Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity Registrant Name | QCR HOLDINGS INC | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 15,779,717 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000906465 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Cash and due from banks | $ 87,919 | $ 85,523 |
Federal funds sold | 10,215 | 26,398 |
Interest-bearing deposits at financial institutions | 195,282 | 133,198 |
Securities held to maturity, at amortized cost | 388,713 | 401,913 |
Securities available for sale, at fair value | 255,090 | 261,056 |
Total securities | 643,803 | 662,969 |
Loans receivable held for sale | 4,180 | 1,295 |
Loans/leases receivable held for investment | 3,906,339 | 3,731,459 |
Gross loans/leases receivable | 3,910,519 | 3,732,754 |
Less allowance for estimated losses on loans/leases | (41,104) | (39,847) |
Net loans/leases receivable | 3,869,415 | 3,692,907 |
Bank-owned life insurance | 68,735 | 67,783 |
Premises and equipment, net | 78,887 | 75,582 |
Restricted investment securities | 22,195 | 25,689 |
Other real estate owned, net | 8,637 | 9,378 |
Goodwill | 77,748 | 77,832 |
Intangibles | 16,089 | 17,450 |
Other assets | 115,927 | 75,001 |
Total assets | 5,194,852 | 4,949,710 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing | 795,951 | 791,102 |
Interest-bearing | 3,526,559 | 3,185,929 |
Total deposits | 4,322,510 | 3,977,031 |
Short-term borrowings | 19,191 | 28,774 |
Federal Home Loan Bank advances | 105,733 | 266,492 |
Other borrowings | 67,250 | |
Subordinated notes | 68,274 | 4,782 |
Junior subordinated debentures | 37,755 | 37,670 |
Other liabilities | 137,089 | 94,573 |
Total liabilities | 4,690,552 | 4,476,572 |
Stockholders' Equity: | ||
Preferred stock, $1 par value; shares authorized 250,000 June 2019 and December 2018- No shares issued or outstanding | ||
Common stock, $1 par value; shares authorized 20,000,000 June 2019 - 15,772,939 shares issued and outstanding December 2018 - 15,718,208 shares issued and outstanding | 15,773 | 15,718 |
Additional paid-in capital | 272,744 | 270,761 |
Retained earnings | 216,741 | 192,203 |
Accumulated other comprehensive income (loss): | ||
Securities available for sale | 2,412 | (4,268) |
Derivatives | (3,370) | (1,276) |
Total stockholders' equity | 504,300 | 473,138 |
Total liabilities and stockholders' equity | $ 5,194,852 | $ 4,949,710 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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) | 15,772,939 | 15,718,208 |
Common stock, outstanding (in shares) | 15,772,939 | 15,718,208 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Loans/leases, including fees | $ 47,515 | $ 35,408 | $ 93,082 | $ 69,622 |
Securities: | ||||
Taxable | 1,678 | 1,594 | 3,344 | 3,150 |
Nontaxable | 3,474 | 3,295 | 7,018 | 6,584 |
Interest-bearing deposits at financial institutions | 1,168 | 228 | 2,091 | 425 |
Restricted investment securities | 290 | 212 | 598 | 446 |
Federal funds sold | 56 | 62 | 150 | 118 |
Total interest and dividend income | 54,181 | 40,799 | 106,283 | 80,345 |
Interest expense: | ||||
Deposits | 13,825 | 6,528 | 26,304 | 11,410 |
Short-term borrowings | 81 | 63 | 152 | 95 |
Federal Home Loan Bank advances | 601 | 1,019 | 1,662 | 2,215 |
Other borrowings | 92 | 596 | 539 | 1,182 |
Subordinated notes. | 993 | 1,557 | ||
Junior subordinated debentures | 576 | 508 | 1,148 | 955 |
Total interest expense | 16,168 | 8,714 | 31,362 | 15,857 |
Net interest income | 38,013 | 32,085 | 74,921 | 64,488 |
Provision for loan/lease losses | 1,941 | 2,301 | 4,075 | 4,841 |
Net interest income after provision for loan/lease losses | 36,072 | 29,784 | 70,846 | 59,647 |
Noninterest income: | ||||
Revenue | 71,246 | 49,711 | 135,341 | 97,799 |
Gains on sales of residential real estate loans, net | 489 | 102 | 858 | 203 |
Gains on sales of government guaranteed portions of loans, net | 39 | 70 | 358 | |
Swap fee income | 7,891 | 1,649 | 11,089 | 2,608 |
Securities losses, net | (52) | (52) | ||
Earnings on bank-owned life insurance | 412 | 399 | 952 | 817 |
Other | 1,293 | 979 | 2,357 | 1,934 |
Total noninterest income | 17,065 | 8,912 | 29,058 | 17,454 |
Noninterest expense: | ||||
Salaries and employee benefits | 22,749 | 15,804 | 43,628 | 31,782 |
Occupancy and equipment expense | 3,533 | 3,133 | 7,227 | 6,198 |
Professional and data processing fees | 3,031 | 2,771 | 5,781 | 5,479 |
Acquisition costs | 414 | 506 | ||
Post-acquisition compensation, transition and integration costs | 708 | 165 | 842 | 165 |
FDIC insurance, other insurance and regulatory fees | 926 | 840 | 1,890 | 1,597 |
Loan/lease expense | 312 | 260 | 526 | 551 |
Net cost of (income from) and gains/losses on operations of other real estate | 1,182 | (70) | 1,480 | 62 |
Advertising and marketing | 1,037 | 753 | 1,822 | 1,446 |
Bank service charges | 508 | 466 | 991 | 907 |
Correspondent banking expense | 206 | 204 | 410 | 409 |
CDI amortization | 615 | 305 | 1,147 | 609 |
Other | 1,753 | 1,325 | 3,251 | 2,523 |
Total noninterest expense | 36,560 | 26,370 | 68,995 | 52,234 |
Net income before income taxes | 16,577 | 12,326 | 30,909 | 24,867 |
Federal and state income tax expense | 3,073 | 1,881 | 4,487 | 3,872 |
Net income | $ 13,504 | $ 10,445 | $ 26,422 | $ 20,995 |
Basic earnings per common share (in dollars per share) | $ 0.86 | $ 0.75 | $ 1.68 | $ 1.51 |
Diluted earnings per common share (in dollars per share) | $ 0.85 | $ 0.73 | $ 1.66 | $ 1.48 |
Weighted average common shares outstanding (in shares) | 15,714,588 | 13,919,565 | 15,703,967 | 13,904,113 |
Weighted average common and common equivalent shares outstanding (in shares) | 15,938,377 | 14,232,423 | 15,930,659 | 14,219,003 |
Cash dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 |
Trust department fees | ||||
Noninterest income: | ||||
Revenue | $ 2,361 | $ 2,058 | $ 4,854 | $ 4,295 |
Investment advisory and management services | ||||
Noninterest income: | ||||
Revenue | 1,888 | 1,058 | 3,624 | 2,010 |
Deposit service fees | ||||
Noninterest income: | ||||
Revenue | 1,658 | 1,610 | 3,212 | 3,142 |
Debit card fees | ||||
Noninterest income: | ||||
Revenue | 914 | 844 | 1,706 | 1,610 |
Correspondent banking fees | ||||
Noninterest income: | ||||
Revenue | $ 172 | $ 213 | $ 388 | $ 477 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 13,504 | $ 10,445 | $ 26,422 | $ 20,995 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) arising during the period before tax | 4,669 | (1,512) | 8,813 | (6,879) |
Less reclassification adjustment for losses included in net income before tax | (52) | (52) | ||
Unrealized gains (losses) on securities available for sale | 4,721 | (1,512) | 8,865 | (6,024) |
Unrealized holding losses arising during the period before tax | (1,780) | (323) | (2,942) | (172) |
Less reclassification adjustment for ineffectiveness and caplet amortization before tax | (134) | 178 | (291) | 97 |
Unrealized losses on derivatives | (1,646) | (501) | (2,651) | (269) |
Other comprehensive income (loss), before tax | 3,075 | (2,013) | 6,214 | (6,293) |
Tax expense (benefit) | 833 | (679) | 1,628 | (1,757) |
Other comprehensive income (loss), net of tax | 2,242 | (1,334) | 4,586 | (4,536) |
Comprehensive income | $ 15,746 | $ 9,111 | $ 31,008 | 16,459 |
ASU 2016-01 | ||||
Other comprehensive income (loss): | ||||
Less reclassification adjustment for adoption of ASU 2016-01 | $ 855 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 13,918 | $ 189,077 | $ 151,963 | $ (1,671) | $ 353,287 |
Net income | 10,550 | 10,550 | |||
Other comprehensive income (loss), net of tax | (3,202) | (3,202) | |||
Impact of adoption of ASU 2016-01 | ASU 2016-01 | 667 | (667) | |||
Common cash dividends declared | (834) | (834) | |||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 3 | 100 | 103 | ||
Issuance of shares of common stock as a result of stock options exercised | 13 | 193 | 206 | ||
Stock-based compensation expense | 496 | 496 | |||
Restricted stock awards - shares of common stock | 7 | (7) | |||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (4) | (174) | (178) | ||
Balance at Mar. 31, 2018 | 13,937 | 189,685 | 162,346 | (5,540) | 360,428 |
Balance at Dec. 31, 2017 | 13,918 | 189,077 | 151,963 | (1,671) | 353,287 |
Net income | 20,995 | ||||
Other comprehensive income (loss), net of tax | (4,536) | ||||
Balance at Jun. 30, 2018 | 13,974 | 190,533 | 171,955 | (6,874) | 369,588 |
Balance at Mar. 31, 2018 | 13,937 | 189,685 | 162,346 | (5,540) | 360,428 |
Net income | 10,445 | 10,445 | |||
Other comprehensive income (loss), net of tax | (1,334) | (1,334) | |||
Common cash dividends declared | (836) | (836) | |||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 6 | 215 | 221 | ||
Issuance of shares of common stock as a result of stock options exercised | 26 | 362 | 388 | ||
Stock-based compensation expense | 292 | 292 | |||
Restricted stock awards - shares of common stock | 4 | (4) | |||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | 1 | (17) | (16) | ||
Balance at Jun. 30, 2018 | 13,974 | 190,533 | 171,955 | (6,874) | 369,588 |
Balance at Dec. 31, 2018 | 15,718 | 270,761 | 192,203 | (5,544) | 473,138 |
Net income | 12,918 | 12,918 | |||
Other comprehensive income (loss), net of tax | 2,344 | 2,344 | |||
Common cash dividends declared | (942) | (942) | |||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 4 | 124 | 128 | ||
Issuance of shares of common stock as a result of stock options exercised | 25 | 263 | 288 | ||
Stock-based compensation expense | 722 | 722 | |||
Restricted stock awards - shares of common stock | 13 | (50) | (37) | ||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (5) | (147) | (152) | ||
Balance at Mar. 31, 2019 | 15,755 | 271,673 | 204,179 | (3,200) | 488,407 |
Balance at Dec. 31, 2018 | 15,718 | 270,761 | 192,203 | (5,544) | 473,138 |
Net income | 26,422 | ||||
Other comprehensive income (loss), net of tax | 4,586 | ||||
Balance at Jun. 30, 2019 | 15,773 | 272,744 | 216,741 | (958) | 504,300 |
Balance at Mar. 31, 2019 | 15,755 | 271,673 | 204,179 | (3,200) | 488,407 |
Net income | 13,504 | 13,504 | |||
Other comprehensive income (loss), net of tax | 2,242 | 2,242 | |||
Common cash dividends declared | (942) | (942) | |||
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan | 11 | 323 | 334 | ||
Issuance of shares of common stock as a result of stock options exercised | 3 | 41 | 44 | ||
Stock-based compensation expense | 719 | 719 | |||
Restricted stock awards - shares of common stock | 5 | (5) | |||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (1) | (7) | (8) | ||
Balance at Jun. 30, 2019 | $ 15,773 | $ 272,744 | $ 216,741 | $ (958) | $ 504,300 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Cash dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.06 | ||
Common Stock [Member] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 |
Issuance of shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan (in shares) | 11,346 | 4,446 | 5,728 | 2,669 |
Issuance of shares of common stock as s result of stock options exercised (in shares) | 2,414 | 25,238 | 26,641 | 13,074 |
Restricted stock awards (in shares) | 4,769 | 12,719 | 3,972 | 6,860 |
Exchange of shares of common stock in connection with stock options exercised and restricted stock vested (in shares) | 1,032 | 5,169 | 642 | 3,814 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 26,422 | $ 20,995 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 2,518 | 2,075 | |||
Provision for loan/lease losses | $ 1,941 | $ 2,301 | 4,075 | 4,841 | |
Stock-based compensation expense | 1,441 | 787 | |||
Deferred compensation expense accrued | 1,323 | 1,004 | |||
Losses on other real estate owned, net | 1,214 | 118 | |||
Amortization of premiums on securities, net | 854 | 829 | |||
Securities losses, net | 52 | ||||
Loans originated for sale | (45,926) | (21,899) | |||
Proceeds on sales of loans | 43,969 | 22,072 | |||
Gains on sales of residential real estate loans | (489) | (102) | (858) | (203) | |
Gains on sales of government guaranteed portions of loans | (39) | (70) | (358) | ||
Gains on sales of premises and equipment | (67) | ||||
Amortization of intangibles | 615 | 305 | 1,147 | 609 | |
Accretion of acquisition fair value adjustments, net | (2,145) | (1,244) | |||
Increase in cash value of bank-owned life insurance | (952) | (817) | |||
Decrease (increase) in other assets | 942 | (5,132) | |||
Increase (decrease) in other liabilities | (4,615) | 5,688 | |||
Net cash provided by operating activities | 29,324 | 29,365 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Net decrease in federal funds sold | 16,183 | 19,331 | |||
Net decrease (increase) in interest-bearing deposits at financial institutions | (62,084) | 14,964 | |||
Proceeds from sales of other real estate owned | 539 | 736 | |||
Activity in securities portfolio: | |||||
Purchases | (10,709) | (54,951) | |||
Calls, maturities and redemptions | 5,958 | 12,619 | |||
Paydowns | 27,088 | 27,187 | |||
Sales | 4,661 | ||||
Activity in restricted investment securities: | |||||
Purchases | (3,868) | (4,215) | |||
Redemptions | 7,362 | 109 | |||
Net increase in loans/leases originated and held for investment | (176,394) | (150,993) | |||
Purchase of premises and equipment | (6,032) | (2,666) | |||
Proceeds from sales of premises and equipment | 146 | ||||
Net cash used in investing activities | (197,150) | (137,879) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Net increase in deposit accounts | 345,614 | 31,652 | |||
Net increase (decrease) in short-term borrowings | (9,583) | 3,592 | |||
Activity in Federal Home Loan Bank advances: | |||||
Term advances | 5,000 | ||||
Calls and maturities | (35,000) | (10,000) | |||
Net change in short-term and overnight advances | (130,865) | 72,100 | |||
Activity in other borrowings: | |||||
Proceeds from other borrowings | 9,000 | ||||
Calls, maturities and scheduled principal payments | 11,937 | 3,875 | |||
Prepayments | (46,313) | ||||
Paydown of revolving line of credit | (9,000) | ||||
Proceeds from subordinated notes | 63,393 | ||||
Payment of cash dividends on common stock | (1,881) | (1,526) | |||
Proceeds from issuance of common stock, net | 794 | 918 | |||
Net cash provided by financing activities | 170,222 | 101,861 | |||
Net increase (decrease) in cash and due from banks | 2,396 | (6,653) | |||
Cash and due from banks, beginning | 85,523 | 75,722 | $ 75,722 | ||
Cash and due from banks, ending | $ 87,919 | $ 69,069 | 87,919 | 69,069 | $ 85,523 |
Supplemental disclosure of cash flow information, cash payments (receipts) for: | |||||
Interest | 29,346 | 12,304 | |||
Income/franchise taxes | (1,032) | 1,010 | |||
Supplemental schedule of noncash investing activities: | |||||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net | 4,586 | (4,536) | |||
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised | (160) | (194) | |||
Transfers of loans to other real estate owned | 1,012 | 46 | |||
Increase in the fair value of back-to-back interest rate swap assets and liabilities | 43,628 | 1,775 | |||
Dividends payable | $ (942) | (836) | |||
Transfer of equity securities from securities available for sale to other assets at fair value | $ 2,614 |
NOTE 1 - SUMMARY OF SIGNIFICANT
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018, included in the Company's Annual Report on Form 10‑K filed with the SEC on March 15, 2019. 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 June 30, 2019 are not necessarily indicative of the results expected for the year ending December 31, 2019, 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 EPS: Earnings per share SFC Bank: Springfield First Community Bank Exchange Act: Securities Exchange Act of 1934, as Springfield Bancshares: Springfield Bancshares, Inc. amended TA: Tangible assets FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank 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, SFC Bank and RB&T. 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. The Company also engages in wealth management services through its banking subsidiaries and its subsidiaries, the Bates Companies. All material intercompany transactions and balances have been eliminated in consolidation. The acquisition of the Bates Companies, headquartered in Rockford, Illinois, occurred on October 1, 2018. The merger with Springfield Bancshares, the holding company of SFC Bank, headquartered in Springfield, Missouri, occurred on July 1, 2018. The financial results for the periods since acquisition/merger are included in this report. See Note 2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information about the acquisition and merger. Recent accounting developments : 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 standard was adopted on January 1, 2019 and did not have a significant impact on the Company’s 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 January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). ASU 2017-04 is intended to simplify goodwill impairment testing by eliminating the second step of the analysis. ASU 2017-04 requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit’s fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. This guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect this guidance to have a significant impact on its Consolidated Financial Statements. 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 - INVESTMENT SECURITIES
NOTE 2 - INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
INVESTMENT SECURITIES | NOTE 2 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of June 30, 2019 and December 31, 2018 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value (dollars in thousands) June 30, 2019: Securities HTM: Municipal securities $ 387,663 $ 17,967 $ (468) $ 405,162 Other securities 1,050 — — 1,050 $ 388,713 $ 17,967 $ (468) $ 406,212 Securities AFS: U.S. govt. sponsored agency securities $ 35,430 $ 431 $ (99) $ 35,762 Residential mortgage-backed and related securities 157,760 2,053 (585) 159,228 Municipal securities 51,948 1,259 (18) 53,189 Other securities 6,754 157 — 6,911 $ 251,892 $ 3,900 $ (702) $ 255,090 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value (dollars in thousands) December 31, 2018: Securities HTM: Municipal securities $ 400,863 $ 5,661 $ (6,803) $ 399,721 Other securities 1,050 — (1) 1,049 $ 401,913 $ 5,661 $ (6,804) $ 400,770 Securities AFS: U.S. govt. sponsored agency securities $ 37,150 $ 39 $ (778) $ 36,411 Residential mortgage-backed and related securities 163,698 182 (4,631) 159,249 Municipal securities 59,069 180 (703) 58,546 Other securities 6,754 100 (4) 6,850 $ 266,671 $ 501 $ (6,116) $ 261,056 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 June 30, 2019 and December 31, 2018, 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 (dollars in thousands) June 30, 2019: Securities HTM: Municipal securities $ 513 $ (3) $ 21,731 $ (465) $ 22,244 $ (468) Other securities — — — — — — $ 513 $ (3) $ 21,731 $ (465) $ 22,244 $ (468) Securities AFS: U.S. govt. sponsored agency securities $ — $ — $ 6,652 $ (99) $ 6,652 $ (99) Residential mortgage-backed and related securities — — 47,176 (585) 47,176 (585) Municipal securities — — 2,914 (18) 2,914 (18) Other securities 248 — — — 248 — $ 248 $ — $ 56,742 $ (702) $ 56,990 $ (702) Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) December 31, 2018: Securities HTM: Municipal securities $ 114,201 $ (2,187) $ 69,412 $ (4,616) $ 183,613 $ (6,803) Other securities 549 (1) — — 549 (1) $ 114,750 $ (2,188) $ 69,412 $ (4,616) $ 184,162 $ (6,804) Securities AFS: U.S. govt. sponsored agency securities $ 1,565 $ (34) $ 29,605 $ (744) $ 31,170 $ (778) Residential mortgage-backed and related securities 12,810 (148) 133,535 (4,483) 146,345 (4,631) Municipal securities 28,356 (394) 15,932 (309) 44,288 (703) Other securities 4,249 (4) — — 4,249 (4) $ 46,980 $ (580) $ 179,072 $ (5,536) $ 226,052 $ (6,116) At June 30, 2019, the investment portfolio included 587 securities. Of this number, 69 securities were in an unrealized loss position. The aggregate losses of these securities totaled approximately 0.2% of the total amortized cost of the portfolio. Of these 69 securities, 67 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 six months ended June 30, 2019 and 2018. All sales of securities for the three and six months ended June 30, 2019 were securities identified as AFS. There were no sales for the three and six months ended June 30, 2018. Information on proceeds received, as well as pre-tax gross gains and losses from sales on those securities are as follows: Three and Six Months Ended June 30, 2019 (dollars in thousands) Proceeds from sales of securities $ 4,661 Gross gains from sales of securities — Gross losses from sales of securities (52) The amortized cost and fair value of securities as of June 30, 2019 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 (dollars in thousands) Securities HTM: Due in one year or less $ 2,781 $ 2,794 Due after one year through five years 32,323 32,929 Due after five years 353,609 370,489 $ 388,713 $ 406,212 Securities AFS: Due in one year or less $ 1,624 $ 1,633 Due after one year through five years 27,466 27,638 Due after five years 65,042 66,591 94,132 95,862 Residential mortgage-backed and related securities 157,760 159,228 $ 251,892 $ 255,090 Portions of the U.S. government sponsored agency securities, municipal securities and other 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 (dollars in thousands) Securities HTM: Municipal securities $ 188,313 $ 193,173 Securities AFS: U.S. govt. sponsored agency securities 4,999 5,003 Municipal securities 44,184 45,185 Other securities 6,505 6,662 $ 55,688 $ 56,850 As of June 30, 2019, the Company's municipal securities portfolios were comprised of general obligation bonds issued by 101 issuers with fair values totaling $81.0 million and revenue bonds issued by 159 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $377.3 million. The Company held investments in general obligation bonds in 24 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, 2018, the Company's municipal securities portfolios were comprised of general obligation bonds issued by 110 issuers with fair values totaling $86.4 million and revenue bonds issued by 160 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $371.9 million. The Company held investments in general obligation bonds in 26 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. Both general obligation and revenue bonds are diversified across many issuers. As of June 30, 2019 and December 31, 2018 the Company held revenue bonds of one single issuer, located in Ohio, of which the aggregate book or market value exceeded 5% of the Company’s stockholders’ equity. The issuer’s financial condition is strong and the source of repayment is diversified. The Company monitors the investment and concentration closely. 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 June 30, 2019, 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 June 30, 2019, the Company's standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credit ratings than those assigned by a nationally recognized statistical rating organization, or in the case of unrated bonds, the rating assigned using the credit underwriting standards. |
NOTE 3 - LOANS_LEASES RECEIVABL
NOTE 3 - LOANS/LEASES RECEIVABLE | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
LOANS/LEASES RECEIVABLE | NOTE 3 – LOANS/LEASES RECEIVABLE The composition of the loan/lease portfolio as of June 30, 2019 and December 31, 2018 is presented as follows: As of June 30, As of December 31, 2019 2018 (dollars in thousands) C&I loans * $ 1,548,657 $ 1,429,410 CRE loans Owner-occupied CRE 494,638 500,654 Commercial construction, land development, and other land 312,578 236,787 Other non owner-occupied CRE 1,030,257 1,028,670 1,837,473 1,766,111 Direct financing leases ** 101,180 117,969 Residential real estate loans *** 293,479 290,759 Installment and other consumer loans 120,947 119,381 3,901,736 3,723,630 Plus deferred loan/lease origination costs, net of fees 8,783 9,124 3,910,519 3,732,754 Less allowance (41,104) (39,847) $ 3,869,415 $ 3,692,907 ** Direct financing leases: Net minimum lease payments to be received $ 111,764 $ 130,371 Estimated unguaranteed residual values of leased assets 690 828 Unearned lease/residual income (11,274) (13,230) 101,180 117,969 Plus deferred lease origination costs, net of fees 2,760 3,642 103,940 121,611 Less allowance (1,459) (1,792) $ 102,481 $ 119,819 * Includes equipment financing agreements outstanding at m2, totaling $122.6 million and $103.4 million as of June 30, 2019 and December 31, 2018, 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 six months ended June 30, 2019 and 2018. *** Includes residential real estate loans held for sale totaling $4.2 million and $1.3 million as of June 30, 2019 and December 31, 2018, respectively. Changes in accretable yield for acquired loans were as follows: Three months ended June 30, 2019 Six months ended June 30, 2019 PCI Performing PCI Performing Loans Loans Total Loans Loans Total (dollars in thousands) Balance at the beginning of the period $ (319) $ (8,830) $ (9,149) $ (667) $ (9,656) $ (10,323) Reclassification of nonaccretable discount to accretable (159) — (159) (159) — (159) Accretion recognized 327 812 1,139 675 1,638 2,313 Balance at the end of the period $ (151) $ (8,018) $ (8,169) $ (151) $ (8,018) $ (8,169) Three months ended June 30, 2018 Six months ended June 30, 2018 PCI Performing PCI Performing Loans Loans Total Loans Loans Total (dollars in thousands) Balance at the beginning of the period $ (157) $ (5,659) $ (5,816) $ (191) $ (6,280) $ (6,471) Accretion recognized 15 608 623 49 1,229 1,278 Balance at the end of the period $ (142) $ (5,051) $ (5,193) $ (142) $ (5,051) $ (5,193) The aging of the loan/lease portfolio by classes of loans/leases as of June 30, 2019 and December 31, 2018 is presented as follows: As of June 30, 2019 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 (dollars in thousands) C&I $ 1,540,661 $ 4,136 $ 307 $ — $ 3,553 $ 1,548,657 CRE Owner-Occupied CRE 493,877 571 — — 190 494,638 Commercial Construction, Land Development, and Other Land 312,288 96 — — 194 312,578 Other Non Owner-Occupied CRE 1,024,769 67 11 — 5,410 1,030,257 Direct Financing Leases 98,581 971 80 — 1,548 101,180 Residential Real Estate 291,605 190 160 54 1,470 293,479 Installment and Other Consumer 120,082 78 — 4 783 120,947 $ 3,881,863 $ 6,109 $ 558 $ 58 $ 13,148 $ 3,901,736 As a percentage of total loan/lease portfolio 99.49 % 0.16 % 0.01 % 0.00 % 0.34 % 100.00 % As of December 31, 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 (dollars in thousands) C&I $ 1,423,406 $ 930 $ 597 $ 389 $ 4,088 $ 1,429,410 CRE Owner-Occupied CRE 500,138 — 193 107 216 500,654 Commercial Construction, Land Development, and Other Land 234,704 1,764 — — 319 236,787 Other Non Owner-Occupied CRE 1,022,664 484 — — 5,522 1,028,670 Direct Financing Leases 114,078 1,642 488 — 1,761 117,969 Residential Real Estate 284,844 3,877 206 89 1,743 290,759 Installment and Other Consumer 118,343 356 24 47 611 119,381 $ 3,698,177 $ 9,053 $ 1,508 $ 632 $ 14,260 $ 3,723,630 As a percentage of total loan/lease portfolio 99.32 % 0.24 % 0.04 % 0.02 % 0.38 % 100.00 % NPLs by classes of loans/leases as of June 30, 2019 and December 31, 2018 are presented as follows: As of June 30, 2019 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More* Loans/Leases* Accruing TDRs Total NPLs Total NPLs (dollars in thousands) C&I $ — $ 3,553 $ 1,112 $ 4,665 32.13 % CRE Owner-Occupied CRE — 190 104 294 2.02 % Commercial Construction, Land Development, and Other Land — 194 — 194 1.34 % Other Non Owner-Occupied CRE — 5,410 — 5,410 37.26 % Direct Financing Leases — 1,548 97 1,645 11.33 % Residential Real Estate 54 1,470 — 1,524 10.50 % Installment and Other Consumer 4 783 — 787 5.42 % $ 58 $ 13,148 $ 1,313 $ 14,519 100.00 % * Nonaccrual loans/leases included $2.8 million of TDRs, including $28 thousand in C&I loans, $2.2 million in CRE loans, $314 thousand in direct financing leases, $286 thousand in residential real estate loans, and $2 thousand in installment loans. As of December 31, 2018 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More* Loans/Leases ** Accruing TDRs Total NPLs Total NPLs (dollars in thousands) C&I $ 389 $ 4,088 $ 454 $ 4,931 26.58 % CRE Owner-Occupied CRE 107 216 — 323 1.74 % Commercial Construction, Land Development, and Other Land — 319 — 319 1.72 % Other Non Owner-Occupied CRE — 5,522 2,984 8,506 45.86 % Direct Financing Leases — 1,761 111 1,872 10.09 % Residential Real Estate 89 1,743 100 1,932 10.41 % Installment and Other Consumer 47 611 9 667 3.60 % $ 632 $ 14,260 $ 3,658 $ 18,550 100.00 % * As of December 31, 2018 accruing past due 90 days or more included $496 thousand of TDRs, including $389 thousand in C&I loans and $107 thousand in CRE loans. ** Nonaccrual loans/leases included $2.3 million of TDRs, including $265 thousand in C&I loans, $1.4 million in CRE loans, $321 thousand in direct financing leases, $344 thousand in residential real estate loans, and $3 thousand in installment loans. Changes in the allowance by portfolio segment for the three and six months ended June 30, 2019 and 2018, respectively, are presented as follows: Three Months Ended June 30, 2019 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 17,260 $ 18,303 $ 1,606 $ 2,538 $ 1,457 $ 41,164 Provisions (credits) charged to expense 1,116 414 331 86 (6) 1,941 Loans/leases charged off (193) (1,369) (497) (73) (20) (2,152) Recoveries on loans/leases previously charged off 65 15 19 31 21 151 Balance, ending $ 18,248 $ 17,363 $ 1,459 $ 2,582 $ 1,452 $ 41,104 Three Months Ended June 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 15,065 $ 14,938 $ 2,730 $ 2,375 $ 1,424 $ 36,532 Provisions (credits) charged to expense 777 872 688 57 (93) 2,301 Loans/leases charged off (729) — (794) — (1) (1,524) Recoveries on loans/leases previously charged off 121 9 100 1 5 236 Balance, ending $ 15,234 $ 15,819 $ 2,724 $ 2,433 $ 1,335 $ 37,545 Six Months Ended June 30, 2019 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 16,420 $ 17,719 $ 1,792 $ 2,557 $ 1,359 $ 39,847 Provisions charged to expense 2,123 948 776 68 160 4,075 Loans/leases charged off (527) (1,369) (1,149) (73) (94) (3,212) Recoveries on loans/leases previously charged off 232 65 40 30 27 394 Balance, ending $ 18,248 $ 17,363 $ 1,459 $ 2,582 $ 1,452 $ 41,104 Six Months Ended June 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 14,323 $ 13,963 $ 2,382 $ 2,466 $ 1,222 $ 34,356 Provisions charged to expense 1,585 1,837 1,293 18 108 4,841 Loans/leases charged off (824) — (1,079) (52) (6) (1,961) Recoveries on loans/leases previously charged off 150 19 128 1 11 309 Balance, ending $ 15,234 $ 15,819 $ 2,724 $ 2,433 $ 1,335 $ 37,545 The allowance by impairment evaluation and by portfolio segment as of June 30, 2019 and December 31, 2018 is presented as follows: As of June 30, 2019 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Allowance for impaired loans/leases $ 1,085 $ 445 $ 93 $ 192 $ 152 $ 1,967 Allowance for nonimpaired loans/leases 17,163 16,918 1,366 2,390 1,300 39,137 $ 18,248 $ 17,363 $ 1,459 $ 2,582 $ 1,452 $ 41,104 Impaired loans/leases $ 4,520 $ 7,736 $ 1,860 $ 1,628 $ 1,052 $ 16,796 Nonimpaired loans/leases 1,544,137 1,829,737 99,320 291,851 119,895 3,884,940 $ 1,548,657 $ 1,837,473 $ 101,180 $ 293,479 $ 120,947 $ 3,901,736 Allowance as a percentage of impaired loans/leases 24.00 % 5.75 % 5.00 % 11.79 % 14.45 % 11.71 % Allowance as a percentage of nonimpaired loans/leases 1.11 % 0.92 % 1.38 % 0.82 % 1.08 % 1.01 % Total allowance as a percentage of total loans/leases 1.18 % 0.94 % 1.44 % 0.88 % 1.20 % 1.05 % As of December 31, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Allowance for impaired loans/leases $ 973 $ 2,124 $ 194 $ 257 $ 111 $ 3,659 Allowance for nonimpaired loans/leases 15,447 15,595 1,598 2,300 1,248 36,188 $ 16,420 $ 17,719 $ 1,792 $ 2,557 $ 1,359 $ 39,847 Impaired loans/leases $ 4,499 $ 10,447 $ 2,249 $ 2,110 $ 898 $ 20,203 Nonimpaired loans/leases 1,424,911 1,755,664 115,720 288,649 118,483 3,703,427 $ 1,429,410 $ 1,766,111 $ 117,969 $ 290,759 $ 119,381 $ 3,723,630 Allowance as a percentage of impaired loans/leases 21.62 % 20.33 % 8.63 % 12.18 % 12.38 % 18.11 % Allowance as a percentage of nonimpaired loans/leases 1.08 % 0.89 % 1.38 % 0.80 % 1.05 % 0.98 % Total allowance as a percentage of total loans/leases 1.15 % 1.00 % 1.52 % 0.88 % 1.14 % 1.07 % 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 six months ended June 30, 2019 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 (dollars in thousands) Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 2,048 $ 2,088 $ — $ 1,680 $ 52 $ 52 CRE Owner-Occupied CRE 216 232 — 187 11 11 Commercial Construction, Land Development, and Other Land 546 902 — 628 13 13 Other Non Owner-Occupied CRE 3,417 4,296 — 4,183 92 92 Direct Financing Leases 1,600 1,600 — 1,901 16 16 Residential Real Estate 810 1,001 — 765 1 1 Installment and Other Consumer 875 875 — 797 7 7 $ 9,512 $ 10,994 $ — $ 10,141 $ 192 $ 192 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 2,472 $ 2,478 $ 1,085 $ 1,917 $ 18 $ 18 CRE Owner-Occupied CRE 124 124 21 129 — — Commercial Construction, Land Development, and Other Land 142 142 31 145 — — Other Non Owner-Occupied CRE 3,291 3,291 393 1,588 — — Direct Financing Leases 260 260 93 196 1 1 Residential Real Estate 818 818 192 829 3 3 Installment and Other Consumer 177 177 152 136 — — $ 7,284 $ 7,290 $ 1,967 $ 4,940 $ 22 $ 22 Total Impaired Loans/Leases: C&I $ 4,520 $ 4,566 $ 1,085 $ 3,597 $ 70 $ 70 CRE Owner-Occupied CRE 340 356 21 316 11 11 Commercial Construction, Land Development, and Other Land 688 1,044 31 773 13 13 Other Non Owner-Occupied CRE 6,708 7,587 393 5,771 92 92 Direct Financing Leases 1,860 1,860 93 2,097 17 17 Residential Real Estate 1,628 1,819 192 1,594 4 4 Installment and Other Consumer 1,052 1,052 152 933 7 7 $ 16,796 $ 18,284 $ 1,967 $ 15,081 $ 214 $ 214 Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended June 30, 2019 and 2018, respectively are presented as follows: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 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 (dollars in thousands) Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,683 $ 29 $ 29 $ 1,401 $ 59 $ 59 CRE Owner-Occupied CRE 194 7 7 289 6 6 Commercial Construction, Land Development, and Other Land 603 6 6 — — — Other Non Owner-Occupied CRE 3,985 22 22 1,105 — — Direct Financing Leases 1,795 7 7 2,199 3 3 Residential Real Estate 801 — — 929 — — Installment and Other Consumer 816 3 3 101 — — $ 9,877 $ 74 $ 74 $ 6,024 $ 68 $ 68 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 2,046 $ 9 $ 9 $ 353 $ 2 $ 2 CRE Owner-Occupied CRE 127 — — 145 — — Commercial Construction, Land Development, and Other Land 143 — — 5,492 — — Other Non Owner-Occupied CRE 1,980 — — — — — Direct Financing Leases 227 — — 566 — — Residential Real Estate 822 1 1 512 3 3 Installment and Other Consumer 150 — — 117 — — $ 5,495 $ 10 $ 10 $ 7,185 $ 5 $ 5 Total Impaired Loans/Leases: C&I $ 3,729 $ 38 $ 38 $ 1,754 $ 61 $ 61 CRE Owner-Occupied CRE 321 7 7 434 6 6 Commercial Construction, Land Development, and Other Land 746 6 6 5,492 — — Other Non Owner-Occupied CRE 5,965 22 22 1,105 — — Direct Financing Leases 2,022 7 7 2,765 3 3 Residential Real Estate 1,623 1 1 1,441 3 3 Installment and Other Consumer 966 3 3 218 — — $ 15,372 $ 84 $ 84 $ 13,209 $ 73 $ 73 Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2018 are presented as follows: Unpaid Recorded Principal Related Classes of Loans/Leases Investment Balance Allowance (dollars in thousands) Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,846 $ 4,540 $ — CRE Owner-Occupied CRE 106 106 — Commercial Construction, Land Development, and Other Land 507 507 — Other Non Owner-Occupied CRE 1,804 1,804 — Direct Financing Leases 1,929 1,929 — Residential Real Estate 984 1,058 — Installment and Other Consumer 762 762 — $ 7,938 $ 10,706 $ — Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 2,653 $ 2,653 $ 973 CRE Owner-Occupied CRE 304 660 39 Commercial Construction, Land Development, and Other Land 149 149 33 Other Non Owner-Occupied CRE 7,577 7,577 2,052 Direct Financing Leases 320 320 194 Residential Real Estate 1,126 1,126 257 Installment and Other Consumer 136 136 111 $ 12,265 $ 12,621 $ 3,659 Total Impaired Loans/Leases: C&I $ 4,499 $ 7,193 $ 973 CRE Owner-Occupied CRE 410 766 39 Commercial Construction, Land Development, and Other Land 656 656 33 Other Non Owner-Occupied CRE 9,381 9,381 2,052 Direct Financing Leases 2,249 2,249 194 Residential Real Estate 2,110 2,184 257 Installment and Other Consumer 898 898 111 $ 20,203 $ 23,327 $ 3,659 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 June 30, 2019 and December 31, 2018: As of June 30, 2019 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 (dollars in thousands) Pass (Ratings 1 through 5) $ 1,398,762 $ 487,200 $ 308,269 $ 1,008,427 $ 3,202,658 98.14 % Special Mention (Rating 6) 9,811 4,236 64 5,802 19,913 0.61 % Substandard (Rating 7) 17,460 3,202 4,245 16,028 40,935 1.25 % Doubtful (Rating 8) — — — — — — % $ 1,426,033 $ 494,638 $ 312,578 $ 1,030,257 $ 3,263,506 100.00 % As of June 30, 2019 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total (dollars in thousands) Performing $ 121,836 $ 99,536 $ 291,955 $ 120,160 $ 633,487 99.26 % Nonperforming 788 1,644 1,524 787 4,743 0.74 % $ 122,624 $ 101,180 $ 293,479 $ 120,947 $ 638,230 100.00 % As of December 31, 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 (dollars in thousands) Pass (Ratings 1 through 5) $ 1,294,418 $ 487,949 $ 230,473 $ 1,008,626 $ 3,021,466 97.72 % Special Mention (Rating 6) 23,302 9,599 3,848 5,309 42,058 1.36 % Substandard (Rating 7) 8,286 3,106 2,466 14,735 28,593 0.92 % Doubtful (Rating 8) — — — — — — % $ 1,326,006 $ 500,654 $ 236,787 $ 1,028,670 $ 3,092,117 100.00 % As of December 31, 2018 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total (dollars in thousands) Performing $ 102,713 $ 116,097 $ 288,827 $ 118,714 $ 626,351 99.18 % Nonperforming 691 1,872 1,932 667 5,162 0.82 % $ 103,404 $ 117,969 $ 290,759 $ 119,381 $ 631,513 100.00 % * 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 June 30, 2019 and December 31, 2018, TDRs totaled $4.1 million and $6.5 million, 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 six months ended June 30, 2019 and 2018. The difference between the pre-modification recorded investment and the post-modification recorded investment would be any partial charge-offs at the time of the restructuring. For the three months ended June 30, 2019 For the three months ended June 30, 2018 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 (dollars in thousands) CONCESSION - Significant Payment Delay C&I 1 $ 52 $ 52 $ — — $ — $ — $ — 1 $ 52 $ 52 $ — — $ — $ — $ — CONCESSION - Foregiveness of Principal C&I 1 $ 587 $ 537 $ — — $ — $ — $ — 1 $ 587 $ 537 $ — — $ — $ — $ — TOTAL 2 $ 639 $ 589 $ — — $ — $ — $ — For the six months ended June 30, 2019 For the six months ended June 30, 2018 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 (dollars in thousands) CONCESSION - Significant Payment Delay C&I 2 $ 71 $ 71 $ — — $ — $ — $ — Residential Real Estate — — — — 1 46 46 — Direct Financing Leases 3 103 103 5 2 48 48 — 5 $ 174 $ 174 $ 5 3 $ 94 $ 94 $ — CONCESSION - Forgiveness of Principal C&I 1 $ 587 $ 537 $ — — $ — $ — $ — 1 $ 587 $ 537 $ — — $ — $ — $ — TOTAL 6 $ 761 $ 711 $ 5 3 $ 94 $ 94 $ — Of the loans restructured during the six months ended June 30, 2019, two with post-modification recorded balances of $65 thousand were on nonaccrual. Of the loans restructured during the six months ended June 30, 2018, one with a post-modification recorded balance of $46 thousand was on nonaccrual. For the three and six months ended June 30, 2019, three 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 one customer whose leases were restructured in the first quarter of 2019 with pre-modification balances totaling $66 thousand. The other TDR related to a customer whose loan was restructured in the third quarter of 2018 with an original pre-modification balance of $2.9 million and a current pre-modification balance of $1.5 million and a partial charge off of $879 thousand in the second quarter of 2019. For the three and six months ended June 30, 2018, seven 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. Three of these TDRs were related to one customer whose loans were restructured in the second quarter of 2017 with pre-modification balances totaling $78 thousand and the other TDRs related to other customers whose loans were restructured in the second and third quarters of 2017 with pre-modification balances totaling $378 thousand. Not included in the table above, the Company had three TDRs that were restructured and charged off for the six months ended June 30, 2019, totaling $161 thousand. The Company had eight TDRs that were restructured and charged off for the six months ended June 30, 2018, totaling $577 thousand. |
NOTE 4 - DERIVATIVES
NOTE 4 - DERIVATIVES | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivatives and Hedging Activities | NOTE 4 – 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 two 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 caps. As noted below, one of the caps matured during the quarter ended June 30, 2019. 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 June 30, 2019 December 31, 2018 (dollars in thousands) 1-month FHLB Advance 6/3/2014 6/5/2019 Other Assets $ N/A $ - $ 117 1-month FHLB Advance 6/5/2014 6/5/2021 Other Assets % 98 342 $ $ 98 $ 459 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 June 30, 2019 December 31, 2018 (dollars in thousands) QCR Holdings Statutory Trust II 9/30/2018 9/30/2028 Other Liabilities $ 5.17 % % $ (965) $ (298) QCR Holdings Statutory Trust III 9/30/2018 9/30/2028 Other Liabilities 5.17 % % (772) (239) QCR Holdings Statutory Trust V 7/7/2018 7/7/2028 Other Liabilities 4.15 % % (940) (288) Community National Statutory Trust II 9/20/2018 9/20/2028 Other Liabilities 4.56 % % (288) (89) Community National Statutory Trust III 9/15//2018 9/15/2028 Other Liabilities 4.16 % % (336) (104) Guaranty Bankshares Statutory Trust I 9/15/2018 9/15/2028 Other Liabilities 4.16 % % (431) (133) $ 4.65 % % $ (3,732) $ (1,151) 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. The Company has also entered into interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an equal and offsetting interest rate swap with a third party financial institution. Because the Company acts as an intermediary for the customer, changes in the fair value of the underlying derivative contracts, for the most part, offset each other and do not significantly impact the Company’s results of operations. June 30, 2019 December 31, 2018 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (dollars in thousands) Non-Hedging Interest Rate Derivatives Assets: Interest rate swap contracts $ 596,451 $ 65,824 $ $ Non-Hedging Interest Rate Derivatives Liabilities: Interest rate swap contracts $ 596,451 $ 65,824 $ $ Swap fee income totaled $11.1 million and $2.6 million for the six months ended June 30, 2019 and 2018, respectively. Swap fee income totaled $10.8 million for the year ended December 31, 2018. |
NOTE 5 - BORROWINGS
NOTE 5 - BORROWINGS | 6 Months Ended |
Jun. 30, 2019 | |
BORROWINGS | |
BORROWINGS | NOTE 5 –BORROWINGS On February 12, 2019, the Company completed an underwritten public offering of $65.0 million in aggregate principal amount of fixed-to-floating subordinated notes that mature on February 15, 2029. Net proceeds, after deducting the underwriting discount and estimated expenses, were $63.4 million. The subordinated notes, which qualify as Tier 2 capital for the Company, are at a fixed rate of 5.375% per year until but excluding February 15, 2024. On this date, the interest rate will change to an annual floating rate equal to three-month LIBOR plus 282 basis points until the maturity date. The interest on the subordinated notes are payable semi-annually, commencing on August 15, 2019 during the five year fixed term and thereafter quarterly, commencing on February 15, 2024. The subordinated notes have an optional redemption at par in whole or in part on any interest payment date on or after February 15, 2024. The subordinated notes are subordinate in the right of payment to the Company’s senior indebtedness and the indebtedness and other liabilities of the subsidiary banks. Unamortized debt issuance costs related to the subordinated notes totaled $1.5 million at June 30, 2019. Immediately following the issuance, the Company repaid term notes totaling $21.3 million and the outstanding balance of $9.0 million on its revolving line of credit. The Company intends to use the remaining net proceeds from this offering for general corporate purposes, including the pursuit of opportunistic acquisitions of similar or complementary financial service organizations, repaying indebtedness, financing investments and capital expenditures, repurchasing shares of the Company’s common stock, investing in the subsidiary banks as regulatory capital or other strategic opportunities that may arise in the future. In the second quarter of 2019, the Company renewed its revolving line of credit. At renewal, the line amount was increased from $10.0 million to $20.0 million. The interest on the revolving line of credit is calculated at the effective LIBOR rate plus 2.25% per annum (4.57% at June 30, 2019). Prior to the renewal, the interest on the revolving line of credit was calculated at the effective LIBOR rate plus 2.50% per annum. The collateral on the revolving line of credit is the original stock certificates and stock powers of all bank subsidiaries. The outstanding balance on the revolving line of credit was $0 and $9.0 million at June 30, 2019 and December 31, 2018, respectively. The Company prepaid two wholesale structured repurchase agreements in the second quarter of 2019 using excess funds generated by strong deposit growth. The first wholesale structured repurchase agreement totaled $5.0 million and had original maturity date of March 13, 2020 with a rate of 2.58%. The second wholesale structured repurchase agreement totaled $20.0 million and had an original maturity of June 13, 2020 with a rate of 2.46%. The loss on the prepayment of the two wholesale structured repurchase agreements totaled $50 thousand. In addition, wholesale structured repurchase agreements totaling $10.0 million matured in the second quarter of 2019. The wholesale structured repurchase agreements were utilized as an alternative funding source to FHLB advances and customer deposits. Wholesale structured repurchase agreements were collateralized by certain U.S. government agency securities and residential mortgage backed and related securities. |
NOTE 6 - EARNINGS PER SHARE
NOTE 6 - EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6 - EARNINGS PER SHARE The following information was used in the computation of EPS on a basic and diluted basis: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 (dollars in thousands, except share data) Net income $ 13,504 $ 10,445 $ 26,422 $ 20,995 Basic EPS $ 0.86 $ 0.75 $ 1.68 $ 1.51 Diluted EPS $ 0.85 $ 0.73 $ 1.66 $ 1.48 Weighted average common shares outstanding 15,714,588 13,919,565 15,703,967 13,904,113 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 223,789 312,858 226,692 314,890 Weighted average common and common equivalent shares outstanding 15,938,377 14,232,423 15,930,659 14,219,003 The increase in weighted average common shares outstanding when comparing the three and six months ended June 30, 2019 to June 30, 2018 was primarily due to the common stock issuance as a result of the merger with Springfield Banshares as discussed in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
NOTE 7 - FAIR VALUE
NOTE 7 - FAIR VALUE | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018: 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) (dollars in thousands) June 30, 2019: Securities AFS: U.S. govt. sponsored agency securities $ 35,762 $ — $ 35,762 $ — Residential mortgage-backed and related securities 159,228 — 159,228 — Municipal securities 53,189 — 53,189 — Other securities 6,911 — 6,911 — Interest rate caps 98 — 98 — Interest rate swaps - assets 65,824 — 65,824 — Total assets measured at fair value $ 321,012 $ — $ 321,012 $ — Interest rate swaps - liabilities $ 69,556 $ — $ 69,556 $ — Total liabilities measured at fair value $ 69,556 $ — $ 69,556 $ — December 31, 2018: Securities AFS: U.S. govt. sponsored agency securities $ 36,411 $ — $ 36,411 $ — Residential mortgage-backed and related securities 159,249 — 159,249 — Municipal securities 58,546 — 58,546 — Other securities 6,850 — 6,850 — Interest rate caps 459 — 459 — Interest rate swaps - assets 22,196 — 22,196 — Total assets measured at fair value $ 283,711 $ — $ 283,711 $ — Interest rate swaps - liabilities $ 23,347 $ — $ 23,347 $ — Total liabilities measured at fair value $ 23,347 $ — $ 23,347 $ — There were no transfers of assets or liabilities between Levels 1, 2, and 3 of the fair value hierarchy for the three and six months ended June 30, 2019 or 2018. 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 interest rate caps are further described in Note 4 to the Consolidated Financial Statements. 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 4 to the Consolidated Financial Statements. 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 interest rate swaps are further described in Note 4 to the Consolidated Financial Statements. 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 June 30, 2019 and December 31, 2018: 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 (dollars in thousands) June 30, 2019: Impaired loans/leases $ 7,539 $ — $ — $ 7,539 OREO 9,328 — — 9,328 $ 16,867 $ — $ — $ 16,867 December 31, 2018: Impaired loans/leases $ 9,657 $ — $ — $ 9,657 OREO 10,128 — — 10,128 $ 19,785 $ — $ — $ 19,785 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 June 30, December 31, 2019 2018 Valuation Technique Unobservable Input Range (dollars in thousands) Impaired loans/leases $ 7,539 $ 9,657 Appraisal of collateral Appraisal adjustments % to % OREO 9,328 10,128 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 six months ended June 30, 2019 and 2018. 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 June 30, 2019 As of December 31, 2018 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value (dollars in thousands) Cash and due from banks Level 1 $ 87,919 $ 87,919 $ 85,523 $ 85,523 Federal funds sold Level 2 10,215 10,215 26,398 26,398 Interest-bearing deposits at financial institutions Level 2 195,282 195,282 133,198 133,198 Investment securities: HTM Level 2 388,713 406,212 401,913 400,770 AFS See Previous Table 255,090 255,090 261,056 261,056 Loans/leases receivable, net Level 3 6,981 7,539 8,942 9,657 Loans/leases receivable, net Level 2 3,862,434 3,842,781 3,683,965 3,639,329 Interest rate caps Level 2 98 98 459 459 Interest rate swaps - assets Level 2 65,824 65,824 22,196 22,196 Deposits: Nonmaturity deposits Level 2 3,275,004 3,275,004 3,002,327 3,002,327 Time deposits Level 2 1,047,506 1,033,017 974,704 968,906 Short-term borrowings Level 2 19,191 19,191 28,774 28,774 FHLB advances Level 2 105,733 105,768 266,492 265,926 Other borrowings Level 2 — — 67,250 67,770 Subordinated notes Level 2 68,274 68,478 4,782 4,933 Junior subordinated debentures Level 2 37,755 30,465 37,670 29,992 Interest rate swaps - liabilities Level 2 69,556 69,556 23,347 23,347 |
NOTE 8 - BUSINESS SEGMENT INFOR
NOTE 8 - BUSINESS SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
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, SFC Bank and RB&T. Each of these secondary segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services. The Company's Wealth Management segment represents the trust and asset management and investment management and advisory services offered at the Company's five subsidiary banks and the Bates Companies 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 six months ended June 30, 2019 and 2018. Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB SFC Bank RB&T Management All other Eliminations Total (dollars in thousands) Three Months Ended June 30, 2019 Total revenue $ 20,374 $ 23,575 $ 9,730 $ 7,757 $ 5,659 $ 4,249 $ 17,772 $ (17,870) $ 71,246 Net interest income 12,632 10,785 7,294 5,425 3,373 — (1,496) — 38,013 Provision 973 300 151 485 32 — — — 1,941 Net income (loss) 4,505 6,928 2,207 2,079 786 583 13,583 (17,167) 13,504 Goodwill 3,223 14,980 9,888 45,975 — — 3,682 — 77,748 Intangibles — 2,935 4,328 7,268 — — 1,558 — 16,089 Total assets 1,637,115 1,527,521 806,704 671,644 523,262 — 641,639 (613,033) 5,194,852 Three Months Ended June 30, 2018 Total revenue $ 16,683 $ 16,504 $ 8,406 $ — $ 5,120 $ 3,116 $ 13,024 $ (13,142) $ 49,711 Net interest income 12,290 10,481 6,735 — 3,402 — (823) — 32,085 Provision 1,254 628 221 — 198 — — — 2,301 Net income (loss) 4,511 4,705 2,158 — 814 797 10,405 (12,945) 10,445 Goodwill 3,223 14,980 9,888 — — — — — 28,091 Intangibles — 3,440 5,030 — — — — — 8,470 Total assets 1,563,643 1,345,431 712,139 — 484,123 — 463,207 (461,660) 4,106,883 Six Months Ended June 30, 2019 Total revenue $ 38,918 $ 42,819 $ 19,000 $ 15,045 $ 11,255 $ 8,478 $ 32,354 $ (32,528) $ 135,341 Net interest income 24,771 21,193 14,260 10,651 6,801 — (2,755) — 74,921 Provision for loan/lease losses 1,993 725 301 985 71 — — — 4,075 Net income (loss) 8,690 12,028 4,363 3,732 1,304 1,741 26,181 (31,617) 26,422 Goodwill 3,223 14,980 9,888 45,975 — — 3,682 — 77,748 Intangibles — 2,935 4,328 7,268 — — 1,558 — 16,089 Total assets 1,637,115 1,527,521 806,704 671,644 523,262 — 641,639 (613,033) 5,194,852 Six Months Ended June 30, 2018 Total revenue $ 32,491 $ 32,501 $ 16,570 $ — $ 10,118 $ 6,305 $ 25,556 $ (25,742) $ 97,799 Net interest income 24,410 21,317 13,479 — 6,867 — (1,585) — 64,488 Provision for loan/lease losses 2,375 1,230 797 — 439 — — — 4,841 Net income (loss) 8,969 9,321 4,027 — 1,555 1,568 20,920 (25,365) 20,995 Goodwill 3,223 14,980 9,888 — — — — — 28,091 Intangibles — 3,440 5,030 — — — — — 8,470 Total assets 1,563,643 1,345,431 712,139 — 484,123 — 463,207 (461,660) 4,106,883 |
NOTE 9 - REGULATORY CAPITAL REQ
NOTE 9 - REGULATORY CAPITAL REQUIREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018, 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 June 30, 2019 and December 31, 2018 are presented in the following table (dollars in thousands). As of June 30, 2019 and December 31, 2018, 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 June 30, 2019: Company: Total risk-based capital $ 551,046 12.04 % $ 366,017 > 8.00 % $ 480,397 > 10.50 % $ 457,521 > 10.00 % Tier 1 risk-based capital 446,490 9.76 % 274,513 > 6.00 388,893 > 8.50 366,017 > 8.00 Tier 1 leverage 446,490 8.96 % 199,304 > 4.00 199,304 > 4.00 249,130 > 5.00 Common equity Tier 1 408,735 8.93 % 205,884 > 4.50 320,265 > 7.00 297,389 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 171,919 11.53 % $ 119,322 > 8.00 % $ 156,610 > 10.50 % $ 149,152 > 10.00 % Tier 1 risk-based capital 158,453 10.62 % 89,491 > 6.00 126,779 > 8.50 119,322 > 8.00 Tier 1 leverage 158,453 9.39 % 67,519 > 4.00 67,519 > 4.00 84,398 > 5.00 Common equity Tier 1 158,453 10.62 % 67,119 > 4.50 104,407 > 7.00 96,949 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 159,747 11.56 % $ 110,543 > 8.00 % $ 145,088 > 10.50 % $ 138,179 > 10.00 % Tier 1 risk-based capital 146,594 10.61 % 82,908 > 6.00 117,452 > 8.50 110,543 > 8.00 Tier 1 leverage 146,594 10.16 % 57,716 > 4.00 57,716 > 4.00 72,145 > 5.00 Common equity Tier 1 146,594 10.61 % 62,181 > 4.50 96,725 > 7.00 89,816 > 6.50 Community State Bank: Total risk-based capital $ 85,269 12.33 % $ 55,307 > 8.00 % $ 72,591 > 10.50 % $ 69,134 > 10.00 % Tier 1 risk-based capital 78,770 11.39 % 41,481 > 6.00 58,764 > 8.50 55,307 > 8.00 Tier 1 leverage 78,770 10.03 % 31,420 > 4.00 31,420 > 4.00 39,275 > 5.00 Common equity Tier 1 78,770 11.39 % 31,110 > 4.50 48,394 > 7.00 44,937 > 6.50 Springfield First Community Bank: Total risk-based capital $ 65,725 12.91 % $ 40,724 > 8.00 % $ 53,451 > 10.50 % $ 50,906 > 10.00 % Tier 1 risk-based capital 58,978 11.59 % 30,543 > 6.00 43,270 > 8.50 40,724 > 8.00 Tier 1 leverage 58,978 10.58 % 22,306 > 4.00 22,306 > 4.00 27,883 > 5.00 Common equity Tier 1 58,978 11.59 % 22,907 > 4.50 35,634 > 7.00 33,089 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 52,293 10.68 % $ 39,163 > 8.00 % $ 51,401 > 10.50 % $ 48,954 > 10.00 % Tier 1 risk-based capital 46,232 9.44 % 29,372 > 6.00 41,611 > 8.50 39,163 > 8.00 Tier 1 leverage 46,232 9.04 % 20,466 > 4.00 20,466 > 4.00 25,582 > 5.00 Common equity Tier 1 46,232 9.44 % 22,029 > 4.50 34,268 > 7.00 31,820 > 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, 2018: Company: Total risk-based capital $ 460,416 10.69 % $ 344,551 > 8.00 % $ 425,305 > 9.875 % $ 430,689 > 10.00 % Tier 1 risk-based capital 420,569 9.77 % 258,413 > 6.00 339,168 > 7.875 344,551 > 8.00 Tier 1 leverage 420,569 8.87 % 189,858 > 4.00 189,858 > 4.000 237,322 > 5.00 Common equity Tier 1 382,899 8.89 % 193,810 > 4.50 274,564 > 6.375 279,948 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 162,009 11.38 % $ 113,900 > 8.00 % $ 140,596 > 9.875 % $ 142,376 > 10.00 % Tier 1 risk-based capital 148,529 10.43 % 85,425 > 6.00 112,121 > 7.875 113,900 > 8.00 Tier 1 leverage 148,529 9.04 % 65,744 > 4.00 65,744 > 4.000 82,180 > 5.00 Common equity Tier 1 148,529 10.43 % 64,069 > 4.50 90,764 > 6.375 92,544 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 146,292 11.55 % $ 101,310 > 8.00 % $ 125,054 > 9.875 % $ 126,637 > 10.00 % Tier 1 risk-based capital 133,982 10.58 % 75,982 > 6.00 99,727 > 7.875 101,310 > 8.00 Tier 1 leverage 133,982 9.98 % 53,682 > 4.00 53,682 > 4.000 67,103 > 5.00 Common equity Tier 1 133,982 10.58 % 56,987 > 4.50 80,731 > 6.375 82,314 > 6.50 Community State Bank: Total risk-based capital $ 75,233 11.24 % $ 53,567 > 8.00 % $ 66,122 > 9.875 % $ 66,959 > 10.00 % Tier 1 risk-based capital 69,101 10.32 % 40,175 > 6.00 52,730 > 7.875 53,567 > 8.00 Tier 1 leverage 69,101 9.19 % 30,070 > 4.00 30,070 > 4.000 37,588 > 5.00 Common equity Tier 1 69,101 10.32 % 30,131 > 4.50 42,686 > 6.375 43,523 > 6.50 Springfield First Community Bank: Total risk-based capital $ 57,051 12.24 % $ 37,278 > 8.00 % $ 46,016 > 9.875 % $ 46,598 > 10.00 % Tier 1 risk-based capital 51,279 11.00 % 27,959 > 6.00 36,696 > 7.875 37,278 > 8.00 Tier 1 leverage 51,279 9.39 % 21,849 > 4.00 21,849 > 4.000 27,312 > 5.00 Common equity Tier 1 51,279 11.00 % 20,969 > 4.50 29,706 > 6.375 30,289 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 50,648 10.89 % $ 37,208 > 8.00 % $ 45,929 > 9.875 % $ 46,511 > 10.00 % Tier 1 risk-based capital 44,821 9.64 % 27,906 > 6.00 36,627 > 7.875 37,208 > 8.00 Tier 1 leverage 44,821 8.93 % 20,081 > 4.00 20,081 > 4.000 25,101 > 5.00 Common equity Tier 1 44,821 9.64 % 20,930 > 4.50 29,650 > 6.375 30,232 > 6.50 * June 30, 2019 minimums reflect the fully phased-in ratios (including the capital conservation buffer). |
NOTE 1 - SUMMARY OF SIGNIFICA_2
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018, included in the Company's Annual Report on Form 10‑K filed with the SEC on March 15, 2019. 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 June 30, 2019 are not necessarily indicative of the results expected for the year ending December 31, 2019, 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 EPS: Earnings per share SFC Bank: Springfield First Community Bank Exchange Act: Securities Exchange Act of 1934, as Springfield Bancshares: Springfield Bancshares, Inc. amended TA: Tangible assets FASB: Financial Accounting Standards Board TCE: Tangible common equity FDIC: Federal Deposit Insurance Corporation TDRs: Troubled debt restructurings FHLB: Federal Home Loan Bank 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, SFC Bank and RB&T. 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. The Company also engages in wealth management services through its banking subsidiaries and its subsidiaries, the Bates Companies. All material intercompany transactions and balances have been eliminated in consolidation. The acquisition of the Bates Companies, headquartered in Rockford, Illinois, occurred on October 1, 2018. The merger with Springfield Bancshares, the holding company of SFC Bank, headquartered in Springfield, Missouri, occurred on July 1, 2018. The financial results for the periods since acquisition/merger are included in this report. See Note 2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information about the acquisition and merger. |
Recent accounting developments | Recent accounting developments : 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 standard was adopted on January 1, 2019 and did not have a significant impact on the Company’s 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 January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). ASU 2017-04 is intended to simplify goodwill impairment testing by eliminating the second step of the analysis. ASU 2017-04 requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit’s fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. This guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect this guidance to have a significant impact on its Consolidated Financial Statements. |
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 - INVESTMENT SECURITIES
NOTE 2 - INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Amortized cost and fair value of investment securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value (dollars in thousands) June 30, 2019: Securities HTM: Municipal securities $ 387,663 $ 17,967 $ (468) $ 405,162 Other securities 1,050 — — 1,050 $ 388,713 $ 17,967 $ (468) $ 406,212 Securities AFS: U.S. govt. sponsored agency securities $ 35,430 $ 431 $ (99) $ 35,762 Residential mortgage-backed and related securities 157,760 2,053 (585) 159,228 Municipal securities 51,948 1,259 (18) 53,189 Other securities 6,754 157 — 6,911 $ 251,892 $ 3,900 $ (702) $ 255,090 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value (dollars in thousands) December 31, 2018: Securities HTM: Municipal securities $ 400,863 $ 5,661 $ (6,803) $ 399,721 Other securities 1,050 — (1) 1,049 $ 401,913 $ 5,661 $ (6,804) $ 400,770 Securities AFS: U.S. govt. sponsored agency securities $ 37,150 $ 39 $ (778) $ 36,411 Residential mortgage-backed and related securities 163,698 182 (4,631) 159,249 Municipal securities 59,069 180 (703) 58,546 Other securities 6,754 100 (4) 6,850 $ 266,671 $ 501 $ (6,116) $ 261,056 |
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 (dollars in thousands) June 30, 2019: Securities HTM: Municipal securities $ 513 $ (3) $ 21,731 $ (465) $ 22,244 $ (468) Other securities — — — — — — $ 513 $ (3) $ 21,731 $ (465) $ 22,244 $ (468) Securities AFS: U.S. govt. sponsored agency securities $ — $ — $ 6,652 $ (99) $ 6,652 $ (99) Residential mortgage-backed and related securities — — 47,176 (585) 47,176 (585) Municipal securities — — 2,914 (18) 2,914 (18) Other securities 248 — — — 248 — $ 248 $ — $ 56,742 $ (702) $ 56,990 $ (702) Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (dollars in thousands) December 31, 2018: Securities HTM: Municipal securities $ 114,201 $ (2,187) $ 69,412 $ (4,616) $ 183,613 $ (6,803) Other securities 549 (1) — — 549 (1) $ 114,750 $ (2,188) $ 69,412 $ (4,616) $ 184,162 $ (6,804) Securities AFS: U.S. govt. sponsored agency securities $ 1,565 $ (34) $ 29,605 $ (744) $ 31,170 $ (778) Residential mortgage-backed and related securities 12,810 (148) 133,535 (4,483) 146,345 (4,631) Municipal securities 28,356 (394) 15,932 (309) 44,288 (703) Other securities 4,249 (4) — — 4,249 (4) $ 46,980 $ (580) $ 179,072 $ (5,536) $ 226,052 $ (6,116) |
Realized gain (loss) on investments | Three and Six Months Ended June 30, 2019 (dollars in thousands) Proceeds from sales of securities $ 4,661 Gross gains from sales of securities — Gross losses from sales of securities (52) |
Investments classified by maturity date | Amortized Cost Fair Value (dollars in thousands) Securities HTM: Due in one year or less $ 2,781 $ 2,794 Due after one year through five years 32,323 32,929 Due after five years 353,609 370,489 $ 388,713 $ 406,212 Securities AFS: Due in one year or less $ 1,624 $ 1,633 Due after one year through five years 27,466 27,638 Due after five years 65,042 66,591 94,132 95,862 Residential mortgage-backed and related securities 157,760 159,228 $ 251,892 $ 255,090 |
Schedule of investment in callable securities | Amortized Cost Fair Value (dollars in thousands) Securities HTM: Municipal securities $ 188,313 $ 193,173 Securities AFS: U.S. govt. sponsored agency securities 4,999 5,003 Municipal securities 44,184 45,185 Other securities 6,505 6,662 $ 55,688 $ 56,850 |
NOTE 3 - LOANS_LEASES RECEIVA_2
NOTE 3 - LOANS/LEASES RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Composition of the loan/lease portfolio | As of June 30, As of December 31, 2019 2018 (dollars in thousands) C&I loans * $ 1,548,657 $ 1,429,410 CRE loans Owner-occupied CRE 494,638 500,654 Commercial construction, land development, and other land 312,578 236,787 Other non owner-occupied CRE 1,030,257 1,028,670 1,837,473 1,766,111 Direct financing leases ** 101,180 117,969 Residential real estate loans *** 293,479 290,759 Installment and other consumer loans 120,947 119,381 3,901,736 3,723,630 Plus deferred loan/lease origination costs, net of fees 8,783 9,124 3,910,519 3,732,754 Less allowance (41,104) (39,847) $ 3,869,415 $ 3,692,907 ** Direct financing leases: Net minimum lease payments to be received $ 111,764 $ 130,371 Estimated unguaranteed residual values of leased assets 690 828 Unearned lease/residual income (11,274) (13,230) 101,180 117,969 Plus deferred lease origination costs, net of fees 2,760 3,642 103,940 121,611 Less allowance (1,459) (1,792) $ 102,481 $ 119,819 * Includes equipment financing agreements outstanding at m2, totaling $122.6 million and $103.4 million as of June 30, 2019 and December 31, 2018, 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 six months ended June 30, 2019 and 2018. *** Includes residential real estate loans held for sale totaling $4.2 million and $1.3 million as of June 30, 2019 and December 31, 2018, respectively. |
Changes in accretable yield for acquired loans | Three months ended June 30, 2019 Six months ended June 30, 2019 PCI Performing PCI Performing Loans Loans Total Loans Loans Total (dollars in thousands) Balance at the beginning of the period $ (319) $ (8,830) $ (9,149) $ (667) $ (9,656) $ (10,323) Reclassification of nonaccretable discount to accretable (159) — (159) (159) — (159) Accretion recognized 327 812 1,139 675 1,638 2,313 Balance at the end of the period $ (151) $ (8,018) $ (8,169) $ (151) $ (8,018) $ (8,169) Three months ended June 30, 2018 Six months ended June 30, 2018 PCI Performing PCI Performing Loans Loans Total Loans Loans Total (dollars in thousands) Balance at the beginning of the period $ (157) $ (5,659) $ (5,816) $ (191) $ (6,280) $ (6,471) Accretion recognized 15 608 623 49 1,229 1,278 Balance at the end of the period $ (142) $ (5,051) $ (5,193) $ (142) $ (5,051) $ (5,193) |
Aging of the loan/lease portfolio by classes of loans/leases | As of June 30, 2019 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 (dollars in thousands) C&I $ 1,540,661 $ 4,136 $ 307 $ — $ 3,553 $ 1,548,657 CRE Owner-Occupied CRE 493,877 571 — — 190 494,638 Commercial Construction, Land Development, and Other Land 312,288 96 — — 194 312,578 Other Non Owner-Occupied CRE 1,024,769 67 11 — 5,410 1,030,257 Direct Financing Leases 98,581 971 80 — 1,548 101,180 Residential Real Estate 291,605 190 160 54 1,470 293,479 Installment and Other Consumer 120,082 78 — 4 783 120,947 $ 3,881,863 $ 6,109 $ 558 $ 58 $ 13,148 $ 3,901,736 As a percentage of total loan/lease portfolio 99.49 % 0.16 % 0.01 % 0.00 % 0.34 % 100.00 % As of December 31, 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 (dollars in thousands) C&I $ 1,423,406 $ 930 $ 597 $ 389 $ 4,088 $ 1,429,410 CRE Owner-Occupied CRE 500,138 — 193 107 216 500,654 Commercial Construction, Land Development, and Other Land 234,704 1,764 — — 319 236,787 Other Non Owner-Occupied CRE 1,022,664 484 — — 5,522 1,028,670 Direct Financing Leases 114,078 1,642 488 — 1,761 117,969 Residential Real Estate 284,844 3,877 206 89 1,743 290,759 Installment and Other Consumer 118,343 356 24 47 611 119,381 $ 3,698,177 $ 9,053 $ 1,508 $ 632 $ 14,260 $ 3,723,630 As a percentage of total loan/lease portfolio 99.32 % 0.24 % 0.04 % 0.02 % 0.38 % 100.00 % |
NPLs by classes of loans/leases | As of June 30, 2019 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More* Loans/Leases* Accruing TDRs Total NPLs Total NPLs (dollars in thousands) C&I $ — $ 3,553 $ 1,112 $ 4,665 32.13 % CRE Owner-Occupied CRE — 190 104 294 2.02 % Commercial Construction, Land Development, and Other Land — 194 — 194 1.34 % Other Non Owner-Occupied CRE — 5,410 — 5,410 37.26 % Direct Financing Leases — 1,548 97 1,645 11.33 % Residential Real Estate 54 1,470 — 1,524 10.50 % Installment and Other Consumer 4 783 — 787 5.42 % $ 58 $ 13,148 $ 1,313 $ 14,519 100.00 % * Nonaccrual loans/leases included $2.8 million of TDRs, including $28 thousand in C&I loans, $2.2 million in CRE loans, $314 thousand in direct financing leases, $286 thousand in residential real estate loans, and $2 thousand in installment loans. As of December 31, 2018 Accruing Past Due 90 Days or Nonaccrual Percentage of Classes of Loans/Leases More* Loans/Leases ** Accruing TDRs Total NPLs Total NPLs (dollars in thousands) C&I $ 389 $ 4,088 $ 454 $ 4,931 26.58 % CRE Owner-Occupied CRE 107 216 — 323 1.74 % Commercial Construction, Land Development, and Other Land — 319 — 319 1.72 % Other Non Owner-Occupied CRE — 5,522 2,984 8,506 45.86 % Direct Financing Leases — 1,761 111 1,872 10.09 % Residential Real Estate 89 1,743 100 1,932 10.41 % Installment and Other Consumer 47 611 9 667 3.60 % $ 632 $ 14,260 $ 3,658 $ 18,550 100.00 % * As of December 31, 2018 accruing past due 90 days or more included $496 thousand of TDRs, including $389 thousand in C&I loans and $107 thousand in CRE loans. ** Nonaccrual loans/leases included $2.3 million of TDRs, including $265 thousand in C&I loans, $1.4 million in CRE loans, $321 thousand in direct financing leases, $344 thousand in residential real estate loans, and $3 thousand in installment loans. |
Allowance for credit losses on financing receivables | Changes in the allowance by portfolio segment for the three and six months ended June 30, 2019 and 2018, respectively, are presented as follows: Three Months Ended June 30, 2019 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 17,260 $ 18,303 $ 1,606 $ 2,538 $ 1,457 $ 41,164 Provisions (credits) charged to expense 1,116 414 331 86 (6) 1,941 Loans/leases charged off (193) (1,369) (497) (73) (20) (2,152) Recoveries on loans/leases previously charged off 65 15 19 31 21 151 Balance, ending $ 18,248 $ 17,363 $ 1,459 $ 2,582 $ 1,452 $ 41,104 Three Months Ended June 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 15,065 $ 14,938 $ 2,730 $ 2,375 $ 1,424 $ 36,532 Provisions (credits) charged to expense 777 872 688 57 (93) 2,301 Loans/leases charged off (729) — (794) — (1) (1,524) Recoveries on loans/leases previously charged off 121 9 100 1 5 236 Balance, ending $ 15,234 $ 15,819 $ 2,724 $ 2,433 $ 1,335 $ 37,545 Six Months Ended June 30, 2019 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 16,420 $ 17,719 $ 1,792 $ 2,557 $ 1,359 $ 39,847 Provisions charged to expense 2,123 948 776 68 160 4,075 Loans/leases charged off (527) (1,369) (1,149) (73) (94) (3,212) Recoveries on loans/leases previously charged off 232 65 40 30 27 394 Balance, ending $ 18,248 $ 17,363 $ 1,459 $ 2,582 $ 1,452 $ 41,104 Six Months Ended June 30, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Balance, beginning $ 14,323 $ 13,963 $ 2,382 $ 2,466 $ 1,222 $ 34,356 Provisions charged to expense 1,585 1,837 1,293 18 108 4,841 Loans/leases charged off (824) — (1,079) (52) (6) (1,961) Recoveries on loans/leases previously charged off 150 19 128 1 11 309 Balance, ending $ 15,234 $ 15,819 $ 2,724 $ 2,433 $ 1,335 $ 37,545 The allowance by impairment evaluation and by portfolio segment as of June 30, 2019 and December 31, 2018 is presented as follows: As of June 30, 2019 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Allowance for impaired loans/leases $ 1,085 $ 445 $ 93 $ 192 $ 152 $ 1,967 Allowance for nonimpaired loans/leases 17,163 16,918 1,366 2,390 1,300 39,137 $ 18,248 $ 17,363 $ 1,459 $ 2,582 $ 1,452 $ 41,104 Impaired loans/leases $ 4,520 $ 7,736 $ 1,860 $ 1,628 $ 1,052 $ 16,796 Nonimpaired loans/leases 1,544,137 1,829,737 99,320 291,851 119,895 3,884,940 $ 1,548,657 $ 1,837,473 $ 101,180 $ 293,479 $ 120,947 $ 3,901,736 Allowance as a percentage of impaired loans/leases 24.00 % 5.75 % 5.00 % 11.79 % 14.45 % 11.71 % Allowance as a percentage of nonimpaired loans/leases 1.11 % 0.92 % 1.38 % 0.82 % 1.08 % 1.01 % Total allowance as a percentage of total loans/leases 1.18 % 0.94 % 1.44 % 0.88 % 1.20 % 1.05 % As of December 31, 2018 Direct Financing Residential Real Installment and C&I CRE Leases Estate Other Consumer Total (dollars in thousands) Allowance for impaired loans/leases $ 973 $ 2,124 $ 194 $ 257 $ 111 $ 3,659 Allowance for nonimpaired loans/leases 15,447 15,595 1,598 2,300 1,248 36,188 $ 16,420 $ 17,719 $ 1,792 $ 2,557 $ 1,359 $ 39,847 Impaired loans/leases $ 4,499 $ 10,447 $ 2,249 $ 2,110 $ 898 $ 20,203 Nonimpaired loans/leases 1,424,911 1,755,664 115,720 288,649 118,483 3,703,427 $ 1,429,410 $ 1,766,111 $ 117,969 $ 290,759 $ 119,381 $ 3,723,630 Allowance as a percentage of impaired loans/leases 21.62 % 20.33 % 8.63 % 12.18 % 12.38 % 18.11 % Allowance as a percentage of nonimpaired loans/leases 1.08 % 0.89 % 1.38 % 0.80 % 1.05 % 0.98 % Total allowance as a percentage of total loans/leases 1.15 % 1.00 % 1.52 % 0.88 % 1.14 % 1.07 % |
Impaired financing receivables | Loans/leases, by classes of financing receivable, considered to be impaired as of and for the six months ended June 30, 2019 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 (dollars in thousands) Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 2,048 $ 2,088 $ — $ 1,680 $ 52 $ 52 CRE Owner-Occupied CRE 216 232 — 187 11 11 Commercial Construction, Land Development, and Other Land 546 902 — 628 13 13 Other Non Owner-Occupied CRE 3,417 4,296 — 4,183 92 92 Direct Financing Leases 1,600 1,600 — 1,901 16 16 Residential Real Estate 810 1,001 — 765 1 1 Installment and Other Consumer 875 875 — 797 7 7 $ 9,512 $ 10,994 $ — $ 10,141 $ 192 $ 192 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 2,472 $ 2,478 $ 1,085 $ 1,917 $ 18 $ 18 CRE Owner-Occupied CRE 124 124 21 129 — — Commercial Construction, Land Development, and Other Land 142 142 31 145 — — Other Non Owner-Occupied CRE 3,291 3,291 393 1,588 — — Direct Financing Leases 260 260 93 196 1 1 Residential Real Estate 818 818 192 829 3 3 Installment and Other Consumer 177 177 152 136 — — $ 7,284 $ 7,290 $ 1,967 $ 4,940 $ 22 $ 22 Total Impaired Loans/Leases: C&I $ 4,520 $ 4,566 $ 1,085 $ 3,597 $ 70 $ 70 CRE Owner-Occupied CRE 340 356 21 316 11 11 Commercial Construction, Land Development, and Other Land 688 1,044 31 773 13 13 Other Non Owner-Occupied CRE 6,708 7,587 393 5,771 92 92 Direct Financing Leases 1,860 1,860 93 2,097 17 17 Residential Real Estate 1,628 1,819 192 1,594 4 4 Installment and Other Consumer 1,052 1,052 152 933 7 7 $ 16,796 $ 18,284 $ 1,967 $ 15,081 $ 214 $ 214 Loans/leases, by classes of financing receivable, considered to be impaired as of and for the three months ended June 30, 2019 and 2018, respectively are presented as follows: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 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 (dollars in thousands) Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,683 $ 29 $ 29 $ 1,401 $ 59 $ 59 CRE Owner-Occupied CRE 194 7 7 289 6 6 Commercial Construction, Land Development, and Other Land 603 6 6 — — — Other Non Owner-Occupied CRE 3,985 22 22 1,105 — — Direct Financing Leases 1,795 7 7 2,199 3 3 Residential Real Estate 801 — — 929 — — Installment and Other Consumer 816 3 3 101 — — $ 9,877 $ 74 $ 74 $ 6,024 $ 68 $ 68 Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 2,046 $ 9 $ 9 $ 353 $ 2 $ 2 CRE Owner-Occupied CRE 127 — — 145 — — Commercial Construction, Land Development, and Other Land 143 — — 5,492 — — Other Non Owner-Occupied CRE 1,980 — — — — — Direct Financing Leases 227 — — 566 — — Residential Real Estate 822 1 1 512 3 3 Installment and Other Consumer 150 — — 117 — — $ 5,495 $ 10 $ 10 $ 7,185 $ 5 $ 5 Total Impaired Loans/Leases: C&I $ 3,729 $ 38 $ 38 $ 1,754 $ 61 $ 61 CRE Owner-Occupied CRE 321 7 7 434 6 6 Commercial Construction, Land Development, and Other Land 746 6 6 5,492 — — Other Non Owner-Occupied CRE 5,965 22 22 1,105 — — Direct Financing Leases 2,022 7 7 2,765 3 3 Residential Real Estate 1,623 1 1 1,441 3 3 Installment and Other Consumer 966 3 3 218 — — $ 15,372 $ 84 $ 84 $ 13,209 $ 73 $ 73 Loans/leases, by classes of financing receivable, considered to be impaired as of December 31, 2018 are presented as follows: Unpaid Recorded Principal Related Classes of Loans/Leases Investment Balance Allowance (dollars in thousands) Impaired Loans/Leases with No Specific Allowance Recorded: C&I $ 1,846 $ 4,540 $ — CRE Owner-Occupied CRE 106 106 — Commercial Construction, Land Development, and Other Land 507 507 — Other Non Owner-Occupied CRE 1,804 1,804 — Direct Financing Leases 1,929 1,929 — Residential Real Estate 984 1,058 — Installment and Other Consumer 762 762 — $ 7,938 $ 10,706 $ — Impaired Loans/Leases with Specific Allowance Recorded: C&I $ 2,653 $ 2,653 $ 973 CRE Owner-Occupied CRE 304 660 39 Commercial Construction, Land Development, and Other Land 149 149 33 Other Non Owner-Occupied CRE 7,577 7,577 2,052 Direct Financing Leases 320 320 194 Residential Real Estate 1,126 1,126 257 Installment and Other Consumer 136 136 111 $ 12,265 $ 12,621 $ 3,659 Total Impaired Loans/Leases: C&I $ 4,499 $ 7,193 $ 973 CRE Owner-Occupied CRE 410 766 39 Commercial Construction, Land Development, and Other Land 656 656 33 Other Non Owner-Occupied CRE 9,381 9,381 2,052 Direct Financing Leases 2,249 2,249 194 Residential Real Estate 2,110 2,184 257 Installment and Other Consumer 898 898 111 $ 20,203 $ 23,327 $ 3,659 |
Financing receivable credit quality indicators | As of June 30, 2019 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 (dollars in thousands) Pass (Ratings 1 through 5) $ 1,398,762 $ 487,200 $ 308,269 $ 1,008,427 $ 3,202,658 98.14 % Special Mention (Rating 6) 9,811 4,236 64 5,802 19,913 0.61 % Substandard (Rating 7) 17,460 3,202 4,245 16,028 40,935 1.25 % Doubtful (Rating 8) — — — — — — % $ 1,426,033 $ 494,638 $ 312,578 $ 1,030,257 $ 3,263,506 100.00 % As of December 31, 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 (dollars in thousands) Pass (Ratings 1 through 5) $ 1,294,418 $ 487,949 $ 230,473 $ 1,008,626 $ 3,021,466 97.72 % Special Mention (Rating 6) 23,302 9,599 3,848 5,309 42,058 1.36 % Substandard (Rating 7) 8,286 3,106 2,466 14,735 28,593 0.92 % Doubtful (Rating 8) — — — — — — % $ 1,326,006 $ 500,654 $ 236,787 $ 1,028,670 $ 3,092,117 100.00 % |
Financing receivable credit quality indicators performance status | As of June 30, 2019 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total (dollars in thousands) Performing $ 121,836 $ 99,536 $ 291,955 $ 120,160 $ 633,487 99.26 % Nonperforming 788 1,644 1,524 787 4,743 0.74 % $ 122,624 $ 101,180 $ 293,479 $ 120,947 $ 638,230 100.00 % As of December 31, 2018 Direct Financing Residential Real Installment and As a % of Delinquency Status * C&I Leases Estate Other Consumer Total Total (dollars in thousands) Performing $ 102,713 $ 116,097 $ 288,827 $ 118,714 $ 626,351 99.18 % Nonperforming 691 1,872 1,932 667 5,162 0.82 % $ 103,404 $ 117,969 $ 290,759 $ 119,381 $ 631,513 100.00 % * 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 June 30, 2019 For the three months ended June 30, 2018 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 (dollars in thousands) CONCESSION - Significant Payment Delay C&I 1 $ 52 $ 52 $ — — $ — $ — $ — 1 $ 52 $ 52 $ — — $ — $ — $ — CONCESSION - Foregiveness of Principal C&I 1 $ 587 $ 537 $ — — $ — $ — $ — 1 $ 587 $ 537 $ — — $ — $ — $ — TOTAL 2 $ 639 $ 589 $ — — $ — $ — $ — For the six months ended June 30, 2019 For the six months ended June 30, 2018 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 (dollars in thousands) CONCESSION - Significant Payment Delay C&I 2 $ 71 $ 71 $ — — $ — $ — $ — Residential Real Estate — — — — 1 46 46 — Direct Financing Leases 3 103 103 5 2 48 48 — 5 $ 174 $ 174 $ 5 3 $ 94 $ 94 $ — CONCESSION - Forgiveness of Principal C&I 1 $ 587 $ 537 $ — — $ — $ — $ — 1 $ 587 $ 537 $ — — $ — $ — $ — TOTAL 6 $ 761 $ 711 $ 5 3 $ 94 $ 94 $ — |
NOTE 4 - DERIVATIVES (Tables)
NOTE 4 - DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | June 30, 2019 December 31, 2018 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (dollars in thousands) Non-Hedging Interest Rate Derivatives Assets: Interest rate swap contracts $ 596,451 $ 65,824 $ $ Non-Hedging Interest Rate Derivatives Liabilities: Interest rate swap contracts $ 596,451 $ 65,824 $ $ |
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 June 30, 2019 December 31, 2018 (dollars in thousands) 1-month FHLB Advance 6/3/2014 6/5/2019 Other Assets $ N/A $ - $ 117 1-month FHLB Advance 6/5/2014 6/5/2021 Other Assets % 98 342 $ $ 98 $ 459 |
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 June 30, 2019 December 31, 2018 (dollars in thousands) QCR Holdings Statutory Trust II 9/30/2018 9/30/2028 Other Liabilities $ 5.17 % % $ (965) $ (298) QCR Holdings Statutory Trust III 9/30/2018 9/30/2028 Other Liabilities 5.17 % % (772) (239) QCR Holdings Statutory Trust V 7/7/2018 7/7/2028 Other Liabilities 4.15 % % (940) (288) Community National Statutory Trust II 9/20/2018 9/20/2028 Other Liabilities 4.56 % % (288) (89) Community National Statutory Trust III 9/15//2018 9/15/2028 Other Liabilities 4.16 % % (336) (104) Guaranty Bankshares Statutory Trust I 9/15/2018 9/15/2028 Other Liabilities 4.16 % % (431) (133) $ 4.65 % % $ (3,732) $ (1,151) |
NOTE 6 - EARNINGS PER SHARE (Ta
NOTE 6 - EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share | |
Schedule of computation of earnings per share on a basic and diluted basis | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 (dollars in thousands, except share data) Net income $ 13,504 $ 10,445 $ 26,422 $ 20,995 Basic EPS $ 0.86 $ 0.75 $ 1.68 $ 1.51 Diluted EPS $ 0.85 $ 0.73 $ 1.66 $ 1.48 Weighted average common shares outstanding 15,714,588 13,919,565 15,703,967 13,904,113 Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan 223,789 312,858 226,692 314,890 Weighted average common and common equivalent shares outstanding 15,938,377 14,232,423 15,930,659 14,219,003 |
NOTE 7 - FAIR VALUE (Tables)
NOTE 7 - FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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) (dollars in thousands) June 30, 2019: Securities AFS: U.S. govt. sponsored agency securities $ 35,762 $ — $ 35,762 $ — Residential mortgage-backed and related securities 159,228 — 159,228 — Municipal securities 53,189 — 53,189 — Other securities 6,911 — 6,911 — Interest rate caps 98 — 98 — Interest rate swaps - assets 65,824 — 65,824 — Total assets measured at fair value $ 321,012 $ — $ 321,012 $ — Interest rate swaps - liabilities $ 69,556 $ — $ 69,556 $ — Total liabilities measured at fair value $ 69,556 $ — $ 69,556 $ — December 31, 2018: Securities AFS: U.S. govt. sponsored agency securities $ 36,411 $ — $ 36,411 $ — Residential mortgage-backed and related securities 159,249 — 159,249 — Municipal securities 58,546 — 58,546 — Other securities 6,850 — 6,850 — Interest rate caps 459 — 459 — Interest rate swaps - assets 22,196 — 22,196 — Total assets measured at fair value $ 283,711 $ — $ 283,711 $ — Interest rate swaps - liabilities $ 23,347 $ — $ 23,347 $ — Total liabilities measured at fair value $ 23,347 $ — $ 23,347 $ — 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 (dollars in thousands) June 30, 2019: Impaired loans/leases $ 7,539 $ — $ — $ 7,539 OREO 9,328 — — 9,328 $ 16,867 $ — $ — $ 16,867 December 31, 2018: Impaired loans/leases $ 9,657 $ — $ — $ 9,657 OREO 10,128 — — 10,128 $ 19,785 $ — $ — $ 19,785 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Quantitative Information about Level Fair Value Measurements Fair Value Fair Value June 30, December 31, 2019 2018 Valuation Technique Unobservable Input Range (dollars in thousands) Impaired loans/leases $ 7,539 $ 9,657 Appraisal of collateral Appraisal adjustments % to % OREO 9,328 10,128 Appraisal of collateral Appraisal adjustments % to % |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value As of June 30, 2019 As of December 31, 2018 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value (dollars in thousands) Cash and due from banks Level 1 $ 87,919 $ 87,919 $ 85,523 $ 85,523 Federal funds sold Level 2 10,215 10,215 26,398 26,398 Interest-bearing deposits at financial institutions Level 2 195,282 195,282 133,198 133,198 Investment securities: HTM Level 2 388,713 406,212 401,913 400,770 AFS See Previous Table 255,090 255,090 261,056 261,056 Loans/leases receivable, net Level 3 6,981 7,539 8,942 9,657 Loans/leases receivable, net Level 2 3,862,434 3,842,781 3,683,965 3,639,329 Interest rate caps Level 2 98 98 459 459 Interest rate swaps - assets Level 2 65,824 65,824 22,196 22,196 Deposits: Nonmaturity deposits Level 2 3,275,004 3,275,004 3,002,327 3,002,327 Time deposits Level 2 1,047,506 1,033,017 974,704 968,906 Short-term borrowings Level 2 19,191 19,191 28,774 28,774 FHLB advances Level 2 105,733 105,768 266,492 265,926 Other borrowings Level 2 — — 67,250 67,770 Subordinated notes Level 2 68,274 68,478 4,782 4,933 Junior subordinated debentures Level 2 37,755 30,465 37,670 29,992 Interest rate swaps - liabilities Level 2 69,556 69,556 23,347 23,347 |
NOTE 8 - BUSINESS SEGMENT INF_2
NOTE 8 - BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Commercial Banking Wealth Intercompany Consolidated QCBT CRBT CSB SFC Bank RB&T Management All other Eliminations Total (dollars in thousands) Three Months Ended June 30, 2019 Total revenue $ 20,374 $ 23,575 $ 9,730 $ 7,757 $ 5,659 $ 4,249 $ 17,772 $ (17,870) $ 71,246 Net interest income 12,632 10,785 7,294 5,425 3,373 — (1,496) — 38,013 Provision 973 300 151 485 32 — — — 1,941 Net income (loss) 4,505 6,928 2,207 2,079 786 583 13,583 (17,167) 13,504 Goodwill 3,223 14,980 9,888 45,975 — — 3,682 — 77,748 Intangibles — 2,935 4,328 7,268 — — 1,558 — 16,089 Total assets 1,637,115 1,527,521 806,704 671,644 523,262 — 641,639 (613,033) 5,194,852 Three Months Ended June 30, 2018 Total revenue $ 16,683 $ 16,504 $ 8,406 $ — $ 5,120 $ 3,116 $ 13,024 $ (13,142) $ 49,711 Net interest income 12,290 10,481 6,735 — 3,402 — (823) — 32,085 Provision 1,254 628 221 — 198 — — — 2,301 Net income (loss) 4,511 4,705 2,158 — 814 797 10,405 (12,945) 10,445 Goodwill 3,223 14,980 9,888 — — — — — 28,091 Intangibles — 3,440 5,030 — — — — — 8,470 Total assets 1,563,643 1,345,431 712,139 — 484,123 — 463,207 (461,660) 4,106,883 Six Months Ended June 30, 2019 Total revenue $ 38,918 $ 42,819 $ 19,000 $ 15,045 $ 11,255 $ 8,478 $ 32,354 $ (32,528) $ 135,341 Net interest income 24,771 21,193 14,260 10,651 6,801 — (2,755) — 74,921 Provision for loan/lease losses 1,993 725 301 985 71 — — — 4,075 Net income (loss) 8,690 12,028 4,363 3,732 1,304 1,741 26,181 (31,617) 26,422 Goodwill 3,223 14,980 9,888 45,975 — — 3,682 — 77,748 Intangibles — 2,935 4,328 7,268 — — 1,558 — 16,089 Total assets 1,637,115 1,527,521 806,704 671,644 523,262 — 641,639 (613,033) 5,194,852 Six Months Ended June 30, 2018 Total revenue $ 32,491 $ 32,501 $ 16,570 $ — $ 10,118 $ 6,305 $ 25,556 $ (25,742) $ 97,799 Net interest income 24,410 21,317 13,479 — 6,867 — (1,585) — 64,488 Provision for loan/lease losses 2,375 1,230 797 — 439 — — — 4,841 Net income (loss) 8,969 9,321 4,027 — 1,555 1,568 20,920 (25,365) 20,995 Goodwill 3,223 14,980 9,888 — — — — — 28,091 Intangibles — 3,440 5,030 — — — — — 8,470 Total assets 1,563,643 1,345,431 712,139 — 484,123 — 463,207 (461,660) 4,106,883 |
NOTE 9 - REGULATORY CAPITAL R_2
NOTE 9 - REGULATORY CAPITAL REQUIREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019: Company: Total risk-based capital $ 551,046 12.04 % $ 366,017 > 8.00 % $ 480,397 > 10.50 % $ 457,521 > 10.00 % Tier 1 risk-based capital 446,490 9.76 % 274,513 > 6.00 388,893 > 8.50 366,017 > 8.00 Tier 1 leverage 446,490 8.96 % 199,304 > 4.00 199,304 > 4.00 249,130 > 5.00 Common equity Tier 1 408,735 8.93 % 205,884 > 4.50 320,265 > 7.00 297,389 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 171,919 11.53 % $ 119,322 > 8.00 % $ 156,610 > 10.50 % $ 149,152 > 10.00 % Tier 1 risk-based capital 158,453 10.62 % 89,491 > 6.00 126,779 > 8.50 119,322 > 8.00 Tier 1 leverage 158,453 9.39 % 67,519 > 4.00 67,519 > 4.00 84,398 > 5.00 Common equity Tier 1 158,453 10.62 % 67,119 > 4.50 104,407 > 7.00 96,949 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 159,747 11.56 % $ 110,543 > 8.00 % $ 145,088 > 10.50 % $ 138,179 > 10.00 % Tier 1 risk-based capital 146,594 10.61 % 82,908 > 6.00 117,452 > 8.50 110,543 > 8.00 Tier 1 leverage 146,594 10.16 % 57,716 > 4.00 57,716 > 4.00 72,145 > 5.00 Common equity Tier 1 146,594 10.61 % 62,181 > 4.50 96,725 > 7.00 89,816 > 6.50 Community State Bank: Total risk-based capital $ 85,269 12.33 % $ 55,307 > 8.00 % $ 72,591 > 10.50 % $ 69,134 > 10.00 % Tier 1 risk-based capital 78,770 11.39 % 41,481 > 6.00 58,764 > 8.50 55,307 > 8.00 Tier 1 leverage 78,770 10.03 % 31,420 > 4.00 31,420 > 4.00 39,275 > 5.00 Common equity Tier 1 78,770 11.39 % 31,110 > 4.50 48,394 > 7.00 44,937 > 6.50 Springfield First Community Bank: Total risk-based capital $ 65,725 12.91 % $ 40,724 > 8.00 % $ 53,451 > 10.50 % $ 50,906 > 10.00 % Tier 1 risk-based capital 58,978 11.59 % 30,543 > 6.00 43,270 > 8.50 40,724 > 8.00 Tier 1 leverage 58,978 10.58 % 22,306 > 4.00 22,306 > 4.00 27,883 > 5.00 Common equity Tier 1 58,978 11.59 % 22,907 > 4.50 35,634 > 7.00 33,089 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 52,293 10.68 % $ 39,163 > 8.00 % $ 51,401 > 10.50 % $ 48,954 > 10.00 % Tier 1 risk-based capital 46,232 9.44 % 29,372 > 6.00 41,611 > 8.50 39,163 > 8.00 Tier 1 leverage 46,232 9.04 % 20,466 > 4.00 20,466 > 4.00 25,582 > 5.00 Common equity Tier 1 46,232 9.44 % 22,029 > 4.50 34,268 > 7.00 31,820 > 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, 2018: Company: Total risk-based capital $ 460,416 10.69 % $ 344,551 > 8.00 % $ 425,305 > 9.875 % $ 430,689 > 10.00 % Tier 1 risk-based capital 420,569 9.77 % 258,413 > 6.00 339,168 > 7.875 344,551 > 8.00 Tier 1 leverage 420,569 8.87 % 189,858 > 4.00 189,858 > 4.000 237,322 > 5.00 Common equity Tier 1 382,899 8.89 % 193,810 > 4.50 274,564 > 6.375 279,948 > 6.50 Quad City Bank & Trust: Total risk-based capital $ 162,009 11.38 % $ 113,900 > 8.00 % $ 140,596 > 9.875 % $ 142,376 > 10.00 % Tier 1 risk-based capital 148,529 10.43 % 85,425 > 6.00 112,121 > 7.875 113,900 > 8.00 Tier 1 leverage 148,529 9.04 % 65,744 > 4.00 65,744 > 4.000 82,180 > 5.00 Common equity Tier 1 148,529 10.43 % 64,069 > 4.50 90,764 > 6.375 92,544 > 6.50 Cedar Rapids Bank & Trust: Total risk-based capital $ 146,292 11.55 % $ 101,310 > 8.00 % $ 125,054 > 9.875 % $ 126,637 > 10.00 % Tier 1 risk-based capital 133,982 10.58 % 75,982 > 6.00 99,727 > 7.875 101,310 > 8.00 Tier 1 leverage 133,982 9.98 % 53,682 > 4.00 53,682 > 4.000 67,103 > 5.00 Common equity Tier 1 133,982 10.58 % 56,987 > 4.50 80,731 > 6.375 82,314 > 6.50 Community State Bank: Total risk-based capital $ 75,233 11.24 % $ 53,567 > 8.00 % $ 66,122 > 9.875 % $ 66,959 > 10.00 % Tier 1 risk-based capital 69,101 10.32 % 40,175 > 6.00 52,730 > 7.875 53,567 > 8.00 Tier 1 leverage 69,101 9.19 % 30,070 > 4.00 30,070 > 4.000 37,588 > 5.00 Common equity Tier 1 69,101 10.32 % 30,131 > 4.50 42,686 > 6.375 43,523 > 6.50 Springfield First Community Bank: Total risk-based capital $ 57,051 12.24 % $ 37,278 > 8.00 % $ 46,016 > 9.875 % $ 46,598 > 10.00 % Tier 1 risk-based capital 51,279 11.00 % 27,959 > 6.00 36,696 > 7.875 37,278 > 8.00 Tier 1 leverage 51,279 9.39 % 21,849 > 4.00 21,849 > 4.000 27,312 > 5.00 Common equity Tier 1 51,279 11.00 % 20,969 > 4.50 29,706 > 6.375 30,289 > 6.50 Rockford Bank & Trust: Total risk-based capital $ 50,648 10.89 % $ 37,208 > 8.00 % $ 45,929 > 9.875 % $ 46,511 > 10.00 % Tier 1 risk-based capital 44,821 9.64 % 27,906 > 6.00 36,627 > 7.875 37,208 > 8.00 Tier 1 leverage 44,821 8.93 % 20,081 > 4.00 20,081 > 4.000 25,101 > 5.00 Common equity Tier 1 44,821 9.64 % 20,930 > 4.50 29,650 > 6.375 30,232 > 6.50 * June 30, 2019 minimums reflect the fully phased-in ratios (including the capital conservation buffer). |
NOTE 1 - SUMMARY OF SIGNIFICA_3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Jun. 30, 2019subsidiary |
Summary of Significant Accounting Policies | |
Number of subsidiaries commercial banks | 5 |
NOTE 2 - INVESTMENT SECURITIE_2
NOTE 2 - INVESTMENT SECURITIES (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)stateitem | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)stateitem | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)stateitem | |
Number of securities | item | 587 | 587 | |||
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions | item | 69 | 69 | |||
Aggregate losses of securities (as a percent) | 0.20% | 0.20% | |||
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | item | 67 | 67 | |||
Other than temporary impairment losses, investments | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Sale of securities | $ | $ 0 | $ 4,661 | $ 0 | ||
Number Of Charters Owning Municipal Securities | item | 5 | ||||
Municipal Bonds | General Obligation Bonds | |||||
Number of issuers | item | 101 | 101 | 110 | ||
Other investments | $ | $ 81,000 | $ 81,000 | $ 86,400 | ||
Number of states holding investments | state | 24 | 24 | 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 | 6 | ||
Municipal Bonds | Revenue Bonds | |||||
Number of issuers | item | 159 | 159 | 160 | ||
Other investments | $ | $ 377,300 | $ 377,300 | $ 371,900 | ||
Number of states holding investments | 19 | 19 | 19 | ||
Municipal Bonds | Revenue Bonds | Minimum | |||||
Other investments | $ | $ 5,000 | $ 5,000 | $ 5,000 | ||
Municipal Bonds | Revenue Bonds | Aggregate Fair Value Exceeding 5 Million [Member] | |||||
Number of states holding investments | 7 | 7 | 7 |
NOTE 2 - INVESTMENT SECURITIE_3
NOTE 2 - INVESTMENT SECURITIES - Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | $ 388,713 | $ 401,913 |
Securities held to maturity, gross unrealized gains | 17,967 | 5,661 |
Securities held to maturity, gross unrealized (losses) | (468) | (6,804) |
Securities held to maturity, fair value | 406,212 | 400,770 |
Securities available for sale: | ||
Securities available for sale, amortized Cost | 251,892 | 266,671 |
Securities available for sale, gross unrealized gains | 3,900 | 501 |
Securities available for sale, gross unrealized (losses) | (702) | (6,116) |
Securities available for sale, fair value | 255,090 | 261,056 |
US States and Political Subdivisions Debt Securities | ||
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | 387,663 | 400,863 |
Securities held to maturity, gross unrealized gains | 17,967 | 5,661 |
Securities held to maturity, gross unrealized (losses) | (468) | (6,803) |
Securities held to maturity, fair value | 405,162 | 399,721 |
Securities available for sale: | ||
Securities available for sale, amortized Cost | 51,948 | 59,069 |
Securities available for sale, gross unrealized gains | 1,259 | 180 |
Securities available for sale, gross unrealized (losses) | (18) | (703) |
Securities available for sale, fair value | 53,189 | 58,546 |
US Government Agencies Debt Securities | ||
Securities available for sale: | ||
Securities available for sale, amortized Cost | 35,430 | 37,150 |
Securities available for sale, gross unrealized gains | 431 | 39 |
Securities available for sale, gross unrealized (losses) | (99) | (778) |
Securities available for sale, fair value | 35,762 | 36,411 |
Residential Mortgage Backed Securities | ||
Securities available for sale: | ||
Securities available for sale, amortized Cost | 157,760 | 163,698 |
Securities available for sale, gross unrealized gains | 2,053 | 182 |
Securities available for sale, gross unrealized (losses) | (585) | (4,631) |
Securities available for sale, fair value | 159,228 | 159,249 |
Other Securities | ||
Securities held to maturity: | ||
Securities held to maturity, at amortized cost | 1,050 | 1,050 |
Securities held to maturity, gross unrealized (losses) | (1) | |
Securities held to maturity, fair value | 1,050 | 1,049 |
Securities available for sale: | ||
Securities available for sale, amortized Cost | 6,754 | 6,754 |
Securities available for sale, gross unrealized gains | 157 | 100 |
Securities available for sale, gross unrealized (losses) | (4) | |
Securities available for sale, fair value | $ 6,911 | $ 6,850 |
NOTE 2 - INVESTMENT SECURITIE_4
NOTE 2 - INVESTMENT SECURITIES - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | $ 513 | $ 114,750 |
Securities held to maturity, less than 12 months, gross unrealized losses | (3) | (2,188) |
Securities held to maturity, 12 months or more, fair value | 21,731 | 69,412 |
Securities held to maturity, 12 months or more, gross unrealized losses | (465) | (4,616) |
Securities held to maturity, fair value | 22,244 | 184,162 |
Securities held to maturity, gross unrealized losses | (468) | (6,804) |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 248 | 46,980 |
Securities available for sale, less than 12 months, gross unrealized losses | (580) | |
Securities available for sale, 12 months or more, fair value | 56,742 | 179,072 |
Securities available for sale, 12 months or more, gross unrealized losses | (702) | (5,536) |
Securities available for sale, fair value | 56,990 | 226,052 |
Securities available for sale, gross unrealized losses | (702) | (6,116) |
US States and Political Subdivisions Debt Securities | ||
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | 513 | 114,201 |
Securities held to maturity, less than 12 months, gross unrealized losses | (3) | (2,187) |
Securities held to maturity, 12 months or more, fair value | 21,731 | 69,412 |
Securities held to maturity, 12 months or more, gross unrealized losses | (465) | (4,616) |
Securities held to maturity, fair value | 22,244 | 183,613 |
Securities held to maturity, gross unrealized losses | (468) | (6,803) |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 28,356 | |
Securities available for sale, less than 12 months, gross unrealized losses | (394) | |
Securities available for sale, 12 months or more, fair value | 2,914 | 15,932 |
Securities available for sale, 12 months or more, gross unrealized losses | (18) | (309) |
Securities available for sale, fair value | 2,914 | 44,288 |
Securities available for sale, gross unrealized losses | (18) | (703) |
US Government Agencies Debt Securities | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 1,565 | |
Securities available for sale, less than 12 months, gross unrealized losses | (34) | |
Securities available for sale, 12 months or more, fair value | 6,652 | 29,605 |
Securities available for sale, 12 months or more, gross unrealized losses | (99) | (744) |
Securities available for sale, fair value | 6,652 | 31,170 |
Securities available for sale, gross unrealized losses | (99) | (778) |
Residential Mortgage Backed Securities | ||
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 12,810 | |
Securities available for sale, less than 12 months, gross unrealized losses | (148) | |
Securities available for sale, 12 months or more, fair value | 47,176 | 133,535 |
Securities available for sale, 12 months or more, gross unrealized losses | (585) | (4,483) |
Securities available for sale, fair value | 47,176 | 146,345 |
Securities available for sale, gross unrealized losses | (585) | (4,631) |
Other Securities | ||
Securities held to maturity: | ||
Securities held to maturity, less than 12 months, fair value | 549 | |
Securities held to maturity, less than 12 months, gross unrealized losses | (1) | |
Securities held to maturity, fair value | 549 | |
Securities held to maturity, gross unrealized losses | (1) | |
Securities available for sale: | ||
Securities available for sale, less than 12 months, fair value | 248 | 4,249 |
Securities available for sale, less than 12 months, gross unrealized losses | (4) | |
Securities available for sale, fair value | $ 248 | 4,249 |
Securities available for sale, gross unrealized losses | $ (4) |
NOTE 2 - INVESTMENT SECURITIE_5
NOTE 2 - INVESTMENT SECURITIES - Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment Securities | |||
Proceeds from sales of securities | $ 0 | $ 4,661 | $ 0 |
Gross losses from sales of securities | $ (52) |
NOTE 2 - INVESTMENT SECURITIE_6
NOTE 2 - INVESTMENT SECURITIES - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities held to maturity: | ||
Securities held to maturity, due in one year or less, amortized cost | $ 2,781 | |
Securities held to maturity, due in one year or less, fair value | 2,794 | |
Securities held to maturity, due after one year through five years, amortized cost | 32,323 | |
Securities held to maturity, due after one year through five years, fair value | 32,929 | |
Securities held to maturity, due after five years, amortized cost | 353,609 | |
Securities held to maturity, due after five years, fair value | 370,489 | |
Securities held to maturity, amortized cost | 388,713 | |
Securities held to maturity, fair value | 406,212 | $ 400,770 |
Securities available for sale: | ||
Securities available for sale, due in one year or less, amortized cost | 1,624 | |
Securities available for sale, Due in one year or less, fair value | 1,633 | |
Securities available for sale, due after one year through five years, amortized cost | 27,466 | |
Securities available for sale, Due after one year through five years, fair value | 27,638 | |
Securities available for sale, due after five years, amortized cost | 65,042 | |
Securities available for sale, Due after five years, fair value | 66,591 | |
Securities available for sale, single maturity, amortized cost | 94,132 | |
Securities available for sale, single maturity, fair value | 95,862 | |
Securities available for sale, amortized cost | 251,892 | |
Securities available for sale, fair value | 255,090 | |
Callable Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, callable, amortized cost | 55,688 | |
Securities available for sale, callable, fair value | 56,850 | |
US States and Political Subdivisions Debt Securities | ||
Securities held to maturity: | ||
Securities held to maturity, fair value | 405,162 | 399,721 |
US States and Political Subdivisions Debt Securities | Callable Securities [Member] | ||
Securities held to maturity: | ||
Securities held to maturity, callable, amortized cost | 188,313 | |
Securities held to maturity, callable, fair value | 193,173 | |
Securities available for sale: | ||
Securities available for sale, callable, amortized cost | 44,184 | |
Securities available for sale, callable, fair value | 45,185 | |
U.S. govt. sponsored agency securities | Callable Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, callable, amortized cost | 4,999 | |
Securities available for sale, callable, fair value | 5,003 | |
Residential Mortgage Backed Securities | ||
Securities available for sale: | ||
Securities available for sale, callable, amortized cost | 157,760 | |
Securities available for sale, callable, fair value | 159,228 | |
Other Securities | ||
Securities held to maturity: | ||
Securities held to maturity, fair value | 1,050 | $ 1,049 |
Other Securities | Callable Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, callable, amortized cost | 6,505 | |
Securities available for sale, callable, fair value | $ 6,662 |
NOTE 3 - LOANS_LEASES RECEIVA_3
NOTE 3 - LOANS/LEASES RECEIVABLE (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($)item | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2019USD ($)item | Jun. 30, 2018USD ($)item | Dec. 31, 2018USD ($) | |
Loans and leases | $ 3,901,736 | $ 3,901,736 | $ 3,723,630 | |||||
Loans receivable held for sale | 4,180 | 4,180 | 1,295 | |||||
Loans and leases receivable loss | 0 | $ 0 | 0 | $ 0 | ||||
Nonaccrual Loans/Leases | 13,148 | 13,148 | 14,260 | |||||
Accruing TDRs | $ 4,100 | $ 4,100 | 6,500 | |||||
Nonaccrual Loans/Leases | 2 | 6 | 3 | |||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 589 | $ 711 | $ 94 | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | item | 3 | 3 | 7 | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 161 | $ 577 | ||||||
Number of TDRs restructured and written off | item | 3 | 8 | 3 | 8 | ||||
Accruing Past Due 90 Days or More | $ 58 | $ 58 | 632 | |||||
One Customer [Member] | ||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 66 | |||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | item | 3 | |||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 78 | |||||||
Number of troubled debt restructurings written off | item | 2 | 2 | ||||||
Other Customers [Member] | ||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,500 | $ 2,900 | ||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 378 | $ 378 | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 879 | |||||||
Nonaccrual [Member] | ||||||||
Nonaccrual Loans/Leases | item | 1 | |||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 65 | $ 46 | ||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | item | 2 | |||||||
Troubled Debt Restructurings [Member] | ||||||||
Nonaccrual Loans/Leases | 2,800 | $ 2,800 | 2,300 | |||||
Accruing Past Due 90 Days or More | 496 | |||||||
Residential Portfolio Segment [Member] | ||||||||
Loans and leases | 293,479 | 293,479 | 290,759 | |||||
Loans receivable held for sale | 4,200 | 4,200 | 1,300 | |||||
Nonaccrual Loans/Leases | 1,470 | 1,470 | 1,743 | |||||
Accruing Past Due 90 Days or More | 54 | 54 | 89 | |||||
Residential Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||||||
Nonaccrual Loans/Leases | 286 | 286 | 344 | |||||
Commercial Portfolio Segment [Member] | ||||||||
Loans and leases | 1,548,657 | 1,548,657 | 1,429,410 | |||||
Nonaccrual Loans/Leases | 3,553 | 3,553 | 4,088 | |||||
Accruing Past Due 90 Days or More | 389 | |||||||
Commercial Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||||||
Nonaccrual Loans/Leases | 28 | 28 | 265 | |||||
Commercial Portfolio Segment [Member] | m2 Lease Funds, LLC [Member] | ||||||||
Loans and leases | 122,600 | 122,600 | 103,400 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||
Loans and leases | 1,837,473 | 1,837,473 | 1,766,111 | |||||
Commercial Real Estate Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||||||
Nonaccrual Loans/Leases | 2,200 | 2,200 | 1,400 | |||||
Accruing Past Due 90 Days or More | 107 | |||||||
Finance Leases Portfolio Segment [Member] | ||||||||
Loans and leases | 101,180 | 101,180 | 117,969 | |||||
Nonaccrual Loans/Leases | 1,548 | 1,548 | 1,761 | |||||
Finance Leases Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||||||
Nonaccrual Loans/Leases | 314 | 314 | 321 | |||||
Consumer Portfolio Segment [Member] | ||||||||
Loans and leases | 120,947 | 120,947 | 119,381 | |||||
Nonaccrual Loans/Leases | 783 | 783 | 611 | |||||
Accruing Past Due 90 Days or More | 4 | 4 | 47 | |||||
Consumer Portfolio Segment [Member] | Troubled Debt Restructurings [Member] | ||||||||
Nonaccrual Loans/Leases | $ 2 | $ 2 | $ 3 |
NOTE 3 - LOANS_LEASES RECEIVA_4
NOTE 3 - LOANS/LEASES RECEIVABLE - Composition of the Loan Lease Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Gross loans/leases receivable | $ 3,910,519 | $ 3,732,754 | ||||
Less allowance | (41,104) | $ (41,164) | (39,847) | $ (37,545) | $ (36,532) | $ (34,356) |
Net loans/leases receivable | 3,869,415 | 3,692,907 | ||||
Plus deferred loan/lease origination costs, net of fees | 8,783 | 9,124 | ||||
Loans and leases receivable | 3,901,736 | 3,723,630 | ||||
Commercial Portfolio Segment [Member] | ||||||
Less allowance | (18,248) | (17,260) | (16,420) | (15,234) | (15,065) | (14,323) |
Loans and leases receivable | 1,548,657 | 1,429,410 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Less allowance | (17,363) | (18,303) | (17,719) | (15,819) | (14,938) | (13,963) |
Loans and leases receivable | 1,837,473 | 1,766,111 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||||
Loans and leases receivable | 494,638 | 500,654 | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans and leases receivable | 312,578 | 236,787 | ||||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||||
Loans and leases receivable | 1,030,257 | 1,028,670 | ||||
Finance Leases Portfolio Segment [Member] | ||||||
Net minimum lease payments to be received | 130,371 | |||||
Net minimum lease receivable | 111,764 | |||||
Estimated unguaranteed residual values of leased assets | 690 | 828 | ||||
Unearned lease/residual income | (11,274) | (13,230) | ||||
Gross loans/leases receivable | 103,940 | 121,611 | ||||
Less allowance | (1,459) | (1,606) | (1,792) | (2,724) | (2,730) | (2,382) |
Net loans/leases receivable | 102,481 | 119,819 | ||||
Plus deferred loan/lease origination costs, net of fees | 2,760 | 3,642 | ||||
Loans and leases receivable | 101,180 | 117,969 | ||||
Residential Portfolio Segment [Member] | ||||||
Less allowance | (2,582) | (2,538) | (2,557) | (2,433) | (2,375) | (2,466) |
Loans and leases receivable | 293,479 | 290,759 | ||||
Consumer Portfolio Segment [Member] | ||||||
Less allowance | (1,452) | $ (1,457) | (1,359) | $ (1,335) | $ (1,424) | $ (1,222) |
Loans and leases receivable | $ 120,947 | $ 119,381 |
NOTE 3 - LOANS_LEASES RECEIVA_5
NOTE 3 - LOANS/LEASES RECEIVABLE - Changes in Accretable Yield (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance at the beginning of the period | $ (9,149) | $ (5,816) | $ (10,323) | $ (6,471) |
Reclassification of nonaccretable discount to accretable | (159) | (159) | ||
Accretion recognized | 1,139 | 623 | 2,313 | 1,278 |
Balance at the end of the period | (8,169) | (5,193) | (8,169) | (5,193) |
PCI Loans | ||||
Balance at the beginning of the period | (319) | (157) | (667) | (191) |
Reclassification of nonaccretable discount to accretable | (159) | (159) | ||
Accretion recognized | 327 | 15 | 675 | 49 |
Balance at the end of the period | (151) | (142) | (151) | (142) |
Performing Loans | ||||
Balance at the beginning of the period | (8,830) | (5,659) | (9,656) | (6,280) |
Accretion recognized | 812 | 608 | 1,638 | 1,229 |
Balance at the end of the period | $ (8,018) | $ (5,051) | $ (8,018) | $ (5,051) |
NOTE 3 - LOANS_LEASES RECEIVA_6
NOTE 3 - LOANS/LEASES RECEIVABLE - Aging of the Loan Lease Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current | $ 3,881,863 | $ 3,698,177 |
Accruing Past Due 90 Days or More | 58 | 632 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,148 | 14,260 |
Loans and leases | $ 3,901,736 | $ 3,723,630 |
Current as a percentage of total loan/lease portfolio | 99.49% | 99.32% |
Accruing past due 90 days or more as a percentage of total loan/lease portfolio | 0.00% | 0.02% |
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio | 0.34% | 0.38% |
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 | $ 6,109 | $ 9,053 |
Past due as a percentage of total loan/lease portfolio | 0.16% | 0.24% |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | $ 558 | $ 1,508 |
Past due as a percentage of total loan/lease portfolio | 0.01% | 0.04% |
Commercial Portfolio Segment [Member] | ||
Current | $ 1,540,661 | $ 1,423,406 |
Accruing Past Due 90 Days or More | 389 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,553 | 4,088 |
Loans and leases | 1,548,657 | 1,429,410 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 4,136 | 930 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 307 | 597 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and leases | 1,837,473 | 1,766,111 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Current | 493,877 | 500,138 |
Accruing Past Due 90 Days or More | 107 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 190 | 216 |
Loans and leases | 494,638 | 500,654 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Current | 312,288 | 234,704 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 194 | 319 |
Loans and leases | 312,578 | 236,787 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Current | 1,024,769 | 1,022,664 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,410 | 5,522 |
Loans and leases | 1,030,257 | 1,028,670 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Past Due | 571 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Past Due | 96 | 1,764 |
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 | 67 | 484 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Past Due | 193 | |
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 | 11 | |
Finance Leases Portfolio Segment [Member] | ||
Current | 98,581 | 114,078 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,548 | 1,761 |
Loans and leases | 101,180 | 117,969 |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 971 | 1,642 |
Finance Leases Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 80 | 488 |
Residential Portfolio Segment [Member] | ||
Current | 291,605 | 284,844 |
Accruing Past Due 90 Days or More | 54 | 89 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,470 | 1,743 |
Loans and leases | 293,479 | 290,759 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | 190 | 3,877 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | 160 | 206 |
Consumer Portfolio Segment [Member] | ||
Current | 120,082 | 118,343 |
Accruing Past Due 90 Days or More | 4 | 47 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 783 | 611 |
Loans and leases | 120,947 | 119,381 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Past Due | $ 78 | 356 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Past Due | $ 24 |
NOTE 3 - LOANS_LEASES RECEIVA_7
NOTE 3 - LOANS/LEASES RECEIVABLE - Loans Leases Nonperforming Loans Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accruing Past Due 90 Days or More | $ 58 | $ 632 |
Nonaccrual Loans/Leases | 13,148 | 14,260 |
Accruing TDRs | 4,100 | 6,500 |
Loans and Leases Receivable, Net of Deferred Income | $ 3,901,736 | $ 3,723,630 |
Percentage of Total NPLs | 100.00% | 100.00% |
Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | $ 58 | $ 632 |
Nonaccrual Loans/Leases | 13,148 | 14,260 |
Accruing TDRs | 1,313 | 3,658 |
Loans and Leases Receivable, Net of Deferred Income | $ 14,519 | $ 18,550 |
Percentage of Total NPLs | 100.00% | 100.00% |
Commercial Portfolio Segment [Member] | ||
Accruing Past Due 90 Days or More | $ 389 | |
Nonaccrual Loans/Leases | $ 3,553 | 4,088 |
Loans and Leases Receivable, Net of Deferred Income | 1,548,657 | 1,429,410 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | 389 | |
Nonaccrual Loans/Leases | 3,553 | 4,088 |
Accruing TDRs | 1,112 | 454 |
Loans and Leases Receivable, Net of Deferred Income | $ 4,665 | $ 4,931 |
Percentage of Total NPLs | 32.13% | 26.58% |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,837,473 | $ 1,766,111 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Accruing Past Due 90 Days or More | 107 | |
Nonaccrual Loans/Leases | 190 | 216 |
Loans and Leases Receivable, Net of Deferred Income | 494,638 | 500,654 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual Loans/Leases | 194 | 319 |
Loans and Leases Receivable, Net of Deferred Income | 312,578 | 236,787 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | 5,410 | 5,522 |
Loans and Leases Receivable, Net of Deferred Income | 1,030,257 | 1,028,670 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Accruing Past Due 90 Days or More | 107 | |
Nonaccrual Loans/Leases | 190 | 216 |
Accruing TDRs | 104 | |
Loans and Leases Receivable, Net of Deferred Income | $ 294 | $ 323 |
Percentage of Total NPLs | 2.02% | 1.74% |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction Loans [Member] | ||
Nonaccrual Loans/Leases | $ 194 | $ 319 |
Loans and Leases Receivable, Net of Deferred Income | $ 194 | $ 319 |
Percentage of Total NPLs | 1.34% | 1.72% |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Nonaccrual Loans/Leases | $ 5,410 | $ 5,522 |
Accruing TDRs | 2,984 | |
Loans and Leases Receivable, Net of Deferred Income | $ 5,410 | $ 8,506 |
Percentage of Total NPLs | 37.26% | 45.86% |
Finance Leases Portfolio Segment [Member] | ||
Nonaccrual Loans/Leases | $ 1,548 | $ 1,761 |
Loans and Leases Receivable, Net of Deferred Income | 101,180 | 117,969 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Nonaccrual Loans/Leases | 1,548 | 1,761 |
Accruing TDRs | 97 | 111 |
Loans and Leases Receivable, Net of Deferred Income | $ 1,645 | $ 1,872 |
Percentage of Total NPLs | 11.33% | 10.09% |
Residential Portfolio Segment [Member] | ||
Accruing Past Due 90 Days or More | $ 54 | $ 89 |
Nonaccrual Loans/Leases | 1,470 | 1,743 |
Loans and Leases Receivable, Net of Deferred Income | 293,479 | 290,759 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | 54 | 89 |
Nonaccrual Loans/Leases | 1,470 | 1,743 |
Accruing TDRs | 100 | |
Loans and Leases Receivable, Net of Deferred Income | $ 1,524 | $ 1,932 |
Percentage of Total NPLs | 10.50% | 10.41% |
Consumer Portfolio Segment [Member] | ||
Accruing Past Due 90 Days or More | $ 4 | $ 47 |
Nonaccrual Loans/Leases | 783 | 611 |
Loans and Leases Receivable, Net of Deferred Income | 120,947 | 119,381 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Accruing Past Due 90 Days or More | 4 | 47 |
Nonaccrual Loans/Leases | 783 | 611 |
Accruing TDRs | 9 | |
Loans and Leases Receivable, Net of Deferred Income | $ 787 | $ 667 |
Percentage of Total NPLs | 5.42% | 3.60% |
NOTE 3 - LOANS_LEASES RECEIVA_8
NOTE 3 - LOANS/LEASES RECEIVABLE - Allowance for Estimated Losses on Loans Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Balance | $ 41,164 | $ 36,532 | $ 39,847 | $ 34,356 | ||
Provision for loan/lease losses | 1,941 | 2,301 | 4,075 | 4,841 | ||
Loans/leases charged off | (2,152) | (1,524) | (3,212) | (1,961) | ||
Recoveries on loans/leases previously charged off | 151 | 236 | 394 | 309 | ||
Balance | 41,104 | 37,545 | 41,104 | 37,545 | ||
Allowance for impaired loans/leases | $ 1,967 | $ 3,659 | ||||
Allowance for nonimpaired loans/leases | 39,137 | 36,188 | ||||
Less allowance for estimated losses on loans/leases | 41,164 | 36,532 | 39,847 | 34,356 | 41,104 | 39,847 |
Impaired loans/leases | 16,796 | 20,203 | ||||
Nonimpaired loans/leases | 3,884,940 | 3,703,427 | ||||
Loans and leases | $ 3,901,736 | $ 3,723,630 | ||||
Allowance as a percentage of impaired loans/leases | 11.71% | 18.11% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.01% | 0.98% | ||||
Total allowance as a percentage of total loans/leases | 1.05% | 1.07% | ||||
Commercial Portfolio Segment [Member] | ||||||
Balance | 17,260 | 15,065 | 16,420 | 14,323 | ||
Provision for loan/lease losses | 1,116 | 777 | 2,123 | 1,585 | ||
Loans/leases charged off | (193) | (729) | (527) | (824) | ||
Recoveries on loans/leases previously charged off | 65 | 121 | 232 | 150 | ||
Balance | 18,248 | 15,234 | 18,248 | 15,234 | ||
Allowance for impaired loans/leases | $ 1,085 | $ 973 | ||||
Allowance for nonimpaired loans/leases | 17,163 | 15,447 | ||||
Less allowance for estimated losses on loans/leases | 17,260 | 15,065 | 16,420 | 14,323 | 18,248 | 16,420 |
Impaired loans/leases | 4,520 | 4,499 | ||||
Nonimpaired loans/leases | 1,544,137 | 1,424,911 | ||||
Loans and leases | $ 1,548,657 | $ 1,429,410 | ||||
Allowance as a percentage of impaired loans/leases | 24.00% | 21.62% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.11% | 1.08% | ||||
Total allowance as a percentage of total loans/leases | 1.18% | 1.15% | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Balance | 18,303 | 14,938 | 17,719 | 13,963 | ||
Provision for loan/lease losses | 414 | 872 | 948 | 1,837 | ||
Loans/leases charged off | (1,369) | (1,369) | ||||
Recoveries on loans/leases previously charged off | 15 | 9 | 65 | 19 | ||
Balance | 17,363 | 15,819 | 17,363 | 15,819 | ||
Allowance for impaired loans/leases | $ 445 | $ 2,124 | ||||
Allowance for nonimpaired loans/leases | 16,918 | 15,595 | ||||
Less allowance for estimated losses on loans/leases | 18,303 | 14,938 | 17,719 | 13,963 | 17,363 | 17,719 |
Impaired loans/leases | 7,736 | 10,447 | ||||
Nonimpaired loans/leases | 1,829,737 | 1,755,664 | ||||
Loans and leases | $ 1,837,473 | $ 1,766,111 | ||||
Allowance as a percentage of impaired loans/leases | 5.75% | 20.33% | ||||
Allowance as a percentage of nonimpaired loans/leases | 0.92% | 0.89% | ||||
Total allowance as a percentage of total loans/leases | 0.94% | 1.00% | ||||
Finance Leases Portfolio Segment [Member] | ||||||
Balance | 1,606 | 2,730 | 1,792 | 2,382 | ||
Provision for loan/lease losses | 331 | 688 | 776 | 1,293 | ||
Loans/leases charged off | (497) | (794) | (1,149) | (1,079) | ||
Recoveries on loans/leases previously charged off | 19 | 100 | 40 | 128 | ||
Balance | 1,459 | 2,724 | 1,459 | 2,724 | ||
Allowance for impaired loans/leases | $ 93 | $ 194 | ||||
Allowance for nonimpaired loans/leases | 1,366 | 1,598 | ||||
Less allowance for estimated losses on loans/leases | 1,606 | 2,730 | 1,792 | 2,382 | 1,459 | 1,792 |
Impaired loans/leases | 1,860 | 2,249 | ||||
Nonimpaired loans/leases | 99,320 | 115,720 | ||||
Loans and leases | $ 101,180 | $ 117,969 | ||||
Allowance as a percentage of impaired loans/leases | 5.00% | 8.63% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.38% | 1.38% | ||||
Total allowance as a percentage of total loans/leases | 1.44% | 1.52% | ||||
Residential Portfolio Segment [Member] | ||||||
Balance | 2,538 | 2,375 | 2,557 | 2,466 | ||
Provision for loan/lease losses | 86 | 57 | 68 | 18 | ||
Loans/leases charged off | (73) | (73) | (52) | |||
Recoveries on loans/leases previously charged off | 31 | 1 | 30 | 1 | ||
Balance | 2,582 | 2,433 | 2,582 | 2,433 | ||
Allowance for impaired loans/leases | $ 192 | $ 257 | ||||
Allowance for nonimpaired loans/leases | 2,390 | 2,300 | ||||
Less allowance for estimated losses on loans/leases | 2,538 | 2,375 | 2,557 | 2,466 | 2,582 | 2,557 |
Impaired loans/leases | 1,628 | 2,110 | ||||
Nonimpaired loans/leases | 291,851 | 288,649 | ||||
Loans and leases | $ 293,479 | $ 290,759 | ||||
Allowance as a percentage of impaired loans/leases | 11.79% | 12.18% | ||||
Allowance as a percentage of nonimpaired loans/leases | 0.82% | 0.80% | ||||
Total allowance as a percentage of total loans/leases | 0.88% | 0.88% | ||||
Consumer Portfolio Segment [Member] | ||||||
Balance | 1,457 | 1,424 | 1,359 | 1,222 | ||
Provision for loan/lease losses | (6) | (93) | 160 | 108 | ||
Loans/leases charged off | (20) | (1) | (94) | (6) | ||
Recoveries on loans/leases previously charged off | 21 | 5 | 27 | 11 | ||
Balance | 1,452 | 1,335 | 1,452 | 1,335 | ||
Allowance for impaired loans/leases | $ 152 | $ 111 | ||||
Allowance for nonimpaired loans/leases | 1,300 | 1,248 | ||||
Less allowance for estimated losses on loans/leases | $ 1,457 | $ 1,424 | $ 1,359 | $ 1,222 | 1,452 | 1,359 |
Impaired loans/leases | 1,052 | 898 | ||||
Nonimpaired loans/leases | 119,895 | 118,483 | ||||
Loans and leases | $ 120,947 | $ 119,381 | ||||
Allowance as a percentage of impaired loans/leases | 14.45% | 12.38% | ||||
Allowance as a percentage of nonimpaired loans/leases | 1.08% | 1.05% | ||||
Total allowance as a percentage of total loans/leases | 1.20% | 1.14% |
NOTE 3 - LOANS_LEASES RECEIVA_9
NOTE 3 - LOANS/LEASES RECEIVABLE - Impaired Loans Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Recorded investment with no specific allowance recorded | $ 9,512 | $ 9,512 | $ 7,938 | |
Unpaid principal balance with no specific allowance recorded | 10,994 | 10,994 | 10,706 | |
Average recorded investment with no specific allowance recorded | 9,877 | $ 6,024 | 10,141 | |
Interest income recognized with no specific allowance recorded | 74 | 68 | 192 | |
Interest income recognized for cash payments received with no specific allowance recorded | 74 | 68 | 192 | |
Recorded investment with specific allowance recorded | 7,284 | 7,284 | 12,265 | |
Unpaid principal balance with specific allowance recorded | 7,290 | 7,290 | 12,621 | |
Related allowance | 1,967 | 1,967 | 3,659 | |
Average recorded investment with specific allowance recorded | 5,495 | 7,185 | 4,940 | |
Interest income recognized with specific allowance recorded | 10 | 5 | 22 | |
Interest income recognized for cash payments received with specific allowance recorded | 10 | 5 | 22 | |
Recorded investment | 16,796 | 16,796 | 20,203 | |
Unpaid principal balance | 18,284 | 18,284 | 23,327 | |
Related allowance | 1,967 | 1,967 | 3,659 | |
Average recorded investment | 15,372 | 13,209 | 15,081 | |
Interest income recognized | 84 | 73 | 214 | |
Interest income recognized for cash payments received | 84 | 73 | 214 | |
Commercial Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 2,048 | 2,048 | 1,846 | |
Unpaid principal balance with no specific allowance recorded | 2,088 | 2,088 | 4,540 | |
Average recorded investment with no specific allowance recorded | 1,683 | 1,401 | 1,680 | |
Interest income recognized with no specific allowance recorded | 29 | 59 | 52 | |
Interest income recognized for cash payments received with no specific allowance recorded | 29 | 59 | 52 | |
Recorded investment with specific allowance recorded | 2,472 | 2,472 | 2,653 | |
Unpaid principal balance with specific allowance recorded | 2,478 | 2,478 | 2,653 | |
Related allowance | 1,085 | 1,085 | 973 | |
Average recorded investment with specific allowance recorded | 2,046 | 353 | 1,917 | |
Interest income recognized with specific allowance recorded | 9 | 2 | 18 | |
Interest income recognized for cash payments received with specific allowance recorded | 9 | 2 | 18 | |
Recorded investment | 4,520 | 4,520 | 4,499 | |
Unpaid principal balance | 4,566 | 4,566 | 7,193 | |
Related allowance | 1,085 | 1,085 | 973 | |
Average recorded investment | 3,729 | 1,754 | 3,597 | |
Interest income recognized | 38 | 61 | 70 | |
Interest income recognized for cash payments received | 38 | 61 | 70 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 216 | 216 | 106 | |
Unpaid principal balance with no specific allowance recorded | 232 | 232 | 106 | |
Average recorded investment with no specific allowance recorded | 194 | 289 | 187 | |
Interest income recognized with no specific allowance recorded | 7 | 6 | 11 | |
Interest income recognized for cash payments received with no specific allowance recorded | 7 | 6 | 11 | |
Recorded investment with specific allowance recorded | 124 | 124 | 304 | |
Unpaid principal balance with specific allowance recorded | 124 | 124 | 660 | |
Related allowance | 21 | 21 | 39 | |
Average recorded investment with specific allowance recorded | 127 | 145 | 129 | |
Recorded investment | 340 | 340 | 410 | |
Unpaid principal balance | 356 | 356 | 766 | |
Related allowance | 21 | 21 | 39 | |
Average recorded investment | 321 | 434 | 316 | |
Interest income recognized | 7 | 6 | 11 | |
Interest income recognized for cash payments received | 7 | 6 | 11 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 546 | 546 | 507 | |
Unpaid principal balance with no specific allowance recorded | 902 | 902 | 507 | |
Average recorded investment with no specific allowance recorded | 603 | 628 | ||
Interest income recognized with no specific allowance recorded | 6 | 13 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 6 | 13 | ||
Recorded investment with specific allowance recorded | 142 | 142 | 149 | |
Unpaid principal balance with specific allowance recorded | 142 | 142 | 149 | |
Related allowance | 31 | 31 | 33 | |
Average recorded investment with specific allowance recorded | 143 | 5,492 | 145 | |
Recorded investment | 688 | 688 | 656 | |
Unpaid principal balance | 1,044 | 1,044 | 656 | |
Related allowance | 31 | 31 | 33 | |
Average recorded investment | 746 | 5,492 | 773 | |
Interest income recognized | 6 | 13 | ||
Interest income recognized for cash payments received | 6 | 13 | ||
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||||
Recorded investment with no specific allowance recorded | 3,417 | 3,417 | 1,804 | |
Unpaid principal balance with no specific allowance recorded | 4,296 | 4,296 | 1,804 | |
Average recorded investment with no specific allowance recorded | 3,985 | 1,105 | 4,183 | |
Interest income recognized with no specific allowance recorded | 22 | 92 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 22 | 92 | ||
Recorded investment with specific allowance recorded | 3,291 | 3,291 | 7,577 | |
Unpaid principal balance with specific allowance recorded | 3,291 | 3,291 | 7,577 | |
Related allowance | 393 | 393 | 2,052 | |
Average recorded investment with specific allowance recorded | 1,980 | 1,588 | ||
Recorded investment | 6,708 | 6,708 | 9,381 | |
Unpaid principal balance | 7,587 | 7,587 | 9,381 | |
Related allowance | 393 | 393 | 2,052 | |
Average recorded investment | 5,965 | 1,105 | 5,771 | |
Interest income recognized | 22 | 92 | ||
Interest income recognized for cash payments received | 22 | 92 | ||
Finance Leases Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 1,600 | 1,600 | 1,929 | |
Unpaid principal balance with no specific allowance recorded | 1,600 | 1,600 | 1,929 | |
Average recorded investment with no specific allowance recorded | 1,795 | 2,199 | 1,901 | |
Interest income recognized with no specific allowance recorded | 7 | 3 | 16 | |
Interest income recognized for cash payments received with no specific allowance recorded | 7 | 3 | 16 | |
Recorded investment with specific allowance recorded | 260 | 260 | 320 | |
Unpaid principal balance with specific allowance recorded | 260 | 260 | 320 | |
Related allowance | 93 | 93 | 194 | |
Average recorded investment with specific allowance recorded | 227 | 566 | 196 | |
Interest income recognized with specific allowance recorded | 1 | |||
Interest income recognized for cash payments received with specific allowance recorded | 1 | |||
Recorded investment | 1,860 | 1,860 | 2,249 | |
Unpaid principal balance | 1,860 | 1,860 | 2,249 | |
Related allowance | 93 | 93 | 194 | |
Average recorded investment | 2,022 | 2,765 | 2,097 | |
Interest income recognized | 7 | 3 | 17 | |
Interest income recognized for cash payments received | 7 | 3 | 17 | |
Residential Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 810 | 810 | 984 | |
Unpaid principal balance with no specific allowance recorded | 1,001 | 1,001 | 1,058 | |
Average recorded investment with no specific allowance recorded | 801 | 929 | 765 | |
Interest income recognized with no specific allowance recorded | 1 | |||
Interest income recognized for cash payments received with no specific allowance recorded | 1 | |||
Recorded investment with specific allowance recorded | 818 | 818 | 1,126 | |
Unpaid principal balance with specific allowance recorded | 818 | 818 | 1,126 | |
Related allowance | 192 | 192 | 257 | |
Average recorded investment with specific allowance recorded | 822 | 512 | 829 | |
Interest income recognized with specific allowance recorded | 1 | 3 | 3 | |
Interest income recognized for cash payments received with specific allowance recorded | 1 | 3 | 3 | |
Recorded investment | 1,628 | 1,628 | 2,110 | |
Unpaid principal balance | 1,819 | 1,819 | 2,184 | |
Related allowance | 192 | 192 | 257 | |
Average recorded investment | 1,623 | 1,441 | 1,594 | |
Interest income recognized | 1 | 3 | 4 | |
Interest income recognized for cash payments received | 1 | 3 | 4 | |
Consumer Portfolio Segment [Member] | ||||
Recorded investment with no specific allowance recorded | 875 | 875 | 762 | |
Unpaid principal balance with no specific allowance recorded | 875 | 875 | 762 | |
Average recorded investment with no specific allowance recorded | 816 | 101 | 797 | |
Interest income recognized with no specific allowance recorded | 3 | 7 | ||
Interest income recognized for cash payments received with no specific allowance recorded | 3 | 7 | ||
Recorded investment with specific allowance recorded | 177 | 177 | 136 | |
Unpaid principal balance with specific allowance recorded | 177 | 177 | 136 | |
Related allowance | 152 | 152 | 111 | |
Average recorded investment with specific allowance recorded | 150 | 117 | 136 | |
Recorded investment | 1,052 | 1,052 | 898 | |
Unpaid principal balance | 1,052 | 1,052 | 898 | |
Related allowance | 152 | 152 | $ 111 | |
Average recorded investment | 966 | $ 218 | 933 | |
Interest income recognized | 3 | 7 | ||
Interest income recognized for cash payments received | $ 3 | $ 7 |
NOTE 3 - LOANS_LEASES RECEIV_10
NOTE 3 - LOANS/LEASES RECEIVABLE - Loans by Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and leases | $ 3,901,736 | $ 3,723,630 |
Commercial Portfolio Segment [Member] | ||
Loans and leases | 1,548,657 | 1,429,410 |
Commercial Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | ||
Loans and leases | 1,426,033 | 1,326,006 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases | 1,398,762 | 1,294,418 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and leases | 9,811 | 23,302 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases | 17,460 | 8,286 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and leases | 1,837,473 | 1,766,111 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 494,638 | 500,654 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans and leases | 312,578 | 236,787 |
Commercial Real Estate Portfolio Segment [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 1,030,257 | 1,028,670 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 494,638 | 500,654 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Construction Loans [Member] | ||
Loans and leases | 312,578 | 236,787 |
Commercial Real Estate Portfolio Segment [Member] | Internally Assigned Risk Rating [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 1,030,257 | 1,028,670 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 487,200 | 487,949 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Loans and leases | 308,269 | 230,473 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 1,008,427 | 1,008,626 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 4,236 | 9,599 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Loans and leases | 64 | 3,848 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 5,802 | 5,309 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 3,202 | 3,106 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Loans and leases | 4,245 | 2,466 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Other Non-owner Occupied Commercial Real Estate Loans [Member] | ||
Loans and leases | 16,028 | 14,735 |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Internally Assigned Risk Rating [Member] | ||
Loans and leases | $ 3,263,506 | $ 3,092,117 |
As a % of Total | 100.00% | 100.00% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | ||
Loans and leases | $ 3,202,658 | $ 3,021,466 |
As a % of Total | 98.14% | 97.72% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | ||
Loans and leases | $ 19,913 | $ 42,058 |
As a % of Total | 0.61% | 1.36% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | ||
Loans and leases | $ 40,935 | $ 28,593 |
As a % of Total | 1.25% | 0.92% |
NOTE 3 - LOANS_LEASES RECEIV_11
NOTE 3 - LOANS/LEASES RECEIVABLE - Leases By Delinquency Status (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and leases | $ 3,901,736 | $ 3,723,630 |
Nonperforming Financial Instruments [Member] | ||
Loans and leases | 14,519 | 18,550 |
Commercial Lease Residential And Consumer Portfolio Segments [Member] | Delinquency Status [Member] | ||
Loans and leases | 638,230 | 631,513 |
Commercial Lease Residential And Consumer Portfolio Segments [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and leases | 633,487 | 626,351 |
Commercial Lease Residential And Consumer Portfolio Segments [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and leases | 4,743 | 5,162 |
Commercial Portfolio Segment [Member] | ||
Loans and leases | 1,548,657 | 1,429,410 |
Commercial Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and leases | 122,624 | 103,404 |
Commercial Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and leases | 121,836 | 102,713 |
Commercial Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and leases | 788 | 691 |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and leases | 4,665 | 4,931 |
Finance Leases Portfolio Segment [Member] | ||
Loans and leases | 101,180 | 117,969 |
Finance Leases Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and leases | 101,180 | 117,969 |
Finance Leases Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and leases | 99,536 | 116,097 |
Finance Leases Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and leases | 1,644 | 1,872 |
Finance Leases Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and leases | 1,645 | 1,872 |
Residential Portfolio Segment [Member] | ||
Loans and leases | 293,479 | 290,759 |
Residential Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and leases | 293,479 | 290,759 |
Residential Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and leases | 291,955 | 288,827 |
Residential Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and leases | 1,524 | 1,932 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and leases | 1,524 | 1,932 |
Consumer Portfolio Segment [Member] | ||
Loans and leases | 120,947 | 119,381 |
Consumer Portfolio Segment [Member] | Delinquency Status [Member] | ||
Loans and leases | 120,947 | 119,381 |
Consumer Portfolio Segment [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
Loans and leases | 120,160 | 118,714 |
Consumer Portfolio Segment [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
Loans and leases | 787 | 667 |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Loans and leases | $ 787 | $ 667 |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Delinquency Status [Member] | ||
As a % of Total | 100.00% | 100.00% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Performing Less Than Ninety Days Past Due [Member} | ||
As a % of Total | 99.26% | 99.18% |
Commercial and Commercial Real Estate Portfolio Segments [Member] | Non Performing Greater Than Ninety Days Past Due [Member] | ||
As a % of Total | 0.74% | 0.82% |
NOTE 3 - LOANS_LEASES RECEIV_12
NOTE 3 - LOANS/LEASES RECEIVABLE - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Number of Loans / Leases | 2 | 6 | 3 |
Pre-Modification Recorded Investment | $ 639 | $ 761 | $ 94 |
Post-Modification Recorded Investment | $ 589 | 711 | $ 94 |
Specific Allowance | $ 5 | ||
Payment Deferral [Member] | |||
Number of Loans / Leases | loan | 1 | 5 | 3 |
Pre-Modification Recorded Investment | $ 52 | $ 174 | $ 94 |
Post-Modification Recorded Investment | $ 52 | 174 | $ 94 |
Specific Allowance | $ 5 | ||
Principal Forgiveness [Member] | |||
Number of Loans / Leases | loan | 1 | 1 | |
Pre-Modification Recorded Investment | $ 587 | $ 587 | |
Post-Modification Recorded Investment | $ 537 | $ 537 | |
Finance Leases Portfolio Segment [Member] | Payment Deferral [Member] | |||
Number of Loans / Leases | loan | 3 | 2 | |
Pre-Modification Recorded Investment | $ 103 | $ 48 | |
Post-Modification Recorded Investment | 103 | $ 48 | |
Specific Allowance | $ 5 | ||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | |||
Number of Loans / Leases | loan | 1 | 2 | |
Pre-Modification Recorded Investment | $ 52 | $ 71 | |
Post-Modification Recorded Investment | $ 52 | $ 71 | |
Commercial Portfolio Segment [Member] | Principal Forgiveness [Member] | |||
Number of Loans / Leases | loan | 1 | ||
Pre-Modification Recorded Investment | $ 587 | ||
Post-Modification Recorded Investment | $ 537 | ||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | |||
Number of Loans / Leases | loan | 1 | ||
Pre-Modification Recorded Investment | $ 46 | ||
Post-Modification Recorded Investment | $ 46 | ||
Commercial Real Estate Portfolio Segment [Member] | Principal Forgiveness [Member] | |||
Number of Loans / Leases | loan | 1 | ||
Pre-Modification Recorded Investment | $ 587 | ||
Post-Modification Recorded Investment | $ 537 |
NOTE 4 - DERIVATIVES (Details)
NOTE 4 - DERIVATIVES (Details) $ in Millions | Jun. 05, 2014item | Jun. 30, 2019USD ($)item | Jun. 30, 2019USD ($) |
Interest rate cap | |||
Number of derivative instruments | item | 2 | 1 | |
Interest rate cap | Cash Flow Hedging [Member] | |||
Initial premium paid upfront for the two caps | $ 2.1 | ||
1-month FHLB Advance | Cash Flow Hedging [Member] | |||
short-term liabilities | $ 30 | $ 30 |
NOTE 4 - DERIVATIVES - Summary
NOTE 4 - DERIVATIVES - Summary of Interest Rate Cap Derivatives (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Interest rate swap | Other Liabilities. | ||
Notional Amount | $ 39,000 | |
1-month FHLB Advance | ||
Notional Amount | 30,000 | |
Fair Value - Asset | 98 | $ 459 |
Maturity Of 2019 | Other Assets [Member] | ||
Notional Amount | 15,000 | |
Fair Value - Asset | 117 | |
Maturity Of 2021 | Other Assets [Member] | ||
Notional Amount | 15,000 | |
Fair Value - Asset | $ 98 | $ 342 |
Maturity Of 2021 | Other Assets [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Basis Spread on Variable Rate | 1.49% | 1.49% |
NOTE 4 - DERIVATIVES - Summar_2
NOTE 4 - DERIVATIVES - Summary of Interest Rate Swaps Derivatives (Details) - Designated as Hedging Instrument [Member] - Other Liabilities. - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Interest rate swap | ||
Notional Amount | $ 39,000 | |
Fair Value - Liability | $ (3,732) | $ (1,151) |
Receive Rate | 4.65% | |
Pay Rate | 5.24% | |
QCR Holdings Statutory Trust II | ||
Notional Amount | $ 10,000 | |
Fair Value - Liability | $ (965) | (298) |
Receive Rate | 5.17% | |
Pay Rate | 5.85% | |
QCR Holdings Statutory Trust III | ||
Notional Amount | $ 8,000 | |
Fair Value - Liability | $ (772) | (239) |
Receive Rate | 5.17% | |
Pay Rate | 5.85% | |
QCR Holdings Statutory Trust V | ||
Notional Amount | $ 10,000 | |
Fair Value - Liability | $ (940) | (288) |
Receive Rate | 4.15% | |
Pay Rate | 4.54% | |
Community National Statutory Trust II | ||
Notional Amount | $ 3,000 | |
Fair Value - Liability | $ (288) | (89) |
Receive Rate | 4.56% | |
Pay Rate | 5.17% | |
Community National Statutory Trust III | ||
Notional Amount | $ 3,500 | |
Fair Value - Liability | $ (336) | (104) |
Receive Rate | 4.16% | |
Pay Rate | 4.75% | |
Guaranty Bankshares Statutory Trust I | ||
Notional Amount | $ 4,500 | |
Fair Value - Liability | $ (431) | $ (133) |
Receive Rate | 4.16% | |
Pay Rate | 4.75% |
NOTE 4 - DERIVATIVES - Signific
NOTE 4 - DERIVATIVES - Significantly Impact of operations (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fee Income On Derivative Contracts | $ 11,100 | $ 2,600 | $ 10,800 |
Not Designated as Hedging Instrument [Member] | Interest rate swap | |||
Derivative Asset, Notional Amount | 596,451 | 445,022 | |
Derivative Assets | 65,824 | 22,196 | |
Derivative Liability, Notional Amount | 596,451 | 445,022 | |
Derivative Liabilities | $ 65,824 | $ 22,196 |
NOTE 5 - BORROWINGS (Details)
NOTE 5 - BORROWINGS (Details) - USD ($) $ in Thousands | Aug. 15, 2019 | Feb. 12, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||||
Net proceeds after deducting underwriting discount and estimated expenses | $ 63,400 | $ 63,393 | ||||
Fixed rate | 5.375% | |||||
Fixed term | 5 years | |||||
Unamortized debt issuance costs | $ 1,500 | 1,500 | ||||
Outstanding balance | 9,000 | |||||
London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 282.00% | |||||
Revolving line of credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | $ 20,000 | $ 10,000 | $ 20,000 | |||
Fixed rate | 4.57% | 4.57% | ||||
Outstanding amount line of credit | $ 0 | $ 0 | $ 9,000 | |||
Outstanding balance | $ 9,000 | |||||
Revolving line of credit | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis points | 2.25% | 2.50% | ||||
Subordinated Notes Due February 15, 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | 65,000 | |||||
Term Notes Member | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 21,300 | |||||
Wholesale structured repurchase agreements | ||||||
Debt Instrument [Line Items] | ||||||
Loss on prepayment | $ 50 | |||||
Repayments of debt | 10,000 | |||||
First wholesale structured repurchase agreements | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 5,000 | $ 5,000 | ||||
Fixed rate | 2.58% | 2.58% | ||||
Second wholesale structured repurchase agreements | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 20,000 | $ 20,000 | ||||
Fixed rate | 2.46% | 2.46% |
NOTE 6 - EARNINGS PER SHARE - B
NOTE 6 - EARNINGS PER SHARE - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share | ||||||
Net income | $ 13,504 | $ 12,918 | $ 10,445 | $ 10,550 | $ 26,422 | $ 20,995 |
Basic earnings per common share (in dollars per share) | $ 0.86 | $ 0.75 | $ 1.68 | $ 1.51 | ||
Diluted earnings per common share (in dollars per share) | $ 0.85 | $ 0.73 | $ 1.66 | $ 1.48 | ||
Weighted average common shares outstanding (in shares) | 15,714,588 | 13,919,565 | 15,703,967 | 13,904,113 | ||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan** (in shares) | 223,789 | 312,858 | 226,692 | 314,890 | ||
Weighted average common and common equivalent shares outstanding (in shares) | 15,938,377 | 14,232,423 | 15,930,659 | 14,219,003 |
NOTE 7 - FAIR VALUE (Details)
NOTE 7 - FAIR VALUE (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale, fair value | $ 255,090 | $ 261,056 |
Assets Fair Value | 16,867 | 19,785 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | 16,867 | 19,785 |
Fair Value, Measurements, Recurring [Member] | ||
Assets Fair Value | 321,012 | 283,711 |
Liabilities Fair Value | 69,556 | 23,347 |
Fair Value, Measurements, Recurring [Member] | Interest rate cap | ||
Interest rate | 98 | 459 |
Fair Value, Measurements, Recurring [Member] | Interest rate swap | ||
Interest rate | 65,824 | 22,196 |
Derivative Liabilities | 69,556 | 23,347 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets Fair Value | 321,012 | 283,711 |
Liabilities Fair Value | 69,556 | 23,347 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate cap | ||
Interest rate | 98 | 459 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap | ||
Interest rate | 65,824 | 22,196 |
Derivative Liabilities | 69,556 | 23,347 |
US Government Agencies Debt Securities | ||
Securities available for sale, fair value | 35,762 | 36,411 |
US Government Agencies Debt Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 35,762 | 36,411 |
US Government Agencies Debt Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 35,762 | 36,411 |
Residential Mortgage Backed Securities | ||
Securities available for sale, fair value | 159,228 | 159,249 |
Residential Mortgage Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 159,228 | 159,249 |
Residential Mortgage Backed Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 159,228 | 159,249 |
US States and Political Subdivisions Debt Securities | ||
Securities available for sale, fair value | 53,189 | 58,546 |
US States and Political Subdivisions Debt Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 53,189 | 58,546 |
US States and Political Subdivisions Debt Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 53,189 | 58,546 |
Other Securities | ||
Securities available for sale, fair value | 6,911 | 6,850 |
Other Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale, fair value | 6,911 | 6,850 |
Other Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale, fair value | 6,911 | 6,850 |
Impaired Loans Leases [Member] | ||
Assets Fair Value | 7,539 | 9,657 |
Impaired Loans Leases [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | 7,539 | 9,657 |
Other Real Estate Owned [Member] | ||
Assets Fair Value | 9,328 | 10,128 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets Fair Value | $ 9,328 | $ 10,128 |
NOTE 7 - FAIR VALUE - Quantitat
NOTE 7 - FAIR VALUE - Quantitative Information About Level Fair Value Measurements (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)item | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)item | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Fair value | $ 16,867 | $ 16,867 | $ 19,785 | ||
Transfers of assets or liabilities between Levels 1, 2 and 3 | 0 | $ 0 | 0 | $ 0 | |
Impaired Loans Leases [Member] | |||||
Fair value | $ 7,539 | $ 7,539 | 9,657 | ||
Valuation technique | qcrh:ValuationTechniqueAppraisalOfCollateralMember | qcrh:ValuationTechniqueAppraisalOfCollateralMember | |||
Unobservable input | us-gaap:MeasurementInputAppraisedValueMember | us-gaap:MeasurementInputAppraisedValueMember | |||
Impaired Loans Leases [Member] | Minimum | |||||
Impaired loans/leases, measurement input | item | (10) | (10) | |||
Impaired Loans Leases [Member] | Maximum | |||||
Impaired loans/leases, measurement input | item | (30) | (30) | |||
Other Real Estate Owned [Member] | |||||
Fair value | $ 9,328 | $ 9,328 | 10,128 | ||
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 | item | 0 | 0 | |||
Other Real Estate Owned [Member] | Maximum | |||||
OREO, measurement input | item | (35) | (35) | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair value | $ 16,867 | $ 16,867 | 19,785 | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans Leases [Member] | |||||
Fair value | 7,539 | 7,539 | 9,657 | ||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | |||||
Fair value | $ 9,328 | $ 9,328 | $ 10,128 |
NOTE 7 - FAIR VALUE - Carrying
NOTE 7 - FAIR VALUE - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 12, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Interest-bearing deposits at financial institutions | $ 195,282 | $ 133,198 | |
Securities held to maturity, fair value | 406,212 | 400,770 | |
Securities available for sale, fair value | 255,090 | 261,056 | |
Subordinated notes | $ 63,400 | 63,393 | |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |||
Cash and due from banks | 87,919 | 85,523 | |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 87,919 | 85,523 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |||
Federal funds sold | 10,215 | 26,398 | |
Securities held to maturity, fair value | 388,713 | 401,913 | |
Securities available for sale, fair value | 255,090 | 261,056 | |
Loans/leases receivable, net | 3,862,434 | 3,683,965 | |
Short-term borrowings | 19,191 | 28,774 | |
FHLB advances | 105,733 | 266,492 | |
Other borrowings | 67,250 | ||
Subordinated notes | 68,274 | 4,782 | |
Junior subordinated debentures | 37,755 | 37,670 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Non-maturity Deposits [Member] | |||
Deposits | 3,275,004 | 3,002,327 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time Deposits [Member] | |||
Deposits | 1,047,506 | 974,704 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest rate cap | |||
Interest rate | 98 | 459 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest rate swap | |||
Interest rate | 65,824 | 22,196 | |
Interest rate swaps - liabilities | 69,556 | 23,347 | |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest-bearing Deposits [Member] | |||
Interest-bearing deposits at financial institutions | 195,282 | 133,198 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Federal funds sold | 10,215 | 26,398 | |
Securities held to maturity, fair value | 406,212 | 400,770 | |
Securities available for sale, fair value | 255,090 | 261,056 | |
Loans/leases receivable, net | 3,842,781 | 3,639,329 | |
Short-term borrowings | 19,191 | 28,774 | |
FHLB advances | 105,768 | 265,926 | |
Other borrowings | 67,770 | ||
Subordinated notes | 68,478 | 4,933 | |
Junior subordinated debentures | 30,465 | 29,992 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Non-maturity Deposits [Member] | |||
Deposits | 3,275,004 | 3,002,327 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | |||
Deposits | 1,033,017 | 968,906 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest rate cap | |||
Interest rate | 98 | 459 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest rate swap | |||
Interest rate | 65,824 | 22,196 | |
Interest rate swaps - liabilities | 69,556 | 23,347 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest-bearing Deposits [Member] | |||
Interest-bearing deposits at financial institutions | 195,282 | 133,198 | |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | |||
Loans/leases receivable, net | 6,981 | 8,942 | |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Loans/leases receivable, net | $ 7,539 | $ 9,657 |
NOTE 8 - BUSINESS SEGMENT INF_3
NOTE 8 - BUSINESS SEGMENT INFORMATION (Details) $ in Thousands | Jun. 30, 2019USD ($)subsidiary |
Number of subsidiaries commercial banks | 5 |
Commercial Banking Segment [Member] | |
Number of subsidiaries commercial banks | 5 |
Wealth Management Segment [Member] | |
Number of subsidiaries commercial banks | 5 |
Assets allocated | $ | $ 0 |
NOTE 8 - BUSINESS SEGMENT INF_4
NOTE 8 - BUSINESS SEGMENT INFORMATION - Selected Financial Information on the Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Total revenue | $ 71,246 | $ 49,711 | $ 135,341 | $ 97,799 | |||
Net interest income | 38,013 | 32,085 | 74,921 | 64,488 | |||
Provision | 1,941 | 2,301 | 4,075 | 4,841 | |||
Net income (loss) | 13,504 | $ 12,918 | 10,445 | $ 10,550 | 26,422 | 20,995 | |
Goodwill | 77,748 | 28,091 | 77,748 | 28,091 | $ 77,832 | ||
Intangibles | 16,089 | 8,470 | 16,089 | 8,470 | 17,450 | ||
Total assets | 5,194,852 | 4,106,883 | 5,194,852 | 4,106,883 | $ 4,949,710 | ||
Intersegment Eliminations [Member] | |||||||
Total revenue | (17,870) | (13,142) | (32,528) | (25,742) | |||
Net income (loss) | (17,167) | (12,945) | (31,617) | (25,365) | |||
Total assets | (613,033) | (461,660) | (613,033) | (461,660) | |||
Commercial Banking Segment [Member] | Quad City Bank and Trust Company [Member] | Operating Segments [Member] | |||||||
Total revenue | 20,374 | 16,683 | 38,918 | 32,491 | |||
Net interest income | 12,632 | 12,290 | 24,771 | 24,410 | |||
Provision | 973 | 1,254 | 1,993 | 2,375 | |||
Net income (loss) | 4,505 | 4,511 | 8,690 | 8,969 | |||
Goodwill | 3,223 | 3,223 | 3,223 | 3,223 | |||
Total assets | 1,637,115 | 1,563,643 | 1,637,115 | 1,563,643 | |||
Commercial Banking Segment [Member] | Cedar Rapids Bank and Trust [Member] | Operating Segments [Member] | |||||||
Total revenue | 23,575 | 16,504 | 42,819 | 32,501 | |||
Net interest income | 10,785 | 10,481 | 21,193 | 21,317 | |||
Provision | 300 | 628 | 725 | 1,230 | |||
Net income (loss) | 6,928 | 4,705 | 12,028 | 9,321 | |||
Goodwill | 14,980 | 14,980 | 14,980 | 14,980 | |||
Intangibles | 2,935 | 3,440 | 2,935 | 3,440 | |||
Total assets | 1,527,521 | 1,345,431 | 1,527,521 | 1,345,431 | |||
Commercial Banking Segment [Member] | Community State Bank [Member] | Operating Segments [Member] | |||||||
Total revenue | 9,730 | 8,406 | 19,000 | 16,570 | |||
Net interest income | 7,294 | 6,735 | 14,260 | 13,479 | |||
Provision | 151 | 221 | 301 | 797 | |||
Net income (loss) | 2,207 | 2,158 | 4,363 | 4,027 | |||
Goodwill | 9,888 | 9,888 | 9,888 | 9,888 | |||
Intangibles | 4,328 | 5,030 | 4,328 | 5,030 | |||
Total assets | 806,704 | 712,139 | 806,704 | 712,139 | |||
Commercial Banking Segment [Member] | Rockford Bank and Trust [Member] | Operating Segments [Member] | |||||||
Total revenue | 5,659 | 5,120 | 11,255 | 10,118 | |||
Net interest income | 3,373 | 3,402 | 6,801 | 6,867 | |||
Provision | 32 | 198 | 71 | 439 | |||
Net income (loss) | 786 | 814 | 1,304 | 1,555 | |||
Total assets | 523,262 | 484,123 | 523,262 | 484,123 | |||
Commercial Banking Segment [Member] | SPRINGFIELD BANCSHARES, INC | Operating Segments [Member] | |||||||
Total revenue | 7,757 | 15,045 | |||||
Net interest income | 5,425 | 10,651 | |||||
Provision | 485 | 985 | |||||
Net income (loss) | 2,079 | 3,732 | |||||
Goodwill | 45,975 | 45,975 | |||||
Intangibles | 7,268 | 7,268 | |||||
Total assets | 671,644 | 671,644 | |||||
Wealth Management Segment [Member] | Operating Segments [Member] | |||||||
Total revenue | 4,249 | 3,116 | 8,478 | 6,305 | |||
Net income (loss) | 583 | 797 | 1,741 | 1,568 | |||
Other Segments [Member] | Operating Segments [Member] | |||||||
Total revenue | 17,772 | 13,024 | 32,354 | 25,556 | |||
Net interest income | (1,496) | (823) | (2,755) | (1,585) | |||
Net income (loss) | 13,583 | 10,405 | 26,181 | 20,920 | |||
Goodwill | 3,682 | 3,682 | |||||
Intangibles | 1,558 | 1,558 | |||||
Total assets | $ 641,639 | $ 463,207 | $ 641,639 | $ 463,207 |
NOTE 9 - REGULATORY CAPITAL R_3
NOTE 9 - REGULATORY CAPITAL REQUIREMENTS - Capital Requirements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Total risk-based capital, actual, amount | $ 551,046 | $ 460,416 |
Total risk-based capital, actual, ratio | 12.04% | 10.69% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 366,017 | $ 344,551 |
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 | $ 480,397 | $ 425,305 |
Total risk-based capital for capital adequacy purposes, ratio | 10.50% | 9.875% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 457,521 | $ 430,689 |
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 | $ 446,490 | $ 420,569 |
Tier 1 risk-based capital, actual, ratio | 9.76% | 9.77% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 274,513 | $ 258,413 |
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 | $ 388,893 | $ 339,168 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 8.50% | 7.875% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 366,017 | $ 344,551 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 446,490 | $ 420,569 |
Tier 1 leverage, actual, ratio | 8.96% | 8.87% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 199,304 | $ 189,858 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 199,304 | $ 189,858 |
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 | $ 249,130 | $ 237,322 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 408,735 | $ 382,899 |
Common equity Tier 1, actual ratio | 8.93% | 8.89% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 205,884 | $ 193,810 |
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 | $ 320,265 | $ 274,564 |
Common equity Tier 1 for capital adequacy purposes, ratio | 7.00% | 6.375% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 297,389 | $ 279,948 |
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 | $ 171,919 | $ 162,009 |
Total risk-based capital, actual, ratio | 11.53% | 11.38% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 119,322 | $ 113,900 |
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 | $ 156,610 | $ 140,596 |
Total risk-based capital for capital adequacy purposes, ratio | 10.50% | 9.875% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 149,152 | $ 142,376 |
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 | $ 158,453 | $ 148,529 |
Tier 1 risk-based capital, actual, ratio | 10.62% | 10.43% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 89,491 | $ 85,425 |
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 | $ 126,779 | $ 112,121 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 8.50% | 7.875% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 119,322 | $ 113,900 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 158,453 | $ 148,529 |
Tier 1 leverage, actual, ratio | 9.39% | 9.04% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 67,519 | $ 65,744 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 67,519 | $ 65,744 |
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 | $ 84,398 | $ 82,180 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 158,453 | $ 148,529 |
Common equity Tier 1, actual ratio | 10.62% | 10.43% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 67,119 | $ 64,069 |
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 | $ 104,407 | $ 90,764 |
Common equity Tier 1 for capital adequacy purposes, ratio | 7.00% | 6.375% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 96,949 | $ 92,544 |
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 | $ 159,747 | $ 146,292 |
Total risk-based capital, actual, ratio | 11.56% | 11.55% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 110,543 | $ 101,310 |
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 | $ 145,088 | $ 125,054 |
Total risk-based capital for capital adequacy purposes, ratio | 10.50% | 9.875% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 138,179 | $ 126,637 |
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 | $ 146,594 | $ 133,982 |
Tier 1 risk-based capital, actual, ratio | 10.61% | 10.58% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 82,908 | $ 75,982 |
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 | $ 117,452 | $ 99,727 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 8.50% | 7.875% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 110,543 | $ 101,310 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 146,594 | $ 133,982 |
Tier 1 leverage, actual, ratio | 10.16% | 9.98% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 57,716 | $ 53,682 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 57,716 | $ 53,682 |
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 | $ 72,145 | $ 67,103 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 146,594 | $ 133,982 |
Common equity Tier 1, actual ratio | 10.61% | 10.58% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 62,181 | $ 56,987 |
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 | $ 96,725 | $ 80,731 |
Common equity Tier 1 for capital adequacy purposes, ratio | 7.00% | 6.375% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 89,816 | $ 82,314 |
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 | $ 85,269 | $ 75,233 |
Total risk-based capital, actual, ratio | 12.33% | 11.24% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 55,307 | $ 53,567 |
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 | $ 72,591 | $ 66,122 |
Total risk-based capital for capital adequacy purposes, ratio | 10.50% | 9.875% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 69,134 | $ 66,959 |
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 | $ 78,770 | $ 69,101 |
Tier 1 risk-based capital, actual, ratio | 11.39% | 10.32% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 41,481 | $ 40,175 |
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 | $ 58,764 | $ 52,730 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 8.50% | 7.875% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 55,307 | $ 53,567 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 78,770 | $ 69,101 |
Tier 1 leverage, actual, ratio | 10.03% | 9.19% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 31,420 | $ 30,070 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 31,420 | $ 30,070 |
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 | $ 39,275 | $ 37,588 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 78,770 | $ 69,101 |
Common equity Tier 1, actual ratio | 11.39% | 10.32% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 31,110 | $ 30,131 |
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 | $ 48,394 | $ 42,686 |
Common equity Tier 1 for capital adequacy purposes, ratio | 7.00% | 6.375% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 44,937 | $ 43,523 |
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 | $ 65,725 | |
Total risk-based capital, actual, ratio | 12.91% | |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 40,724 | |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | |
Total risk-based capital for capital adequacy purposes, amount | $ 53,451 | |
Total risk-based capital for capital adequacy purposes, ratio | 10.50% | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 50,906 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | |
Tier 1 risk-based capital, actual, amount | $ 58,978 | |
Tier 1 risk-based capital, actual, ratio | 11.59% | |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 30,543 | |
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 | $ 43,270 | |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 8.50% | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 40,724 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | |
Tier 1 leverage, actual, amount | $ 58,978 | |
Tier 1 leverage, actual, ratio | 10.58% | |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 22,306 | |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | |
Tier 1 leverage for capital adequacy purposes, amount | $ 22,306 | |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 27,883 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | |
Common equity Tier 1, actual, amount | $ 58,978 | |
Common equity Tier 1, actual ratio | 11.59% | |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 22,907 | |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | |
Common equity Tier 1 for capital adequacy purposes, amount | $ 35,634 | |
Common equity Tier 1 for capital adequacy purposes, ratio | 7.00% | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 33,089 | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | |
SPRINGFIELD BANCSHARES, INC | ||
Total risk-based capital, actual, amount | $ 52,293 | $ 50,648 |
Total risk-based capital, actual, ratio | 10.68% | 10.89% |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 39,163 | $ 37,208 |
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 | $ 51,401 | $ 45,929 |
Total risk-based capital for capital adequacy purposes, ratio | 10.50% | 9.875% |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 48,954 | $ 46,511 |
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 | $ 46,232 | $ 44,821 |
Tier 1 risk-based capital, actual, ratio | 9.44% | 9.64% |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 29,372 | $ 27,906 |
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 | $ 41,611 | $ 36,627 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 8.50% | 7.875% |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 39,163 | $ 37,208 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Tier 1 leverage, actual, amount | $ 46,232 | $ 44,821 |
Tier 1 leverage, actual, ratio | 9.04% | 8.93% |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 20,466 | $ 20,081 |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | 4.00% |
Tier 1 leverage for capital adequacy purposes, amount | $ 20,466 | $ 20,081 |
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 | $ 25,582 | $ 25,101 |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Common equity Tier 1, actual, amount | $ 46,232 | $ 44,821 |
Common equity Tier 1, actual ratio | 9.44% | 9.64% |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 22,029 | $ 20,930 |
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 | $ 34,268 | $ 29,650 |
Common equity Tier 1 for capital adequacy purposes, ratio | 7.00% | 6.375% |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, amount | $ 31,820 | $ 30,232 |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Springfield First Community Bank [Member] | ||
Total risk-based capital, actual, amount | $ 57,051 | |
Total risk-based capital, actual, ratio | 12.24% | |
Total risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 37,278 | |
Total risk-based capital for capital adequacy purposes, ratio, without capital conservation buffer | 8.00% | |
Total risk-based capital for capital adequacy purposes, amount | $ 46,016 | |
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 | $ 46,598 | |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 10.00% | |
Tier 1 risk-based capital, actual, amount | $ 51,279 | |
Tier 1 risk-based capital, actual, ratio | 11.00% | |
Tier 1 risk-based capital for capital adequacy purposes, amount, without capital conservation buffer | $ 27,959 | |
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 | $ 36,696 | |
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 | $ 37,278 | |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 8.00% | |
Tier 1 leverage, actual, amount | $ 51,279 | |
Tier 1 leverage, actual, ratio | 9.39% | |
Tier 1 leverage for capital adequacy purposes, amount, without capital conservation buffer | $ 21,849 | |
Tier 1 leverage for capital adequacy purposes, ratio, without capital conservation buffer | 4.00% | |
Tier 1 leverage for capital adequacy purposes, amount | $ 21,849 | |
Tier 1 leverage for capital adequacy purposes, ratio | 4.00% | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, amount | $ 27,312 | |
Tier 1 leverage to be well capitalized under prompt corrective action provisions, ratio | 5.00% | |
Common equity Tier 1, actual, amount | $ 51,279 | |
Common equity Tier 1, actual ratio | 11.00% | |
Common equity Tier 1 for capital adequacy purposes, amount, without capital conservation buffer | $ 20,969 | |
Common equity Tier 1 for capital adequacy purposes, ratio, without capital conservation buffer | 4.50% | |
Common equity Tier 1 for capital adequacy purposes, amount | $ 29,706 | |
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 | $ 30,289 | |
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% |