
Securities available for sale, callable, fair value | 49,027,162 | |
US Government-sponsored Enterprises Debt Securities [Member] | Callable Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, no single maturity, amortized cost | 4,998,969 | |
Securities available for sale, no single maturity, fair value | 4,847,750 | |
Securities available for sale, callable, amortized cost | 4,998,969 | |
Securities available for sale, callable, fair value | 4,847,750 | |
Corporate Debt Securities [Member] | Callable Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, no single maturity, amortized cost | 4,006,462 | |
Securities available for sale, no single maturity, fair value | 3,948,640 | |
Securities available for sale, callable, amortized cost | 4,006,462 | |
Securities available for sale, callable, fair value | 3,948,640 | |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, no single maturity, amortized cost | 162,933,727 | |
Securities available for sale, no single maturity, fair value | 155,732,596 | |
Securities available for sale, callable, amortized cost | 162,933,727 | |
Securities available for sale, callable, fair value | 155,732,596 | |
Other Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, fair value | $ 1,036,520 | $ 1,050,000 |
Note 4 - Loans Leases Receiva_3
Note 4 - Loans Leases Receivable - Textual (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($)item | Jun. 30, 2017USD ($)item | Dec. 31, 2016USD ($)item | Sep. 30, 2018USD ($)leaseitem | Sep. 30, 2017USD ($)leaseitem | Dec. 31, 2017USD ($)item | |
Loans and leases | $ 3,644,099,503 | $ 3,644,099,503 | $ 2,956,713,493 | ||||
Loans and leases receivable loss | 0 | $ 0 | 0 | $ 0 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 23,576,285 | 23,576,285 | 11,441,234 | ||||
Financing Receivable, Modifications, Recorded Investment | $ 7,276,337 | $ 7,276,337 | 9,394,967 | ||||
Financing Receivable, Modifications, Number of Contracts | 8 | 8 | 11 | 36 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 4,309,980 | $ 1,037,049 | $ 4,403,824 | $ 2,795,032 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | item | 2 | 4 | 2 | 4 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 774,000 | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 577,377 | $ 65,623 | |||||
Number of TDRs restructured and written off | item | 8 | 8 | 2 | ||||
One Customer [Member] | |||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | item | 2 | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 112,000 | ||||||
Other Customers [Member] | |||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | item | 2 | ||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 195,000 | ||||||
Nonaccrual [Member] | |||||||
Financing Receivable, Modifications, Number of Contracts | item | 4 | 3 | |||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,300,424 | $ 1,384,680 | |||||
Troubled Debt Restructurings [Member] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,036,422 | 3,036,422 | $ 2,282,495 | ||||
Residential Portfolio Segment [Member] | |||||||
Loans and leases | 309,287,535 | 309,287,535 | 258,646,265 | ||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | 2,557,907 | 2,557,907 | 645,001 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 973,947 | 973,947 | 1,363,806 | ||||
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 82,151 | 82,151 | 115,190 | ||||
Commercial Portfolio Segment [Member] | |||||||
Loans and leases | 1,380,542,524 | 1,380,542,524 | 1,134,516,315 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,046,588 | 8,046,588 | 1,231,353 | ||||
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 336,168 | 336,168 | 122,598 | ||||
Commercial Portfolio Segment [Member] | m2 Lease Funds, LLC [Member] | |||||||
Loans and leases | 98,823,351 | 98,823,351 | 66,758,397 | ||||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans and leases | 1,727,326,190 | 1,727,326,190 | 1,303,491,882 | ||||
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,026,376 | 2,026,376 | 1,336,871 | ||||
Finance Leases Portfolio Segment [Member] | |||||||
Loans and leases | 126,751,783 | 126,751,783 | 141,448,232 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,966,716 | 1,966,716 | 2,175,044 | ||||
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 587,613 | 587,613 | 700,255 | ||||
Consumer Portfolio Segment [Member] | |||||||
Loans and leases | 100,191,471 | 100,191,471 | 118,610,799 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 230,616 | 230,616 | 249,091 | ||||
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | |||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 4,114 | $ 4,114 | $ 7,581 |
Note 4 - Loans Leases Receiva_4
Note 4 - Loans Leases Receivable - Composition of the Loan Lease Portfolio (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Gross loans/leases receivable | $ 3,653,386,367 | $ 2,964,485,400 | ||||
Less allowance | (43,077,457) | $ (37,545,076) | (34,355,728) | $ (34,982,341) | $ (33,356,632) | $ (30,757,448) |
Net loans/leases receivable | 3,610,308,910 | 2,930,129,672 | ||||
Plus deferred loan/lease origination costs, net of fees | 9,286,864 | 7,771,907 | ||||
Loans and Leases Receivable, Net of Deferred Income | 3,644,099,503 | 2,956,713,493 | ||||
Commercial Portfolio Segment [Member] | ||||||
Less allowance | (18,916,859) | (15,233,871) | (14,323,036) | (14,402,715) | (14,207,733) | (12,545,110) |
Loans and Leases Receivable, Net of Deferred Income | 1,380,542,524 | 1,134,516,315 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Less allowance | (17,716,198) | (15,819,040) | (13,962,688) | (14,359,374) | (12,999,233) | (11,670,609) |
Loans and Leases Receivable, Net of Deferred Income | 1,727,326,190 | 1,303,491,882 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 449,056,125 | 332,742,477 | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 224,295,259 | 186,402,404 | ||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 1,053,974,806 | 784,347,000 | ||||
Finance Leases Portfolio Segment [Member] | ||||||
Net minimum lease payments to be received | 140,055,010 | 156,583,887 | ||||
Estimated unguaranteed residual values of leased assets | 929,932 | 929,932 | ||||
Unearned lease/residual income | (14,233,159) | (16,065,587) | ||||
Gross loans/leases receivable | 130,791,418 | 146,072,259 | ||||
Less allowance | (2,632,247) | (2,724,355) | (2,382,098) | (2,652,758) | (2,638,301) | (3,111,898) |
Net loans/leases receivable | 128,159,171 | 143,690,161 | ||||
Plus deferred loan/lease origination costs, net of fees | 4,039,635 | 4,624,027 | ||||
Loans and Leases Receivable, Net of Deferred Income | 126,751,783 | 141,448,232 | ||||
Residential Portfolio Segment [Member] | ||||||
Less allowance | (2,506,838) | (2,433,102) | (2,466,431) | (2,398,978) | (2,430,454) | (2,342,344) |
Loans and Leases Receivable, Net of Deferred Income | 309,287,535 | 258,646,265 | ||||
Consumer Portfolio Segment [Member] | ||||||
Less allowance | (1,305,315) | $ (1,334,708) | (1,221,475) | $ (1,168,516) | $ (1,080,911) | $ (1,087,487) |
Loans and Leases Receivable, Net of Deferred Income | $ 100,191,471 | $ 118,610,799 |
Note 4 - Loans Leases Receiva_5
Note 4 - Loans Leases Receivable - Changes in Accretable Yield (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Balance at the beginning of the period | $ (5,193,472) | $ (5,409,331) | $ (6,471,207) | $ (9,309,920) |
Discount added at acquisition | (8,093,305) | (8,093,305) | ||
Reclassification of nonaccretable discount to accretable | (891,569) | (891,569) | ||
Accretion recognized | 1,848,262 | 683,705 | 3,125,997 | 4,584,294 |
Balance at the end of the period | (12,330,084) | (4,725,626) | (12,330,084) | (4,725,626) |
PCI Loans | ||||
Balance at the beginning of the period | (142,048) | (83,860) | (191,132) | (194,306) |
Discount added at acquisition | (293,445) | (293,445) | ||
Reclassification of nonaccretable discount to accretable | (891,569) | (891,569) | ||
Accretion recognized | 268,694 | 25,158 | 317,778 | 135,604 |
Balance at the end of the period | (1,058,368) | (58,702) | (1,058,368) | (58,702) |
Performing Loans | ||||
Balance at the beginning of the period | (5,051,424) | (5,325,471) | (6,280,075) | (9,115,614) |
Discount added at acquisition | (7,799,860) | (7,799,860) | ||
Accretion recognized | 1,579,568 | 658,547 | 2,808,219 | 4,448,690 |
Balance at the end of the period | $ (11,271,716) | $ (4,666,924) | $ (11,271,716) | $ (4,666,924) |
Note 4 - Loans Leases Receiva_6
Note 4 - Loans Leases Receivable - Aging of the Loan Lease Portfolio (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current | $ 3,609,446,916 | $ 2,929,430,446 |
Accruing Past Due 90 Days or More | 1,409,355 | 88,671 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 23,576,285 | 11,441,234 |
Loans and leases | $ 3,644,099,503 | $ 2,956,713,493 |
Current as a percentage of total loan/lease portfolio | 99.05% | 99.08% |
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.04% | 0.00% |
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.65% | 0.39% |
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 | $ 7,250,850 | $ 14,795,578 |
Past due as a percentage of total loan/lease portfolio | 0.20% | 0.50% |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | $ 2,416,097 | $ 957,563 |
Past due as a percentage of total loan/lease portfolio | 0.07% | 0.03% |
Commercial Portfolio Segment [Member] | ||
Current | $ 1,371,826,021 | $ 1,124,734,486 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,046,588 | 1,231,353 |
Loans and leases | 1,380,542,524 | 1,134,516,315 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 143,866 | 8,306,829 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 526,049 | 243,647 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and leases | 1,727,326,190 | 1,303,491,882 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Current | 447,031,462 | 331,868,142 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 408,648 | 333,900 |
Loans and leases | 449,056,125 | 332,742,477 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Current | 217,512,489 | 181,558,092 |
Accruing Past Due 90 Days or More | 1,131,975 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,655,809 | 4,844,312 |
Loans and leases | 224,295,259 | 186,402,404 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Current | 1,043,267,553 | 782,526,249 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,293,961 | 1,243,728 |
Loans and leases | 1,053,974,806 | 784,347,000 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Past Due | 1,506,334 | 540,435 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Past Due | 3,994,986 | |
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 | 413,292 | 572,877 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Past Due | 109,681 | |
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 | 4,146 | |
Finance Leases Portfolio Segment [Member] | ||
Current | 123,407,592 | 137,708,397 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,966,716 | 2,175,044 |
Loans and leases | 126,751,783 | 141,448,232 |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 1,153,460 | 1,305,191 |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 224,015 | 259,600 |
Residential Portfolio Segment [Member] | ||
Current | 306,900,388 | 253,261,821 |
Accruing Past Due 90 Days or More | 270,413 | 74,519 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 973,947 | 1,363,806 |
Loans and leases | 309,287,535 | 258,646,265 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 3,552,709 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 1,142,787 | 393,410 |
Consumer Portfolio Segment [Member] | ||
Current | 99,501,411 | 117,773,259 |
Accruing Past Due 90 Days or More | 6,967 | 14,152 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 230,616 | 249,091 |
Loans and leases | 100,191,471 | 118,610,799 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 38,912 | 517,537 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | $ 413,565 | $ 56,760 |
Note 4 - Loans Leases Receiva_7
Note 4 - Loans Leases Receivable - Loans Leases Nonperforming Loans Leases (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accruing Past Due 90 Days or More | $ 1,409,355 | $ 88,671 |
Nonaccrual Loans/Leases | 23,576,285 | 11,441,234 |
Accruing TDRs | 7,276,337 | 9,394,967 |
Loans and Leases Receivable, Net of Deferred Income | $ 3,644,099,503 | $ 2,956,713,493 |
Percentage of Total NPLs | 100.00% | 100.00% |
Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | $ 1,409,355 | $ 88,671 |
Nonaccrual Loans/Leases | 23,576,285 | 11,441,234 |
Accruing TDRs | 4,239,915 | 7,112,472 |
Loans and Leases Receivable, Net of Deferred Income | $ 29,225,555 | $ 18,642,377 |
Percentage of Total NPLs | 100.00% | 100.00% |
Commercial Portfolio Segment [Member] | ||
Nonaccrual Loans/Leases | $ 8,046,588 | $ 1,231,353 |
Loans and Leases Receivable, Net of Deferred Income | 1,380,542,524 | 1,134,516,315 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Nonaccrual Loans/Leases | 8,046,588 | 1,231,353 |
Accruing TDRs | 677,859 | 5,224,182 |
Loans and Leases Receivable, Net of Deferred Income | $ 8,724,447 | $ 6,455,535 |
Percentage of Total NPLs | 29.85% | 34.63% |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,727,326,190 | $ 1,303,491,882 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 408,648 | 333,900 |
Loans and Leases Receivable, Net of Deferred Income | 449,056,125 | 332,742,477 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accruing Past Due 90 Days or More | 1,131,975 | |
Nonaccrual Loans/Leases | 1,655,809 | 4,844,312 |
Loans and Leases Receivable, Net of Deferred Income | 224,295,259 | 186,402,404 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 10,293,961 | 1,243,728 |
Loans and Leases Receivable, Net of Deferred Income | 1,053,974,806 | 784,347,000 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 408,648 | 333,900 |
Accruing TDRs | 106,470 | 107,322 |
Loans and Leases Receivable, Net of Deferred Income | $ 515,118 | $ 441,222 |
Percentage of Total NPLs | 1.76% | 2.37% |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||
Accruing Past Due 90 Days or More | $ 1,131,975 | |
Nonaccrual Loans/Leases | 1,655,809 | $ 4,844,312 |
Loans and Leases Receivable, Net of Deferred Income | $ 2,787,784 | $ 4,844,312 |
Percentage of Total NPLs | 9.54% | 25.99% |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | $ 10,293,961 | $ 1,243,728 |
Accruing TDRs | 2,975,703 | |
Loans and Leases Receivable, Net of Deferred Income | $ 13,269,664 | $ 1,243,728 |
Percentage of Total NPLs | 45.41% | 6.67% |
Finance Leases Portfolio Segment [Member] | ||
Nonaccrual Loans/Leases | $ 1,966,716 | $ 2,175,044 |
Loans and Leases Receivable, Net of Deferred Income | 126,751,783 | 141,448,232 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Nonaccrual Loans/Leases | 1,966,716 | 2,175,044 |
Accruing TDRs | 163,681 | 1,494,448 |
Loans and Leases Receivable, Net of Deferred Income | $ 2,130,397 | $ 3,669,492 |
Percentage of Total NPLs | 7.29% | 19.68% |
Residential Portfolio Segment [Member] | ||
Accruing Past Due 90 Days or More | $ 270,413 | $ 74,519 |
Nonaccrual Loans/Leases | 973,947 | 1,363,806 |
Loans and Leases Receivable, Net of Deferred Income | 309,287,535 | 258,646,265 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | 270,413 | 74,519 |
Nonaccrual Loans/Leases | 973,947 | 1,363,806 |
Accruing TDRs | 305,792 | 272,493 |
Loans and Leases Receivable, Net of Deferred Income | $ 1,550,152 | $ 1,710,818 |
Percentage of Total NPLs | 5.30% | 9.18% |
Consumer Portfolio Segment [Member] | ||
Accruing Past Due 90 Days or More | $ 6,967 | $ 14,152 |
Nonaccrual Loans/Leases | 230,616 | 249,091 |
Loans and Leases Receivable, Net of Deferred Income | 100,191,471 | 118,610,799 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | 6,967 | 14,152 |
Nonaccrual Loans/Leases | 230,616 | 249,091 |
Accruing TDRs | 10,410 | 14,027 |
Loans and Leases Receivable, Net of Deferred Income | $ 247,993 | $ 277,270 |
Percentage of Total NPLs | 0.85% | 1.49% |
Note 4 - Loans Leases Receiva_8
Note 4 - Loans Leases Receivable - Allowance for Estimated Losses on Loans Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Balance | $ 37,545,076 | $ 33,356,632 | $ 34,355,728 | $ 30,757,448 | ||
Provision for loan/lease losses | 6,205,828 | 2,086,436 | 11,046,402 | 6,214,538 | ||
Loans/leases charged off | (990,648) | (649,724) | (2,951,381) | (2,393,953) | ||
Recoveries on loans/leases previously charged off | 317,201 | 188,997 | 626,708 | 404,308 | ||
Balance | 43,077,457 | 34,982,341 | 43,077,457 | 34,982,341 | ||
Allowance for impaired loans/leases | $ 9,035,501 | $ 3,043,319 | ||||
Allowance for nonimpaired loans/leases | 34,041,956 | 31,312,409 | ||||
Less allowance for estimated losses on loans/leases | 37,545,076 | 33,356,632 | 34,355,728 | 30,757,448 | 43,077,457 | 34,355,728 |
Impaired loans/leases | 30,545,602 | 18,354,163 | ||||
Nonimpaired loans/leases | 3,613,553,901 | 2,938,359,330 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 3,644,099,503 | $ 2,956,713,493 | ||||
Allowance as a percentage of impaired loans/leases | 29.58% | 16.58% | ||||
Allowance as a percentage of nonimpaired loans/leases | 0.94% | 1.07% | ||||
Total allowance as a percentage of total loans/leases | 1.18% | 1.16% | ||||
Commercial Portfolio Segment [Member] | ||||||
Balance | 15,233,871 | 14,207,733 | 14,323,036 | 12,545,110 | ||
Provision for loan/lease losses | 3,698,588 | 469,977 | 5,283,763 | 2,345,121 | ||
Loans/leases charged off | (87,040) | (338,361) | (911,429) | (630,704) | ||
Recoveries on loans/leases previously charged off | 71,440 | 63,366 | 221,489 | 143,188 | ||
Balance | 18,916,859 | 14,402,715 | 18,916,859 | 14,402,715 | ||
Allowance for impaired loans/leases | $ 4,787,321 | $ 715,627 | ||||
Allowance for nonimpaired loans/leases | 14,129,538 | 13,607,409 | ||||
Less allowance for estimated losses on loans/leases | 15,233,871 | 14,207,733 | 14,323,036 | 12,545,110 | 18,916,859 | 14,323,036 |
Impaired loans/leases | 11,064,848 | 6,248,209 | ||||
Nonimpaired loans/leases | 1,369,477,676 | 1,128,268,106 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 1,380,542,524 | $ 1,134,516,315 | ||||
Allowance as a percentage of impaired loans/leases | 43.27% | 11.45% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.03% | 1.21% | ||||
Total allowance as a percentage of total loans/leases | 1.37% | 1.26% | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Balance | 15,819,040 | 12,999,233 | 13,962,688 | 11,670,609 | ||
Provision for loan/lease losses | 2,254,313 | 1,349,393 | 4,091,170 | 2,655,521 | ||
Loans/leases charged off | (387,499) | (387,499) | (10,375) | |||
Recoveries on loans/leases previously charged off | 30,344 | 10,748 | 49,839 | 43,619 | ||
Balance | 17,716,198 | 14,359,374 | 17,716,198 | 14,359,374 | ||
Allowance for impaired loans/leases | $ 3,555,829 | $ 1,429,460 | ||||
Allowance for nonimpaired loans/leases | 14,160,369 | 12,533,228 | ||||
Less allowance for estimated losses on loans/leases | 15,819,040 | 12,999,233 | 13,962,688 | 11,670,609 | 17,716,198 | 13,962,688 |
Impaired loans/leases | 15,944,006 | 6,529,262 | ||||
Nonimpaired loans/leases | 1,711,382,184 | 1,296,962,620 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 1,727,326,190 | $ 1,303,491,882 | ||||
Allowance as a percentage of impaired loans/leases | 22.30% | 21.89% | ||||
Allowance as a percentage of nonimpaired loans/leases | 0.83% | 0.97% | ||||
Total allowance as a percentage of total loans/leases | 1.03% | 1.07% | ||||
Finance Leases Portfolio Segment [Member] | ||||||
Balance | 2,724,355 | 2,638,301 | 2,382,098 | 3,111,898 | ||
Provision for loan/lease losses | 124,803 | 179,190 | 1,417,494 | 981,877 | ||
Loans/leases charged off | (427,638) | (268,669) | (1,505,824) | (1,611,432) | ||
Recoveries on loans/leases previously charged off | 210,727 | 103,936 | 338,479 | 170,415 | ||
Balance | 2,632,247 | 2,652,758 | 2,632,247 | 2,652,758 | ||
Allowance for impaired loans/leases | $ 363,439 | $ 504,469 | ||||
Allowance for nonimpaired loans/leases | 2,268,808 | 1,877,629 | ||||
Less allowance for estimated losses on loans/leases | 2,724,355 | 2,638,301 | 2,382,098 | 3,111,898 | 2,632,247 | 2,382,098 |
Impaired loans/leases | 2,147,125 | 3,669,492 | ||||
Nonimpaired loans/leases | 124,604,658 | 137,778,740 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 126,751,783 | $ 141,448,232 | ||||
Allowance as a percentage of impaired loans/leases | 16.93% | 13.75% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.82% | 1.36% | ||||
Total allowance as a percentage of total loans/leases | 2.08% | 1.68% | ||||
Residential Portfolio Segment [Member] | ||||||
Balance | 2,433,102 | 2,430,454 | 2,466,431 | 2,342,344 | ||
Provision for loan/lease losses | 131,977 | (11,654) | 149,923 | 148,017 | ||
Loans/leases charged off | (58,241) | (25,822) | (110,566) | (101,006) | ||
Recoveries on loans/leases previously charged off | 6,000 | 1,050 | 9,623 | |||
Balance | 2,506,838 | 2,398,978 | 2,506,838 | 2,398,978 | ||
Allowance for impaired loans/leases | $ 226,263 | $ 355,167 | ||||
Allowance for nonimpaired loans/leases | 2,280,575 | 2,111,264 | ||||
Less allowance for estimated losses on loans/leases | 2,433,102 | 2,430,454 | 2,466,431 | 2,342,344 | 2,506,838 | 2,466,431 |
Impaired loans/leases | 1,148,009 | 1,704,846 | ||||
Nonimpaired loans/leases | 308,139,526 | 256,941,419 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 309,287,535 | $ 258,646,265 | ||||
Allowance as a percentage of impaired loans/leases | 19.71% | 20.83% | ||||
Allowance as a percentage of nonimpaired loans/leases | 0.74% | 0.82% | ||||
Total allowance as a percentage of total loans/leases | 0.81% | 0.95% | ||||
Consumer Portfolio Segment [Member] | ||||||
Balance | 1,334,708 | 1,080,911 | 1,221,475 | 1,087,487 | ||
Provision for loan/lease losses | (3,853) | 99,530 | 104,052 | 84,002 | ||
Loans/leases charged off | (30,230) | (16,872) | (36,063) | (40,436) | ||
Recoveries on loans/leases previously charged off | 4,690 | 4,947 | 15,851 | 37,463 | ||
Balance | 1,305,315 | 1,168,516 | 1,305,315 | 1,168,516 | ||
Allowance for impaired loans/leases | $ 102,649 | $ 38,596 | ||||
Allowance for nonimpaired loans/leases | 1,202,666 | 1,182,879 | ||||
Less allowance for estimated losses on loans/leases | $ 1,334,708 | $ 1,080,911 | $ 1,221,475 | $ 1,087,487 | 1,305,315 | 1,221,475 |
Impaired loans/leases | 241,614 | 202,354 | ||||
Nonimpaired loans/leases | 99,949,857 | 118,408,445 | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 100,191,471 | $ 118,610,799 | ||||
Allowance as a percentage of impaired loans/leases | 42.48% | 19.07% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.20% | 1.00% | ||||
Total allowance as a percentage of total loans/leases | 1.30% | 1.03% |
Note 4 - Loans Leases Receiva_9
Note 4 - Loans Leases Receivable - Impaired Loans Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Recorded investment with no specific allowance recorded | $ 9,220,714 | $ 9,220,714 | $ 7,117,268 | |
Unpaid principal balance with no specific allowance recorded | 9,309,769 | 9,309,769 | 7,202,484 | |
Average recorded investment with no specific allowance recorded | 6,654,324 | $ 6,180,109 | 5,982,078 | |
Interest income recognized with no specific allowance recorded | 28,671 | 72,358 | 183,313 | |
Interest income recognized for cash payments received with no specific allowance recorded | 28,671 | 72,358 | 183,313 | |
Recorded investment with specific allowance recorded | 21,324,888 | 21,324,888 | 11,236,897 | |
Unpaid principal balance with specific allowance recorded | 21,347,964 | 21,347,964 | 11,240,836 | |
Related allowance | 9,035,501 | 9,035,501 | 3,043,319 | |
Average recorded investment with specific allowance recorded | 14,005,851 | 16,080,213 | 10,138,418 | |
Interest income recognized with specific allowance recorded | 13,475 | 58,827 | 23,490 | |
Interest income recognized for cash payments received with specific allowance recorded | 13,475 | 58,827 | 23,490 | |
Recorded investment | 30,545,602 | 30,545,602 | 18,354,163 | |
Unpaid principal balance | 30,657,733 | 30,657,733 | 18,443,318 | |
Average recorded investment | 20,660,175 | 22,260,322 | 16,120,496 | |
Interest income recognized | 42,146 | 131,185 | 206,803 | |
Interest income recognized for cash payments received | 42,146 | 131,185 | 206,803 | |
Commercial Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 4,549,509 | 4,549,509 | 1,634,269 | |
Unpaid principal balance with no specific allowance recorded | 4,563,785 | 4,563,785 | 1,644,706 | |
Average recorded investment with no specific allowance recorded | 2,794,748 | 1,301,977 | 2,139,521 | |
Interest income recognized with no specific allowance recorded | 16,792 | 25,816 | 145,605 | |
Interest income recognized for cash payments received with no specific allowance recorded | 16,792 | 25,816 | 145,605 | |
Recorded investment with specific allowance recorded | 6,515,339 | 6,515,339 | 4,613,940 | |
Unpaid principal balance with specific allowance recorded | 6,515,339 | 6,515,339 | 4,617,879 | |
Related allowance | 4,787,321 | 4,787,321 | 715,627 | |
Average recorded investment with specific allowance recorded | 3,401,073 | 5,157,671 | 1,845,156 | |
Interest income recognized with specific allowance recorded | 1,916 | 53,127 | 5,878 | |
Interest income recognized for cash payments received with specific allowance recorded | 1,916 | 53,127 | 5,878 | |
Recorded investment | 11,064,848 | 11,064,848 | 6,248,209 | |
Unpaid principal balance | 11,079,124 | 11,079,124 | 6,262,585 | |
Average recorded investment | 6,195,821 | 6,459,648 | 3,984,677 | |
Interest income recognized | 18,708 | 78,943 | 151,483 | |
Interest income recognized for cash payments received | 18,708 | 78,943 | 151,483 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 288,409 | 288,409 | 289,261 | |
Unpaid principal balance with no specific allowance recorded | 288,409 | 288,409 | 289,261 | |
Average recorded investment with no specific allowance recorded | 288,611 | 53,661 | 288,936 | |
Interest income recognized with no specific allowance recorded | 6,783 | |||
Interest income recognized for cash payments received with no specific allowance recorded | 6,783 | |||
Recorded investment with specific allowance recorded | 138,201 | 138,201 | 151,962 | |
Unpaid principal balance with specific allowance recorded | 138,201 | 138,201 | 151,962 | |
Related allowance | 34,701 | 34,701 | 48,462 | |
Average recorded investment with specific allowance recorded | 140,495 | 155,020 | 145,082 | |
Recorded investment | 426,610 | 426,610 | 441,222 | |
Unpaid principal balance | 426,610 | 426,610 | 441,222 | |
Average recorded investment | 429,106 | 208,681 | 434,018 | |
Interest income recognized | 6,783 | |||
Interest income recognized for cash payments received | 6,783 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Recorded investment with specific allowance recorded | 5,801,618 | 5,801,618 | 4,844,312 | |
Unpaid principal balance with specific allowance recorded | 5,801,618 | 5,801,618 | 4,844,312 | |
Related allowance | 2,145,425 | 2,145,425 | 1,379,235 | |
Average recorded investment with specific allowance recorded | 5,483,757 | 4,345,880 | 5,116,524 | |
Recorded investment | 5,801,618 | 5,801,618 | 4,844,312 | |
Unpaid principal balance | 5,801,618 | 5,801,618 | 4,844,312 | |
Average recorded investment | 5,483,757 | 4,345,880 | 5,116,524 | |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 2,018,910 | 2,018,910 | 1,171,565 | |
Unpaid principal balance with no specific allowance recorded | 2,018,910 | 2,018,910 | 1,171,565 | |
Average recorded investment with no specific allowance recorded | 1,009,590 | 1,173,629 | 504,880 | |
Interest income recognized with no specific allowance recorded | 9,189 | 26,649 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 9,189 | 26,649 | ||
Recorded investment with specific allowance recorded | 7,696,868 | 7,696,868 | 72,163 | |
Unpaid principal balance with specific allowance recorded | 7,696,868 | 7,696,868 | 72,163 | |
Related allowance | 1,375,703 | 1,375,703 | 1,763 | |
Average recorded investment with specific allowance recorded | 3,848,434 | 4,929,960 | 1,924,217 | |
Interest income recognized with specific allowance recorded | 8,506 | 8,506 | ||
Interest income recognized for cash payments received with specific allowance recorded | 8,506 | 8,506 | ||
Recorded investment | 9,715,778 | 9,715,778 | 1,243,728 | |
Unpaid principal balance | 9,715,778 | 9,715,778 | 1,243,728 | |
Average recorded investment | 4,858,024 | 6,103,589 | 2,429,097 | |
Interest income recognized | 17,695 | 35,155 | ||
Interest income recognized for cash payments received | 17,695 | 35,155 | ||
Finance Leases Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 1,569,905 | 1,569,905 | 2,944,540 | |
Unpaid principal balance with no specific allowance recorded | 1,569,905 | 1,569,905 | 2,944,540 | |
Average recorded investment with no specific allowance recorded | 1,780,494 | 2,820,518 | 2,295,387 | |
Interest income recognized with no specific allowance recorded | 2,483 | 39,759 | 10,852 | |
Interest income recognized for cash payments received with no specific allowance recorded | 2,483 | 39,759 | 10,852 | |
Recorded investment with specific allowance recorded | 577,220 | 577,220 | 724,953 | |
Unpaid principal balance with specific allowance recorded | 577,220 | 577,220 | 724,953 | |
Related allowance | 363,439 | 363,439 | 504,469 | |
Average recorded investment with specific allowance recorded | 557,572 | 893,042 | 532,999 | |
Recorded investment | 2,147,125 | 2,147,125 | 3,669,492 | |
Unpaid principal balance | 2,147,125 | 2,147,125 | 3,669,492 | |
Average recorded investment | 2,338,066 | 3,713,560 | 2,828,386 | |
Interest income recognized | 2,483 | 39,759 | 10,852 | |
Interest income recognized for cash payments received | 2,483 | 39,759 | 10,852 | |
Residential Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 663,167 | 663,167 | 943,388 | |
Unpaid principal balance with no specific allowance recorded | 737,946 | 737,946 | 1,018,167 | |
Average recorded investment with no specific allowance recorded | 665,567 | 690,791 | 649,064 | |
Interest income recognized with no specific allowance recorded | 207 | 207 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 207 | 207 | ||
Recorded investment with specific allowance recorded | 484,842 | 484,842 | 761,458 | |
Unpaid principal balance with specific allowance recorded | 507,918 | 507,918 | 761,458 | |
Related allowance | 226,263 | 226,263 | 355,167 | |
Average recorded investment with specific allowance recorded | 461,398 | 550,476 | 447,006 | |
Interest income recognized with specific allowance recorded | 2,984 | 5,601 | 8,877 | |
Interest income recognized for cash payments received with specific allowance recorded | 2,984 | 5,601 | 8,877 | |
Recorded investment | 1,148,009 | 1,148,009 | 1,704,846 | |
Unpaid principal balance | 1,245,864 | 1,245,864 | 1,779,625 | |
Average recorded investment | 1,126,965 | 1,241,267 | 1,096,070 | |
Interest income recognized | 3,191 | 5,601 | 9,084 | |
Interest income recognized for cash payments received | 3,191 | 5,601 | 9,084 | |
Consumer Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 130,814 | 130,814 | 134,245 | |
Unpaid principal balance with no specific allowance recorded | 130,814 | 130,814 | 134,245 | |
Average recorded investment with no specific allowance recorded | 115,314 | 139,533 | 104,290 | |
Recorded investment with specific allowance recorded | 110,800 | 110,800 | 68,109 | |
Unpaid principal balance with specific allowance recorded | 110,800 | 110,800 | 68,109 | |
Related allowance | 102,649 | 102,649 | 38,596 | |
Average recorded investment with specific allowance recorded | 113,122 | 48,164 | 127,434 | |
Interest income recognized with specific allowance recorded | 69 | 99 | 229 | |
Interest income recognized for cash payments received with specific allowance recorded | 69 | 99 | 229 | |
Recorded investment | 241,614 | 241,614 | 202,354 | |
Unpaid principal balance | 241,614 | 241,614 | $ 202,354 | |
Average recorded investment | 228,436 | 187,697 | 231,724 | |
Interest income recognized | 69 | 99 | 229 | |
Interest income recognized for cash payments received | $ 69 | $ 99 | $ 229 |
Note 4 - Loans Leases Receiv_10
Note 4 - Loans Leases Receivable - Loans by Internally Assigned Risk Rating (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Loans and leases | $ 3,644,099,503 | $ 2,956,713,493 |
Commercial Portfolio Segment [Member] | ||
Loans and leases | 1,380,542,524 | 1,134,516,315 |
Commercial Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | ||
Loans and leases | 1,281,719,173 | 1,067,757,917 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases | 1,236,971,045 | 1,031,963,703 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and leases | 28,051,461 | 10,944,924 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases | 16,693,746 | 24,578,731 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases | 2,921 | 270,559 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and leases | 1,727,326,190 | 1,303,491,882 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 449,056,125 | 332,742,477 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans and leases | 224,295,259 | 186,402,404 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 1,053,974,806 | 784,347,000 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 449,056,125 | 332,742,477 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Construction Loans [Member] | ||
Loans and leases | 224,295,259 | 186,402,404 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 1,053,974,806 | 784,347,000 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 438,799,404 | 318,293,608 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Loans and leases | 216,655,705 | 179,142,839 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 1,021,710,298 | 767,119,909 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 6,972,157 | 8,230,060 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Loans and leases | 3,850,042 | 1,780,000 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 10,356,053 | 10,068,870 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 3,284,564 | 6,218,809 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Loans and leases | 3,789,512 | 5,479,565 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 21,908,455 | 7,158,221 |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Internally Assigned Risk Rating [Member] | ||
Loans and leases | $ 3,009,045,363 | $ 2,371,249,799 |
As a % of Total | 100.00% | 100.00% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | ||
Loans and leases | $ 2,914,136,452 | $ 2,296,520,059 |
As a % of Total | 96.85% | 96.85% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | ||
Loans and leases | $ 49,229,713 | $ 31,023,854 |
As a % of Total | 1.64% | 1.31% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | ||
Loans and leases | $ 45,676,277 | $ 43,435,326 |
As a % of Total | 1.51% | 1.83% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Doubtful [Member] | ||
Loans and leases | $ 2,921 | $ 270,559 |
As a % of Total | 0.01% |
Note 4 - Loans Leases Receiv_11
Note 4 - Loans Leases Receivable - Leases By Delinquency Status (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable, Net of Deferred Income | $ 3,644,099,503 | $ 2,956,713,493 |
Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 29,225,555 | 18,642,377 |
Commercial Lease Residential And Consumer Portfolio Segments [Member] | Delinquency Status [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 635,054,140 | 585,463,693 |
Commercial Lease Residential And Consumer Portfolio Segments [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and Leases Receivable, Net of Deferred Income | 630,452,297 | 578,894,893 |
Commercial Lease Residential And Consumer Portfolio Segments [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,601,843 | 6,568,800 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,380,542,524 | 1,134,516,315 |
Commercial Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 98,823,351 | 66,758,397 |
Commercial Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and Leases Receivable, Net of Deferred Income | 98,150,050 | 65,847,177 |
Commercial Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 673,301 | 911,220 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 8,724,447 | 6,455,535 |
Finance Leases Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 126,751,783 | 141,448,232 |
Finance Leases Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 126,751,783 | 141,448,232 |
Finance Leases Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and Leases Receivable, Net of Deferred Income | 124,621,386 | 137,778,740 |
Finance Leases Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,130,397 | 3,669,492 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,130,397 | 3,669,492 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 309,287,535 | 258,646,265 |
Residential Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 309,287,535 | 258,646,265 |
Residential Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and Leases Receivable, Net of Deferred Income | 307,737,383 | 256,935,447 |
Residential Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,550,152 | 1,710,818 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,550,152 | 1,710,818 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 100,191,471 | 118,610,799 |
Consumer Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 100,191,471 | 118,610,799 |
Consumer Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and Leases Receivable, Net of Deferred Income | 99,943,478 | 118,333,529 |
Consumer Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | 247,993 | 277,270 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 247,993 | $ 277,270 |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Delinquency Status [Member] | ||
Financing Receivables Portfolio Percentage | 100.00% | 100.00% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Financing Receivables Portfolio Percentage | 99.28% | 98.88% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Financing Receivables Portfolio Percentage | 0.72% | 1.12% |
Note 4 - Loans Leases Receiv_12
Note 4 - Loans Leases Receivable - Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)loanitem | Sep. 30, 2017USD ($)item | Sep. 30, 2018USD ($)leaseloan | Sep. 30, 2017USD ($)lease | |
Number of loans restructured | loan | 0 | 0 | ||
Number of Loans / Leases | 8 | 8 | 11 | 36 |
Pre-Modification Recorded Investment | $ 4,309,980 | $ 1,037,049 | $ 4,403,824 | $ 2,795,032 |
Post-Modification Recorded Investment | 4,309,980 | $ 1,037,049 | 4,403,824 | $ 2,795,032 |
Specific Allowance | $ 1,149,420 | $ 1,149,420 | ||
Extended Maturity [Member] | ||||
Number of Loans / Leases | 3 | 3 | 2 | |
Pre-Modification Recorded Investment | $ 3,010,990 | $ 3,010,990 | $ 104,382 | |
Post-Modification Recorded Investment | 3,010,990 | 3,010,990 | $ 104,382 | |
Specific Allowance | $ 815,703 | $ 815,703 | ||
Extended Maturity [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Number of Loans / Leases | 2 | 2 | ||
Pre-Modification Recorded Investment | $ 2,975,703 | $ 2,975,703 | ||
Post-Modification Recorded Investment | 2,975,703 | 2,975,703 | ||
Specific Allowance | $ 815,703 | $ 815,703 | ||
Payment Deferral [Member] | ||||
Number of Loans / Leases | 5 | 8 | 8 | 34 |
Pre-Modification Recorded Investment | $ 1,298,990 | $ 1,037,049 | $ 1,392,834 | $ 2,690,650 |
Post-Modification Recorded Investment | 1,298,990 | $ 1,037,049 | 1,392,834 | $ 2,690,650 |
Specific Allowance | $ 333,717 | $ 333,717 | ||
Payment Deferral [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Number of Loans / Leases | 2 | 2 | ||
Pre-Modification Recorded Investment | $ 980,899 | $ 980,899 | ||
Post-Modification Recorded Investment | 980,899 | 980,899 | ||
Specific Allowance | $ 60,000 | $ 60,000 | ||
Finance Leases Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Number of Loans / Leases | lease | 2 | |||
Pre-Modification Recorded Investment | $ 104,382 | |||
Post-Modification Recorded Investment | $ 104,382 | |||
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Number of Loans / Leases | 2 | 4 | 4 | 27 |
Pre-Modification Recorded Investment | $ 44,374 | $ 416,597 | $ 91,898 | $ 1,889,000 |
Post-Modification Recorded Investment | $ 44,374 | $ 416,597 | $ 91,898 | $ 1,889,000 |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Number of Loans / Leases | 1 | 4 | 1 | 7 |
Pre-Modification Recorded Investment | $ 273,717 | $ 620,452 | $ 273,717 | $ 801,650 |
Post-Modification Recorded Investment | 273,717 | $ 620,452 | 273,717 | $ 801,650 |
Specific Allowance | $ 273,717 | $ 273,717 | ||
Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Number of Loans / Leases | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 35,287 | $ 35,287 | ||
Post-Modification Recorded Investment | $ 35,287 | $ 35,287 | ||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Number of Loans / Leases | lease | 1 | |||
Pre-Modification Recorded Investment | $ 46,320 | |||
Post-Modification Recorded Investment | $ 46,320 |
Note 5 - Derivatives (Details)
Note 5 - Derivatives (Details) - Cash Flow Hedging [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Interest rate cap | |
Initial premium paid upfront for the two caps | $ 2.1 |
1-month FHLB Advance | |
short-term liabilities | $ 30 |
Note 5 - Derivatives - Summary
Note 5 - Derivatives - Summary of Interest Rate Cap Derivatives (Details) - Cash Flow Hedging [Member] - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Interest rate cap | ||
National Amount | $ 30,000,000 | |
Fair value | 703,467 | $ 506,700 |
Maturity Of 2019 | Other Assets [Member] | ||
National Amount | 15,000,000 | |
Fair value | $ 164,214 | 190,085 |
Maturity Of 2019 | Other Assets [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative, Basis Spread on Variable Rate | 1.00% | |
Maturity Of 2021 | Other Assets [Member] | ||
National Amount | $ 15,000,000 | |
Fair value | $ 539,253 | $ 316,615 |
Maturity Of 2021 | Other Assets [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative, Basis Spread on Variable Rate | 1.50% |
Note 5 - Derivatives - Summar_2
Note 5 - Derivatives - Summary of Interest Rate Swaps Derivatives (Details) - Other Liabilities. - Cash Flow Hedging [Member] | 9 Months Ended |
Sep. 30, 2018USD ($) | |
National Amount | $ 39,000,000 |
Fair value | $ 207,333 |
Receive Rate | 4.58% |
Pay Rate | 5.24% |
QCR Holdings Statutory Trust II | |
National Amount | $ 10,000,000 |
Fair value | $ 54,280 |
Receive Rate | 5.19% |
Pay Rate | 5.85% |
QCR Holdings Statutory Trust III | |
National Amount | $ 8,000,000 |
Fair value | $ 43,424 |
Receive Rate | 5.19% |
Pay Rate | 5.85% |
QCR Holdings Statutory Trust V | |
National Amount | $ 10,000,000 |
Fair value | $ 52,884 |
Receive Rate | 3.90% |
Pay Rate | 4.54% |
Community National Statutory Trust II | |
National Amount | $ 3,000,000 |
Fair value | $ 15,703 |
Receive Rate | 4.49% |
Pay Rate | 5.17% |
Community National Statutory Trust III | |
National Amount | $ 3,500,000 |
Fair value | $ 17,956 |
Receive Rate | 4.09% |
Pay Rate | 4.75% |
Guaranty Bankshares Statutory Trust I | |
National Amount | $ 4,500,000 |
Fair value | $ 23,086 |
Receive Rate | 4.09% |
Pay Rate | 4.75% |
Note 6 - Earnings Per Share - B
Note 6 - Earnings Per Share - Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share | ||||||||
Net income | $ 8,808,835 | $ 10,445,385 | $ 10,549,961 | $ 7,853,935 | $ 8,766,017 | $ 9,184,965 | $ 29,804,181 | $ 25,804,917 |
Basic earnings per common share (in dollars per share) | $ 0.56 | $ 0.60 | $ 2.06 | $ 1.96 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.55 | $ 0.58 | $ 2.02 | $ 1.91 | ||||
Weighted average common shares outstanding (in shares) | 15,625,123 | 13,151,350 | 14,477,783 | 13,151,672 | ||||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** (in shares) | 297,201 | 356,605 | 308,994 | 357,894 | ||||
Weighted average common and common equivalent shares outstanding (in shares) | 15,922,324 | 13,507,955 | 14,786,777 | 13,509,566 |
Note 7 - Fair Value - Assets Me
Note 7 - Fair Value - Assets Measured At Fair Value On a Recurring and Nonrecurring Basis (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Securities available for sale, fair value | $ 255,323,442 | $ 272,907,907 |
Fair Value, Measurements, Recurring [Member] | ||
Assets Fair Value | 263,072,129 | 277,811,845 |
Liabilities Fair Value | 6,837,887 | 4,397,238 |
Fair Value, Measurements, Recurring [Member] | Interest rate cap | ||
Interest rate | 703,467 | 506,700 |
Fair Value, Measurements, Recurring [Member] | Interest rate swap | ||
Interest rate | 7,045,220 | 4,397,238 |
Derivative Liabilities | 6,837,887 | 4,397,238 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets Fair Value | 1,028 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Fair Value | 263,072,129 | 277,810,817 |
Liabilities Fair Value | 6,837,887 | 4,397,238 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate cap | ||
Interest rate | 703,467 | 506,700 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap | ||
Interest rate | 7,045,220 | 4,397,238 |
Derivative Liabilities | 6,837,887 | 4,397,238 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets Fair Value | 26,580,154 | 23,615,310 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | 26,580,154 | 23,615,310 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, fair value | 36,491,749 | 38,096,534 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 36,491,749 | 38,096,534 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 36,491,749 | 38,096,534 |
Residential Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 155,732,596 | 163,301,304 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 155,732,596 | 163,301,304 |
Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 155,732,596 | 163,301,304 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, fair value | 58,904,207 | 66,625,496 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 58,904,207 | 66,625,496 |
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 | 58,904,207 | 66,625,496 |
Other Securities [Member] | ||
Securities available for sale, fair value | 4,194,890 | 4,884,573 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 4,194,890 | 4,884,573 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale, fair value | 1,028 | |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 4,194,890 | 4,883,545 |
Impaired Loans Leases [Member] | ||
Assets Fair Value | 13,400,072 | 8,972,337 |
Impaired Loans Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets Fair Value | 13,400,072 | 8,972,337 |
Impaired Loans Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | 13,400,072 | 8,972,337 |
Other Real Estate Owned [Member] | ||
Assets Fair Value | 13,180,082 | 14,642,973 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Other Real Estate Owned Fair Value | 13,180,082 | 14,642,973 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other Real Estate Owned Fair Value | $ 13,180,082 | $ 14,642,973 |
Note 7 - Fair Value - Quantitat
Note 7 - Fair Value - Quantitative Information About Level Fair Value Measurements (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Transfers of assets or liabilities between Levels 1, 2 and 3 | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Impaired Loans Leases [Member] | |||||
Fair value | $ | $ 13,400,072 | $ 13,400,072 | $ 8,972,337 | ||
Valuation technique | qcrh:ValuationTechniqueAppraisalOfCollateralMember | qcrh:ValuationTechniqueAppraisalOfCollateralMember | |||
Unobservable input | us-gaap:MeasurementInputAppraisedValueMember | us-gaap:MeasurementInputAppraisedValueMember | |||
Impaired Loans Leases [Member] | Minimum | |||||
Impaired loans/leases, measurement input | (10) | (10) | |||
Impaired Loans Leases [Member] | Maximum | |||||
Impaired loans/leases, measurement input | (30) | (30) | |||
Other Real Estate Owned [Member] | |||||
Fair value | $ | $ 13,180,082 | $ 13,180,082 | $ 14,642,973 | ||
Valuation technique, OREO | qcrh:ValuationTechniqueAppraisalOfCollateralMember | qcrh:ValuationTechniqueAppraisalOfCollateralMember | |||
Unobservable input, OREO | us-gaap:MeasurementInputAppraisedValueMember | us-gaap:MeasurementInputAppraisedValueMember | |||
Other Real Estate Owned [Member] | Minimum | |||||
OREO, measurement input | 0 | 0 | |||
Other Real Estate Owned [Member] | Maximum | |||||
OREO, measurement input | (35) | (35) |
Note 7 - Fair Value - Carrying
Note 7 - Fair Value - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Interest-bearing deposits at financial institutions | $ 96,590,367 | $ 55,765,012 |
Securities held to maturity, fair value | 388,541,280 | 379,749,804 |
Securities available for sale, fair value | 255,323,442 | 272,907,907 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and due from banks | 73,406,657 | 75,721,663 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 73,406,657 | 75,721,663 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Federal funds sold | 33,070,000 | 30,197,000 |
Securities held to maturity, fair value | 395,421,195 | 379,474,205 |
Securities available for sale, fair value | 255,323,442 | 272,907,907 |
Loans/leases receivable, net | 3,597,901,436 | 2,921,821,953 |
Short-term borrowings | 12,929,499 | 13,993,122 |
FHLB advances | 359,128,925 | 192,000,000 |
Other borrowings | 73,950,426 | 66,000,000 |
Junior subordinated debentures | 37,626,070 | 37,486,487 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Deposits | 2,917,002,466 | 2,670,583,178 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | ||
Deposits | 871,274,455 | 596,071,878 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest rate cap | ||
Interest rate | 703,467 | 506,700 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest rate swap | ||
Interest rate | 7,045,220 | 4,397,238 |
Interest rate swaps - liabilities | 6,837,887 | 4,397,238 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 96,590,367 | 55,765,012 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Federal funds sold | 33,070,000 | 30,197,000 |
Securities held to maturity, fair value | 392,621,219 | 379,749,804 |
Securities available for sale, fair value | 255,323,442 | 272,907,907 |
Loans/leases receivable, net | 3,527,043,000 | 2,892,963,000 |
Short-term borrowings | 12,929,499 | 13,993,122 |
FHLB advances | 358,357,000 | 192,115,000 |
Other borrowings | 74,600,000 | 66,520,000 |
Junior subordinated debentures | 29,946,263 | 29,253,624 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Non-maturity Deposits [Member] | ||
Deposits | 2,917,002,466 | 2,670,583,178 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Deposits | 863,227,000 | 591,772,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest rate cap | ||
Interest rate | 703,467 | 506,700 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest rate swap | ||
Interest rate | 7,045,220 | 4,397,238 |
Interest rate swaps - liabilities | 6,837,887 | 4,397,238 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | ||
Interest-bearing deposits at financial institutions | 96,590,367 | 55,765,012 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans/leases receivable, net | 12,407,474 | 8,307,719 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans/leases receivable, net | $ 13,400,072 | $ 8,972,337 |
Note 8 - Business Segment Inf_3
Note 8 - Business Segment Information (Details) - subsidiary | Sep. 30, 2018 | Jul. 01, 2018 |
BUSINESS SEGMENT INFORMATION | ||
Number of subsidiaries commercial banks | 5 | 5 |
Note 8 - Business Segment Inf_4
Note 8 - Business Segment Information - Selected Financial Information on the Company's Business Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Total revenue | $ 58,639,296 | $ 40,542,168 | $ 156,437,521 | $ 118,406,807 | |||||
Net interest income | 38,313,483 | 28,556,348 | 102,800,897 | 84,271,928 | |||||
Provision for loan/lease losses | 6,205,828 | 2,086,436 | 11,046,402 | 6,214,538 | |||||
Net income | 8,808,835 | $ 10,445,385 | $ 10,549,961 | 7,853,935 | $ 8,766,017 | $ 9,184,965 | 29,804,181 | 25,804,917 | |
Goodwill | 73,618,426 | 13,110,913 | 73,618,426 | 13,110,913 | $ 28,334,092 | ||||
Core deposit intangible | 16,136,914 | 6,688,613 | 16,136,914 | 6,688,613 | 9,078,953 | ||||
Total assets | 4,792,732,495 | 3,550,463,094 | 4,792,732,495 | 3,550,463,094 | $ 3,982,664,773 | ||||
Net income (loss) | 29,804,181 | 25,804,917 | |||||||
Intersegment Eliminations [Member] | |||||||||
Total revenue | (12,707,109) | (7,052,986) | (38,449,680) | (27,283,484) | |||||
Net interest income | 4,991 | 4,991 | |||||||
Net income | (12,467,390) | (9,994,703) | (37,832,216) | (29,996,740) | |||||
Total assets | (537,349,129) | (385,609,794) | (537,349,129) | (385,609,794) | |||||
Commercial Banking Segment [Member] | Quad City Bank and Trust Company [Member] | Operating Segments [Member] | |||||||||
Total revenue | 17,321,929 | 11,771,842 | 49,812,373 | 39,517,823 | |||||
Net interest income | 12,218,192 | 11,664,970 | 36,628,528 | 34,381,270 | |||||
Provision for loan/lease losses | 409,086 | 1,140,436 | 2,783,988 | 2,624,538 | |||||
Net income | 4,827,397 | 3,929,158 | 13,796,167 | 11,657,941 | |||||
Goodwill | 3,222,688 | 3,222,688 | 3,222,688 | 3,222,688 | |||||
Total assets | 1,579,327,112 | 1,456,251,244 | 1,579,327,112 | 1,456,251,244 | |||||
Commercial Banking Segment [Member] | Cedar Rapids Bank and Trust [Member] | Operating Segments [Member] | |||||||||
Total revenue | 16,799,795 | 10,892,025 | 49,301,104 | 31,428,339 | |||||
Net interest income | 10,832,532 | 7,903,483 | 32,149,435 | 22,107,955 | |||||
Provision for loan/lease losses | 452,742 | 200,000 | 1,682,312 | 750,000 | |||||
Net income | 4,868,765 | 3,130,319 | 14,190,335 | 8,893,461 | |||||
Goodwill | 14,979,984 | 14,979,984 | |||||||
Core deposit intangible | 3,313,000 | 1,122,263 | 3,313,000 | 1,122,263 | |||||
Total assets | 1,354,294,043 | 1,007,062,151 | 1,354,294,043 | 1,007,062,151 | |||||
Commercial Banking Segment [Member] | Community State Bank [Member] | Operating Segments [Member] | |||||||||
Total revenue | 8,888,955 | 7,678,006 | 25,458,573 | 23,981,019 | |||||
Net interest income | 7,101,066 | 6,379,111 | 20,579,523 | 20,326,439 | |||||
Provision for loan/lease losses | 20,000 | 574,000 | 816,602 | 2,209,000 | |||||
Net income | 2,533,392 | 1,669,209 | 6,560,327 | 5,484,383 | |||||
Goodwill | 9,888,225 | 9,888,225 | 9,888,225 | 9,888,225 | |||||
Core deposit intangible | 4,852,300 | 5,566,350 | 4,852,300 | 5,566,350 | |||||
Total assets | 734,535,978 | 631,963,143 | 734,535,978 | 631,963,143 | |||||
Commercial Banking Segment [Member] | Rockford Bank and Trust [Member] | Operating Segments [Member] | |||||||||
Total revenue | 5,244,856 | 4,534,768 | 15,362,717 | 12,723,998 | |||||
Net interest income | 3,414,760 | 3,245,346 | 10,281,763 | 9,308,932 | |||||
Provision for loan/lease losses | 4,849,000 | 172,000 | 5,288,500 | 631,000 | |||||
Net income | (2,519,016) | 726,926 | (964,098) | 2,406,337 | |||||
Total assets | 484,059,163 | 445,098,530 | 484,059,163 | 445,098,530 | |||||
Commercial Banking Segment [Member] | SPRINGFIELD BANCSHARES, INC | Operating Segments [Member] | |||||||||
Total revenue | 7,360,191 | 7,360,191 | |||||||
Net interest income | 5,700,566 | 5,700,566 | |||||||
Provision for loan/lease losses | 475,000 | 475,000 | |||||||
Net income | 2,197,448 | 2,197,448 | |||||||
Goodwill | 45,527,529 | 45,527,529 | |||||||
Core deposit intangible | 7,971,614 | 7,971,614 | |||||||
Total assets | 623,519,770 | 623,519,770 | |||||||
Wealth Management Segment [Member] | Operating Segments [Member] | |||||||||
Total revenue | 3,255,241 | 2,689,853 | 9,560,319 | 7,952,495 | |||||
Net income | 768,095 | 539,091 | 2,335,871 | 1,554,618 | |||||
Other Segments [Member] | Operating Segments [Member] | |||||||||
Total revenue | 12,475,438 | 10,028,660 | 38,031,924 | 30,086,617 | |||||
Net interest income | (958,624) | (636,562) | (2,543,909) | (1,852,668) | |||||
Net income | 8,600,144 | 7,853,935 | 29,520,347 | 25,804,917 | |||||
Total assets | $ 554,345,558 | $ 395,697,820 | $ 554,345,558 | $ 395,697,820 |
Note 9 - Regulatory Capital R_3
Note 9 - Regulatory Capital Requirements and Restrictions on Dividends (Details) | 9 Months Ended |
Sep. 30, 2018 | |
REGULATORY CAPITAL REQUIREMENTS | |
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 9 - Regulatory Capital R_4
Note 9 - Regulatory Capital Requirements and Restrictions on Dividends - Capital Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Total risk-based capital, actual, amount | $ 449,655 | $ 383,282 |
Total risk-based capital, actual, ratio | 10.87% | 11.15% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 330,798 | $ 275,090 |
Capital Required For Capital Adequacy Excluding Capital Conservation Buffer | $ 330,798 | $ 275,090 |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | 8.00% |
Total risk-based capital for capital adequacy purposes, amount | $ 408,329 | $ 318,073 |
Total risk-based capital for capital adequacy purposes, ratio | 9.875% | 9.25% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 413,497 | $ 343,862 |
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 | $ 406,578 | $ 348,530 |
Tier 1 risk-based capital, actual, ratio | 9.83% | 10.14% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 248,098 | $ 206,317 |
Tier 1 risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 6.00% | 6.00% |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 325,629 | $ 249,300 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 330,798 | $ 275,090 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 406,578 | $ 348,530 |
Tier 1 leverage, actual, ratio | 8.87% | 8.98% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 183,278 | $ 155,256 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 183,278 | $ 155,256 |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 229,098 | $ 194,070 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 368,952 | $ 313,012 |
Common equity Tier 1, actual ratio | 8.92% | 9.10% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 186,074 | $ 154,738 |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes, amount | $ 263,605 | $ 197,721 |
Common equity Tier 1 for capital adequacy purposes, ratio | 6.375% | 5.75% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 268,773 | $ 223,510 |
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 | $ 160,806 | $ 160,112 |
Total risk-based capital, actual, ratio | 11.72% | 12.35% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 109,744 | $ 103,711 |
Capital Required For Capital Adequacy Excluding Capital Conservation Buffer | $ 109,744 | $ 103,711 |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | 8.00% |
Total risk-based capital for capital adequacy purposes, amount | $ 135,466 | $ 119,916 |
Total risk-based capital for capital adequacy purposes, ratio | 9.875% | 9.25% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 137,180 | $ 129,639 |
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 | $ 147,532 | $ 147,472 |
Tier 1 risk-based capital, actual, ratio | 10.75% | 11.38% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 82,308 | $ 77,783 |
Tier 1 risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 6.00% | 6.00% |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 108,029 | $ 93,988 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 109,744 | $ 103,711 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 147,532 | $ 147,472 |
Tier 1 leverage, actual, ratio | 9.32% | 9.52% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 63,297 | $ 61,985 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 63,297 | $ 61,985 |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 79,121 | $ 77,481 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 147,532 | $ 147,472 |
Common equity Tier 1, actual ratio | 10.75% | 11.38% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 61,731 | $ 58,337 |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes, amount | $ 87,452 | $ 74,542 |
Common equity Tier 1 for capital adequacy purposes, ratio | 6.375% | 5.75% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 89,167 | $ 84,265 |
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 | $ 145,066 | $ 138,492 |
Total risk-based capital, actual, ratio | 11.79% | 11.88% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 98,462 | $ 93,272 |
Capital Required For Capital Adequacy Excluding Capital Conservation Buffer | $ 98,462 | $ 93,272 |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | 8.00% |
Total risk-based capital for capital adequacy purposes, amount | $ 121,540 | $ 107,846 |
Total risk-based capital for capital adequacy purposes, ratio | 9.875% | 9.25% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 123,078 | $ 116,590 |
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 | $ 131,839 | $ 126,601 |
Tier 1 risk-based capital, actual, ratio | 10.71% | 10.86% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 73,847 | $ 69,954 |
Tier 1 risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 6.00% | 6.00% |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 96,924 | $ 84,528 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 98,462 | $ 93,272 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 131,839 | $ 126,601 |
Tier 1 leverage, actual, ratio | 9.83% | 11.68% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 53,659 | $ 43,348 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 53,659 | $ 43,348 |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 67,074 | $ 54,185 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 131,839 | $ 126,601 |
Common equity Tier 1, actual ratio | 10.71% | 10.86% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 55,385 | $ 52,465 |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes, amount | $ 78,462 | $ 67,039 |
Common equity Tier 1 for capital adequacy purposes, ratio | 6.375% | 5.75% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 80,001 | $ 75,783 |
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 | $ 72,601 | $ 66,271 |
Total risk-based capital, actual, ratio | 11.43% | 11.71% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 50,801 | $ 45,293 |
Capital Required For Capital Adequacy Excluding Capital Conservation Buffer | $ 50,801 | $ 45,293 |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | 8.00% |
Total risk-based capital for capital adequacy purposes, amount | $ 62,708 | $ 52,370 |
Total risk-based capital for capital adequacy purposes, ratio | 9.875% | 9.25% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 63,501 | $ 56,616 |
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 | $ 67,149 | $ 61,941 |
Tier 1 risk-based capital, actual, ratio | 10.57% | 10.94% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 38,101 | $ 33,970 |
Tier 1 risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 6.00% | 6.00% |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 50,007 | $ 41,047 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 50,801 | $ 45,293 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 67,149 | $ 61,941 |
Tier 1 leverage, actual, ratio | 9.62% | 9.77% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 27,918 | $ 25,354 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 27,918 | $ 25,354 |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 34,898 | $ 31,693 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 67,149 | $ 61,941 |
Common equity Tier 1, actual ratio | 10.57% | 10.94% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 28,576 | $ 25,477 |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes, amount | $ 40,482 | $ 32,554 |
Common equity Tier 1 for capital adequacy purposes, ratio | 6.375% | 5.75% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 41,276 | $ 36,801 |
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 | $ 45,314 | $ 45,684 |
Total risk-based capital, actual, ratio | 10.19% | 11.28% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 35,583 | $ 32,413 |
Capital Required For Capital Adequacy Excluding Capital Conservation Buffer | $ 35,583 | $ 32,413 |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | 8.00% |
Total risk-based capital for capital adequacy purposes, amount | $ 43,923 | $ 37,477 |
Total risk-based capital for capital adequacy purposes, ratio | 9.875% | 9.25% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 44,479 | $ 40,516 |
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 | $ 39,692 | $ 40,615 |
Tier 1 risk-based capital, actual, ratio | 8.92% | 10.02% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 26,688 | $ 24,310 |
Tier 1 risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 6.00% | 6.00% |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 35,027 | $ 29,374 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 35,583 | $ 32,413 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 39,692 | $ 40,615 |
Tier 1 leverage, actual, ratio | 8.20% | 8.94% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 19,365 | $ 18,177 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 19,365 | $ 18,177 |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 24,207 | $ 22,721 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 39,692 | $ 40,615 |
Common equity Tier 1, actual ratio | 8.92% | 10.02% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 20,016 | $ 18,232 |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | 4.50% |
Common equity Tier 1 for capital adequacy purposes, amount | $ 28,356 | $ 23,297 |
Common equity Tier 1 for capital adequacy purposes, ratio | 6.375% | 5.75% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 28,912 | $ 26,335 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
SPRINGFIELD BANCSHARES, INC | ||
Total risk-based capital, actual, amount | $ 54,108 | |
Total risk-based capital, actual, ratio | 11.64% | |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 37,196 | |
Capital Required For Capital Adequacy Excluding Capital Conservation Buffer | $ 37,196 | |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | |
Total risk-based capital for capital adequacy purposes, amount | $ 45,914 | |
Total risk-based capital for capital adequacy purposes, ratio | 9.875% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 46,495 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | |
Tier 1 risk-based capital, actual, amount | $ 48,870 | |
Tier 1 risk-based capital, actual, ratio | 10.51% | |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 27,897 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 6.00% | |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 36,615 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 7.875% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 37,196 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | |
Tier 1 leverage, actual, amount | $ 48,870 | |
Tier 1 leverage, actual, ratio | 9.31% | |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 20,988 | |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | |
Tier 1 leverage for capital adequacy purposes, amount | $ 20,988 | |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 26,235 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | |
Common equity Tier 1, actual, amount | $ 48,870 | |
Common equity Tier 1, actual ratio | 10.51% | |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 20,923 | |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | |
Common equity Tier 1 for capital adequacy purposes, amount | $ 29,640 | |
Common equity Tier 1 for capital adequacy purposes, ratio | 6.375% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 30,222 | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% |
Note 10 - Revenue Recognition (
Note 10 - Revenue Recognition (Details) | 9 Months Ended |
Sep. 30, 2018 | |
REVENUE RECOGNITION | |
Percent of Revenue not Subject to New Accounting Policy | 89.00% |
Note 11 - Subsequent Events -_2
Note 11 - Subsequent Events - Acquisitions (Details) - USD ($) | Oct. 01, 2018 | Nov. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Subsequent Event [Line Items] | |||||||
Common stock consideration | $ 80,637,194 | ||||||
Cash paid | [1] | 8,333,535 | |||||
Business Combination, Acquisition Related Costs | $ 1,292,043 | $ 407,997 | 1,798,184 | $ 407,997 | |||
Bates Companies [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Business Combination, Acquisition Related Costs | $ 401,000 | ||||||
Bates Companies [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Assets under management | $ 700,000,000 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Cash consideration | $ 3,000,000 | ||||||
Cash paid | $ 1,500,000 | ||||||
Issuance of shares of common stock as a result of the acquisition, net of issuance cost | $ 1,000,000 | ||||||
Number of shares expecting to issue based on 10-day volume weighted average of the closing stock price of the Company ending five days prior to closing | 70,504 | ||||||
Bates Companies [Member] | Subsequent Event [Member] | Promissory Note [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Promissory note recorded | $ 1,500,000 | ||||||
Repayment period (in years) | 5 years | ||||||
Frequency of installments | annual installments | ||||||
Periodic payment of principal amount | $ 300,000 | ||||||
Interest rate (as a percent) | 2.18% | ||||||
Maximum | Bates Companies [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock consideration | $ 3,000,000 | ||||||
[1] | Net cash paid at closing totalted $3,747,209 |